BARCHART MORNING CALL 9/14

BARCHART MORNING CALL

Monday, September 14th, 2015View Older Reports

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OVERNIGHT MARKETS AND NEWS

December E-mini S&Ps (ESZ15 +0.09%) are up +0.29% on an increase in M&A activity as Solera Holdings jumped 8% in pre-market trading after Vista Equity Partners agreed to buy the company for $6.5 billion. European stocks were up +0.28% as gains in miners led the overall market higher with Rio Tinto Group and BHP Billiton Ltd. up more than 2% after Jeffries upgraded its recommendation on BHP Billiton to 'Buy' from 'Hold.' European stocks also received a boost after Eurozone Jul industrial production rose more than expected at the fastest pace in 5 months. Asian stocks closed mixed: Japan-1.63%, Hong Kong +0.27%, China -2.67%, Taiwan +0.02%, Australia +0.50%, Singapore -0.57%, South Korea -0.29%, India +0.96%. Japanese stocks fell on economic concerns after Japan Jul industrial production was revised lower and China's Shanghai Composite settled lower after data showed that China Aug fixes asset investment ex-rural households rose at the slowest pace in 14-1/2 years.

The dollar index (DXY00 +0.05%) is up +0.05% as it rebounded from a 2-week low. EUR/USD (^EURUSD) is down -0.19%. USD/JPY (^USDJPY) is down -0.27%.

Dec T-note prices (ZNZ15 +0.02%) are down -1 tick.

ECB Governing Council member Bonnici said that the full impact of the ECB's QE program "will take time" and that it was "too early" to decide on new stimulus.

Eurozone Jul industrial production rose +0.6% m/m, twice as much as expectations of +0.3% m/m and the most in 5 months. On an annual basis, Jul industrial production rose +1.9% y/y, stronger than expectations of +0.7% y/y.

China Aug fixed-asset investment (excluding rural households) rose +10.9% y/y, less than expectations of +11.2% y/y and the slowest pace of increase in 14-1/2 years.

China Aug industrial production rose +6.1% y/y, weaker than expectations of +6.5% y/y.

Japan Jul industrial production was revised lower to -0.8% m/m and unch y/y from the originally reported -0.6% m/m and +0.2% y/y.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) anticipation of the Wed/Thu FOMC meeting where there is about a 30% chance of a Fed rate hike.

Three of the Russell 2000 companies report earnings today include Unilife Corp. (consensus -$0.12), Park City Group (-0.03), Energy XXI Ltd (-1.26).

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

Equity conferences this week include: Bank of America Merrill Lynch Power & Gas Leaders Conference on Wed-Thu, Citi 2015 Industrials Conference on Wed-Thu, Deutsche Bank Technology Conference on Wed-Thu, Morgan Stanley Industrials Conference on Wed-Thu, Barclays Capital Global Financial Services Conference on Wed-Fri, Credit Suisse Basic Materials Conference on Wed-Fri, Goldman Sachs Communacopia Conference on Wed-Fri, Morgan Stanley Global Healthcare Conference on Wed-Fri, Bank of America Merrill Lynch Global Health Care Conference on Thu, Imperial Capital Global Opportunities Conference on Thu, and AACR CRI-CIMT-EATI Immunotherapy Conference on Thu-Fri.

OVERNIGHT U.S. STOCK MOVERS

Solera Holdings (SLH +3.86%) jumped over 8% in pre-market trading after Vista Equity Partners agreed to buy the company for $6.5 billion.

Wisconsin Energy (WEC +1.35%) was upgraded to 'Buy' from 'Hold' at Argus.

Brean Capital reiterated its 'Buy' rating on Salesforce (CRM +0.44%) and said the stock should be a core holding.

H&R Block (HRB +1.20%) was downgraded to 'Neutral' from 'Buy' at BTIG.

Exelon (EXC -0.17%) was upgraded to 'Buy' from 'Neutral' at SunTrust.

Marvell (MRVL -16.21%) was downgraded to 'Neutral' from 'Buy' at B. Riley.

AstraZeneca (AZN +0.06%) was upgraded to 'Buy' from 'Hold' at Deutsche Bank.

Alexion Pharmaceuticals (ALXN +0.16%) was downgraded to 'Equal Weight' from 'Overweight' at Barclays.

Xilinx (XLNX +0.38%) was upgraded to 'Buy' from 'Neutral' at Goldman Sachs.

Nokia (NOK -0.61%) was upgraded to 'Conviction Buy' from 'Buy' at Goldman Sachs.

BHP Billiton (BHP +0.38%) was upgraded to 'Buy' from 'Hold' at Jefferies.

