Morning Call 11/28

Barchart Morning Call

Barchart.com - Tue Nov 28, 6:39AM CST

OVERNIGHT MARKETS AND NEWS

Dec E-mini S&Ps (ESZ17 +0.11%) this morning are up +0.11% on optimism U.S. legislators will be able to pass tax cuts his year. European stocks are up +0.48% led by a 3% gain in Royal Dutch Shell Plc after it restored its full cash dividend for the first time in more than 2 years and said it will buy back at least $25 billion of stock by 2020. Gains in the overall market were limited due to weakness in mining stocks as Dec COMEX copper (HGZ17 -1.93%) slumped -1.87% to a 1-week low on Chinese demand concerns. Asian stocks settled mixed: Japan -0.04%, Hong Kong -0.02%, China +0.34%, Taiwan -0.41%, Australia -0.08%, Singapore +0.17%, South Korea +0.44%, India -0.31%. China's Shanghai Composite rebounded from a 3-month low and closed higher after China's Kweichow Moutai, the world's biggest liquor company by market value, jumped 4% and closed higher for the first time since Nov 16 when the Xinhua News Agency said the stock had been rising too fast. 

The dollar index (DXY00 +0.17%) is up +0.17%. EUR/USD (^EURUSD) is down -0.13%. USD/JPY (^USDJPY) is up +0.24%.

Dec 10-year T-note prices (ZNZ17 -0.06%) are down -2.5 ticks.

In its semi-annual report, the OECD cautioned that financial markets are too optimistic as "evidence continues to build that financial asset prices are inconsistent with expectations for future growth and the policy stance, exacerbating the risks of financial corrections and growth downdrafts."

German Dec GfK consumer confidence was unchanged at 10.7, right on expectations.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Oct wholesale inventories (expected +0.4%, Sep +0.3%), (2) Sep FHFA house price index (expected +0.5% m/m, Aug +0.7% m/m. Q3 house price purchase index, Q2 +1.6% q/q), (3) Sep S&P CoreLogic composite-20 home price index (expected +0.3% m/m and +6.0% y/y, Aug +0.45% m/m and +5.92% y/y), (4) Conference Board Nov U.S. consumer confidence (expected -1.9 to 124.0, Oct +5.3 to 125.9), (5) Senate Banking Committee holds hearing on Fed Chair nominee Jerome Powell, (6) Nov Richmond Fed manufacturing index (expected +2 to 14, Oct -7 to 12), (7) Treasury auctions $28 billion of 7-year T-notes.

Notable Russell 1000 earnings reports today include: Marvel Technology (consensus $0.33), Nuance Communications (0.15), Autodesk (-0.13).

U.S. IPO's scheduled to price today: none.

Equity conferences this week: Credit Suisse Global TMT Conference on Mon-Wed, Credit Suisse Technology Media & Telecom Conference on Tue, UBS Global Real Estate CEO/CFO Conference on Tue, Piper Jaffray Health Care Conference on Tue-Wed, ACI European Base Oils & Lubricants Interactive Summit on Wed, Citi Basic Materials Conference on Wed-Thu, Bank of America Merrill Lynch Leveraged Finance Conference on Wed-Thu, Credit Suisse Industrials Conference on Wed-Thu, Evercore ISI Inaugural Biopharma Catalyst/Deep Dive Conference on Wed-Thu, ACI Cyber Security Oil, Gas, Power Conference on Thu, Deutsche Bank MedTools and Diagnostics One-on-One Day on Thu, HSBC High Yield Conference on Thu.

OVERNIGHT U.S. STOCK MOVERS

Home Depot (HD +1.06%) was upgraded to 'Overweight' from 'Neutral' at Atlantic Equities LLP with a price target of $197.

Lowe's (LOW +0.74%) was downgraded to 'Neutral' from 'Overweight' at Atlantic Equities LLP.

Hormel Foods (HRL -0.67%) may move higher this morning after it raised guidance for full-year 2018 EPS to $1.62 to $1.72 from a prior view of $1.60 to $1.70.

