BARCHART MORNING CALL 10/13

BARCHART MORNING CALL

Tuesday, October 13th, 2015View Older Reports

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OVERNIGHT MARKETS AND NEWS

December E-mini S&Ps (ESZ15 -0.39%) are down -0.44% and European stocks are down -1.21% on global growth concerns after China Sep imports fell by the most in 7 months and after German Oct ZEW investor confidence fell to the lowest in a year. Losses in stocks were limited on increased M&A activity after SABMiller Plc agreed to be purchased by Anheuser-Busch InBev SA for 69 billion pounds ($106 billion). Asian stocks settled mostly lower: Japan -1.11%, Hong Kong -0.57%, China +0.17%, Taiwan -0.07%, Australia -0.57%, Singapore -1.56%, South Korea -0.18%, India -0.21% . Asian stocks emerging markets were undercut by the weak Chinese Sep trade data, although China's Shanghai Composite managed to eke out a slight gain on speculation the weak trade data will prompt the government to boost stimulus measures.

The dollar index (DXY00 -0.02%) is down -0.02% at a 3-week low. EUR/USD (^EURUSD) is up +0.20% at a 3-week high. USD/JPY (^USDJPY) is down-0.24% at a 1-week low.

Dec T-note prices (ZNZ15 +0.04%) are up +3 ticks.

The German Oct ZEW survey expectations of economic growth fell -10.2 to 1.9, a bigger decline than expectations of -5.6 to 6.5 and the lowest in a year. The Oct ZEW survey current situation fell -12.3 to 55.2, a larger decline than expectations of -3.5 to 64.0 and the lowest in 7 months.

The China Sep trade balance unexpectedly widened to a $60.34 billion surplus, more than expectations of a $48.21 billion surplus and the largest surplus in 7 months. Sep exports fell -3.7% y/y, a smaller decline than expectations of -6.0% y/y. Sep imports dropped -20.4% y/y, more than expectations of -16.0%y/y and the biggest decline in 7 months.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) St. Louis Fed President James Bullard's speech to the National Association for Business Economics meeting.

There are 5 of the Russell 2000 companies report earnings today: JPMorgan Chase (consensus 1.38), Intel (0.59), Fastenal (0.47), Johnson & Johnson (1.45), CSX (0.50), Linear Technology (0.46).

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

Equity conferences this week include: Bloomberg-The Future of Energy Summit 2015 on Mon-Tue, Energy Storage North America Conference on Thu, and Moody's UK Water Sector Conference on Thu.

OVERNIGHT U.S. STOCK MOVERS

American Airlines (AAL +3.35%) was cut to 'Hold' from 'Buy' at Evercore ISI.

Johnson & Johnson (JNJ +0.65%) rose nearly 2% in pre-market trading after it reported Q3 EPS of $1.49, better than consensus of $1.45, and then announced a new $10 billion stock buyback program.

Fastenal (FAST -0.44%) reported Q3 EPS of 47 cents, right on consensus.

Molson Coors Brewing (TAP -3.50%) jumped over 8% in pre-market trading as the company stands to take full control of MillerCoors on speculation Anheuser-Busch InBev NV will have to offload its stake in MillerCoors if it wants its takeover of SABMiller to pass the scrutiny of regulators.

UTi Worldwide (UTIW -0.14%) was downgraded to 'Market Perform' from 'Outperform' at FBR Capital Markets.

FMC Corp. (FMC -2.47%) dropped nearly 11% in after-hours trading after it lowered guidance for fiscal 2015 EPS to $2.35 to $2.45 a share, well below an August projection of $3.00 to $3.30.

The WSJ reported that JPMorgan Chase will eliminate support for BlackBerry (BBRY -3.37%) wireless devices next year to cut costs.

Fortress Investment Group (FIG -3.37%) tumbled 9% in after-hours trading after it announced that it will liquidate its macro hedge run by Michael Novogratz who is leaving the firm.

Jet Blue (JBLU +2.91%) fell 1% in after-hours trading after it announced its August preliminary passenger revenue per available seat mile (PRASM) fell approximately 3% y/y.

Amgen (AMGN +2.30%) said its romosozuman increased bone strength in the spine and hip more than Eli Lilly's Forteo drug after 12 months in postmenopausal women with low bone mass, based on small exploratory sub-study data.

Ryder (R -0.30%) slid nearly 7% in after-hours trading after it lowered guidance on Q3 EPS to $1.72-$1.74 from $1.82-$1.87, below consensus of $1.86.

MARKET COMMENTS

Dec E-mini S&Ps (ESZ15 -0.39%) this morning are down -8.75 points (-0.44%). Monday's closes: S&P 500 +0.13%, Dow Jones +0.28%, Nasdaq +0.29%. The S&P 500 on Monday settled higher on carry-over support from a +3.28% rally in China's Shanghai Composite and on increased M&A activity after Dell agreed to buy EMC Corp for about $67 billion. Stocks were undercut by comments made Sunday from Fed Vice Chair Fischer who said the U.S. economy may be strong enough to merit an interest rate increase this year. In addition, energy stocks fell after the price of crude oil plunged -5.1%.

