MORNING CALL 3/16

Barchart Morning Call

Barchart.com - 1 hour ago

OVERNIGHT MARKETS AND NEWS

Jun E-mini S&Ps (ESM17 +0.25%) this morning are up +0.25% at a 2-week high and European stocks are up +1.16% at a 1-1/4 year high on a less hawkish Fed and after pro-Europe parties won elections in the Netherlands. The FOMC did not signal a faster pace of tightening as they kept their projections for two more 25 bp rate hikes this year and Fed Chair Yellen said that the "simple message is the economy is doing well." Reduced European political risks gave European stocks an added boost after the pro-EU Liberal party beat the anti-EU Freedom Party in the Netherlands elections. Asian stocks settled higher: Japan +0.07%, Hong Kong +2.08%, China +0.84%, Taiwan +1.00%, Australia +0.20%, Singapore +0.83%, South Korea +0.80%, India +0.64%. China's Shanghai Composite rallied to a 3-1/2 month high after the PBOC followed the Fed's rate hike by raising rates on its open-market operations and on its medium-term lending facility and said that raising open-market rates don't necessarily equate to interest rate hikes. The PBOC's move to follow the Fed may be an attempt to limit capital outflows as the yuan jumped to a 1-week high against the dollar after the move. The BOJ as expected kept its benchmark rate unchanged at -0.1% and said that Japan's economy was on a "moderate recovery trend."

The dollar index (ZNM17 -0.16%) is down -0.12% at a 1-month low. EUR/USD (^EURUSD) is down -0.06%. USD/JPY (^USDJPY) is up +0.11%.

Jun 10-year T-note prices (ZNM17 -0.16%) are down -8 ticks.

The Bank of Japan (BOJ) kept its benchmark policy rate unchanged at -0.1% as expected, and said that Japan's economy was on a "moderate recovery trend." BOJ Governor Kuroda said the momentum for getting to its 2% price target is not strong enough and the BOJ will continue increasing the monetary base until that target is reached.

The People's Bank of China (PBOC) raised interest rates on its open market operations and hiked the 7, 14 and 28-day reverse-repurchase agreements by 10 bp and said that higher open market operations don't mean benchmark interest rates are increasing. The PBOC added that market participants already had relatively strong expectations on higher open market operation rates based on China's economy rebound and Fed rate hikes.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) weekly initial unemployment claims (expected -3,000 to 240,000, previous +20,000 to 243,000) and continuing claims (expected -5,000 to 2.053 million, previous -6,000 to 2.058 million), (2) Feb housing starts (expected +1.4% to 1.263 million, Jan -2.6% to 1.246 million), (3) Mar Philadelphia Fed business outlook index (expected -13.3 to 30.0, Feb +19.7 to 43.3), (4) Jan JOLTS job openings (expected +61,000 to 5.562 million, Dec -4,000 to 5.501 million), (5) USDA weekly Export Sales.

Notable Russell 1000 earnings reports today include: Adobe (consensus $0.87), Dollar General (1.41), Patheon (0.22).

U.S. IPO's scheduled to price today: MuleSoft (MULE), ProPetro Holding Corp (PUMP).

Equity conferences: Barclays Global Health Care Conference on Tue-Thu, Gabelli & Co. Waste & Environmental Services Symposium on Thu, American College of Cardiology Meeting on Fri.

OVERNIGHT U.S. STOCK MOVERS

Jabil Circuit (JBL +1.05%) was upgraded to 'Buy' from 'Hold' at Needham & Co with a 12-month target price of $30.

Oracle (ORCL +0.61%) rose over 2% in after-hours trading after it reported Q3 adjusted EPS of 69 cents, better than consensus of 62 cents.

Zoetis (ZTS +1.61%) was rated a new 'Buy' at Craig Hallum with a 12-month target price of $65.

Guess? (GES +1.07%) tumbled 12% in after-hours trading after it reported Q4 adjusted EPS of 41 cents, weaker than consensus of 44 cents, and said it sees full year EPS of 28 cents-40 cents, well below consensus of 64 cents.

Williams-Sonoma (WSM +1.26%) gained almost 2% in after-hours trading after it reported Q4 adjusted EPS of $1.55, better than consensus of $1.51.

