MORNING CALL 1/30

Barchart Morning Call

Barchart.com - 1 hour ago

OVERNIGHT MARKETS AND NEWS

Mar E-mini S&Ps (ESH17 -0.26%) are down -0.28% and European stocks are down -0.90% on concern the Trump administration's isolationist policies may slow global trade. Many international companies, such as Apple and Google, have said that President Trump's executive order halting immigration from seven African and Middle Eastern countries threatens to choke the free flow of workers and commerce. European stocks fell even after Eurozone Jan business confidence rose to a 5-3/4 year high. Asian stocks settled mostly lower: Japan -0.51%, Australia -0.92%, India -0.12%, Hong Kong, China, Taiwan, Singapore and South Korea were all closed for holiday. Asian stocks were undercut on trade concerns over President Trump's policies and Japanese stocks were also pressured after Japan Dec retail sales fell more than expected.

The dollar index (DXY00 +0.39%) is up +0.25%. EUR/USD (^EURUSD) is down -0.32%. USD/JPY (^USDJPY) is down -0.39%.

Mar 10-year T-note prices (ZNH17 -0.04%) are down -2 ticks.

Eurozone Jan business confidence rose +0.4 to 108.2, stronger than expectations of unch at 107.8 and a 5-3/4 year high.

Japan Dec retail sales fell -1.7% m/m, weaker than expectations of -0.5% m/m and the biggest decline in 10 months.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Dec personal spending (expected +0.5%, Nov +0.2%) and Dec personal income (expected +0.4%, Nov unch), (2) Dec PCE deflator (expected +0.2% m/m and +1.7% y/y, Nov unch m/m and +1.4% y/y) and Dec core PCE deflator (expected +0.1% m/m and +1.7% y/y, Nov unch m/m and +1.6% y/y), (3) Dec pending home sales (expected +1.1% m/m, Nov -2.5% m/m and +1.4% y/y), (4) Jan Dallas Fed manufacturing activity index (expected -0.5 to 15.0, Dec +5.3 to 15.5), (5) USDA weekly grain export inspections.

Notable S&P 500 earnings reports today include: Principal Financial Group (consensus 0.58), Affiliated Managers Group (3.71), GGP (0.43), LEggett & Platt (0.58), UDR (0.46).

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

Equity conferences: none.

OVERNIGHT U.S. STOCK MOVERS

MB Financial (MBFI -1.09%) was downgraded to 'Market Perform' from ‘Outperform' at KBW with a price target of $46.

NetApp (NTAP +0.43%) was upgraded to 'Buy' from 'Neutral' at Goldman Sachs with a 12-month target price of $43.

Royal Caribbean Cruises Ltd. (RCL -1.13%) was upgraded to 'Buy' from 'Hold' at Argus with a price target of $116.

Temper Sealy International (TPX -2.89%) is indicated to open down 6% after it was downgraded to 'Underperform' from 'Outperform' at Raymond James.

Colgate-Palmolive (CL -5.22%) was downgraded to 'Neutral' from 'Buy' at Citigroup.

American Express (AXP -0.10%) was upgraded to 'Outperform' from 'Market Perform' at KBQ with a price target of $91.

Dick's Sporting Goods (DKS -2.01%) was upgraded to 'Buy' from 'Neutral' at Goldman Sachs with a 12-month target price of $62.

Regulus Therapeutics (RGLS unch) was downgraded to 'Hold' from 'Buy' at Needham & Co.

Array BioPharma (ARRY +1.27%) was downgraded to 'Market Perform' from 'Outperform' at Leerink Partners with a 12-month target price of $11.

Lowe's (LOW +0.03%) gained almost 1% in after-hours trading after it announced a new $5 billion share repurchase program.

Cannell Capital reported a 5% stake in Build-A-Bear Workshop (BBW +2.95%) .

Arctic Cat (ACAT +2.56%) was upgraded to 'Market Perform' from 'Underperform' at BMO Capital Markets with a price target of $18.50.

MARKET COMMENTS

Mar E-mini S&Ps (ESH17 -0.26%) this morning are down -6.50 points (-0.25%). Friday's closes: S&P 500 -0.09%, Dow Jones -0.04%, Nasdaq +0.22%. The S&P 500 on Friday closed lower on growth concerns after U.S. Q4 GDP rose +1.9% (q/q annualized), weaker than expectations of +2.2%. There was also weakness in energy producers after crude oil fell -1.13%. Supportive factors included the +0.8% increase in U.S. December capital goods orders nondefense ex-aircraft (stronger than expectations of +0.2%) and the +0.5-point increase in the U.S. Jan University of Michigan consumer sentiment to a 13-year high of 98.5 (stronger than expectations of unchanged at 98.1).

