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Wednesday, March 15, 2017

MORNING CALL 3/15

Barchart Morning Call

Barchart.com - 37 minutes ago

OVERNIGHT MARKETS AND NEWS

Jun E-mini S&Ps (ESM17 +0.24%) this morning are up +0.16% and European stocks are up +0.05% as a rally in crude oil prices lifts energy producing stocks. Apr WTI crude (CLJ17 +2.14%) is up sharply by +2.01% after API data released late Tuesday showed U.S. crude stockpiles fell -531,000 bbl last week. The markets are expecting the FOMC to raise the fed funds rate by 25 bp today, but will be looking at the Fed's economic projections and any guidance from Fed Chair Yellen as to the future course of monetary policy. European stocks and EUR/USD also received a boost as the latest polls show the pro-EU Liberal Party leading against the anti-EU Freedom Party in today's elections in the Netherlands. Asian stocks settled mixed: Japan -0.16%, Hong Kong -0.15%, China +0.08%, Taiwan -0.04%, Australia +0.26%, Singapore -0.19%, South Korea unchanged, India -0.15%. Chinese stocks erased losses and closed higher after Chinese Premier Li Keqiang played down the risk of a trade conflict when he said it was important for both China and the U.S. to keep talking to build trust.

The dollar index (DXY00 -0.12%) is down -0.13%. EUR/USD (^EURUSD) is up +0.20%. USD/JPY (^USDJPY) is down -0.09%.

Jun 10-year T-note prices (ZNM17 +0.09%) are up +2.5 ticks.

ECB Executive Board member Praet said "looking through recent volatility, the inflation outlook does not at this stage warrant a reassessment of the current monetary policy stance." He added that "the recovery has yet to translate into a durable and self-sustained pick-up in inflation."

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) weekly MBA mortgage applications (previous +3.3% with purchase sub-index +1.7% and refi sub-index +5.2%), Mar Empire manufacturing survey general business conditions index (expected -3.7 to 15.0, Feb +12.2 to 18.7), (3) Feb CPI (expected unch m/m and +2.7% y/y, Jan +0.6% m/m and +2.5% y/y) and Feb CPI ex food & energy (expected +0.2% m/m and +2.2% y/y, Jan +0.3% m/m and +2.3% y/y), (4) Feb retail sales (expected +0.1% and +0.1% ex autos, Jan +0.4% and +0.8% ex autos), (5) Mar NAHB housing market index (expected unch at 65, Feb -2 to 65), (6) Jan business inventories (expected +0.3%, Dec +0.4%), (7) FOMC interest rate decision (expected 25 bp increase in fed funds target range to 0.75%-1.00%. FOMC releases updated macroeconomic forecasts and Fed Chair Yellen holds a press conference), (8) President Trump scheduled to release fiscal 2018 budget proposal, (9) EIA Weekly Petroleum Status Report.

Notable Russell 1000 earnings reports today include: Oracle (consensus $0.62), Williams-Sonoma (1.51), Jabil Circuit (0.46), Perrigo (1.78).

U.S. IPO's scheduled to price today: Canada Goose Holdings (GOOS).

Equity conferences: JP Morgan Aviation, Transportation & Industrials Conference on Mon-Wed, Bank of America Merrill Lynch Consumer and Retail Tech Conference on Tue-Wed, Barclays Emerging Payments Forum on Tue-Wed, Barclays Global Health Care Conference on Tue-Thu, Gabelli & Co. Waste & Environmental Services Symposium on Thu, American College of Cardiology Meeting on Fri.

OVERNIGHT U.S. STOCK MOVERS

Netflix (NFLX -0.23%) was upgraded to 'Hold' from 'Underperform' at Jeffries.

Intel (INTC +0.06%) was downgraded to 'Neutral' from 'Outperform' at Credit Suisse.

WedMD (WBMD +0.38%) was downgraded to 'Market Perform' from 'Outperform' at Cowen with a 12-month target price of $55.

AMC Entertainment Holdings (AMC +0.49%) was downgraded to 'Underperform' from 'Neutral' at Credit Suisse.

Penn Virginia (PVAC -0.20%) was rated a new 'Buy' at Johnson Rice.

Snapchat (SNAP -2.42%) was rated new 'Underweight' at Cantor Fitzgerald.

NeoPhotonics (NPTN -5.05%) sold-off 13% in after-hours trading after it said it sees Q1 revenue of $67 million-$73 million, well below consensus of $98 million.

Achaogen (AKAO -5.75%) sank 10% in after-hours trading after it reported a Q4 loss of -$1.04 a share, a much bigger loss than consensus of -48 cents.

Endo International PLC (ENDP -4.22%) lost 2% in after-hours trading after an FDA advisory panel said that the benefits of Endo's Opana XR no longer outweigh the risks.

FTD Cos. (FTD -0.68%) dropped over 8% in after-hours trading after it reported Q4 revenue of $280.7 million, below consensus of $282.5 million.

Rosetta Stone (RST +3.27%) jumped 12% in after-hours trading after it reported Q4 revenue of $51.7 million, higher than consensus of $48.1 million, and said it will provide Sourcenext in a license deal for education markets in Japan.