Engaged Capital said it increased its stake in Rent-A-Center (RCII +2.29%) to 13.7% from 9.9%.

GoPro (GPRO +1.52%) rallied 7% in after-hours trading after it said it cut an additional 270 jobs as part of its restructuring plan and said it sees Q1 revenue at the upper end of a Feb 2 forecast of $190 million-$210 million.

Editas Medicine (EDIT -5.38%) lost nearly 2% in after-hours trading after it announced that it intends to offer 4 million shares of its common stock in an underwritten public offering.

Alarm.com Holdings (ALRM +1.12%) jumped 8% in after-hours trading after it forecast 2017 total revenue of $322 million-$325.5 million, above consensus of $300.6 million.

Penumbra (PEN +0.06%) dropped 4% in after-hours trading after it announced it launched an offering of 1.3 million shares of its common stock.

Global Blood Therapeutics (GBT +4.26%) rose nearly 3% in after-hours trading after it was rated new 'Overweight' at Cantor Fitzgerald with a price target of $61.

magicJack VocalTec Ltd (CALL +10.20%) gained 1% in after-hours trading after it said it was "exploring options" for the company.

Conatus Pharmaceuticals (CNAT +6.05%) dropped over 6% in after-hours trading after it reported a Q4 loss of -35 cents a share, wider than consensus of -32 cents.

Arotech (ARTX +3.80%) plunged 17% in after-hours trading after it said it sees 2017 adjusted EPS of 20 cents-24 cents, weaker than consensus of 28 cents.

MARKET COMMENTS

Jun E-mini S&Ps (ESM17 +0.25%) this morning are up +6.00 points (+0.25%) at a 2-week high. Wednesday's closes: S&P 500 +0.84%, Dow Jones +0.54%, Nasdaq +0.63%. The S&P 500 on Wednesday rallied to a 1-1/2 week high and closed higher on relief that the Fed did not signal a faster pace of tightening as they kept their projections for two more 25 bp rate hikes this year. There was also a rally in homebuilder stocks after the unexpected +6-point increase in the U.S. Mar NAHB housing market index to 71, stronger than expectations of unchanged at 65 and the highest in 11-3/4 years. Energy producer stocks rose after crude oil recovered by +2.39%.

Jun 10-year T-notes (ZNM17 -0.16%) this morning are down -8 ticks. Wednesday's closes: TYM7 +27.50, FVM7 +17.25. Jun 10-year T-notes Wednesday climbed to a 1-week high and closed higher on relief that the Fed did not tighten up its Fed dot projections for three rate hikes per year in 2017-2019 and the post-FOMC meeting statement that said the Fed expects inflation to stabilize around 2% in the medium-term.

The dollar index (DXY00 -0.14%) this morning is down -0.12 (-0.12%) at a 1-month low. EUR/USD (^EURUSD) is down -0.0006 (-0.06%) and USD/JPY (^USDJPY) is up +0.12 (+0.11%). Wednesday's closes: Dollar index -0.96 (-0.94%), EUR/USD +0.0130 (+1.23%), USD/JPY -1.37 (-1.19%). The dollar index on Wednesday fell to a 2-week low and closed lower on the failure of the Fed to tighten up its Fed dot projections as some market participants had expected. There was also strength in EUR/USD on reduced European political risks after the anti-EU Freedom party did poorly in Wednesday's Dutch election.

Apr WTI crude oil prices (CLJ17 +0.72%) this morning are up +32 cents (+0.65%) and Apr gasoline (RBJ17 +1.15%) is +0.0177 (+1.12%). Wednesday's closes: Apr crude +1.14 (+2.39%), Apr gasoline -0.0001 (-0.01%). Apr crude oil and gasoline on Wednesday settled mixed. Crude oil prices were boosted by the unexpected -237,000 bbl decline in EIA crude inventories versus expectations of +3.0 million bbl, and by the -3.06 million bbl drop in EIA gasoline stockpiles versus expectations of -2.0 million bbl. Crude oil prices were undercut by the +0.2% increase in U.S. crude production in the week of Mar 10 to 9.109 million bpd, a 13-month high.

