MORNING CALL 4/20

MORNING CALL

Wednesday, April 20th, 2016View Older Reports

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OVERNIGHT MARKETS AND NEWS

Jun E-mini S&Ps (ESM16 +0.18%) are unchanged as a nearly 2% decline in Intel in pre-market trading undercuts technology stocks. Also, energy producers are lower and weighing on the overall market as crude oil (CLM16 -1.48%) falls -1.77% in early trade after Kuwait oil workers ended their 3-day strike. Sings of increased M&A activity limited declines in equities after a consortium led by Apex Technology and PAG Asia Capital acquired Lexmark International for $3.6 billion. European stocks are up +0.23%, led by a rally in mining stocks, as both BHP Billiton Ltd. and Rio Tinto Group climbed 3% as the price of iron ore rose after BHP cut its iron ore production forecast for its Australian operations. Asian stocks settled mixed: Japan +0.19%, Hong Kong -0.93%, China -2.31%, Taiwan 01.38%, Australia +0.52%, Singapore -0.06%, South Korea -0.25%, India +0.11%. Chinese stocks tumbled on speculation of reduced stimulus from China's central bank after PBOC research bureau chief economist Ma Jun said that future policy operations will pay attention to heading off macroeconomic risks. Japan’s Nikkei Stock Index rallied to a 3-week high after Japanese trade data showed Japan exports and imports fell less than expected last month.

The dollar index (DXY00 +0.05%) is up +0.10%. EUR/USD (^EURUSD) is up +0.11%. USD/JPY (^USDJPY) is up +0.02%.

Jun T-note prices (ZNM16 -0.01%) are up +1 tick.

PBOC research bureau chief economist Ma Jun said that future policy operations, while observing the need to continue to support growth, will also pay attention to heading off macroeconomic risks, especially an over-expansion of corporate leverage. This suggests that the PBOC is satisfied with the results of its current easing measures and may not add to them as that risks creating bubbles in financial markets.

German Mar PPI was unch m/m and fell -3.1% y/y, weaker than expectations of +0.2% m/m and -2.9% y/y, with the -3.1% y/y fall the largest year-on-year decline in 6 years.

Japan’s Mar trade balance was in surplus by 755.0 billion yen, narrower than expectations of a 834.6-billion-yen surplus. Mar exports fell -6.8% y/y, less than expectations of -7.0% y/y and Mar imports fell -14.9% y/y, a smaller decline than expectations of -16.6% y/y.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) weekly MBA mortgage applications (previous +10.0% with purchase sub-index +8.4% and refi sub-index +11.3%), and (2) Mar existing home sales (expected +3.9% to 5.28 million, Feb -7.1% to 5.08 million).

There are 25 of the S&P 500 companies that report earnings today with notable reports including: American Express (consensus $1.33), Abbott Labs (0.39), Coca-Cola (0.44), Kinder Morgan (0.19), Citrix (0.92), Newmont Mining (0.18), Yum Brands (0.83).

U.S. IPO's scheduled to price today: American Rental Associates (ARA).

Equity conferences during the remainder of this week include: American Academy Of Neurology Meeting on Mon-Wed, American Association for Cancer Research Meeting on Mon-Wed, Rx Sample Management and logistics Summit on Tue-Wed.

OVERNIGHT U.S. STOCK MOVERS

Intel (INTC -0.16%) lost nearly 2% in pre-market trading after it said Q2 net revenue will be about $13.5 billion, below consensus of $14.2 billion, and said it will cut 12,000 jobs, or 11% of its workforce.

Halliburton (HAL +2.69%) declined 1% in pre-market trading as the price of crude oil is down -1.77% in early trade.

Lexmark International (LXK +0.99%) jumped over 10% in pre-market-trading after it was acquired by a consortium led by Apex Technology and PAG Asia Capital for $3.6 billion.

Boeing (BA +0.54%) slipped 2% in pre-market trading after Bank of America downgraded it to 'Underperform' from 'Neutral.'

Yahoo! (YHOO -0.52%) climbed over 1% in after-hours trading after it reported Q1 adjusted Ebitda of $147 million, above consensus of $115.9 million.

Intuitive Surgical (ISRG -0.52%) gained nearly 2% in after-hours trading after it reported Q1 adjusted EPS of $4.42, better than consensus of $4.33.

Global Payments (GPN -0.42%) rose over 1% in after-hours trading when it was announced that it will replace GameStop GME in the S&P 500 at the end of trading on Friday, April 22.

Discover Financial Services (DFS +1.15%) climbed 4% in after-hours trading after it reported Q1 EPS of $1.35, better than consensus of $1.29.

VMware (VMW -0.44%) jumped over 10% in after-hours trading after it reported Q1 adjusted EPS of 86 cents, higher than consensus of 84 cents, and said it authorized a $1.2 billion stock buyback program.

Woodward (WWD +0.04%) slid over 2% in after-hours trading after it reported Q2 adjusted EPS of 65 cents, below consensus of 66 cents.

Interactive Brokers Group (IBKR -0.55%) rose nearly 4% in after-hours trading after it reported Q1 comprehensive EPS of 60 cents, well above consensus of 47 cents.

Manhattan Associates (MANH +0.51%) gained over 7% in after-hours trading after it raised guidance on fiscal 2016 adjusted EPS to $1.73-$1.76 from a February 2 estimate of $1.69-$1.72, above consensus of $1.71.

CalAmp (CAMP +1.69%) fell over 7% in after-hours trading after it said it sees fiscal 2017 adjusted EPS from continuing operations of $1.15-$1.35, below consensus of $1.43.

