BARCHART MORNING CALL 9/15

BARCHART MORNING CALL

Tuesday, September 15th, 2015View Older Reports

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OVERNIGHT MARKETS AND NEWS

December E-mini S&Ps (ESZ15 +0.10%) are up +0.05% and European stocks are up +0.72%. European stocks recovered from a 2-week low and moved higher led by strength in automakers after Eurozone Aug new car registrations rose +11.2% y/y to 745,000. European stocks had slid to a 2-week low after China's Shanghai Composite fell more than 3% to a 2-week low and after German investor confidence fell more than expected to a 10-month low. Comments from OECD Secretary General Gurria added to the negative tone in stocks when he said the global economy is not accelerating and that the OECD may cut its global economic outlook. Asian stocks closed mostly lower: Japan +0.34%, Hong Kong -0.49%, China -3.52%, Taiwan -0.57%, Australia -1.53%, Singapore -1.03%, South Korea +0.23%, India -0.58%. Japanese stocks closed higher and the yen strengthened after the BOJ refrained from adding additional stimulus following today's 2-day policy meeting and after BOJ Governor Kuroda said he sees a gradual recovery continuing in the economy.

The dollar index (DXY00 -0.05%) is up +0.02%. EUR/USD (^EURUSD) is down -0.13%. USD/JPY (^USDJPY) is down -0.44%.

Dec T-note prices (ZNZ15 +0.06%) are up +3 ticks.

The German Sep ZEW survey expectations of economic growth fell -12.9 to 12.1, weaker than expectations of -6.7 to 18.3 and the lowest in 10 months.

Eurozone Aug new car registrations rose +11.2% y/y to 745,000.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Aug retail sales (expected +0.3% and +0.2% ex autos), (2) Sep Empire manufacturing survey general business conditions (expected +14.52 to -0.40), (3) Aug industrial production (expected -0.2% m/m), (4) Aug capacity utilization (expected -0.2 to 77.8%), (5) Jul business inventories (expected +0.1%).

One of the Russell 2000 companies report earnings today: United Natural Foods (consensus $0.72).

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

Equity conferences this week include: Bank of America Merrill Lynch Power & Gas Leaders Conference on Wed-Thu, Citi 2015 Industrials Conference on Wed-Thu, Deutsche Bank Technology Conference on Wed-Thu, Morgan Stanley Industrials Conference on Wed-Thu, Barclays Capital Global Financial Services Conference on Wed-Fri, Credit Suisse Basic Materials Conference on Wed-Fri, Goldman Sachs Communacopia Conference on Wed-Fri, Morgan Stanley Global Healthcare Conference on Wed-Fri, Bank of America Merrill Lynch Global Health Care Conference on Thu, Imperial Capital Global Opportunities Conference on Thu, and AACR CRI-CIMT-EATI Immunotherapy Conference on Thu-Fri.

OVERNIGHT U.S. STOCK MOVERS

Owens-Illinois (OI +0.25%) and Weyerhaeuser (WY -0.51%) were both upgraded to 'Buy' from 'Neutral' at BofA/Merrill Lynch.

Corning (GLW -0.28%) was initiated with a 'Buy' at Deutsche Bank with a price target of $21.

The Fresh Market (TFM -0.90%) was upgraded to 'Buy' from 'Hold' at Jefferies.

Whirlpool (WHR -0.91%) was upgraded to 'Top Pick' from 'Outperform' at RBC Capital.

Nordstrom (JWN -0.57%) was upgraded to 'Buy' from 'Hold' at Stifel.

Joy Global (JOY -0.11%) was downgraded to 'Neutral' from 'Buy' at Axiom.

Commerzbank (CRZBY -0.13%) was downgraded to 'Sell' from 'Neutral' at Goldman Sachs.

UBS (UBS -1.93%) was downgraded to 'Neutral' from 'Buy' at Goldman Sachs.

Credit Suisse (CS -2.16%) was upgraded to 'Conviction Buy' from 'Buy' at Goldman Sachs.

Carl Icahn raised his stake in Cheniere Energy (LNG +2.60%) to 9.59% from 8.18%.

Glenhill Advisors reported a 5.9% passive stake in UTi Worldwide (UTIW -1.99%) .

Fitbit (FIT -1.23%) was initiated with an 'Overweight' at Pacific Crest with a price target of $47.

Bristow Group (BRS -2.80%) was initiated with an 'Outperform' at Oppenheimer with a price target of $52.

MARKET COMMENTS

Dec E-mini S&Ps (ESZ15 +0.10%) this morning are up +1.00 point (+0.05%). Monday's closes: S&P 500 -0.41%, Dow Jones -0.38%, Nasdaq -0.33%. The S&P 500 Monday closed lower on negative carry-over from a slide in Chinese stocks on concern the slowdown in China is deepening after China Aug industrial production rose +6.1% y/y, weaker than expectations of +6.5% y/y, and after China Aug fixed asset investment rose at the slowest pace in 14-1/2 years. Also, weakness in energy and raw-material stocks pressured the overall market after copper and crude oil declined.

Dec 10-year T-notes (ZNZ15 +0.06%) this morning are up +3 ticks. Monday's closes: TYZ5 +0.50, FVZ5 +0.25. Dec T-notes Monday closed higher on carryover support from a rally in German bunds which rose to a 2-1/2 week high and on weakness in stocks which boosted the safe-haven demand for Treasuries. T-notes also garnered support on speculation the Fed will refrain from raising interest rates at this Wednesday and Thursday’s FOMC meeting.