GLOBAL EVENT CALENDAR03/16/2017

		Thursday, Mar 16
US	0830 ET	Weekly initial unemployment claims expected -3,000 to 240,000, previous +20,000 to 243,000. Weekly continuing claims expected -5,000 to 2.053 million, previous -6,000 to 2.058 million.
	0830 ET	Feb housing starts expected +1.4% to 1.263 million, Jan -2.6% to 1.246 million. Feb building permits expected -2.0% to 1.267 million, Jan +5.3% to 1.293 million.
	0830 ET	USDA weekly Export Sales.
	0830 ET	Mar Philadelphia Fed business outlook survey expected -13.3 to 30.0, Feb +19.7 to 43.3.
	1000 ET	Jan JOLTS job openings expected +61,000 to 5.562 million, Dec -4,000 to 5.501 million.
	1100 ET	Treasury announces amount of 10-year TIPS to be auctioned Mar 23 (previous $13 billion).
	1300 ET	Treasury Secretary Mnuchin and German Finance Minister Schaeuble meet in Berlin to discuss trade and economic issues, with a joint press conference to follow the meeting.
		Friday, Mar 17
US	0915 ET	Feb industrial production expected +0.2%, Jan -0.3% m/m. Feb manufacturing production expected +0.5%, Jan +0.2% m/m. Feb capacity utilization expected +0.2 to 75.5%, Jan -0.3 to 75.3%.
	1000 ET	Prelim-March University of Michigan U.S. consumer sentiment index expected +0.7 to 97.0, Feb -2.2 to 96.3.
	1000 ET	Feb leading indicators expected +0.5%, Jan +0.6%.
	n/a	President Trump and German Chancellor Merkel meet at the White House.
	n/a	G-20 2-day meeting begins of finance ministers and central banks in Baden-Baden, Germany.

U.S. STOCK CALENDAR03/16/2017

Company	Ticker	Time	Event Description	Period	Estimate
Patheon NV	PTHN US	Bef-mkt	Q1 2017 Earnings Release	Q1 17	0.222
Dollar General Corp	DG US	Bef-mkt	Q4 2017 Earnings Release	Q4 17	1.412
Patheon NV	PTHN US	08:00	Q1 2017 Earnings Call	Q1 17
Albemarle Corp	ALB US	08:30	Investor Day
Dollar General Corp	DG US	10:00	Q4 2017 Earnings Call	Q4 17
Keysight Technologies Inc	KEYS US	11:00	Annual General Meeting
Level 3 Communications Inc	LVLT US		Special Meeting - M&A Vote
CenturyLink Inc	CTL US		Special Meeting - M&A Vote
Liberty Expedia Holdings Inc	LEXEA US		Q4 2016 Earnings Release	Q4 16
Varex Imaging Corp	VREX US	Aft-mkt	Q1 2017 Earnings Release	Q1 17
Adobe Systems Inc	ADBE US	16:05	Q1 2017 Earnings Release	Q1 17	0.872
Adobe Systems Inc	ADBE US	17:00	Q1 2017 Earnings Call	Q1 17

MORNING CALL 6/1

MORNING CALL

Wednesday, June 1st, 2016View Older Reports

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OVERNIGHT MARKETS AND NEWS

Jun E-mini S&Ps (ESM16 -0.38%) are down -0.31% and European stocks are down -0.89% on signs of lackluster global manufacturing activity. The German May Markit/BME manufacturing PMI was revised lower, Japan's May Nikkei PMI contracted at the steepest pace in over 3 years, and China's May manufacturing PMI remained basically flat. A -1.22% slide in July WTI crude oil (CLN16 -1.20%) to a 1-week low undercut energy producers, and U.S. stocks were under pressure after the OECD revised its U.S. 2016 GDP forecast downward. Asian stocks settled mostly lower: Japan -1.62%, Hong Kong -0.26%, China -0.11%, Taiwan +0.72%, Australia -1.03%, Singapore -0.02%, South Korea -0.02%, India +0.17%.

The dollar index (DXY00 -0.38%) is down -0.34% after the OECD cut its U.S. 2016 GDP forecast and EUR/USD (^EURUSD) is up +0.26% after the OECD raised its Eurozone 2016 GDP forecast to 1.6% from a Feb estimate of 1.4%. USD/JPY (^USDJPY) is down -1.11%.

Sep T-note prices (ZNU16 +0.06%) are up +1 tick.