Mar 10-year T-notes (ZNH17 -0.04%) this morning are down -2 ticks. Friday's closes: TYH7 +6.50, FVH7 +3.50. Mar 10-year T-notes on Friday closed higher on the the weaker-than-expected U.S. Q4 GDP report of +1.9% and on increased safe-haven demand with the sell-off in stocks. T-notes were undercut by the rise in the Jan University of Michigan U.S. consumer sentiment index to a 13-year high.

The dollar index (DXY00 +0.39%) this morning is up +0.25 (+0.25%). EUR/USD (^EURUSD) is -0.0034 (-0.32%). USD/JPY (^USDJPY) is -0.45 (-0.39%). Friday's closes: Dollar index +0.15 (+0.15%), EUR/USD +0.0017 (+0.16%), USD/JPY +0.57 (+0.50%). The dollar index on Friday closed higher on the stronger-than-expected U.S. Dec capital goods orders nondefense ex-aircraft report, a proxy for capital spending, which shows firms are more confident in the economic outlook. The dollar was also boosted by the increase in U.S. Jan University of Michigan consumer sentiment to a 13-year high.

Mar WTI crude oil prices (CLH17 +0.26%) this morning are up +13 cents (+0.24%) and Mar gasoline (RBH17 -0.37%) is -0.0068 (-0.44%). Friday's closes: Mar crude -0.61 (-1.13%), Mar gasoline -0.0175 (-1.12%). Mar crude oil and gasoline on Friday closed lower on a stronger dollar and on the weaker-than-expected U.S. Q4 GDP report. Crude oil prices were also undercut by the increase in U.S. active oil rigs by 16 in the week ended Friday to a 14-1/2 month high of 566 rigs.

GLOBAL EVENT CALENDAR01/30/2017

		Monday, Jan 30
US	0830 ET	Dec personal spending expected +0.5%, Nov +0.2%. Dec personal income expected +0.4%, Nov unch.
	0830 ET	Dec PCE deflator expected +0.2% m/m and +1.7% y/y, Nov unch m/m and +1.4% y/y. Dec core PCE deflator expected +0.1% m/m and +1.7% y/y, Nov unch m/m and +1.6% y/y.
	1000 ET	Dec pending home sales expected +1.1% m/m, Nov -2.5% m/m and +1.4% y/y.
	1030 ET	Jan Dallas Fed manufacturing activity expected -0.5 to 15.0, Dec +5.3 to 15.5.
	1100 ET	USDA weekly grain export inspections.
		Tuesday, Jan 31
US	0830 ET	Q4 employment cost index expected +0.6%, Q3 +0.6%.
	0900 ET	Nov S&P CoreLogic composite-20 home price index expected +0.6% m/m and +5.04% y/y, Oct +0.63% m/m and +5.1% y/y.
	0930 ET	FOMC begins 2-day policy meeting.
	0945 ET	Jan Chicago PMI expected +1.1 to 55.0, Dec -3.3 to 53.9.
	1000 ET	Jan Conference Board U.S. consumer confidence expected -0.8 to 112.9, Dec +4.3 to 113.7.

U.S. STOCK CALENDAR01/30/2017

Company	Ticker	Time	Event Description	Period	Estimate
Affiliated Managers Group Inc	AMG US	Bef-mkt	Q4 2016 Earnings Release	Q4 2016	3.709
Affiliated Managers Group Inc	AMG US	8:30	Q4 2016 Earnings Call	Q4 2016
GGP Inc	GGP US	16:01	Q4 2016 Earnings Release	Q4 2016	0.426
Principal Financial Group Inc	PFG US	16:15	Q4 2016 Earnings Release	Q4 2016	1.143
Leggett & Platt Inc	LEG US	Aft-mkt	Q4 2016 Earnings Release	Q4 2016	0.575
UDR Inc	UDR US	Aft-mkt	Q4 2016 Earnings Release	Q4 2016	0.457

Morning Call 11/28

Barchart Morning Call

Barchart.com - 5 hours ago

OVERNIGHT MARKETS AND NEWS

Dec E-mini S&Ps (ESZ16 -0.21%) are down -0.37% as prices consolidate following Friday's rally to a record high. European stocks are down -0.77%, led by a sell-off in Italian bank stocks, as Italian Prime Minister Renzi faces a referendum next Sunday that may see voters reject his constitutional reform and force him to resign. The Financial Times reports that as many as 8 Italian banks risk failing if Renzi loses the vote on constitutional reform. Energy producing stocks are lower as well with Jan WTI crude oil (CLF17 +1.04%) down -0.67% at a 1-1/2 week low. Asian stocks settled mixed: Japan -0.13%, Hong Kong +0.47%, China +0.46%, Taiwan +0.69%, Australia -0.79%, Singapore +0.54%, South Korea +0.28%, India +0.13%. China's Shanghai Composite rallied to a 10-1/2 month high after data showed profit at industrial companies in China rose for the eighth consecutive month.

