MORNING CALL 1/13

Barchart Morning Call

Barchart.com - Fri Jan 13, 6:36AM CST

OVERNIGHT MARKETS AND NEWS

Mar E-mini S&Ps (ESH17 +0.09%) are up +0.11% and European stocks are up +0.71% after upbeat comments late Thursday evening from Fed Chair Yellen who said the U.S. economy faces no serious short-term obstacles with low unemployment and wage growth beginning to pick up. Stock gains were limited on global growth concerns after China Dec exports declined more than expected. Also, a -1.13% decline in Feb WTI crude prices (CLG17 -1.08%) is undercutting energy producing stocks. Asian stocks settled mixed: Japan +0.80%, Hong Kong +0.47%, China -0.21%, Taiwan -0.33%, Australia -0.79%, Singapore +1.07%, South Korea -0.76%, India -0.03%. Chinese stocks closed lower as exporting companies sold-off on earnings concerns after China Dec exports fell more than expected.

The dollar index (DXY00 -0.15%) is down -0.17%. EUR/USD (^EURUSD) is up +0.39% and found support on a jump in German Dec wholesale prices by the most in 4-years, which bolsters the case for the ECB to taper QE. USD/JPY (^USDJPY) is down -0.04%.

Mar 10-year T-note prices (ZNH17 +0.11%) are up +4 ticks.

Fed Chair Yellen said late Thursday evening that the U.S. economy faces no serious short-term obstacles, but must deal with long-term challenges of low productivity and income inequality. She said “unemployment has now reached a low level; the labor market is generally strong and wage growth is beginning to pick up. Inflation has moved up from a very low level, and it's a little bit under our 2% objective, but it's very close."

The German Dec wholesale price index rose +1.2% m/m and +2.8% y/y, the fastest pace of increase in 4 years.

The China Dec trade balance shrank to a surplus of +$40.82 billion, narrower than expectations of +$47.55 billion and the smallest surplus in 8 months. Dec exports fell -6.1% y/y, weaker than expectations of -4.0% y/y. Dec imports rose +3.1% y/y, stronger than expectations of +3.0% y/y.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Dec retail sales (expected +0.7% and +0.5% ex autos, Nov +0.1% and +0.2% ex autos), (2) Dec PPI final demand (expected +0.3% m/m and +1.6% y/y, Nov +0.4% m/m and +1.3% y/y) and Dec PPI ex food & energy (expected +0.1% m/m and +1.5% y/y, Nov +0.4% m/m and +1.6% y/y), (3) Philadelphia Fed President Patrick Harker (voter) speaks on economic mobility at an event in Philadelphia, (4) Nov business inventories (expected +0.6%, Oct -0.2%), (5) preliminary-Jan University of Michigan U.S. consumer sentiment index (expected +0.3 to 98.5, Dec +4.4 to 98.2), (6) Dec monthly budget statement (expected -$25.0 billion, Nov -$136.7 billion).

S&P 500 earnings reports today include: JPMorgan (consensus $1.43), Bank of America (0.38), BlackRock (5.02), PNC Financial (1.85), Wells Fargo (1.00).

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

Equity conferences today: none.

OVERNIGHT U.S. STOCK MOVERS

Bank of America (BAC -0.65%) is up +0.5% in pre-market trading after it reported Q4 adjusted EPS of 40 cents, better than consensus of 38 cents

GrubHub (GRUB +0.54%) rose 2% in pre-market trading after being upgraded by Morgan Stanley to 'Overweight' from 'Equal-weight'

BlackRock (BLK -0.70%) reported Q4 adjusted EPS of $5.14, stronger than consensus of $5.02.

GameStop (GME +0.45%) was downgraded to 'Neutral' from 'Outperform' at Macquarie Research with a 12-month target price of $23.

Tractor Supply (TSCO -0.72%) was upgraded to 'Outperform' from 'Neutral' at Wedbush.

Zillow Group (ZG +1.80%) was downgraded to 'Equal-weight' from 'Overweight' at Morgan Stanley.

Independence Realty Trust (IRT -0.44%) was rated a new 'Outperform' at Baird with a 12-month target price of $10.

Signet Jewelers (SIG -0.40%) slid over 1% in after-hours trading after Corvex Management sold 2.5 million shares in a block trade.

