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Monday, November 27, 2017

Morning Call 11/27

Barchart Morning Call

Barchart.com - Mon Nov 27, 6:40AM CST

OVERNIGHT MARKETS AND NEWS

Dec E-mini S&Ps (ESZ17 -0.04%) this morning are up +0.09% at a new record nearest-futures high on signs of sustainability in the U.S. economic recovery as consumers continue to spend after Adobe Systems reported that Black Friday online spending was a record $5.03 billion, up +16.9% y/y. Adobe also estimates that today's Cyber Monday shopping day will be the biggest online shopping day in history, with $6.6 billion in predicted sales, up +16.5% y/y. European stocks are up +0.24% as political risks in Germany eased on signs that the SPD party will join Chancellor Merkel's Christian Democratic party in a "Grand Coalition." Asian stocks settled mostly lower: Japan -0.24%, Hong Kong -0.60%, China -0.94%, Taiwan -0.95%, Australia +0.10%, Singapore -0.17%, South Korea -1.76%, India +0.13%. China's Shanghai Composite tumbled to a 3-month low as concern over the government's attempt to tighten liquidity led to long liquidation in Chinese large-cap stocks.

The dollar index (DXY00 -0.08%) is down -0.12% at a 2-month low. EUR/USD (^EURUSD) is up +0.03% at a 2-month high on optimism Chancellor Merkel's Christian Democratic party can form a coalition with the German SPD party. USD/JPY (^USDJPY) is down -0.33%.

Dec 10-year T-note prices (ZNZ17 unch) are down -3 ticks.

Japan Oct PPI services prices rose +0.8% y/y, weaker than expectations of +0.9% y/y.

China Oct industrial profits rose +25.1% y/y and Jan-Oct industrial profits are up +23.3% y/y.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Oct new home sales (expected -6.3% to 625,000, Sep +18.9% to 667,000), (2) Nov Dallas Fed manufacturing activity (expected -3.6 to 24.0, Oct +6.3 to 27.6), (3) Treasury auctions $26 billion of 2-year T-notes and $34 billion of 5-year T-notes, (4) New York Fed President Dudley (voter) speaks in a moderated discussion at the University of California, Berkeley, on ‘The U.S. Economy: 10 Years after the Crisis,’ (5) USDA weekly grain export inspections, (6) USDA crop conditions and progress report.

Notable Russell 1000 earnings reports today include: Thor Industries (consensus $1.86).

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

Equity conferences this week: MUFG Securities Equity Energy Tour on Mon, 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

Ciena (CIEN +0.67%) was upgraded to 'Buy' from 'Neutral' at Bank of America/Merrill Lynch with a 12-month target price of $28.

Everest Re (RE -0.72%) was upgraded to 'Outperform' from 'Underperform' at Keefe, Bruyette & Woods.

Norfolk Southern (NSC +0.60%) was downgraded to 'Sell' from 'Hold' at Loop Capital Markets with a price target of $120.

Western Digital (WDC -0.14%) was downgraded to 'Equal-Weight' from 'Overweight' at Morgan Stanley.

Allergan (AGN -0.74%) was resumed with an 'Outperform' at Leerink Partners LLC with a 12-month target price of $237.

Buffalo Wild Wings (BWLD -0.07%) was downgraded to 'Neutral' from 'Buy' at UBS, citing valuation.

Square (SQ +0.10%) was downgraded to 'Sell' from 'Neutral' at BTIG LLC with a 12-month target price of $30.

Eminence Capital reported that it raised its passive stake in Wendy's (WEN -0.65%) to 5.2% from 3.68%.

Macy's (M +2.13%) slipped almost 1% in after-hours trading after a glitch in the company's credit-card processing Black Friday spurred long lines which prompted some customers to abandon purchases due to the long wait times.

Johnson Controls International Plc (JCI +0.33%) may move higher this morning after vice president of the company, William Jackson, filed a Form 4 with the SEC that he purchased 20,000 shares of JCI at an average price of $36 on Nov 21.

Broadfin Capital reported that it reduced its stake in Recro Pharma (REPH unch) to 15.31% from 16.21%.

