Morning Call 11/28

Barchart Morning Call

Barchart.com - Tue Nov 28, 6:39AM CST

OVERNIGHT MARKETS AND NEWS

Dec E-mini S&Ps (ESZ17 +0.11%) this morning are up +0.11% on optimism U.S. legislators will be able to pass tax cuts his year. European stocks are up +0.48% led by a 3% gain in Royal Dutch Shell Plc after it restored its full cash dividend for the first time in more than 2 years and said it will buy back at least $25 billion of stock by 2020. Gains in the overall market were limited due to weakness in mining stocks as Dec COMEX copper (HGZ17 -1.93%) slumped -1.87% to a 1-week low on Chinese demand concerns. Asian stocks settled mixed: Japan -0.04%, Hong Kong -0.02%, China +0.34%, Taiwan -0.41%, Australia -0.08%, Singapore +0.17%, South Korea +0.44%, India -0.31%. China's Shanghai Composite rebounded from a 3-month low and closed higher after China's Kweichow Moutai, the world's biggest liquor company by market value, jumped 4% and closed higher for the first time since Nov 16 when the Xinhua News Agency said the stock had been rising too fast. 

The dollar index (DXY00 +0.17%) is up +0.17%. EUR/USD (^EURUSD) is down -0.13%. USD/JPY (^USDJPY) is up +0.24%.

Dec 10-year T-note prices (ZNZ17 -0.06%) are down -2.5 ticks.

In its semi-annual report, the OECD cautioned that financial markets are too optimistic as "evidence continues to build that financial asset prices are inconsistent with expectations for future growth and the policy stance, exacerbating the risks of financial corrections and growth downdrafts."

German Dec GfK consumer confidence was unchanged at 10.7, right on expectations.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Oct wholesale inventories (expected +0.4%, Sep +0.3%), (2) Sep FHFA house price index (expected +0.5% m/m, Aug +0.7% m/m. Q3 house price purchase index, Q2 +1.6% q/q), (3) Sep S&P CoreLogic composite-20 home price index (expected +0.3% m/m and +6.0% y/y, Aug +0.45% m/m and +5.92% y/y), (4) Conference Board Nov U.S. consumer confidence (expected -1.9 to 124.0, Oct +5.3 to 125.9), (5) Senate Banking Committee holds hearing on Fed Chair nominee Jerome Powell, (6) Nov Richmond Fed manufacturing index (expected +2 to 14, Oct -7 to 12), (7) Treasury auctions $28 billion of 7-year T-notes.

Notable Russell 1000 earnings reports today include: Marvel Technology (consensus $0.33), Nuance Communications (0.15), Autodesk (-0.13).

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

Equity conferences this week: Credit Suisse Global TMT Conference on Mon-Wed, Credit Suisse Technology Media & Telecom Conference on Tue, UBS Global Real Estate CEO/CFO Conference on Tue, Piper Jaffray Health Care Conference on Tue-Wed, ACI European Base Oils & Lubricants Interactive Summit on Wed, Citi Basic Materials Conference on Wed-Thu, Bank of America Merrill Lynch Leveraged Finance Conference on Wed-Thu, Credit Suisse Industrials Conference on Wed-Thu, Evercore ISI Inaugural Biopharma Catalyst/Deep Dive Conference on Wed-Thu, ACI Cyber Security Oil, Gas, Power Conference on Thu, Deutsche Bank MedTools and Diagnostics One-on-One Day on Thu, HSBC High Yield Conference on Thu.

OVERNIGHT U.S. STOCK MOVERS

Home Depot (HD +1.06%) was upgraded to 'Overweight' from 'Neutral' at Atlantic Equities LLP with a price target of $197.

Lowe's (LOW +0.74%) was downgraded to 'Neutral' from 'Overweight' at Atlantic Equities LLP.

Hormel Foods (HRL -0.67%) may move higher this morning after it raised guidance for full-year 2018 EPS to $1.62 to $1.72 from a prior view of $1.60 to $1.70.