Tech Data (TECD +0.85%) climbed almost 5% in after-hours trading after it reported Q3 adjusted EPS of $2.00, stronger than consensus of $1.92, and then said it sees Q4 adjusted EPS of $3.35 to $3.65, higher than consensus of $3.32.

UnitedHealth Group (UNH -0.05%) slid 1% in after-hours trading after it said it sees 2018 adjusted EPS of $10.55 to $10.85, the mid-point below consensus of $10.82.

Thor Industries (THO -0.60%) rallied over 10% in after-hours trading after it reported Q1 EPS from continuing operations of $2.43, well above consensus of $1.86.

MTS Systems (MTSC +0.36%) rose 1% in after-hours trading after it reported Q4 adjusted EPS of 44 cents, higher than consensus of 35 cents.

Medpace Holdings (MEDP -1.20%) lost nearly 2% in after-hours trading after it announced a proposed secondary offering of 4.0 million shares of its common stock by investment funds affiliated with Cinven Capital Management General Partner Limited.

Dova Pharmaceuticals (DOVA -0.45%) gained over 1% in after-hours trading after its new drug application for avatrombopag was granted priority review by the FDA.

Venator Materials PLC (VNTR -0.52%) slid over 1% in after-hours trading after it launched a secondary public offering of 18 million shares of its common stock by holder Huntsman Corporation.

Aratana Therapeutics (PETX +2.99%) fell over 7% in after-hours trading after it announced that it had commenced an underwritten registered public offering of $35 million in shares of its common stock.

Ardmore Shipping (ASC -1.12%) dropped 8% in after-hours trading after it announced a proposed secondary offering of 5.58 million shares of its common stock by holder GA Holdings LLC.

Apollo Endosurgery (APEN -0.25%) surged over 20% in after-hours trading after it received FDA approval for its OverStitch Sx endoscopic suturing system.

MARKET COMMENTS

Dec S&P 500 E-mini stock futures (ESZ17 +0.11%) this morning are up +2.75 points (+0.11%). Monday's closes: S&P 500 -0.04%, Dow Jones +0.10%, Nasdaq -0.05%. The S&P 500 on Monday posted a new record high but gave up its advance and closed slightly lower. Stocks were undercut by the -1.42% fall in crude oil prices, which undercut energy stocks, and by renewed North Korean tensions after Japan said it has indications that North Korea is preparing for a missile launch. Stocks were supported by the unexpected +6.2% increase in U.S. Oct new home sales to a 10-year high of 685,000, stronger than expectations of -6.1% to 627,000.

Dec 10-year T-note prices (ZNZ17 -0.06%) this morning are down -2.5 ticks. Monday's closes: TYZ7 +5.00, FVZ7 +3.00. Dec 10-year T-notes on Monday closed higher on reduced inflation expectations as the -1.42% decline in crude oil prices helped push the 10-year T-note breakeven inflation rate down to a 1-month low. T-notes also saw some safe-haven demand on reports that North Korea may be preparing to launch a ballistic missile.

The dollar index (DXY00 +0.17%) this morning is up +0.158 (+0.17%). EUR/USD (^EURUSD) is down -0.0015 (-0.13%) and USD/JPY (^USDJPY) is up +0.27 (+0.24%). Monday's closes: Dollar Index +0.122 (+0.13%), EUR/USD -0.0035 (-0.29%), USD/JPY -0.44 (-0.39%). The dollar index on Monday recovered from a 2-month low and closed higher on the unexpected increase in U.S. Oct new home sales to a 10-year high and on hawkish comments from Dallas Fed President Kaplan who said he backs a rate hike in the "near future."

Jan crude oil (CLF18 -0.76%) this morning is down -56 cents (-0.96%) and Jan gasoline (RBF18 -1.05%) is -0.0220 (-1.23%). Monday's closes: Jan WTI crude -0.84 (-1.42%), Jan gasoline +0.0042 (+0.24%). Jan crude oil and gasoline on Monday settled mixed. Crude oil prices were undercut by a recovery in the dollar index from a 2-month low and by concern the recent rally in crude prices to a 2-1/3 year high will prompt U.S. shale-oil producers to boost output after Friday's data from Baker Hughes showed that active U.S. oil rigs in the week ended Nov 24 rose by +9 rigs to a 7-week high of 747 rigs. Crude oil prices received support from the jump in U.S. Oct new home sales to a 10-year high, which shows economic strength and is positive for fuel demand.

