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Monday, February 27, 2017

MORNING CALL 2/27

Barchart Morning Call

Barchart.com - Mon Feb 27, 6:45AM CST

OVERNIGHT MARKETS AND NEWS

Mar E-mini S&Ps (ESH17 -0.03%) are little changed, up +0.01% at a new record nearest-futures high, and European stocks are up +0.19%. Market activity is muted as stocks move sideways ahead of U.S. President Trump's address Tuesday before a joint session of Congress where he is expected to lay out his plans for tax and health-care reform and infrastructure spending. A +0.69% gain in Apr WTI crude oil prices (CLJ17 +0.74%) is giving energy producing stocks a boost after Russian Energy Minister Novak said that Russia had cut its oil output this month by more than the 117,000 bpd it had cut its oil production in Jan. European stocks and EUR/USD found support on favorable opinion polls for French presidential candidate Macron along with signs of confidence in the European recovery after Eurozone Feb economic confidence rose to a 5-3/4 year high. Asian stocks settled mostly lower: Japan -0.91%, Hong Kong -0.17%, China -0.76%, Taiwan closed for holiday, Australia -0.26%, Singapore -0.27%, South Korea -052%, India -0.28%. Japan's Nikkei Stock Index tumbled to a 2-week low as exporter stocks sold-off as USD/JPY fell to a 2-week low, which undercuts the earnings prospects of exporters with the stronger yen.

The dollar index (DXY00 -0.01%) is down -0.02%. EUR/USD (^EURUSD) is up +0.19%. USD/JPY (^USDJPY) is up +0.14%. GBP/USD is down -0.41% at a 1-week low after the Times of London reported that UK Prime Minister May is preparing for Scotland to potentially call an independence referendum in March to coincide with the UK's triggering of Article 50 to leave the EU.

Mar 10-year T-note prices (ZNH17 -0.11%)are down -4.5 ticks.

Eurozone Feb economic confidence rose +0.1 to 108.0, weaker than expectations of +0.2 to 108.1 but still the highest in 5-3/4 years.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Jan durable goods orders (expected +1.7% and +0.5% ex transportation, Dec -0.5% and +0.5% ex transportation), (2) Jan pending home sales (expected +1.0% m/m, Dec +1.6% m/m and -2.0% y/y), (3) Feb Dallas Fed manufacturing activity index (expected -2.7 to 19.4, Jan +4.4 to 22.1), (4) Dallas Fed President Robert Kaplan (voter) speaks at the University of Oklahoma Price College of Business, (5) USDA weekly grain export inspections.

Notable S&P 500 earnings reports today include: Priceline (consensus $12.97), TEGNA (0.66), AES (0.35), American Tower (1.38), Perrigo (1.62), Frontier Communications (-0.04), EOG Resources (-0.14), ONEOK (0.45), Albemarle (0.73).

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

Equity conferences: Goldman Sachs Technology Conference on Mon, Keefe, Bruyette, & Woods Cards, Payments & Financial Technology Symposium on Mon, Morgan Stanley Technology, Media & Telecom Conference on Mon-Tue BMO Capital Markets Global Metals & Mining Conference on Mon-Tue, JMP Securities Technology Conference on Mon-Tue, JP Morgan Leveraged Finance Conference on Mon-Tue, GSMA Mobile World Congress on Mon-Tue, Morgan Stanley MLP Diversified Natural Gas, Utilities & Clean Tech Conference on Tue, UBS Utilities and Natural Gas Conference on Tue, Barclays MLP Corporate Access Day on Tue, Pacific Crest Emerging Technology Summit on Tue, Evercore ISI Industrial Conference on Tue, CITI Asset Management, Broker Dealer & Market Structure Conference on Wed, Gabelli & Company Pump, Valve & Water Systems Symposium on Wed, Wells Fargo Real Estate Securities Conference on Wed, ABA National Conference on Wed, EnerCom The Oil & Gas Conference on Wed, J.P. Morgan Gaming, Lodging, Restaurant & Leisure Management Access Forum on Thu, Bank of America Merrill Lynch Global Agriculture and Chemicals Conference on Wed-Thu, BTIG Healthcare Conference on Thu, Capital Link Master Limited Partnership Investing Forum on Thu, Simmons Energy Conference on Thu-Fri.

OVERNIGHT U.S. STOCK MOVERS

Reynolds American (RAI -0.08%) was downgraded to 'Market Perform' from 'Outperform' at Wells Fargo Securities.

Carnival Cruise Lines (CCL +0.20%) was upgraded to 'Buy' from 'Hold' at Argus with a price target of $64.