Tech Data (TECD +0.85%) climbed almost 5% in after-hours trading after it reported Q3 adjusted EPS of $2.00, stronger than consensus of $1.92, and then said it sees Q4 adjusted EPS of $3.35 to $3.65, higher than consensus of $3.32.

UnitedHealth Group (UNH -0.05%) slid 1% in after-hours trading after it said it sees 2018 adjusted EPS of $10.55 to $10.85, the mid-point below consensus of $10.82.

Thor Industries (THO -0.60%) rallied over 10% in after-hours trading after it reported Q1 EPS from continuing operations of $2.43, well above consensus of $1.86.

MTS Systems (MTSC +0.36%) rose 1% in after-hours trading after it reported Q4 adjusted EPS of 44 cents, higher than consensus of 35 cents.

Medpace Holdings (MEDP -1.20%) lost nearly 2% in after-hours trading after it announced a proposed secondary offering of 4.0 million shares of its common stock by investment funds affiliated with Cinven Capital Management General Partner Limited.

Dova Pharmaceuticals (DOVA -0.45%) gained over 1% in after-hours trading after its new drug application for avatrombopag was granted priority review by the FDA.

Venator Materials PLC (VNTR -0.52%) slid over 1% in after-hours trading after it launched a secondary public offering of 18 million shares of its common stock by holder Huntsman Corporation.

Aratana Therapeutics (PETX +2.99%) fell over 7% in after-hours trading after it announced that it had commenced an underwritten registered public offering of $35 million in shares of its common stock.

Ardmore Shipping (ASC -1.12%) dropped 8% in after-hours trading after it announced a proposed secondary offering of 5.58 million shares of its common stock by holder GA Holdings LLC.

Apollo Endosurgery (APEN -0.25%) surged over 20% in after-hours trading after it received FDA approval for its OverStitch Sx endoscopic suturing system.

MARKET COMMENTS

Dec S&P 500 E-mini stock futures (ESZ17 +0.11%) this morning are up +2.75 points (+0.11%). Monday's closes: S&P 500 -0.04%, Dow Jones +0.10%, Nasdaq -0.05%. The S&P 500 on Monday posted a new record high but gave up its advance and closed slightly lower. Stocks were undercut by the -1.42% fall in crude oil prices, which undercut energy stocks, and by renewed North Korean tensions after Japan said it has indications that North Korea is preparing for a missile launch. Stocks were supported by the unexpected +6.2% increase in U.S. Oct new home sales to a 10-year high of 685,000, stronger than expectations of -6.1% to 627,000.

Dec 10-year T-note prices (ZNZ17 -0.06%) this morning are down -2.5 ticks. Monday's closes: TYZ7 +5.00, FVZ7 +3.00. Dec 10-year T-notes on Monday closed higher on reduced inflation expectations as the -1.42% decline in crude oil prices helped push the 10-year T-note breakeven inflation rate down to a 1-month low. T-notes also saw some safe-haven demand on reports that North Korea may be preparing to launch a ballistic missile.

The dollar index (DXY00 +0.17%) this morning is up +0.158 (+0.17%). EUR/USD (^EURUSD) is down -0.0015 (-0.13%) and USD/JPY (^USDJPY) is up +0.27 (+0.24%). Monday's closes: Dollar Index +0.122 (+0.13%), EUR/USD -0.0035 (-0.29%), USD/JPY -0.44 (-0.39%). The dollar index on Monday recovered from a 2-month low and closed higher on the unexpected increase in U.S. Oct new home sales to a 10-year high and on hawkish comments from Dallas Fed President Kaplan who said he backs a rate hike in the "near future."

Jan crude oil (CLF18 -0.76%) this morning is down -56 cents (-0.96%) and Jan gasoline (RBF18 -1.05%) is -0.0220 (-1.23%). Monday's closes: Jan WTI crude -0.84 (-1.42%), Jan gasoline +0.0042 (+0.24%). Jan crude oil and gasoline on Monday settled mixed. Crude oil prices were undercut by a recovery in the dollar index from a 2-month low and by concern the recent rally in crude prices to a 2-1/3 year high will prompt U.S. shale-oil producers to boost output after Friday's data from Baker Hughes showed that active U.S. oil rigs in the week ended Nov 24 rose by +9 rigs to a 7-week high of 747 rigs. Crude oil prices received support from the jump in U.S. Oct new home sales to a 10-year high, which shows economic strength and is positive for fuel demand.