The OECD cut its U.S. 2016 GDP estimate to 1.8% from a Feb projection of 2.0% and raised its Eurozone 2016 GDP forecast to 1.6% from a Feb estimate of 1.4%. The OECD kept its global 2016 GDP estimate unchanged at 3.0%, but warned that the global economy is slipping into a self-fulfilling "low-growth trap" where ultra-loose monetary policy risks doing more harm than good.

The China May manufacturing PMI was unchanged at 50.1, stronger than expectations of -0.1 to 50.0.

The German May Markit/BME manufacturing PMI was revised downward to 52.1 from the originally reported 52.4.

The Japan May Nikkei manufacturing PMI was revised upward to 47.7 from the originally reported 47.6, still the steepest pace of contraction since the data series began in 2013.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) weekly MBA mortgage applications (previous +2.3% with purchase sub-index +4.8% and refi sub-index +0.4%), (2) revised-May Markit U.S. manufacturing PMI (expected unrevised at 50.5, preliminary-May -0.3 to 50.5), (3) May ISM manufacturing index (expected -0.5to 50.3, Apr -1.0 to 50.8), (4) Apr construction spending (expected +0.6%, Mar +0.3%), (5) Fed Beige Book, (6) May total vehicle sales (expected 17.30 million, Apr 17.32 million).

There are 2 of the Russell 1000 companies that report earnings today: Michael Kors Holdings (consensus $0.97), Alere (0.58).

U.S. IPO's scheduled to price today: Nant Health LLC (NH).

Equity conferences during the remainder of this week include: Deutsche Bank Global Financial Services Investor Conference on Tue-Wed, BMO Capital Markets Energy & Power Conference on Wed, D. A. Davidson & Co Technology Forum on Wed, Stifel Dental & Veterinary Conference on Wed, Bank of America Merrill Lynch Global Technology Conference on Wed-Thu, Cowen and Company Technology, Media & Telecom Conference on Wed-Thu, RBC Capital Markets Consumer & Retail Conference on Wed-Thu, Bernstein Strategic Decisions Conference on Wed-Fri, Credit Suisse Engineering & Construction Conference on Thu, Keefe, Bruyette & Woods Asset Management Conference on Thu, American Society of Clinical Oncology (ASCO) Meeting on Fri.

OVERNIGHT U.S. STOCK MOVERS

Nike (NKE -1.73%) fell 2% in pre-market trading after it was downgraded to 'Neutral' from 'Buy' at Bank of America/Merrill Lynch.

Whole Foods Markets (WFM +1.00%) jumped over 2% in pre-market trading after it was upgraded to 'Outperform' from 'Neutral' at Credit Suisse.

Zoetis (ZTS +0.51%) was rated a new 'Buy' at Stifel with a 12-month price target of $58.

InterXion Holding NV (INXN +0.86%) rose nearly 1% in after-hours trading after it was upgraded to 'Outperform' from 'Market Perform' at Wells Fargo Securities.

Alibaba Group Holding Ltd. (BABA +1.27%) fell over 2% in pre-market trading after Softbank Group, the largest investor in Alibaba, said it will sell at least $7.9 billion of its Alibaba stake.

Under Armour (UA -0.50%) lost more than 3% in after-hours trading after it cut its full-year net revenue estimate to $4.925 billion from a prior view of $5 billion.

Quanex Building Products (NX +2.47%) reported Q2 adjusted EPS of 10 cents, better than consensus of 9 cents, and boosted its full-year Ebitda estimate to $117 million-$121 million from a December 14 estimate of $112 million-$120 million.

Ascena Retail (ASNA +1.12%) dropped nearly 6% in after-hours trading after it lowered guidance on full-year EPS to 67 cents-70 cents from a prior view of 75 cents-80 cents.

Zoe's Kitchen (ZOES +2.47%) climbed over 3% in after-hours trading after it reported Q1 adjusted EPS of 6 cents, better than consensus of 4 cents, and then raised its full-year revenue estimate to $277 million-$281 million from a prior estimate of $275 million-$289 million.

NCI Building Systems (NCS +2.48%) reported Q2 sales of $372.2 million, higher than consensus of $363.5 million.

Boyd Gaming (BYD +0.48%) rose more than 4% in after-hours trading after MGM Resorts International acquired Boyd's 50% stake in Atlantic City's Borgata hotel and casino for $900 million.