Dec 10-year T-notes (ZNZ15 +0.04%) this morning are up +3 ticks. Monday's closes: TYZ5 +9.0, FVZ5 +4.75. Dec T-notes on Monday closed higher on carry-over support from a rally in European government bonds and on dovish comments from Chicago Fed President Evans who said that he favors waiting until the middle of next year before starting to raise interest rates.

The dollar index (DXY00 -0.02%) this morning is down -0.022 (-0.02%) at a 3-week low. EUR/USD (^EURUSD) is up +0.0023 (+0.20%) at a 3-week high. USD/JPY (^USDJPY) is down -0.29 (-0.24%) at a 1-week low. Monday's closes: Dollar Index +0.061 (+0.06%), EUR/USD unch, USD/JPY -0.23(-0.19%). The dollar index on Monday rebounded from a 3-week low and closed slightly higher. The dollar index was undercut by Chicago Fed President Evans's comment that mid-2016 is the "best choice" for the Fed to begin raising interest rates and by strength in EUR/USD which climbed to a 3-week high after ECB Governing Council member Vasiliauskas said that he doesn't see any need for additional stimulus or additional fine-tuning of the ECB's QE program. The dollar recovered its losses and moved higher after crude oil sold off sharply, which undercut the commodity currencies of Canada and Australia.

Nov crude oil (CLX15 -0.02%) this morning is up +6 cents (+0.13%) and Nov gasoline (RBX15 -0.22%) is up +0.0013 (+0.10%). Monday's closes: CLX5-2.53 (-5.10%), RBX5 -0.0672 (-4.74%). Nov crude and gasoline prices on Monday closed sharply lower on OPEC's monthly report disclosing that OPEC Sep crude output rose +109.2000 bpd to a 3-year high of 31.571 million bpd.

GLOBAL EVENT CALENDAR10/13/2015

US	0800 ET	St. Louis Fed President James Bullard speaks to the National Association for Business Economics meeting.
	1100 ET	USDA weekly grain export inspections.
	1600 ET	USDA weekly crop progress.
JPN	0100 ET	Japan Sep consumer confidence index expected -0.1 to 41.6, Aug 41.7.
	0200 ET	Japan Sep machine tool orders, Aug -16.5% y/y.
	1950 ET	Japan Sep PPI expected -0.4% m/m and -3.9% y/y, Aug -0.6% m/m and -3.6% y/y.
GER	0200 ET	Revised German Sep CPI (EU harmonized), previous -0.3% m/m and -0.2% y/y.
	0200 ET	German Sep wholesale price index, Aug -0.8% m/m and -1.1% y/y.
	0500 ET	German Oct ZEW survey expectations of economic growth expected -5.6 to 6.5, Sep 12.1. Oct ZEW survey current situation expected -3.5to 64.0, Sep 67.5.
UK	0430 ET	UK Sep CPI expected unch m/m and unch y/y, Aug +0.2% m/m and unch y/y. Sep core CPI expected +1.1% y/y, Aug +1.0% y/y.
	0430 ET	UK Sep RPI expected +0.1% m/m and +1.0% y/y, Aug +0.5% m/m and +1.1% y/y. Sep RPI ex-mortgage interest payments expected +1.1% y/y, Aug +1.2% y/y.
	0430 ET	UK Sep PPI input prices expected +0.3% m/m and -13.0% y/y, Aug -2.4% m/m and -13.8% y/y.
	0430 ET	UK Sep PPI output prices expected -0.1% m/m and -1.8% y/y, Aug -0.4% m/m and -1.8% y/y. Sep PPI output core prices expected unch m/m and +0.2% y/y, Aug unch m/m and +0.1% y/y.
	0430 ET	UK Aug ONS house prices expected +5.0% y/y, Jul +5.2% y/y.
	0430 ET	BOE credit conditions and bank liabilities survey.
CHI	2130 ET	China Sep CPI expected +1.8% y/y, Aug +2.0% y/y. Sep PPI expected -5.9% y/y, Aug -5.9% y/y.

U.S. STOCK CALENDAR10/13/2015

Company	Ticker	Time	Event Description	Period	Estimate
Fastenal Co	FAST US	7:00	Q3 2015 Earnings Release	Q3 2015	0.465
Johnson & Johnson	JNJ US	7:30	Q3 2015 Earnings Release	Q3 2015	1.452
Johnson & Johnson	JNJ US	8:30	Q3 2015 Earnings Call	Q3 2015
Procter & Gamble Co/The	PG US	9:00	Annual General Meeting	Y 2015
Fastenal Co	FAST US	10:00	Q3 2015 Earnings Call	Q3 2015
California Resources Corp	CRC US	10:30	Analyst Day - Day 1	Y 2015
JPMorgan Chase & Co	JPM US	16:00	Q3 2015 Earnings Release	Q3 2015	1.377
CSX Corp	CSX US	16:02	Q3 2015 Earnings Release	Q3 2015	0.502
JPMorgan Chase & Co	JPM US	17:00	Q3 2015 Earnings Call	Q3 2015
Mylan NV	MYL US	17:00	Acquisition of Perrigo Company plc by Mylan N.V. Call
Intel Corp	INTC US	17:00	Q3 2015 Earnings Call	Q3 2015
Linear Technology Corp	LLTC US	17:00	Q1 2016 Earnings Release	Q1 2016	0.456
Intel Corp	INTC US	Aft-mkt	Q3 2015 Earnings Release	Q3 2015	0.586
JetBlue Airways Corp	JBLU US		September 2015 Sales and Revenue Release - Traffic Results	2015