MARKET COMMENTS

June E-mini S&Ps (ESM16 +0.18%) this morning are unchanged. Tuesday's closes: S&P 500 +0.31%, Dow Jones +0.27%, Nasdaq -0.62%. The S&P 500 on Tuesday rose to a 4-1/2 month high and closed higher on strength in energy-producer stocks as crude oil rallied 3%, on a rally in commodity producers after silver surged +4.4% to a 10-1/2 month high, and on a decent start to Q1 corporate earnings season. Stock prices were undercut by the-8.8% decline in U.S. Mar housing starts to a 5-month low of 1.089 million, weaker than expectations of -1.1% to 1.166 million.

June 10-year T-note prices (ZNM16 -0.01%) this morning are up +1 tick. Tuesday's closes: TYM6 -4.50, FVM6 -4.00. Jun T-notes on Tuesday closed lower on reduced safe-haven demand for T-notes with the rally in he S&P 500 to a 4-1/2 month high, on the rise in the 10-year T-note breakeven inflation expectations rate to a 2-week high, and on hawkish comments from Boston Fed President Rosengren who said "we will be raising rates faster than what's reflected in the financial markets."

The dollar index (DXY00 +0.05%) this morning is up +0.096 (+0.10%). EUR/USD (^EURUSD) is up +0.0012 (+0.11%). USD/JPY (^USDJPY) is up +0.02 (+0.02%). Tuesday's closes: Dollar Index -0.514 (-0.54%), EUR/USD +0.0045 (+0.40%), USD/JPY +0.39 (+0.36%). The dollar index on Tuesday closed lower on the weaker-than-expected U.S. Mar housing starts report and on strength in EUR/USD after the German Apr ZEW expectations index rose more than expected to a 4-month high.

June WTI crude oil (CLM16 -1.48%) is down -75 cents (-1.77%). June gasoline (RBM16 -0.66%) is down -0.0107 (-0.71%). Tuesday's closes: CLM6 +1.28 (+3.11%), RBM6 +0.0428 (+2.94%). Jun crude oil and gasoline on Tuesday settled higher on a weaker dollar, the third day of the Kuwaiti oil workers strike that has slashed Kuwait oil production by 50%, and the rally in the S&P 500 to a 4-1/2 month high.

GLOBAL EVENT CALENDAR04/20/2016

US	0700 ET	Weekly MBA mortgage applications, previous +10.0% with purchase sub-index +8.4% and refi sub-index +11.3%.
	1000 ET	Mar existing home sales expected +3.9% to 5.28 million, Feb -7.1% to 5.08 million.
	1030 ET	EIA Weekly Petroleum Status Report.
JPN	0200 ET	Revised Japan Mar machine tool orders.
GER	0200 ET	German Mar PPI expected +0.2% m/m and -2.9% y/y, Feb -0.5% m/m and -3.0% y/y.
UK	0430 ET	UK Mar jobless claims change expected -10,000, Feb -18,000. Mar claimant count rate expected unch at 2.1%.
	0430 ET	UK Feb avg weekly earnings expected +2.3% 3-mon avg y/y, Jan +2.1% 3-mon avg y/y. Feb avg weekly earnings ex-bonus expected +2.1% 3-mon avg y/y, Jan +2.2% 3-mon avg y/y.
	0430 ET	UK ILO unemployment rate expected +5.1% 3-months through Feb, previous 5.1% 3-months through Jan.