Fogo De Chao (FOGO -5.02%) rose almost 3% in after-hours trading after it reported Q4 adjusted EPS of 28 cents, better than consensus of 27 cents, and then said it sees full-year adjusted EPS of 92 cents-95 cents, above consensus of 92 cents.

Rubicon Project (RUBI -1.99%) slumped 14% in after-hours trading after it forecast a Q1 adjusted loss per share of -22 cents to -26 cents, much weaker than consensus of a profit of 10 cents.

T2 Biosystems (TTOO unch) fell over 3% in after-hours trading after it was downgraded to 'Underweight' from Equal-Weight' at Morgan Stanley.

MARKET COMMENTS

Jun E-mini S&Ps (ESM17 +0.24%) this morning are up +3.75 points (+0.16%). Tuesday's closes: S&P 500 -0.34%, Dow Jones -0.21%, Nasdaq -0.23%. The S&P 500 on Tuesday closed lower on the U.S. Feb PPI final demand report of +0.3% m/m and +2.2% y/y (stronger than expectations of +0.2% m/m and +1.9% y/y with the +2.2% y/y gain the largest year-on-year increase in 4-3/4 years) and the -1.40% slump in crude oil prices to a 3-1/2 month low, which undercut energy producing stocks.

Jun 10-year T-notes (ZNM17 +0.09%) this morning are up +2.5 ticks. Tuesday's closes: TYM7 +2.50, FVM7 +1.00. Jun 10-year T-notes recovered from a 2-1/2 month low Tuesday and closed higher on the slump in crude oil prices to a 3-1/2 month low, which reduces inflation expectations, and on the slide in stocks that boosted the safe-haven demand for T-notes. Gains were limited after U.S. Feb PPI final demand rose more than expected, which may prompt the Fed to speed up the pace of its rate hikes.

The dollar index (DXY00 -0.12%) this morning is down -0.13 (-0.13%). EUR/USD (^EURUSD) is up +0.0021 (+0.20%). USD/JPY (^USDJPY) is down -0.10 (-0.09%). Tuesday's closes: Dollar index +0.44 (+0.43%), EUR/USD -0.0049 (-0.46%), USD/JPY -0.13 (-0.11%). The dollar index on Tuesday closed higher on the +2.2% y/y gain in U.S. Feb PPI final demand report, the largest year-on-year increase in 4-3/4 years, which bolsters the case for the Fed to continue raising interest rates. There was also weakness in GBP/USD which fell to a 1-3/4 month low on Brexit concerns after the UK Parliament voted to give Prime Minister May the go-ahead to invoke Article 50 of the Lisbon Treaty that takes the UK out of the European Union.

Apr WTI crude oil prices (CLJ17 +2.14%) this morning are up +96 cents (+2.01%) and Apr gasoline (RBJ17 +1.47%) is +0.0209 (+1.32%). Tuesday's closes: Apr crude -0.68 (-1.40%), Apr gasoline +0.0028 (+0.18%). Apr crude oil and gasoline on Tuesday settled mixed with Apr crude at a 3-1/2 month low. Crude oil prices were undercut by a stronger dollar and by increased Saudi crude output after Saudi Arabian Feb crude oil production rose +2.7% m/m to 10.0111 million bpd. Crude oil prices were also undercut by expectations for Wednesday's EIA data to show crude inventories rose +3.0 million bbl. Gasoline closed higher on expectations for Wednesday's EIA gasoline stockpiles to fall -2.0 million bbl.

GLOBAL EVENT CALENDAR03/15/2017

		Wednesday, Mar 15
US	0700 ET	Weekly MBA mortgage applications, previous +3.3% with purchase sub-index +1.7% and refi sub-index +5.2%.
	0830 ET	Mar Empire manufacturing survey general business conditions expected -3.7 to 15.0, Feb +12.2 to 18.7.
	0830 ET	Feb CPI expected unch m/m and +2.7% y/y, Jan +0.6% m/m and +2.5% y/y. Feb CPI ex food & energy expected +0.2% m/m and +2.2% y/y, Jan +0.3% m/m and +2.3% y/y.
	0830 ET	Feb retail sales expected +0.1% and +0.1% ex autos, Jan +0.4% and +0.8% ex autos.
	1000 ET	Mar NAHB housing market index expected unch at 65, Feb -2 to 65.
	1000 ET	Jan business inventories expected +0.3%, Dec +0.4%.
	1030 ET	EIA Weekly Petroleum Status Report.
	1400 ET	FOMC interest rate decision expected 25 bp increase in fed funds target range to 0.75%-1.00%. FOMC releases updated macroeconomic forecasts and Fed Chair Yellen holds a press conference.
	n/a	President Trump scheduled to release fiscal 2018 budget proposal.
	n/a	U.S. debt ceiling suspension expires, but Treasury has until Aug-Sep until default.
		Thursday, Mar 16
US	0830 ET	Weekly initial unemployment claims expected -3,000 to 240,000, previous +20,000 to 243,000. Weekly continuing claims expected -5,000 to 2.053 million, previous -6,000 to 2.058 million.
	0830 ET	Feb housing starts expected +1.4% to 1.263 million, Jan -2.6% to 1.246 million. Feb building permits expected -2.0% to 1.267 million, Jan +5.3% to 1.293 million.
	0830 ET	USDA weekly Export Sales.
	0830 ET	Mar Philadelphia Fed business outlook survey expected -13.3 to 30.0, Feb +19.7 to 43.3.
	1000 ET	Jan JOLTS job openings expected +61,000 to 5.562 million, Dec -4,000 to 5.501 million.
	1100 ET	Treasury announces amount of 10-year TIPS to be auctioned Mar 23 (previous $13 billion).
	1300 ET	Treasury Secretary Mnuchin and German Finance Minister Schaeuble meet in Berlin to discuss trade and economic issues, with a joint press conference to follow the meeting.