Metals prices this morning are mixed with Dec gold (GCZ17 +0.01%) -0.4 (-0.03%), Dec silver (SIZ17 +0.09%) +0.005 (+0.03%) and Dec copper (HGZ17 -1.93%) -0.059 (-1.87%) at a 1-week low. Monday's closes: Dec gold +7.1 (+0.55%), Dec silver +0.028 (+0.16%), Dec copper -0.0345 (-1.09%). Metals on Monday settled mixed with Dec gold at a 1-1/4 month high. Metals prices were boosted by Japanese report that North Korea is preparing a missile launch, which boosted safe-haven demand for precious metals, and by tighter copper supplies as LME copper inventories fell -9,400 MT to an 8-3/4 month low of 204,200 MT. Copper closed lower, however, after the Shanghai Composite fell to a 3-month low, which fueled concerns the Chinese economy may slow and curb demand for industrial metals.

GLOBAL EVENT CALENDAR11/28/2017

		Tuesday, Nov 28
US	0830 ET	Oct wholesale inventories expected +0.4%, Sep +0.3%. Oct retail inventories, Sep -1.0%.
	0900 ET	Sep FHFA house price index expected +0.5% m/m, Aug +0.7% m/m. Q3 house price purchase index, Q2 +1.6% q/q.
	0900 ET	Sep S&P CoreLogic composite-20 home price index expected +0.3% m/m and +6.0% y/y, Aug +0.45% m/m and +5.92% y/y.
	1000 ET	Conference Board Nov U.S. consumer confidence expected -1.9 to 124.0, Oct +5.3 to 125.9.
	1000 ET	Senate Banking Committee holds hearing on Fed Chair nominee Jerome Powell.
	1000 ET	Nov Richmond Fed manufacturing index expected +2 to 14, Oct -7 to 12.
	1300 ET	Treasury auctions $28 billion of 7-year T-notes.
		Wednesday, Nov 29
US	0700 ET	Weekly MBA mortgage applications, previous +0.1% with purchase sub-index +5.3% and refi sub-index -4.8%.
	0830 ET	Revised Q3 GDP expected +3.2% (q/q annualized), previous +3.0%. Q3 personal consumption expected +2.5%, previous +2.4%. Q3 GDP price index expected unrevised at +2.2%. Q3 core PCE deflator, previous +1.3% q/q.
	0830 ET	New York Fed President William Dudley (voter) takes part in a moderated discussion about current economic issues at Rutgers University.
	1000 ET	Fed Chair Janet Yellen addresses the Joint Economic Committee of Congress on the U.S. economic outlook.
	1000 ET	Oct pending home sales expected +1.0% m/m and +3.0% y/y, Sep unch m/m and -5.4% y/y.
	1030 ET	EIA weekly Petroleum Status Report.
	1245 ET	San Francisco Fed President John Williams (non-voter) delivers keynote speech at the Annual Economic Forecast Luncheon sponsored by Arizona State University in Phoenix.
	1400 ET	Fed Beige Book.

U.S. STOCK CALENDAR11/28/2017

Name	Ticker	Time	Description	Period	Estimate
UnitedHealth Group Inc	UNH US	08:00	Investor Meeting
Bio-Rad Laboratories Inc	BIO US	09:00	Investor Day
Equifax Inc	EFX US		Investor Meeting
Nuance Communications Inc	NUAN US	Aft-mkt	Q4 2017 Earnings Release	Q4 17	0.145
Autodesk Inc	ADSK US	16:01	Q3 2018 Earnings Release	Q3 18	(0.13)
Marvell Technology Group Ltd	MRVL US	16:45	Q3 2018 Earnings Call	Q3 18
Marvell Technology Group Ltd	MRVL US	16:45	Q3 2018 Earnings Release	Q3 18	0.325
Nuance Communications Inc	NUAN US	17:00	Q4 2017 Earnings Call	Q4 17
Autodesk Inc	ADSK US	17:00	Q3 2018 Earnings Call	Q3 18

