BARCHART MORNING CALL 9/18

BARCHART MORNING CALL

Thursday, September 18th, 2014View Older Reports

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OVERNIGHT MARKETS AND NEWS

December E-mini S&Ps (ESZ14 +0.41%) this morning are up +0.40% and European stocks are up +0.77% on positive carry-over from yesterday's FOMC meeting where policy makes kept their pledge to keep interest rates near zero for a "considerable period" after completing asset purchases. Asian stocks closed mostly higher: Japan +1.13%, Hong Kong -0.85%, China +0.31%, Taiwan +0.46%, Australia +0.16%, Singapore +0.02%, South Korea -0.87%, India +1.81%. Japan's Nikkei Stock Index climbed to an 8-1/4 month high after Japan's trade balance unexpectedly shrunk last month and after exporters rallied when they yen plunged to a 6-year low against the dollar. Commodity prices are mostly lower on dollar strength. Oct crude oil (CLV14 +0.08%) is down -0.14%. Oct gasoline (RBV14 +0.19%) is up +0.04%. Dec gold (GCZ14 -1.05%) is down -0.93% at an 8-1/4 month low on fund selling after the FOMC yesterday increased its estimates for interest rates. Liquidation by funds cut long gold positions in ETF's to 1,706 MT today, the lowest in 4-3/4 years. Dec copper (HGZ14 -0.67%) is down -0.29% on Chinese demand concerns after China's new-home prices fell last month. Agriculture and livestock prices are mostly lower. The dollar index (DXY00 +0.20%) is up +0.22%. EUR/USD (^EURUSD) is up +0.12%. USD/JPY (^USDJPY) is up +0.28% at a fresh 6-year high. Dec T-note prices (ZNZ14 -0.21%) are down -8.5 ticks at a 1-1/2 month low.
China Aug new-home prices fell from a month earlier in 68 of 70 cities tracked by the National Bureau of Statistics, the most since Jan 2011 when the government changed the way it compiles the data.
The Japan Aug trade balance unexpectedly shrank to a deficit of -948.5 billion yen, better than expectations of an increase in the deficit to -1.028 trillion yen, Aug exports fell -1.3% y/y, better than expectations of -2.6% y/y. Aug imports fell -1.5% y/y, a bigger decline than expectations of -1.2% y/y.
UK Sep CBI trends total orders fell -15 to -4, a bigger decline than expectations of -2 to 9 and the lowest in a year. The Sep CBI trends selling prices unexpectedly rose +2 to 1, higher than expectations of unch at -1.
UK Aug retail sales ex autos rose +0.2% m/m and +4.5% y/y, less than expectations of +0.3% m/m and +4.8% y/y. Aug retail sales including autos rose +0.4% m/m and +3.9% y/y, slightly less than expectations of +0.4% m/m and +4.0% y/y.

U.S. STOCK PREVIEW

The market is looking for today’s weekly initial unemployment claims report to show a -10,000 decline to 305,000, reversing nearly all of last week’s rise of +11,000 to 315,000. Meanwhile, the market is expecting today’s continuing claims report to show a -21,000 decline to 2.466 million, more than reversing last week’s increase of +9,000 to 2.487 million. The market is expecting today’s Aug housing starts report to show a decline of -5.2% to 1.037 million, giving back about one-third of July’s surge of +15.7% to 1.093 million. The market is expecting today’s Sep Philadelphia Fed manufacturing index to show a decline of -5.0 to 23.0, more than reversing the +4.1 point increase to 28.0 seen in August. There are 6 earnings reports today from the Russell 1000 companies: IHS (consensus $1.44), Rite Aid (0.06), ConAgra Foods (0.35), Oracle (0.64), Red Hat (0.38), TIBCO Software (0.18).
Equity conferences this week include: Credit Suisse Basic Materials Conference on Tue-Thu, Wolfe Research Power & Gas Leaders Conference on Wed-Thu, Morningstar Management Behind the Moat Conference on Wed-Thu, UBS Houston Energy Bus-less Tour on Wed-Thu, Credit Suisse Chemical & Ag Science Conference on Thu, Imperial Capital Global Opportunities Conference on Thu, MKM Partners Entertainment, Leisure & Internet Conference on Thu, 5th Annual Summit Internal Audit on Thu-Fri, GTC 7th CNS Partnering & Deal-Making on Thu-Fri, Imperial Capital Global Opportunities Conference on Thu, Tokyo Game Show 2014 on Fri, and Zelman & Associates Housing Summit on Fri.

OVERNIGHT U.S. STOCK MOVERS

Kohl's (KSS +0.67%) was upgraded to 'Buy' from 'Neutral' at Citigroup.
Rite Aid (RAD +3.59%) reported Q2 EPS of 13 cents, more than double consensus of 6 cents, but then lowered guidance on fiscal 2015 EPS view to 22 cents-33 cents, weaker than consensus of 34 cents.
DuPont (DD +5.20%) was upgraded to 'Overweight' from 'Neutral' at JPMorgan Chase.
ArcelorMittal (MT +2.14%) was upgraded to 'Buy' from 'Neutral' at BofA/Merrill Lynch.
Citigroup keeps its 'Buy' rating on FedEx (FDX +3.27%) and raises its price target on the stock to $180 from $170.
Monsanto (MON -0.20%) was upgraded to 'Buy' from 'Hold' at Stifel.
Peabody (BTU -1.94%) was downgraded to 'Sell' from 'Neutral' at Goldman Sachs.
IHS Inc. (IHS -0.56%) reported Q3 adjusted EPS of $1.49, stronger than consensus of $1.44.
Clarcor (CLC -0.22%) reported Q3 adjusted EPS of 83 cents, better than consensus of 78 cents, and then raised guidance on fiscal 2014 adjusted EPS to $2.92-$2.98, well above consensus of $2.82.
Credit Suisse initiated InterOil (IOC -0.96%) with an 'Outperform' and a $71 price target.
Pier 1 Imports (PIR +0.91%) slid over 9% in after-hours trading after it reported Q2 EPS of 10 cents, weaker than consensus of 14 cents.
United Natural Foods (UNFI +0.68%) rose 3% in after-hours trading after it reported Q4 EPS of 67 cents, higher than consensus of 65 cents, and then raised guidance on fiscal 2015 GAAP EPS to $2.88-$3.01, above consensus of $2.88.
Herman Miller (MLHR +1.61%) climbed 2% in after-hours trading after it reported Q1 adjusted EPS of 47 cents, right on consensus, although Q1 revenue of $509.7 million was better than consensus of $505.27 million.