Metals prices this morning are mixed with Dec gold (GCZ17 +0.01%) -0.4 (-0.03%), Dec silver (SIZ17 +0.09%) +0.005 (+0.03%) and Dec copper (HGZ17 -1.93%) -0.059 (-1.87%) at a 1-week low. Monday's closes: Dec gold +7.1 (+0.55%), Dec silver +0.028 (+0.16%), Dec copper -0.0345 (-1.09%). Metals on Monday settled mixed with Dec gold at a 1-1/4 month high. Metals prices were boosted by Japanese report that North Korea is preparing a missile launch, which boosted safe-haven demand for precious metals, and by tighter copper supplies as LME copper inventories fell -9,400 MT to an 8-3/4 month low of 204,200 MT. Copper closed lower, however, after the Shanghai Composite fell to a 3-month low, which fueled concerns the Chinese economy may slow and curb demand for industrial metals.

GLOBAL EVENT CALENDAR11/28/2017

		Tuesday, Nov 28
US	0830 ET	Oct wholesale inventories expected +0.4%, Sep +0.3%. Oct retail inventories, Sep -1.0%.
	0900 ET	Sep FHFA house price index expected +0.5% m/m, Aug +0.7% m/m. Q3 house price purchase index, Q2 +1.6% q/q.
	0900 ET	Sep S&P CoreLogic composite-20 home price index expected +0.3% m/m and +6.0% y/y, Aug +0.45% m/m and +5.92% y/y.
	1000 ET	Conference Board Nov U.S. consumer confidence expected -1.9 to 124.0, Oct +5.3 to 125.9.
	1000 ET	Senate Banking Committee holds hearing on Fed Chair nominee Jerome Powell.
	1000 ET	Nov Richmond Fed manufacturing index expected +2 to 14, Oct -7 to 12.
	1300 ET	Treasury auctions $28 billion of 7-year T-notes.
		Wednesday, Nov 29
US	0700 ET	Weekly MBA mortgage applications, previous +0.1% with purchase sub-index +5.3% and refi sub-index -4.8%.
	0830 ET	Revised Q3 GDP expected +3.2% (q/q annualized), previous +3.0%. Q3 personal consumption expected +2.5%, previous +2.4%. Q3 GDP price index expected unrevised at +2.2%. Q3 core PCE deflator, previous +1.3% q/q.
	0830 ET	New York Fed President William Dudley (voter) takes part in a moderated discussion about current economic issues at Rutgers University.
	1000 ET	Fed Chair Janet Yellen addresses the Joint Economic Committee of Congress on the U.S. economic outlook.
	1000 ET	Oct pending home sales expected +1.0% m/m and +3.0% y/y, Sep unch m/m and -5.4% y/y.
	1030 ET	EIA weekly Petroleum Status Report.
	1245 ET	San Francisco Fed President John Williams (non-voter) delivers keynote speech at the Annual Economic Forecast Luncheon sponsored by Arizona State University in Phoenix.
	1400 ET	Fed Beige Book.

U.S. STOCK CALENDAR11/28/2017

Name	Ticker	Time	Description	Period	Estimate
UnitedHealth Group Inc	UNH US	08:00	Investor Meeting
Bio-Rad Laboratories Inc	BIO US	09:00	Investor Day
Equifax Inc	EFX US		Investor Meeting
Nuance Communications Inc	NUAN US	Aft-mkt	Q4 2017 Earnings Release	Q4 17	0.145
Autodesk Inc	ADSK US	16:01	Q3 2018 Earnings Release	Q3 18	(0.13)
Marvell Technology Group Ltd	MRVL US	16:45	Q3 2018 Earnings Call	Q3 18
Marvell Technology Group Ltd	MRVL US	16:45	Q3 2018 Earnings Release	Q3 18	0.325
Nuance Communications Inc	NUAN US	17:00	Q4 2017 Earnings Call	Q4 17
Autodesk Inc	ADSK US	17:00	Q3 2018 Earnings Call	Q3 18