Tesla (TSLA +0.39%) was downgraded to 'Sell' from 'Neutral' at Goldman Sachs with a price target of $185.

Sina Corp China (SINA +4.35%) was downgraded to 'Neutral' from 'Accumulate' at GuoTai JunAn with a target price of $74.

Illumina (ILMN -0.63%) was upgraded to 'Buy' from 'Hold' at Evercore ISI with a price target of $190.

Hanesbrands (HBI +2.20%) was downgraded to 'Equal-Weight' from 'Overweight' at Morgan Stanley.

Terex (TEX +1.47%) was upgraded to 'Buy' from 'Hold' at Deutsche Bank.

Urban Outfitters (URBN +2.21%) was downgraded to 'Sell' from 'Neutral' at MKM Partners.

Merck (MRK +0.47%) said its V212 investigational inactivated varicella zoster virus for prevention of shingles met its primary endpoint in a Phase 3 shingles study.

Raytheon (RTN +0.12%) gained nearly 1% in after-hours trading after it received a $1.07 billion contract from the U.S. Air Force.

Earthlink (ELNK -3.76%) climbed over 3% in after-hours trading after it disclosed in a regulatory filing that shareholders approved an agreement and plan of merger with Windstream.

MARKET COMMENTS

Mar E-mini S&Ps (ESH17 -0.03%) this morning are up +0.25 of a point (+0.01%) at a new all-time nearest-futures high. Friday's closes: S&P 500 +0.15%, Dow Jones +0.05%, Nasdaq +0.21%. The S&P 500 on Friday closed higher on the +0.6 point rise in the U.S. Feb University of Michigan consumer sentiment index to 96.3 (stronger than expectations of +0.3 to 96.0) and on data from EPFR Global showing that U.S. equity funds saw net inflows of $3 billion in the week to Feb 22, the third increase in the last four weeks. Stocks were undercut by the +3.7% increase in U.S. Jan new home sales to 555,000 (weaker than expectations of +6.4% to 571,000) and the -0.84% decline in crude oil prices, which undercut energy producing stocks.

Mar 10-year T-notes (ZNH17 -0.11%) this morning are down -4.5 ticks. Friday's closes: TYH7 +18.00, FVH7 +1.25. Mar 10-year T-notes on Friday rallied to a 2-1/2 month nearest-futures high and closed higher on carry-over support from a rally in German bunds to a 1-3/4 month high on increased safe-haven demand due to political risks in France. T-notes were also boosted by the slide in crude oil prices which reduced inflation expectations and pushed the 10-year T-note breakeven inflation rate down to a 4-session low.

The dollar index (DXY00 -0.01%) this morning is down -0.02 (-0.02%). EUR/USD (^EURUSD) is up +0.0020 (+0.19%). USD/JPY (^USDJPY) is up +0.16 (+0.14%). Friday's closes: Dollar index +0.04 (+0.04%), EUR/USD -0.0019 (-0.18%), USD/JPY -0.49 (-0.44%). The dollar index on Friday closed higher on the stronger-than-expected U.S. Feb University of Michigan consumer sentiment index and on weakness in EUR/USD on European political risks from the French presidential election. Gains in the dollar were limited as the 10-year T-note yield fell to a 5-week low, which undercuts the dollar's interest rate differentials.

Apr WTI crude oil prices (CLJ17 +0.74%) this morning are up +37 cents (+0.69%) and Apr gasoline (RBJ17 +1.03%) is up +0.0149 (+0.86%). Friday's closes: Apr crude -0.46 (-0.84%), Apr gasoline -0.0111 (-0.64%). Apr crude oil and gasoline on Friday closed lower on negative carry-over from Thursday's EIA data that showed a +0.3% increase in U.S. crude production in the week ended Feb 17 to a 10-1/2 month high of 9.001 million bpd and the +564,000 bbl increase in U.S. crude inventories to a record 518.7 million bbl (EIA data from 1982). Crude oil was also undercut by data from Baker Hughes that showed U.S. active oil rigs in the week ended Feb 24 rose 5 to 602, the most in 16-1/2 months.