Marathon Patent Group (MARA +172.94%) jumped 14% in after-hours trading on top of a 173% surge Friday after it reported a Q3 operating loss of -$3.9 million versus an operating loss of -$10.7 million for Q3 of 2016.

MARKET COMMENTS

Dec S&P 500 E-mini stock futures (ESZ17 -0.04%) this morning are up +2.25 points (+0.09%) at a new record nearest-futures high. Friday's closes: S&P 500 +0.21%, Dow Jones +0.14%, Nasdaq +0.36%. The S&P 500 on Friday climbed to a new record high and closed higher on a rally in consumer retail stocks due to optimism for strong holiday sales as Black Friday begins the all-important holiday shopping season. There was also strength in energy stocks after crude oil prices climbed +1.60% to a 2-1/3 year high.

Dec 10-year T-note prices (ZNZ17 unch) this morning are down -3 ticks. Friday's closes: TYZ7 -4.50, FVZ7 -2.75. Dec 10-year T-notes on Friday closed lower on the rally in the S&P 500 to a new record high and on the jump in crude oil prices to a 2-1/3 year high, which boosts inflation expectations.

The dollar index (DXY00 -0.08%) this morning is down -0.11 (-0.12%) at a 2-month low. EUR/USD (^EURUSD) is up +0.0004 (+0.03%) at a 2-month high and USD/JPY (^USDJPY) is down -0.37 (-0.33%). Friday's closes: Dollar Index -0.438 (-0.37%), EUR/USD +0.0080 (+0.68%), USD/JPY +0.30 (+0.27%). The dollar index on Friday fell to a 2-month low and closed lower on the unexpected decline in the U.S. Nov Markit manufacturing PMI, which is dovish for Fed monetary policy. There was also strength in EUR/USD, which rose to a 2-month high after the German Nov IFO business climate unexpectedly rose to the highest since the data series began in 1991.

Jan crude oil (CLF18 -1.05%) this morning is down -49 cents (-0.83%) and Jan gasoline (RBF18 -0.49%) is -0.0054 (-0.30%). Friday's closes: Jan WTI crude +0.93 (+1.60%), Jan gasoline +0.0187 (+1.06%). Jan crude oil and gasoline on Friday closed higher with Jan crude at a 2-1/3 year high and Jan gasoline at a 1-1/2 week high. Crude oil prices were boosted by the slump in the dollar index to a 2-month low and by a report that said Russia and OPEC have outlined a deal to extend their crude production cuts until the end of next year. Crude oil prices were also boosted by the rally in the S&P 500 to a new record high, which bolsters optimism in the economic outlook that may lead to increased energy demand.

Metals prices this morning are mixed with Dec gold (GCZ17 +0.51%) +6.2 (+0.48%), Dec silver (SIZ17 +0.52%) +0.078 (+0.46%) and Dec copper (HGZ17 -1.29%) -0.039 (-1.21%). Friday's closes: Dec gold -4.9 (-0.38%), Dec silver -0.120(-0.70%), Dec copper +0.0320 (+1.02%). Metals on Friday settled mixed with Dec copper at a 3-week high. Metals prices were boosted by the slide in the dollar index to a 2-month low. Copper was also boosted by strikes by copper miners in Chile and Peru and by tighter copper supplies as LME copper inventories fell -5,475 MT to a 2-1/4 month low of 213,600 MT. Metals prices were undercut by the rally in the S&P 500 to a new record high, which curbs safe-haven demand for precious metals.

GLOBAL EVENT CALENDAR11/27/2017

		Monday, Nov 27
US	1000 ET	Oct new home sales expected -6.3% to 625,000, Sep +18.9% to 667,000.
	1030 ET	Nov Dallas Fed manufacturing activity expected -3.6 to 24.0, Oct +6.3 to 27.6.
	1100 ET	USDA weekly grain export inspections.
	1130 ET	Treasury auctions $26 billion of 2-year T-notes.
	1300 ET	Treasury auctions $34 billion of 5-year T-notes.
	1600 ET	USDA crop conditions and progress report.
	1900 ET	New York Fed President Dudley (voter) speaks in a moderated discussion at the University of California, Berkeley, on The U.S. Economy: 10 Years after the Crisis.
		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.