Morning Call 9/18

Morning Call

Barchart Morning Call

Barchart.com - Mon Sep 18, 6:41AM CDT

OVERNIGHT MARKETS AND NEWS

Dec E-mini S&Ps (ESZ17 +0.18%) this morning are up +0.22% at a new record nearest-futures high and European stocks are up +0.38% at a 2-month high. Increased M&A activity is giving equity markets a boost after Northrop Grumman agreed to buy Orbital ATK for $7.8 billion. European stocks found support on an upbeat monthly report from the Bundesbank that said, "the German economy may continue its path of strong expansion in Q3 of 2017." The rally in global equity markets has reduced the safe-haven demand for gold with Dec COMEX gold (GCZ17 -0.48%) down -0.48%at a 2-week low. Asian stocks settled mostly higher: Japan closed for holiday, Hong Kong +1.27%, China +0.28%, Taiwan +0.48%, Australia +0.45%, Singapore +1.01%, South Korea +1.67%, India +0.47%. Chinese stocks rose, led by gains in developers and property stocks, on the prospects of less property restrictions after China Aug new home prices showed the smallest amount of increases since Jan.

The dollar index (DXY00 -0.03%) is down -0.02%. EUR/USD (^EURUSD) is up +0.19%. USD/JPY (^USDJPY) is up +0.37% at a 1-1/2 month high.

Dec 10-year T-note prices (ZNZ17 -0.06%) are down -2.5 ticks.

In its monthly report for Sep, the Bundesbank said, "the German economy may continue its path of strong expansion in Q3 of 2017, even if with slightly less momentum than in the first half of the year."

China Aug new home prices rose in 46 of 70 cities tracked by the government, down from 56 cities that rose in Jul, the smallest number of increases since Jan.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Sep NAHB housing market index (expected -1 to 67, Aug +4 to 68), (2) USDA weekly grain export inspections, (3) USDA crop conditions and progress report.

Notable Russell 1000 earnings reports today include: none.

U.S. IPO's scheduled to price today: none.

Equity conferences this week: Stephens Bank CEO Forum on Mon-Tue, CECP CEO Investor Forum on Tue, Forum International Supply Chain Expo on Tue, J.P. Morgan U.S. All Stars Conference on Tue, Raymond James North America Equities Conference on Tue, D.A. Davidson Engineering & Construction Conference on Wed, Electronic Design Process Symposium on Thu.

OVERNIGHT U.S. STOCK MOVERS

Orbital ATK (OA +1.52%) surged 20% in pre-market trading after the company was acquired by Northrop Grumman for $7.8 billion, or $134.50 a share.

Tech Data (TECD +1.09%) was initiated a new 'Buy' at Needham & Co. with a 12-month target price of $100.

Caterpillar (CAT +0.74%) was upgraded to 'Buy' from 'Neutral' at UBS with a price target of $140.

Resolute Energy (REN +9.21%) was downgraded to 'Market Perform' from 'Outperform' at BMO Capital Markets.

Finish Line (FINL +2.84%) was downgraded to 'Underweight' from 'Neutral' with a 12-month target price of $8.

Applied Materials (AMAT +0.19%) was upgraded to 'Outperform' from 'Sector Perform' at RBC Capital Markets with a target price of $55.

Brookfield Infrastructure Partners LP (BIP +0.07%) rose over 2% in after-hours trading after Exame reported that it is weighing a possible bid for JBS SA, the world's largest meat producer

Weibo (WB -0.81%) lost -0.3% in after-hours trading after Chief Financial Officer Herman Yu resigned to "pursue other opportunities."

Horizon Pharma (HZNP -1.46%) gained almost 1% in after-hours trading after Reuters reported that people familiar with the situation said the company was working with Morgan Stanley to review strategic options for its primary care unit, including a potential sale.

Equifax (EFX -3.81%) said its Chief Information Officer David Webb and Chief Security Officer Susan Mauldin are retiring effective immediately.