MARKET COMMENTS

Dec E-mini S&Ps (ESZ14 +0.41%) this morning are up +800 points (+0.40%). The S&P 500 index on Wednesday posted a 1-week high and closed higher: S&P 500 +0.13%, Dow Jones +0.15%, Nasdaq +0.15%. Bullish factors included (1) benign inflation pressures after Aug CPI unexpectedly fell -0.2% m/m, weaker than expectations of unch m/m and the first decline in 16 months, and (2) reduced interest rate concerns after the Fed retained its “considerable time” interest rate guidance.
Dec 10-year T-notes (ZNZ14 -0.21%) this morning are down -8.5 ticks at a 1-1/2 month low. Dec 10-year T-note futures prices on Wednesday closed lower. Bearish factors included (1) the Fed’s hike in its year-end 2015 fed funds rate forecast to 1.375% from a Jun estimate of 1.125%, and (2) the rise in the Sep NAHB housing market index to the highest level in 8-3/4 years. Closes: TYZ4 -5.50, FVZ4 -5.25.
The dollar index (DXY00 +0.20%) this morning is up +0.188 (+0.22%). EUR/USD (^EURUSD) is up +0.0015 (+0.12%) and USD/JPY (^USDJPY) is up +0.30 (+0.28%) at a fresh 6-year high. The dollar index on Wednesday closed higher. Bullish factors included (1) the Fed’s hike in its year-end 2015 fed funds rate forecast to 1.375% from a Jun estimate of 1.125%, and (2) weakness in the yen as USD/JPY soared to a 6-year high as the Fed raised its interest rate forecast while the market expects the BOJ to keep expanding stimulus. Closes: Dollar index +0.568 (+0.68%), EUR/USD -0.00946 (-0.70%), USD/JPY +1.242 (+1.16%).
Oct WTI crude oil (CLV14 +0.08%) this morning is down -13 cents (-0.14%) and Oct gasoline (RBV14 +0.19%) is up +0.0011 (+0.04%). Oct crude and gasoline prices on Wednesday settled mixed: CLV4 -0.82 (-0.86%), RBV4 +0.0062 (+0.24%). Bearish factors included (1) the unexpected +3.67 million bbl increase in weekly EIA crude inventories vs expectations for a -1.5 million bbl decline, and (2) the +2.6% w/w increase in U.S. crude production in the week ended Sep 12 to 8.838 million bpd, a 28-1/3 year high. Gasoline closed higher after the Fed pledge to keep interest rates low for a “considerable time” after QE3 ends.

GLOBAL EVENT CALENDAR09/18/2014

US	0830 ET	Weekly initial unemployment claims expected -10,000 to 305,000, previous +11,000 to 315,000. Weekly continuing claims expected -21,000 to 2.466 million, previous +9,000 to 2.487 million.
	0830 ET	USDA weekly Export Sales.
	0830 ET	Aug housing starts expected -5.2% to 1.037 million, Jul +15.7% to 1.093 million. Aug building permits expected -1.6% to 1.040 million, Jul +8.6% to 1.057 million.
	0845 ET	Fed Chair Janet Yellen speaks to a conference in Washington D.C. via prerecorded video on The Importance of Asset Building for Low and Middle Income Households
	1000 ET	Sep Philadelphia Fed manufacturing index expected -5.0 to 23.0, Aug +4.1 to 28.0.
	1100 ET	Treasury announces amount of 2-year T-notes to be auctioned (previous $29 billion), 2-year floating-rate notes (previous $13 billion), 5-year T-notes (previous $35 billion and 7-year T-notes (previous $29 billion) to be auctioned Aug 23-25.
	1200 ET	Q2 FOF household net worth change, Q1 +$1.49 trillion.
	1300 ET	Treasury auctions $13 billion of 10-year TIPS.
JPN	0200 ET	Revised Japan Aug machine tool orders.
UK	0430 ET	UK Aug retail sales ex autos expected +0.3% m/m and +4.8% y/y, Jul +0.5% m/m and +3.4% y/y. Aug retail sales including autos expected +0.4% m/m and +4.0% y/y, Jul +0.1% m/m and +2.6% y/y.
	0600 ET	UK Sep CBI trends of total orders expected -2 to 9, Aug 11. Sep CBI trends selling prices expected unch at -1.

U.S. STOCK CALENDAR09/18/2014

Company Name	Ticker	Time	Event Description	Period	Estimate
IHS Inc	IHS US	6:00	Q3 2014 Earnings Release	Q3 2014	1.439
Rite Aid Corp	RAD US	7:00	Q2 2015 Earnings Release	Q2 2015	0.062
ConAgra Foods Inc	CAG US	7:30	Q1 2015 Earnings Release	Q1 2015	0.35
IHS Inc	IHS US	8:00	Q3 2014 Earnings Call	Q3 2014
Rite Aid Corp	RAD US	8:30	Q2 2015 Earnings Call	Q2 2015
Prologis Inc	PLD US	9:00	Investor Analyst Meeting	Y 2014
Continental Resources Inc/OK	CLR US	9:00	Investor & Analyst Day	Y 2014
ConAgra Foods Inc	CAG US	9:30	Q1 2015 Earnings Call	Q1 2015
NIKE Inc	NKE US	13:00	Annual General Meeting	Y 2014
Citigroup Inc	C US	14:00	U.S. Appeals Court Hears Arguments from Citigroup on Argentine Bonds
TIBCO Software Inc	TIBX US	16:30	Q3 2014 Earnings Call	Q3 2014
Oracle Corp	ORCL US	17:00	Q1 2015 Earnings Call	Q1 2015
Red Hat Inc	RHT US	17:00	Q2 2015 Earnings Call	Q2 2015
Oracle Corp	ORCL US	Aft-mkt	Q1 2015 Earnings Release	Q1 2015	0.639
Red Hat Inc	RHT US	Aft-mkt	Q2 2015 Earnings Release	Q2 2015	0.379
TIBCO Software Inc	TIBX US	Aft-mkt	Q3 2014 Earnings Release	Q3 2014	0.176
Equifax Inc	EFX US		Investor Meeting	Y 2014
John Wiley & Sons Inc	JW/A US		Annual General Meeting

Barchart Morning Call 12/20

BARCHART MORNING CALL

Friday, December 20th, 2013View Older Reports

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

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OVERNIGHT MARKETS AND NEWS

March E-mini S&Ps (ESH14 +0.07%) this morning are up +0.11% and European stocks are also up +0.11% after a gauge of German consumer confidence unexpectedly rose to a 6-1/3 year high. Asian stocks closed mixed: Japan +0.07%, Hong Kong -0.33%, China -2.33%, Taiwan +0.01%, Australia +1.21%, Singapore +0.79%, South Korea +0.41%, India +1.79%. China's Shanghai Stock index fell to a 1-month low on signs of a cash crunch in China after the 7-day repurchase rate surged 100 bp to a 6-month high of 7.60%, even after the PBOC said it conducted short-term liquidity operations and added funds to the financial system. Commodity prices are mixed. Feb crude oil (CLG14 -0.17%) is down -0.30%. Feb gasoline (RBG14 +0.29%) is up +0.01%. Feb gold (GCG14 +0.19%) is up +0.11%. March copper (HGH14 +0.53%) is up +0.62%. Agriculture and livestock prices are mixed. The dollar index (DXY00 +0.09%) is up +0.04% at a 2-week high. EUR/USD (^EURUSD) is down -0.07% at a 2-week low after S&P downgraded the credit rating of the European Union. USD/JPY (^USDJPY) is up +0.21% at a fresh 5-year high after the BOJ said they will maintain stimulus until annual inflation is stable at 2%. March T-note prices (ZNH14 -0.25%) are down -8.5 ticks.
Standard & Poor's cut its long-term rating on the EU to AA+ from AAA, with a stable outlook, S&P said "The downgrade reflects our view of the overall weaker creditworthiness of the EU's 28 member states."
German Jan GfK consumer confidence unexpectedly rose +0.2 to 7.6, better than expectations of no change at 7.4 and the highest in 6-1/3 years.
German Nov PPI fell -0.1% m/m and -0.8% y/y, right on expectations, as producer prices weakened further from a -0.7% y/y decline in Oct.
At the conclusion of its 2-day policy meeting, the BOJ as expected, pledged to maintain its stimulus program and expand the monetary base by an annual 60 trillion to 70 trillion yen ($670 billion) until inflation reaches the BOJ's 2% inflation target.
UK Dec GfK consumer confidence unexpectedly fell -1 point to a 4-month low of -13, weaker than expectations of +1 to -11.
UK Nov public sector net borrowing was 14.8 billion pounds, more than expectations of 13.4 billion pounds and the most in 2-1/2 years.
UK Q3 GDP was revised upward to +0.8% q/q and +1.9% y/y from the originally reported +0.8% m/m and +1.5% y/y. Q3 total business investment was revised upward to +2.0% q/q and -5.3% y/y from the +1.4% q/q and -6.3% y/y originally reported.

