Morning Call 11/28

Barchart Morning Call

Barchart.com - 5 hours ago

OVERNIGHT MARKETS AND NEWS

Dec E-mini S&Ps (ESZ16 -0.21%) are down -0.37% as prices consolidate following Friday's rally to a record high. European stocks are down -0.77%, led by a sell-off in Italian bank stocks, as Italian Prime Minister Renzi faces a referendum next Sunday that may see voters reject his constitutional reform and force him to resign. The Financial Times reports that as many as 8 Italian banks risk failing if Renzi loses the vote on constitutional reform. Energy producing stocks are lower as well with Jan WTI crude oil (CLF17 +1.04%) down -0.67% at a 1-1/2 week low. Asian stocks settled mixed: Japan -0.13%, Hong Kong +0.47%, China +0.46%, Taiwan +0.69%, Australia -0.79%, Singapore +0.54%, South Korea +0.28%, India +0.13%. China's Shanghai Composite rallied to a 10-1/2 month high after data showed profit at industrial companies in China rose for the eighth consecutive month.

The dollar index (DXY00 -0.01%) is down -0.20% at a 1-week low. EUR/USD (^EURUSD) is up +0.20% at a 1-week high. USD/JPY (^USDJPY) is down -0.79%.

Dec 10-year T-note prices (ZNZ16 +0.22%) are up +12.5 ticks.

ECB Governing Council member Stournaras said the ECB's expansionary monetary policy is "likely to continue" and that "nobody is discussing tapering right now, even informally."

China Oct industrial profits rose +9.8% y/y, the eighth consecutive month that profits have increased.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Nov Dallas Fed manufacturing activity (expected +3.0 to 1.5, Oct -1.5), (2) USDA weekly grain export inspections, (3) USDA Weekly Crop Progress.

Russell 1000 earnings reports today include: Thor Industries (consensus $1.23).

U.S. IPO's scheduled to price today: Innovative Industrial Properties (IIPR).

Equity conferences during the remainder of this week include: Credit Suisse Technology, Media, and Telecom Conference on Mon-Wed, MUFG Securities Energy Tour on Tue, UBS Global Real Estate Conference on Tue, Citi Basic Materials Conference on Tue-Wed, Jefferies Energy Conference on Tue-Wed, Piper Jaffray Health Care Conference on Tue-Wed, Bank of America Merrill Lynch Leveraged Finance Conference on Tue-Wed, NASDAQ Investor Conference on Tue-Wed, J.P. Morgan FinTech & Specialty Finance Forum on Wed, Credit Suisse Industrials Conference on Tue-Thu.

OVERNIGHT U.S. STOCK MOVERS

H&R Block (HRB +1.27%) was downgraded to 'Sell' from 'Hold' at BTIG LLC with a 12-month target price of $18.

Hilton Worldwide Holdings (HLT +1.12%) and Marriott International (MAR +0.56%) were both downgraded to 'Hold' from 'Buy' at Evercore ISI.

Citigroup (C +0.16%) was downgraded to 'Hold' from 'Buy' at Jeffries.

Darden Restaurants (DRI +0.62%) was downgraded to 'Hold' from 'Buy' at Maxim.

Finisar (FNSR -0.43%) was upgraded to 'Strong Buy' from 'Buy' at Needham & Co with a 12-month target price of $42.

ConocoPhillips (COP -1.19%) was upgraded to 'Buy' from 'Neutral' at Goldman Sachs with a price target of $54.

Fiat Chrysler Automobiles NV (FCAU +1.05%) was upgraded to 'Buy' from 'Sell' at Evercore ISI.

Mentor Graphics (MENT +0.55%) was downgraded to 'Neutral' from 'Outperform' at Credit Suisse

Southwestern Energy (SWN -0.26%) was upgraded to 'Outperform' from 'Market Perform' at BMO Capital Markets.

Stifel Financial (SF -0.16%) was downgraded to 'Neutral' from 'Outperform' at Macquarie Research with a 12-month target price of $51.

Advanced Auto Parts (AAP -0.11%) was added to the Focus List at JPMorgan Chase.

UDR Inc. (UDR +0.39%) was upgraded to 'Buy' from 'Hold' at Evercore ISI with a 12-month target price of $38.

L Brands (LB -0.37%) was upgraded to 'Neutral' from 'Underweight' at Piper Jaffray with a 12-month target price of $67.

MARKET COMMENTS

Dec E-mini S&Ps (ESZ16 -0.21%) this morning are down -8.25 points (-0.37%). Friday's closes: S&P 500 +0.39%, Dow Jones +0.36%, Nasdaq +0.33%. The S&P 500 on Friday climbed to a new record high and closed higher on continued asset allocation as money managers exit bond funds and put the money into stock funds on speculation President-elect Trump's economic policies will boost growth and corporate profits.

Dec 10-year T-notes (ZNZ16 +0.22%) this morning are up +12.5 ticks. Friday's closes: TYZ6 -5.00, FVZ6 -1.25. Dec 10-year T-note futures on Friday sold off to a fresh 2-year nearest-futures low and closed lower on technical selling and the rally in the S&P 500 to a new all-time high, which reduces the safe-haven demand for T-notes.

The dollar index (DXY00 -0.01%) this morning is down -0.200 (-0.20%) at a 1-week low. EUR/USD (^EURUSD) is up +0.0021 (+0.20%) at a 1-week high. USD/JPY (^USDJPY) is down -0.79%. Friday's closes: Dollar index +0.660 (+0.65%), EUR/USD +0.0034 (+0.32%), USD/JPY -0.18 (-0.16%). The dollar index on Friday closed lower on the wider-than-expected U.S. Oct advance goods trade deficit and pre-weekend profit-taking in the dollar after the sharp run-up to a 13-2/3 year high on Thursday.