Neos Therapeutics (NEOS +2.22%) rose over 3% but then reversed course and dropped 6% in after-hours trading. The stock rallied initially after it received FDA approval for its Adzenys ER drug for treatment of Attention Deficit Hyperactivity Disorder in patients 6 years and older. However, the stock erased its gains and headed lower after a BMO Capital Markets analyst said there may be some "financing overhang" on the stock as the company may need additional funding in the future to get to breakeven.

MARKET COMMENTS

Dec S&P 500 E-mini stock futures (ESZ17 +0.18%) this morning are up +5.50 points (+0.22%) at a new record-nearest-futures high. Friday's closes: S&P 500 +0.18%, Dow Jones +0.29%, Nasdaq +0.32%. The S&P 500 on Friday rose to a new all-time high and closed higher on strength in technology stocks and on the stronger-than-expected Sep Empire manufacturing index of -0.8 to 24.4 (stronger than expectations of -7.2 to 18.0). There was also technical buying with the new all-time high. Stocks were undercut by geopolitical tensions after North Korea fired another missile over Japan and by the unexpected -0.2% decline in the U.S. Aug retail sales report (vs expectations of +0.1%).

Dec 10-year T-note prices (ZNZ17 -0.06%) this morning are down -2.5 ticks. Friday's closes: TYZ7 -3.00, FVZ7 -2.75. Dec 10-year T-notes on Friday closed lower on negative carry-over from a rise in global yields after the 10-year UK Gilt yield rose to a 7-1/4 month high and the German bund yield climbed to a 1-month high. There was also reduced safe-haven demand for T-notes after the S&P 500 rose to a new record high. T-notes were supported by the unexpected declines in U.S Aug retail sales and Aug manufacturing production.

The dollar index (DXY00 -0.03%) this morning is down -0.014 (-0.02%). EUR/USD (^EURUSD) is up +0.0023 (+0.19%) and USD/JPY (^USDJPY) is up +0.41 (+0.37%) at a 1-1/2 month high. Friday's closes: Dollar Index -0.252 (-0.27), EUR/USD +0.0026 (+0.22%), USD/JPY +0.59 (+0.54%). The dollar index on Friday closed lower on the weaker-than-expected U.S. Aug retail sales and manufacturing production reports, which were dovish for Fed policy. There was also strength in GBP/USD which soared to a 14-1/2 month high on carry-over from Thursday's BOE meeting where the BOE said it sees scope for stimulus reduction in the coming months.

Oct crude oil (CLV17 -0.54%) this morning is down -7 cents (-0.14%) and Oct gasoline (RBV17 -0.26%) is +0.0021 (+0.13%). Friday's closes: Oct WTI crude unch, Oct gasoline +0.0330 (+2.03%). Oct crude oil and gasoline on Friday settled mixed. Crude oil prices were supported by the weaker dollar and by an increase in the crack spread for the first time in the last 3 sessions, which may boost refinery demand for crude to refine into gasoline. Crude oil prices were undercut by the weaker-than-expected U.S. Aug retail sales and manufacturing production reports, which signaled reduced energy demand.

Metals prices this morning are mixed with Dec gold (GCZ17 -0.48%) -6.3 (-0.48%) at a 2-week low, Dec silver (SIZ17-0.71%) -0.121 (-0.68%) at a 2-week low and Dec copper (HGZ17 +0.76%) +0.022 (+0.75%). Friday's closes: Dec gold -4.1(-0.31%), Dec silver -0.088 (-0.49%), Dec copper -0.0085 (-0.29%). Metals on Friday closed lower with Dec copper at a 1-month low. Metals prices were undercut by the rally in the S&P 500 to a new record high, which curbed safe-haven demand for precious metals, and by the unexpected decline in U.S. Aug manufacturing production, which signals reduced demand for industrial metals.