U.S. STOCK PREVIEW

The market is not expecting any revisions from the last BEA estimates for Q3 GDP of +3.6% or for Q3 personal consumption of +1.4%. Senate Majority Leader Reid on Thursday set a schedule to allow the Senate to adjourn for the year on Saturday. The Senate, according to reporting by The Hill, will vote to end debate on Janet Yellen’s confirmation at 11 AM on Friday. The Senate is then scheduled to vote on Ms. Yellen’s actual confirmation on Saturday at 6 PM. The markets will be pleased if the Senate can finalize Ms. Yellen’s confirmation before leaving for the holidays.
There are 3 of the Russell 1000 companies that report earnings today: Navistar (consensus -$1.56), Walgreen (0.72), CarMax (0.48). There are no equity conferences during the remainder of the week.

OVERNIGHT U.S. STOCK MOVERS

3M Company (MMM +0.45%) was upgraded to 'Neutral' from 'Underweight' at JPMorgan.
CarMax (KMX +1.01%) reported Q3 EPS of 47 cents, below consensus of 48 cents.
Zumiez (ZUMZ -0.68%) was upgraded to 'Buy' from 'Neutral' at BofA/Merrill.
BlackBerry (BBRY +3.14%) slid 7% in pre-market trading after it reported a Q3 adjusted EPS loss of -67 cents, a bigger loss than consensus of -45 cents.
Walgreen (WAG -0.70%) reported Q1 EPS of 79 cents, stronger than consensus of 72 cents.
Standard & Poor's Ratings Services raised its long-term local currency rating on Mexico to 'A' from 'A-' and its long-term foreign currency rating to 'BBB+' from 'BBB.'
Peabody Energy (BTU +2.74%) said it sees fiscal 2013 adjusted EBITDA $60 million-$80 million lower than its prior view.
Jazz Pharmaceuticals (JAZZ +0.86%) will acquire Gentium (GENT -2.28%) for $57 per share.
Cintas (CTAS +0.34%) reported Q2 EPS of 70 cents, stronger than consensus of 68 cents.
Nike (NKE -0.37%) reported Q2 EPS of 59 cents, better than consensus of 58 cents.
AAR Corp. (AIR -0.56%) lowered guidance on fiscal 2014 EPS view to $1.95-$2.00 from $2.00-$2.05, below consensus of $2.05.
TIBCO (TIBX unch) slumped over 13% in after-hours trading after it reported Q4 adjusted EPS of 42 cents, better than consensus of 39 cents, but then cut guidance on Q1 EPS to 17 cents-18 cents, below consensus of 21 cents.
Red Hat (RHT +0.18%) surged over 10% in after-hours trading after it reported Q3 adjusted EPS of 42 cents, higher than consensus of 35 cents, and then raised guidance on fiscal 2013 EPS $1.46-$1.48, well ahead of consensus of $1.38.

MARKET COMMENTS

Mar E-mini S&Ps (ESH14 +0.07%) this morning are up +2.00 points (+0.11%). The S&P 500 on Thursday gave back some of Wednesday’s sharp rally and closed lower. Negative factors included (1) the Dec Philadelphia Fed manufacturing report of +0.5 to 7.0, weaker than expectations of +3.5 to 10.0, and (2) the U.S. Nov existing home sales report of -4.3% to 4.90 million, weaker than expectations of -2.0% to 5.02 million and the lowest level in 11 months. Closes: S&P 500 -0.06%, Dow Jones +0.07%, Nasdaq 100 -0.31%.
Mar 10-year T-notes (ZNH14 -0.25%) this morning are down -8.5 ticks. Mar 10-year T-note prices on Thursday tumbled to a 3-1/4 month low on negative carry-over from the Fed’s action on Wednesday to reduce its bond buying by $10 billion a month. Expectations that the Fed will continue to taper QE3 at a $10 billion clip at each FOMC meeting in 2014 further weighed on T-note prices. T-notes shrugged off the unexpected jump in weekly U.S jobless claims to an 8-1/2 month high due to typical seasonal adjustment problems over the holidays. Closes: TYH4 -20.50, FVH4 -15.00.
The dollar index (DXY00 +0.09%) this morning is up +0.035 (+0.04%) at a fresh 2-week high. EUR/USD (^EURUSD) is down -0.0010 (-0.07%) at a 2-week low and USD/JPY (^USDJPY) is up +0.22 (+0.21%) at a new 5-year high. The dollar index on Thursday rallied to a 2-week high on carry-over support from the Fed’s QE3 tapering on Wednesday. Other supportive factors included (1) the slide in stocks that boosted safe-haven demand for the dollar, and (2) the larger-than-expected increase in U.S. Nov leading indicators, which signals the U.S. economy can sustain the economic recovery. Closes: Dollar index +0.525 (+0.66%), EUR/USD -0.00232 (-0.17%), USD/JPY -0.040 (-0.04%).
Feb WTI crude oil (CLG14 -0.17%) this morning is down -30 cents (-0.30%) and Feb gasoline (RBG14 +0.29%) is up +0.0003 (+0.01%). Feb crude oil and gasoline prices on Thursday rose to 1-week highs and closed higher. Bullish factors included (1) the Fed’s confidence in the U.S. economy as it raised its U.S. 2013 and 2014 GDP estimates on Wed, and (2) stronger demand after EIA data on Wed showed that total U.S. petroleum demand rose +13% in the week ended Dec 13 to 20.996 million barrels a day, a 5-1/2 year high. Closes: CLG4 +0.98 (+1.00%), RBG4 +0.0392 (+1.45%).

GLOBAL EVENT CALENDAR12/20/2013

US	0830 ET	Q3 GDP expected unrevised at +3.6% (q/q annualized). Q3 personal consumption expected unrevised at +1.4%. Q3 GDP price index expected unrevised at +2.0%. Q3 core PCE expected unrevised at +1.5%.
	1100 ET	Kansas City Fed Dec manufacturing index expected -1 to 6, Nov 7.
	1500 ET	Nov USDA Cattle on Feed.
GER	0200 ET	German Nov PPI expected -0.1% m/m and -0.8% y/y, Oct -0.2% m/m and -0.7% y/y.
	0200 ET	German Jan GfK consumer confidence expected unch at 7.4, Dec 7.4.
UK	0430 ET	UK Nov public sector net borrowing expected +13.4 billion pounds, Oct +6.4 billion pounds.
	0430 ET	Revised UK Q3 GDP, previous +0.8% q/q and+1.5% y/y.
	0430 ET	UK Q3 current account balance expected -14.0 billion pounds, Q2 -13.0 billion pounds.
EUR	1000 ET	Eurozone Dec consumer confidence expected +0.4 to -15.0, Nov -15.4.
JPN	n/a	BOJ announces interest rate decision.