U.S. STOCK CALENDAR03/15/2017

Company	Ticker	Time	Event Description	Period	Estimate
Agilent Technologies Inc	A US	11:00	Annual General Meeting
Perrigo Co PLC	PRGO US		Q4 2016 Earnings Release	Q4 16	1.775
Jabil Circuit Inc	JBL US	Aft-mkt	Q2 2017 Earnings Release	Q2 17	0.464
Oracle Corp	ORCL US	Aft-mkt	Q3 2017 Earnings Release	Q3 17	0.618
Williams-Sonoma Inc	WSM US	Aft-mkt	Q4 2017 Earnings Release	Q4 17	1.508
Jabil Circuit Inc	JBL US	16:30	Q2 2017 Earnings Call	Q2 17
Oracle Corp	ORCL US	17:00	Q3 2017 Earnings Call	Q3 17
Williams-Sonoma Inc	WSM US	17:00	Q4 2017 Earnings Call	Q4 17

Tuesday, August 2, 2016

MORNING CALL 8/2

MORNING CALL

Tuesday, August 2nd, 2016View Older Reports

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

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OVERNIGHT MARKETS AND NEWS

Sep E-mini S&Ps (ESU16 -0.23%) are down -0.15% and European stocks are down -1.45% at a 2-week low as weakness in European bank stocks leads the overall market lower. Commerzbank AG, Germany's second-largest lender, is down 8% after it scrapped its profit target for this year and forecast a drop in earnings, while Italy's UniCredit dropped over 5% after Il Messaggero reported that the bank may consider a capital increase of as much as 8 billion euros ($8.96 billion). Another negative for European stocks is concern that rising prices may keep the ECB from boosting stimulus measures after Eurozone Jun PPI rose a more-than-expected +0.7% m/m, the largest monthly increase in 3-3/4 years. Asian stocks settled mostly lower: Japan -1.47%, Hong Kong closed for holiday, China +0.61%, Taiwan -0.13%, Australia -0.84%, Singapore -1.24%, South Korea -0.74%, India -0.08%. Japanese stocks closed lower after USD/JPY dropped to a 3-week low when the Japanese government announced 4.6 trillion yen ($45 billion) in extra spending for the current fiscal year, much less than the 28 trillion-yen amount Japanese Prime Minister Abe had signaled in a speech last week. Australia's 10-year bond yield fell to a record low 1.823% after the Reserve Bank of Australia (RBA) cut its benchmark rate by 25 bp to a record low 1.5% today.

The dollar index (DXY00 -0.29%) is down -0.30% at a week low. EUR/USD (^EURUSD) is up +0.26% at a 1-1/4 month high. USD/JPY (^USDJPY) is down-0.63% at a 3-week low.

Sep T-note prices (ZNU16 -0.34%) are down -14 ticks.

The RBA cut its benchmark rate by 25 bp to a record low 1.5% and RBA Governor Stevens said that "recent data confirm that inflation remains quite low and given very subdued growth in labor costs and very low cost pressures elsewhere in the world, this is expected to remain the case for some time."

The Eurozone Jun PPI of +0.7% m/m and -3.1% y/y was stronger than expectations of +0.4% m/m and -3.4% y/y with the +0.7% m/m gain the largest monthly increase in 3-3/4 years.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Dallas Fed President Robert Kaplan speaks on economic conditions and implications for monetary policy at an Official Monetary and Financial Institutions Forum City Lecture in Beijing, China, (2) Jun personal spending (expected +0.3%, May +0.4%) and Jun personal income (expected +0.3%, May +0.2%), (3) Jun PCE deflator (expected +0.2% m/m and +0.9% y/y, May +0.2% m/m and +0.9% y/y) and Jun core PCE deflator (expected +0.1% m/m and +1.6% y/y, May +0.2% m/m and +1.6% y/y), (4) Jul New York ISM (May 45.4), (5) Jul total vehicle sales (expected 17.30 million, Jun 16.61 million).

There are 40 of the S&P 500 companies that report earnings today with notable reports including: Procter & Gamble (consensus $0.75), Emerson Electric (0.84), Royal Caribbean Cruises (1.02), Martin Marietta Materials (2.02), Seagate Technology (0.60), Aetna (2.12), Harris Corp (1.05), Pfizer (0.62), CVS Health (1.30), ADM (0.45), Cummins (2.16), Devon Energy (-0.20), Electronic Arts (-0.02), Verisk Analytics (0.76).