GLOBAL EVENT CALENDAR09/18/2017

		Monday, Sep 18
US	1000 ET	Sep NAHB housing market index expected -1 to 67, Aug +4 to 68.
	1100 ET	USDA weekly grain export inspections.
	1600 ET	USDA crop conditions and progress report.
		Tuesday, Sep 19
US	0830 ET	Aug housing starts expected +1.7% to 1.175 million, Jul -4.8% to 1.155 million. Aug building permits expected -0.8%to 1.220 million, Jul -3.5% to 1.230 million.
	0830 ET	Aug import price index expected +0.4% m/m and +2.2%, July +0.1% m/m and +1.5% y/y. Aug import price index ex-petroleum expected +0.2%, July unchanged. Aug export price index expected +0.2% m/m, Jul +0.4% m/m and +0.8% y/y.
	0830 ET	Q2 current account balance expected -$112.4 billion, Q1 -$116.8 billion
	1030 ET	EIA Weekly Petroleum Status Report.
	1030 ET	FOMC begins 2-day policy meeting.

U.S. STOCK CALENDAR09/18/2017

Name	Ticker	Time	Description	Period	Estimate
Patterson Cos Inc	PDCO US		Annual General Meeting

MORNING CALL 3/9

Barchart Morning Call

Barchart.com - 1 hour ago

OVERNIGHT MARKETS AND NEWS

Mar E-mini S&Ps (ESH17 -0.11%) this morning are down -0.08% at a 1-week low and European stocks are little changed, up +0.02%, as weakness in energy producers drags the overall market lower. Apr WTI crude oil (CLJ17 -2.29%) is down -1.73% at a 3-1/4 month low on signs the global oil glut will persist after Wednesday's EIA data showed U.S crude inventories climbed to another record high. Losses in European stocks were limited ahead of the conclusion of today's ECB meeting and press conference from ECB President Draghi. Expectations are for no change in monetary policy but the markets will parse ECB President Draghi's comments to see if the ECB intends to maintain its asset purchases until the end of the year. The likelihood of a Fed rate hike next week has led to fund selling of precious metals with Apr COMEX gold (GCJ17 -0.20%) down -0.45% and May COMEX silver (SIK17 -0.48%) down -0.80%, both at 5-week lows, and May COMEX copper (HGK17 -1.25%) down -1.40% to a 1-3/4 month low. Asian stocks settled mostly lower: Japan +0.34%, Hong Kong -1.18%, China -0.74%, Taiwan -0.97%, Australia -0.32%, Singapore -0.84%, South Korea -0.25%, India +0.09%. Japanese stocks bucked the slide in other global bourses and closed higher as exporter stocks rallied due to a weaker yen after USD/JPY climbed to a 3-week high.

The dollar index (DXY00 -0.04%) is down -0.04%. EUR/USD (^EURUSD) is up +0.21%. USD/JPY (^USDJPY) is up +0.26% at a 3-week high.

Jun 10-year T-note prices (ZNM17 -0.08%) are down -3 ticks.

China Feb CPI rose +0.8% y/y, weaker than expectations of +1.7% y/y and the smallest pace of increase in 2 years.

China Feb PPI rose +7.8% y/y, stronger than expectations of +7.7% y/y and the fastest pace of increase in 8-1/3 years.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) weekly initial unemployment claims (expected +15,000 to 238,000, previous -19,000 to 223,000) and continuing claims (expected -4,000 to 2.062 million, previous +3,000 to 2.066 million), (2) Feb import price index (expected +0.1% m/m and +4.4% y/y, Jan +0.4% m/m and +3.7% y/y), (3) Treasury auctions $12 billion 30-year T-bonds, (4) USDA weekly Export Sales, (5) USDA WASDE Mar crop production.

Notable Russell 1000 earnings reports today include: Staples (consensus $0.26), International Game Technology (0.51), Signet Jewelers $4.00), Tahoe Resources (0.15), Ulta Beauty (2.14), VeriFone Systems (0.20).

U.S. IPO's scheduled to price today: Presidio (PSDO), Matlin Acquisition Corp (MPACU),

Equity conferences: Susquehanna Financial Group LLLP Semi Storage & Technology Conference on Thu, UBS Global Consumer & Retail Conference on Thu-Fri.

OVERNIGHT U.S. STOCK MOVERS

Tiffany & Co. (TIF +0.41%) was downgraded to 'Sell' from 'Hold' at SBG Securities with a 12-month target price of $90.