The dollar index (DXY00 -0.01%) is down -0.20% at a 1-week low. EUR/USD (^EURUSD) is up +0.20% at a 1-week high. USD/JPY (^USDJPY) is down -0.79%.

Dec 10-year T-note prices (ZNZ16 +0.22%) are up +12.5 ticks.

ECB Governing Council member Stournaras said the ECB's expansionary monetary policy is "likely to continue" and that "nobody is discussing tapering right now, even informally."

China Oct industrial profits rose +9.8% y/y, the eighth consecutive month that profits have increased.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Nov Dallas Fed manufacturing activity (expected +3.0 to 1.5, Oct -1.5), (2) USDA weekly grain export inspections, (3) USDA Weekly Crop Progress.

Russell 1000 earnings reports today include: Thor Industries (consensus $1.23).

U.S. IPO's scheduled to price today: Innovative Industrial Properties (IIPR).

Equity conferences during the remainder of this week include: Credit Suisse Technology, Media, and Telecom Conference on Mon-Wed, MUFG Securities Energy Tour on Tue, UBS Global Real Estate Conference on Tue, Citi Basic Materials Conference on Tue-Wed, Jefferies Energy Conference on Tue-Wed, Piper Jaffray Health Care Conference on Tue-Wed, Bank of America Merrill Lynch Leveraged Finance Conference on Tue-Wed, NASDAQ Investor Conference on Tue-Wed, J.P. Morgan FinTech & Specialty Finance Forum on Wed, Credit Suisse Industrials Conference on Tue-Thu.

OVERNIGHT U.S. STOCK MOVERS

H&R Block (HRB +1.27%) was downgraded to 'Sell' from 'Hold' at BTIG LLC with a 12-month target price of $18.

Hilton Worldwide Holdings (HLT +1.12%) and Marriott International (MAR +0.56%) were both downgraded to 'Hold' from 'Buy' at Evercore ISI.

Citigroup (C +0.16%) was downgraded to 'Hold' from 'Buy' at Jeffries.

Darden Restaurants (DRI +0.62%) was downgraded to 'Hold' from 'Buy' at Maxim.

Finisar (FNSR -0.43%) was upgraded to 'Strong Buy' from 'Buy' at Needham & Co with a 12-month target price of $42.

ConocoPhillips (COP -1.19%) was upgraded to 'Buy' from 'Neutral' at Goldman Sachs with a price target of $54.

Fiat Chrysler Automobiles NV (FCAU +1.05%) was upgraded to 'Buy' from 'Sell' at Evercore ISI.

Mentor Graphics (MENT +0.55%) was downgraded to 'Neutral' from 'Outperform' at Credit Suisse

Southwestern Energy (SWN -0.26%) was upgraded to 'Outperform' from 'Market Perform' at BMO Capital Markets.

Stifel Financial (SF -0.16%) was downgraded to 'Neutral' from 'Outperform' at Macquarie Research with a 12-month target price of $51.

Advanced Auto Parts (AAP -0.11%) was added to the Focus List at JPMorgan Chase.

UDR Inc. (UDR +0.39%) was upgraded to 'Buy' from 'Hold' at Evercore ISI with a 12-month target price of $38.

L Brands (LB -0.37%) was upgraded to 'Neutral' from 'Underweight' at Piper Jaffray with a 12-month target price of $67.

MARKET COMMENTS

Dec E-mini S&Ps (ESZ16 -0.21%) this morning are down -8.25 points (-0.37%). Friday's closes: S&P 500 +0.39%, Dow Jones +0.36%, Nasdaq +0.33%. The S&P 500 on Friday climbed to a new record high and closed higher on continued asset allocation as money managers exit bond funds and put the money into stock funds on speculation President-elect Trump's economic policies will boost growth and corporate profits.

Dec 10-year T-notes (ZNZ16 +0.22%) this morning are up +12.5 ticks. Friday's closes: TYZ6 -5.00, FVZ6 -1.25. Dec 10-year T-note futures on Friday sold off to a fresh 2-year nearest-futures low and closed lower on technical selling and the rally in the S&P 500 to a new all-time high, which reduces the safe-haven demand for T-notes.

The dollar index (DXY00 -0.01%) this morning is down -0.200 (-0.20%) at a 1-week low. EUR/USD (^EURUSD) is up +0.0021 (+0.20%) at a 1-week high. USD/JPY (^USDJPY) is down -0.79%. Friday's closes: Dollar index +0.660 (+0.65%), EUR/USD +0.0034 (+0.32%), USD/JPY -0.18 (-0.16%). The dollar index on Friday closed lower on the wider-than-expected U.S. Oct advance goods trade deficit and pre-weekend profit-taking in the dollar after the sharp run-up to a 13-2/3 year high on Thursday.