Jan crude oil prices (CLF17 +1.04%) this morning are down -31 cents (-0.67%) and Jan gasoline (RBF17 +0.92%) is down -0.0067 (-0.49%). Friday's closes: Jan crude -2.00 (-4.17%), Jan gasoline -0.0543 (-3.81%). Jan crude oil and gasoline on Friday closed sharply lower on skepticism that OPEC can come to an agreement on a production cut after Saudi Arabia said it will skip Monday's meeting between OPEC and non-OPEC producers and on Saudi Arabia's insistence that Iran cuts its crude output in order for any OPEC cut in production can take place, while Iran asserts that it should be allowed to increase its crude production.

GLOBAL EVENT CALENDAR11/28/2016

		Monday, Nov 28
US	1030 ET	Nov Dallas Fed manufacturing activity expected +3.0 to 1.5, Oct -1.5.
	1100 ET	USDA weekly grain export inspections.
	1600 ET	USDA Weekly Crop Progress.
		Tuesday, Nov 29
US	0830 ET	Revised Q3 GDP expected +3.0% (q/q annualized), previous +2.9% (q/q annualized). Q3 personal consumption expected +2.3%, previous +2.1%. Q3 price index expected unrevised at +1.5%. Q3 core PCE expected unrevised at +1.7% q/q.
	0900 ET	Sep S&P CoreLogic composite-20 home price index expected +0.4% m/m and +5.2% y/y, Aug +0.24% m/m and +5.13% y/y.
	1000 ET	Nov consumer confidence (Conference Board) expected +2.7 to 101.3, Oct -4.9 to 98.6.

U.S. STOCK CALENDAR11/28/2016

Company	Ticker	Time	Event Description	Period	Estimate
Amsurg Corp	AMSG US	12:00	Extraordinary Shareholders Meeting - M&A Vote	Y 2016
Envision Healthcare Holdings Inc	EVHC US	12:00	Extraordinary Shareholders Meeting - M&A Vote	Y 2016
Thor Industries Inc	THO US	Aft-mkt	Q1 2017 Earnings Release	Q1 2017	1.23

MORNING CALL 5/17

MORNING CALL

Tuesday, May 17th, 2016View Older Reports

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OVERNIGHT MARKETS AND NEWS

Jun E-mini S&Ps (ESM16 -0.10%) are little changed, down -0.05% and European stocks are up +0.12% as the price of crude oil rose to a 7-month high. Crude oil retreated from that high and is now unchanged in early trade, which pulled stocks back from their best levels. Home Depot rose over 1% in pre-market trading and gave recently battered retail stocks a lift after it raised guidance on its full-year EPS this year to $6.27, higher than expectations of $6.22. European stocks also received a boost from a rally in telecommunication stocks, led by a 2.4% gain in Vodafone Group Plc, after the company reported Q1 adjusted service revenue rose +1.8%, better than consensus of +1.5%. Asian stocks settled mostly higher: Japan +1.13%, Hong Kong +1.18%, China -0.25%, Taiwan +0.90%, Australia +0.69%, Singapore +1.65%, South Korea +0.09%, India +0.47%.

The dollar index (DXY00 unch) is down -0.02%. EUR/USD (^EURUSD) is down -0.04%. USD/JPY (^USDJPY) is up +0.47% at a 2-week high.

Jun T-note prices (ZNM16 -0.05%) are down -1.5 ticks.

In its monthly report published today, the Bundesbank said "growth in the German economy will probably lose momentum in the spring," even as the "solid underlying economic trend" is likely to stay intact.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Key U.S. reports today include: (1) Apr housing starts (expected +3.3% to 1.125 million, Mar -8.8% at 1.089 million), (2) Apr CPI (expected +0.3% m/m and +1.1% y/y, Mar +0.1% m/m and +0.9% y/y; Apr core CPI expected +0.2% m/m and +2.1% y/y, Mar +0.1% m/m and +2.2% y/y), (3) Apr industrial production (expected +0.3%, Mar -0.6%), and (4) San Francisco Fed President John Williams (non-voter) and Atlanta Fed President Dennis Lockhart (non-voter) interview on the U.S. economic outlook.

There are 2 of the Russell 1000 companies that report earnings today: Home Depot (consensus $1.35), TJX (0.71).

U.S. IPO's scheduled to price today: PhaseRX (PZRX)

Equity conferences today: Electrical Products Group Investor Conference on Mon-Wed, Bank of America Merrill Lynch Transportation Conference on Tue, Goldman Sachs Basic Materials Conference on Tue-Wed, Barclays Americas Select Franchise Conference on Tue-Wed, CBI's Life Sciences IT Governance and Cybersecurity Summit on Tue-Wed, Barclays Insurance Forum on Wed, MoffettNathanson Media and Communications Conference on Wed, BMO Capital Markets Farm to Market Conference on Wed-Thu, Citi Car of the Future Symposium on Thu, ITG Global Industrials Conference on Thu, Needham Emerging Technology Conference Thu, Business Analytics Innovation Summit on Thu-Fri, Medical Affairs Summit on Fri.

OVERNIGHT U.S. STOCK MOVERS

Hartford Financial Services Group (HIG -0.32%) was downgraded to 'Market Perform' from 'Outperform' at Wells Fargo Securities.

Home Depot (HD +1.66%) climbed over 1% in pre-market trading after it reported Q1 EPS of $1.44, higher than consensu sof $1.35, and then raised guidance on full-year EPS to $6.27 from a previous view of $6.12-$6.18.

Freeport-McMoRan (FCX +6.05%) is up over 3% in pre-market trading after Jeffries Group upgraded toe stock to 'Buy' from 'Hold.'

Bob Evans Farms (BOBE +0.43%) was rated a new 'Buy' at Maxim Group with a 12-month price target of $59.