Semtech (SMTC +2.39%) rallied 5% in after-hours trading after it reported Q4 adjusted EPS of 37 cents, better than consensus of 35 cents, and then said it sees Q1 adjusted EPS of 39 cents-43 cents, above consensus of 36 cents.

Camping World Holdings (CWH +0.65%) slid 4% in after-hours trading after it reported Q4 revenue of $670 million, below consensus of $679.0 million.

Sinclair Broadcast Group (SBGI -1.65%) slipped almost 2% in after-hours trading after it announced a public offering of 12.0 million shares of Class A common stock.

Planet Fitness (PLNT +1.30%) lost 1% in after-hours trading after it announced a secondary offering of 15 million shares of Class A common stock.

Comtech Telecommunications (CMTL +0.82%) rose 3% in after-hours trading after it said it sees full-year EPS of 68 cents, above consensus of 28 cents.

Tech Data (TECD -4.19%) was upgraded to 'Buy' from 'Hold' at Needham & Co. with a 12-month target price of $107.

elf Beauty (ELF -2.39%) surged 14% in after-hours trading after it reported Q4 adjusted EPS of 19 cents, higher than consensus of 13 cents, and then said it sees full-year net sales of $285 million-$295 million, better than consensus of $281.3 million.

Tailored Brands (TLRD +1.08%) plunged over 25% in after-hours trading after it reported Q4 net sales of $793.3 million, weaker than consensus of $811.3 million, and then said its sees full-year EPS of $1.45-$1.75, well below consensus of $2.10.

Bankrate (RATE +1.39%) dropped over 7% in after-hours trading after it reported Q4 adjusted EPS of 16 cents, below consensus of 19 cents.

Amplify Snack Brands (BETR -4.18%) gained nearly 2% in after-hours trading after it reported Q4 net sales of $88,6 million, above consensus of $87.4 million, and said it sees 2017 net sales of $404 million-$420 million, above consensus of $404 million.

BioCryst Pharmaceuticals (BCRX +8.38%) fell over 4% in after-hours trading after it began a public offering of $45 million in common stock.

21Vianet Group (VNET +0.71%) dropped 6% in after-hour trading after it reported a Q4 loss per ads of 60 cents.

MARKET COMMENTS

Mar E-mini S&Ps (ESH17 -0.11%) this morning are down -2.00 points (-0.08%). Wednesday's closes: S&P 500 -0.23%, Dow Jones -0.33%, Nasdaq +0.16%. The S&P 500 on Wednesday closed lower on weakness in energy producing stocks after crude oil plunged by -5.38% to a 2-3/4 month low. There were also interest rate concerns after the 10-year T-note yield jumped to a 2-1/4 month high. Stocks found support on signs that Chinese domestic demand may be picking up, which would boost overall global growth, after China Feb imports rose +38.1% y/y, stronger than expectations of +20.0% y/y and the largest increase in 5 years. Stocks were also boosted by the +298,000 increase in U.S. Feb ADP employment, stronger than expectations of +187,000 and the biggest increase in 2-3/4 years.

Jun 10-year T-notes (ZNM17 -0.08%) this morning are down -3 ticks: Wednesday's closes: TYM7 -10.00, FVM7 -5.50. Jun 10-year T-notes sold off to a 2-1/4 month low Wednesday and closed lower on the stronger-than-expected Feb ADP employment report of +298,000, which may prompt the Fed into a faster pace of interest rate hikes. There were also supply pressures as the Treasury auctions $56 billion of T-notes and T-bonds this week.

The dollar index (DXY00 -0.04%) this morning is down -0.04 (-0.04%). EUR/USD (^EURUSD) is up +0.002 (+0.21%). USD/JPY (^USDJPY) is up +0.30 (+0.26%) at a 3-week high. Wednesday's closes: Dollar index +0.26 (+0.26%), EUR/USD -0.0025 (-0.24%), USD/JPY +0.37 (+0.32%). The dollar index on Wednesday closed higher on the surge in U.S. Feb ADP employment by +298,000, the most in 2-3/4 years, which bolsters the case for additional Fed rate hikes. The dollar was also supported by the jump in 10-year T-note yields to a 2-1/4 month high, which boosts the dollar's interest rate differentials.