U.S. STOCK CALENDAR04/20/2016

Company	Ticker	Time	Event Description	Period	Estimate
Abbott Laboratories	ABT US	Bef-mkt	Q1 2016 Earnings Release	Q1 2016	0.393
Coca-Cola Co/The	KO US	Bef-mkt	Q1 2016 Earnings Release	Q1 2016	0.444
Textron Inc	TXT US	Bef-mkt	Q1 2016 Earnings Release	Q1 2016	0.516
Huntington Bancshares Inc/OH	HBAN US	Bef-mkt	Q1 2016 Earnings Release	Q1 2016	0.201
US Bancorp	USB US	Bef-mkt	Q1 2016 Earnings Release	Q1 2016	0.758
Amphenol Corp	APH US	Bef-mkt	Q1 2016 Earnings Release	Q1 2016	0.565
TE Connectivity Ltd	TEL US	Bef-mkt	Q2 2016 Earnings Release	Q2 2016	0.891
Nielsen Holdings PLC	NLSN US	Bef-mkt	Q1 2016 Earnings Release	Q1 2016	0.501
EMC Corp/MA	EMC US	7:00	Q1 2016 Earnings Release	Q1 2016	0.334
St Jude Medical Inc	STJ US	7:15	Q1 2016 Earnings Release	Q1 2016	0.885
EQT Corp	EQT US	8:00	Annual General Meeting	Y 2016
Illinois Tool Works Inc	ITW US	8:00	Q1 2016 Earnings Release	Q1 2016	1.259
Textron Inc	TXT US	8:00	Q1 2016 Earnings Call	Q1 2016
St Jude Medical Inc	STJ US	8:00	Q1 2016 Earnings Call	Q1 2016
Navient Corp	NAVI US	8:00	Q1 2016 Earnings Call	Q1 2016
Nielsen Holdings PLC	NLSN US	8:00	Q1 2016 Earnings Call	Q1 2016
EMC Corp/MA	EMC US	8:30	Q1 2016 Earnings Call	Q1 2016
TE Connectivity Ltd	TEL US	8:30	Q2 2016 Earnings Call	Q2 2016
Abbott Laboratories	ABT US	9:00	Q1 2016 Earnings Call	Q1 2016
Coca-Cola Co/The	KO US	9:00	Q1 2016 Earnings Call	Q1 2016
Huntington Bancshares Inc/OH	HBAN US	9:00	Q1 2016 Earnings Call	Q1 2016
US Bancorp	USB US	9:00	Q1 2016 Earnings Call	Q1 2016
Stanley Black & Decker Inc	SWK US	9:30	Annual General Meeting
Illinois Tool Works Inc	ITW US	10:00	Q1 2016 Earnings Call	Q1 2016
SanDisk Corp	SNDK US	10:00	Webinar - GleSYS success story
Newmont Mining Corp	NEM US	11:00	Annual General Meeting	Y 2016
Linear Technology Corp	LLTC US	11:30	Q3 2016 Earnings Call	Q3 2016
Amphenol Corp	APH US	13:00	Q1 2016 Earnings Call	Q1 2016
Stryker Corp	SYK US	16:00	Q1 2016 Earnings Release	Q1 2016	1.202
F5 Networks Inc	FFIV US	16:00	Q2 2016 Earnings Release	Q2 2016	1.627
Kinder Morgan Inc/DE	KMI US	16:00	Q1 2016 Earnings Release	Q1 2016	0.187
Tractor Supply Co	TSCO US	16:01	Q1 2016 Earnings Release	Q1 2016	0.464
Mattel Inc	MAT US	16:05	Q1 2016 Earnings Release	Q1 2016	-0.074
Citrix Systems Inc	CTXS US	16:05	Q1 2016 Earnings Release	Q1 2016	0.924
Stryker Corp	SYK US	16:30	Q1 2016 Earnings Call	Q1 2016
F5 Networks Inc	FFIV US	16:30	Q2 2016 Earnings Call	Q2 2016
Kinder Morgan Inc/DE	KMI US	16:30	Q1 2016 Earnings Call	Q1 2016
QUALCOMM Inc	QCOM US	16:45	Q2 2016 Earnings Call	Q2 2016
Citrix Systems Inc	CTXS US	16:45	Q1 2016 Earnings Call	Q1 2016
American Express Co	AXP US	17:00	Q1 2016 Earnings Call	Q1 2016
Danaher Corp	DHR US	17:00	ITC Final Decision Due in Instradent vs. Danaher Corp. Patent Case
Mattel Inc	MAT US	17:00	Q1 2016 Earnings Call	Q1 2016
Lam Research Corp	LRCX US	17:00	Q3 2016 Earnings Call	Q3 2016
Tractor Supply Co	TSCO US	17:00	Q1 2016 Earnings Call	Q1 2016
American Express Co	AXP US	Aft-mkt	Q1 2016 Earnings Release	Q1 2016	1.331
Newmont Mining Corp	NEM US	Aft-mkt	Q1 2016 Earnings Release	Q1 2016	0.182
Lam Research Corp	LRCX US	Aft-mkt	Q3 2016 Earnings Release	Q3 2016	1.087
QUALCOMM Inc	QCOM US	Aft-mkt	Q2 2016 Earnings Release	Q2 2016	0.962
SL Green Realty Corp	SLG US	Aft-mkt	Q1 2016 Earnings Release	Q1 2016	1.657
Yum! Brands Inc	YUM US	Aft-mkt	Q1 2016 Earnings Release	Q1 2016	0.83
United Rentals Inc	URI US	Aft-mkt	Q1 2016 Earnings Release	Q1 2016	1.201
United Continental Holdings Inc	UAL US	Aft-mkt	Q1 2016 Earnings Release	Q1 2016	1.18
CR Bard Inc	BCR US		Annual General Meeting
Sherwin-Williams Co/The	SHW US		Annual General Meeting