U.S. STOCK CALENDAR12/20/2013

Company Name	Ticker	Time	Event Description	Period	Estimate
Navistar International Corp	NAV US	Bef-mkt	Q4 2013 Earnings Release	Q4 2013	-1.561
Walgreen Co	WAG US	7:30	Q1 2014 Earnings Release	Q1 2014	0.717
CarMax Inc	KMX US	7:35	Q3 2014 Earnings Release	Q3 2014	0.482
Walgreen Co	WAG US	8:30	Q1 2014 Earnings Call	Q1 2014
Teradyne Inc	TER US	Aft-mkt	Facebook Inc. Replaces Teradyne Inc. in S&P 500
Teradyne Inc	TER US	Aft-mkt	Teradyne Inc. Replaces Scholastic Corp. in S&P MidCap 400
Mohawk Industries Inc	MHK US	Aft-mkt	Mohawk Industries Inc. Replaces JDS Uniphase Corp. in S&P 500
Mohawk Industries Inc	MHK US	Aft-mkt	JDS Uniphase Corp. Replaces Mohawk Industries Inc. in S&P MidCap 400
Old Dominion Freight Line Inc	ODFL US	Aft-mkt	Old Dominion Freight Line Replaces Arch Coal in S&P MidCap 400
Old Dominion Freight Line Inc	ODFL US	Aft-mkt	Arch Coal Replaces Old Dominion Freight Line in S&P SmallCap 600
JDS Uniphase Corp	JDSU US	Aft-mkt	Mohawk Industries Inc. Replaces JDS Uniphase Corp. in S&P 500
JDS Uniphase Corp	JDSU US	Aft-mkt	JDS Uniphase Corp. Replaces Mohawk Industries Inc. in S&P MidCap 400
Abercrombie & Fitch Co	ANF US	Aft-mkt	Alliance Data Systems Replaces Abercrombie & Fitch in S&P 500
Abercrombie & Fitch Co	ANF US	Aft-mkt	Abercrombie & Fitch Replaces Alliance Data in S&P MidCap 400
Alliance Data Systems Corp	ADS US	Aft-mkt	Alliance Data Systems Replaces Abercrombie & Fitch in S&P 500
Alliance Data Systems Corp	ADS US	Aft-mkt	Abercrombie & Fitch Replaces Alliance Data in S&P MidCap 400
Facebook Inc	FB US	Aft-mkt	Facebook Inc. Replaces Teradyne Inc. in S&P 500
Walt Disney Co/The	DIS US		U.S. Box Office Release of Movie Saving Mr. Banks""
Johnson & Johnson	JNJ US		EMA Meeting, Sirturo
Twenty-First Century Fox Inc	FOXA US		U.S. Box Office Release of Movie Walking With Dinosaurs""

BARCHART MORNING CALL 12/19

BARCHART MORNING CALL

Thursday, December 19th, 2013View Older Reports

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OVERNIGHT MARKETS AND NEWS

March E-mini S&Ps (ESH14 -0.01%) this morning are down -0.10% and European stocks are up +1.41%. Asian stocks closed mixed: Japan +1.74%, Hong Kong -1.10%, China -1.05%, Taiwan +0.70%, Australia +2.08%, Singapore +0.28%, South Korea +0.08%, India -0.73%. U.S. stocks fell back slightly after Wednesday's sharp rally while European stocks played catch-up to yesterday's late-afternoon surge in U.S. stocks after the Fed's decision to taper QE3 boosted confidence in the U.S. economic recovery. China's Shanghai Stock Index slid to a 1-month low after the 7-day repurchase rate, a gauge of funding availability in the banking system, jumped +140 bp to a 5-3/4 month high of 6.60%, which fueled concern that higher funding costs will hurt economic growth. Japan's Nikkei Stock Index climbed to a 6-3/4 month high as exporter stocks rallied after the yen tumbled to a 5-year low against the dollar. Commodity prices are mixed. Jan crude oil (CLF14 +0.03%) is down -0.04%. Jan gasoline (RBF14 +0.25%) is down -0.18%. Feb gold (GCG14 -2.51%) is down -2.27% at a 5-3/4 month low after the Fed's decision to cut its monthly bond purchases reduces demand for gold as an inflation hedge. March copper (HGH14 -0.65%) is down -0.69%. Agriculture and livestock prices are mixed. The dollar index (DXY00 +0.55%) is up +0.48% at a 2-week high. EUR/USD (^EURUSD) is up +0.01% and USD/JPY (^USDJPY) is down -0.17%. March T-note prices (ZNH14 -0.38%) are down -10.5 ticks.
UK Nov retail sales ex autos rose +0.4% m/m, better than expectations of +0.3% m/m, and on an annual basis rose +2.3% y/y, less than expectations of +2.4% y/y. Nov retail sales including autos rose +0.3% m/m, right on expectations, and on an annual basis rose +2.0% y/y, less than expectations of +2.2% y/y.
Japan Nov nationwide department store sales rose +2.4% y/y as they recovered from the -0.6% y/y decline in Oct.
The Japan Oct leading index CI was revised down to 109.8 from the originally reported 109.9, and the Oct coincident index was revised up to a 5-1/4 year high of 110.4 from the originally reported 109.6.
The Japan Oct all-industry activity index fell -0.2% m/m, less than expectations of -0.3% m/m, and Sep was revised higher to +0.5% m/m from the originally reported +0.4% m/m.

U.S. STOCK PREVIEW

Today’s weekly initial unemployment claims report is expected to show a decline of -33,000 to 335,000, reversing about one-half of last week’s surge of +68,000 to 368,000. Meanwhile, today’s continuing claims report is expected to show a decline of -21,000 to 2.770 million, reversing about one-half of last week’s increase of +40,000 to 2,791 million. Today’s Nov existing home sales report is expected to show a decline of -2.0% to 5.02 million, adding to the -3.2% decline seen in October to 5.12 million. Today’s Dec Philadelphia Fed manufacturing index is expected to show a +3.5 point increase to 10.0, partially recovering after the -13.3 point decline to 6.5 seen in November. Today’s Nov leading indicators report is expected to show a strong increase of +0.7%, adding to the +0.2% increase seen in October. The Treasury today will $29 billion of 7-year T-notes and $16 billion of 5-year TIPS, concluding this week’s $112 billion coupon package.
There are 8 of the Russell 1000 companies that report earnings today: Darden Restaurants (consensus $0.20), Accenture (1.09), ConAgra Foods (0.55), NIKE (0.58), Cintas (0.68), Red Hat (0.35), TIBCO (0.39), Carnival (0.00). There are no equity conferences during the remainder of the week.