Apr WTI crude oil prices (CLJ17 -2.29%) this morning are down -87 cents (-1.73%) to a 3-1/4 month low and Apr gasoline (RBJ17 -1.97%) is -0.0284 (-1.72%). Wednesday's closes: Apr crude -2.86 (-5.38%), Apr gasoline -0.0272 (-1.62%). Apr crude oil and gasoline on Wednesday closed sharply lower with Apr crude at a 2-3/4 month low. Crude oil prices were undercut by a stronger dollar, the +8.21 million bbl increase in EIA crude inventories to a record 528.39 million bbl (well above expectations for a +2.0 million bbl gain), and the +0.6% increase in U.S. crude production in the week of Mar 3 to 9.088 million bpd, a 1-year high.

GLOBAL EVENT CALENDAR03/09/2017

		Thursday, Mar 9
US	0830 ET	Weekly initial unemployment claims expected +15,000 to 238,000, previous -19,000 to 223,000. Weekly continuing claims expected -4,000 to 2.062 million, previous +3,000 to 2.066 million.
	0830 ET	Feb import price index expected +0.1% m/m and +4.4% y/y, Jan +0.4% m/m and +3.7% y/y.
	0830 ET	USDA weekly Export Sales.
	1200 ET	USDA WASDE Mar crop production.
	1300 ET	Treasury auctions $12 billion 30-year T-bonds.
		Friday, Mar 10
US	0830 ET	Feb non-farm payrolls expected +190,000, Jan +227,000. Feb private payrolls expected +195,000, Jan +237,000. Feb manufacturing payrolls expected +9,000, Jan +5,000. Feb unemployment rate expected -0.1 to 4.7%, Jan +0.1 to 4.8%.
	0830 ET	Feb avg hourly earnings expected +0.3% m/m and +2.7% y/y, Jan +0.1% m/m and +2.5% y/y. Feb avg weekly hours all employees expected unch at 34.4 hours, Jan unch at 34.4 hours.
	1400 ET	Feb monthly budget statement expected -$170.0 billion, Jan +$51.257 billion.

U.S. STOCK CALENDAR03/09/2017

Company	Ticker	Time	Event Description	Period	Estimate
International Game Technology PLC	IGT US	Bef-mkt	Q4 2016 Earnings Release	Q4 16	0.507
Staples Inc	SPLS US	Bef-mkt	Q4 2017 Earnings Release	Q4 17	0.255
Signet Jewelers Ltd	SIG US	07:00	Q4 2017 Earnings Release	Q4 17	4.004
International Game Technology PLC	IGT US	08:00	Q4 2016 Earnings Call	Q4 16
Staples Inc	SPLS US	08:00	Q4 2017 Earnings Call	Q4 17
Signet Jewelers Ltd	SIG US	08:30	Q4 2017 Earnings Call	Q4 17
B/E Aerospace Inc	BEAV US	10:00	Extraordinary Shareholders Meeting - M&A Vote
National Fuel Gas Co	NFG US		Annual General Meeting
Rockwell Collins Inc	COL US		Extraordinary Shareholders Meeting - M&A Vote
Xcel Energy Inc	XEL US		Roadshow
Johnson Controls International plc	JCI US		Annual General Meeting
Applied Materials Inc	AMAT US		Annual General Meeting
Xcel Energy Inc	XEL US		Roadshow
F5 Networks Inc	FFIV US	14:00	Annual General Meeting
Tahoe Resources Inc	THO CN	Aft-mkt	Q4 2016 Earnings Release	Q4 16	0.15
Ulta Beauty Inc	ULTA US	Aft-mkt	Q4 2017 Earnings Release	Q4 17	2.135
VeriFone Systems Inc	PAY US	Aft-mkt	Q1 2017 Earnings Release	Q1 17	0.204
Cabot Corp	CBT US	16:00	Annual General Meeting
VeriFone Systems Inc	PAY US	16:30	Q1 2017 Earnings Call	Q1 17
Ulta Beauty Inc	ULTA US	17:00	Q4 2017 Earnings Call	Q4 17