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 9/4

BARCHART MORNING CALL

Friday, September 4th, 2015View Older Reports

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OVERNIGHT MARKETS AND NEWS

September E-mini S&Ps (ESU15 -0.96%) are down -1.03% and European stocks are down -2.23% on anxiety ahead of U.S. Aug non-farm payrolls where a stronger-than-expected report may bolster the case for a Fed rate hike as soon as this month. A larger-than-expected decline in German Jul factory orders is also fueling selling in European stocks. The markets will also be alert to the meeting of central bankers and finance ministers at this weekend's G-20meeting in Ankara, Turkey. Emerging stocks closed lower on U.S. rate hike concerns along with worries that China will pare back support for equities following this week's military parade. Asian stocks closed mostly lower: Japan -2.15%, Hong Kong -0.45%, China closed for holiday, Taiwan -1.18%, Australia +0.25%, Singapore -1.47%, South Korea -1.09%, India -2.18%. Japan's Nikkei Stock Index closed down over 2% and posted a 6-3/4 month low on concern Chinese stocks will continue their declines when trading resumes Monday after this week's holidays.

The dollar index (DXY00 -0.15%) is down -0.13%. EUR/USD (^EURUSD) is up +0.13%. USD/JPY (^USDJPY) is down -0.76% at a 1-weklow as the slide in stock prices boosts the safe-haven demand for the yen.

Dec T-note prices (ZNZ15 +0.26%) are up +11.5 ticks at a 1-week high as weakness in equities boosts the safe-haven demand of government debt.

In a draft communique prepared ahead of this weekend's G-20 meeting in Ankara, Turkey, global central bankers and finance ministers expressed concern about the potential disruption a Fed rate increase may due to emerging markets as the draft said "In line with the improving economic outlook, monetary policy tightening is more likely in some advanced economies, which may remain one of the main sources of uncertainty in financial markets."

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Aug non-farm payrolls expected +219,000, Jul +215,000) and the Aug unemployment rate (expected -0.1 to 5.2%, Jul unch at 5.3%), (2) a speech by Richmond Fed President Jeffrey Lacker before the Retail Merchants Association in Richmond, VA, during their Economic Forecast Breakfast titled “The Case Against Further Delay," and (3) the first day of the 2-day G-20 finance ministers and central bankers meeting Ankara, Turkey.

None of the Russell 1000 companies report earnings today.

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

Equity conferences during the remainder of this week include: none.

OVERNIGHT U.S. STOCK MOVERS

Caterpillar (CAT -2.17%) was downgraded to 'Neutral' from 'Outperform' at Baird.

British Petroleum (BP +0.65%) was downgraded to 'Underperform' from 'Neutral' at BofA/Merrill Lynch.

Ciena (CIEN +2.18%) was downgraded to 'Hold' from 'Buy' at Deutsche Bank.

Dollar Tree (DLTR -0.87%) was upgraded to 'Buy' from 'Neutral' at BofA/Merrill Lynch.

Teekay Tankers (TNK +3.38%) was upgraded to 'Buy' from 'Sell' at UBS.

Infineon (IFNNY +0.57%) was upgraded to 'Overweight' from 'Neutral' at JPMorgan Chase.

Adidas (ADDDY) was initiated with an 'Outperform' at Exane BNP Paribas.

Gabelli reported an 11.27% stake in CTS Corporation (CTS +0.43%) .

Esterline (ESL +0.38%) reported Q3 adjusted EPS of $1.33, weaker than consensus of $1.42 and then lowered guidance on fiscal 2015 adjusted EPS to $4.35-$4.45, below consensus of $4.71.

UTi Worldwide (UTIW -4.11%) reported a Q2 EPS loss of -70 cents, a much bigger loss than consensus of -5 cents.

The Gap (GPS +1.13%) reported August Same-Store-Sales were down 2% y/y and August revenue of $1.20 billion was below the $1.23 billion from last year.

Cooper Companies (COO -0.67%) reported Q3 EPS of $1.97, higher than consensus of $1.95.

Verifone (PAY +0.58%) fell 5% in after-hours trading after it reported Q3 adjusted EPS of 47 cents, better than consensus of 46 cents, but then lowered guidance on fiscal 2015 adjusted EPS to $1.82-$1.83, below consensus of $1.85.