Agilent Technologies (A +0.75%) climbed nearly 4% in after-hours trading after it raised guidance on fiscal 2016 adjusted EPS to $1.88-$1.92 from a March 7 estimate of $1.81-$1.87, above consensus of $1.86.

Office Depot (ODP -5.16%) gained over 2% in after-hours trading after the company hired Bain for a strategic review of its business.

Relypsa (RLYP +4.07%) dropped over 7% in after-hours trading after it reported no increase in April in the weekly average of new patients who began taking Veltassa with a free starter supply.

Amplify Snack Brands (BETR +0.39%) slid over 4% in after-hours trading after it started a 10-million share secondary offering of common stock.

Community Health Systems (CYH +2.00%) climbed nearly 4% in after-hours trading after Greenlight Capital Holdings reported a new stake in the company in Q1.

Akorn (AKRX +4.94%) rose over 1% in after-hours trading after it reported Q1 revenue of $268.3 million, better than consensus of $267.1 million.

Meritage Homes (MTH +0.77%) gained over 2% in after-hours trading after it said it sees Q2 EPS of 78 cents-85 cents, higher than consensus of 78 cents.

Globalstar (GSAT +12.24%) rose over 5% in after-hours trading after Greenlight Capital Holdings reported a new stake in the company in Q1.

Aegerion Pharmaceuticals (AEGR +33.53%) dropped over 13% in after-hours trading after it lowered guidance on full-year sales to $130 million-$150 million from a prior view of $160 million-$190 million, below consensus of $174.8 million.

MARKET COMMENTS

June E-mini S&Ps (ESM16 -0.10%) this morning are down -1.00 point (-0.05%). Monday's closes: S&P 500 +0.98%, Dow Jones +1.00%, Nasdaq +1.25%. The S&P 500 on Monday closed higher on strength in energy producer stocks after crude oil climbed to a 6-1/2 month high and on a rally in drug stocks on increased M&A activity after Pfizer agreed to buy Amacor Pharmaceuticals for $5.2 billion. Stocks were undercut by the -18.58 point plunge in the U.S. May Empire manufacturing index to -9.02, weaker than expectations of -3.56 to 6.50.

June 10-year T-note prices (ZNM16 -0.05%) this morning are down -1.5 ticks. Monday's closes: TYM6 -14.50, FVM6 -8.75. Jun T-notes on Monday closed lower on reduced safe-haven demand with the rally in stocks and on increased inflation expectations after crude oil rallied to a 6-1/2 month high.

The dollar index (DXY00 unch) this morning is down -0.023 (-0.02%). EUR/USD (^EURUSD) is down -0.0004 (-0.04%). USD/JPY (^USDJPY) is up +0.51 (+0.47%) at a 2-week high. Monday's closes: Dollar Index -0.036 (-0.04%), EUR/USD +0.0012 (+0.11%), USD/JPY +0.40 (+0.37%). The dollar index on Monday closed lower on strength in the currencies of the crude-producing countries of Russia and Canada after the price of crude soared to a 6-1/2 month high and on the weaker-than-expected May Empire manufacturing index and May HAHB housing market index.

June WTI crude oil (CLM16 unch) this morning is unchanged. June gasoline (RBM16 -0.26%) is down -0.0044 (-0.27%). Monday's closes: CLM6 +1.51 (+3.27%), RBM6 +0.0181 (+1.14%). Jun crude and gasoline on Monday closed higher with Jun crude at a 6-1/2 month high and Jun gasoline at an 8-1/2 month high. Crude oil prices were boosted by a weaker dollar, Chinese demand with the +2.4% y/y rise in China Apr crude processing to a record 10.93 million bpd, and stronger U.S. refinery demand for gasoline after the crack spread climbed to a 1-1/2 week high.

GLOBAL EVENT CALENDAR05/17/2016

US	0830 ET	Apr housing starts expected +3.3% to 1.125 million, Mar -8.8% at 1.089 million. Apr building permits expected +5.5% to 1.135 million, Mar -8.6% to 1.076 million.
	0830 ET	Apr CPI expected +0.3% m/m and +1.1% y/y, Mar +0.1% m/m and +0.9% y/y. Apr CPI ex food & energy expected +0.2% m/m and +2.1% y/y, Mar +0.1% m/m and +2.2% y/y.
	0915 ET	Apr industrial production expected +0.3%, Mar -0.6%. Apr manufacturing production, Mar -0.3%. Apr capacity utilization expected +0.2 to 75.0%, Mar -0.5 to 74.8%.
	1200 ET	San Francisco Fed President John Williams (non-voter) and Atlanta Fed President Dennis Lockhart (non-voter) interview on the U.S. economic outlook.
JPN	0030 ET	Revised Japan Mar industrial production, preliminary +3.6% m/m and +0.1% y/y.
	0030 ET	Japan Mar capacity utilization, Feb -5.4% m/m.
	1950 ET	Japan Q1 GDP expected +0.3% q/q annualized, Q4 -1.1% q/q annualized. Q1 GDP deflator expected +1.0% y/y, Q4 +1.5% y/y.
	1950 ET	Japan Q1 private consumption expected +0.2% q/q, Q4 -0.9% q/q. Q1 business spending expected -0.8% q/q, Q4 +1.5% q/q.
UK	0430 ET	UK Apr CPI expected +0.3% m/m and +0.5% y/y, Mar +0.4% m/m and +0.5% y/y. Apr core CPI expected +1.4% y/y, Mar +1.5% y/y.
	0430 ET	UK Apr RPI expected +0.3% m/m and +1.5% y/y, Mar +0.4% m/m and +1.6% y/y. Apr RPI ex mortgage interest payments expected +1.6% y/y, Mar +1.6% y/y.
	0430 ET	UK Apr PPI input prices expected +1.1% m/m and -6.7% y/y, Mar +2.0% m/m and -6.5% y/y.
	0430 ET	UK Apr PPI output prices expected +0.2% m/m and -0.8% y/y, Mar +0.3% m/m and -0.9% y/y. Apr PPI output core expected +0.1% m/m and +0.3% y/y, Mar +0.1% m/m and +0.2% y/y.
	0430 ET	UK Mar ONS house price, Feb +7.6% y/y.
CHI	2130 ET	China Apr property prices.