WPX Energy (WPX -1.36%) lost 1% in after-hours trading after it announced a public offering of 42 million shares of common stock.

Pandora Media (P +0.93%) jumped 7% in after-hours trading after it said it sees Q4 revenue above its October 25 forecast of $362 million-$374 million citing strong advertising.

Two Harbors Investment (TWO -0.45%) fell nearly 2% in after-hours trading after it proposed a public offering of $250 million of senior convertible notes due 2022.

Uranium Resources (URRE -1.88%) slumped 17% in after-hours trading after it proposed a public offering of common stock, although no size or terms of the offering were mentioned.

Nivalis Therapeutics (NVLS -2.64%) gained 2% in after-hours trading after it announced restructuring plans to "reduce operational costs and preserve cash" while exploring strategic alternatives and named CFO Michael Carruthers as interim president effective Jan 15.

MARKET COMMENTS

Mar E-mini S&Ps (ESH17 +0.09%) this morning are up +2.50 points (+0.11%). Thursday's closes: S&P 500 -0.21%, Dow Jones -0.32%, Nasdaq -0.17%. The S&P 500 on Thursday dropped to a 1-week low and closed lower on some continued disappointment that President-elect Trump did not provide specifics on any of his fiscal-stimulus plans in Wednesday's press conference. There was also continued weakness in pharmaceutical and biotech stocks after President-elect Trump said he would force drug makers to bid for government business to save the government money. Stocks found some support from the +10,000 rise in U.S. weekly jobless claims to 247,000, less than expectations of +20,000 to 255,000.

Mar 10-year T-notes (ZNH17 +0.11%) this morning are up +4 ticks. Thursday's closes: TYH7 +2.50, FVH7 +1.50. Mar 10-year T-notes on Thursday closed higher and the 10-year T-note yield fell to a 6-week low of 2.305%. T-note prices were boosted by the sell-off in the S&P 500 to a 1-week low, which boosted the safe-haven demand for T-notes, and by strong foreign demand for the Treasury's $12 billion auction of 30-year T-bonds that had a bid-to-cover ratio of 2.32, above the 12-auction average of 2.29. In addition, indirect bidders, a proxy for foreign buyers, bought 66.7% of the auction, above the 12-auction average of 61.4%.

The dollar index (DXY00 -0.15%) this morning is down -0.17 (-0.17%). EUR/USD (^EURUSD) is up +0.0032 (+0.30%). USD/JPY (^USDJPY) is down -0.05 (-0.04%). Thursday's closes: Dollar index -0.43 (-0.42%), EUR/USD +0.0031 (+0.29%), USD/JPY -0.69 (-0.60%). The dollar index on Thursday tumbled to a 1-month low and closed lower on continued liquidation of long dollar positions on disappointment that President-elect Trump did not discuss his administration's fiscal stimulus plans at Wednesday's press conference. The dollar was also undercut by reduced dollar interest rate differentials after the 10-year T-note yield dropped to a 1-1/4 month low. USD/JPY fell to a 1-month low as weakness in stocks boosted the safe-haven demand for the yen.

Feb WTI crude oil prices (CLG17 -1.08%) this morning are down -60 cents (-1.13%) and Feb gasoline (RBG17 -0.52%) is -0.0092 (-0.57%). Thursday's closes: Feb crude +0.78 (+1.49%), Feb gasoline +0.0247 (+1.55%). Feb crude oil and gasoline on Thursday closed higher on the sell-off in the dollar index to a 1-month low and on signs of falling OPEC oil production after Saudi Arabia's Energy Minister Al-Falih said that Saudi oil production is now below 10 million bpd, a deeper cut than the 10.058 million bpd it had agreed to and the lowest production in 22 months. Crude oil also found continued support from Wednesday's EIA data that showed strong refinery demand for crude after U.S. refiners used 17.1 million bpd of crude last week, the most since data began in 1989.