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

Equity conferences this week include: Wells Fargo Services Conference on Wed-Thu.

OVERNIGHT U.S. STOCK MOVERS

Buffalo Wild Wings (BWLD +1.21%) was downgraded to 'Hold' from 'Buy' at Maxim Group.

Frontier Communications (FTR -2.31%) slid over 3% in pre-market trading after it reported Q2 adjusted Ebitda of $1.03 billion, less than consensus of $1.05 billion.

Charter Communications (CHTR +0.48%) was rated a new 'Buy' at Bank of America/Merrill Lynch with a price target of $300.

Williams Cos. (WMB -6.01%) rallied over 4% in after-hours trading after the company cut its dividend to 20 cents a share from 64 cents and said it will reinvest $1.7 billion into Williams Partners through 2017 with the cash saved from the lower dividends.

Texas Roadhouse (TXRH +1.02%) dropped over 5% in after-hours trading after it reported Q2 franchise comps of +2.6%, below consensus of +3.7%.

FormFactor (FORM +0.53%) was upgraded to 'Buy' from 'Hold' at Stifel with a 12-month target price of $13.

Tenet Healthcare (THC -5.55%) lost over 2% in after-hours trading after it reported Q2 adjusted EPS of 38 cents, weaker than consensus of 51 cents.

Chegg (CHGG +2.78%) climbed nearly 4% in after-hours trading after it reported Q2 adjusted EPS of 5 cents, better than consensus of 3 cents.

Trex Co. (TREX +0.82%) gained nearly 3% in after-hours trading after it reported Q2 EPS of 79 cents, higher than consensus of 71 cents.

Atwood Oceanics (ATW -3.65%) rose 3% in after-hours trading after it reported Q3 revenue of $227.8 million, above consensus of $225.2 million.

T2 Biosystems (TTOO +24.38%) slumped 9% in after-hours trading after it reported an Q2 EPS loss of -58 cents, wider than consensus of -56 cents

Amkor Technology (AMKR +2.54%) jumped 11% in after-hours trading after it reported an unexpected Q2 EPS profit of 2 cents, better than consensus for an -8 cent loss, and said it sees Q3 sales of $1.01 billion-$1.09 billion, higher than consensus of $936 million.

Cognex (CGNX +0.33%) surged 15% in after-hours trading after it reported Q2 EPS continuing operations of 50 cents, higher than consensus of 44 cents, and then said it sees Q3 revenue of $142 million-$147 million, above consensus of $127.6 million.

MARKET COMMENTS

Sep E-mini S&Ps (ESU16 -0.23%) this morning are down -3.25 points (-0.15%). Monday's closes: S&P 500 -0.13%, Dow Jones -0.15%, Nasdaq +0.55%. The S&P 500 on Monday retreated from a new all-time high and closed lower on the -0.6 point decline in the U.S. Jul ISM manufacturing index to 52.6 (weaker than expectations of -0.2 to 53.0) and on the sell-off in energy producers caused by the -3.7% drop in crude oil prices to a new 3-1/2 month low.

Sep 10-year T-notes (ZNU16 -0.34%) this morning are down -14 ticks. Monday's closes: TYU6 -8.00, FVU6 -2.50. Sep T-notes on Monday closed lower on hawkish comments from New York Fed President Dudley who said investors "appear to be too complacent" on interest rates" and "it is premature” to rule out Fed rate hikes this year.

The dollar index (DXY00 -0.29%) is down -0.285 (-0.30%) at a 4-week low. EUR/USD (^EURUSD) is up +0.0029 (+0.26%) at a 1-1/4 month high. USD/JPY (^USDJPY) is down -0.64 (-0.63%) at a 3-week low. Monday's closes: Dollar index +0.183 (+0.195%), EUR/USD -0.0011 (-0.10%), USD/JPY +0.33 (+0.32%). The dollar index on Monday closed higher on hawkish comments from New York Fed President Dudley who said "it is premature to rule out further monetary policy tightening this year." USD/JPY saw strength ahead of expectations that Japanese Prime Minister Abe on Tuesday will unveil the details of his 28 trillion-yen ($273 billion) fiscal stimulus package.

Sep WTI crude oil (CLU16 +1.45%) this morning is up +50 cents (+1.25%) and Sep gasoline (RBU16 +1.69%) is up +0.0227 (+1.74%). Monday's closes: CLU6 -1.54 (-3.70%), RBU6 -0.0158 (-1.20%). Sep crude oil and gasoline on Monday closed lower with Sep crude at a 3-1/2 month low on the stronger dollar and on global energy demand concerns after the U.S. Jul ISM manufacturing PMI and the China Jul manufacturing PMI were both weaker-than-expected. There was also negative carryover from last Friday's Baker Hughes report that U.S. active oil rigs increased for a fifth straight week.