MORNING CALL 1/17

Barchart Morning Call

Barchart.com - 27 minutes ago

OVERNIGHT MARKETS AND NEWS

Mar E-mini S&Ps (ESH17 -0.30%) are down -0.50% and European stocks are down -0.76% at a 2-week low. Stocks and the dollar sold-off after comments from President-elect Trump raised concerns over a trade war with China when he told the WSJ that the U.S. dollar is "too strong" in part because China holds down its currency. The slump in the dollar has also boosted gold prices with Feb COMEX gold (GCG17 +1.41%) up +1.66% at a 1-3/4 month high. Also undercutting European stocks is Brexit concerns after an unnamed person familiar with the matter said the UK Prime Minister May will say today that the UK will pull out of the European Union's single market for goods and services and seek a new trading relationship with the EU. Asian stocks settled mixed: Japan -1.48%, Hong Kong +0.54%, China +0.17%, Taiwan +0.67%, Australia -0.85%, Singapore -0.01%, South Korea +0.46%, India -0.19%. China's Shanghai Composite erased early losses and closed higher on signs that state-sponsored funds bought stocks before Chinese President Xi Jinping spoke at the World Economic Forum in Davos, Switzerland. Japan's Nikkei Stock Index sold-off to a 1-1/4 month low as exporter companies declined after USD/JPY tumbled to a 1-1/2 month low, which reduces the prospects for exporters' earnings.

The dollar index (DXY00 -0.71%) is down -0.66% at a 1-1/4 month low after President-elect Trump said the dollar is "too strong." EUR/USD (^EURUSD) is up +0.96% at a 1-1/4 month high after the German Jan ZEW survey expectations of economic growth rose to a 7-month high. USD/JPY (^USDJPY) is down -1.06% at a 1-1/2 month low as a slide in stocks boosts the safe-haven demand for the yen.

Mar 10-year T-note prices (ZNH17 +0.24%) are up +16.5 ticks.

President-elect Trump told the WSJ that the U.S. dollar is "too strong" in part because China holds down its currency. He added that "our companies can't compete with them (China) because our currency is too strong and it's killing us."

The German Jan ZEW survey expectations of economic growth rose +2.8 to 16.6, weaker than expectations of +4.6 to 18.4, but still the highest in 7 months.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Jan Empire manufacturing survey general business conditions index (expected -0.8 to 8.2, Dec +7.5 to 9.0), (2) New York Fed President Dudley (voter) speaks at a National Retail Federation Conference on consumer behavior, (3) San Francisco Fed President John Williams (non-voter) speaks at the Sacramento Business Review Economic Forecast event, (4) USDA weekly grain export inspections.

S&P 500 earnings reports today include: Morgan Stanley (consensus $0.65), UnitedHealth Corp (2.07), Comerica (0.94), CSX (0.50), United Continental (1.75), Linear Technology (0.53).

U.S. IPO's scheduled to price today: Meridian Waste Solutions (MRDN).

Equity conferences today: TD Securities Mining Conference on Wed, ACI Future of Polyolefins Summit on Thu.

OVERNIGHT U.S. STOCK MOVERS

Chipotle Mexican Grill (CMG +0.34%) was downgraded to 'Neutral' from 'Overweight' at JPMorgan Chase with a price target of $375.

Everest Re Group Ltd (RE -0.24%) was downgraded to 'Underperform' from 'Neutral' at Macquarie Research with a 12-month target price of $186.

Morgan Stanley (MS +0.41%) is up nearly 2% in pre-market trading after it reported Q4 EPS of 81 cents, higher than consensus of 65 cents.

AmerisourceBegen (ABC +0.91%) was upgraded to 'Outperform' from 'Market Perform' at Leerink Partners with a 12-month target price of $95.

Twitter (TWTR -0.75%) was downgraded to 'Neutral' from 'Buy' at UBS with a 12-month target price of $18.

HCA Holdings (HCA +0.35%) was upgraded to 'Market Outperform' from 'Market Perform' at Avondale Partners LLC with a 12-month target price of $96.