GLOBAL EVENT CALENDAR02/27/2017

		Monday, Feb 27
US	0830 ET	Jan durable goods orders expected +1.7% and +0.5% ex transportation, Dec -0.5% and +0.5% ex transportation. Jan capital goods new orders non-defense ex aircraft & parts expected +0.5%, Dec +0.7%.
	1000 ET	Jan pending home sales expected +1.0% m/m, Dec +1.6% m/m and -2.0% y/y.
	1030 ET	Feb Dallas Fed manufacturing activity expected -2.7 to 19.4, Jan +4.4 to 22.1.
	1100 ET	USDA weekly grain export inspections.
	1100 ET	Dallas Fed President Robert Kaplan (voter) speaks at the University of Oklahoma Price College of Business.
		Tuesday, Feb 28
US	0830 ET	Revised Q4 GDP expected +2.1% (q/q annualized), previous +1.9% (q/q annualized). Q4 personal consumption expected unrevised at +2.5%. Q4 GDP price index expected unrevised at +2.1%. Q4 core PCE expected unrevised at +1.3% q/q.
	0830 ET	Jan wholesale inventories expected +0.4%, Dec +1.0% m/m. Jan retail inventories, Dec unch m/m.
	0900 ET	Dec S&P CoreLogic composite-20 home price index expected +0.7% m/m and +5.3% y/y, Nov +0.88% m/m and +5.27% y/y.
	0945 ET	Feb Chicago PMI expected +2.7 to 53.0, Jan -3.6 to 50.3.
	1000 ET	Feb Conference Board U.S. consumer confidence index expected -0.8 to 111.0, Jan -1.5 to 111.8.
	1000 ET	Feb Richmond Fed manufacturing index expected -2 to 10, Jan +4 to 12.
	1500 ET	Philadelphia Fed President Patrick Harker (voter) speaks on the economic outlook at Temple University.
	1530 ET	San Francisco Fed President John Williams (non-voter) delivers an outlook speech to the Santa Cruz Chamber of Commerce.
	1850 ET	St. Louis Fed President James Bullard (non-voter) gives the Spring 2017 GWU Alumni Lecture in Economics at George Washington University.
	2100 ET	President Trump delivers speech to joint session of Congress.

U.S. STOCK CALENDAR02/27/2017

Company	Ticker	Time	Event Description	Period	Estimate
TEGNA Inc	TGNA US	Bf-mkt	Q4 2016 Earnings Release	Q4 2016	0.664
AES Corp/VA	AES US	6:00	Q4 2016 Earnings Release	Q4 2016	0.354
American Tower Corp	AMT US	7:00	Q4 2016 Earnings Release	Q4 2016	1.42
American Tower Corp	AMT US	8:30	Q4 2016 Earnings Call	Q4 2016
AES Corp/VA	AES US	9:00	Q4 2016 Earnings Call	Q4 2016
TEGNA Inc	TGNA US	10:00	Q4 2016 Earnings Call	Q4 2016
Perrigo Co PLC	PRGO US	16:00	Q4 2016 Earnings Release	Q4 2016	1.616
Priceline Group Inc/The	PCLN US	16:00	Q4 2016 Earnings Release	Q4 2016	12.963
Frontier Communications Corp	FTR US	16:05	Q4 2016 Earnings Release	Q4 2016	-0.035
Frontier Communications Corp	FTR US	16:30	Q4 2016 Earnings Call	Q4 2016
Perrigo Co PLC	PRGO US	16:30	Q4 2016 Earnings Call	Q4 2016
Priceline Group Inc/The	PCLN US	16:30	Q4 2016 Earnings Call	Q4 2016
EOG Resources Inc	EOG US	Aft-mkt	Q4 2016 Earnings Release	Q4 2016	-0.144
ONEOK Inc	OKE US	Aft-mkt	Q4 2016 Earnings Release	Q4 2016	0.458
Albemarle Corp	ALB US	Aft-mkt	Q4 2016 Earnings Release	Q4 2016	0.718
Berkshire Hathaway Inc	BRK/A US		Q4 2016 Earnings Release	Q4 2016	2716.6

Tuesday, February 16, 2016

MORNING CALL 2/16

MORNING CALL

Tuesday, February 16th, 2016View Older Reports

Everything you need to know about the markets in one free daily newsletter.

You will also receive a free subscription to the Barchart family of newsletters.

OVERNIGHT MARKETS AND NEWS

March E-mini S&Ps (ESH16 +1.41%) are up +1.20% at a 1-week high, led by a rally in energy producers, with ConocoPhilips and Marathon Oil up at least 2% in pre-market trading as crude oil gains +0.95%. A rally in bank stocks is also pushing stock index futures higher with Bank of America, Goldman Sachs and Morgan Stanley all up over 1% in pre-market trading. European stocks are down -0.28%, led by weakness in commodity producers, as Anglo American Plc dropped over 6% after the company said it would sell more mines and raise its debt-reduction target following a fourth year of losses. European stocks were also undercut after German Feb ZEW expectations of economic growth fell to the lowest in 16 months. Asian stocks settled mostly higher: Japan +0.20%, Hong Kong +1.08%, China +3.29%, Taiwan +1.80%, Australia +1.37%, Singapore +1.41%, South Korea +1.37%, India -1.54%. China's Shanghai Composite climbed to a 3-week high after Chinese data showed a record jump in new credit last month. Also, Chinese Premier Li Keqiang said Monday that China will take decisive actions if needed amid recent global economic headwinds and slumping equity markets.