GLOBAL EVENT CALENDAR08/02/2016

		Tuesday, Aug 2
US	0615 ET	Dallas Fed President Robert Kaplan speaks on economic conditions and implications for monetary policy at an Official Monetary and Financial Institutions Forum City Lecture in Beijing, China.
	0830 ET	Jun personal spending expected +0.3%, May +0.4%. Jun personal income expected +0.3%, May +0.2%.
	0830 ET	Jun PCE deflator expected +0.2% m/m and +0.9% y/y, May +0.2% m/m and +0.9% y/y. Jun core PCE deflator expected +0.1% m/m and +1.6% y/y, May +0.2% m/m and +1.6% y/y.
	0945 ET	Jul New York ISM, May 45.4.
	n/a	Jul total vehicle sales expected 17.30 million, Jun 16.61 million. Jul domestic vehicle sales expected 13.06 million, Jun 12.76 million.
		Wednesday, Aug 3
US	0700 ET	Weekly MBA mortgage applications.
	0815 ET	Jul ADP employment change expected +170,000, Jun +172,000.
	0830 ET	Treasury announces amount of 3-year T-notes (previous $24 billion), 10-year T-notes (previous $20 billion) and 30-year T-bonds (previous $12 billion) to be auctioned Aug 9-11 in the Aug quarterly refunding.
	0945 ET	Revised Jul Markit services PMI expected +0.1 to 51.0; prelim-Jul -0.5 to 50.9. Revised Jul Markit composite PMI, prelim-Jul +0.3 to 51.5.
	1000 ET	Jul ISM non-manufacturing PMI expected -0.6 to 55.9, Jun +0.6 to 56.5.
	1030 ET	EIA Weekly Petroleum Status Report.
GER	0355 ET	Revised German Jul Markit services PMI, prelim-Jul +0.9 to 54.6.
EUR	0400 ET	Revised Eurozone Jul Markit composite PMI, prelim-Jul -0.2 to 52.9.
	0500 ET	Eurozone Jun retail sales expected unch m/m and +1.8% y/y, May +0.4% m/m and +1.6% y/y.