TiVo (TIVO -0.70%) slipped 3% in after-hours trading after it reported Q1 EPS of 4 cents, weaker than consensus of 8 cents.

MARKET COMMENTS

June E-mini S&Ps (ESM16 -0.38%) this morning are down -6.50 points (-0.31%). Tuesday's closes: S&P 500 -0.10%, Dow Jones -0.48%, Nasdaq +0.25%. The S&P 500 on Tuesday fell back from a 1-1/4 month high and closed lower on the unexpected -2.1 point decline in U.S. May consumer confidence (Conference Board) to 92.6 (weaker than expectations of +1.9 to 96.1 and a 6-month low) and the unexpected -1.1 point decline in the May Chicago PMI (weaker than expectations of +0.1 to 50.5). Stocks were boosted by the +1.0% m/m increase in U.S. Apr personal spending, stronger than expectations of +0.7% m/m and the largest increase in 6-1/2 years.

September 10-year T-note prices (ZNU16 +0.06%) this morning are up +1 tick. Tuesday's closes: TYU6 -0.50, FVU6 -0.25. Sep T-notes on Tuesday fell to a 1-month low but recovered and closed little changed. T-notes were undercut by negative carry-over from Friday's comments by Fed Chair Yellen who said a Fed rate hike in coming months may be "appropriate." T-notes were also undercut by the sharp +1.0% increase in U.S. Apr personal spending. T-notes found support on the decline in the U.S. May consumer confidence index to a 6-month low and by the weak May Chicago PMI.

The dollar index (DXY00 -0.38%) this morning is down -0.327 (-0.34%). EUR/USD (^EURUSD) is up +0.0029 (+0.26%). USD/JPY (^USDJPY) is down-1.23 (-1.11%). Tuesday's closes: Dollar Index +0.370 (+0.97%), EUR/USD -0.0006 (-0.05%), USD/JPY -0.39 (-0.35%). The dollar index on Tuesday closed higher on carryover support from Friday's hawkish comments Friday by Fed Chair Yellen who said a Fed rate hike in coming months may be "appropriate." The dollar was also boosted by the stronger-than-expected U.S. Apr personal spending of +1.0%, which rose at the fastest pace in 6-1/2 years and bolstered the case for a Fed rate hike.

July WTI crude oil (CLN16 -1.20%) this morning is down -60 cents (-1.22%) at a 1-week low. July gasoline (RBN16 -0.60%) is down -0.0117 (-0.73%) at a 2-week low. Tuesday's closes: CLN6 -0.23 (-0.47%), RBN6 -0.0244 (-1.49%). July crude oil and gasoline on Tuesday closed lower on the stronger dollar and on expectations that OPEC members will be unable to agree on production cuts when the cartel meets on Thursday in Vienna.

GLOBAL EVENT CALENDAR06/01/2016

US	0700 ET	Weekly MBA mortgage applications, previous +2.3% with purchase sub-index +4.8% and refi sub-index +0.4%.
	0945 ET	Revised-May Markit U.S. manufacturing PMI expected unchanged at 50.5, preliminary-May -0.3 to 50.5.
	1000 ET	May ISM manufacturing index expected -0.5 to 50.3, Apr -1.0 to 50.8. May ISM new orders, Apr -2.5 to 55.8. May ISM employment, Apr +0.9 to 49.2. May ISM prices paid expected -1.0 to 58.0, Apr +7.5 to 59.0.
	1000 ET	Apr construction spending expected +0.6%, Mar +0.3%.
	1400 ET	Fed Beige Book.
	n/a	May total vehicle sales expected 17.30 million, Apr 17.32 million. May domestic vehicle sales expected 13.58 million, Apr 13.48 million.
JPN	0100 ET	Japan May vehicle sales, Apr +7,2% y/y.
GER	0355 ET	Revised German May Markit/BME manufacturing PMI, preliminary +0.6 to 52.4.
EUR	0400 ET	Revised Eurozone May Market manufacturing PMI, preliminary -0.2 to 51.5.
UK	0200 ET	UK My nationwide house prices expected +0.3% m/m and +4.8% y/y, Apr +0.2% m/m and +4.9% y/y.
	0430 ET	UK Apr net consumer credit expected +1.6 billion pounds, Mar +1.9 billion pounds.
	0430 ET	UK Apr mortgage approvals expected 67,900, Mar 71,400.
	0430 ET	UK Apr M4 money supply, Mar -0.4% m/m and +1.6% y/y.
	0430 ET	UK May Markit manufacturing PMI expected +0.4 to 49.6, Apr 49.2.