MORNING CALL 4/6

MORNING CALL

Wednesday, April 6th, 2016View Older Reports Everything you need to know about the markets in one free daily newsletter. E-mail:   You will also receive a free subscription to the Barchart family of newsletters. OVERNIGHT MARKETS AND NEWS Jun E-mini S&Ps (ESM16 +0.18%) are up +0.18% and European stocks are up +0.10% as energy producing stocks are higher with a +2.90% rally in crude oil. Crude oil shot higher late yesterday after the API reported that weekly U.S. crude supplies fell -4.3 million bbl. Also, a 2% gain in Cisco Systems in pre-market trading is giving technology stocks a lift after J.P. Morgan Chase raised its recommendation on the stock to neutral from underweight. European stocks also received a boost after German Feb industrial production fell less than expected. Weakness in drug companies tempered stock index gains after Pfizer decided to terminate its $160 billion merger with Allergan Plc. Asian stocks settled mixed: Japan -0.11%, Hong Kong +0.15%, China -0.08%, Taiwan -1.67%, Australia +0.44%, Singapore +0.37%, South Korea +0.59%, India +0.07%. Japan's Nikkei Stock Index dropped to a 1-1/2 month low as a rally in the yen to a 17-month high against the dollar fueled a sell-off in exporter stocks. The dollar index (DXY00 +0.29%) is up +0.29%. EUR/USD (^EURUSD) is down -0.28%. USD/JPY (^USDJPY) is down -0.02%. Jun T-note prices (ZNM16 -0.08%) are down -3.5 ticks. German Feb industrial production fell -0.5% m/m, a smaller decline than expectations of -1.8% m/m. U.S. STOCK PREVIEW Key U.S. news today includes: (1) Key U.S. reports today include: (1) weekly MBA mortgage applications (previous -1.0% with purchase sub-index +2.1% and refi sub-index -3.3%), (2) Cleveland Fed President Loretta Mester's speech on the U.S. economic outlook and monetary policy at an event hosted by the Cleveland Associations for Business Economics, CFA Society Cleveland and Risk Management Association of Northern Ohio, (3) the minutes of the Mar 15-16 FOMC meeting, (4) St. Louis Fed President James Bullard's welcoming remarks at a lecture in St. Louis, and (5) Dallas Fed President Rob Kaplan's speech on a moderated panel at the World Affairs Council of Dallas/Fort Worth. There are 8 of the Russell 1000 companies that report earnings today: Acuity Brands (consensus $1.57), Bed Bath & Beyond (1.81), RPM International (0.15), Constellation Brands (1.15), Monsanto (2.42), Global Payments (0.67), MSC Industrial Direct (0.79), SunEdison (-0.74).ip U.S. IPO's scheduled to price today: Aeglea BioTherapeutic (AGLE). Equity conferences during the remainder of this week include: Cowen & Co Retail & Luxury Day on Thu OVERNIGHT U.S. STOCK MOVERS Cisco Systems (CSCO -1.99%) rose over 2% in pre-market trading after it was upgraded to 'Neutral' from 'Underweight' at J.P. Morgan Chase. Pfizer (PFE +2.08%) climbed over 1% in pre-market trading after people familiar with the matter said the compnay is terminating its $160 billion merger with Allergan Plc after new U.S. tax proposals aimed at curbing corporate inversions. Allergan Plc (AGN -14.77%) is down over 1% in pre-market trading following the news. Wells Fargo (WFC -2.04%) was downgraded to 'Neutral' from 'Buy' at Guggenheim Securities. Fifth Third Bancorp (FITB -1.85%) was downgraded to 'Neutral' from 'Buy' at Sterne Agee CRT with a 12-month price target of $18. Apple (AAPL -1.18%) was rated a new 'Strong Buy' at Needham & Co. with a 12-month price target of $150. Huntington Bancshares (HBAN -1.05%) was upgradd to 'Buy' from 'Neutral at Sterne Agee CRT with a 12-month price target of $11.50. Nvidia (NVDA -0.14%) was downgraded to 'Hold' from 'Buy' at Stifel. Biogen (BIIB +0.61%) was rated a new 'Market Perform' at BMO Capital Markets with a 12-month price target of $283. PulteGroup (PHM +2.03%) was upgraded to 'Equal-weight' from 'Underweight' at Barclays. Wynn Resorts Ltd. (WYNN -2.66%) dropped over 1% in after-hours trading after it reported preliminary Q1 Macau revenue of $603 million-$613 million, compared to $705.4 million in Q1 of 2015. Cree (CREE -0.58%) slumped over 15% in after-hours trading after it reported preliminary Q3 adjusted EPS of 13 cents-15 cents, well below consensus of 24 cents. SEI Investments (SEIC -0.75%) was upgraded to 'Market Perform' from 'Underperform' at Keefe, Bruyette & Woods with a 12-month price target of $45. Actuity Brands (AYI +2.19%) fell over 3% in after-hours trading in sympathy with the sharp decline in Cree Inc. A Schulman (SHLM -0.38%) fell nearly 4% in after-hours trading after it reported Q2 revenue of $591.8 million, below consensus of $595.4 million. MARKET COMMENTS June E-mini S&Ps (ESM16 +0.18%) this morning are up 3.75 points (+0.18%). Tuesday's closes: S&P 500 -1.01%, Dow Jones -0.75%, Nasdaq -0.91%. The S&P 500 on Tuesday closed lower on a slide in European stocks to a 5-week low after German Feb factory orders unexpectedly fell -1.2% m/m, the most in 6 months, and on the larger-than-expected U.S. Feb trade deficit of -$47.1 billion, bigger than expectations of a -$46.2 billion, which is negative for U.S. Q1 GDP. Stocks were also undercut by global growth concerns after IMF Managing Director Lagarde said that the downside risks for growth have increased and "we don't see much by way of upside." June 10-year T-note prices (ZNM16 -0.08%) this morning are down -3.5 ticks. Tuesday's closes: TYM6 +11.50, FVM6 +7.00. Jun T-notes on Tuesday rose to a 5-week high and settled higher on carryover support from a rally in German bunds to an 11-1/4 month high and on increased safe-haven demand as stocks sold off. The dollar index (DXY00 +0.29%) this morning is up +0.273 (+0.29%). EUR/USD (^EURUSD) is down -0.0032 (-0.28%). USD/JPY (^USDJPY) is down-0.02 (-0.02%). Tuesday's closes: Dollar Index +0.121 (+0.13%), EUR/USD -0.0007 (-0.06%), USD/JPY -1.00 (-0.90%). The dollar index on Tuesday closed higher on the larger-than-expected increase in the Mar ISM non-manufacturing index and on hawkish comments by Chicago Fed President Evans who said it would be "appropriate" for two more interest rate hikes this year. Gains in the dollar were limited after USD/JPY plunged to a 17-month low. May WTI crude oil (CLK16 +2.65%) is up +$1.04 a barrel (+2.90%). May gasoline (RBK16 +0.55%) is up +0.0061 (+0.44%). Tuesday's closes: CLK6 +0.19 (+0.50%), RBK6 +0.0101 (+0.73%). May crude and gasoline on Tuesday closed higher on comments from Kuwait's OPEC governor who said that oil-producing countries can come to an agreement to cap crude production at January levels even if Iran doesn't join the move. Crude oil prices were undercut by expectations that Wednesday's weekly EIA data will show that U.S. crude inventories rose +3.0 million bbl. GLOBAL EVENT CALENDAR04/06/2016 US 0700 ET Weekly MBA mortgage applications, previous -1.0% with purchase sub-index +2.1% and refi sub-index -3.3%. 1030 ET EIA Weekly Petroleum Status Report. 1220 ET Cleveland Fed President Loretta Mester speaks on the U.S. economic outlook and monetary policy at an event hosted by the Cleveland Associations for Business Economics, CFA Society Cleveland and Risk Management Association of Northern Ohio. 1400 ET Minutes of the Mar 15-16 FOMC meeting. 1830 ET St. Louis Fed President James Bullard delivers welcoming remarks at a lecture in St. Louis. 2000 ET Dallas Fed President Rob Kaplan speaks on a moderated panel at the World Affairs Council of Dallas/Fort Worth. JPN 0100 ET Japan Feb leading index CI expected -2.0 to 99.8, Jan 101.8. Feb coincident index expected -3.2 to 110.3, Jan 113.5. GER 0200 ET German Feb industrial production expected -1.8% m/m and +0.4% y/y, Jan +3.3% m/m and +2.2% y/y. 0330 ET German Mar Markit construction PMI, Feb 59.6. UK 0400 ET UK Mar new car registrations, Feb +8.4% y/y. U.S. STOCK CALENDAR04/06/2016 Company Ticker Time Event Description Period Estimate RPM International Inc RPM US Bef-mkt Q3 2016 Earnings Release Q3 2016 0.146 Constellation Brands Inc STZ US Bef-mkt Q4 2016 Earnings Release Q4 2016 1.146 Monsanto Co MON US Bef-mkt Q2 2016 Earnings Release Q2 2016 2.417 Global Payments Inc GPN US Bef-mkt Q3 2016 Earnings Release Q3 2016 0.668 Acuity Brands Inc AYI US Bef-mkt Q2 2016 Earnings Release Q2 2016 1.568 Global Payments Inc GPN US 8:00 Q3 2016 Earnings Call Q3 2016 MSC Industrial Direct Co Inc MSM US 8:30 Q2 2016 Earnings Call Q2 2016 Monsanto Co MON US 9:30 Q2 2016 Earnings Call Q2 2016 IDEX Corp IEX US 10:00 Annual General Meeting Y 2016 Schlumberger Ltd SLB US 10:00 Annual General Meeting RPM International Inc RPM US 10:00 Q3 2016 Earnings Call Q3 2016 Acuity Brands Inc AYI US 10:00 Q2 2016 Earnings Call Q2 2016 Constellation Brands Inc STZ US 10:30 Q4 2016 Earnings Call Q4 2016 Broadcom Ltd AVGO US 14:00 Annual General Meeting Y 2015 Bed Bath & Beyond Inc BBBY US 17:00 Q4 2016 Earnings Call Q4 2016 Wynn Resorts Ltd WYNN US 17:00 Investor Day Y 2016 Bed Bath & Beyond Inc BBBY US Aft-mkt Q4 2016 Earnings Release Q4 2016 1.808 Costco Wholesale Corp COST US 21:00 March 2016 Sales and Revenue Release 2016 SunEdison Inc SUNE US Q4 2015 Earnings Release Q4 2015 -0.744 MSC Industrial Direct Co Inc MSM US Q2 2016 Earnings Release Q2 2016 0.784 IHS Inc IHS US Annual General Meeting