U.S. STOCK CALENDAR05/17/2016

Company	Ticker	Time	Event Description	Period	Estimate
Home Depot Inc/The	HD US	Bef-mkt	Q1 2017 Earnings Release	Q1 2017	1.352
Home Depot Inc/The	HD US	9:00	Q1 2017 Earnings Call	Q1 2017
TJX Cos Inc/The	TJX US	9:30	Q1 2017 Earnings Release	Q1 2017	0.708
Principal Financial Group Inc	PFG US	10:00	Annual General Meeting	Y 2016
Boston Properties Inc	BXP US	10:00	Annual General Meeting
JPMorgan Chase & Co	JPM US	11:00	Annual General Meeting	Y 2016
TJX Cos Inc/The	TJX US	11:00	Q1 2017 Earnings Call	Q1 2017
Electronic Arts Inc	EA US	11:00	Investor Day	Y 2016
Southwestern Energy Co	SWN US	12:00	Annual General Meeting
Amazon.com Inc	AMZN US	12:00	Annual General Meeting	Y 2016
Juniper Networks Inc	JNPR US	12:00	Investor Day	Y 2016
Gap Inc/The	GPS US	13:00	Annual General Meeting	Y 2016
Morgan Stanley	MS US	14:00	Annual General Meeting
Essex Property Trust Inc	ESS US	16:00	Annual General Meeting	Y 2016
Charles Schwab Corp/The	SCHW US	17:00	Annual General Meeting
Time Warner Cable Inc	TWC US	Aft-mkt	Digital Realty Trust Replaces Time Warner Cable in S&P 500
Equifax Inc	EFX US		Investor Meeting - London	Y 2016
Leggett & Platt Inc	LEG US		Annual General Meeting
General Growth Properties Inc	GGP US		Annual General Meeting	Y 2016
Newfield Exploration Co	NFX US		Annual General Meeting
Realty Income Corp	O US		Annual General Meeting
Diamond Offshore Drilling Inc	DO US		Annual General Meeting
FirstEnergy Corp	FE US		Annual General Meeting	Y 2016

MORNING CALL 2/29

MORNING CALL

Monday, February 29th, 2016View Older Reports

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OVERNIGHT MARKETS AND NEWS

March E-mini S&Ps (ESH16 -0.08%) are down -0.18% and European stocks are down -0.49% after G-20 finance ministers meeting over the weekend in Shanghai disappointed financial markets by not coming up with coordinated stimulus to support the global economy. Weakness in bank stocks is leading the overall market lower with Goldman Sachs and Bank of America both down at least 1.1% in pre-market trading. Stock prices recovered from their worst levels, however, after China cut its reserve requirement ratio for banks by 50 bp to 17.00% from 17.50%. Asian stocks settled mostly lower: Japan -1.00%, Hong Kong -1.30%, China -2.86%, Taiwan closed for holiday, Australia +0.02%, Singapore +0.65%, South Korea -0.25%, India -0.66%. China's Shanghai Composite fell to a 1-month low after G-20 officials failed to come up with a coordinated plan to boost global growth, while Japanese stocks also fell after the yen rallied against the dollar, which undercut exporter stocks.

The dollar index (DXY00 +0.15%) is up +0.17% at a 3-week high. EUR/USD (^EURUSD) is down -0.41% at a 4-week high after Eurozone CPI unexpectedly fell at the fastest pace in a year, which bolsters the case for the ECB to expand stimulus when it convenes next week. USD/JPY (^USDJPY) is down -0.95%.

Mar T-note prices (ZNH16 +0.04%) are up +3.5 ticks on carryover support from a rally in German bunds to a 10-1/4 month high after Eurozone Feb CPI unexpectedly fell by the most in a year.

After Chinese financial markets closed today, the PBOC cut the required reserve ratio for China's biggest banks by 50 bp to 17.00% from 17.50%, effective March 1.

Eurozone Feb CPI unexpectedly fell -0.2% y/y, weaker than expectations of unch y/y and the fastest pace of decline in a year. Feb core CPI rose +0.7% y/y, weaker than expectations of +0.9% y/y and the smallest increase in 10 months.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Feb Milwaukee ISM (expected -0.36 to 50.00, Jan +1.83 to 50.36), (2) Feb Chicago PMI (expected -3.1 to 52.5, Jan +12.7 to 55.6), (3) Jan pending home sales (expected +0.5% m/m and +4.1% y/y, Dec +0.1% m/m and +3.1% y/y), (4) Feb Dallas Fed manufacturing activity (expected +4.6 to -30.0, Jan -13.0 to -34.6), (5) New York Fed President William Dudley's speech at a symposium in Hangzhou, China co-hosted by the PBOC and the New York Fed, and (6) USDA weekly grain export inspections.

There are 2 of the S&P 500 companies that report earnings today: NRG Energy (consensus $0.18), Endo Intl (1.27).

U.S. IPO's scheduled to price today: Shimmick Construction (SCCI).

Equity conferences this week include: BMO Capital Markets Global Metals and Mining Conference on Mon-Tue, J.P. Morgan Global High Yield & Leveraged Finance Conference on Mon-Tue, Morgan Stanley Technology Media & Technology Conference on Mon-Thu, Barclays Power & Utility Credit Conference on Tue, Goldman Sachs Media & Telecom Conference on Tue, Canaccord Genuity Musculoskeletal Conference on Tue, JMP Securities Technology Conference on Tue, Longbow Research Basic Materials Investor Conference on Tue, Pacific Crest Securities Emerging Technology Summit on Tue-Wed, UBS Natural Gas & Electric Utilities Conference on Wed, Bank of America Merrill Lynch Global Agriculture and Chemicals Conference on Wed-Thu, Bank of America Refining Conference on Thu, Citi Asset Management, Broker Dealer & Exchanges Investor Conference on Thu, Gabelli & Company Waste & Environmental Services Conference on Thu, Simmons Energy Conference on Thu-Fri.