Jan crude oil prices (CLF17 +1.04%) this morning are down -31 cents (-0.67%) and Jan gasoline (RBF17 +0.92%) is down -0.0067 (-0.49%). Friday's closes: Jan crude -2.00 (-4.17%), Jan gasoline -0.0543 (-3.81%). Jan crude oil and gasoline on Friday closed sharply lower on skepticism that OPEC can come to an agreement on a production cut after Saudi Arabia said it will skip Monday's meeting between OPEC and non-OPEC producers and on Saudi Arabia's insistence that Iran cuts its crude output in order for any OPEC cut in production can take place, while Iran asserts that it should be allowed to increase its crude production.

GLOBAL EVENT CALENDAR11/28/2016

		Monday, Nov 28
US	1030 ET	Nov Dallas Fed manufacturing activity expected +3.0 to 1.5, Oct -1.5.
	1100 ET	USDA weekly grain export inspections.
	1600 ET	USDA Weekly Crop Progress.
		Tuesday, Nov 29
US	0830 ET	Revised Q3 GDP expected +3.0% (q/q annualized), previous +2.9% (q/q annualized). Q3 personal consumption expected +2.3%, previous +2.1%. Q3 price index expected unrevised at +1.5%. Q3 core PCE expected unrevised at +1.7% q/q.
	0900 ET	Sep S&P CoreLogic composite-20 home price index expected +0.4% m/m and +5.2% y/y, Aug +0.24% m/m and +5.13% y/y.
	1000 ET	Nov consumer confidence (Conference Board) expected +2.7 to 101.3, Oct -4.9 to 98.6.

U.S. STOCK CALENDAR11/28/2016

Company	Ticker	Time	Event Description	Period	Estimate
Amsurg Corp	AMSG US	12:00	Extraordinary Shareholders Meeting - M&A Vote	Y 2016
Envision Healthcare Holdings Inc	EVHC US	12:00	Extraordinary Shareholders Meeting - M&A Vote	Y 2016
Thor Industries Inc	THO US	Aft-mkt	Q1 2017 Earnings Release	Q1 2017	1.23

MORNING CALL 4/25

MORNING CALL

Monday, April 25th, 2016View Older Reports

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OVERNIGHT MARKETS AND NEWS

Jun E-mini S&Ps (ESM16 -0.07%) are down -0.11% and European stocks are down -0.46% as crude oil and metals prices fall. Marathon Oil is down over 2% in pre-market trading to lead energy producing stocks lower and Freeport McMoRan and Alcoa are both down over 1% in pre-market trading to lead raw-material producers lower. Another negative for European stocks was an unexpected decline in German Apr IFO business confidence. Asian stocks settled mostly lower: Japan -0.76%, Hong Kong -0.76%, China -0.42%, Taiwan +0.29%, Australia closed for holiday, Singapore -1.37%, South Korea -0.08%, India -0.62%. Chinese stocks closed lower as material companies fell after commodity exchanges in Zhengzhou and Dalian announced late Friday that they will raise margin requirements on futures contracts of cotton and thermal coal, which followed hikes of margins in steel reinforcement-bar iron and iron ore contracts earlier last week. Recent stronger-than-expected Chinese economic data has reduced the odds of further easing and led to increased speculation in Chinese commodity markets. Japan's Nikkei Stock Index retreated from a 2-3/4 month high and closed lower after USD/JPY fell back from a 3-week high and moved lower, which curbs the earnings prospects of Japanese exporters.

The dollar index (DXY00 -0.35%) is down -0.23%. EUR/USD (^EURUSD) is up +0.34%. USD/JPY (^USDJPY) is down -0.63%.

Jun T-note prices (ZNM16 +0.11%) are up +3 ticks.

The German Apr IFO business climate unexpectedly fell -0.1 to 106.6, weaker than expectations of +0.4 to 107.1.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Mar new home sales (expected +1.6% to 520,000, Feb +2.0% to 512,000), (2) Apr Dallas Fed manufacturing activity (expected +3.6 to -10.0, Mar +18.2 to -13.6), and (3) the Treasury's auction of $26 billion of 2-year T-notes.

There are 5 of the S&P 500 companies that report earnings today with notable reports including: Halliburton (consensus $0.04), Lab Corp of America (1.95), Roper Technologies (1.46), Xerox (0.23), Express Scripts (1.22), Pioneer Natural Resources (-0.75).

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

Equity conferences this week include: Nomura Retail and Restaurants Conference on Wed.