Barchart Van Meerten New High Portfolio Changes

In the past week I trimmed out the stocks that weren't performing but decided not to replace any positions until I see some stability in the market.  As of last night:

I owned:

• NJR New Jersey Resources
• CUBE CubeSmart

Trimmed in the past week:

• FIZZ National Beverage
• GPN Global Payments
• NCLH Norwegian Cruise Lines
• OMI Owens & Minor
• SIGI Selective Insurance
• SNX Synnex
• TBK Triumph Bancorp
• TOWN Towne Bank
• VII Vicon Industries
• XRS Tal Education Group

NJR, BKH,CUBE buy signals - GPN Sell signal

Today I made some changes to the Barchart Van Meerten New High portfolio based on current price momentum.

I added New Jersey Resources (NJR), Black Hills (BKH) and CubeSmart (CUBE) based on positive price momentum.

I deleted Global Payments (GPN) based on negative price momentum.

BOUGHT

New Jersey Resources (NJR)

Barchart technical indicators:

• 96% technical buy signals
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 14 new highs and up 21.25% in the last month
• Relative Strength Index 66.03%
• Technical support level at 32.72
• Recently traded at 34.05 with a 50 day moving average of 30.99

Black Hills (BKH)

Barchart technical indicators:

• 88% technical buy signals
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 13 new highs and up 13.01% in the last month
• Relative Strength Index 61.53
• Technical support level at 46.51%
• Recently traded at 46.74 with a 50 day moving average of 44.18

CubeSmart (CUBE)

Barchart technical indicators:

• 96% technical buy signals
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 11 new highs and up 7.19% in the last month
• Relative Strength Index 62.71%
• Technical support level at 30.81
• Recently traded at 31.44 with a 50 day moving average of 29.42

SOLD

Global Payments (GPN)

Barchart technical indicators:

• 64% technical sell signals
• Trend Spotter sell signal
• Below its 20, 50, and 100 day moving averages
• 20.50% off its recent high
• Relative Strength Index 28.70%
• Recently traded at 59.31 which is below its 50 day moving average of 67.97

MORNING CALL 1/11

MORNING CALL

Monday, January 11th, 2016View Older Reports

Everything you need to know about the markets in one free daily newsletter.

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OVERNIGHT MARKETS AND NEWS

March E-mini S&Ps (ESH16 +0.33%) are up +0.50% and European stocks are up +0.74%. The Mar E-mini S&P had posted a 3-1/4 month low in overnight trade when China's Shanghai Composite slid over 5% to a 3-3/4 month low, but recovered their losses and moved higher as they attempt to stabilize ahead of Q4 company earnings season that begins this week. European stocks were led higher by a rally in automakers, with Volkswagen, BMW AG, and Daimler AG all up over 1.5%. Asian stocks settled lower: Japan closed for holiday, Hong Kong -2.76%, China -5.33%, Taiwan -1.34%, Australia -1.17%, Singapore -1.54%, South Korea -1.22%, India -0.44%. China's Shanghai Composite closed down % after China Dec producer prices fell for a record 46th consecutive month and declined at the fastest pace in 6-1/2 years, which pessimism over China's economy. The Shanghai Composite closed on its lows even as the yuan strengthened against the dollar, after Beijing News cited Premier Li Keqiang as saying policy makers won't seek strong stimulus or flood the economy with too much investment to boost demand.

The dollar index (DXY00 -0.08%) is down -0.03%. EUR/USD (^EURUSD) is down -0.20%. USD/JPY (^USDJPY) is up +0.38% as it recovered from a 4-1/2 month low after a rally in U.S. and European stocks curbed safe-haven demand for the yen.