The dollar index (DXY00 -0.05%) this morning is up +0.017 (+0.02%). EUR/USD (^EURUSD) is down -0.0015 (-0.13%). USD/JPY (^USDJPY) is down-0.53 (-0.44%). Monday's closes: Dollar Index +0.052 (+0.05%), EUR/USD -0.0021 (-0.19%), USD/JPY -0.36 (-0.30%). The dollar index Monday rebounded from a 2-week low and closed higher on short-covering ahead of the 2-day FOMC meeting this Wednesday and Thursday, and on speculation that the BOJ and ECB may expand their stimulus measures as the Fed raises interest rates, which is positive for dollar interest rate differentials.

Oct crude oil (CLV15 +1.00%) this morning is up +40 cents (+0.91%) and Oct gasoline (RBV15 +0.87%) is up +0.0119 (+0.91%). Monday's closes: CLV5-0.51 (-1.14%), RBV5 -0.0634 (-4.63%). Oct crude oil and gasoline closed lower Monday with Oct gasoline at a 7-1/2 month nearest-futures low on Chinese economic concerns after China Aug industrial production rose less than expected, which signals reduced energy demand and consumption. Crude prices were also pressured from a rebound in the dollar after the dollar index recovered from a 2-week low and closed higher.

GLOBAL EVENT CALENDAR09/15/2015

US	0830 ET	Aug retail sales expected +0.3% and +0.2% ex autos, Jul +0.6% and +0.4% ex autos.
	0830 ET	Sep Empire manufacturing survey general business conditions expected +14.52 to -0.40, Aug -18.78 to -14.92.
	0915 ET	Aug industrial production expected -0.2% m/m, Jul +0.6% m/m. Aug capacity utilization expected -0.2 to 77.8%, Jul +0.3 to 78.0%.
	1000 ET	Jul business inventories expected +0.1%, Jun +0.8%.
EUR	0200 ET	Eurozone Aug new car registrations, Jul +14.6% y/y.
	0500 ET	Eurozone Q2 employment, Q1 +0.1% q/q and +0.8% y/y.
UK	0430 ET	UK Aug CPI expected +0.2% m/m and unch y/y, Jul -0.2% m/m and +0.1% y/y. Aug core CPI expected +1.0% y/y, Jul +1.2% y/y.
	0430 ET	UK Aug RPI expected +0.3% m/m and +0.9% y/y, Jul -0.1% m/m and +1.0% y/y. Aug RPI ex-mortgage interest payments expected +0.9% y/y, Jul +1.1% y/y.
	0430 ET	UK Aug PPI input prices expected -2.4% m/m and -13.6% y/y, Jul -0.9% m/m and -12.4% y/y.
	0430 ET	UK Aug PPI output prices expected -0.2% m/m and -1.7% y/y, Jul -0.1% m/m and -1.6% y/y. Aug PPI output core expected unch m/m and +0.2% y/y, Jul +0.1% m/m and +0.3% y/y.
	0430 ET	UK Jul ONS house prices, Jun +5.7% y/y.
GER	0500 ET	German Sep ZEW survey expectations of economic growth expected -6.7 to 18.3, Aug 25.0. Sep ZEW survey current situation expected-1.7 to 64.0, Aug 65.7.
JPN	n/a	BOJ announces interest rate decision and asset purchase target.

U.S. STOCK CALENDAR09/15/2015

Company	Ticker	Time	Event Description	Period	Estimate
United Natural Foods Inc	UNFI US	Aft-mkt	Q4 2015 Earnings Release	Q4 2015	0.721

BARCHART MORNING CALL 12/17

BARCHART MORNING CALL

Wednesday, December 17th, 2014View Older Reports

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OVERNIGHT MARKETS AND NEWS

March E-mini S&Ps (ESH15 +0.56%) this morning are up +0.61% ahead of the outcome of today's FOMC meeting, while European stocks are down -0.92%, led by a decline in bank stocks on concern of their exposure to Russian debt. The Russian ruble has stabilized temporarily near 66 per dollar, above yesterday's record low of near 80 per dollar, after Russian Economy Minister Ulyukayev denied speculation the government would impose restrictions to stop Russians from converting rubles into dollars. The ruble has plunged 52% against the dollar so far this year as the weight of international economic sanctions along with the plunge in crude to a 5-1/2 year low has decimated the ruble. Asian stocks closed mixed: Japan +0.38%, Hong Kong -0.37%, China +1.73%, Taiwan -1.37%, Australia +0.18%, Singapore +0.38%, South Korea -0.29%, India -0.27%. Chinese stocks closed higher and received a boost on speculation the government will expand stimulus after the PBOC rolled over a portion of a 3-month lending facility from September that was set to expire. Commodity prices are mixed. Jan crude oil (CLF15 -2.50%) is down -1.70% after Russian Energy Minister Novak said that the price of crude oil "will stabilize itself" and Russia will not cut crude production and will keep output steady near the current 10.6 million bpd. Jan gasoline (RBF15 -1.18%) is down -0.91%. Feb gold (GCG15 +0.39%) is up +0.54%. Mar copper (HGH15 -0.89%) is down -0.93% at a 2-week low. Agriculture prices are mixed. The dollar index (DXY00 +0.16%) is up +0.17%. EUR/USD (^EURUSD) is down -0.43%. USD/JPY (^USDJPY) is up +0.63%. Mar T-note prices (ZNH15 -0.17%) are down -5 ticks.
ECB Executive Board member Coeure said in an interview with the L'Opinion newspaper that "there is a broad consensus in the ECB Governing Council to do more and we are now discussing the instruments to use."
The Japan Nov trade balance widened to a deficit of -891.9 billion yen from a downward revised -736.9 billion yen deficit in Oct, a smaller deficit than expectations of -992.0 billion yen. Japan Nov exports rose +4.9% y/y, less than expectations of +7.0% y/y, and Jan imports unexpectedly fell -1.7% y/y, weaker than expectations of +1.6% y/y and the biggest decline in 6 months.
Eurozone Q3 labor costs rose +1.3% y/y, a smaller increase than the upward revised +1.4% y/y from Q2.
The UK Nov jobless claims fell -26,900, more than expectations of -20,000. The Nov claimant count rate fell -0.1 to 2.7%, right on expectations and the lowest in 6-1/3 years.
UK Oct avg weekly earnings rose +1.4%3-mo avg, better than expectations of +1.2% 3-mo avg and the most in 7 months. Oct avg weekly earnings ex-bonus rose +1.6% 3-mo avg, right on expectations and the most in 2 years.