OVERNIGHT U.S. STOCK MOVERS

Morgan Stanley (MS +2.15%) and Goldman Sachs (GS +1.35%) are both down at least 1% in pre-market trading.

Valeant Pharmaceuticals (VRX -4.79%) slumped 7% in pre-market trading after the company withdrew its financial forecast and delayed releasing its quarterly results as its CEO returns from leave.

Federal-Mogul Holdings (FDML +12.93%) may be active today after Carl Icahn, the company's biggest shareholder, offered to buy the rest of the company for $7 a share, well above Friday's closing price of $4.98.

General Motors (GM +0.44%) was downgraded to 'Hold' from 'Buy at Argus Research.

Dillard's (DDS +3.73%) was downgraded to 'Sell' from 'Hold' at Deutsche Bank.

Southwestern Energy (SWN -5.76%) was downgraded to 'Underperform' from 'Market Perform' at Raymond James.

Dynegy (DYN +3.06%) was upgraded to 'Buy' from 'Neutral' at Guggenheim with a price target of $22.

FormFactor (FORM +1.64%) said it sees Q1 revenue of $65 million-$70 million, below consensus of $70.3 million.

Cleco (CNL -1.03%) reported Q4 operating EPS of 38 cents, below consensus of 42 cents.

New Jersey Resources (NJR -2.58%) will replace StanCorp in the S&P MidCap 400 as of the close of trading on Monday, March 7.

Business Insider reports that Bank of America (BAC +3.08%) is preparing for "significant" job cuts of over 5% across its global investment banking and markets business.

Atlas Resource Partners LP (ARP -5.63%) was downgraded to 'Sell' from 'Hold' at Stifel.

MARKET COMMENTS

Mar E-mini S&Ps (ESH16 -0.08%) this morning are down -3.50 points (-0.18%). Friday's closes: S&P 500 -0.19%, Dow Jones -0.34%, Nasdaq -0.13%. The S&P 500 on Friday fell back from a 1-1/2 month high and closed lower on concern the Fed may continue to raise interest rates after the U.S. Jan PCE core deflator rose +0.3% m/m and +1.7% y/y, stronger than expectations of +0.2% m/m and +1.5% y/y. Stocks received support from the +0.95% rally in the Shanghai Composite after the PBOC said it sees room for further monetary easing and from the +0.5% increase in U.S. Jan personal spending, stronger than expectations of +0.3% and the biggest increase in 8 months.

Mar 10-year T-notes (ZNH16 +0.04%) this morning are up +3.5 ticks. Friday's closes: TYH6 -23.00, FVH6 -16.25. Mar T-notes on Friday closed lower on the stronger-than-expected Jan personal spending and income reports and on the +1.7% y/y increase in the U.S. Jan PCE core deflator, stronger than expectations of +1.5% y/y and the largest increase in nearly 3 years.

The dollar index (DXY00 +0.15%) this morning is up +0.171 (+0.17%) at a 3-weeek high. EUR/USD (^EURUSD) is down -0.0045 (-0.41%) at a 4-week low. USD/JPY (^USDJPY) is down -1.08 (-0.95%). Friday's closes: Dollar Index +0.861 (+0.89%), EUR/USD -0.0084 (-0.76%), USD/JPY +1.00 (+0.88%). The dollar index on Friday climbed to a 3-week high and settled higher on the stronger-than-expected U.S. Q4 GDP and Jan personal spending and income reports, which bolster confidence in the U.S. economic outlook. In addition, EUR/USD slid to a 3-week low after German Feb CPI fell-0.2% y/y, weaker than expectations of unch y/y and the fastest pace of decline in 13 months, which supports the case for the ECB to expand stimulus.

Apr WTI crude (CLJ16 +0.49%) this morning is down -4 cents (-0.12%) and Apr gasoline (RBJ16 -0.32%) is down -0.0093 (-0.72%). Friday's closes: CLJ6-0.29 (-0.88%), RBJ6 -0.0171 (-1.30%). Apr crude and gasoline on Friday fell back from 3-week highs and closed lower on the rally in the dollar index to a 3-week high and the ongoing crude oil supply glut with EIA crude inventories at a record high. A bullish factor for crude was the late-Friday report from Baker Hughes that the active U.S. oil rig count fell -13 to 400 in the week ended Feb 26, the 10th straight decline and the fewest number of active rigs in 6 years.