GLOBAL EVENT CALENDAR01/13/2017

		Friday, Jan 13
US	0830 ET	Dec retail sales expected +0.7% and +0.5% ex autos, Nov +0.1% and +0.2% ex autos.
	0830 ET	Dec PPI final demand expected +0.3% m/m and +1.6% y/y, Nov +0.4% m/m and +1.3% y/y. Dec PPI ex food & energy expected +0.1% m/m and +1.5% y/y, Nov +0.4% m/m and +1.6% y/y.
	0930 ET	Philadelphia Fed President Patrick Harker (voter) speaks on economic mobility at an event in Philadelphia.
	1000 ET	Nov business inventories expected +0.6%, Oct -0.2%.
	1000 ET	Preliminary-Jan University of Michigan U.S. consumer sentiment index expected +0.3 to 98.5, Dec +4.4 to 98.2.
	1400 ET	Dec monthly budget statement expected -$25.0 billion, Nov -$136.7 billion.
		Tuesday, Jan 17
US	0830 ET	Jan Empire manufacturing survey general business conditions expected -1.2 to 7.8, 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.

U.S. STOCK CALENDAR01/13/2017

Company	Ticker	Time	Event Description	Period	Estimate
BlackRock Inc	BLK US	Bef-mkt	Q4 2016 Earnings Release	Q4 2016	5.022
First Republic Bank/CA	FRC US	Bef-mkt	Q4 2016 Earnings Release	Q4 2016	1.025
JPMorgan Chase & Co	JPM US	6:45	Q4 2016 Earnings Release	Q4 2016	1.427
Bank of America Corp	BAC US	6:45	Q4 2016 Earnings Release	Q4 2016	0.377
PNC Financial Services Group Inc/The	PNC US	6:45	Q4 2016 Earnings Release	Q4 2016	1.845
First Horizon National Corp	FHN US	7:00	Q4 2016 Earnings Release	Q4 2016	0.254
Wells Fargo & Co	WFC US	8:00	Q4 2016 Earnings Release	Q4 2016	0.999
Bank of America Corp	BAC US	8:30	Q4 2016 Earnings Call	Q4 2016
BlackRock Inc	BLK US	8:30	Q4 2016 Earnings Call	Q4 2016
First Horizon National Corp	FHN US	9:30	Q4 2016 Earnings Call	Q4 2016
JPMorgan Chase & Co	JPM US	10:00	Q4 2016 Earnings Call	Q4 2016
John Wiley & Sons Inc	JW/A US	10:00	Investor Day	Y 2017
First Republic Bank/CA	FRC US	10:00	Q4 2016 Earnings Call	Q4 2016
PNC Financial Services Group Inc/The	PNC US	11:00	Q4 2016 Earnings Call	Q4 2016
Wells Fargo & Co	WFC US	11:30	Q4 2016 Earnings Call	Q4 2016
GameStop Corp	GME US		December 2016 Sales and Revenue Release	2016

BARCHART

BARCHART MORNING CALL

Wednesday, September 23rd, 2015View Older Reports

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OVERNIGHT MARKETS AND NEWS

December E-mini S&Ps (ESZ15 +0.31%) rebounded from a 2-week low and are up +0.21% and European stocks recovered from a 4-week low and are up +0.84% after the new orders sub-index in the Eurozone Sep Markit manufacturing PMI rose to a 5-month high, which signals increased production in the coming months. Stocks also found support after a rally in crude oil and copper boosted energy producers and basic-resource companies. Stocks had been weaker and emerging markets closed mostly lower after a gauge of Chinese manufacturing activity unexpectedly fell to its lowest in 6-1/2 years. Asian stocks closed mostly lower: Japan closed for holiday, Hong Kong -2.29%, China -2.19%, Taiwan -2.06%, Australia -2.07%, Singapore-0.79%, South Korea -1.85%, India +0.67%.

The dollar index (DXY00 -0.12%) is down -0.11% as it fall back from a 2-week high. EUR/USD (^EURUSD) is up +0.36% and recovered from a 2-week low after ECB Governing Council member Nowotny said he's wary of expanding QE. USD/JPY (^USDJPY) is up +0.06%.

Dec T-note prices (ZNZ15 -0.13%) are down -7 ticks.

ECB Governing Council member Nowotny said he's wary of increasing QE any time soon and that the question of whether more easing is needed "deserves a much more thorough examination."

The China Sep Caixin manufacturing PMI unexpectedly fell -0.3 to 47.0, weaker than expectations of +0.2 to 47.5 and the steepest pace of contraction in 6-1/2 years.