Gamco reported a 7.15% stake in Crane (CR +0.14%) .

MARKET COMMENTS

Sep E-mini S&Ps (ESU15 -0.96%) this morning are down -20.00 points (-1.03%). Thursday's closes: S&P 500 +0.12%, Dow Jones +0.14%, Nasdaq-0.51%. The S&P 500 on Thursday closed slightly higher on the stronger-than-expected U.S Aug ISM non-manufacturing index of -1.3 to 59.0 (vs expectations of -2.1 to 58.2) and the ECB's move to raise its purchase limit of a country's debt to 33% from 25%, which could pave the way for the ECB to eventually enlarge or extend its QE program. Stocks saw some weakness from the +12,000 increase in U.S. weekly initial unemployment claims (vs expectations of +4,000) and long liquidation ahead of Friday's monthly U.S. payrolls report.

Dec 10-year T-notes (ZNZ15 +0.26%) this morning are up +11.5 ticks at a 1-week high. Thursday's closes: TYZ5 +7.50, FVZ5 +5.75. Dec T-notes on Thursday closed higher on the larger-than-expected increase in U.S. weekly jobless claims and on carryover support from a rally in German bunds after the ECB cut its Eurozone GDP and inflation forecasts for 2015 through 2017 and expanded the potential size of its QE program.

The dollar index (DXY00 -0.15%) this morning is down -0.124 (-0.13%). EUR/USD (^EURUSD) is up +0.0014 (+0.13%). USD/JPY (^USDJPY) is down-0.91 (-0.76%) at a 1-week low. Thursday's closes: Dollar Index +0.577 (+0.60%), EUR/USD -0.0104 (-0.93%), USD/JPY -0.26 (-0.22%). The dollar index on Thursday climbed to a 2-week high and closed higher on a decline in EUR/USD to a 2-week low after the ECB cut its Eurozone GDP and inflation forecasts for 2015 through 2017 and expanded the potential size of its QE program. The dollar also found support on the stronger-than-expected Aug ISM non-manufacturing report.

Oct crude oil (CLV15 -0.71%) this morning is down -32 cents (-0.68%) and Oct gasoline (RBV15 -1.07%) is down -0.0141 (-0.98%). Thursday's closes: CLV5 +0.50 (+1.08%), RBV5 +0.0053 (+0.37%). Oct crude oil and gasoline on Thursday closed higher on the rally in stocks and on the ECB's move to potentially expand its QE program.

GLOBAL EVENT CALENDAR09/04/2015

US	0810 ET	Richmond Fed President Jeffrey Lacker addresses the Retail Merchants Association in Richmond, VA, during their Economic Forecast Breakfast in a speech titled The Case Against Further Delay.
	0830 ET	Aug non-farm payrolls expected +219,000, Jul +215,000. Aug private payrolls expected +205,000, Jul +210,000. Aug manufacturing payrolls expected +5,000, Jul +15,000. Aug unemployment rate expected -0.1 to 5.2%, Jul unch at 5.3%.
	0830 ET	Aug average hourly earnings expected +0.2% m/m and +2.1% y/y, Jul +0.2% m/m and +2.1% y/y. Aug average weekly hours all employees expected -0.1 to 34.5 hours, Jul 34.6 hours.
	n/a	G-20 finance ministers and central bankers hold 2-day meeting in Ankara, Turkey.
GER	0200 ET	German Jul factory orders expected -0.6% m/m and +0.4% y/y, Jun +2.0% m/m and +7.2% y/y.
	0330 ET	German Markit construction PMI, Jul 50.6.
UK	0430 ET	UK Aug new car registrations, Jul +3.2% y/y.
	0430 ET	BOE quarterly inflation expectations.
EUR	0500 ET	Revised Eurozone Q2 GDP, previous +0.3% q/q and +1.2% y/y.

U.S. STOCK CALENDAR09/04/2015

Company	Ticker	Time	Event Description	Period	Estimate
Walt Disney Co/The	DIS US		Disney Unveils New Star Wars" Toy Line"