U.S. STOCK PREVIEW

The 2-day FOMC meeting concludes today.  Today's headline Nov CPI is expected to fall to +1.4% y/y from +1.7% in October.  Excluding food and energy, however, today’s Nov core CPI is expected to be unchanged from October at +1.8% y/y.  Today’s Q3 current account deficit is expected to narrow slightly to -$97.5 billion from -$98.5 billion in Q2.  There are 5 of the Russell 1000 companies that report earnings today:  Oracle (consensus $0.68), General Mills ($0.76), Joy Global (1.14), FedEx (2.25), Jabil Circuit (0.47).  Equity conferences today include: Sanford C. Bernstein Technology Innovation Summit on Tue-Wed.

OVERNIGHT U.S. STOCK MOVERS

General Mills (GIS -0.66%) reported Q2 EPS of 80 cents, better than consensus of 76 cents.
FedEx (FDX -1.14%) reported Q2 EPS of $2.14, below consensus of $2.22.
JPMorgan Chase keeps an 'Overweight' rating on CVS Health (CVS +2.72%) and raises the price target on the stock to $108 from $92.
Consolidated Edison (ED +0.14%) was downgraded to 'Sell' from 'Hold' at Deutsche Bank.
PG&E (PCG -0.76%) was downgraded to 'Hold' from 'Buy' at Deutsche Bank.
Joy Global (JOY +0.30%) reported Q4 EPS of $1.25, higher than consensus of $1.14.
Northrop Grumman (NOC +1.33%) was awarded a $657.4 million government contract that will provide the Republic of Korea four RQ-4B Block 30 Global Hawk air vehicles, two spare engines, and the applicable Ground Control Environment elements.
GIC Private reported a 7.07% passive stake in UBS (UBS +0.23%) .
Colfax (CFX -1.52%) lowered guidance on fuscal 2015 EPS to $2.20-$2.40, below consensus of $2.58 and said it sees fiscal 2015 revenue of $4.53 billiob-$4.68 billion, less than consensus of $4.8 billion.
Gabelli reported an 11.09% stake in Griffin (GRIF +1.16%) .
Thermo Fisher (TMO -1.76%) was initiated with a 'Buy' at KeyBanc with a price target of $144.
Ruby Tuesday (RT -1.10%) reported Q2 company-owned Same-Store-Sales down 1%, weaker than same-store-sales guidance provided on October 8 of up 1%-2% for Q2.
Darden Restaurants (DRI -2.26%) rose over 1% in after-hours trading after it reported Q2 EPS of 28 cents, better than consensus of 27 cents.

MARKET COMMENTS

Mar E-mini S&Ps (ESH15 +0.56%) this morning are up +12.00 points (+0.61%). The S&P 500 index on Tuesday fell to a 1-1/2 month low and closed lower: S&P 500 -0.85%, Dow Jones -0.65%, Nasdaq -1.63%. Bearish factors included (1) Chinese economic concerns after the China Dec HSBC manufacturing PMI fell -0.5 to a 7-month low of 49.5, weaker than expectations of -0.2 to 49.8, (2) the unexpected -1.6% decline in U.S. Nov housing starts to 1.028 million, and (3) the ongoing meltdown in the ruble and fears that a Russian financial crisis could spread into Europe and the U.S. A positive factor was a rally in energy producers after crude oil recovered from a 5-1/2 year low and closed slightly higher.
Mar 10-year T-notes (ZNH15 -0.17%) this morning are down -5 ticks. Mar 10-year T-note futures prices on Tuesday posted a 2-month high: TYH5 +12.50, FVH5 +9.00. Bullish factors included (1) the fall in crude oil to a 5-1/2 year low, which prompted the 10-year breakeven inflation expectations rate to fall to a 4-1/4 year low, and (2) increased safe-haven demand from financial turmoil in Russia after the Russian ruble sank to a record low of 79 per dollar.
The dollar index (DXY00 +0.16%) this morning is up +0.154 (+0.17%). EUR/USD (^EURUSD) is down -0.0054 (-0.43%). USD/JPY (^USDJPY) is up +0.73 (+0.63%). The dollar index on Tuesday fell to a 2-week low and closed lower. Closes: Dollar index -0.335 (-0.38%), EUR/USD +0.00739 (+0.59%), USD/JPY -1.427 (-1.20%). Bearish factors included (1) strength in EUR/USD which rallied to a 3-week high after German Dec ZEW survey expectations of economic growth rose to an 8-month high and after Eurozone Dec Markit manufacturing PMI rose to its best level in 5 months, and (2) the fall in USD/JPY fell to a 4-week low after a slide in global stocks boosted the safe-haven demand for the yen.
Jan WTI crude oil (CLF15 -2.50%) this morning is down -95 cents (-1.70%) and Jan gasoline (RBF15 -1.18%) is down -0.0140 (-0.91%). Jan crude and Jan gasoline prices Tuesday posted new 5-1/2 year lows but recovered and settled mixed. Closes: CLF5 +0.02 (+0.04%), RBF5 -0.0393 (-2.49%). Supportive factors included (1) the slide in the dollar index to a 2-week low, and (2) expectations for weekly EIA crude stockpiles on Wednesday to fall -2.65 million bbl. The main bearish factor centers on signs of ample global crude supplies amid expectations that OPEC will refrain from cutting production.