The Eurozone Sep Markit manufacturing PMI fell -0.3 to 52.0, right on expectations and matched April's reading as the slowest pace of growth in 7 months.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) weekly MBA mortgage applications (previous -7.0% with purchase sub-index -4.2% and refi sub-index -9.1%), (2) prelim-Sep Markit manufacturing PMI (expected -0.2 to 52.8, Aug 53.0), (3) Atlanta Fed President Dennis Lockhart's speech on the economy to the Buckhead Rotary Club in Atlanta, and (4) the Treasury's auction of $35 billion of 5-year T-notes and $13 billion of 2-year floating rate notes.

There is 1 company in the Russell 1000 index that reports earnings today: Lumentum Holdings (consensus $0.20).

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

Equity conferences during the remainder of this week include: Mitsubishi UFJ Securities: Utilities Conference - New York on Thu.

OVERNIGHT U.S. STOCK MOVERS

A.O. Smith (AOS -2.12%) was initiated with a 'Buy' at BB&T with a price target of $80.

Raytheon (RTN -1.18%) was upgraded to 'Outperform' from 'Market Perform' at Bernstein.

Carnival Cruise Lines (CCL -5.49%) was upgraded to 'Buy' from 'Neutral' at Nomura.

Sherwin-Williams (SHW -2.87%) was downgraded to 'Neutral' from 'Buy' at Longbow.

Intel (INTC -1.68%) was upgraded to 'Market Perform' from 'Underperform' at Bernstein.

CarMax (KMX -4.69%) was downgraded to 'Perform' from 'Outperform' at Oppenheimer.

Laredo Petroleum (LPI -0.96%) was downgraded to 'Underperform' from 'Neutral' at BofA/Merrill Lynch.

Cytec Industries (CYT -0.08%) was downgraded to 'Hold' from 'Buy' at Jefferies.

Volkswagen (VLKAY -15.48%) was downgraded to 'Neutral' from 'Overweight' at JPMorgan Chase.

Reuters reports that Wells Fargo (WFC -1.67%) is being sued by Oakland, California for "steering" minorities into high-cost mortgages that allegedly led to foreclosures and abandoned properties,

Integrated Core Strategies reported a 4.6% passive stake in WPX Energy (WPX -2.32%) .

Copart (CPRT -2.05%) reported Q4 EPS of 44 cents, higher than consensus of 39 cents.

Heron Therapeutics (HRTX -3.20%) surged 19% in after-hours trading after a Phase 2 study of its HTX-011 drug meets primary endpoint in the management of post-operative pain in patients undergoing bunionectomy.

MARKET COMMENTS

Dec E-mini S&Ps (ESZ15 +0.31%) this morning are up +4.00 points (+0.21%). Tuesday's closes: S&P 500 -1.23%, Dow Jones -1.09%, Nasdaq -1.43%. The S&P 500 on Tuesday dropped to a 2-week low and closed lower on the unexpected -5 point drop in the Sep Richmond Fed manufacturing survey to -5, weaker than expectations of +2 to 2 and the steepest pace of contraction in 2-1/2 years. In addition, raw-material and energy-producer stocks saw weakness after commodity prices slumped. Meanwhile, biotech and pharmaceutical stocks sold-off after Hillary Clinton said she will propose price caps and research-and-development spending guidelines for the pharmaceutical industry.

Dec 10-year T-notes (ZNZ15 -0.13%) this morning are down -7 ticks. Tuesday's closes: TYZ5 +23.50, FVZ5 +12.00. Dec T-notes on Tuesday rose to a 3-week high and closed higher on reduced inflation expectations after the 10-year T-note breakeven inflation rate fell to a 4-week low, and on increased safe-haven demand for T-notes after the S&P 500 tumbled to a 2-week low.

The dollar index (DXY00 -0.12%) this morning is down -0.103 (-0.11%) as it retreats from a 2-week high. EUR/USD (^EURUSD) is up +0.0040 (+0.35%) as it rebounds from a 2-week low. USD/JPY (^USDJPY) is up +0.07 (+0.06%). Tuesday's closes: Dollar Index +0.389 (+0.41%), EUR/USD -0.0070(-0.63%), USD/JPY -0.41 (-0.34%). The dollar index on Tuesday climbed to a 1-1/2 week high and closed higher on (1) the larger-than-expected increase in July FHFA home prices, which bolsters the case for a Fed interest rate increase, and (2) weakness in EUR/USD which slid to a 2-week low on speculation the ECB may boost stimulus after ECB Executive Board member Praet said that policy makers would "forcefully react" to defend their inflation objective.