BARCHART MORNING CALL 6/5

BARCHART MORNING CALL

Friday, June 5th, 2015View Older Reports

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OVERNIGHT MARKETS AND NEWS

June E-mini S&Ps (ESM15 -0.21%) this morning are down -0.33% and European stocks are down -1.42% at a 4-week low ahead of U.S. May non-farm payrolls. Stocks took a hit after Greece said it would defer a debt payment due today to the IMF until the end of the month, which bolsters concern that Greece may be close to bankruptcy. Greece's ASE Stock Index tumbled -4.55% and the 10-year Greek bond yield rose 40 bp to a three-session high of 11.32% on Greek default concerns. Asian stocks closed mostly lower: Japan -0.13%, Hong Kong -1.06%, China +1.54%, Taiwan -0.09%, Australia -0.11%, Singapore -0.34%, South Korea -0.21%, India -0.17%. Chinese socks rallied and bucked the negative trend as the China's Shanghai Composite Index climbed to a 7-1/3 year high amid speculation the government will boost stimulus measures to bolster the economy along with cross-borders sales of mutual funds that may widen access to financial markets and increase equity inflows.
Commodity prices are mixed. Jul crude oil (CLN15 +0.40%) is down -0.50% at a 1-week low on speculation that OPEC will leave its production targets unchanged as the cartel meets today in Vienna. Jul gasoline (RBN15 +0.93%) is up +0.37%. Metals prices are mostly lower. Aug gold (GCQ15 -0.10%) is down -0.11%. Jul copper (HGN15 +0.09%) is down -0.13%% at a 6-week low on concern that U.S. copper demand will weaken after the IMF cut its 2015 U.S. GDP estimate to 2.5% from an earlier forecast of 3.1%. Agricultural prices are mixed.
The dollar index (DXY00 +0.21%) is up +0.24%. EUR/USD (^EURUSD) is down -0.11%. USD/JPY (^USDJPY) is up +0.36%.

Sep T-note prices (ZNU15 -0.25%) are down -8.5 ticks.
Greece notified the IMF that a 300 million euro payment due to the IMF today would be deferred and bundled with three more payments due at the end of the month. Greece is the first country since the 1980s to defer a payment to the IMF and underscores the state of Greece's shrinking finances.
ECB Governing Council member and National Bank of Belgium Governor Smets said "there's no chance" that the ECB will end its quantitative easing earlier than planned.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) the May unemployment report (May payrolls expected +227,000 after April's +223,000; May unemployment rate expected unchanged at 5.4% after April's -0.1 point decline to 5.4%), (2) Apr consumer credit (expected +$16.0 billion after March's +$20.523 billion), and (3) a speech by New York Fed President William Dudley on the economy and monetary policy at a gathering of the Economic Club of Minnesota.
None of the Russell 1000 companies report earnings today.
U.S. IPO's scheduled to price today include: Ardelyx (ARDX).
Equity conferences today include: none.

OVERNIGHT U.S. STOCK MOVERS

DISH (DISH +4.86%) was downgraded to 'Neutral' from 'Outperform' at Macquarie.
Cardinal Health (CAH -0.47%) will acquire Harvard Drug Group for $1.115 billion.
Under Armour (UA -0.43%) was upgraded to 'Buy' from 'Neutral' at DA Davidson.
DreamWorks (DWA +0.55%) was upgraded to 'Buy' from 'Hold' at Stifel with a $34 price target.
Charles Schwab (SCHW -0.09%) was upgraded to 'Buy' from 'Neutral' at Goldman Sachs.
LifePoint (LPNT -1.05%) was initiated with a 'Conviction Buy' at Goldman Sachs with a price target of $92.
Team Health (TMH -0.20%) was downgraded to 'Neutral' from 'Buy' at Goldman Sachs.
Lockheed Martin (LMT -0.90%) was awarded a $920.35 million government contract for the manufacture and delivery of 94 F-35 Lightning II aircraft.
Thor Industries (THO -1.43%) reported Q3 EPS of $1.19, less than consensus of $1.21.
UTi Worldwide (UTIW -3.29%) reported a Q1 EPS loss of -35 cents, a much bigger loss than consensus of -15 cents.
Esterline (ESL -1.53%) reported Q2 adjusted EPS of $1.20, below consensus of $1.33.
Cooper Companies (COO -2.54%) reported Q2 adjusted EPS of $1.72, weaker than consensus of $1.76.
Verifone (PAY -1.49%) reported Q2 adjusted EPS of 44 cents, higher than consensus of 42 cents.
Gap (GPS +0.81%) reported that May same-store-sales were down 1% y/y.

MARKET COMMENTS

June E-mini S&Ps (ESM15 -0.21%) this morning are down -7.00 points (-0.33%). Thursday's closes: S&P 500 -0.86%, Dow Jones -0.94%, Nasdaq -0.73%. The S&P 500 on Thursday sold off to a 3-week low on a rout in global bond markets that temporarily sent the 10-year German bund yield up to an 8-1/4 month high and the 10-year T-note yield up to a 5-1/4 month high. There was also weakness in commodity producer stocks after metals and crude oil fell. A positive factor was the -8,000 decline in initial unemployment claims.
Sep 10-year T-notes (ZNU15 -0.25%) this morning are down -8.5 ticks. Thursday's closes: TYU5 +14.50, FVU5 +7.50. Sep T-notes on Thursday recovered from a 5-month low and closed higher. Supportive factors included a recovery in German bund prices from an 8-1/4 month low and increased safe-haven demand for Treasuries after stocks plunged.
The dollar index (DXY00 +0.21%) this morning is up +0.228 (+0.24%). EUR/USD (^EURUSD) is down -0.0012 (-0.11%). USD/JPY (^USDJPY) is up +0.45 (+0.36%). Thursday's closes: Dollar Index -0.004 (-0.01%), EUR/USD -0.00368 (-0.33%), USD/JPY +0.122 (+0.10%). The dollar index on Thursday fell to a 2-week low and closed lower on strength in EUR/USD on improved EUR interest rate differentials with the German 10-year bund yield rising to an 8-1/4 month high.
July WTI crude oil (CLN15 +0.40%) this morning is down -29 cents (-0.50%) at a 1-week low. July gasoline (RBN15 +0.93%) is up +0.0074 (+0.37%). Thursday's closes: CLN5 -1.64 (-2.75%), RBN5 -0.0568 (-2.78%). Jul crude and gasoline on Thursday closed lower on expectations for OPEC on Friday to maintain its production target and news that Iraq will increase its oil exports by +100,000 bpd this month.