GLOBAL EVENT CALENDAR12/17/2014

US	0700 ET	Weekly MBA mortgage applications, previous +7.3% with purchase sub-index +1.3% and refi sub-index +13.2%.
	0830 ET	Nov CPI expected -0.1% m/m and +1.4% y/y, Oct unch m/m and +1.7% y/y. Nov CPI ex food & energy expected +0.1% m/m and +1.8% y/y, Oct +0.2% m/m and +1.8% y/y.
	0830 ET	Q3 current account balance expected -$97.5 billion, Q2 -$98.5 billion.
	1030 ET	EIA Weekly Petroleum Status Report.
	1400 ET	FOMC announces interest rate decision and issues updated economic projections.
JPN	0100 ET	Revised Japan Nov machine tool orders.
UK	0430 ET	Minutes of the Dec 3-4 BOE meeting. , previous +36.6% y/y
	0430 ET	UK Nov jobless claims change expected -20,000, Oct -20,400. Nov claimant count rate expected -0.1 to 2.7%, Oct 2.8%.
	0430 ET	UK Oct avg weekly earnings expected +1.2% 3-mo avg, Sep +1.0% 3-mo avg. Oct avg weekly earnings ex-bonus expected +1.6% 3-mo avg y/y, Sep +1.3% 3-mo avg y/y.
	0430 ET	UK Oct ILO unemployment rate expected -0.1 to 5.9%, Sep 6.0%.
EUR	0500 ET	Revised Eurozone Nov CPI, previous +0.3% y/y. Revised Nov core CPI, previous +0.7% y/y.
	0500 ET	Eurozone Q3 labor costs, Q2 +1.2% y/y.
CHI	2030 ET	China Nov property prices.

U.S. STOCK CALENDAR12/17/2014

Company	Ticker	Time	Event Description	Period	Estimate
General Mills Inc	GIS US	Bef-mkt	Q2 2015 Earnings Release	Q2 2015	0.762
Joy Global Inc	JOY US	6:00	Q4 2014 Earnings Release	Q4 2014	1.135
FedEx Corp	FDX US	7:30	Q2 2015 Earnings Release	Q2 2015	2.247
FedEx Corp	FDX US	8:30	Q2 2015 Earnings Call	Q2 2015
General Mills Inc	GIS US	8:30	Q2 2015 Earnings Call	Q2 2015
Pentair PLC	PNR US	9:00	Q4 2015 Guidance Call	Q4 2015
Lennox International Inc	LII US	9:00	Investment Community Meeting	Y 2014
Greif Inc	GEF US	10:00	Q4 2014 Earnings Call	Q4 2014
WESCO International Inc	WCC US	10:00	Q4 2015 Guidance Call	Q4 2015
Joy Global Inc	JOY US	11:00	Q4 2014 Earnings Call	Q4 2014
Whirlpool Corp	WHR US	11:00	Investor Day	Y 2014
Jabil Circuit Inc	JBL US	16:02	Q1 2015 Earnings Release	Q1 2015	0.47
Jabil Circuit Inc	JBL US	16:30	Q1 2015 Earnings Call	Q1 2015
Oracle Corp	ORCL US	17:00	Q2 2015 Earnings Call	Q2 2015
Oracle Corp	ORCL US	Aft-mkt	Q2 2015 Earnings Release	Q2 2015	0.683
Raymond James Financial Inc	RJF US		November 2014 Sales and Revenue Release - Operating Data	2014

Barchart Morning Call 11/27

BARCHART MORNING CALL

Wednesday, November 27th, 2013View Older Reports

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OVERNIGHT MARKETS AND NEWS

December E-mini S&Ps (ESZ13 +0.07%) this morning are up +0.10% and European stocks are up +0.36% after a measure of German consumer confidence rose to the highest in 6-1/3 years. Asian stocks closed mixed: Japan -0.42%, Hong Kong +0.53%, China +1.13%, Taiwan +0.58%, Australia -0.45%, Singapore -0.05%, South Korea +0.33%, India -0.02%. Commodity prices are mixed. Jan crude oil (CLF14 -1.04%) is down -0.42% and Jan gasoline (RBF14 +0.29%) is up +0.48%. Dec gold (GCZ13 +0.78%) is up +0.80%. Dec copper (HGZ13 +0.02%) is up +0.30%. Agricultural and livestock prices are higher. The dollar index (DXY00 -0.08%) is down -0.10% at a 1-1/2 week low. EUR/USD (^EURUSD) is up +0.15% at a 3-week high after German lawmakers reached a coalition with Chancellor Merkel. USD/JPY (^USDJPY) is up +0.49%. The British pound climbed to a 10-3/4 month high against the dollar after no revision to UK Q3 GDP confirmed Britain's economic growth accelerated in Q3. December T-note prices (ZNZ13 -0.15%) are down -7 ticks.
EUR/JPY soared to a 4-1/4 year high today as German Chancellor Merkel reached a coalition agreement with the Social Democrats more than 2-months after her Christian Democratic Party won national elections. This puts Chancellor Merkel on track for her third term leading Germany until 2017 once the agreement is passed by the entire 470,000 member SPD.
German Dec Gfk consumer confidence rose +0.3 to 7.4, better than expectations of +0.1 to 7.1 and the highest in 6-1/3 years.
UK Q3 GDP was left unrevised at +0.8% q/q and +1.5% y/y as expected, although Q3 private consumption was revised upward to +0.8% q/q from the originally reported +0.6% q/q. Also, Q3 exports were revised lower to -2.4% q/q from the originally reported -1.0% q/q and Q3 imports were revised down to +0.4% q/q from +1.3% q/q.
UK Q3 total business investment was +1.4% q/q and -6.3% y/y, stronger than the Q2 reading of -2.7% q/q and -8.5% y/y.
UK Nov CBI reported sales unexpectedly fell to 1 from 2 in Oct, weaker than expectations of an increase to 10 and the slowest pace of sales in 5 months.