U.S. STOCK CALENDAR06/01/2016

Company	Ticker	Time	Event Description	Period	Estimate
Michael Kors Holdings Ltd	KORS US	Bef-mkt	Q4 2016 Earnings Release	Q4 2016	0.965
Michael Kors Holdings Ltd	KORS US	8:00	Q4 2016 Earnings Call	Q4 2016
Alkermes PLC	ALKS US	8:30	ALKS 5461 FORWARD-3 & FORWARD-4 Data Study Results Call
Ford Motor Co	F US	9:15	May 2016 Sales and Revenue Release	2016
Ford Motor Co	F US	10:00	May 2016 Sales and Revenue Call	2016
IPG Photonics Corp	IPGP US	10:00	Annual General Meeting
Gaming and Leisure Properties Inc	GLPI US	10:00	Annual General Meeting
Workday Inc	WDAY US	12:00	Annual General Meeting	Y 2016
Pandora Media Inc	P US	12:00	Annual General Meeting
Costco Wholesale Corp	COST US	21:00	May 2016 Sales and Revenue Release	2016
Equifax Inc	EFX US		Investor Meeting - San Francisco	Y 2016
MGM Resorts International	MGM US		Annual General Meeting
Taubman Centers Inc	TCO US		Annual General Meeting
American Tower Corp	AMT US		Annual General Meeting
Alere Inc	ALR US		Q4 2015 Earnings Release	Q4 2015	0.583
Equinix Inc	EQIX US		Annual General Meeting
Ulta Salon Cosmetics & Fragrance Inc	ULTA US		Annual General Meeting
Michaels Cos Inc/The	MIK US		Annual General Meeting
Rice Energy Inc	RICE US		Annual General Meeting

MORNING CALL 2/16

MORNING CALL

Tuesday, February 16th, 2016View Older Reports

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OVERNIGHT MARKETS AND NEWS

March E-mini S&Ps (ESH16 +1.41%) are up +1.20% at a 1-week high, led by a rally in energy producers, with ConocoPhilips and Marathon Oil up at least 2% in pre-market trading as crude oil gains +0.95%. A rally in bank stocks is also pushing stock index futures higher with Bank of America, Goldman Sachs and Morgan Stanley all up over 1% in pre-market trading. European stocks are down -0.28%, led by weakness in commodity producers, as Anglo American Plc dropped over 6% after the company said it would sell more mines and raise its debt-reduction target following a fourth year of losses. European stocks were also undercut after German Feb ZEW expectations of economic growth fell to the lowest in 16 months. Asian stocks settled mostly higher: Japan +0.20%, Hong Kong +1.08%, China +3.29%, Taiwan +1.80%, Australia +1.37%, Singapore +1.41%, South Korea +1.37%, India -1.54%. China's Shanghai Composite climbed to a 3-week high after Chinese data showed a record jump in new credit last month. Also, Chinese Premier Li Keqiang said Monday that China will take decisive actions if needed amid recent global economic headwinds and slumping equity markets.

The dollar index (DXY00 +0.65%) is up +0.69%. EUR/USD (^EURUSD) is up +0.03%. USD/JPY (^USDJPY) is down -0.48%.

Mar T-note prices (ZNH16 -0.21%) are down -4.5 ticks.

The German Feb ZEW survey expectations of economic growth fell -9.2 to 1.0, stronger than expectations of -10.2 to 0, but still the lowest in 16 months.

China Jan new yuan loans surged by a record 2.51 trillion yuan, stronger than expectations of +1.90 trillion yuan. Jan aggregate financing, the broadest measure of new credit, jumped a record +3.42 trillion yuan, stronger than expectations of +2.20 trillion yuan.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Feb Empire manufacturing index (expected +9.37 to -10.00, Jan -13.16 to -19.37), (2) Philadelphia Fed President Patrick Harker's speech on the 2016 economic forecast at the University of Delaware’s Center for Economic Education and Entrepreneurship, and (3) Feb NAHB housing market index (expected unch at 60, Jan unch at 60).