U.S. STOCK CALENDAR11/27/2017

Name	Ticker	Time	Description	Period	Estimate
Equifax Inc	EFX US		Investor Meeting
Thor Industries Inc	THO US	Aft-mkt	Q1 2018 Earnings Release	Q1 18	1.859

Monday, June 1, 2015

BARCHART MORNING CALL 6/1

BARCHART MORNING CALL

Monday, June 1st, 2015View Older Reports

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OVERNIGHT MARKETS AND NEWS

June E-mini S&Ps (ESM15 +0.23%) this morning are little changed, down -0.06% ahead of U.S. economic data on May ISM manufacturing and Apr personal spending that are expected to show a pickup in growth. European stocks are up +0.02& as they hover just above a 2-week low. Gains in European stocks were limited as Greece's debt payment deadlines draw closer amid a standoff with creditors. Asian stocks closed mixed: Japan +0.03%, Hong Kong +0.63%, China +4.71%, Taiwan -0.78%, Australia -0.72%, Singapore closed for holiday, South Korea -0.63%, India +0.07%. Chinese stocks closed sharply higher after a gauge of Chinese manufacturing activity expanded or a third month. Another positive for Chinese stocks was a report from people familiar with the situation that China was considering doubling the size of a local bond-swap program to 1 trillion yuan ($81 billion) from 500 billion yuan that would be authorized to swap bonds issued by provinces and cities in an attempt to clean up local government finances. The bond-swap program includes inducements for banks to buy new, longer-maturity bonds that may alleviate a funding crunch among Chinese provinces that had threatened to deepen China's economic slowdown.
Commodity prices are mostly lower. Jul crude oil (CLN15 -1.19%) is down -1.04% and Jul gasoline (RBN15 -0.67%) is down -0.61. Metals prices are weaker. Aug gold (GCQ15 -0.26%) is down -0.31% and Jul copper (HGN15 -0.38%) is down -0.24%. Agricultural prices are lower.
The dollar index (DXY00 +0.44%) is up +0.46%. EUR/USD (^EURUSD) is down -0.56%. USD/JPY (^USDJPY) is down -0.07%.

Sep T-note prices (ZNU15 -0.24%) are down -8 ticks.
Speaking at an event in Beijing, San Francisco Fed President John Williams said the U.S. economy is "basically in a good place," and he doesn't worry about a strong dollar weakening U.S. growth. He added that long-term interest rates are expected to rise and to be more normal in the next few years.
The China May manufacturing PMI rose +0.1 to 50.2, weaker than expectations of +0.2 to 50.3. The May non-manufacturing PMI fell -0.2 to 53.2, the slowest pace of expansion in 6-1/3 years.

U.S. STOCK PREVIEW

Key U.S. reports today include: (1) Apr personal spending (expected +0.2% after March's +0.4%) and Apr personal income (expected +0.3% after March's unchanged), (2) Apr PCE deflator (expected +0.2% y/y after March's +0.3% y/y) and Apr PCE core deflator (+1.3% y/y after March's +1.3% y/y), (3) a speech by Boston Fed President Eric Rosengren at the 2015 Workforce Stars Breakfast in Hartford, CT, (4) Apr construction spending (expected +0.7% m/m after March's -0.6% m/m), (5) May ISM manufacturing index (expected +0.5 to 52.0 after April's unchanged at 51.5), and (6) final-May Markit manufacturing PMI (expected unrevised at 53.8 vs prelim-May -0.3 to 53.8).
There is 1 of the Russell 1000 companies that reports earnings today: PVH Corp (consensus $1.38).
U.S. IPO's scheduled to price today include: none.
Equity conferences today include: Stifel Financial Corp WasteExpo Inestor Summit on Mon, American Society of Clinical Oncology Meeting on Mon-Tue, Andean Institutional Real Estate Forum on Mon-Tue, RBC - Conference: Global Energy & Power Executive Conference - New York on Mon-Tue, Jefferies Global Healthcare Conference on Mon-Wed, Bank of America Merrill Lynch Global Telecom & Media Conference on Tue, Goldman Sachs Lodging, Gaming, Restaurant and Leisure Conference on Tue, Keefe, Bruyette, & Woods Mortgage Finance Conference on Tue, RBC Global Energy Conference on Tue, Bank of America Merrill Lynch Global Technology Conference on Tue-Wed, Deutsche Bank Global Financial Services Investor Conference on Tue-Wed, KBW Asset Management and Capital Markets Conference on Wed, Sandler O'Neill & Partners Global Exchange and Brokerage Conference on Wed, Deutsche Bank Global Industrials and Basic Materials Conference on Wed-Thu, FBN Securities: Field Trip - 8th Semi-Annual Silicon Valley Tour on Wed-Thu, Credit Suisse Engineering & Construction Conference on Thu, Morgan Stanley Leveraged Finance Conference on Thu.