The Container Store Group (TCS -1.06%) was downgraded to 'Underweight' from 'Equal-weight' at Morgan Stanley.

Disney (DIS +0.49%) was upgraded to 'Buy' from 'Neutral' at Goldman Sachs who cited Disney's fiscal year 2018 film slate as its "best ever" as they raised their price target on the stock to $134 from $109.

Concho Resources (CXO +0.28%) filed a 2.2 million share shelf registration for stock holder Endurance Resources.

Citigroup estimates that Coherus Biosciences (CHRS +0.56%) could add $7 a share if the U.S. Supreme Court decides that biosimilars don't need to issue a 180-day marketing notice and Coherus can launch its low-cost alternative to Amgen's Neulasta 6 months earlier.

Delphi Automotive PLC (DLPH +0.80%) says it sees a $300 million pretax charge in Q4 related to ongoing litigation from unsecured claims against DPH Holdings resulting from a 2005 bankruptcy filing.

MARKET COMMENTS

Mar E-mini S&Ps (ESH17 -0.30%) this morning are down -11.25 points (-0.50%). Friday's closes: S&P 500 +0.18%, Dow Jones -0.03%, Nasdaq +0.36%. The S&P 500 on Friday closed higher on upbeat comments from Fed Chair Yellen on Thursday evening who said the U.S. economy faces no serious short-term obstacles and that "the labor market is generally strong and wage growth is beginning to pick up." In addition, bank stocks rallied after JPMorgan Chase, Wells Fargo. and Bank of America all reported stronger-than-expected earnings results. Stocks were undercut by the U.S. Dec retail sales report of +0.6% m/m and +0.2% ex autos, which was weaker than expectations of +0.7% and +0.5% ex autos. In addition, the Jan University of Michigan U.S. consumer sentiment index fell by -0.1 point to 98.1, weaker than expectations of +0.3 to 98.5.

Mar 10-year T-notes (ZNH17 +0.24%) this morning are up +16.5 ticks. Friday's closes: TYH7 -3.50, FVH7 -2.00. Mar 10-year T-notes on Friday closed lower on Fed Chair Yellen's comment late Thursday night that the U.S. economy faces no serious short-term obstacles with unemployment at a low level and wage growth beginning to pick up, which bolsters the case for additional Fed rate hikes. T-notes were also undercut by increased price pressures at wholesale level after the U.S. Dec PPI ex food & energy rose +0.2% m/m and +1.6% y/y, stronger than expectations of +0.1% m/m and +1.5% y/y.

The dollar index (DXY00 -0.71%) this morning is down -0.67 (-0.66%) at a 1-1/4 month low. EUR/USD (^EURUSD) is up +0.0102 (+0.96%) at a 1-1/4 month high. USD/JPY (^USDJPY) is down -1.21 (-1.06%) at a 1-1/2 month low. Friday's closes: Dollar index -0.16 (-0.16%), EUR/USD +0.0030 (+0.28%), USD/JPY -0.23 (-0.20%). The dollar index on Friday closed lower on the weaker-than-expected U.S. Dec retail sales and Jan University of Michigan U.S. consumer sentiment index reports. In addition, there was strength in EUR/USD after the German Dec wholesale price index rose +1.2% m/m and +2.8% y/y, the fastest pace of increase in 4 years, which will discourage the ECB from further easing.

Feb WTI crude oil prices (CLG17 +1.60%) this morning are up +61 cents (+1.16%) and Feb gasoline (RBG17 +1.96%) is up +0.0292 (+1.81%) at a 1-week high. Friday's closes: Feb crude -0.49 (-0.92%), Feb gasoline +0.0019 (+0.12%). Feb crude oil and gasoline on Friday settled mixed. Crude oil prices were boosted by a weaker dollar and by a decline in U.S. active oil rigs for the first time in the last eleven week. Baker Hughes reported that active U.S. oil rigs fell by -7 rigs to 522 rigs in the week ended Jan 13. Crude oil prices fell on comments from OPEC Secretary-General Mohammad Barkindo who said it is still premature to judge compliance of oil cuts from OPEC members.