GLOBAL EVENT CALENDAR02/29/2016

US	0900 ET	Feb Milwaukee ISM expected -0.36 to 50.00, Jan +1.83 to 50.36.
	0945 ET	Feb Chicago PMI expected -3.1 to 52.5, Jan +12.7 to 55.6.
	1000 ET	Jan pending home sales expected +0.5% m/m and +4.1% y/y, Dec +0.1% m/m and +3.1% y/y.
	1030 ET	Feb Dallas Fed manufacturing activity expected +4.6 to -30.0, Jan -13.0 to -34.6.
	1100 ET	USDA weekly grain export inspections.
	2330 ET	New York Fed President William Dudley speaks at a symposium in Hangzhou, China co-hosted by the PBOC and the New York Fed.
JPN	0000 ET	Japan Jan housing starts expected -0.3% y/y to 870,000 annualized, Dec -1.3% y/y to 860,000 annualized.
	0000 ET	Japan Jan construction orders, Dec +14.8% y/y.
	1830 ET	Japan Jan jobless rate expected unch at 3.3%. Jan job-to-applicant ratio expected unch at 1.27.
	1830 ET	Japan Jan overall household spending expected -2.7% y/y, Dec -4.4% y/y
	1850 ET	Japan Q4 capital spending expected +10.0% y/y, Q3 +11.2% y/y. Q4 capital spending ex-software expected +8.7% y/y, Q3 +11.2% y/y.
	2100 ET	Revised Japan Feb Nikkei manufacturing PMI.
GER	0200 ET	German Jan import price index expected -1.0% m/m and -3.4% y/y, Dec -1.2% m/m and -3.1% y/y.
	0200 ET	German Jan retail sales expected +0.3% m/m and +1.8% y/y, Dec +0.6% m/m and +1.5% y/y.
UK	0430 ET	UK Jan net consumer credit expected +1.4 billion pounds, Dec +1.2 billion pounds.
	0430 ET	UK Jan M4 money supply, Dec -0.2% m/m and +0.2% y/y.
	0430 ET	UK Jan mortgage approvals expected 73,700, Dec 70,800.
EUR	0500 ET	Eurozone Feb CPI estimate expected unch y/y, Jan +0.3% y/y. Feb core CPI expected +0.9% y/y, Jan +1.0% y/y.
CHI	2000 ET	China Feb manufacturing PMI expected unch at 49.4, Jan -0.3 to 49.4. Feb non-manufacturing PMI, Jan 53.5.

U.S. STOCK CALENDAR02/29/2016

Company	Ticker	Time	Event Description	Period	Estimate
Endo International PLC	ENDP US	Bef-mkt	Q4 2015 Earnings Release	Q4 2015	1.274
Golar LNG Ltd	GLNG US	Bef-mkt	Y 2015 Earnings Release	Y 2015	-1.561
NRG Energy Inc	NRG US	Bef-mkt	Q4 2015 Earnings Release	Q4 2015	0.181
Tribune Media Co	TRCO US	Bef-mkt	Q4 2015 Earnings Release	Q4 2015	0.549
Frank's International NV	FI US	Bef-mkt	Q4 2015 Earnings Release	Q4 2015	0.103
Platform Specialty Products Corp	PAH US	Bef-mkt	Q4 2015 Earnings Release	Q4 2015	0.11
NRG Energy Inc	NRG US	7:30	Q4 2015 Earnings Call	Q4 2015
Endo International PLC	ENDP US	8:30	Q4 2015 Earnings Call	Q4 2015
Tribune Media Co	TRCO US	8:30	Q4 2015 Earnings Call	Q4 2015
Platform Specialty Products Corp	PAH US	8:30	Q4 2015 Earnings Call	Q4 2015
Golar LNG Ltd	GLNG US	10:00	Y 2015 Earnings Call	Y 2015
Frank's International NV	FI US	11:00	Q4 2015 Earnings Call	Q4 2015
OPKO Health Inc	OPK US	16:30	Q4 2015 Earnings Call	Q4 2015
TerraForm Power Inc	TERP US	16:30	Q4 2015 Earnings Call	Q4 2015
Workday Inc	WDAY US	17:00	Q4 2016 Earnings Call	Q4 2016
Juno Therapeutics Inc	JUNO US	17:00	Q4 2015 Earnings Call	Q4 2015
California Resources Corp	CRC US	17:00	Q4 2015 Earnings Call	Q4 2015
Atmel Corp	ATML US	Aft-mkt	Q4 2015 Earnings Release	Q4 2015	0.063
OPKO Health Inc	OPK US	Aft-mkt	Q4 2015 Earnings Release	Q4 2015	0
Hertz Global Holdings Inc	HTZ US	Aft-mkt	Q4 2015 Earnings Release	Q4 2015	0.039
Intrexon Corp	XON US	Aft-mkt	Q4 2015 Earnings Release	Q4 2015	-0.187
Workday Inc	WDAY US	Aft-mkt	Q4 2016 Earnings Release	Q4 2016	-0.045
Brixmor Property Group Inc	BRX US	Aft-mkt	Q4 2015 Earnings Release	Q4 2015	0.511
Juno Therapeutics Inc	JUNO US	Aft-mkt	Q4 2015 Earnings Release	Q4 2015	-0.434
California Resources Corp	CRC US	Aft-mkt	Q4 2015 Earnings Release	Q4 2015	-0.254
Intrexon Corp	XON US	17:30	Q4 2015 Earnings Call	Q4 2015
Orbital ATK Inc	OA US		Q4 2015 Earnings Release	Q4 2015	1.106
Equifax Inc	EFX US		Investor Meeting - Los Angeles	Y 2016
Howard Hughes Corp/The	HHC US		Q4 2015 Earnings Release	Q4 2015	0.385
Puma Biotechnology Inc	PBYI US		Q4 2015 Earnings Release	Q4 2015	-1.846
TerraForm Power Inc	TERP US	23:59	Q4 2015 Earnings Release	Q4 2015	-0.206