OVERNIGHT U.S. STOCK MOVERS

Marathon OIL (MRO +3.46%) slid over 2% in pre-market trading as the price of crude oil fell.

Public Storage (PSA +0.73%) dropped over 1% in pre-market trading after it was downgraded to 'Sell' form 'Neutral' at Goldman Sachs.

Freeport McMoRan (FCX +1.30%) and Alcoa (AA -0.19%) are both down over 1% in pre-market trading as the price of copper declined.

PulteGroup (PHM -0.42%) was downgraded to 'Market Perform' from 'Outperform' at Raymond James.

L Brands (LB -0.58%) was upgraded to 'Buy' from 'Hold' at Stifel with a price target of $90.

Hub Group (HUBG +2.26%) was downgraded to 'Hold' from 'Buy' at BB&T Capital Markets.

Jazz Pharmaceuticals Plc (JAZZ +0.67%) was upgraded to 'Buy' from 'Neutral' at SunTrust with a price target of $200.

Discovery Communications (DISCK +0.98%) was downgraded to 'Hold' from 'Buy' at Topeka Capital Markets.

Joy Global (JOY -0.82%) was upgraded to 'Neutral' from 'Sell' at Goldman Sachs.

International Paper (IP +1.86%) was downgraded to 'Sector Perform' from 'Outperform' at RBC Capital Markets.

Halliburton (HAL +1.26%) reported Q1 revenue of $4.2 billion, higher than consensus of $4.15 billion, said it cut over 6,000 jobs in Q1, and took a $2.1 billion after-tax restructuring charge in Q1.

Inflobox (BLOX +1.52%) jumped almost 6% in after-hours trading after Starboard Value reported a 7.5% stake in the company.

Cabot Oil & Gas (COG +1.88%) fell nearly 3% in after-hours trading after the New York Department of Environmental Conservation denied a key water permit for the Constitution gas pipeline.

MARKET COMMENTS

June E-mini S&Ps (ESM16 -0.07%) this morning are down -2.25 points (-0.11%). Friday's closes: S&P 500 unch, Dow Jones +0.12%, Nasdaq -1.47%. The S&P 500 on Friday closed little changed. Stocks were boosted by strength in bank stocks and by a rally in mining stocks and energy producers after copper prices rose to a 1-month high and crude oil prices gained. Stocks were undercut by the unexpected -0.7 point decline in the U.S. Apr Markit manufacturing PMI to 50.8 (weaker than expectations of +0.5 to 52.0) and by a slide in technology as the Nasdaq fell to a 1-1/2 week low after Microsoft and Alphabet both reported disappointing earnings results.

June 10-year T-note prices (ZNM16 +0.11%) this morning are up +3 ticks. Friday's closes: TYM6 -4.50, FVM6 -2.75. Jun T-notes on Friday fell to a 3-week low and closed lower on the rise in the 10-year T-note breakeven inflation expectations rate to a 3-week high and on reduced safe-haven demand as stocks recovered from early losses.

The dollar index (DXY00 -0.35%) this morning is down -0.215 (-0.23%). EUR/USD (^EURUSD) is up +0.0038 (+0.34%). USD/JPY (^USDJPY) is is down -0.70 (-0.63%). Friday's closes: Dollar Index +0.517 (+0.55%), EUR/USD -0.0066 (-0.58%), USD/JPY +2.33 (+2.12%). The dollar index on Friday closed higher on the rally in USD/JPY to a 2-1/2 week high on speculation the BOJ will boost stimulus measures when it meets Apr 27-28 in an attempt to weaken the yen. In addition, EUR/USD saw weakness on the unexpected decline in the Eurozone Apr Markit manufacturing PMI (-0.1 versus expectations of +0.3).

June WTI crude oil (CLM16 -0.75%) this morning is down -39 cents (-0.89%). June gasoline (RBM16 -0.80%) is down -0.0119 (-0.77%). Friday's closes: CLM6 +0.57 (+1.32%), RBM6 +0.0162 (+1.06%). Jun crude and gasoline on Friday closed higher with Jun gasoline at a 3-1/2 month high. Crude oil prices were boosted by the outlook for U.S. crude production to continue to decline after Baker Hughes reported that the number of active U.S. oil rigs fell -8 to a 6-1/2 year low of 343 rigs in the week ended Apr 22. In addition, the International Energy Agency forecast that non-OPEC oil production will drop about -700,000 bpd this year.