The dollar index (DXY00 +0.65%) is up +0.69%. EUR/USD (^EURUSD) is up +0.03%. USD/JPY (^USDJPY) is down -0.48%.

Mar T-note prices (ZNH16 -0.21%) are down -4.5 ticks.

The German Feb ZEW survey expectations of economic growth fell -9.2 to 1.0, stronger than expectations of -10.2 to 0, but still the lowest in 16 months.

China Jan new yuan loans surged by a record 2.51 trillion yuan, stronger than expectations of +1.90 trillion yuan. Jan aggregate financing, the broadest measure of new credit, jumped a record +3.42 trillion yuan, stronger than expectations of +2.20 trillion yuan.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Feb Empire manufacturing index (expected +9.37 to -10.00, Jan -13.16 to -19.37), (2) Philadelphia Fed President Patrick Harker's speech on the 2016 economic forecast at the University of Delaware’s Center for Economic Education and Entrepreneurship, and (3) Feb NAHB housing market index (expected unch at 60, Jan unch at 60).

There are 14 of the S&P 500 companies that report earnings today with notable reports including: Agilent Technologies (consensus $0.43), Genuine Parts (1.01), Hormel Foods (0.36), Pulbic Storage (2.42), FirstEnergy (0.57).

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

Equity conferences this week include: Consumer Analysts Group of New York Investor Conference on Tue.

OVERNIGHT U.S. STOCK MOVERS

ADT Corp. (ADT +1.90%) surged over 40% in pre-market trading after it agreed to be purchased by Apollo Global affiliates for $6.9 billion or $42 a share.

Freeport McMoRan (FCX +13.09%) jumped almost 8% in pre-market trading after it agreed to sell an additional stake n one of its biggest mines to Sumitomo Metal Mining for $1 billion.

Goldman Sachs (GS +3.87%) was upgraded to 'Overweight' from 'Underweight' at JPMorgan Chase.

Hormel Foods (HRL -0.46%) reported Q1 EPS of 43 cents, better than consensus of 39 cents.

Flowers Foods (FLO -6.54%) was upgraded to 'Buy' from 'Hold' at BB&T Capital Markets.

AutoZone (AZO +2.37%) was upgraded to 'Outperform' from 'Neutral' at Wedbush.

Peabody Energy (BTU +2.97%) was downgraded to 'Underweight' from 'Hold' at BB&T Capital Markets.

EMC Corp. (EMC -0.12%) gained over 1% in after-hours trading after Baupost Group LLC Holdings reported that it purchased 29.2 million shares in the company.

USG Corp. (USG +7.05%) fell over 1% in after-hours trading after Appaloosa Management LP Holdings said it sold its stake in USG.

Groupon (GRPN +29.02%) climbed over 2% in after-hours trading after BABA reported a 5.6% stake in the company.

Energy Transfer Partners LP (ETP +8.38%) rose 1% in after-hours trading after Perry Corporation Holdings and Appaloosa Management LP Holdings reported new stakes in the company.

Waterstone Financial (WSBF +0.81%) CFO Allan Hosack will resign effective March 1 and Mark Gerke was named interim CFO.

Anworth Mortgage (ANH +0.24%) reported Q4 core EPS of 15 cents, better than consensus of 14 cents.

MARKET COMMENTS

Mar E-mini S&Ps (ESH16 +1.41%) this morning are up +22.25 points (+1.20%) at a 1-week high. Friday's closes: S&P 500 +1.95%, Dow Jones +2.00%, Nasdaq +1.44%. The S&P 500 on Friday closed sharply higher on stronger-than-expected U.S. Jan retail sales (+0.2% and +0.1% ex autos vs. expectations of +0.1% and unchanged ex autos), and after New York Fed President Dudley said that key sectors of the U.S. economy "seem to be in good shape." Another bullish factor for stocks was the sharp 12% rally in crude oil which supported gains in energy stocks.

Mar 10-year T-notes (ZNH16 -0.21%) this morning are down -4.5 ticks. Friday's closes: TYH6 -31.00, FVH6 -15.75. Mar T-notes on Friday closed lower after U.S. Jan retail sales rose more than expected (+0.2% and +0.1% ex autos vs. expectations of +0.1% and unch ex autos), and after stocks rallied sharply, which reduced the safe-haven demand for T-notes.