BARCHART MORNING CALL 5/19

BARCHART MORNING CALL

Tuesday, May 19th, 2015View Older Reports

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OVERNIGHT MARKETS AND NEWS

June E-mini S&Ps (ESM15 +0.24%) this morning are up +5.50 points (+0.26%) on carry-over optimism from European stocks. The Euro Stoxx 50 index this morning is sharply higher by +1.7% after an ECB official said that the ECB will increase its QE buying in May and June ahead of lower liquidity during the summer. Asian stocks today closed mostly higher with a sharp +3.13% increase in China's Shanghai Composite: Japan +0.68%, Hong Kong +0.37%, Taiwan +1.15%, Australia -0.77%, Singapore -0.16%, South Korea +0.36%, India -0.15%.
The dollar index (DXY00 +0.81%) is up +0.67% as EUR/USD (^EURUSD) tumbled by -0.0106 (-0.94%) on the ECB's announcement that it will temporarily boost the size of QE during May and June. USD/JPY (^USDJPY) is slightly higher by +0.07 points (+0.06%). GBP/USD is down -0.87% this morning on the decline in the UK CPI rate to -0.1% y/y, which will keep BOE policy easy. June 10-year T-notes (ZNM15 +0.20%) are up +6.5 ticks on support from higher June bund prices, which are up +0.67 points.
Commodity prices are down -0.64% this morning on the rally in the dollar index. June WTI crude oil (CLN15 -0.81%) is down -0.51 (-0.85%), June Brent crude oil is down -0.63 (-0.95%), and May gasoline (RBN15 -0.50%) is down -0.0172 (-0.85%). May natural gas (NGN15 +1.80%) is up +0.036 (+1.18%).
Precious metals prices are trading lower this morning on the rally in the dollar index with Jun gold (GCM15 -0.64%) down -7.4 (-0.60%) and July silver (SIN15 -1.65%) down -0.317 (-1.79%). July copper (HGN15 -1.51%) is down -0.052 (-1.79%). Grain prices are trading lower while softs are mixed.
The ECB will increase its QE buying in May and June ahead of lower liquidity during the summer months, according to comments in a speech today by ECB Executive Board member Benoit Coeure. He said that "the slightly higher purchase volume that market analysts may observe in coming weeks is therefore unrelated to the recent episode of market volatility." The QE program involves the purchase of about 60 billion euros per month of securities and is due to last until Sep 2016 and total 1.1 trillion euros. Although Mr. Coeure said that the purchase adjustment is related to liquidity concerns, the outcome is having the ECB's desired effect today of pushing the euro lower and providing support for Eurozone bond prices.
Germany's May ZEW investor confidence index fell sharply by -11.4 points to 41.9 from 53.3 in April, which was substantially weaker than market expectations for a decline to 49. The decline in German investor confidence was driven by the weaker-than-expected German Q1 GDP report of +0.3% q/q, the recent jump in German bond yields, and worries about Greece.

U.S. STOCK PREVIEW

Key U.S. reports today include: (1) April housing starts (expected +9.9% to 1.018 million after March's +2.0% m/m to 926,000).
There are 6 of the S&P 500 companies report earnings today: Wal-Mart (consensus $1.05), Home Depot (1.15), TJX Cos (0.67), Computer Sciences (1.20), Analog Devices (0.72), Autodesk (0.28).
U.S. IPO's scheduled to price today include: none.
Equity conferences this week include: JPMorgan Global Technology, Media and Telecom Conference on Mon-Wed, UBS Global Health Care Conference on Mon-Wed, Electrical Products Group Spring Conference on Mon-Wed, EPG Conference on Mon-Wed, Asian Investment Summit on Tue, Nomura Gaming, Leisure and Lodging Conference on Tue, JPMorgan Chase Homebuilding and Building Products Conference on Tue, Goldman Sachs Basic Materials Conference on Tue-Wed, Barclays America Select Conference on Tue-Wed, Wolfe Research Global Transportation Conference on Tue-Wed, LME Week Asia 2015 on Wed, BMO Farm to Market Conference on Wed-Thu, Janney Montgomery Scott-Company Marketing: Biotechnology-Southeast on Fri.

June E-mini S&Ps this morning are up +5.50 points (+0.26%) on carry-over optimism from European stocks. Monday's closes: S&P 500 +0.30%, Dow Jones +0.14%, Nasdaq +0.42%. The S&P 500 on Monday climbed to a fresh all-time high and closed higher on continued hopes that the Fed may not ease until early 2016 after Chicago Fed President Evans said that “my current view is that my economic outlook and my assessment of the balance of risks will evolve in such a way that I likely will not feel confident enough to begin to raise rates until early next year.” Stocks also saw support from increased M&A activity after Endo International Plc agreed to buy Par Pharmaceutical Holdings for $8.05 billion and after Ascena Retail Group purchased Ann Inc. for $2.2 billion. Tech stocks received a boost from a rally of more than 1% in Apple after billionaire investor Icahn said Apple's stock price is worth $240 a share, over 86% higher than Friday's close, and that the company should increase its stock buyback program.

OVERNIGHT U.S. STOCK MOVERS

• Wal-Mart (WMT +0.86%) reported Q1 EPS of $1.03, which was 1 cent below the consensus of $1.04. Q1 revenue of $114.83 billion was below the consensus of $116.3 billion. EPS was knocked down by 3 cents by currency effects. Walmart's U.S. same-store sales were up +1.1%.
• Home Depot (HD +0.86%) reported Q1 EPS of $1.21, higher than the consensus of $1.15. Q1 revenue of $20.89 billion was slightly above the consensus of $20.82 billion. Q1 same-store sales rose 6.1%.
• Agilent (A +1.40%) reported Q2 EPS of 38 cents, slightly below the consensus of 39 cents. Q2 revenue of $963 million was below the consensus of $989.3 million.
• Urban Outfitters (URBN +2.85%) reported Q1 EPS of 25 cents, below the consensus of 30 cents. Q1 revenue of $739.01 million was below the consensus of $758.25 million.