U.S. STOCK CALENDAR08/02/2016

Company	Ticker	Time	Event Description	Period	Estimate
Emerson Electric Co	EMR US	Bef-mkt	Q3 2016 Earnings Release	Q3 2016	0.843
NiSource Inc	NI US	Bef-mkt	Q2 2016 Earnings Release	Q2 2016	0.072
Pinnacle West Capital Corp	PNW US	Bef-mkt	Q2 2016 Earnings Release	Q2 2016	1.135
Expeditors International of Washington Inc	EXPD US	Bef-mkt	Q2 2016 Earnings Release	Q2 2016	0.589
Welltower Inc	HCN US	Bef-mkt	Q2 2016 Earnings Release	Q2 2016	1.14
Royal Caribbean Cruises Ltd	RCL US	Bef-mkt	Q2 2016 Earnings Release	Q2 2016	1.021
Martin Marietta Materials Inc	MLM US	Bef-mkt	Q2 2016 Earnings Release	Q2 2016	2.017
Seagate Technology PLC	STX US	Bef-mkt	Q4 2016 Earnings Release	Q4 2016	0.604
Teradata Corp	TDC US	Bef-mkt	Q2 2016 Earnings Release	Q2 2016	0.596
Mallinckrodt PLC	MNK US	Bef-mkt	Q3 2016 Earnings Release	Q3 2016	2.011
Aetna Inc	AET US	6:00	Q2 2016 Earnings Release	Q2 2016	2.118
Eaton Corp PLC	ETN US	6:30	Q2 2016 Earnings Release	Q2 2016	1.069
Entergy Corp	ETR US	6:30	Q2 2016 Earnings Release	Q2 2016	1.049
Harris Corp	HRS US	6:30	Q4 2016 Earnings Release	Q4 2016	1.438
Pfizer Inc	PFE US	6:45	Q2 2016 Earnings Release	Q2 2016	0.624
Molson Coors Brewing Co	TAP US	6:45	Q2 2016 Earnings Release	Q2 2016	1.094
AmerisourceBergen Corp	ABC US	6:45	Q3 2016 Earnings Release	Q3 2016	1.268
CVS Health Corp	CVS US	6:50	Q2 2016 Earnings Release	Q2 2016	1.303
Xylem Inc/NY	XYL US	6:55	Q2 2016 Earnings Release	Q2 2016	0.474
Archer-Daniels-Midland Co	ADM US	7:00	Q2 2016 Earnings Release	Q2 2016	0.448
Pitney Bowes Inc	PBI US	7:00	Q2 2016 Earnings Release	Q2 2016	0.39
Procter & Gamble Co/The	PG US	7:00	Q4 2016 Earnings Release	Q4 2016	0.745
Cardinal Health Inc	CAH US	7:00	Q4 2016 Earnings Release	Q4 2016	1.13
Mosaic Co/The	MOS US	7:00	Q2 2016 Earnings Release	Q2 2016	0.117
Discovery Communications Inc	DISCA US	7:00	Q2 2016 Earnings Release	Q2 2016	0.567
Cummins Inc	CMI US	7:30	Q2 2016 Earnings Release	Q2 2016	2.164
Pitney Bowes Inc	PBI US	8:00	Q2 2016 Earnings Call	Q2 2016
Cardinal Health Inc	CAH US	8:00	Q4 2016 Earnings Call	Q4 2016
Dun & Bradstreet Corp/The	DNB US	8:00	Q2 2016 Earnings Call	Q2 2016
Ecolab Inc	ECL US	8:30	Q2 2016 Earnings Release	Q2 2016	1.078
Harris Corp	HRS US	8:30	Q4 2016 Earnings Call	Q4 2016
CVS Health Corp	CVS US	8:30	Q2 2016 Earnings Call	Q2 2016
Procter & Gamble Co/The	PG US	8:30	Q4 2016 Earnings Call	Q4 2016
Aetna Inc	AET US	8:30	Q2 2016 Earnings Call	Q2 2016
Teradata Corp	TDC US	8:30	Q2 2016 Earnings Call	Q2 2016
Discovery Communications Inc	DISCA US	8:30	Q2 2016 Earnings Call	Q2 2016
Mallinckrodt PLC	MNK US	8:30	Q3 2016 Earnings Call	Q3 2016
Archer-Daniels-Midland Co	ADM US	9:00	Q2 2016 Earnings Call	Q2 2016
NiSource Inc	NI US	9:00	Q2 2016 Earnings Call	Q2 2016
General Growth Properties Inc	GGP US	9:00	Q2 2016 Earnings Call	Q2 2016
Seagate Technology PLC	STX US	9:00	Q4 2016 Earnings Call	Q4 2016
Mosaic Co/The	MOS US	9:00	Q2 2016 Earnings Call	Q2 2016
Xylem Inc/NY	XYL US	9:00	Q2 2016 Earnings Call	Q2 2016
Ford Motor Co	F US	9:15	July 2016 Sales and Revenue Release
Williams Cos Inc/The	WMB US	9:30	Q2 2016 Earnings Call	Q2 2016
Cummins Inc	CMI US	10:00	Q2 2016 Earnings Call	Q2 2016
Eaton Corp PLC	ETN US	10:00	Q2 2016 Earnings Call	Q2 2016
Equifax Inc	EFX US	10:00	Business Update Call
Ford Motor Co	F US	10:00	July 2016 Sales and Revenue Call
Pfizer Inc	PFE US	10:00	Q2 2016 Earnings Call	Q2 2016
Vornado Realty Trust	VNO US	10:00	Q2 2016 Earnings Call	Q2 2016
Alliant Energy Corp	LNT US	10:00	Q2 2016 Earnings Call	Q2 2016
Welltower Inc	HCN US	10:00	Q2 2016 Earnings Call	Q2 2016
Royal Caribbean Cruises Ltd	RCL US	10:00	Q2 2016 Earnings Call	Q2 2016
Entergy Corp	ETR US	11:00	Q2 2016 Earnings Call	Q2 2016
Molson Coors Brewing Co	TAP US	11:00	Q2 2016 Earnings Call	Q2 2016
AmerisourceBergen Corp	ABC US	11:00	Q3 2016 Earnings Call	Q3 2016
American International Group Inc	AIG US	Aft-mkt	Q2 2016 Earnings Release	Q2 2016	0.922
FMC Corp	FMC US	Aft-mkt	Q2 2016 Earnings Release	Q2 2016	0.68
ONEOK Inc	OKE US	Aft-mkt	Q2 2016 Earnings Release	Q2 2016	0.437
Cerner Corp	CERN US	Aft-mkt	Q2 2016 Earnings Release	Q2 2016	0.571
Electronic Arts Inc	EA US	Aft-mkt	Q1 2017 Earnings Release	Q1 2017	-0.023
Fiserv Inc	FISV US	Aft-mkt	Q2 2016 Earnings Release	Q2 2016	1.074
Newfield Exploration Co	NFX US	Aft-mkt	Q2 2016 Earnings Release	Q2 2016	0.157
Hanesbrands Inc	HBI US	Aft-mkt	Q2 2016 Earnings Release	Q2 2016	0.524
Concho Resources Inc	CXO US	Aft-mkt	Q2 2016 Earnings Release	Q2 2016	0.053
Verisk Analytics Inc	VRSK US	Aft-mkt	Q2 2016 Earnings Release	Q2 2016	0.762
Fortive Corp	FTV US	Aft-mkt	Q2 2016 Earnings Release	Q2 2016	0.613
Alaska Air Group Inc	ALK US		July 2016 Sales and Revenue Release - Traffic Results	2016
Delta Air Lines Inc	DAL US		July 2016 Sales and Revenue Release - Traffic Results	2016
General Motors Co	GM US		July 2016 Sales and Revenue Release	2016

Monday, July 11, 2016

MORNING CALL 7/11

MORNING CALL

Monday, July 11th, 2016View Older Reports

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OVERNIGHT MARKETS AND NEWS

Sep E-mini S&Ps (ESU16 +0.35%) this morning are mildly higher by +5.25 (+0.25%) on carry-over support from last Friday's strong U.S. June payroll report of +287,000 combined with today's +4% rally in the Nikkei index on positive Sunday election results in Japan. Asian stocks today closed higher across the board: Japan +3.98%, Hong Kong +1.54%, Chinese Shanghai Composite +0.23%, Taiwan +1.68%, Australia +2.04%, Singapore +1.02%, South Korea +1.46%, India +1.84%, Turkey +1.01%. European stocks are higher nearly across the board this morning with the Euro Stoxx 50 index up +0.47%, the FTSE up +0.52%, and the German DAX up +0.97%.