Nov crude oil (CLX15 +0.97%) this morning is up +21 cents (+0.45%_ and Nov gasoline (RBX15 +0.16%) is down -0.0033 (-0.24%). Tuesday's closes: CLX5 -0.60 (-1.28%), RBX5 +0.0139 (+1.00%). Nov crude oil and gasoline prices on Tuesday settled mixed. Crude oil prices were undercut by the rally in the dollar index to a 1-1/2 week high, and by news that Iran has cooperated in allowing the IEAE access to Iran's nuclear facilities, which is a critical step towards getting sanctions dropped. Gasoline closed higher on supply concerns after Marathon Oil said it will shut its Catlettsburg, KY, 277,000 bpd refinery for repairs and Northern Tier St. Paul Park said it will close its 90,500 bpd refinery for unplanned repairs.

GLOBAL EVENT CALENDAR09/23/2015

US	0700 ET	Weekly MBA mortgage applications, previous -7.0% with purchase sub-index -4.2% and refi sub-index -9.1%.
	0945 ET	Prelim-Sep Markit manufacturing PMI expected -0.2 to 52.8, Aug 53.0.
	1030 ET	EIA Weekly Petroleum Status Report.
	1130 ET	Treasury auctions $13 billion of 2-year floating rate notes.
	1230 ET	Atlanta Fed President Dennis Lockhart speaks on the economy to the Buckhead Rotary Club in Atlanta.
	1300 ET	Treasury auctions $35 billion of 5-year T-notes.
GER	0330 ET	German Sep Markit/BME manufacturing PMI expected -0.7 to 52.6, Aug 53.3.
	0330 ET	German Sep Markit services PMI expected -0.4 to 54.5, Aug 54.9.
EUR	0400 ET	Eurozone Sep Markit manufacturing PMI expected -0.3 to 52.0, Aug 52.3. Sep Markit composite PMI expected -0.3 to 54.0, Aug 54.3.
	0900 ET	ECB President Mario Draghi delivers introductory statement at the Quarterly Hearing before the Committee on Economic and Monetary Affairs of the European Parliament.
JPN	2135 ET	Japan Sep Nikkei manufacturing PMI expected -0.5 to 51.2, Aug 51.7.

U.S. STOCK CALENDAR09/23/2015

Company	Ticker	Time	Event Description	Period	Estimate
Golar LNG Ltd	GLNG US	8:00	Annual General Meeting	Y 2015
Steel Dynamics Inc	STLD US	9:30	Investor Day	Y 2015
Liberty Broadband Corp	LBRDA US	10:30	Extraordinary Shareholders Meeting	Y 2015
Copart Inc	CPRT US	11:00	Q4 2015 Earnings Call	Q4 2015
Raymond James Financial Inc	RJF US		August 2015 Sales and Revenue Release - Operating Data	2015
Lumentum Holdings Inc	LITE US		Q4 2015 Earnings Release	Q4 2015	0.199