U.S. STOCK PREVIEW

Today’s weekly initial unemployment claims report is expected to show an increase of +7,000 to 330,000, reversing part of last week’s unexpected -21,000 drop to 323,000. Meanwhile, today’s continuing claims report is expected to show a decline of -26,000 to 2.850 million, reversing part of last week’s +66,000 increase to 2.876 million. Today’s Oct durable goods orders report is expected to show a decline of -2.0% mainly because of weak aircraft orders. Excluding transportation, Oct durable goods orders are expected to show an increase of +0.5% after the -0.2% decline in September. Today’s Nov Chicago PMI index is expected to show a decline by -5.9 to 60.0, giving back more than one-half of the +10.2 point surge to 65.9 seen in October. Today’s late-Nov U.S. consumer confidence index from the University of Michigan is expected to show a +1.1 point increase to 73.1 from the early-Nov level of 72.0. The Treasury today will sell $29 billion in 7-year T-notes, concluding this week’s $96 billion T-note package.
There is only 1 of the Russell 1000 companies that reports earnings today: Golar LNG (consnsus $0.04). There is one equity conference today: 12th Annual World Drug Manufacturing Summit 2013 on Tue-Wed.

OVERNIGHT U.S. STOCK MOVERS

UBS (UBS +0.38%) was upgraded to 'Outperform' from 'Sector Perform' at RBC Capital.
Gap (GPS +0.37%) was downgraded to 'Hold' from 'Buy' at Argus.
FBR Capital kept its 'Outperform" rating on Expedia (EXPE +1.53%) and raised its price target on the stock to $70 from $65.
Intel (INTC -0.42%) was downgraded to 'Sector Perform' from 'Outperform' at RBC Capital.
DigiTimes reporrs that Apple (AAPL +1.84%) has increased its orders of iPad mini with Retina in November to 4 million units and that orders for the iPad mini with Retina haave already surpassed those for the first-generation iPad mini.
Zurich Insurance (ZURVY +0.53%) was upgraded to 'Buy' from 'Hold' at Societe Generale.
GW Pharmaceuticals (GWPH +1.39%) jumped 9% in after-hours trading after Piper Jaffray initiated an 'Overweight' on the stock with a price target of $73.
Burger King (BKW +0.48%) said it had established a joint venture with Groupe Olivier Bertrand to aggressively develop and expand the Burger King brand presence in France.
SAIC (SAIC -4.96%) announced that it was awarded a prime contract by the U.S. Space and Naval Warfare Systems Center Atlantic worth as much as $890 million if all options are exercised to provide transport, computing and infrastructure support services related to command, control, communications, computers, combat systems, intelligence, surveillance, and reconnaissance.
Hewlett-Packard (HPQ -0.91%) climbed over 7% in after-hours trading after it reported Q4 EPS of $1.01, higher than consensus of $1.00.

MARKET COMMENTS

Dec E-mini S&Ps (ESZ13 +0.07%) this morning are up +1.75 points (+0.10%). The S&P 500 index on Tuesday fluctuated between modest gains and losses throughout the day and finally closed little changed. Supporting stocks was (1) the Sep Case/Shiller composite-20 home price index that rose +13.29% y/y, better than expectations of +13.00% y/y and the most in 7-1/2 years, and (2) U.S. Oct building permits that rose +6.2% to 1.034 million, a 5-1/3 year high. Concerns over consumer spending undercut stocks after U.S. Nov consumer confidence (Conference Board) unexpectedly slipped -2.0 points to a 7-month low of 70.4, weaker than expectations of a +1.4 point increase to 72.6. Closes: S&P 500 +0.01%, Dow Jones unch, Nasdaq 100 +0.53%.
Dec 10-year T-notes (ZNZ13 -0.15%) this morning are down -7 ticks. Dec T-notes on Tuesday closed higher on speculation the unexpected drop in U.S. Nov consumer confidence to a 7-month low will prompt the Fed to maintain its $85 billion of monthly bond purchases. Limiting gains in T-notes was the jump in Oct building permits to a 5-1/2 year high and the increase in home prices in the Sep Case/Shiller composite-20 home price index by the most in 7-1/2 years. Closes: TYZ3 +12.50, FVZ3 +6.50.
The dollar index (DXY00 -0.08%) this morning is down -0.079 (-0.10%) at a 1-1/2 week low. EUR/USD (^EURUSD) is up +0.0021 (+0.15%) ata 3-week high and USD/JPY (^USDJPY) is up +0.50 (+0.49%). The dollar index on Tuesday closed lower on speculation the unexpected slide in U.S. Nov consumer confidence may keep the Fed from tapering QE3. EUR/USD closed higher after ECB Executive Board member Coeure said the ECB doesn't see deeper disinflation. Closes: Dollar index -0.309 (-0.38%), EUR/USD +0.00555 (+0.41%), USD/JPY -0.387 (-0.38%).
Jan WTI crude oil (CLF14 -1.04%) this morning is down -39 cents (-0.42%) and Jan gasoline (RBF14 +0.29%) is up +0.0129 (+0.48%). Jan crude oil and gasoline prices on Tuesday closed mixed. Negative factors included (1) the unexpected decline in U.S. Nov consumer confidence to a 7-month low and (2) expectations for Wednesday's weekly EIA crude inventories to increase for a tenth consecutive week. Gasoline prices closed higher on speculation demand will increase as consumers travel during the Thanksgiving holiday. Closes: CLF4 -0.41 (-0.44%), RBF4 +0.0089 (+0.33%).