The dollar index (DXY00 +0.65%) this morning is up +0.662 (+0.69%). EUR/USD (^EURUSD) is up +0.0003 (+0.03%). USD/JPY (^USDJPY) is down -0.55(-0.48%). Friday's closes: Dollar Index +0.378 (+0.40%), EUR/USD -0.0067 (-0.59%), USD/JPY +0.83 (+0.74%). The dollar index on Friday closed higher on strength in U.S. Jan retail sales along with weakness in EUR/USD after Dec industrial production unexpectedly fell by the most in 16 months (-1.0% m/m vs. expectations of +0.3% m/m).

Mar WTI crude (CLH16 +2.24%) this morning is up +28 cents (+0.95%) and Mar gasoline (RBH16 -0.57%) is down -0.0148 (-1.42%). Friday's closes: CLH6 +3.23 (+12.32%), RBH6 +0.0914 (+9.71%). Mar crude oil and gasoline on Friday settled sharply higher on short-covering after U.A.E. Oil Minister Suhail Al Mazrouei said that oil "prices are not appropriate" and that producers are ready to work together and won't make production cuts unless there is complete cooperation. Energy prices strengthened further after data from Baker Hughes showed that active U.S. oil rigs fell by 28 in the week ended Feb 12 to 439, a 6-year low.

GLOBAL EVENT CALENDAR02/16/2016

US	0830 ET	Feb Empire manufacturing survey of general business conditions expected +9.37 to -10.00, Jan -13.16 to -19.37.
	0830 ET	Philadelphia Fed President Patrick Harker delivers a speech on the 2016 economic forecast at the University of Delawares Center for Economic Education and Entrepreneurship.
	1000 ET	Feb NAHB housing market index expected unch at 60, Jan unch at 60.
	1100 ET	USDA weekly grain export inspections.
EUR	0200 ET	Eurozone Jan new car registrations, Dec +16.6% y/y.
UK	0430 ET	UK Jan CPI expected -0.7% m/m and +0.3% y/y, Dec +0.1% m/m and +0.2% y/y. Jan core CPI expected +1.3% y/y, Dec +1.4% y/y.
	0430 ET	UK Jan RPI expected -0.6% m/m and +1.4% y/y, Dec +0.3% m/m and +1.2% y/y. Jan RPI ex-mortgage interest payments expected +1.4% y/y, Dec +1.3% y/y.
	0430 ET	UK Jan PPI input prices expected -1.3% m/m and -8.7% y/y, Dec -0.8% m/m and -10.8% y/y.
	0430 ET	UK Jan PPI output prices expected -0.2% m/m and -0.9% y/y, Dec -0.2% m/m and -1.2% y/y. Jan PPI output core expected +0.1% m/m and unch y/y, Dec +0.2% m/m and +0.1% y/y.
	0430 ET	UK Dec ONS house prices, Nov +7.7% y/y.
GER	0500 ET	German Feb ZEW survey expectations of economic growth expected -10.2 to 0, Jan 10.2. Feb ZEW survey current situation expected -4.7to 55.0, Jan 59.7.
JPN	1850 ET	Japan Dec machine orders expected +4.7% m/m and -2.8% y/y, Nov -14.4% m/m and +1.2% y/y.

U.S. STOCK CALENDAR02/16/2016

Company	Ticker	Time	Event Description	Period	Estimate
TEGNA Inc	TGNA US	Bef-mkt	Q4 2015 Earnings Release	Q4 2015	0.457
Genuine Parts Co	GPC US	Bef-mkt	Q4 2015 Earnings Release	Q4 2015	1.013
Hormel Foods Corp	HRL US	Bef-mkt	Q1 2016 Earnings Release	Q1 2016	0.348
Zoetis Inc	ZTS US	Bef-mkt	Q4 2015 Earnings Release	Q4 2015	0.385
Baxalta Inc	BXLT US	Bef-mkt	Q4 2015 Earnings Release	Q4 2015	0.555
Public Storage	PSA US	Aft-mkt	Q4 2015 Earnings Release	Q4 2015	2.421
Vornado Realty Trust	VNO US	Aft-mkt	Q4 2015 Earnings Release	Q4 2015	1.303
Cerner Corp	CERN US	Aft-mkt	Q4 2015 Earnings Release	Q4 2015	0.568
Express Scripts Holding Co	ESRX US	Aft-mkt	Q4 2015 Earnings Release	Q4 2015	1.556
FirstEnergy Corp	FE US	Aft-mkt	Q4 2015 Earnings Release	Q4 2015	0.568
Devon Energy Corp	DVN US	Aft-mkt	Q4 2015 Earnings Release	Q4 2015	0.707
Agilent Technologies Inc	A US	Aft-mkt	Q1 2016 Earnings Release	Q1 2016	0.433
FMC Technologies Inc	FTI US	Aft-mkt	Q4 2015 Earnings Release	Q4 2015	0.483
Cimarex Energy Co	XEC US	Aft-mkt	Q4 2015 Earnings Release	Q4 2015	-0.221