OVERNIGHT U.S. STOCK MOVERS

Juniper (JNPR +0.54%) was downgraded to 'Sell' from 'Neutral' at MKM Partners.
Wells Fargo said it sees a potential for 75% upside in DISH (DISH +0.70%) shares.
Duke Energy (DUK -0.29%) was upgraded to 'Outperform' from 'Market Perform' at Bernstein.
Verifone (PAY +0.37%) was upgraded to 'Outperform' from 'Market Perform' at Raymond James.
Enbridge (ENB -1.40%) and Boyd Gaming (BYD -0.28%) were both upgraded to 'Outperform' from 'Neutral' at Credit Suisse.
Coca-Cola (KO -0.44%) was upgraded to 'Outperform' from 'Market Perform' at BMO Capital.
According to DigiTimes, data from Gartner showed Q1 global server shipments up 13% y/y.
Citigroup (C -0.86%) was upgraded to 'Buy' from 'Neutral' at Goldman Sachs.
Altera (ALTR +4.00%) jumped over 6% in pre-market trading after people familiar with the matter said that Intel INTC is near a deal to acquire the chipmaker.
Stonepine Capital reported a 5.2% passive stake in Aegerion (AEGR -1.02%) .
O'Reilly Automotive (ORLY -1.41%) increased its stock repurchase authorization by $500 million to $5.5 billion.
Ryanair (RYAAY -2.06%) was downgraded to 'Neutral' from 'Buy' at Goldman Sachs.
Point72 reported a 5.0% passive stake in Achillion (ACHN +5.89%) .

MARKET COMMENTS

June E-mini S&Ps (ESM15 +0.23%) this morning are down -1.25 points (-0.06%). Friday's closes: S&P 500 -0.63%, Dow Jones -0.64%, Nasdaq -0.60%. The S&P 500 on Friday settled lower on the unresolved Greek situation and on the unexpected -6.1 point drop in the May Chicago PMI to 46.2, weaker than expectations of +0.7 to 53.0. Stocks found some support from the final-May U.S. consumer sentiment index, which rose +2.1 to 90.7, stronger than expectations of +0.9 to 89.5.
Sep 10-year T-notes (ZNU15 -0.24%) this morning are down -8 ticks. Friday's closes: TYU5 +9.50, FVU5 +6.50. Sep 10-year T-notes on Friday rallied to a 1-month high on ideas the Fed will be forced to delay a rate hike after Q1 GDP was revised lower to -0.7% from +0.2% and the Chicago PMI was expectedly weak at -6.1 points to 46.2. T-notes also found some carry-over support from a rally in German bunds to a 3-week high on the unresolved Greek debt crisis.
The dollar index (DXY00 +0.44%) this morning is u[ +0.443 (+0.46%). EUR/USD (^EURUSD)is down -0.0062 (-0.56%). USD/JPY (^USDJPY) is down -0.09 (-0.07%). Friday's closes: Dollar Index -0.058 (-0.06%), EUR/USD +0.00413 (+0.38%), USD/JPY +0.153 (+0.12%). The dollar index on Friday closed lower on talk of a delayed Fed rate hike after the downward revision for U.S. Q1 GDP to -0.7% and the unexpected -6.1 point decline in the May Chicago PMI.
July WTI crude oil (CLN15 -1.19%) this morning is down 63 cents (-1.04%). July gasoline (RBN15 -0.67%) is down -0.0126 (-0.61%). Friday's closes: CLN5 +2.62 (+4.54%), RBN5 +0.0922 (+4.68%). Jul crude oil and gasoline on Friday settled sharply higher on the weaker dollar and on the EPA's cut in its corn ethanol mandate levels to 13.4 billion gallons 2015 and 14 billion gallons for 2016 (from 15 billion gallons), which will increase U.S. gasoline usage levels.