Mar T-note prices (ZNH16 -0.12%) are down -4.5 ticks.

Eurozone Jan Sentix investor confidence fell -6.1 to 9.6, weaker than expectations of -4.3 to 11.4 and a 1-year low.

China Dec CPI rose +1.6% y/y, right on expectations. Dec PPI fell -5.9% y/y, weaker than expectations of -5.8% y/y and matched the fastest pace of decline in 6-1/4 years.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Atlanta Fed President Dennis Lockhart speaks on the U.S. economic outlook and monetary policy to the Rotary Club of Atlanta, (2) Dallas Fed President Rob Kaplan speaks on economic conditions and monetary policy at the North Texas Economic Forum.

There are 3 of the Russell 1000 companies that report earnings today: Alcoa (consensus $0.02), Global Payments (0.75), Lumentum Holdings (0.28).

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

Equity conferences this week: North American International Auto Show (Detroit) - Press Days on Mon-Tue, J.P. Morgan Health Care Conference on Mon-Thu, Needham & Company Growth Conference on Tue, Deutsche Bank Global Auto Conference on Tue-Wed.

OVERNIGHT U.S. STOCK MOVERS

Wyndham Worldwide (WYN -0.30%) was upgraded to 'Hold' from 'Sell' at Deutsche Bank.

Ilumina (ILMN -1.52%) is up 6% in pre-market trading after it raised guidance on 2016 core adjusted EPS to $3.80-$3.90, higher than estimates of $3.76.

Whiting Petroleum (WLL +3.05%) was upgraded to 'Outperfom' from 'Market Perform' at Wells Fargo Securities.

Marathon Oil (MRO -3.00%) and Devon Energy (DVN +1.57%) were both upgraded to 'Overweight' from 'Equalweight' at Barclays.

Williams-Sonoma (WSM -3.22%) was downgraded to 'Neutral' from 'Outperform' at Wedbush.

M&T Bank (MTB -2.05%) was downgraded to 'Neutral' from 'Buy' at Goldman Sachs.

Statoil (STO -2.74%) was added to the 'Conviction Sell' list at Goldman Sachs.

L'oreal (LRLCY -0.45%) was added to the 'Conviction Buy' list at Goldman Sachs.

Keycorp (KEY -2.13%) was upgraded to 'Buy' from 'Neutral' at Goldman Sachs.

Cheniere Energy (LNG +0.11%) climbed nearly 3% in after-hours trading after Baupost raised its stake in eh company to 15.01% from 9.60% in September.

HCA Holdings (HCA -0.03%) rose nearly 6% in after-hours trading after the company said its fiscal 2015 adjusted EBITDA will be about $7.9 billion, higher than consensus of $7.77 billion.

Affymetrix (AFFX -1.39%) surged over 40% in after-hours trading after Thermo Fisher Scientific TMO acquired the company for $1.3 billion or $14 a share.

Actuity Brands (AYI -3.73%) fell over 3% in after-hours trading, adding on to Friday's -3.7% decline, after the company reported Q1 revenue of $736.6 million, below estimates of $740.1 million.

MARKET COMMENTS

Mar E-mini S&Ps (ESH16 +0.33%) this morning are up +9.50 points (+0.50%). Friday's closes: S&P 500 -1.08%, Dow Jones -1.02%, Nasdaq -0.81%. The S&P 500 on Friday erased an early rally and fell to a 3-1/4 month low on weakness in energy producers as crude oil prices declined and on concern that the recent weakness in Chinese stocks has yet to run its course. Stocks initially opened higher on carry-over support from a +1.97% rally in China's Shanghai Composite and the +292,000 increase in U.S. Dec non-farm payrolls, stronger than expectations of +200,000.

Mar 10-year T-notes (ZNH16 -0.12%) this morning are down -4.5 ticks. Friday's closes: TYH6 +9.50, FVH6 +6.50. Mar T-notes on Friday posted a 2-1/4 month high and closed higher on (1) a lack of wage pressures after U.S. Dec average hourly earnings were unch m/m and up +2.5% y/y (weaker than expectations of +0.2% m/m and +2.7% y/y) (2) weaker commodity prices that reduced inflation expectations as the 10-year T-note breakeven inflation rate fell to a 2-week low, and (3) increased safe-haven demand after the S&P 500 gave up an early rally and fell to a 3-1/4 month low.

The dollar index (DXY00 -0.08%) this morning isdown -0.030 (-0.03%) . EUR/USD (^EURUSD) is down -0.0022 (-0.20%). USD/JPY (^USDJPY) is up +0.45 (+0.38%). Friday's closes: Dollar Index +0.321 (+0.33%), EUR/USD -0.0010 (-0.09%), USD/JPY -0.41 (-0.35%). The dollar index on Friday settled higher on the stronger-than-expected U.S. Dec payroll report, which bolsters the case for the Fed to continue to raise interest rates. In addition, there was weakness in EUR/USD after German Nov industrial production unexpectedly fell -0.3% m/m, weaker than expectations of +0.5% m/m. The dollar was undercut by the slide in stocks, which boosted safe-haven demand for the yen as USD/JPY tumbled to a 4-1/2 month low.

Feb crude oil (CLG16 -1.54%) this morning is down -54 cents (-1.63%) and Feb gasoline (RBG16 +0.20%) is down -0.0056 (-0.50%). Friday's closes: CLG6 -0.39 (-1.17%), RBG6 -0.0241 (-2.10%). Feb crude oil and gasoline on Friday closed lower on a stronger dollar and on concern that the turmoil in China will exacerbate a global oil glut. Losses in crude oil were limited after U.S. Dec non-farm payrolls rose more than expected in a sign of U.S. economic strength.