GLOBAL EVENT CALENDAR11/27/2013

US	0700 ET	Weekly MBA mortgage applications, previous -2.3% with purchase sub-index +5.8% and refi sub-index -6.5%.
	0830 ET	Weekly initial unemployment claims expected +7,000 to 330,000, previous -21,000 to 323,000. Weekly continuing claims expected -26,000 to 2.850 million, previous +66,000 to 2.876 million.
	0830 ET	Oct durable goods orders expected -2.0% and +0.5% ex transportation, Sep +3.8% and -0.2% ex transportation.
	0830 ET	Oct Chicago Fed national activity index expected -0.04 to 0.10, Sep 0.14.
	0945 ET	Nov Chicago PMI expected -5.9 to 60.0, Oct +10.2 to 65.9.
	0955 ET	End-Nov University of Michigan U.S. consumer confidence expected +1.1 to 73.1, previous -1.2 to 72.0.
	1000 ET	Oct leading indicators expected unch m/m, Sep +0.7%
	1030 ET	EIA Weekly Petroleum Status Report.
	1300 ET	Treasury auctions $29 billion 7-year T-notes.
GER	0400 ET	German Dec GfK consumer confidence expected +0.1 to 7.1, Nov 7.0.
UK	0430 ET	Revised UK Q3 GDP, previous +0.8% q/q and +1.5% y/y.
	0430 ET	UK Sep index of services, Aug +0.4% m/m and +0.6% 3-mo/3-mo.
	0430 ET	UK Q3 total business investment expected +2.0% q/q, Q2 -2.7% q/q and -8.5% y/y
	0430 ET	UK Nov CBI reported sales expected +8 to 10, Oct 2.
JPN	1850 ET	Japan Oct retail sales expected -0.8% m/m and +2.1% y/y, Sep +1.7% m/m and +3.0% y/y.
CHI	2030 ET	China Oct industrial profits, Sep +13.5% year-to-date y/y.

U.S. STOCK CALENDAR11/27/2013

Company Name	Ticker	Time	Event Description	Period	Estimate
Golar LNG Ltd	GLNG US	Bef-mkt	Q3 2013 Earnings Release	Q3 2013	0.041
Walt Disney Co/The	DIS US		U.S. Box Office Release of Movie Frozen""
Avago Technologies Ltd	AVGO US		ITC Due to Release Findings in Avago vs. Mellanox Patent-Infringement Case

BARCHART MORNING CALL 10/16

BARCHART MORNING CALL 

Wednesday, October 16th, 2013View Older Reports

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OVERNIGHT MARKETS AND NEWS

December E-mini S&Ps (ESZ13 +0.37%) this morning are up +0.34% after Democratic Senator Reid and Republican Senator McConnell reopened stalled budget negotiations last night and said they are "optimistic that an agreement is within reach." European stocks are down -0.39% on weaker-than-expected earnings results from Danone, which fell -3.9% after the company said Q3 revenue rose +4.2% y/y, weaker than expectations of a +4.8% y/y increase, and a -6.2% slide in LVMH Moet Hennessy Louis Vuitton SA, after the company reported Q3 revenue of 7.02 billion euros, lower than expectations of 7.24 billion euros. Asian stocks closed mixed: Japan +0.18%, Hong Kong -0.46%, China -1.87%, Taiwan -0.43%, Australia +0.07%, Singapore +0.28%, South Korea -0.29%. China's Shanghai Stock Index closed down -1.87% after JPMorgan Chase cut its recommendation on Chinese stocks to "Underweight," citing an economic slowdown and potential policy disappointment from a Communist Party meeting next month. Commodity prices are mostly higher. Nov crude oil (CLX13 +0.05%) is up +0.06% and Nov gasoline (RBX13 +0.20%) is up +0.18%. Dec gold (GCZ13 +0.57%) is up +0.78% and Dec copper (HGZ13 -1.07%) is down -1.09%. Agricultural and livestock prices are mixed. The dollar index (DXY00 -0.22%) is down -0.16%. EUR/USD (^EURUSD) is up +0.18% and USD/JPY (^USDJPY) is up +0.18%. December T-note prices (ZNZ13 -0.04%) are unchanged.
UK Sep jobless claims fell -41,700, more than expectations of -25,000 and the biggest decline in 16 years. The Sep claimant count rate unexpectedly fell -0.2 to 4.0%, the lowest in 4-3/4 years as jobless claims have now fallen for eleven consecutive months.
UK Aug employment climbed +155,000 in the 3-months through Aug to a record 29.9 million, better than expectations of an increase of +125,000. The Aug ILO unemployment rate was 7.7% in the 3-months through Aug, right on expectations.

U.S. STOCK PREVIEW

The markets today will be hoping for a CR and debt ceiling agreement from the Senate and that House Speaker Boehner will be willing to put the Senate plan to a vote on the House floor. There are 22 of the S&P 500 companies that report earnings today with notable reports including Abbott Labs (consensus $0.51), Northern Trust (0.77), US Bancorp (0.76), Mattel (1.11), Bank of New York Mellon (0.58), Blackrock (3.88), Bank of America (0.21), Pepsico (1.17), eBay (0.63), American Express (1.22), IBM (3.96).
Equity conferences during the remainder of this week include: 10/16/2013 on Wed; International Cash and Treasury Management Conference on Wed-Fri; Canaccord Genuity Global Resource Conference on Wed-Fri; Conference Board of Canada: Canada's North Summit 2013 on Wed; Bloomberg Oil & Gas Conference on Thu; Global Automotive Forum Annual Conference on Thu.