Tuesday, October 20, 2015

BARCHART MORNING CALL 10/20

BARCHART MORNING CALL

Tuesday, October 20th, 2015View Older Reports

Everything you need to know about the markets in one free daily newsletter.

You will also receive a free subscription to the Barchart family of newsletters.

OVERNIGHT MARKETS AND NEWS

December E-mini S&Ps (ESZ15 -0.21%) are down -0.31% and European stocks are down -0.85% on reduced chances of additional easing from the ECB after the ECB's lending survey showed that credit standards on loans to companies eased for the sixth consecutive quarter. Also, weakness is IBM, which is down -4.5% in pre-market trading, is undercutting stocks after it lowered its full-year profit forecast after Q3 revenue missed estimates. Mining companies and raw-material stocks are lower as well after the price of copper (HGZ15 -0.30%) fell to a 1-week low. Asian stocks settled mixed: Japan +0.42%, Hong Kong -0.37%, China +1.14%, Taiwan +0.26%, Australia -0.65%, Singapore -0.18%, South Korea +0.43%, India -0.21%. China's Shanghai Composite rose to a 1-3/4 month high as a rally in small-cap stocks led the overall market higher on speculation the government will boost stimulus in the technology industry to offset the faltering industrial sector.

The dollar index (DXY00 -0.31%) is down -0.31%. EUR/USD (^EURUSD) is up +0.45%. USD/JPY (^USDJPY) is up +0.11%.

Dec T-note prices (ZNZ15 -0.15%) are down -6 ticks on negative carryover from a slide in German bund prices after strength in the ECB's Bank Lending Survey curbed speculation the ECB will expand QE.

The ECB said Q3 credit standards on loans to companies eased for the sixth consecutive quarter, according to the ECB's Bank Lending Survey. The survey showed 40% of banks said they used the extra liquidity from the ECB's QE program to lend to companies, while 14% increased mortgages and 36% expanded consumer credit and other loans to households.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Sep housing starts (expected +1.4% to 1.142 million, Aug -3.0% to 1.126 million), (2) introductory remarks by Fed Governor Jerome Powell and New York Fed President William Dudley at a conference on bond market liquidity, and (3) Fed Chair Janet Yellen's welcoming remarks at a Labor Hall of Honor Induction Ceremony.

There are 22 of the S&P 500 companies that report earnings today with notable reports including: Yahoo (consensus $0.16), Bank of New York Mellon (0.71), Fifth Third Bancorp (0.40), Verizon (1.02), Chipotle (4.62), Discover Financial Services (1.33), Navient (0.48).

U.S. IPO's scheduled to price today: Ferrari (RACE).

Equity conferences today include: Private Wealth Latin America and The Caribbean Forum on Wed.

OVERNIGHT U.S. STOCK MOVERS

International Business Machines (IBM -0.78%) fell nearly 5% in pre-market trading after it reported Q3 adjusted EPS of $3.34, above consensus of $3.30, but then lowered guidance for fiscal 2015 EPS to $15.25, plus or minus 50 cents, below consensus of $15.68.

Fifth Third Bancorp (FITB +0.11%) reported Q3 EPS of 39 cents, below consensus of 40 cents.

Harley Davidson (HOG +1.16%) reported Q3 EPS of 69 cents, weaker than consensus of 78 cents.

The Travelers Cos. (TRV +0.40%) reported Q3 EPS of $2.93, higher than consensus of $2.26.

Omnicom Group (OMC +0.07%) reported Q3 EPS of 97 cents, better than consensus of 95 cents.

Wolverine World Wide (WWW -0.25%) reported Q3 EPS of 48 cents, right on consensus, but then lowered guidance on fiscal 2015 EPS to $144-$1.47 from a February estimate of $1.53-$1.60, below consensus of $1.47.

The Fresh Market (TFM +3.51%) was raised to 'Neutral' from 'Underperform' at Credit Suisse.

Hexcel (HXL +0.07%) fell over 4% in after-hours trading after it reported Q3 EPS of 55 cents, weaker than consensus of 59 cents, and then lowered guidance on fiscal 2015 EPS to $2.28-$2.34, below consensus of $2.43.