GLOBAL EVENT CALENDAR04/25/2016

US	1000 ET	Mar new home sales expected +1.6% to 520,000, Feb +2.0% to 512,000.
	1030 ET	Apr Dallas Fed manufacturing activity expected +3.6 to -10.0, Mar +18.2 to -13.6.
	1100 ET	USDA weekly grain export inspections.
	1300 ET	Treasury auctions $26 billion of 2-year T-notes.
	1600 ET	USDA Weekly Crop Progress.
JPN	0100 ET	Revised Japan Feb leading index CI, preliminary 99.8. Revised Feb coincident index, preliminary 110.3.
GER	0400 ET	German Apr IFO business climate expected +0.3 to 107.0, Mar 106.7. Apr IFO current assessment expected -0.1 to 113.7. Apr IFO expectations expected +0.9 to 100.9, Mar 100.0.
UK	0600 ET	UK Apr CBI trends total orders expected -3 to -17, Mar -14. Apr CBI business optimism, Mar -4. Apr CBI trends selling prices, Mar -1.

U.S. STOCK CALENDAR04/25/2016

Company	Ticker	Time	Event Description	Period	Estimate
Halliburton Co	HAL US	Bef-mkt	Q1 2016 Earnings Release	Q1 2016	0.042
Laboratory Corp of America Holdings	LH US	Bef-mkt	Q1 2016 Earnings Release	Q1 2016	1.954
Roper Technologies Inc	ROP US	Bef-mkt	Q1 2016 Earnings Release	Q1 2016	1.461
Xerox Corp	XRX US	7:00	Q1 2016 Earnings Release	Q1 2016	0.23
United Technologies Corp	UTX US	8:00	Annual General Meeting
Roper Technologies Inc	ROP US	8:30	Q1 2016 Earnings Call	Q1 2016
Laboratory Corp of America Holdings	LH US	9:00	Q1 2016 Earnings Call	Q1 2016
Xerox Corp	XRX US	10:00	Q1 2016 Earnings Call	Q1 2016
Honeywell International Inc	HON US	10:30	Annual General Meeting	Y 2016
NVIDIA Corp	NVDA US	17:00	ITC Final Decision Due in Samsung vs. Nvidia Patent-Infringement Case
UDR Inc	UDR US	Aft-mkt	Q1 2016 Earnings Release	Q1 2016	0.431
Express Scripts Holding Co	ESRX US	Aft-mkt	Q1 2016 Earnings Release	Q1 2016	1.218
Zions Bancorporation	ZION US	Aft-mkt	Q1 2016 Earnings Release	Q1 2016	0.393
Pioneer Natural Resources Co	PXD US	Aft-mkt	Q1 2016 Earnings Release	Q1 2016	-0.747
Zions Bancorporation	ZION US	17:30	Q1 2016 Earnings Call	Q1 2016
Genuine Parts Co	GPC US		Annual General Meeting
Public Storage	PSA US		Annual General Meeting
Hanesbrands Inc	HBI US		Annual General Meeting

MORNING CALL 3/7

MORNING CALL

Monday, March 7th, 2016View Older Reports

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OVERNIGHT MARKETS AND NEWS

March E-mini S&Ps (ESH16 -0.35%) are down -0.43% and European stocks are down -1.15% after Chinese leaders lowered growth expectations for this year to 6.5% to 7.0%, down from last year's target of around 7.0%. The price of copper declined on Chinese growth concerns, which dragged down miners and commodity producers, with Anglo American, Glencore and Randgold Resources all down more than 3%. Stock losses were limited as the price of crude oil climbed +1.56% to a 2-month high, which has given energy producing stocks a lift. Another negative for European stocks was the unexpected decline in Eurozone Mar Sentix investor confidence to a 14-month low. Asian stocks settled mixed: Japan -0.61%, Hong Kong -0.08%, China +0.81%, Taiwan +0.19%, Australia +1.04%, Singapore -0.48%, South Korea +0.20%, India closed for holiday.

The dollar index (DXY00 +0.22%) is up +0.29%. EUR/USD (^EURUSD) is down -0.45%. USD/JPY (^USDJPY) is down -0.19%.

Jun T-note prices (ZNM16 -0.08%) are down -3.5 ticks.

China's National People's Congress met over the weekend and outlined a growth range of between 6.5% and 7.0% for 2016, with 6.5% pegged as the baseline through 2020, less than last year's growth rate of 6.9% and the slowest expansion since 1990.

The Eurozone Mar Sentix investor confidence unexpectedly fell -0.5 to 5.5, weaker than expectations of +2.3 to 8.3 and the lowest in 14 months.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Fed Governor Lael Brainard's keynote speech at the annual conference of the Institute of International Bankers, (2) Fed Vice Chair Stanley Fischer's luncheon lecture at the annual NABE conference in Washington, and (3) Jan consumer credit (expected +$16.500 billion, Dec +$21.267 billion).

There are 2 of the Russell 1000 companies that reports earnings today: Urban Outfitters (consensus $0.56), and (2) Thor Industries (0.62).