OVERNIGHT U.S. STOCK MOVERS

Reuters reported that Dallas Fed President Fisher said "reckless" U.S. fiscal policy will likely force the Fed to stand pat on monetary policy this month.
PNC Financial Services Group (PNC -0.64%) reported Q3 EPS of $1.79, well ahead of consensus of $1.62.
Pepsico (PEP -0.60%) reported Q3 EPS of $1.24, stronger than consensus of $1.17.
Bank of America (BAC -0.77%) reported Q3 EPS of 28 cents, better than consensus of 21 cents.
Mattel (MAT -0.93%) reported Q3 EPS of $1.16, stronger than consensus of $1.11.
Stanley Black & Decker (SWK -2.26%) reported Q3 EPS of $1.39, better than consensus of $1.38.
The WSJ reported that JPMorgan Chase (JPM -0.76%) has agreed to pay the Commodity Futures Trading Commission $100 million to settle charges related to the bank's failed London Whale trade.
CNBC reports that Twitter (TWTR) will be listed on the NYSE.
Gabelli reported a 6.16% stake in Lennar (LEN -2.83%) .
CSX (CSX +0.31%) reported Q3 EPS of 46 cents, better than consensus of 43 cents.
Yahoo (YHOO -1.82%) rallied 2% in after-hours trading after it reported Q3 EPS of 34 cents, better than consensus of 33 cents.
Intel (INTC -0.26%) fell 1.5% in after-hours trading after it reported Q3 EPS of 58 cents, better than consensus of 53 cents, but then said manufacturing snags will delay its new Broadwell line of processors.

MARKET COMMENTS

Dec E-mini S&Ps (ESZ13 +0.37%) this morning are up +5.75 points (+0.34%). The S&P 500 index on Tuesday fell back from a 3-week high and closed lower after the House attempted to circumvent the Senate’s emerging bipartisan agreement. Another negative for stocks was the the weaker-than-expected Oct Empire manufacturing index of -4.77 to a 5-month low of 1.52. Closes: S&P 500 -0.72%, Dow Jones -0.71%, Nasdaq 100 -0.87%.
Dec 10-year T-notes (ZNZ13 -0.04%) this morning are unchanged. Dec 10-year T-note prices on Tuesday closed little changed. Dec T-notes had fallen to a 3-week low after Senate leaders said there was progress on raising the debt limit. T-notes recovered and closed little changed, however, after the Oct Empire manufacturing index unexpectedly fell to a 5-month low. Closes: TYZ3 -2, FVZ3 +2.50.
The dollar index (DXY00 -0.22%) this morning is down -0.131 (-0.16%). EUR/USD (^EURUSD) is up +0.0024 (+0.18%) and USD/JPY (^USDJPY) is up +0.18 (+0.18%). The dollar index on Tuesday jumped to a 3-week high and closed higher. Prices fell back from their best levels as U.S. lawmakers continued to struggle to reach an agreement on a CR and a hike in the debt ceiling. EUR/USD fell to a 2-week low after the Oct ZEW survey current situation unexpectedly fell -0.9 to 29.7, weaker than expectations of +0.7 to 31.3. Closes: Dollar index +0.219 (+0.27%), EUR/USD -0.00374 (-0.28%), USD/JPY -0.398 (-0.40%).
Nov WTI crude oil (CLX13 +0.05%) this morning is up +6 cents (+0.06%) and Nov gasoline (RBX13 +0.20%) is up +0.0048 (+0.18%). Nov crude oil and gasoline prices on Tuesday closed lower on bearish factors that included (1) a rally in the dollar index to a 3-week high, (2) the unexpected decline in the Oct Empire manufacturing index to a 5-month low, and (3) reduced geopolitical risks as Iran entered talks in Geneva on its nuclear program in an attempt to have the international sanctions on its oil exports lifted. Closes: CLX3 -1.20 (-1.17%), RBX3 -0.0070 (-0.26%).

GLOBAL EVENT CALENDAR10/16/2013

US	0700 ET	Weekly MBA mortgage applications, previous +1.3% with purchase sub-index -0.7% and refi sub-index +2.5%.
	1330 ET	Cleveland Fed President Sandra Pianalto speaks on Housing in the National Economy at the Northeast Ohio Real Estate Convention.
	1400 ET	Fed releases Beige Book.
	1630 ET	API weekly U.S. oil statistics.
	1845 ET	Dallas Fed President Richard Fisher speaks at an Intelligence Squared U.S. Debate on Break Up the Big Banks.
EUR	0200 ET	Eurozone Sep new car registrations, Aug -5.0%.
	0500 ET	Eurozone Sep CPI expected +0.5% m/m, Aug +0.1% m/m. Revised Eurozone Sep CPI, previous +1.1% y/y and core +1.0% y/y.
UK	0430 ET	UK Sep jobless claims change expected -25,000, Aug -32,600. Sep claimant count rate expected -0.1 to 4.1%, Aug 4.2%.
	0430 ET	UK Aug avg weekly earnings expected +1.0% 3-mo/year-over-year, July +1.1% 3-mo/year-over-year. Aug avg weekly earnings ex-bonus expected +1.0% 3-mo/year-over-year, July +1.0% 3-mo/year-over-year.
	0430 ET	UK Aug ILO unemployment rate expected 7.7% 3-months, July 7.7% 3-months.