SanDisk (SNDK +2.90%) jumped over 8% in after-hours trading after people with knowledge of the matter said SanDisk is in advanced talks to sell itself to Western Digital Corp.

Ctrip.com (CTRIP) climbed nearly 2% in after-hours trading after Priceline Group raised its stake in the company to 12.63%.

Rambus (RMBS +0.87%) sank nearly 15% in after-hours trading after it reported Q3 EPS of 14 cents, right on consensus, but then lowered guidance on Q4 revenue to $71 million -$77 million, below consensus of $83.4 million.

Sonic Corp. (SONC +1.99%) rose 5% in after-hours trading after it reported Q4 EPS of 43 cents, better than consensus of 42 cents, and raised guidance for fiscal year 2016 EPS growth to 16% to 20% per share, higher than a previous outlook of 14% to 18% growth.

Flexatronic International (FLEX -0.80%) rose 6% in after-hours trading after it reported Q2 EPS of 27 cents, higher than consensus of 25 cents.

MARKET COMMENTS

Dec E-mini S&Ps (ESZ15 -0.21%) this morning are down -6.25 points (-0.31%). Monday's closes: S&P 500 +0.03%, Dow Jones +0.08%, Nasdaq +0.53%. The S&P 500 on Monday closed slightly higher on reduced Chinese economic concerns after the China Q3 GDP report of +6.9% y/y was slightly stronger than expectations of +6.8% y/y. In addition, the U.S. Oct NAHB housing market index showed a larger than-expected gain to a new 10-year high of 64. Meanwhile, bank stocks were undercut by disappointing earnings from Morgan Stanley and by weakness in energy producers after crude oil fell by over-3%.

Dec 10-year T-notes (ZNZ15 -0.15%) this morning are down -6 ticks. Monday's closes: TYZ5 -2.00, FVZ5 +1.00. Dec T-notes on Monday closed slightly lower on increased worries about a Fed tightening after the stronger-than-expected Chinese Q3 GDP of +6.9% and the larger-than-expected increase in the Oct NAHB housing market index to a 10-year high.

The dollar index (DXY00 -0.31%) this morning is down -0.293 (-0.31%). EUR/USD (^EURUSD) is up +0.0051 (+0.45%). USD/JPY (^USDJPY) is up +0.13 (+0.11%). Monday's closes: Dollar Index +0.388 (+0.41%), EUR/USD -0.0021 (-0.19%), USD/JPY +0.06 (+0.05%). The dollar index on Monday rose to a 1-week high and closed higher on the slightly increased chances for a Fed rate hike after the stronger-than-expected U.S. Oct NAHB housing market index report to a 10-year high. In addition, EUR/USD fell to a 1-week low on speculation that ECB President Draghi will consider expanding QE when the ECB meets on Thursday.

Dec crude oil (CLZ15 +0.19%) this morning is down -1 cent (-0.02%) and Dec gasoline (RBZ15 +0.31%) is down -0.0006 (-0.05%). Monday's closes: CLZ5-1.44 (-3.02%), RBZ5 -0.0538 (-4.03%). Dec crude oil and gasoline prices on Monday closed lower with Dec gasoline at a 1-1/2 month low. Crude oil and gasoline prices were undercut by the rally in the dollar index to a 1-week high and the decline in Q3 China GDP to a 6-1/2 year low of +6.9% y/y. In addition, the market is expecting Wednesday's weekly EIA report to show a +500,000 bbl increase in Cushing crude oil inventories.

GLOBAL EVENT CALENDAR10/20/2015

US	0830 ET	Sep housing starts expected +1.4% to 1.142 million, Aug -3.0% to 1.126 million. Sep building permits expected unch at 1.170 million, Aug +3.5% to 1.170 million.
	0900 ET	Fed Governor Jerome Powell and New York Fed President William Dudley give introductory remarks at a conference on bond market liquidity.
	1100 ET	Fed Chair Janet Yellen delivers welcoming remarks at a Labor Hall of Honor Induction Ceremony.
GER	0200 ET	German Sep PPI expected -0.2% m/m and -1.8% y/y, Aug -0.5% m/m and -1.7% y/y.
JPN	0130 ET	Japan Sep nationwide department store sales, Aug +2.7% y/y.
	0200 ET	Revised Japan Sep machine tool orders, previous -19.1% y/y.
	1950 ET	Japan Sep trade balance expected +87.0 billion yen, Aug -569.4 billion yen. Sep exports expected +3.8% y/y, Aug +3.1% y/y. Sep imports expected -11.9% y/y, Aug -3.1% y/y.
EUR	0400 ET	Eurozone Aug current account, Jul +33.8 billion euros (nsa).