There are 14 of the S&P 500 companies that report earnings today with notable reports including: Agilent Technologies (consensus $0.43), Genuine Parts (1.01), Hormel Foods (0.36), Pulbic Storage (2.42), FirstEnergy (0.57).

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

Equity conferences this week include: Consumer Analysts Group of New York Investor Conference on Tue.

OVERNIGHT U.S. STOCK MOVERS

ADT Corp. (ADT +1.90%) surged over 40% in pre-market trading after it agreed to be purchased by Apollo Global affiliates for $6.9 billion or $42 a share.

Freeport McMoRan (FCX +13.09%) jumped almost 8% in pre-market trading after it agreed to sell an additional stake n one of its biggest mines to Sumitomo Metal Mining for $1 billion.

Goldman Sachs (GS +3.87%) was upgraded to 'Overweight' from 'Underweight' at JPMorgan Chase.

Hormel Foods (HRL -0.46%) reported Q1 EPS of 43 cents, better than consensus of 39 cents.

Flowers Foods (FLO -6.54%) was upgraded to 'Buy' from 'Hold' at BB&T Capital Markets.

AutoZone (AZO +2.37%) was upgraded to 'Outperform' from 'Neutral' at Wedbush.

Peabody Energy (BTU +2.97%) was downgraded to 'Underweight' from 'Hold' at BB&T Capital Markets.

EMC Corp. (EMC -0.12%) gained over 1% in after-hours trading after Baupost Group LLC Holdings reported that it purchased 29.2 million shares in the company.

USG Corp. (USG +7.05%) fell over 1% in after-hours trading after Appaloosa Management LP Holdings said it sold its stake in USG.

Groupon (GRPN +29.02%) climbed over 2% in after-hours trading after BABA reported a 5.6% stake in the company.

Energy Transfer Partners LP (ETP +8.38%) rose 1% in after-hours trading after Perry Corporation Holdings and Appaloosa Management LP Holdings reported new stakes in the company.

Waterstone Financial (WSBF +0.81%) CFO Allan Hosack will resign effective March 1 and Mark Gerke was named interim CFO.

Anworth Mortgage (ANH +0.24%) reported Q4 core EPS of 15 cents, better than consensus of 14 cents.

MARKET COMMENTS

Mar E-mini S&Ps (ESH16 +1.41%) this morning are up +22.25 points (+1.20%) at a 1-week high. Friday's closes: S&P 500 +1.95%, Dow Jones +2.00%, Nasdaq +1.44%. The S&P 500 on Friday closed sharply higher on stronger-than-expected U.S. Jan retail sales (+0.2% and +0.1% ex autos vs. expectations of +0.1% and unchanged ex autos), and after New York Fed President Dudley said that key sectors of the U.S. economy "seem to be in good shape." Another bullish factor for stocks was the sharp 12% rally in crude oil which supported gains in energy stocks.

Mar 10-year T-notes (ZNH16 -0.21%) this morning are down -4.5 ticks. Friday's closes: TYH6 -31.00, FVH6 -15.75. Mar T-notes on Friday closed lower after U.S. Jan retail sales rose more than expected (+0.2% and +0.1% ex autos vs. expectations of +0.1% and unch ex autos), and after stocks rallied sharply, which reduced the safe-haven demand for T-notes.

The dollar index (DXY00 +0.65%) this morning is up +0.662 (+0.69%). EUR/USD (^EURUSD) is up +0.0003 (+0.03%). USD/JPY (^USDJPY) is down -0.55(-0.48%). Friday's closes: Dollar Index +0.378 (+0.40%), EUR/USD -0.0067 (-0.59%), USD/JPY +0.83 (+0.74%). The dollar index on Friday closed higher on strength in U.S. Jan retail sales along with weakness in EUR/USD after Dec industrial production unexpectedly fell by the most in 16 months (-1.0% m/m vs. expectations of +0.3% m/m).