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

Equity conferences this week include: Cowen and Company Health Care Conference on Mon-Tue, Deutsche Bank Media, Internet and Telecom Conference on Mon-Tue, Raymond James Institutional Investors Conference on Mon-Wed, Mitsubishi UFJ Securities: Oil & Gas Conference - New York on Tue, J.P. Morgan Aviation, Transportation & Industrials Conference on Tue-Wed, Piper Jaffray Technology Symposium on Tue-Wed, RBC Capital Markets Financial Institutions Conference on Tue-Wed, UBS Global Consumer Conference on Wed-Thu, JPMorgan Chase & Co., Inc Aviation, Transportation and Industrials Conference on Tue-Thu, J.P. Morgan Gaming, Lodging, Restaurant & Leisure Management Access Forum on Thu.

OVERNIGHT U.S. STOCK MOVERS

Dunkin' Brands Group (DNKN +1.43%) was downgraded to 'Neutral' from 'Buy' at Guggenheim Securities.

Statasys Ltd. (SSYS +12.68%) was downgraded to 'Underweight' from 'Neutral' at JPMorgan Chase.

Del Taco (TACO -2.60%) reported Q4 EPS of 12 cents, weaker than consensus of 16 cents, and then lowered guidance on fiscal 2016 EPS to 53 cents-56 cents, below consensus of 59 cents.

Cardinal Health (CAH -0.12%) was added to Goldman Sach's Conviction Buy list.

Pier 1 (PIR -0.18%) reported preliminary Q4 comparable sales were down -0.7%, a smaller decline than expectations of down -2.0% to -4.0%.

UDR Inc. (UDR -4.85%) was upgraded to 'Outperform' from 'Market Perform' at BMO Capital Markets.

Wynn Resorts (WYNN -3.29%) was upgraded to 'Boy' from 'Neutral at UBS.

Ingersoll-Rand (IR -0.24%) was upgraded to 'Buy' from 'Neutral' at Nomura with a price target of $68.

C. H. Robinson Worldwide (CHRW +1.64%) was downgraded to 'Market Perform' from 'Outpeform' at BMO Capital Markets.

Du Pont (DD +2.05%) climbed over 6% in after-hours trading after BASF said it was working with banks to weigh a counter bid for DuPont

Lattice Semiconductor (LSCC -0.86%) slumped 10% in after-hours trading after it said CFO Joe Bedewi will leave the company effective April 2.

Apache Corp. (APA +6.54%) said it will close its Alaska operations and won't pursue extensions of its acreage leases that are set to expire later this year.

Carmike Cinemas (CKEC +16.49%) was downgraded to 'Market Perform' from 'Outperform' at Barrington Research.

MARKET COMMENTS

Mar E-mini S&Ps (ESH16 -0.35%) this morning are down -8.50 points (-0.43%). Friday's closes: S&P 500 +0.33%, Dow Jones +0.37%, Nasdaq +0.07%. The S&P 500 on Friday climbed to a 2-month high and settled higher after U.S. Feb non-farm payrolls rose more than expected (+242,000 vs. expectations of +195,000). Also, a rally in energy and commodity producers gave the overall market a lift after crude oil climbed to a 2-month high, gold rallied to a 13-month high and copper rose to a 4-month high. A negative for stock factor was the unexpected -0.1% m/m decline in U.S. Feb avg hourly earnings, weaker than expectations of +0.2% m/m and the first decline in 14 months.

Jun 10-year T-notes (ZNM16 -0.08%) this morning are down -3.5 ticks. Friday's closes: TYM6 -13.50, FVM6 -9.75. Jun T-notes on Friday tumbled to a 1-month low after U.S. Feb non-farm payrolls rose more than expected, which bolsters the case for the Fed to keep raising interest rates. T-notes were also pressured after the S&P 500 rallied to a 2-month high, which reduced the safe-haven demand for T-notes.

The dollar index (DXY00 +0.22%) this morning is up +0.286 (+0.29%). EUR/USD (^EURUSD) is down -0.0050 (-0.45%). USD/JPY (^USDJPY) is down-0.22 (-0.19%). Friday's closes: Dollar Index -0.252 (-0.26%), EUR/USD +0.0048 (+0.44%), USD/JPY +0.05 (+0.04%). The dollar index on Friday fell to a 1-1/2 week low as the unexpected decline in U.S. Feb average hourly earnings (-0.1% m/m vs. expectations of +0.2% m/m) may keep the Fed from raising interest rates. EUR/USD rallied after the German Feb Markit construction PMI rose +1.7 to a record high 59.6 (data from 2013).