GLOBAL EVENT CALENDAR06/01/2015

US	0830 ET	Apr personal spending expected +0.2%, Mar +0.4%. Apr personal income expected +0.3%, Mar unch.
	0830 ET	Apr PCE deflator expected +0.1% m/m and +0.2% y/y, Mar +0.2% m/m and +0.3% y/y. Apr PCE core deflator expected +0.2% m/m and +1.3% y/y, Mar +0.1% m/m and +1.3% y/y.
	0905 ET	Boston Fed President Eric Rosengren speaks from a prepared text at the 2015 Workforce Stars Breakfast in Hartford, CT.
	0945 ET	Final-May Markit manufacturing PMI expected unrevised at 53.8, prelim-May -0.3 to 53.8.
	1000 ET	Apr construction spending expected +0.7% m/m, Mar -0.6% m/m.
	1000 ET	May ISM manufacturing index expected +0.5 to 52.0, Apr unch at 51.5. May ISM new orders, Apr +1.7 to 53.5. May ISM employment, Apr -1.7 to 48.3. May ISM prices paid expected +2.5 to 43.0, Apr +1.5 to 40.5.
	1100 ET	USDA weekly grain export inspections.
	1600 ET	USDA weekly crop progress.
JPN	0100 ET	Japan May vehicle sales, Apr +5.0% y/y.
	2130 ET	Japan Apr labor cash earnings expected +0.4% y/y, Mar unch y/y. Apr real cash earnings, Mar -2.7% y/y.
GER	0355 ET	Revised German May Markit/BME manufacturing PMI, previous -0.7 to 51.4.
	0800 ET	German May CPI (EU harmonized) expected unch m/m and +0.6% y/y, Apr -0.1% m/m and +0.3% y/y.
EUR	0400 ET	Revised Eurozone May Markit manufacturing PMI, previous +0.3 to 52.3.
UK	0430 ET	UK May Markit manufacturing PMI expected +0.6 to 52.5, Apr 51.9.

U.S. STOCK CALENDAR06/01/2015

Company	Ticker	Time	Event Description	Period	Estimate
American Water Works Co Inc	AWK US	8:45	Annual General Meeting - Second Call	Y 2015
Wendy's Co/The	WEN US	10:00	Annual General Meeting
Wendy's Co/The	WEN US	10:00	Annual General Meeting
Staples Inc	SPLS US	16:00	Annual General Meeting
PVH Corp	PVH US	Aft-mkt	Q1 2016 Earnings Release	Q1 2016	1.384
Windstream Holdings Inc	WIN US	Aft-mkt	Talen Energy Replaces Windstream Holdings in S&P MidCap 400
Arthur J Gallagher & Co	AJG US		Annual General Meeting
Questar Corp	STR US		Roadshow - Europe - Day 1	Y 2015
UnitedHealth Group Inc	UNH US		Annual General Meeting
Hospitality Properties Trust	HPT US		Annual General Meeting - Proxy Fight
Arista Networks Inc	ANET US		Annual General Meeting

Friday, January 2, 2015

5 Great Mid Caps

I wanted to find the Mid Cap stocks with great technical buy signals and consistent chart patterns so I used Barchart to sort the S&P 400 Mid Cap Index stocks to find the 5 with the best technical buy signals , then used the Flipchart feature to review the chart patterns.

Today's list includes WGL Holdings (WGL), Wendy's (WEN), Vectren (VVC), Resmed (RMD), RF Micro Devices (RFMD):

WGL Holdings (WGL)