U.S. STOCK CALENDAR10/20/2015

Company	Ticker	Time	Event Description	Period	Estimate
TEGNA Inc	TGNA US	Bef-mkt	Q3 2015 Earnings Release	Q3 2015	0.356
Harley-Davidson Inc	HOG US	Bef-mkt	Q3 2015 Earnings Release	Q3 2015	0.783
United Technologies Corp	UTX US	Bef-mkt	Q3 2015 Earnings Release	Q3 2015	1.544
Pentair PLC	PNR US	Bef-mkt	Q3 2015 Earnings Release	Q3 2015	0.958
Lockheed Martin Corp	LMT US	Bef-mkt	Q3 2015 Earnings Release	Q3 2015	2.717
Prologis Inc	PLD US	Bef-mkt	Q3 2015 Earnings Release	Q3 2015	0.578
Regions Financial Corp	RF US	Bef-mkt	Q3 2015 Earnings Release	Q3 2015	0.196
Bank of New York Mellon Corp/The	BK US	6:30	Q3 2015 Earnings Release	Q3 2015	0.712
Fifth Third Bancorp	FITB US	6:30	Q3 2015 Earnings Release	Q3 2015	0.4
Travelers Cos Inc/The	TRV US	6:57	Q3 2015 Earnings Release	Q3 2015	2.262
Dover Corp	DOV US	7:00	Q3 2015 Earnings Release	Q3 2015	1.066
Omnicom Group Inc	OMC US	7:00	Q3 2015 Earnings Release	Q3 2015	0.951
Verizon Communications Inc	VZ US	7:30	Q3 2015 Earnings Release	Q3 2015	1.022
Bank of New York Mellon Corp/The	BK US	8:00	Q3 2015 Earnings Call	Q3 2015
Verizon Communications Inc	VZ US	8:30	Q3 2015 Earnings Call	Q3 2015
Omnicom Group Inc	OMC US	8:30	Q3 2015 Earnings Call	Q3 2015
United Technologies Corp	UTX US	8:30	Q3 2015 Earnings Call	Q3 2015
Harley-Davidson Inc	HOG US	9:00	Q3 2015 Earnings Call	Q3 2015
Travelers Cos Inc/The	TRV US	9:00	Q3 2015 Earnings Call	Q3 2015
Fifth Third Bancorp	FITB US	9:00	Q3 2015 Earnings Call	Q3 2015
Pentair PLC	PNR US	9:00	Q3 2015 Earnings Call	Q3 2015
Dover Corp	DOV US	10:00	Q3 2015 Earnings Call	Q3 2015
TEGNA Inc	TGNA US	10:00	Q3 2015 Earnings Call	Q3 2015
JM Smucker Co/The	SJM US	10:00	Investor Day	Y 2015
Lockheed Martin Corp	LMT US	11:00	Q3 2015 Earnings Call	Q3 2015
Regions Financial Corp	RF US	11:00	Q3 2015 Earnings Call	Q3 2015
Prologis Inc	PLD US	12:00	Q3 2015 Earnings Call	Q3 2015
Chipotle Mexican Grill Inc	CMG US	16:00	Q3 2015 Earnings Release	Q3 2015	4.624
Yahoo! Inc	YHOO US	16:05	Q3 2015 Earnings Release	Q3 2015	0.159
Intuitive Surgical Inc	ISRG US	16:05	Q3 2015 Earnings Release	Q3 2015	4.221
Discover Financial Services	DFS US	16:05	Q3 2015 Earnings Release	Q3 2015	1.325
Intuitive Surgical Inc	ISRG US	16:30	Q3 2015 Earnings Call	Q3 2015
Chipotle Mexican Grill Inc	CMG US	16:30	Q3 2015 Earnings Call	Q3 2015
Yahoo! Inc	YHOO US	17:00	Q3 2015 Earnings Call	Q3 2015
Discover Financial Services	DFS US	17:00	Q3 2015 Earnings Call	Q3 2015
Chubb Corp/The	CB US	Aft-mkt	Q3 2015 Earnings Release	Q3 2015	2.014
ACE Ltd	ACE US	Aft-mkt	Q3 2015 Earnings Release	Q3 2015	2.368
FMC Technologies Inc	FTI US	Aft-mkt	Q3 2015 Earnings Release	Q3 2015	0.579
Navient Corp	NAVI US	Aft-mkt	Q3 2015 Earnings Release	Q3 2015	0.476
Sigma-Aldrich Corp	SIAL US		Q3 2015 Earnings Release	Q3 2015	1.055