OVERNIGHT U.S. STOCK MOVERS

Darden (DRI +1.13%) reported Q2 EPS of 15 cents, well below consensus of 20 cents, and said it sees fiscal 2014 EPS down 15%-20% compared to 2013.
Rite Aid (RAD +1.41%) said it sees fiscal 2014 EPS of 17 cents-23 cents, below consensus of 24 cents.
Callaway Golf (ELY +0.63%) was upgraded to 'Strong Buy' from 'Outperform' at Raymond James.
Pier 1 Imports (PIR -0.10%) reported Q3 EPS of 26 cents, weaker than consensus of 28 cents, and then lowered guidance on fiscal 2014 EPS view to $1.21-$1.27 from $1.29.
Accenture PLC (ACN +2.19%) reported Q1 EPS of $1.12, above consensus of $1.09, and then raised guidance on fiscal 2014 EPS to $4.44-$4.56 from $4.42-$4.54, above consensus of $4.47.
Dow Jones reports that Target (TGT +3.08%) was hit by theft of customers' credit card data over Black Friday weekend, and the data breach was extensive.
Trulia (TRLA -0.39%) rose 4% in after-hours trading after SAC Capital reported a 5.2% passive stake in the company.
AK Steel (AKS +2.43%) rose over 6% in after-hours trading when it raised guidance on Q4 EPs to a gain of 2 cents-6 cents, better than consensus of a -3 cent loss.
Cascade Investment raises its stake in Deere (DE +1.26%) to 8.1% from 7.0%.
JPMorgan Chase (JPM +2.73%) was downgraded to 'Neutral' from 'Buy' at SunTrust.
Oracle (ORCL +2.88%) gained over 1% in after-hours trading after reported Q2 adjusted EPS of 69 cents, stronger than consensus of 67 cents.
Herman Miller (MLHR +0.72%) reported Q2 adjusted EPS of 42 cents, above consensus of 40 cents.
Paychex (PAYX +0.98%) reported Q2 EPS of 43 cents, better than consensus of 42 cents.

MARKET COMMENTS

Mar E-mini S&Ps (ESH14 -0.01%) this morning are down -1.75 points (-0.10%). The S&P 500 rallied sharply after the Fed said it will taper QE3 by $10 billion a month starting next month, which signals the Fed is confident the U.S. economy is strong enough to handle a reduction in stimulus. Other supportive factors included (1) the +22.7% surge in U.S. Nov housing starts from Aug, which was much stronger than expectations of 955,000 and the most in 5-3/4 years, and (2) the Fed’s hike in its U.S. 2013 and 2014 GDP estimates and cut in its unemployment estimates. Closes: S&P 500 +1.66%, Dow Jones +1.84%, Nasdaq 100 +1.16%.
Mar 10-year T-notes (ZNH14 -0.38%) this morning are down -10.5 ticks. Mar T-notes on Wednesday fell to a 1-1/2 week low and closed lower. Bearish factors included (1) the Fed’s $10 billion QE3 tapering, (2) the larger-than-expected increase in U.S. Nov housing starts to a 5-3/4 year high, and (3) weak demand for the $35 billion auction of 5-year T-notes that had a bid-to-cover ratio of 2.42, below the 12-auction average of 2.67. T-note prices saw some support from the Fed’s cut in its 2013 U.S. PCE inflation estimate. Closes: TYH4 -8.00, FVH4 -2.00.
The dollar index (DXY00 +0.55%) this morning is up +0.388 (+0.48%). EUR/USD (^EURUSD) is up +0.0001 (+0.01%) and USD/JPY (^USDJPY) is down -0.18 (-0.17%). The dollar index on Wednesday initially rose after the Fed tapered QE3 by $10 billion a month and raised its 2013 and 2014 U.S. GDP estimates, but shed its gains and closed little changed after the Fed Chairman Bernanke said that inflation is “more than a bit of a concern” and that the FOMC will take action if inflation doesn’t speed up, which suggests the Fed will be slow to cut QE3 further. USD/JPY surged to a fresh 5-year high on expectations the BOJ will continue to expand QE while the Fed cuts stimulus. Closes: Dollar index +0.044 (+0.05%), EUR/USD -0.00839 (-0.61%), USD/JPY +1.619 (+1.58%).
Jan WTI crude oil (CLF14 +0.03%) this morning is down -4 cents (-0.04%) and Jan gasoline (RBF14 +0.25%) is down -0.0049 (-0.18%). Jan crude oil and gasoline prices on Wednesday closed higher. Crude prices found support on weekly EIA data showing (1) U.S. crude stockpiles declined for a third week as they fell -2.941 million bbl to a 2-month low of 372.3 million bbl, and (2) a -600,000 bbl decline in crude oil supplies at Cushing, OK, the delivery point for WTI futures. Jan gasoline climbed to a 1-week high on signs of stronger demand after weekly EIA data showed U.S. gasoline demand for the week ended Dec 13 rose +8% w/w to 9.016 million bpd. Closes: CLF4 +0.58 (+0.60%), RBF4 +0.0501 (+1.89%).

GLOBAL EVENT CALENDAR12/19/2013

US	0830 ET	Weekly initial unemployment claims expected -33,000 to 335,000, previous +68,000 to 368,000. Weekly continuing claims expected -21,000 to 2.770 million, previous +40,000 to 2,791 million.
	0830 ET	USDA weekly Export Sales.
	1000 ET	Dec Philadelphia Fed manufacturing index expected +3.5 to 10.0, Nov -13.3 to 6.5.
	1000 ET	Nov existing home sales expected -2.0% to 5.02 million, Oct -3.2% to 5.12 million.
	1000 ET	Nov leading indicators expected +0.7%, Oct +0.2%.
	1130 ET	Treasury auctions $29 billion 7-year T-notes.
	1300 ET	Treasury auctions $16 billion 5-year TIPS.
JPN	0000 ET	Revised Japan Oct leading index CI, previous 109.9. Revised Oct coincident index, previous 109.6.
	0030 ET	Japan Nov nationwide department store sales, Oct -0.6% y/y.
UK	0430 ET	UK Nov retail sales ex autos expected +0.3% m/m and +2.4% y/y, Oct -0.6% m/m and +2.3% y/y.
	0430 ET	UK Nov retail sales including autos expected +0.3% m/m and +2.2% y/y, Oct -0.7% m/m and +1.8% y/y.
	1905 ET	UK Dec GfK consumer confidence expected +1 to -11, Nov -12.

U.S. STOCK CALENDAR12/19/2013

Company Name	Ticker	Time	Event Description	Period	Estimate
Darden Restaurants Inc	DRI US	Bef-mkt	Q2 2014 Earnings Release	Q2 2014	0.197
Accenture PLC	ACN US	Bef-mkt	Q1 2014 Earnings Release	Q1 2014	1.092
ConAgra Foods Inc	CAG US	7:30	Q2 2014 Earnings Release	Q2 2014	0.552
Accenture PLC	ACN US	8:00	Q1 2014 Earnings Call	Q1 2014
Darden Restaurants Inc	DRI US	8:30	Q2 2014 Earnings Call	Q2 2014
ConAgra Foods Inc	CAG US	9:30	Q2 2014 Earnings Call	Q2 2014
Coca-Cola Enterprises Inc	CCE US	10:00	FY 2014 Guidance Call	Y 2014
Lender Processing Services Inc	LPS US	10:00	Extraordinary Shareholders Meeting - M&A Vote	Y 2013
Carnival Corp	CCL US	10:30	Q4 2013 Earnings Call	Q4 2013
Paychex Inc	PAYX US	10:30	Q2 2014 Earnings Call	Q2 2014
NIKE Inc	NKE US	16:15	Q2 2014 Earnings Release	Q2 2014	0.58
TIBCO Software Inc	TIBX US	16:30	Q4 2013 Earnings Call	Q4 2013
NIKE Inc	NKE US	17:00	Q2 2014 Earnings Call	Q2 2014
Cintas Corp	CTAS US	17:00	Q2 2014 Earnings Call	Q2 2014
Red Hat Inc	RHT US	17:00	Q3 2014 Earnings Call	Q3 2014
Cintas Corp	CTAS US	Aft-mkt	Q2 2014 Earnings Release	Q2 2014	0.684
Red Hat Inc	RHT US	Aft-mkt	Q3 2014 Earnings Release	Q3 2014	0.349
TIBCO Software Inc	TIBX US	Aft-mkt	Q4 2013 Earnings Release	Q4 2013	0.394
Carnival Corp	CCL US		Q4 2013 Earnings Release	Q4 2013	0