The Nikkei index today rallied sharply by +4% after Prime Minister Abe's ruling LDP party won a convincing victory in Sunday's upper house election, thus ensuring that PM Abe can focus on new stimulus measures to help the economy. Abe has on June 1 said that he will take "broad, bold" measures to support the economy that will include delaying the planned sales-tax increase. There have been reports that a new fiscal stimulus package could be as large as 20 trillion yen ($200 billion) in the current fiscal year. The LDP party won 56 of the 121 upper house seats in contention, giving Mr. Abe a ruling supermajority after including uncontested seats and the 14 seats won by junior coalition party Komeito.

Energy Minister Andrea Leadsom today withdrew from the UK Conservative leadership race, thus giving Home Secretary Theresa May a clear path to becoming the new Conservative Party leader and prime minister. That news is positive for Britain since it reduces political uncertainty and should help the Conservative Party navigate its way on negotiating a Brexit deal with Europe. The British pound this morning rallied on the news that Ms. Leadsom dropped out of the race due to the reduced political uncertainty.

The dollar index (DXY00 +0.26%) is up +0.34 (+0.35%) this morning while EUR/USD (^EURUSD) is down -0.0008 (-0.07%) and USD/JPY (^USDJPY) is sharply higher by +1.78 (+1.77%). The yen is weaker on reduced safe-haven demand with the rally in global stocks. The dollar index is higher on continued support from the strong U.S. interest differentials combined with increased confidence about the U.S. economy after last Friday's strong U.S. payroll report.

Sep 10-year T-note prices (ZNU16 -0.27%) this morning are down -5.5 ticks due to reduced safe-haven demand with the global rally in stocks today and carry-over weakness from last Friday's strong U.S. payroll report.

Commodity prices this morning are up strongly by +0.71% due to strength in metals and ag prices, which has overshadowed weakness in petroleum prices. Sep copper (HGU16 +1.63%) this morning is up +0.036 (+1.68%) and Sep silver (SIU16 +1.62%) is up +0.351 (+1.75%) due to expectations for a new Japanese fiscal stimulus package combined with continued optimism from last Friday's stronger-than-expected payroll report of +287,000. Gold prices (GCQ16 +0.07%) are slightly higher by +2.1 (+0.15%) despite the stronger dollar.

Aug WTI crude oil prices (CLQ16 -0.64%) this morning are down -0.66 (-1.45%) and Aug gasoline prices (RBQ16 +0.06%) are down -0.0097 (-0.71%) due to carry-over downward pressure from last Friday's news from Baker Hughes that active U.S. oil rigs rose by +10 rigs to 351 in the week ended July 8, adding to the previous week's +11 rig increase. The 2-week gain of +6.4% in the U.S. oil rig count may indicate that U.S. oil production will be on the rise again with oil companies reopening some rigs due to higher oil prices.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Kansas City Fed President Esther George (voter) speaks on the U.S. economy at the Mid-America Labor Management Conference, (2) Treasury auctions $24 billion of 3-year T-notes, (3) USDA weekly grain export inspections, and (4) USDA Weekly Crop Progress.

Russell 1000 companies reporting earnings today: Alcoa (consensus $0.09).

U.S. IPO's scheduled to price today: LINE Corp (LN)

Equity conferences this week include: none.

Sep E-mini S&Ps this morning are mildly higher by +5.25 (+0.25%) on carry-over support from last Friday's strong U.S. June payroll report of +287,000 combined with today's +4% rally in the Nikkei index on positive Sunday election results in Japan. Friday's closes: S&P 500 +1.53%, Dow Jones +1.40%, Nasdaq +1.54%. The S&P 500 on Friday rallied to an 11-1/2 month high and closed higher on the +287,000 increase in U.S. Jun non-farm payrolls, stronger than expectations of +180,000 and the largest increase in 8 months, which bolstered confidence in the U.S. economy.

OVERNIGHT U.S. STOCK MOVERS

Nintendo (7974 Japan) rallied sharply by +25% today, adding to last Friday's rally of +9% after the runaway success of the company's new Pokeman GO phone game that challenges players to find Pokeman characters in the physical world.
HeartWare International (HTWR +0.19%) was downgraded to 'Market Perform' from 'Outperform' at Leerink Partners.
A U.S. Court of Appeals in San Francisco said that Monster Beverage (MNST +0.24%) can be sued over false advertising claims related to the caffeine content of its drinks.
T2 Biosystems (TTOO -30.09%) gained over 1% in after-hours trading after Tiger Management reported a 5.2% passive stake in the company.
Biostar Pharmaceutical (BSPM -8.40%) slipped -2% in after-hours trading after GeoInvesting said the recent 260% surge in the stock price warrants some "due diligence" to confirm the market's euphoria.
BorgWarner (BWA +3.91%) rose 0.3% in after-hour trading after GIC Private reported a new 5.09% passive stake in the company.
Network-1 Technologies (NTIP +2.55%) jumped 17% in after-hours trading after its subsidiary, Mirror World Technologies, agreed to settled its patent litigation against Apple. NTIP will receive $25 million from Apple for the settlement.