BARCHART MORING CALL 2/27

BARCHART MORING CALL

Thursday, February 27th, 2014View Older Reports

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OVERNIGHT MARKETS AND NEWS

March E-mini S&Ps (ESH14 -0.29%) this morning are down -0.31% and European stocks are down -1.13% as tensions escalated in Ukraine. Gunmen occupied parliament and the government building in Ukraine's Crimea region as lawmakers in Ukraine's capital met to approve a new cabinet and Russia put jet fighters on alert. This undercut Ukraine's currency, which fell to 11.2 per dollar, the lowest since it was introduced in 1996. Asian stocks closed mixed: Japan -0.32%, Hong Kong +1.74%, China -0.43%, Taiwan +0.45%, Australia -0.47%, Singapore +0.27%, South Korea +0.38%, India closed for holiday. European stocks shrugged off the unexpected increase in Eurozone Feb economic confidence to a 2-1/2 year high. The yield on the German 10-year bund tumbled to a 7-month low of 1.546% after inflation data from six German regions slowed this month, which fueled speculation the ECB will expand its stimulus measures when it meets next week. Commodity prices are mixed. Apr crude oil (CLJ14 -0.19%) is down -0.15%. Apr gasoline (RBJ14 -0.66%) is down -0.50%. Apr gold (GCJ14 +0.32%) is up +0.42%. March copper (HGH14 -0.09%) is down -0.09%. Agriculture and livestock prices are mixed, although nearest-futures Feb cattle soared to a record high of $1.5095 a pound. The dollar index (DXY00 +0.06%) is up +0.03% at a 2-week high as tension in Ukraine boosts the safe-haven demand for the dollar. EUR/USD (^EURUSD) is down -0.19% at a 2-week low as weak German inflation data bolsters speculation the ECB may expand its euro-negative stimulus measures. USD/JPY (^USDJPY) is down -0.47%. March T-note prices (ZNH14 +0.22%) are up +6.5 ticks at a 3-week high.
Eurozone Feb economic confidence unexpectedly rose +0.2 to 101.2 from an upward revised 101.0 in Jan. That was better than expectations of -0.2 to 100.7 and the highest in 2-1/2 years. The Feb business climate indicator rose +0.12 to 0.37 from an upward revised 0.25 in Jan. That was better than expectations of +0.01 to 0.20 and the highest level in 2-1/2 years.
The German Feb unemployment change fell -14,000, a bigger drop than expectations of -10,000. The Feb unemployment rate was unch at 6.8%, right on expectations and the lowest since data for a reunified Germany began in 1990.
The German Jan import price index fell -0.1% m/m and -2.3% y/y, a slower pace of decline than expectations of -0.2% m/m and -2.4% y/y.

U.S. STOCK PREVIEW

Fed Chair Janet Yellen today will present the second day of her semi-annual testimony to the Senate Banking Committee that was postponed from Feb 13 due to a snowstorm. Today’s weekly initial unemployment claims report is expected to show a decline of -1,000 to 335,000, adding to last week’s decline of -3,000 to 336,000. Meanwhile, continuing claims are expected to show a small increase of +4,000 to 2.985 million after last week’s increase of +37,000 to 2.981 million. Today’s Jan durable goods orders report is expected to show a decline of -1.6% and -0.3% ex-transportation, adding to the declines of -4.2% and -1.3% ex transportation seen in December.
There are 12 of the S&P 500 companies that report earnings today: Mylan (consensus $0.75), WPX Energy (-0.35), Rowan (0.41), Windstream Holdings (0.09), Kohl's (1.54), Best Buy (1.01), Pall Corp (0.80), Sempra Energy (0.97), Ross Stores (1.01), Gap (0.65), Salesforce.com (0.06), Monster Beverage (0.46). Equity conferences during the remainder of this week include: Bank of America Merrill Lynch Global Agriculture Conference on Wed-Thu, Simmons Energy Conference on Thu, and Stifel Industrials Conference on Thu.

OVERNIGHT U.S. STOCK MOVERS

Chico's FAS (CHS +2.27%) reported Q4 EPS of 4 cents, well below consensus of 15 cents.
Wendy's (WEN +0.39%) reported Q4 adjusted EPS of 11 cents, stronger than consensus of 9 cents.
Kohl's (KSS +2.31%) reported Q4 EPS of $1.56, higher than consensus of $1.54.
Baidu (BIDU +1.62%) was upgraded to 'Buy' from 'Hold' at Stifel.
Windstream Holdings (WIN -0.75%) reported Q4 EPS of 20 cents, double consensus of 9 cents.
Best Buy (BBY +2.02%) reported Q4 EPS of $1.24, better than consensus of $1.01.
Transocean (RIG -0.94%) reported Q4 adjusted EPS of 73 cents, right on consensus, but reported Q4 revenue of $2.332 billion, below consensus of $2.36 billion.
American Water (AWK -0.18%) reported Q4 EPS of 33 cents, well below consensus of 45 cents.
Senator Investment reported a 5.0% passive stake in Brookdale Senior Living (BKD +5.62%) .
L Brands (LB +4.01%) reported Q4 EPS of $1.65, higher than consensus of $1.61.
PetroChina (PTR +1.24%) was upgraded to 'Buy' from 'Neutral' at Goldman.
Greif (GEF +1.97%) reported Q1 EPS with items of 51 cents, below consensus of 55 cents.
Cree (CREE +2.95%) was downgraded to 'Neutral' from 'Overweight' at Piper Jaffray.
Autodesk (ADSK +0.11%) reported Q4 adjusted EPS of 40 cents, better than consensus of 34 cents.
Roundy's (RNDY -0.15%) reported Q4 adjsuted EPS of 25 cents, above consensus of 17 cents.
Whiting Petroleum (WLL -1.69%) reported Q4 EPS of 88 cents, right on expectations, but reported Q4 revenue of $720.5 million, better than consensus of $683.45 million.