MARKET COMMENTS

June 10-year T-notes are up +6.5 ticks on support from higher June bund prices, which are up +0.67 points. Monday's closes: TYM5 -21.00, FVM5 -10.75. Jun T-notes on Monday closed lower on carry-over weakness from a drop in German bund prices and on reduced safe-haven demand with the rally in the S&P 500 to a new record high.
The dollar index is up +0.67% as EUR/USD tumbled by -0.0106 (-0.94%) on the ECB's announcement that it will temporarily boost the size of QE during May and June. USD/JPY is slightly higher by +0.07 points (+0.06%). GBP/USD is down -0.87% this morning on the decline in the UK CPI rate to -0.1% y/y, which will keep BOE policy easy. Monday's closes: Dollar Index +1.086 (+1.17%), EUR/USD -0.01333 (-1.16%), USD/JPY +0.716 (+0.60%). The dollar index on Monday closed higher on weakness in EUR/USD as market concerns grow about the Greek banking system and the lack of progress in Greek bailout negotiations. USD/JPY received a boost after Japan Mar industrial production was revised lower to -0.8% m/m from -0.3%, which boosted speculation the BOJ may be forced to expand stimulus measures.
June WTI crude oil is down -0.51 (-0.85%), June Brent crude oil is down -0.63 (-0.95%), and May gasoline is down -0.0172 (-0.85%). Monday's closes: CLN5 -0.11 (-0.18%), RBN5 -0.0101 (-0.49%). Jul crude oil and gasoline on Monday closed lower on the stronger dollar and on higher Saudi Arabian oil production. The Joint Organizations Data Imitative (JODI) reported that Saudi March oil output rose to 10.29 million bpd, up +6.7% m/m and the most since at least Jan 2002 when JODI began collecting statistics.

GLOBAL EVENT CALENDAR05/19/2015

US	0830 ET	Apr housing starts expected +9.9% to 1.018 million, Mar +2.0% m/m to 926,000. Apr building permits expected +2.2% to 1.065 million, Mar -5.4% to 1.042 million.
EUR	0200 ET	Eurozone Apr new car registrations.
	0500 ET	Revised Eurozone Apr CPI, previous -0.1% y/y. Revised Apr core CPI, previous +0.6% y/y.
UK	0430 ET	UK Apr CPI expected +0.4% m/m and unch y/y, Mar +0.2% m/m and unch y/y. Apr core CPI expected +1.0% y/y, Mar +1.0% y/y.
	0430 ET	UK Apr RPI expected +0.4% m/m and +0.9% y/y, Mar +0.2% m/m and +0.9% y/y. Apr RPI ex-mortgage interest payments expected +0.9% y/y, Mar +0.9% y/y.
	0430 ET	UK Apr PPI input prices expected +0.8% m/m and -11.5% y/y, Mar +0.3% m/m and -13.0% y/y.
	0430 ET	UK PPI output prices expected +0.2% m/m and -1.6% y/y, Mar +0.2% m/m ad -1.7 y/y. Apr PPI output core prices expected unch m/m and +0.1% y/y, Mar unch m/m and +0.1% y/y.
	0430 ET	UK Mar ONS house prices, Feb +7.2% y/y.
GER	0500 ET	German May ZEW survey expectations of economic growth expected -4.3 to 49.0, Apr 53.3. May ZEW survey current situation expected -2.2 to 68.0, Apr 70.2.
JPN	0130 ET	Japan Apr nationwide department store sales, Mar -19.7% y/y.
	1950 ET	Japan Q1 GDP expected +1.6% q/q annualized, Q4 +1.5% q/q annualized, Q1 GDP deflator expected +3.6% y/y, Q4 +2.4% y/y.
	1950 ET	Japan Q1 GDP private consumption expected +0.2% q/q, Q4 +0.5% q/q. Q1 GDP business spending expected +0.6% q/q, Q4 -0.1% q/q.

U.S. STOCK CALENDAR05/19/2015

Company	Ticker	Time	Event Description	Period	Estimate
Home Depot Inc/The	HD US	Bef-mkt	Q1 2016 Earnings Release	Q1 2016	1.152
Wal-Mart Stores Inc	WMT US	7:00	Q1 2016 Earnings Release	Q1 2016	1.047
Wal-Mart Stores Inc	WMT US	7:00	Q1 2016 Earnings Call	Q1 2016
Baxter International Inc	BAX US	8:00	Investor Conference - Day 2	Y 2015
Home Depot Inc/The	HD US	9:00	Q1 2016 Earnings Call	Q1 2016
TJX Cos Inc/The	TJX US	9:30	Q1 2016 Earnings Release	Q1 2016	0.665
JPMorgan Chase & Co	JPM US	10:00	Annual General Meeting	Y 2015
TJX Cos Inc/The	TJX US	11:00	Q1 2016 Earnings Call	Q1 2016
Juniper Networks Inc	JNPR US	12:00	Annual General Meeting	Y 2015
Gap Inc/The	GPS US	13:00	Annual General Meeting
Essex Property Trust Inc	ESS US	13:00	Annual General Meeting	Y 2015
Computer Sciences Corp	CSC US	16:15	Q4 2015 Earnings Release	Q4 2015	1.198
Analog Devices Inc	ADI US	17:00	Q2 2015 Earnings Call	Q2 2015
Computer Sciences Corp	CSC US	17:00	Q4 2015 Earnings Call	Q4 2015
Autodesk Inc	ADSK US	17:00	Q1 2016 Earnings Call	Q1 2016
Analog Devices Inc	ADI US	Aft-mkt	Q2 2015 Earnings Release	Q2 2015	0.719
Autodesk Inc	ADSK US	Aft-mkt	Q1 2016 Earnings Release	Q1 2016	0.282
Equifax Inc	EFX US		Investor Meeting - Amsterdam	Y 2015
Southwestern Energy Co	SWN US		Annual General Meeting
Skyworks Solutions Inc	SWKS US		Annual General Meeting
Range Resources Corp	RRC US		Annual General Meeting
Morgan Stanley	MS US		Annual General Meeting
Allstate Corp/The	ALL US		Annual General Meeting
Diamond Offshore Drilling Inc	DO US		Annual General Meeting
Principal Financial Group Inc	PFG US		Annual General Meeting
Boston Properties Inc	BXP US		Annual General Meeting
FirstEnergy Corp	FE US		Annual General Meeting	Y 2015