MARKET COMMENTS

Sep 10-year T-note prices this morning are down -5.5 ticks due to reduced safe-haven demand with the global rally in stocks today and carry-over weakness from last Friday's strong U.S. payroll report. Friday's closes: TYU6 +3.50. FVU6 +1.00. Sep T-notes on Friday closed higher on signs of tepid U.S. wage growth after Jun average hourly earnings rose +0.1% m/m and +2.6% y/y, slightly weaker than expectations of +0.2% m/m and +2.7% y/y. T-note prices were undercut by reduced safe-haven demand as the stock market rallied and by the much larger-than-expected +278,000 increase in U.S. Jun non-farm payrolls.

The dollar index is up +0.34 (+0.35%) this morning while EUR/USD is down -0.0008 (-0.07%) and USD/JPY is sharply higher by +1.78 (+1.77%). The yen is weaker on reduced safe-haven demand with the rally in global stocks. The dollar index is higher on continued support from the strong U.S. interest differentials combined with increased confidence about the U.S. economy after last Friday's strong U.S. payroll report. Friday's closes: Dollar Index -0.026 (-0.03%), EUR/USD -0.0012 (-0.11%), USD/JPY -0.23 (-0.23%). The dollar index on Friday posted a 1-1/2 week high but fell back and closed little changed. The dollar was undercut by the smaller-than-expected increase in U.S. Jun average hourly earnings, which signals tepid wage growth that may keep the Fed from raising interest rates. On the bullish side was the strong U.S. payroll report and the slide in EUR/USD to a 1-1/2 week low after German May exports unexpectedly fell -1.8% m/m, weaker than expectations of +0.4% m/m and the biggest decline in 9 months.

Aug WTI crude oil prices this morning are down -0.66 (-1.45%) and Aug gasoline prices are down -0.0097 (-0.71%) due to carry-over downward pressure from last Friday's news from Baker Hughes that active U.S. oil rigs rose by +10 rigs to 351 in the week ended July 8, adding to the previous week's +11 rig increase. Friday's closes: CLQ6 +0.27 (+0.60%), RBQ6 +0.0077 (+0.56%). Aug crude and gasoline on Friday closed higher on the larger-than-expected increase in U.S. Jun non-farm payrolls, which bolstered confidence in the U.S. economy and in energy demand. Crude oil prices were also boosted by ongoing rebel attacks in Nigeria after Agip Oil reported several of their oil pipelines in the Nigeria Delta were damaged by rebel attacks.

GLOBAL EVENT CALENDAR07/11/2016

		Monday, July 11, 2016
US	1000 ET	Kansas City Fed President Esther George (voter) speaks on the U.S. economy at the Mid-America Labor Management Conference.
	1100 ET	USDA weekly grain export inspections.
	1300 ET	Treasury auctions $24 billion of 3-year T-notes.
	1600 ET	USDA Weekly Crop Progress.
		Tuesday, July 12, 2016
US	0915 ET	Fed Governor Danial Tarullo delivers opening remarks at a conference on shadow banking.
	0935 ET	St. Louis Fed President James Bullard (voter) delivers a presentation at a breakfast meeting of the NABE.
	1000 ET	May wholesale inventories expected +0.2% m/m, Apr +0.6% m/m. May wholesale trade sales expected +0.5% m/m, Apr +1.0% m/m.
	1000 ET	May JOLTS job openings, Apr +118,000 to 5.788 million.
	1200 ET	USDA Jul WASDE crop production.
	1300 ET	Treasury auctions $20 billion of 10-year T-notes.
	1730 ET	Minneapolis Fed President Neel Kashkari (non-voter) holds a town hall forum at Northern Michigan University on the state of the economy and the role of the Federal Reserve.
JPN	0030 ET	Japan May tertiary industry index expected -0.8% m/m, Apr +1.4% m/m.
GER	0200 ET	German Jun wholesale price index, May +0.9% m/m and -2.3% y/y.
	0200 ET	Revised German Jun CPI (EU harmonized), prelim-Jun +0.1% m/m and +0.2% y/y.
CHI	n/a	China Jun trade balance expected +$46.00 billion, May +$49.98 billion. Jun exports expected -5.0% y/y, May 4.1% y/y. Jun imports expected -6.2% y/y, May -0.4% y/y.

U.S. STOCK CALENDAR07/11/2016

Company	Ticker	Time	Event Description	Period	Estimate
Alcoa Inc	AA	17:00	Q2 2016 Earnings Call	Q2 2016
Alcoa Inc	AA	Aft-mkt	Q2 2016 Earnings Release	Q2 2016	0.093
TD Ameritrade Holding Corp	AMTD		June 2016 Sales and Revenue Release	2016
Spirit Airlines Inc	SAVE		June 2016 Sales and Revenue Release - Traffic Results	2016
IHS Inc	IHS		Special Meeting - M&A Vote
United Continental Holdings Inc	UAL		June 2016 Sales and Revenue Release - Traffic Results	2016