MARKET COMMENTS

Mar E-mini S&Ps (ESH14 -0.29%) this morning are down -5.75 points (-0.31%). The S&P 500 on Wednesday erased early gains and finished little changed. Stocks found support on the U.S. Jan new home sales that unexpectedly rose +9.6% to a 5-1/2 year high of 468,000, better than expectations of a -3.4% decline to 400,000, which bolsters optimism in the economy. Closes: S&P 500 unch, Dow Jones +0.12%, Nasdaq 100 -0.07%.
Mar 10-year T-notes (ZNH14 +0.22%) this morning are up +6.5 ticks at a 3-week high. Mar 10-year T-note futures prices on Wednesday closed higher. Bullish factors included (1) increased safe-haven demand on concern Ukraine may default on its debt and after Russian President Putin put Russian troops on alert in Western Russia due to the civil unrest in Ukraine and Crimea, and (2) strong demand for the Treasury’s $35 billion auction of 5-year T-notes that had a bid-to-cover ratio of 2.98, above the 12-auction average of 2.62 and the highest in 1-1/2 years. Gains were limited after U.S. Jan new home sales unexpectedly rose to a 5-1/2 year high. Closes: TYH4 +8.00, FVH4 +5.00.
The dollar index (DXY00 +0.06%) this morning is up +0.026 (+0,03%) at a 2-week high. EUR/USD (^EURUSD) is down -0.0026 (-0.19%) at a 2-week low. USD/JPY (^USDJPY) is down -0.48 (-0.48%). The dollar index on Wednesday rallied to a 2-week high and closed higher after the unexpected increase in U.S. Jan new home sales to a 5-1/2 year high bolstered the outlook for the Fed to continue to taper QE3. EUR/USD fell to a 2-week low as Ukraine’s interim administration struggles to secure as much as $35 billion in financial aid to stave off a possible default, which would be euro-negative. Closes: Dollar index +0.292 (+0.36%), EUR/USD -0.00588 (-0.43%), USD/JPY +0.119 (+0.12%).
Apr WTI crude oil (CLJ14 -0.19%) this morning is down -15 cents (-0.15%) and Apr gasoline (RBJ14 -0.66%) is down -0.0148 (-0.50%). Apr crude and gasoline prices Wednesday closed higher. Bullish factors included (1) -1.08 million bbl drop in crude supplies at Cushing, OK, the delivery point for WTI futures, to a 4-month low of 34.79 million bbl, (2) the -2.807 million bbl drop in weekly EIA gasoline supplies, more than expectations of -760,000 bbl, and (3) the +68,000 bbl increase in weekly EIA crude inventories, less than expectations of +1.150 mln bbl. Gains in crude were limited after the dollar index rose to a 2-week high and as weekly EIA distillate stockpiles unexpectedly rose +338,000 bbl, higher than expectations for a -1.16 million bbl draw. Closes: CLJ4 +0.76 (+0.75%), RBJ4 +0.0141 (+0.47%).