GLOBAL EVENT CALENDAR06/05/2015

US	0830 ET	May non-farm payrolls expected +226,000, Apr +223,000. May private payrolls expected +220,000, Apr +213,000. May manufacturing payrolls expected +5,000, Apr +1,000. May unemployment rate expected unch at 5.4%, Apr -0.1 to 5.4%.
	0830 ET	May average hourly earnings expected +0.2% m/m and +2.2% y/y, Apr +0.1% m/m and +2.2% y/y. May average weekly hours all-employees expected unch at 34.5 hours.
	1230 ET	New York Fed President William Dudley speaks on the economy and monetary policy at a gathering of the Economic Club of Minnesota.
	1500 ET	Apr consumer credit expected +$16.000 billion, Mar +$20.523 billion.
JPN	0100 ET	Japan Apr leading index CI expected +1.2 to 107.2, Mar 106.0. Apr coincident index expected +1.5 to 110.7, Mar 109.2.
GER	0200 ET	German Apr factory orders expected +0.5% m/m and -0.6% y/y, Mar +0.9% m/m and +1.9% y/y.
UK	0430 ET	BOE May quarterly inflation attitudes survey.
EUR	0500 ET	Revised Eurozone Q1 GDP, previous +0.4% q/q and +1.0% y/y.

U.S. STOCK CALENDAR06/05/2015

Company	Ticker	Time	Event Description	Period	Estimate
Actavis plc	ACT US	3:30	Annual General Meeting	Y 2015
Wal-Mart Stores Inc	WMT US	8:30	Annual General Meeting	Y 2015
Goodyear Tire & Rubber Co/The	GT US	9:00	Goodyear Tire & Rubber Co. and Sumitomo Rubber Industries, Ltd Joint Venture Ag
Cardinal Health Inc	CAH US	10:00	Investors and Analysts Meeting - Dublin	Y 2015
Flowers Foods Inc	FLO US	11:00	Annual General Meeting	Y 2015
ResMed Inc	RMD US	12:00	Investor Day	Y 2015
Wal-Mart Stores Inc	WMT US	13:30	Investment Community Meeting and Q&A Session	Y 2015
Questar Corp	STR US		Roadshow - Europe - Day 5	Y 2015
Garmin Ltd	GRMN US		Annual General Meeting	Y 2015

BARCHART MORNING CALL 4/1

BARCHART MORNING CALL

Wednesday, April 1st, 2015View Older Reports

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OVERNIGHT MARKETS AND NEWS

June E-mini S&Ps (ESM15 -0.40%) this morning are down -0.08% ahead of today's Mar ADP employment change, while European stocks are up +1,25% at a 6-3/4 year high after Eurozone Mar manufacturing activity was revised higher to its fastest pace in 10 months. Global stocks also received support from an unexpected increase in the China Mar manufacturing PMI that climbed above the expand/contract 50.0 level. Asian stocks settled mixed: Japan -0,90%, Hong Kong +0.73%, China +1.79%, Taiwan -0.82%, Australia -0.52%, Singapore unch, South Korea -0.90%, India +1.08%. Japanese stocks fell after the Q1 Tankan large manufacturing business conditions came in weaker than expected, while Chinese stocks gained after the China Mar manufacturing activity unexpectedly expanded. Commodity prices are mixed. May crude oil (CLK15 -0.42%) is down -0.55% after the foreign ministers of Russia and Iran said consensus on major points of a nuclear accord were reached and a statement may be drafted today. May gasoline (RBK15 +0.46%) is up +0.40%. Jun gold (GCM15 +0.08%) is up +0.05%. May copper (HGK15 -0.49%) is up +0.35%. Agriculture prices are higher. The dollar index (DXY00 +0.06%) is down -0.07%. EUR/USD (^EURUSD) is up +0.24%. USD/JPY (^USDJPY) is down -0.02%. Jun T-note prices (ZNM15 +0.10%) are up +2 ticks.
The China Mar manufacturing PMI unexpectedly expanded +0.2 to 50.1, stronger than expectations of -0.2 to 49.7. The Mar non-manufacturing PMI fell -0.2 to 53.7 and matched Jan as the slowest pace of expansion in 14 months.
The Eurozone Mar Markit manufacturing PMI was revised upward by +0.3 to 52.2 from the previously reported 51.9, the fastest pace of expansion in 10 months.
The German Mar Markit/BME manufacturing PMI was revised upward by +0.4 to 52.8 from the previously reported 52.4, the fastest pace of expansion in 11 months.
UK Mar Markit manufacturing PMI rose +0.4 to 54.4, right on expectations and the fastest pace of expansion in 8 months.
The ECB Governing Council will consider extending the Emergency Liquidity Assistance, the funds that are keeping Greece afloat, after net withdrawals on Greek banks in March were 3 billion euros, according to two people familiar with the matter. This brings total outflows from Greek banks since October to 28 billion euros. Dependence on the emergency cash has surged since Feb when the ECB stopped allowing Greek government bonds to be used as collateral for its regular funding operations and deposits in Greek banks fell to their lowest in more than 10 years.
The Japan Q1 Tankan large manufacturing business conditions remained unchanged at 12 from Q4, weaker than expectations of +2 to 14.
The Japan Mar Markit/JMMA manufacturing PMI was revised down -0.1 to 50.3 from the originally reported 50.4, the slowest pace of expansion in 10 months.
Japan Mar vehicle sales fell -13.1% y/y, a smaller decline than the -14.2% y/y drop in Feb, but still the eighth consecutive month that vehicle sales have declined.