Mar WTI crude (CLH16 +2.24%) this morning is up +28 cents (+0.95%) and Mar gasoline (RBH16 -0.57%) is down -0.0148 (-1.42%). Friday's closes: CLH6 +3.23 (+12.32%), RBH6 +0.0914 (+9.71%). Mar crude oil and gasoline on Friday settled sharply higher on short-covering after U.A.E. Oil Minister Suhail Al Mazrouei said that oil "prices are not appropriate" and that producers are ready to work together and won't make production cuts unless there is complete cooperation. Energy prices strengthened further after data from Baker Hughes showed that active U.S. oil rigs fell by 28 in the week ended Feb 12 to 439, a 6-year low.

GLOBAL EVENT CALENDAR02/16/2016

US	0830 ET	Feb Empire manufacturing survey of general business conditions expected +9.37 to -10.00, Jan -13.16 to -19.37.
	0830 ET	Philadelphia Fed President Patrick Harker delivers a speech on the 2016 economic forecast at the University of Delawares Center for Economic Education and Entrepreneurship.
	1000 ET	Feb NAHB housing market index expected unch at 60, Jan unch at 60.
	1100 ET	USDA weekly grain export inspections.
EUR	0200 ET	Eurozone Jan new car registrations, Dec +16.6% y/y.
UK	0430 ET	UK Jan CPI expected -0.7% m/m and +0.3% y/y, Dec +0.1% m/m and +0.2% y/y. Jan core CPI expected +1.3% y/y, Dec +1.4% y/y.
	0430 ET	UK Jan RPI expected -0.6% m/m and +1.4% y/y, Dec +0.3% m/m and +1.2% y/y. Jan RPI ex-mortgage interest payments expected +1.4% y/y, Dec +1.3% y/y.
	0430 ET	UK Jan PPI input prices expected -1.3% m/m and -8.7% y/y, Dec -0.8% m/m and -10.8% y/y.
	0430 ET	UK Jan PPI output prices expected -0.2% m/m and -0.9% y/y, Dec -0.2% m/m and -1.2% y/y. Jan PPI output core expected +0.1% m/m and unch y/y, Dec +0.2% m/m and +0.1% y/y.
	0430 ET	UK Dec ONS house prices, Nov +7.7% y/y.
GER	0500 ET	German Feb ZEW survey expectations of economic growth expected -10.2 to 0, Jan 10.2. Feb ZEW survey current situation expected -4.7to 55.0, Jan 59.7.
JPN	1850 ET	Japan Dec machine orders expected +4.7% m/m and -2.8% y/y, Nov -14.4% m/m and +1.2% y/y.

U.S. STOCK CALENDAR02/16/2016

Company	Ticker	Time	Event Description	Period	Estimate
TEGNA Inc	TGNA US	Bef-mkt	Q4 2015 Earnings Release	Q4 2015	0.457
Genuine Parts Co	GPC US	Bef-mkt	Q4 2015 Earnings Release	Q4 2015	1.013
Hormel Foods Corp	HRL US	Bef-mkt	Q1 2016 Earnings Release	Q1 2016	0.348
Zoetis Inc	ZTS US	Bef-mkt	Q4 2015 Earnings Release	Q4 2015	0.385
Baxalta Inc	BXLT US	Bef-mkt	Q4 2015 Earnings Release	Q4 2015	0.555
Public Storage	PSA US	Aft-mkt	Q4 2015 Earnings Release	Q4 2015	2.421
Vornado Realty Trust	VNO US	Aft-mkt	Q4 2015 Earnings Release	Q4 2015	1.303
Cerner Corp	CERN US	Aft-mkt	Q4 2015 Earnings Release	Q4 2015	0.568
Express Scripts Holding Co	ESRX US	Aft-mkt	Q4 2015 Earnings Release	Q4 2015	1.556
FirstEnergy Corp	FE US	Aft-mkt	Q4 2015 Earnings Release	Q4 2015	0.568
Devon Energy Corp	DVN US	Aft-mkt	Q4 2015 Earnings Release	Q4 2015	0.707
Agilent Technologies Inc	A US	Aft-mkt	Q1 2016 Earnings Release	Q1 2016	0.433
FMC Technologies Inc	FTI US	Aft-mkt	Q4 2015 Earnings Release	Q4 2015	0.483
Cimarex Energy Co	XEC US	Aft-mkt	Q4 2015 Earnings Release	Q4 2015	-0.221