Apr WTI crude (CLJ16 +1.67%) this morning is up +56 cents (+1,56%) at a 2-month high and Apr gasoline (RBJ16 +0.62%) is up +0.0060 (+0.45%). Friday's closes: CLJ6 +1.35 (+3.91%), RBJ6 +0.0333 (+2.56%). Apr crude oil and gasoline on Friday closed higher with Apr crude at a 2-month high after the dollar index sold off to a 1-1/2 week low and after data from Baker Hughes showed U.S. active oil rigs fell by 8 to a 6-1/4 year low of 392 in the week ended Mar 4, which should curb future U.S. crude production.

GLOBAL EVENT CALENDAR03/07/2016

US	1100 ET	USDA weekly grain export inspections.
	1200 ET	Fed Governor Lael Brainard is keynote speaker at the annual conference of the Institute of International Bankers.
	1300 ET	Fed Vice Chair Stanley Fischer delivers luncheon lecture at the annual NABE conference in Washington.
	1500 ET	Jan consumer credit expected +$16.500 billion, Dec +$21.267 billion.
JPN	0000 ET	Japan Jan leading index CI expected -0.5 to 101.6, Dec 102.1. Jan coincident index expected +2.9 to 113.8, Dec 110.9.
	1850 ET	Revised Japan Q4 GDP expected -1.6% (q/q annualized), previous -1.4% (q/q annualized).
	2330 ET	Japan Feb bankruptcies, Jan -6.38% y/y.
GER	0200 ET	German Jan factory orders expected -0.3% m/m and unch y/y, Dec -0.7% m/m and -2.7% y/y.
EUR	0430 ET	Eurozone Mar Sentix investor confidence expected +2.3 to 8.3, Feb 6.0.
UK	1901 ET	UK Feb BRC sales like-for-like expected +0.5% y/y, Jan +2.6% y/y.
CHI	n/a	China Feb trade balance expected +$50.75 billion, Jan +$63.29 billion. Feb exports expected -15.0% y/y, Jan 11.2% y/y. Feb imports expected -10.2% y/y, Jan -18.8% y/y.

U.S. STOCK CALENDAR03/07/2016

Company	Ticker	Time	Event Description	Period	Estimate
Superior Industries International Inc	SUP US	Bef-mkt	Q4 2015 Earnings Release	Q4 2015	0.345
Greif Inc	GEF US	Bef-mkt	Q1 2016 Earnings Release	Q1 2016	0.323
Federated National Holding Co	FNHC US	8:00	Q4 2015 Earnings Release	Q4 2015	0.744
Lumos Networks Corp	LMOS US	8:00	Q4 2015 Earnings Release	Q4 2015	0.073
Casey's General Stores Inc	CASY US	16:00	Q3 2016 Earnings Release	Q3 2016	0.925
TG Therapeutics Inc	TGTX US	Aft-mkt	Q4 2015 Earnings Release	Q4 2015	-0.317
United Natural Foods Inc	UNFI US	Aft-mkt	Q2 2016 Earnings Release	Q2 2016	0.478
Hill International Inc	HIL US	Aft-mkt	Q4 2015 Earnings Release	Q4 2015	0.107
ICF International Inc	ICFI US	Aft-mkt	Q4 2015 Earnings Release	Q4 2015	0.747
Neff Corp	NEFF US	Aft-mkt	Q4 2015 Earnings Release	Q4 2015	0.363
Heritage-Crystal Clean Inc	HCCI US	Aft-mkt	Q4 2015 Earnings Release	Q4 2015	0.177
CatchMark Timber Trust Inc	CTT US	Aft-mkt	Q4 2015 Earnings Release	Q4 2015	0.07
Quanex Building Products Corp	NX US	Aft-mkt	Q1 2016 Earnings Release	Q1 2016	-0.093
Addus HomeCare Corp	ADUS US	Aft-mkt	Q4 2015 Earnings Release	Q4 2015	0.286
Atlas Financial Holdings Inc	AFH US	Aft-mkt	Q4 2015 Earnings Release	Q4 2015	0.355
Douglas Dynamics Inc	PLOW US	Aft-mkt	Q4 2015 Earnings Release	Q4 2015	0.563
Otonomy Inc	OTIC US	Aft-mkt	Q4 2015 Earnings Release	Q4 2015	-0.958
Xencor Inc	XNCR US	Aft-mkt	Q4 2015 Earnings Release	Q4 2015	-0.295
Preferred Apartment Communities Inc	APTS US	Aft-mkt	Q4 2015 Earnings Release	Q4 2015	0.325
Jones Energy Inc	JONE US	Aft-mkt	Q4 2015 Earnings Release	Q4 2015	-0.058
Shake Shack Inc	SHAK US	Aft-mkt	Q4 2015 Earnings Release	Q4 2015	0.073
Lion Biotechnologies Inc	LBIO US		Q4 2015 Earnings Release	Q4 2015	-0.2