U.S. STOCK CALENDAR10/16/2013

Company Name	Ticker	Time	Event Description	Period	Estimate
Abbott Laboratories	ABT US	Bef-mkt	Q3 2013 Earnings Release	Q3 2013	0.514
Comerica Inc	CMA US	Bef-mkt	Q3 2013 Earnings Release	Q3 2013	0.708
PNC Financial Services Group Inc/The	PNC US	Bef-mkt	Q3 2013 Earnings Release	Q3 2013	1.616
Northern Trust Corp	NTRS US	Bef-mkt	Q3 2013 Earnings Release	Q3 2013	0.767
KeyCorp	KEY US	Bef-mkt	Q3 2013 Earnings Release	Q3 2013	0.221
US Bancorp/MN	USB US	Bef-mkt	Q3 2013 Earnings Release	Q3 2013	0.755
Mattel Inc	MAT US	6:00	Q3 2013 Earnings Release	Q3 2013	1.114
Stanley Black & Decker Inc	SWK US	6:00	Q3 2013 Earnings Release	Q3 2013	1.378
Bank of New York Mellon Corp/The	BK US	6:30	Q3 2013 Earnings Release	Q3 2013	0.578
BlackRock Inc	BLK US	6:30	Q3 2013 Earnings Release	Q3 2013	3.882
Bank of America Corp	BAC US	7:00	Q3 2013 Earnings Release	Q3 2013	0.205
PepsiCo Inc	PEP US	7:00	Q3 2013 Earnings Release	Q3 2013	1.17
St Jude Medical Inc	STJ US	7:30	Q3 2013 Earnings Release	Q3 2013	0.895
Bank of New York Mellon Corp/The	BK US	8:00	Q3 2013 Earnings Call	Q3 2013
Comerica Inc	CMA US	8:00	Q3 2013 Earnings Call	Q3 2013
WW Grainger Inc	GWW US	8:00	Q3 2013 Earnings Release	Q3 2013	3.036
WW Grainger Inc	GWW US	8:00	Q3 2013 Earnings Call	Q3 2013
PepsiCo Inc	PEP US	8:00	Q3 2013 Earnings Call	Q3 2013
Stanley Black & Decker Inc	SWK US	8:00	Q3 2013 Earnings Call	Q3 2013
St Jude Medical Inc	STJ US	8:00	Q3 2013 Earnings Call	Q3 2013
CSX Corp	CSX US	8:30	Q3 2013 Earnings Call	Q3 2013
L Brands Inc	LTD US	8:30	Investor Meeting	Y 2013
Mattel Inc	MAT US	8:30	Q3 2013 Earnings Call	Q3 2013
Bank of America Corp	BAC US	8:30	Q3 2013 Earnings Call	Q3 2013
BlackRock Inc	BLK US	8:30	Q3 2013 Earnings Call	Q3 2013
Mallinckrodt PLC	MNK US	8:30	FY 2014 Guidance Call	Y 2014
Abbott Laboratories	ABT US	9:00	Q3 2013 Earnings Call	Q3 2013
KeyCorp	KEY US	9:00	Q3 2013 Earnings Call	Q3 2013
US Bancorp/MN	USB US	9:30	Q3 2013 Earnings Call	Q3 2013
PNC Financial Services Group Inc/The	PNC US	10:00	Q3 2013 Earnings Call	Q3 2013
Paychex Inc	PAYX US	10:00	Annual General Meeting	Y 2013
Linear Technology Corp	LLTC US	11:30	Q1 2014 Earnings Call	Q1 2014
Northern Trust Corp	NTRS US	12:00	Q3 2013 Earnings Call	Q3 2013
eBay Inc	EBAY US	16:00	Q3 2013 Earnings Release	Q3 2013	0.627
Xilinx Inc	XLNX US	16:20	Q2 2014 Earnings Release	Q2 2014	0.524
International Business Machines Corp	IBM US	16:30	Q3 2013 Earnings Call	Q3 2013
Kinder Morgan Inc/DE	KMI US	16:30	Q3 2013 Earnings Call	Q3 2013
American Express Co	AXP US	17:00	Q3 2013 Earnings Call	Q3 2013
Xilinx Inc	XLNX US	17:00	Q2 2014 Earnings Call	Q2 2014
SanDisk Corp	SNDK US	17:00	Q3 2013 Earnings Call	Q3 2013
eBay Inc	EBAY US	17:00	Q3 2013 Earnings Call	Q3 2013
American Express Co	AXP US	Aft-mkt	Q3 2013 Earnings Release	Q3 2013	1.221
Crown Holdings Inc	CCK US	Aft-mkt	Q3 2013 Earnings Release	Q3 2013	1.082
International Business Machines Corp	IBM US	Aft-mkt	Q3 2013 Earnings Release	Q3 2013	3.956
Albemarle Corp	ALB US	Aft-mkt	Q3 2013 Earnings Release	Q3 2013	1.072
SanDisk Corp	SNDK US	Aft-mkt	Q3 2013 Earnings Release	Q3 2013	1.327
Steel Dynamics Inc	STLD US	Aft-mkt	Q3 2013 Earnings Release	Q3 2013	0.242
United Rentals Inc	URI US	Aft-mkt	Q3 2013 Earnings Release	Q3 2013	1.585
East West Bancorp Inc	EWBC US	Aft-mkt	Q3 2013 Earnings Release	Q3 2013	0.538
SLM Corp	SLM US	Aft-mkt	Q3 2013 Earnings Release	Q3 2013	0.591
Kinder Morgan Inc/DE	KMI US	Aft-mkt	Q3 2013 Earnings Release	Q3 2013	0.305
Questar Corp	STR US		Roadshow -St. Louis	Y 2013