Barchart Morning Call 9/20

BARCHART MORNING CALL

Friday, September 20th, 2013View Older Reports

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OVERNIGHT MARKETS AND NEWS

December E-mini S&Ps (ESZ13 +0.03%) this morning are down -0.03% and European stocks are down -0.04%. Asian stocks closed weaker: Japan -0.16%, Australia -0.36%, Singapore -0.44%, India -1.85%. Markets in Hong Kong, China, Taiwan and South Korea were closed for holidays. U.S. and European stocks were slightly lower as the markets await speeches later today from several Federal Reserve policy makers. Stocks in India tumbled after the RBI unexpectedly hiked interest rates. Commodity prices are mixed. Oct crude oil (CLV13 -0.66%) is down -0.37% and Oct gasoline (RBV13 +0.32%) is up +0.39%. Dec gold (GCZ13 -0.81%) is down -0.74% and Dec copper (HGZ13 -0.16%) is up +0.16%. Agricultural prices are stronger and livestock prices are mostly lower. The dollar index (DXY00 -0.02%) is down -0.06%. EUR/USD (^EURUSD) is up +0.07% and USD/JPY (^USDJPY) is down -0.05%. December T-note prices (ZNZ13 +0.05%) are up +1.5 ticks.
Erkki Liikanen, ECB Council member and had of the Bank of Finland, said today that "there are soft signs of the economy improving" and that indicators measuring confidence among households and businesses are signaling the worst may be over for the Eurozone economy.
The Reserve Bank of India (RBI) unexpectedly hiked its benchmark interest rate by 25 bp to 7.50%, the first increase in 2 years, and scaled back measures put on by previous RBI Governor Subbarao to boost the rupee when they cut the marginal standing facility rate to 9.5% from 10.25%. Newly appointed RBI Governor Rajan said "We want to fight against inflation and we'll bring inflation down." He added the goal of the RBI is to slow wholesale-price inflation to below +5.0% y/y from the +6.1% y/y increase last month.
UK Aug public sector net borrowing rose +11.5 billion pounds, less than expectations of +11.9 billion pounds.
Japan Aug nationwide department store sales rose +2.7% y/y as they rebounded from the -2.5% y/y decline seen in July.

U.S. STOCK PREVIEW

There are three Fed officials that will speak today: Kansas City Fed President Esther George, St. Louis Fed President James Bullard, and Minneapolis Fed President Narayana Kocherlakota. There is one of the Russell 1000 companies that reports earnings today: Darden Restaurants (consensus $0.70).

OVERNIGHT U.S. STOCK MOVERS

Darden Restaurants (DRI -1.02%) reported Q1 EPS of 53 cents, well below consensus of 70 cents.
Facebook (FB +1.66%) was upgraded to "Outperform" from "Market Perform" at Cowen.
MetLife (MET -3.19%) was upgraded to "Conviction Buy" from "Buy" at Goldman.
Pier 1 Imports (PIR -13.86%) was upgraded to "Outperform" from "Neutral" at Credit Suisse.
Ameren (AEE -0.20%) was upgraded to "Overweight" from "Equal Weight" at Barclays.
Volvo (VOLVY +0.75%) was upgraded to "Buy" from "Hold" at Societe Generale.
Gabelli reported a 5.13% stake in Flushing Financial (FFIC -0.92%) .
American Capital Mortgage (MTGE -1.81%) cuts its dividend to 70 cents from 80 cents per share.
Cintas (CTAS -0.27%) reported Q1 EPS of 63 cents, right on consensus, although Q1 revenue of $1.12 billion was slightly better than consensus of $1.1 billion.
TIBCO (TIBX +2.64%) reported Q3 adjusted EPS of 28 cents, better than consensus of 22 cents.

MARKET COMMENTS

Dec E-mini S&Ps (ESZ13 +0.03%) this morning are little changed, down -0.50 of a point (-0.03%). The S&P 500 index on Thursday climbed to a record high early on carry-over support from the Fed’s action Wednesday to maintain its stimulus. Stocks, however, erased their gains and closed mostly lower after stronger-than-expected U.S. economic data on Aug existing home sales, and Sep Philadelphia Fed manufacturing activity bolstered speculation the Fed may still taper QE by year-end. Closes: S&P 500 -0.18%, Dow Jones -0.26%, Nasdaq 100 +0.19%.
Dec 10-year T-notes (ZNZ13 +0.05%) this morning are up +1.5 ticks. Dec 10-year T-note prices on Thursday fell back from a 5-week high and closed lower on concern that strength in U.S. economic data may yet prompt the Fed to cut its bond purchases. The Sep Philadelphia Fed manufacturing index jumped to a 2-1/2 year high and Aug existing home sales unexpectedly rose to a 6-1/2 year high. Closes: TYZ3 -12.00, FVZ3 -6.25.
The dollar index (DXY00 -0.02%) this morning is down -0.052 (-0.06%). EUR/USD (^EURUSD) is up +0.0010 (+0.07%) and USD/JPY (^USDJPY) is down -0.05 (-0.05%). The dollar index on Thursday closed higher after stronger-than-expected U.S. economic data fueled speculation the Fed may yet cut QE by year-end. EUR/USD posted a 7-1/4 month high after the Fed’s inaction to taper QE fueled a drop in global money market rates that may ease pressure on the ECB to provide additional stimulus. Closes: Dollar index +0.135 (+0.17%), EUR/USD +0.0007 (+0.06%), USD/JPY +1.528 (+1.56%).
Oct WTI crude oil (CLV13 -0.66%) this morning is down -39 cents (-0.37%) and Oct gasoline (RBV13 +0.32%) is up +0.0105 (+0.39%). Oct crude oil and gasoline prices on Thursday gave up early gains and closed lower. Bearish factors included (1) the rebound in the dollar, and (2) increased oil supplies after Libya’s oil minister said that its crude production will climb to 700,000-800,000 barrels a day from the current 200,000 barrels a day as it reopened its El Feel and Shahara oil fields that were shut after worker protests. Closes: CLV3 -1.68 (-1.55%), RBV3 -0.0449 (-1.64%).

GLOBAL EVENT CALENDAR09/20/2013

US	1230 ET	Kansas City Fed President Esther George speaks on the economy at the Manhattan Institute for Policy Research.
	1255 ET	St. Louis Fed President James Bullard speaks on the U.S. economy and monetary policy at the New York Association for Business Economics luncheon.
	1345 ET	Minneapolis Fed President Narayana Kocherlakota delivers a speech at the Conference on Extracting and Understanding the Risk Neutral Probability Density from Options Prices.
	1500 ET	Aug Cattle on Feed.
JPN	0130 ET	Japan Aug nationwide department store sales, July -2.5% y/y.
UK	0430 ET	UK Aug public sector net borrowing expected +11.9 billion pounds, July -1.6 billion pounds.
EUR	1000 ET	Eurozone Sep consumer confidence expected +1.1 to -14.5, Aug -15.6.