GLOBAL EVENT CALENDAR01/11/2016

US	1100 ET	USDA weekly grain export inspections.
	1240 ET	Atlanta Fed President Dennis Lockhart speaks on the U.S. economic outlook and monetary policy to the Rotary Club of Atlanta.
	1750 ET	Dallas Fed President Rob Kaplan speaks on economic conditions and monetary policy at the North Texas Economic Forum.
EUR	0430 ET	Eurozone Jan Sentix investor confidence expected -4.4 to 11.3, Dec 15.7.
UK	1901 ET	UK Dec BRC sales like-for-like expected +0.5% y/y, Nov -0.4% y/y.
JPN	n/a	Japanese markets closed for Coming-of-Age Day.

U.S. STOCK CALENDAR01/11/2016

Company	Ticker	Time	Event Description	Period	Estimate
American Airlines Group Inc	AAL US	Bef-mkt	December 2015 Sales and Revenue Release - Traffic Results	2015
Sirona Dental Systems Inc	SIRO US	13:00	Extraordinary Shareholders Meeting
Alcoa Inc	AA US	16:03	Q4 2015 Earnings Release	Q4 2015	0.024
Alcoa Inc	AA US	17:00	Q4 2015 Earnings Call	Q4 2015
United Continental Holdings Inc	UAL US	17:00	December 2015 Sales and Revenue Release - Operational Performance	2015
DENTSPLY International Inc	XRAY US		Special Meeting - M&A Vote
Sirona Dental Systems Inc	SIRO US		Special Meeting - M&A Vote
Global Payments Inc	GPN US		Q2 2016 Earnings Release	Q2 2016	0.753
Lumentum Holdings Inc	LITE US		Q2 2016 Earnings Release	Q2 2016	0.283

MORNING CALL 1/8

MORNING CALL

Friday, January 8th, 2016View Older Reports

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OVERNIGHT MARKETS AND NEWS

March E-mini S&Ps (ESH16 +0.75%) are up +0.32% as global stocks attempt to recover after China took steps to alleviate market stress. The PBOC set a higher reference rate for the yuan today, the first time it has done so in the last nine sessions, which strengthened the yuan against the dollar. U.S. stocks fell back from their best levels after crude oil erased an overnight rally and is now lower by -0.27%. European stocks are down -0.55% after German Nov industrial production unexpectedly declined. Asian stocks settled mixed: Japan -0.39%, Hong Kong +0.59%, China +1.97%, Taiwan +0.53%, Australia -0.39%, Singapore +0.78%, South Korea +0.75%, India +0.33%. China's Shanghai Composite rebounded from a 3-1/4 month low and closed higher after the government suspended a circuit-breaker system that had halted Chinese equity trading on Monday and Thursday when stock losses reached -7%. Chinese stocks also found support on signs that state-controlled funds were said to be buying equities.

The dollar index (DXY00 +0.54%) is up +0.50%. EUR/USD (^EURUSD) is down -0.56%. USD/JPY (^USDJPY) is up +0.53%.

Mar T-note prices (ZNH16 -0.17%) are down -6 ticks.

ECB Governing Council member Lane said "no door has been closed" in relation to QE, even as there's "plenty of evidence" that the ECB's sovereign-debt purchase program is working.

German Nov industrial production of -0.3% m/m and +0.1% y/y was weaker than expectations of +0.5% m/m and +0.5% y/y.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Dec non-farm payrolls (expected +200,000, Nov +211,000) and Dec unemployment rate (expected unch at 5.0%, Nov unch at 5.0%), (2) Nov wholesale trade sales (expected unch m/m, Oct unch m/m) and Nov wholesale inventories (expected -0.1% m/m, Oct -0.1% m/m), (3) San Francisco Fed President John Williams' speech on the economic outlook to the California Association of Bankers in Santa Barbara, CA, (4) Richmond Fed President Jeffrey Lacker's comments on his 2016 economic outlook to the Maryland Bankers Association, and (5) Nov consumer credit (expected +$18.5 billion, Oct +$15.982 billion).

There are 2 of the Russell 3000 companies that report earnings today: Acuity Brands (consensus $1.58), Global Payments (0.75).

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

Equity conferences today: none.

OVERNIGHT U.S. STOCK MOVERS

Foot Locker (FL -1.21%) was upgraded to 'Buy' from 'Neutral' at Bank of America.

Dupont (DD -2.97%) was upgraded to 'Outperform' from Market Perform' at Bernstein who also raised their price target on the stock to $81 from $71.

Williams-Sonoma (WSM +1.47%) was downgraded to 'Neutral' from 'Buy' at Buckingham Research Group.

Five Below (FIVE -0.18%) gained over 2% in after-hours trading after it raised guidance on Q4 sales to $323 million-$326 million from a December outlook of $318 million-$323 million, above estimates of $320 million.

Helen of Troy (HELE -1.34%) climbed over 3% in after-hours trading after it reported Q3 adjusted EPS of $2.07, higher than consensus of $1.93.

Freeport-McMoRan (FCX -9.08%) was downgraded to 'Neutral' from 'Outperform' at Macquarie.

Synnex (SNX -2.15%) reported Q4 adjusted EPS of $1.80, stronger than consensus of $1.75, but then lowered guidance on Q1 adjusted EPS to $1.34-$1.39, below consensus of $1.54.

The Gap (GPS +5.73%) slipped over 6% in after-hours trading after it reported December comparable same-store-sales fell -5.0% y/y, a bigger decline than expectations of -3.9% y/y.

Container Store Group (TCS -5.15%) slumped over 10% in after-hours trading after it reported an unexpected Q3 adjusted EPS loss of -4 cents, weaker than consensus of a 5 cent profit, and then lowered guidance on Q4 EPS to 19 cents-22 cents, well below consensus of 29 cents.

Alcoa (AA -3.95%) said it will close an aluminum smelter in Evansville, IN and curtail capacity at its Point Comfort, TX refinery to increase the competitiveness of its upstream business.