GLOBAL EVENT CALENDAR01/17/2017

		Tuesday, Jan 17
US	0830 ET	Jan Empire manufacturing survey general business conditions expected -0.8 to 8.2, Dec +7.5 to 9.0.
	0845 ET	New York Fed President Dudley (voter) speaks at a National Retail Federation Conference on consumer behavior.
	1100 ET	USDA weekly grain export inspections.
	1800 ET	San Francisco Fed President John Williams (non-voter) speaks at the Sacramento Business Review Economic Forecast event.
		Wednesday, Jan 18
US	0700 ET	Weekly MBA mortgage applications, previous +5.8% with purchase sub-index +6.1% and refi sub-index +4.4%.
	0830 ET	Dec CPI expected +0.3% m/m and +2.1% y/y, Nov +0.2% m/m and +1.7% y/y. Dec CPI ex food & energy expected +0.2% m/m and +2.2% y/y, Nov +0.2% m/m and +2.1% y/y.
	0915 ET	Dec industrial production expected +0.6%, Nov -0.4%. Dec manufacturing production expected +0.5%, Nov -0.1%. Dec capacity utilization expected +0.4 to 75.4%, Nov -0.4 to 75.0%.
	1000 ET	Jan NAHB housing market index expected -1 to 69, Dec +7 to 70.
	1100 ET	Minneapolis Fed President Neel Kashkari (voter) discusses the economy at the Minneapolis Urban League.
	1500 ET	Fed Chair Janet Yellen speaks at the Commonwealth Club in San Francisco.

U.S. STOCK CALENDAR01/17/2017

Company	Ticker	Time	Event Description	Period	Estimate
Tiffany & Co	TIF US	Bef-mkt	December 2016 Sales and Revenue Release	2016
UnitedHealth Group Inc	UNH US	Bef-mkt	Q4 2016 Earnings Release	Q4 2016	2.073
Comerica Inc	CMA US	6:40	Q4 2016 Earnings Release	Q4 2016	0.938
Morgan Stanley	MS US	7:00	Q4 2016 Earnings Release	Q4 2016	0.65
Comerica Inc	CMA US	8:00	Q4 2016 Earnings Call	Q4 2016
Morgan Stanley	MS US	8:30	Q4 2016 Earnings Call	Q4 2016
UnitedHealth Group Inc	UNH US	8:45	Q4 2016 Earnings Call	Q4 2016
CSX Corp	CSX US	Aft-mkt	Q4 2016 Earnings Release	Q4 2016	0.496
Linear Technology Corp	LLTC US	Aft-mkt	Q2 2017 Earnings Release	Q2 2017	0.525
United Continental Holdings Inc	UAL US	Aft-mkt	Q4 2016 Earnings Release	Q4 2016	1.752

Morning Call 11/29

Barchart Morning Call

Barchart.com - 25 minutes ago

OVERNIGHT MARKETS AND NEWS

Dec E-mini S&Ps (ESZ16 +0.22%) are up +0.14% and European stocks are up +0.33%. Equities received a boost after Eurozone Nov economic confidence rose to the highest in 11 months, although trading was subdued ahead of the OPEC meeting Wednesday and Sunday's referendum in Italy on constitutional reforms. On the negative side, Jan WTI crude oil (CLF17 -2.36%) is down -1.81% as OPEC remains split before its meeting tomorrow in Vienna. Iraq and Iran continue to resist calls to curb output, while Russia said it will not attend the OPEC talks. Asian stocks settled mixed: Japan -0.27%, Hong Kong -0.41%, China +0.18%, Taiwan -0.32%, Australia -0.13%, Singapore +0.16%, South Korea -0.02%, India +0.17%. Japanese stocks closed lower as a stronger yen undercut exporting companies, while China's Shanghai Composite climbed to a 10-1/2 month high on speculation that government curbs on the real estate market will prompt funds to move into stocks.

The dollar index (DXY00 +0.12%) is down -0.02%. EUR/USD (^EURUSD) is down -0.17%. USD/JPY (^USDJPY) is up +0.65%.