Chico's (CHS +0.13%) said it is contemplating a sale of the company after offers from private-equity buyers including Sycamore Partners, according to Bloomberg.

Monster Beverage (MNST +0.40%) announced a new $500 million share repurchase program.

Baker Brothers reported a 39.6% stake in Aquinox (AQXP +4.86%) .

MARKET COMMENTS

Dec E-mini S&Ps (ESZ15 +0.09%) this morning are up +5.75 points (+0.29%). Friday's closes: S&P 500 +0.45%, Dow Jones +0.63%, Nasdaq +0.63%. The S&P 500 Friday recovered from early losses and closed higher on speculation the Fed won't raise interest rates at the Sep 16-17 FOMC meeting and on strength in health-care stocks after Gilead Sciences and Pfizer rallied sharply. Stocks had traded lower early after the U.S. Sep University of Michigan consumer sentiment fell to a 1-year low (-6.2 to 85.7 vs. expectations of -0.8 to 91.1) and after energy producers sold off as crude oil declined.

Dec 10-year T-notes (ZNZ15 +0.02%) this morning are down -1 tick. Friday's closes: TYZ5 +12.00, FVZ5 +7.50. Dec T-notes Friday closed higher on carryover support from a rally in German bunds after ECB Executive Board member Coeure said that ECB asset purchases will continue for "as long as necessary." Another supportive factor for T-notes was the larger-than-expected drop in U.S. Sep University of Michigan consumer sentiment to a 1-year low, which may prompt the Fed to delay a rate hike.

The dollar index (DXY00 +0.05%) this morning is up +0.045 (+0.05%). EUR/USD (^EURUSD) is down -0.0021 (-0.19%). USD/JPY (^USDJPY) is down-0.32 (-0.27%). Friday's closes: Dollar Index -0.262 (-0.27%), EUR/USD +0.00567 (+0.50%), USD/JPY -0.03 (-0.02%). The dollar index Friday dropped to a 1-week low on concern that consumer spending may slow and undercut economic growth after the U.S. Sep University of Michigan consumer sentiment fell to a 1-year low. The dollar also fell on speculation the recent volatility in global financial markets that may prompt the Fed to delay an interest rate increase.

Oct crude oil (CLV15 -0.22%) this morning is down -10 cents (-0.22%) and Oct gasoline (RBV15 -0.50%) is down -0.0063 (-0.46%). Friday's closes: CLV5-1.29 (-2.81%), RBV5 -0.0237 (-1.70%). Oct crude oil and gasoline on Friday closed lower with Oct gasoline at a 1-1/2 week low on concern that the U.S. crude oil supply glut will persist with U.S. oil inventories nearly 100 million bbl above their 5-year seasonal average. Prices remained lower after a report from Goldman Sachs said that the oil market is more oversupplied than expected and that prices may need to fall to near $20 a barrel to clear the oversupply.

GLOBAL EVENT CALENDAR09/14/2015

US	1100 ET	USDA weekly grain export inspections.
	1600 ET	USDA weekly crop progress.
JPN	0030 ET	Japan Jul tertiary industry index expected +0.2% m/m, Jun +0.3% m/m.
	0030 ET	Revised Japan Jul industrial production, previous -0.6% m/m and +0.2% y/y. Jul capacity utilization, Jun +0.7% m/m.
EUR	0500 ET	Eurozone Jul industrial production expected +0.3% m/m and +0.7% y/y, Jun -0.4% m/m and +1.2% y/y.

U.S. STOCK CALENDAR09/14/2015

Company	Ticker	Time	Event Description	Period	Estimate
Unilife Corp	UNIS US	Aft-mkt	Q4 2015 Earnings Release	Q4 2015	-0.12
Park City Group Inc	PCYG US	Aft-mkt	Q4 2015 Earnings Release	Q4 2015	-0.03
Energy XXI Ltd	EXXI US		Q4 2015 Earnings Release	Q4 2015	-1.26