U.S. STOCK CALENDAR09/20/2013

Company Name	Ticker	Time	Event Description	Period	Estimate
Darden Restaurants Inc	DRI US	Bef-mkt	Q1 2014 Earnings Release	Q1 2014	0.703
Sealed Air Corp	SEE US	8:00	Analyst Day	Y 2013
Darden Restaurants Inc	DRI US	8:30	Q1 2014 Earnings Call	Q1 2014
Seadrill Ltd	SDRL NO	8:30	Annual General Meeting	Y 2013
Goodyear Tire & Rubber Co/The	GT US	9:00	Investor Meeting	Y 2013
Towers Watson & Co	TW US	9:30	Analyst Day	Y 2013
Golar LNG Ltd	GLNG US	10:10	Annual General Meeting	Y 2013
Advanced Micro Devices Inc	AMD US	Aft-mkt	Vertex Pharm. & Ametek Inc. Replace Advanced Micro Devices & SAIC in S&P 500
Advanced Micro Devices Inc	AMD US	Aft-mkt	Advanced Micro Devices & SAIC Replace Vertex Pharm. & Ametek in S&P MidCap 400
Alcoa Inc	AA US	Aft-mkt	Nike Inc. Will Replace Alcoa Inc. in DJIA
Hewlett-Packard Co	HPQ US	Aft-mkt	Visa Inc. Will Replace Hewlett-Packard Co. in DJIA
Bank of America Corp	BAC US	Aft-mkt	Goldman Sachs Group Will Replace Bank of America Corp in DJIA
NIKE Inc	NKE US	Aft-mkt	Nike Inc. Will Replace Alcoa Inc. in DJIA
Vertex Pharmaceuticals Inc	VRTX US	Aft-mkt	Vertex Pharm. & Ametek Inc. Replace Advanced Micro Devices & SAIC in S&P 500
Vertex Pharmaceuticals Inc	VRTX US	Aft-mkt	Advanced Micro Devices & SAIC Replace Vertex Pharm. & Ametek in S&P MidCap 400
AMETEK Inc	AME US	Aft-mkt	Vertex Pharm. & Ametek Inc. Replace Advanced Micro Devices & SAIC in S&P 500
AMETEK Inc	AME US	Aft-mkt	Advanced Micro Devices & SAIC Replace Vertex Pharm. & Ametek in S&P MidCap 400
Goldman Sachs Group Inc/The	GS US	Aft-mkt	Goldman Sachs Group Will Replace Bank of America Corp in DJIA
SAIC Inc	SAI US	Aft-mkt	Vertex Pharm. & Ametek Inc. Replace Advanced Micro Devices & SAIC in S&P 500
SAIC Inc	SAI US	Aft-mkt	Advanced Micro Devices & SAIC Replace Vertex Pharm. & Ametek in S&P MidCap 400
Visa Inc	V US	Aft-mkt	Visa Inc. Will Replace Hewlett-Packard Co. in DJIA

Barchart Morning Call 9/19

BARCHART MORNING CALL

Thursday, September 19th, 2013View Older Reports

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

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OVERNIGHT MARKETS AND NEWS

December E-mini S&Ps (ESZ13 +0.31%) this morning are up +0.44% at an all-time high and European stocks are up +1.18%. Asian stocks closed higher: Japan +1.18%, Hong Kong +1.67%, China, Taiwan and South Korea closed for holiday, Australia +1.10%, Singapore +1.81%, India +3.43%. Global stock and bond markets rallied after the Fed unexpectedly refrained from reducing the $85 billion pace of its monthly securities buying. Commodity prices are higher. Oct crude oil (CLV13 +0.55%) is up +0.60% and Oct gasoline (RBV13 +0.51%) is up +0.69%. Dec gold (GCZ13 +4.60%) is up +4.39% at a 1-week high and Dec copper (HGZ13 +1.86%) is up +1.86% at a 3-week high. Agricultural prices are stronger and livestock prices are mixed. The dollar index (DXY00 -0.12%) is down -0.12%. EUR/USD (^EURUSD) is up +0.26% at a 7-1/4 month high and USD/JPY (^USDJPY) is up +0.94%. December T-note prices are up +4 ticks.
Japan's Aug trade balance was in deficit by -960.3 billion yen, smaller than expectations of a -1.113 trillion yen deficit. Aug exports climbed +14.7% y/y, stronger than expectations of +14.5% y/y and the most in 3 years. Aug imports rose +16.0% y/y, weaker than expectations of +18.5% y/y.
The Japan July all-industry activity index rose +0.5% m/m, better than expectations of +0.3% m/m.
The Japan July leading index CI was revised up to 107.9 from the previously reported 107.8, and the July coincident index was revised up to 107.7 from the previously reported 106.4.
UK Aug retail sales ex autos unexpectedly fell -1.0% m/m, weaker than expectations of unch m/m and the biggest decline in 16-months, while Aug retail sales ex autos on an annual basis rose +2.3% y/y, weaker than expectations of +3.2% y/y. Aug retail sales including autos unexpectedly fell -0.9% m/m, weaker than expectations of +0.4% m/m and the biggest drop in 16-months, while Aug retail sales including autos on an annual basis rose +2.1% y/y, weaker than expectations of +3.3% y/y.
UK Sep CBI trends full volume of total orders rose to 9 from 0 in Aug, stronger than expectations of an increase to 2 and matched its highest level in 18 years. Sep CBI trends selling prices rose to 3 from 0 in Aug, stronger than expectations of 2.
In an interview published in the Danish newspaper Jyllands-Posten, ECB Council member Asmussen said that ECB interest rates will be low for some time and that "normalization" is not yet on the agenda. He added that he sees a very gradual recovery in the Eurozone the rest of this year and that the pace of the economic recovery will improve next year.

U.S. STOCK PREVIEW

Today’s weekly initial unemployment claims report is expected to show an increase of +38,000 to 330,000, more than reversing last week’s sharp decline of -31,000 to 292,000. Meanwhile, today’s continuing claims report is expected to show a +29,000 increase to 2.900 million, reversing part of last week’s decline of -73,000 to 2.871 million. Today’s Aug existing home sales report is expected to show a -2.6% decline to 5.25 million, giving back part of the +6.5% surge to a 3-3/4 year high of 5.39 million seen in July. Today’s Q2 current account balance is expected to narrow to -$97.0 billion from -$106.1 billion in Q1. Today’s Sep Philadelphia Fed manufacturing index is expected to show a +1.0 point increase to 10.3, stabilizing after the -10.5 point decline to 9.3 seen in August. The Treasury today will sell $13 billion in 10-year TIPS. There are four of the Russell 1000 companies that report earnings today: IHS (consensus $1.17), ConAgra (0.39), Cintas (0.63), TIBCO (0.22).
Equity conferences during the remainder of this week include: Credit Suisse Chemical & Ag Science Conference on Tue-Thu, 28th International Aluminum Conference on Wed-Thu, UBS Houston Energy Symposium on Wed-Thu, Credit Suisse Global Mining & Steel Conference on Thu, Mitsubishi UFJ Securities- Industrials Corporate Access Day on Thu.