U.S. STOCK PREVIEW

Key news today includes (1) today's weekly MBA mortgage applications report, (2) today's Mar ADP employment change (expected +225,000 after Feb's +212,000), (3) the final-Mar Markit U.S. manufacturing PMI (expected unrevised at 55.3 after the prelim-March report showed a +0.2 point increase to 55.3), (4) today's Feb construction spending report (expected -0.1% m/m), (5) today's March ISM manufacturing index (expected -0.4 to 52.5, adding to Feb's decline of -0.6 to 52.9), (6) today's March total vehicle sales report (expected much higher at 16.90 million versus Feb's 16.16 million), and (7) today's comments by San Francisco Fed President John Williams and Atlanta Fed President Dennis Lockhart.
There are three of the Russell 1000 companies that report earnings today: Monsanto (consensus $2.93), Acuity Brands (1.05), and Micron Technology (0.73).
U.S. IPO's that are scheduled price today include: Axalta Coating Systems (AXTA), and Kornit Digital (KRNT). U.S. IPO's that start trading today include: GoDaddy (GDDY), CyrusOne (CONE), Coherus Biosciences (CHRS),
Equity conferences during the remainder of this week include: Bank of America Merrill Lynch New York Auto Summit on Wed, DUG Bakken and Niobrara Unconventional Oil Conference on Wed, Mitsubishi UFJ Financial Utilities Conference on Wed, New York Interational Auto Show-Press Days on Wed, and Goldman Sachs Biosimilars Conference on Thu.

OVERNIGHT U.S. STOCK MOVERS

American Airlines (AAL -1.60%) , Delta Air Lines (DAL -1.32%) and United Continental (UAL -1.38%) were all downgraded to 'Hold' from 'Buy' at Deutsche Bank.
Hewlett-Packard (HPQ -1.30%) was upgraded to 'Buy' from 'Hold' at Jefferies.
Pier 1 Imports (PIR +0.65%) was downgraded to 'Underweight' from 'Equal Weight' at Morgan Stanley.
Esperion (ESPR +0.61%) was initiated with a 'Buy' at UBS with a price target of $140.
Willbros Group (WG -3.22%) reported a Q4 EPS loss of -72 cents with items, weaker than consensus of a profit of 6 cents, and then lowered guidance on fiscal 2015 revenue to $1.40 billion to $1.60 billion, below consensus of $1.83 billion.
Burlington Stores (BURL +0.13%) filed to sell 12.49 million shares of common stock for holders.
Dyax (DYAX -1.76%) surged over 40% in after-hours trading after it announced positive results from its Phase 1b clinical trial of DX-2930 being developed for the prevention of hereditary angioedema.
Allstate (ALL +0.31%) was initiated with an 'Outperform' at Credit Suisse with a price target of $84.
Aon plc (AON -2.02%) was initiated with an 'Underperform' at Credit Suisse with a price target of $95.
UTi Worldwide (UTIW -1.91%) reported a Q4 EPS loss of -$1.02, much weaker than consensus of -8 cents.
SYNNEX (SNX -1.10%) reported Q1 EPS of $1.46, below consensus of $1.52, and then lowered guidance on Q2 EPS to $1.50-$1.56, weaker than consensus of $1.59.