Dec 10-year T-note prices (ZNZ16 -0.10%) are down -1 tick.

Eurozone Nov economic confidence rose +0.1 to 106.5, weaker than expectations of +0.5 to 106.8 but still the highest in 11 months. The Nov business climate indicator unexpectedly fell -0.14 to 0.42, weaker than expectations of +0.05 to 0.60.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) revised Q3 GDP (expected +3.0% q/q annualized, previous +2.9%), (2) 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), (3) Nov Conferenc Board U.S. consumer confidence index (expected +2.7 to 101.3, Oct -4.9 to 98.6).

Russell 1000 earnings reports today include: Tiffany (consensus $0.68), Autodesk (-0.24), Guidewire Software (-0.05), Splunk (0.08), Berry Plastics (1.89).

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

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

Pfizer (PFE -0.47%) was upgraded to 'Overweight' from 'Equalweight' at Barclays with a 12-month price target of $38.

U.S. Steel (X -3.19%) was downgraded to 'Hold' from 'Buy' at Argus.

TiVo (TIVO +0.24%) rallied almost 5% in after-hours trading after it signed IP licensing pacts with Netflix.

Thor Industries (THO -0.25%) jumped almost 10% in after-hours trading after it reported Q1 EPS continuing operations of $1.49, higher than consensus of $1.23.

SiteOne Landscape Supply (SITE -1.49%) slipped 3% in after-hours trading after it announced a secondary offering of 8 million shares of common stock.

Allstate (ALL -0.47%) fell over 1% in after-hours trading after it said it will buy SquareTrade for $1.4 billion in cash.

Texas Capital Bancshares (TCBI -3.11%) dropped 3% in after-hours trading after it announced an offering of 3 million shares of common stock.

Shoe Carnival (SCVL -3.75%) sank 10% in after-hours trading after it reported Q3 WPS of 54 cents, weaker than consensus of 56 cents, and then cut its view on fiscal 2017 EPS to $1.46-$1.51 from an August 31 view of $1.58-$1.65.

ZTO Express Cayman (ZTO -0.57%) gained over 3% in after-hours trading after it reported Q3 earnings per ADS were 12 cents, higher than consensus of 11 cents.

Cotiviti Holdings (COTV -1.35%) lost over 1% in after-hours trading after it announced a secondary public offering of 10 million shares of common stock.

21Vianet Group (VNET -1.17%) rose over 3% in after-hours trading aft it reported a Q3 loss/ADR of -13 cents, a smaller decline than consensus of -15 cents.

Cherokee Global (CHKE -4.76%) lost over 2% in after-hours trading after it announced plans to buy Hi-Tec Sports International Holdings for $95.8 million.

Bojangles' Inc. (BOJA -1.75%) slid 4% in after-hours trading after holders proposed a secondary offering of 6 million shares of common stock.

Nivalis Therapeutics (NVLS -0.48%) plunged over 50% in after-hours trading after it said its Phase 2 study evaluating cavosonstat failed to meet the primary endpoint in adult patients with cystic fibrosis.

MARKET COMMENTS

Dec E-mini S&Ps (ESZ16 +0.22%) this morning are up +3.00 points (+0.14%). Monday's closes: S&P 500 -0.53%, Dow Jones -0.28%, Nasdaq -0.27%. The S&P 500 on Monday closed lower on carry-over weakness from a slide in European stocks led by a sell-off in Italian bank stocks on concern Italian voters may vote "no" for Prime Minister Renzi's referendum on Sunday on constitutional reforms. The Financial Times reports that as many as 8 Italian banks risk failing if Renzi loses that vote. Stocks were also undercut by a slide in consumer discretionary stocks led by a -1.7% drop in Amazon.com after Citigroup cut its price target on the stock, citing deep discounting by the retailer to compete during the holiday season. Energy producer stocks received a boost from the +1.82% gain in crude oil prices.

Dec 10-year T-notes (ZNZ16 -0.10%) this morning are up +1 tick. Monday's closes: TYZ6 +14.00, FVZ6 +6.75. Dec 10-year T-note futures on Monday closed higher on carry-over support from a rally in German bund prices to a 2-week high and on higher safe-haven demand with the sell-off in stocks.