Suppliers of Apple products fell in after-hours trading with Skyworks Solutions (SWKS -2.88%) and Invensense (INVN -0.32%) down 3%, Avago Technologies (AVGO -3.18%) down 5%, and NXP Semiconductors (NXPI -5.41%) and Broadcom (BRCM -1.57%) both down 2% after Cirrus Logic and Qorvo blamed weakness in mobile products for their slowdown in revenue growth.

Cirrus Logic (CRUS unch) tumbled over 8% in after-hours trading after it reported Q3 preliminary revenue of $347 million, below consensus of $386 million.

Qorvo (QRVO +2.29%) lowered guidance on Q3 revenue to $629 million from a prior estimate of $720 million-$730 million, well below consensus of $723.8 million.

MARKET COMMENTS

Mar E-mini S&Ps (ESH16 +0.75%) this morning are up +6.25 points (+0.32%). Thursday's closes: S&P 500 -2.37%, Dow Jones -2.32%, Nasdaq -3.11%. The S&P 500 on Thursday sank to a 3-month low and closed sharply lower on carry-over weakness from the -7% plunge in the Chinese stock market, the Chinese government's eighth day of devaluing the yuan, and weakness in energy and raw-material producers after crude oil fell to a 12-year low and copper slumped to a 6-1/2 year low. Stocks recovered from their worst levels on speculation Chinese markets may stabilize after China's regulator suspended circuit breakers that had halted stock trading in China twice this week once losses reached 7%.

Mar 10-year T-notes (ZNH16 -0.17%)this morning are down -6 ticks. Thursday's closes: TYH6 +8.00, FVH6 +6.75. Mar-T-notes on Thursday climbed to a 2-month high on (1) increased safe-haven demand with the sharp sell-off in global equity markets, and (2) speculation that the financial turmoil in China will delay the Fed's next rate hike. T-notes fell back from their best levels as stocks recovered from their lows on speculation Chinese stock markets may stabilize after China's regulator suspended a circuit breaker that had halted stock trading twice this week.

The dollar index (DXY00 +0.54%) this morning is up +0.494 (+0.50%). EUR/USD (^EURUSD) is down -0.0061 (-0.56%). USD/JPY (^USDJPY) is up +0.62 (+0.53%). Thursday's closes: Dollar Index -0.962 (-0.97%), EUR/USD +0.0151 (+1.40%), USD/JPY -0.80 (-0.68%). The dollar index on Thursday closed lower on speculation that this week's sell-off in global equity markets may prompt the Fed to delay the next interest rate increase. In addition, USD/JPY fell to a 4-1/2 month low as the sell-off in global equity markets boosted the safe-haven demand for the yen.

Feb crude oil (CLG16 +0.72%) this morning is down -9 cents (-0.27%) and Feb gasoline (RBG16 +0.35%) is down -0.0067 (-0.58%). Thursday's closes: CLG6 -0.71 (-2.09%), RBG6 -0.0122 (-1.05%). Feb crude oil and gasoline on Thursday closed lower with Feb crude at a 12-year nearest-futures low and Feb gasoline at a 6-3/4 year low. Energy prices were undercut by the slump in global stock markets and by negative carryover from Wednesday’s EIA inventory report that showed a +917,000 bbl increase in crude supplies at Cushing to a record high of 63.91 million bbl and a +10.58 million bbl surge in weekly EIA gasoline inventories to a 9-1/2 month high. Prices recovered from their worst levels on as the dollar moved lower.

GLOBAL EVENT CALENDAR01/08/2016

US	0830 ET	Dec non-farm payrolls expected +200,000, Nov +211,000. Dec private payrolls expected +200,000, Nov +197,000. Dec manufacturing payrolls expected unch, Nov -1,000. Dec unemployment rate expected unch at 5.0%, Nov unch at 5.0%.
	0830 ET	Dec avg hourly earnings expected +0.2% m/m and +2.8% y/y, Nov +0.2% m/m and +2.3% y/y. Dec avg weekly hours all employees expected unch at 34.5 hours.
	1000 ET	Nov wholesale trade sales expected unch m/m, Oct unch m/m. Nov wholesale inventories expected -0.1% m/m, Oct -0.1% m/m.
	1130 ET	San Francisco Fed President John Williams speaks on the economic outlook to the California Association of Bankers in Santa Barbara, CA.
	1300 ET	Richmond Fed President Jeffrey Lacker delivers his 2016 economic outlook to the Maryland Bankers Association.
	1500 ET	Nov consumer credit expected +$18.5 billion, Oct +$15.982 billion.
JPN	0000 ET	Japan Nov leading index CI expected -0.3 to 103.9, Oct 104.2. Nov coincident index expected -1.6 to 111.6, Oct 113.3.
GER	0200 ET	German Nov industrial production expected +0.5% m/m and +0.5% y/y, Oct +0.2% m/m and unch y/y.
	0200 ET	German Nov trade balance expected +20.2 billion euros, Oct +22.3 billion euros. Nov exports expected +0.5% m/m, Oct -1.3% m/m. Nov imports expected +1.0% m/m, Oct -3.3% m/m.
CHI	2030 ET	China Dec CPI expected +1.6% y/y, Nov +1.5% y/y. Dec PPI expected -5.8% y/y, Nov -5.9% y/y.

U.S. STOCK CALENDAR01/08/2016

Company	Ticker	Time	Event Description	Period	Estimate
Acuity Brands Inc	AYI US	Bef-mkt	Q1 2016 Earnings Release	Q1 2016	1.578
Global Payments Inc	GPN US	7:00	Q2 2016 Earnings Release	Q2 2016	0.753
WP Glimcher Inc	WPG US	9:00	Analyst & Investor Day	Y 2016
SolarWinds Inc	SWI US	9:30	Special Meeting - M&A Vote
Acuity Brands Inc	AYI US	10:00	Q1 2016 Earnings Call	Q1 2016