MARKET COMMENTS

Jun E-mini S&Ps (ESM15 -0.40%) this morning are down -1.75 points (-0.08%). Tuesday's closes: S&P 500 -0.88%, Dow Jones -1.11%, Nasdaq -1.12%. The U.S. stock market on Tuesday closed lower on the weaker-than-expected Mar Chicago PMI report of +0.5 to 46.3 (vs expectations of +6.2 to 52.0). In addition, commodity producers dragged down the overall U.S. stock indexes due to strength in the dollar index. Stocks received some support on Tuesady from the stronger-than-expected U.S. March U.S. consumer confidence report from the Conference Board of +2.5 to 101.3.
Jun 10-year T-notes (ZNM15 +0.10%) this morning are up +2 ticks. Tuesday's closes: TYM5 +10.00, FVM5 +6.50. T-note prices on Tuesday rallied due to the rally in German Bunds to a 1-week high on Eurozone deflation concerns with the Eurozone March core CPI dropping to match the record low of +0.6% y/y. T-notes also received a boost from the weaker-than-expected Chicago PMI report but were undercut by the stronger-than-expected U.S. consumer confidence index.
The dollar index (DXY00 +0.06%) this morning is down -0.069 (-0.07%). EUR/USD (^EURUSD) is up +0.0026 (+0.24%). USD/JPY (^USDJPY) is down -0.03 (-0.02%). Tuesday's closes: Dollar index +0.382 (+0.39%), EUR/USD -0.01019 (-0.94%), USD/JPY +0.059 (+0.05%). The dollar index on Tuesday rallied to a new 1-week high on dollar-support tied to the stronger-than-expected U.S. Mar consumer confidence index report of +2.5 to 101.3. In addition, EUR saw weakness on European deflation concerns as the Eurozone Mar core CPI fell to match a record low of +0.6% y/y.
May WTI crude oil (CLK15 -0.42%) this morning is down -26 cents (-0.55%) and May gasoline (RBK15 +0.46%) is up +0.0071 (+0.40%). Tuesday's closes: CLK5 -1.08 (-2.22), RBK5 -0.0227 (-1.26%). Crude oil and gasoline prices on Tuesday closed lower due to strength in the dollar index combined with expectations for another big 4.5 million bbl increase in U.S. crude oil inventories in Wednesday's EIA report. Crude oil prices also saw some weakness on the possibility of an Iranian nuclear deal, which could eventually lead to reduced sanctions on Iran and increased Iranian oil exports.

GLOBAL EVENT CALENDAR04/01/2015

US	0700 ET	Weekly MBA mortgage applications, previous +9.5% with purchase sub-index +4.9% and refi sub-index +12.3%.
	0815 ET	Mar ADP employment change expected +225,000, Feb +212,000.
	0900 ET	San Francisco Fed President John Williams moderates a panel at the Atlanta Feds financial markets conference on Financial Stability: How Essential Should Financial Stability be to Central Banks?
	0945 ET	Final-Mar Markit manufacturing PMI expected unrevised at 55.3, prelim-March +0.2 to 55.3.
	1000 ET	Feb construction spending expected -0.1% m/m, Jan -1.1% m/m.
	1000 ET	Mar ISM manufacturing index expected -0.4 to 52.5, Feb -0.6 to 52.9. Mar ISM new orders, Feb -0.4 to 52.5. Mar ISM employment, Feb -2.7 to 51.4. Mar ISM prices paid expected +3.0 to 38.0, Feb unch at 35.0.
	1030 ET	Atlanta Fed President Dennis Lockhart chairs a panel at the Atlanta Feds financial markets conference on Monetary Policy: Will the Traditional Banking Channel Remain Central to Monetary Policy?
	1030 ET	EIA Weekly Petroleum Status Report.
	n/a	Mar total vehicle sales expected 16.90 million, Feb 16.16 million. Mar domestic vehicle sales expected 13.50 million, Feb 12.87 million.
JPN	0100 ET	Japan Mar vehicle sales, Feb -14.2% y/y.
GER	0355 ET	Revised German Mar Markit/BME manufacturing PMI, previous +1.3 to 52.4.
EUR	0400 ET	Revised Eurozone Mar Markit manufacturing PMI, previous +0.9 to 51.9.
UK	0430 ET	UK Mar manufacturing PMI expected +0.3 to 54.4, Feb 54.1.

U.S. STOCK CALENDAR04/01/2015

Company	Ticker	Time	Event Description	Period	Estimate
Monsanto Co	MON US	Bef-mkt	Q2 2015 Earnings Release	Q2 2015	2.931
Acuity Brands Inc	AYI US	Bef-mkt	Q2 2015 Earnings Release	Q2 2015	1.054
Ford Motor Co	F US	9:15	March 2015 Sales and Revenue Release	2015
Monsanto Co	MON US	9:30	Q2 2015 Earnings Call	Q2 2015
Ford Motor Co	F US	10:00	March 2015 Sales and Revenue Call	2015
Wal-Mart Stores Inc	WMT US	10:00	Business Update Call
Acuity Brands Inc	AYI US	10:00	Q2 2015 Earnings Call	Q2 2015
Micron Technology Inc	MU US	16:30	Q2 2015 Earnings Call	Q2 2015
Micron Technology Inc	MU US	Aft-mkt	Q2 2015 Earnings Release	Q2 2015	0.733
Alliant Energy Corp	LNT US		Investors Meeting - Day 2	Y 2015