OVERNIGHT U.S. STOCK MOVERS

Rite Aid (RAD +0.27%) reported Q2 EPS of 3 cents, better than consensus of a -4 cent loss.
Disney (DIS +0.19%) was downgraded to "Equal Weight" from "Overweight" at Morgan Stanley.
FedEx (FDX +5.03%) was downgraded to "Neutral" from "Buy" at Goldman.
IHS Inc. (IHS +0.84%) reported Q3 adjusted EPS of $1.27, better than consensus of $1.18.
Pier 1 Imports (PIR +0.64%) reported Q2 EPS of 17 cents, lower than consensus of 21 cents.
ConAgra Foods (CAG +0.69%) reported Q1 EPS of 37 cents, weaker than consensus of 39 cents.
Bloomberg reports that Wells Fargo (WFC +1.07%) is cutting 1,800 mortgage processing jobs in addition to the 3,000 cuts it announced earlier this quarter.
General Dynamics (GD +0.28%) was awarded a $187.53 million government contract for conversion of 44 each M1A1 and 40 each M1A2 model vehicles to a M1A2S configuration in support of the Kingdom of Saudi Arabia.
Deutsche Bank keeps a Buy rating on Tesla (TSLA -0.01%) and raises its price target on the stock to $200 from $160.
Steelcase (SCS +1.36%) fell over 5% in after-hours trading after ot reported Q2 EPS ex-charge of 24 cents, weaker than consensus of 26 cents.
Herman Miller (MLHR +0.33%) dropped nearly 3% in after-hours trading after it reported Q1 adjusted EPS of 43 cents, right on consensus, and reported Q1 revenue of $468.1 million, slightly better than consensus of $465.1 million.
Oracle (ORCL +1.83%) fell over 3% in after-hours trading after it reported Q1 adjusted EPS of 59 cents, better than consensus of 56 cents, but then lowered guidance on Q2 EPS view to 65 cents-70 cents, below consensus of 69 cents.

MARKET COMMENTS

Dec E-mini S&Ps (ESZ13 +0.31%) this morning are up +7.50 points (+0.44%) at a record high. The S&P 500 index on Wednesday catapulted up to a record high and closed higher after the Fed unexpectedly refrained from cutting QE3, saying it wants “more evidence” of growth progress before tapering stimulus. On the negative side, the Fed cut its U.S. 2013 GDP estimate to 2.0%-2.3% from June’s 2.3%-2.6% and cut its 2014 GDP estimate to 2.9%-3.1% from June’s 3.0%-3.5%. Closes: S&P 500 +1.22%, Dow Jones +0.95%, Nasdaq 100 +1.27%.
Dec 10-year T-notes (ZNZ13 +0.15%) this morning are up +4 ticks. Dec 10-year T-note prices on Wednesday closed sharply higher after the Fed unexpectedly maintained the pace of its monthly Treasury purchases. Other positives for T-notes included (1) the Fed’s cut in its U.S. GDP estimates for 2013 and 2014, and (2) the weaker-than-expected U.S. Aug housing starts and building permits. Closes: TYZ3 +1-14/32, FVZ3 +28.75.
The dollar index (DXY00 -0.12%) this morning is down -0.093 (-0.12%). EUR/USD (^EURUSD) is up +0.0035 (+0.26%) and USD/JPY (^USDJPY) is up +0.92 (+0.94%). The dollar index on Wednesday plunged to a 7-month low and closed sharply lower after the Fed unexpectedly refrained from cutting its $85 billion in monthly bond purchases. Another negative for the dollar was the action by the Fed to cut its 2013 and 2014 U.S. GDP estimates. Closes: Dollar index -0.906 (-1.12%), EUR/USD +.01628 (+1.22%), USD/JPY -1.189 (-1.20%).
Oct WTI crude oil (CLV13 +0.55%) this morning is up +65 cents (+0.60%) and Oct gasoline (RBV13 +0.51%) is up +0.0189 (+0.69%). Oct crude oil and gasoline prices on Wednesday closed sharply higher. Bullish factors included (1) the plunge in the dollar index to a 7-month low after the Fed refrained from cutting QE3, (2) the -4.37 million bbl slide in weekly EIA crude oil inventories to a 17-month low of 355.6 million bbl, and (3) the unexpected drop in weekly EIA gasoline supplies by -1.63 million bbl to a 4-month low of 216 million bbl. Closes: CLV3 +2.65 (+2.51%), RBV3 +0.0810 (+3.04%).

GLOBAL EVENT CALENDAR09/19/2013

US	0830 ET	Weekly initial unemployment claims expected +38,000 to 330,000, previous -31,000 to 292,000. Weekly continuing claims expected +29,000 to 2.900 million, previous -73,000 to 2.871 million.
	0830 ET	Q2 current account balance expected -$97.0 billion, Q1 -$106.1 billion.
	0830 ET	USDA weekly Export Sales.
	1000 ET	Sep Philadelphia Fed manufacturing index expected +1.0 to 10.3, Aug -10.5 to 9.3.
	1000 ET	Aug existing home sales expected -2.6% to 5.25 million, July +6.5% to 5.39 million.
	1000 ET	Aug leading indicators expected +0.6% July +0.6%.
	1100 ET	Treasury announces amounts of 2-year T-notes (previous $34 billion), 5-year T-notes (previous $35 billion) and 7-year T-notes (previous $29 billion) to be auctioned Sep 24-26.
	1220 ET	Cleveland Fed President Sandra Pianalto delivers a speech titled Looking for Common Ground and New Solutions in Household and Consumer Finance at the 2013 Policy Summit on Housing, Human Capital and Inequality.
	1300 ET	Treasury auctions $13 billion of 10-year TIPS.
JPN	0030 ET	Japan July all-industry activity index expected +0.3%, June -0.6% m/m.
UK	0430 ET	UK Aug retail sales ex autos expected unch m/m and +3.2% y/y, July +1.1% m/m and +3.1% y/y. Aug retail sales including autos expected +0.4% and +3.3% y/y, July +1.1% m/m and +3.0% y/y.
	0600 ET	UK Sep CBI trends of total orders expected 2, Aug 0. Sep CBI trends of avg selling prices expected 2, Aug 0.

U.S. STOCK CALENDAR09/19/2013

Company Name	Ticker	Time	Event Description	Period	Estimate
IHS Inc	IHS US	Bef-mkt	Q3 2013 Earnings Release	Q3 2013	1.17
ConAgra Foods Inc	CAG US	7:30	Q1 2014 Earnings Release	Q1 2014	0.392
IHS Inc	IHS US	8:00	Q3 2013 Earnings Call	Q3 2013
Clean Harbors Inc	CLH US	8:30	Investor Day	Y 2013
Ares Capital Corp	ARCC US	8:30	Investor Day	Y 2013
ConAgra Foods Inc	CAG US	9:30	Q1 2014 Earnings Call	Q1 2014
Express Scripts Holding Co	ESRX US	11:45	Economic Club of Canada Presents President, Michael Biskey
NIKE Inc	NKE US	13:00	Annual General Meeting	Y 2013
Microsoft Corp	MSFT US	16:00	Financial Analyst Meeting	Y 2013
Techne Corp	TECH US	16:30	Strategy Update Call
TIBCO Software Inc	TIBX US	16:30	Q3 2013 Earnings Call	Q3 2013
LSI Corp	LSI US	17:00	ITC Decision Due in LSI & Realtek Patent-Infringement Case
Cintas Corp	CTAS US	17:00	Q1 2014 Earnings Call	Q1 2014
Cintas Corp	CTAS US	Aft-mkt	Q1 2014 Earnings Release	Q1 2014	0.632
TIBCO Software Inc	TIBX US	Aft-mkt	Q3 2013 Earnings Release	Q3 2013	0.22
Washington Post Co/The	WPO US		Shareholders Day	Y 2013
John Wiley & Sons Inc	JW/A US		Annual General Meeting	Y 2013
Facebook Inc	FB US		Facebook CEO, Mark Zuckerberg, Meet with Republicans in the House