BARCHART MORNING CALL 8/26

BARCHART MORNING CALL

Wednesday, August 26th, 2015View Older Reports

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OVERNIGHT MARKETS AND NEWS

September E-mini S&Ps (ESU15 +1.87%) are up +1,76% on increased M&A activity after Schlumberger Ltd. agreed to buy Cameron for $14.8 billion. Strength in technology stocks is another positive with Google up over 3% in pre-market trading after Goldman Sachs upgraded the stock to 'Conviction Buy.' European stocks are down -1.00% as they followed Chinese stocks lower after China's Shanghai Composite erased a gain of almost 4% to close down over 1%. Miners and energy producers are leading losses in European stocks with the price of copper (HGU15 -2.62%) down -2.70% and with Transocean Ltd. down 10% in pre-market trading after the company said it may quit paying a dividend. Asian stocks closed mixed: Japan +3.20%, Hong Kong -1.52%, China -1.27%, Taiwan +0.52%, Australia +0.69%, Singapore -0.46%, South Korea +2.08%, India -1.22%. China's Shanghai Composite erased an early rally and closed down at an 8-1/4 month low despite Tuesday's action by the PBOC to cut interest rates. The Chinese government has halted intervention in the equity market this week which has prompted liquidation of stocks from margin traders. China's margin debt has plunged by 1 trillion yuan ($156 billion) to 1.25 trillion yuan on Monday from a record high 2.27 trillion yuan on Jun 18. Japan's Nikkei Stock Index recovered from a 6-1/4 month low and closed higher on bargain hunting and increased M&A activity after Nippon Life Insurance agreed to buy Mitsui Life Insurance for 400 billion yen ($2.5 billion).

The dollar index (DXY00 +0.07%) is up +0.02%. EUR/USD (^EURUSD) is down -0.82% after comments from ECB Executive Board member Praet signal the ECB may boost its stimulus measures when he said the downside risks to the ECB's inflation goal have increased. USD/JPY (^USDJPY) is up +0.63%.

Sep T-note prices (ZNU15 +0.18%) are up +9 ticks.

ECB Executive Board member Praet said that "recent developments in the world economy and commodity markets have increased the downside risk of achieving the sustainable inflation path towards 2.0%" and there should be "no doubt that the ECB will act if needed."

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) weekly MBA mortgage applications (previous +3.6% with purchase sub-index -1.1% and refi sub-index +7.2%), (2) July durable goods orders (expected -0.4% and +0.4% ex-transportation, Jun +3.4% and +0.6% ex transportation), (3) New York Fed President William Dudley's responds to questions after a press briefing on the local and regional economy, (4) the Treasury's auction of $35 billion of 5-year T-notes and $13 billion of 2-year floating rate notes.

There are 5 of the Russell 1000 companies that report earnings today: Brown-Forman (consensus $0.75), Williams-Sonoma (0.58), PVH (1.29), Avago Technologies (2.14), Workday (-0.06).

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

Equity conferences during the remainder of this week include: 9th Annual South East Asia Australia Offshore & Onshore Conference on Tue-Wed, 9th Annual Mining the Territory Conference on Wed, Pareto Healthcare Conference on Fri.

OVERNIGHT U.S. STOCK MOVERS

Amazon.com (AMZN +0.65%) was upgraded to 'Buy' from 'Hold' at Evercore ISI.

Best Buy (BBY +12.57%) was upgraded to 'Strong Buy' from 'Market Perform' at Raymond James.

Express (EXPR +1.14%) reported Q2 EPS of 25 cents, higher than consensus of 16 cents.

BHP Billiton (BHP +2.30%) was upgraded to 'Sector Perform' from 'Underperform' at RBC Capital.

Healthcare Trust (HTA -3.40%) and Healthcare Realty Trust (HR -2.56%) were both upgraded to 'Buy' from 'Hold' at Stifel.

Cooper Companies (COO -0.33%) were upgraded to 'Overweight' from 'Sector Weight' at KeyBanc.

Schlumberger (SLB -1.83%) agreed to acquire Cameron (CAM -0.96%) in deal valued at $14.8 billion.

Google (GOOG -1.28%) rose over 3% in pre-market trading after Goldman Sachs upgraded the stock to 'Conviction Buy' from 'Neutral.'

Transocean (RIG -0.49%) fell over 5% in pre-market trading after it announced that the company will convene an extraordinary general meeting of shareholders on October 29 to discuss the possible cancellation of the Q3 and Q4 installments of its annual dividend.

Oshkosh Defense (OSK +1.53%) jumped over 10% in after-hours trading after it said it was awarded a $6.7 billion contract with the U.S. Army to manufacture 17,000 Joint Light Tactical Vehicles.

Jack Henry (JKHY -0.11%) reported Q4 EPS of 75 cents, higher than consensus of 67 cents.

Dycom (DY +1.57%) reported Q4 non-GAAP EPS of 97 cents, well above consensus of 83 cents.

NextEra Energy Partners (NEP -7.28%) was initiated with an 'Outperform' at Baird with a price target of $43.

Solera (SLH +1.09%) reported Q4 adjusted EPS of 81 cents, better than consensus of 80 cents.