The dollar index (DXY00 +0.12%) this morning is down -0.020 (-0.02%). EUR/USD (^EURUSD) is -0.0018 (-0.17%). USD/JPY (^USDJPY) is up +0.73 (+0.65%). Monday's closes: Dollar index -0.160 (-0.16%), EUR/USD +0.0025 (+0.24%), USD/JPY -1.28(-1.13%). The dollar index on Monday fell to a 1-week low and closed lower on the decline in 10-year T-note yields, which reduced the dollar's interest rate differentials. In addition, USD/JPY showed weakness as a sell-off in stocks boosted he safe-haven demand for the yen.

Jan crude oil prices (CLF17 -2.36%) this morning are down -85 cents (-1.81%) and Jan gasoline (RBF17 -1.61%) is -0.0157(-1.11%). Monday's closes: Jan crude +0.84 (+1.82%), Jan gasoline -0.0355 (+2.58%). Jan crude oil and gasoline on Monday closed higher on the slide in the dollar index to a 1-week low and on comments from Iraq Oil Minister Jabbar al-Luaibi who said he's "optimistic" a deal can be reached on oil production cuts when OPEC meets Wednesday in Vienna.

GLOBAL EVENT CALENDAR11/29/2016

		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.
		Wednesday, Nov 30
US	0700 ET	Weekly MBA mortgage applications, previous +5.5% with purchase sub-index +18.8% and refi sub-index -3.1%.
	0800 ET	Dallas Fed President Robert Kaplan (non-voter) speaks to the Economic Club of New York.
	0815 ET	Nov ADP employment change expected +169,000, Oct +147,000.
	0830 ET	Oct personal spending expected +0.5%, Sep +0.5%. Oct personal income expected +0.4%, Sep +0.3%.
	0830 ET	Oct PCE deflator expected +0.3% m/m and +1.5% y/y, Sep +0.2% m/m and +1.2% y/y. Oct core PCE expected +0.1% m/m and +1.7% y/y, Sep +0.1% m/m and +1.7% y/y.
	0945 ET	Nov Chicago PMI expected +1.9 to 52.5, Oct -3.6 to 50.6.
	1000 ET	Oct pending home sales expected unch m/m, Sep +1.5% m/m and +2.0% y/y.
	1030 ET	EIA Weekly Petroleum Status Report.
	1145 ET	Fed Governor Jerome Powell speaks at the Brookings Institute in Washington, D.C.
	1400 ET	Fed Beige Book.
	n/a	OPEC meeting in Vienna.

U.S. STOCK CALENDAR11/29/2016

Company	Ticker	Time	Event Description	Period	Estimate
Berry Plastics Group Inc	BERY US	Bef-mkt	Q4 2016 Earnings Release	Q4 2016	0.588
Mallinckrodt PLC	MNK US	6:00	Q4 2016 Earnings Release	Q4 2016	1.887
Tiffany & Co	TIF US	6:40	Q3 2017 Earnings Release	Q3 2017	0.675
UnitedHealth Group Inc	UNH US	8:00	Investor Conference	Y 2016
Tiffany & Co	TIF US	8:30	Q3 2017 Earnings Call	Q3 2017
Mallinckrodt PLC	MNK US	8:30	Q4 2016 Earnings Call	Q4 2016
Berry Plastics Group Inc	BERY US	10:00	Q4 2016 Earnings Call	Q4 2016
Autodesk Inc	ADSK US	16:01	Q3 2017 Earnings Release	Q3 2017	-0.24
Splunk Inc	SPLK US	16:30	Q3 2017 Earnings Call	Q3 2017
Autodesk Inc	ADSK US	17:00	Q3 2017 Earnings Call	Q3 2017
Guidewire Software Inc	GWRE US	17:00	Q1 2017 Earnings Call	Q1 2017
Guidewire Software Inc	GWRE US	Aft-mkt	Q1 2017 Earnings Release	Q1 2017	-0.045
Splunk Inc	SPLK US	Aft-mkt	Q3 2017 Earnings Release	Q3 2017	0.079