GLOBAL EVENT CALENDAR02/27/2014

US	0830 ET	Weekly initial unemployment claims expected -1,000 to 335,000, previous -3,000 to 336,000. Weekly continuing claims expected +4,000 to 2.985 million, previous +37,000 to 2.981 million.
	0830 ET	Jan durable goods orders expected -1.6% and -0.3% ex transportation, Dec -4.2% and -1.3% ex transportation.
	0830 ET	USDA weekly Export Sales.
	1000 ET	Fed Chair Janet Yellen testifies on monetary policy before the Senate Banking Committee (rescheduled from Feb 13 due to a snowstorm).
	1030 ET	Dallas Fed President Richard Fisher speaks on a panel in Frankfurt on A Broader Role for Central Banks Following the Crisis: Imperial Overstretch or a Better Paradigm.
	1300 ET	Treasury auctions $29 billion 7-year T-notes.
	1515 ET	Atlanta Fed President Dennis Lockhart and Kansas City Fed President Esther George speak at the 2014 Atlanta Fed Banking Outlook Conference on Bankings Next Chapter: Challenge, Opportunity & Risk.
GER	0200 ET	German Jan import price index expected -0.2% m/m and -2.4% y/y, Dec unch m/m and -2.3% y/y.
	0355 ET	German Feb unemployment change expected -10,000, Jan -28,000. Feb unemployment rate expected unch at 6.8%, Jan 6.8%.
	0800 ET	German Feb CPI (EU harmonized) expected +0.7% m/m and +1.1% y/y, Jan -0.7% m/m and +1.2% y/y.
EUR	0400 ET	Eurozone Jan M3 money supply expected +1.1% y/y and +1.2% 3-month avg, Dec +1.0% y/y and +1.3% 3-month avg.
	0500 ET	Eurozone Feb economic confidence expected -0.2 to 100.7, Jan 100.9. Feb business climate indicator expected +0.01 to 0.20, Jan 0.19.
	0500 ET	Revised Eurozone Feb consumer confidence, previous -12.7.
	1330 ET	ECB President Mario Draghi speaks at the Bundesbanks Symposium on Financial Stability and the Role of Central Banks.
UK	0430 ET	UK Feb Lloyds business barometer, Jan 63.
	1905 ET	UK Feb GfK consumer confidence expected unch at -7, Jan -7.
JPN	1815 ET	Japan Feb Markit/JMMA manufacturing PMI, Jan 56.6.
	1830 ET	Japan Jan overall household spending expected +0.5% y/y, Dec +0.7% y/y.
	1830 ET	Japan Jan jobless rate expected unch at 3.7%, Dec 3.7%. Jan job-to-applicant ratio expected +0.01 to 1.04, Dec 1.03.
	1830 ET	Japan Jan national CPI expected +1.3% y/y, Dec +1.6% y/y. Jan national CPI ex fresh food expected +1.3% y/y, Dec +1.3% y/y. Jan national CPI ex food & energy expected +0.7% y/y, Dec +0.7% y/y.
	1830 ET	Japan Feb Tokyo CPI expected +1.0% y/y, Jan +0.7% y/y. Feb Tokyo CPI ex-fresh food expected +0.8% y/y, Jan +0.7% y/y. Feb Tokyo CPI ex food & energy expected +0.4% y/y, Jan +0.3% y/y.
	1850 ET	Japan Jan industrial production expected +2.8% m/m and +9.4% y/y, Dec +1.1% m/m and +7.3% y/y.
	1850 ET	Japan Jan retail sales expected +1.3% m/m and +3.8% y/y, Dec -1.2% m/m and +2.5% y/y.
	2300 ET	Japan Jan vehicle production, Dec +12.2% y/y.

U.S. STOCK CALENDAR02/27/2014

Company Name	Ticker	Time	Event Description	Period	Estimate
Mylan Inc/PA	MYL US	Bef-mkt	Q4 2013 Earnings Release	Q4 2013	0.752
WPX Energy Inc	WPX US	Bef-mkt	Q4 2013 Earnings Release	Q4 2013	-0.349
Rowan Cos Plc	RDC US	Bef-mkt	Q4 2013 Earnings Release	Q4 2013	0.411
Windstream Holdings Inc	WIN US	Bef-mkt	Q4 2013 Earnings Release	Q4 2013	0.091
Kohl's Corp	KSS US	Bef-mkt	Q4 2014 Earnings Release	Q4 2014	1.537
Best Buy Co Inc	BBY US	7:00	Q4 2014 Earnings Release	Q4 2014	1.008
Pall Corp	PLL US	7:00	Q2 2014 Earnings Release	Q2 2014	0.801
Best Buy Co Inc	BBY US	8:00	Q4 2014 Earnings Call	Q4 2014
Salesforce.com Inc	CRM US	Aft-mkt	Q4 2014 Earnings Release	Q4 2014	0.06
Monster Beverage Corp	MNST US	Aft-mkt	Q4 2013 Earnings Release	Q4 2013	0.462