CBRE Group (CBG -2.77%) was initiated with a 'Buy' at Sterne Agee CRT wit a price target of $42.

MARKET COMMENTS

Sep E-mini S&Ps (ESU15 +1.87%) this morning are up +33.00 points (+1.76%). Tuesday's closes: S&P 500 -1.35%, Dow Jones -1.29%, Nasdaq -0.55%. The S&P 500 rallied sharply early Tuesday but erased the advance and closed lower. Stocks fell on concern that the slowdown in China may be worse than expected and that even Tuesday's Chinese rate cut will not be enough to spur growth. Stocks rallied early Tuesday on China's fifth rate cut in nine months and on the +10.5 point jump in the U.S. Aug consumer confidence (Conference Board) to 101.5, stronger than expectations of +3.5 to 93.4 and the highest in 7 months.

Sep 10-year T-notes (ZNU15 +0.18%) this morning are up +9 ticks. Tuesday's closes: TYU5 -1-4.5/32, FVU5 -17.25. Sep T-notes on Tuesday closed sharply lower on (1) reduced safe-haven demand for T-notes as global stock markets rallied sharply on the Chinese rate cut, and (2) the large-than-expected increase in U.S. Aug consumer confidence to a 7-month high.

The dollar index (DXY00 +0.07%) this morning is up +0.020 (+0.02%). EUR/USD (^EURUSD) is down -0.0094 (-0.82%). USD/JPY (^USDJPY) is up +0.75 (+0.63%). Tuesday's closes: Dollar Index +1.198 (+1.286%), EUR/USD -0.01019 (-1.02%), USD/JPY +0.432 (+0.36%). The dollar index on Tuesday closed higher on reduced safe-haven demand for the yen as USD/JPY and global stock markets rallied sharply after China cut interest rates. EURUSD saw weakness on speculation the ECB may expand stimulus measures after ECB Vice President Constancio said medium-term inflation risks in the Eurozone are "very low" and the ECB may respond to any material change to the outlook for price stability.

Oct crude oil (CLV15 +0.46%) this morning is up +13 cents (+0.33%) and Oct gasoline (RBV15 -1.93%) is down -0.0295 (-2.28%). Tuesday's closes: CLV5 +1.07 (+2.80%), RBV5 -0.0103 (-0.79%). Oct crude and gasoline on Tuesday settled mixed. Crude oil prices received a boost from the Chinese rate cut, which may help revive China's economic growth and energy demand, and from the larger-than-expected jump in U.S. Aug consumer confidence to a 7-month high. Negative factors included a stronger dollar, weakness in gasoline after BP restarted its 235,000 bpd refinery in Whiting, IN, and expectations that Wednesday's EIA crude inventories report will show an increase of +2.0 million bbl.

GLOBAL EVENT CALENDAR08/26/2015

US	0700 ET	Weekly MBA mortgage applications, previous +3.6% with purchase sub-index -1.1% and refi sub-index +7.2%.
	0830 ET	Jul durable goods orders expected -0.4% and +0.4% ex-transportation, Jun +3.4% and +0.6% ex transportation. Jul capital goods new orders non-defense ex-aircraft & parts expected +0.3%, Jun +0.7%.
	1000 ET	New York Fed President William Dudley answers questions after a press briefing on the local and regional economy.
	1030 ET	EIA Weekly Petroleum Status Report.
	1130 ET	Treasury auctions $13 billion of 2-year floating rate notes.
	1300 ET	Treasury auctions $35 billion of 5-year T-notes.
UK	0600 ET	UK Aug CBI reported sales expected -3 to 18, Jul 21.

U.S. STOCK CALENDAR08/26/2015

Company	Ticker	Time	Event Description	Period	Estimate
Brown-Forman Corp	BF/B US	8:00	Q1 2016 Earnings Release	Q1 2016	0.746
Jack Henry & Associates Inc	JKHY US	8:45	Q4 2015 Earnings Call	Q4 2015
Brown-Forman Corp	BF/B US	10:00	Q1 2016 Earnings Call	Q1 2016
Williams-Sonoma Inc	WSM US	17:00	Q2 2016 Earnings Call	Q2 2016
Avago Technologies Ltd	AVGO US	17:00	Q3 2015 Earnings Call	Q3 2015
Workday Inc	WDAY US	17:00	Q2 2016 Earnings Call	Q2 2016
PVH Corp	PVH US	Aft-mkt	Q2 2016 Earnings Release	Q2 2016	1.288
Williams-Sonoma Inc	WSM US	Aft-mkt	Q2 2016 Earnings Release	Q2 2016	0.578
Avago Technologies Ltd	AVGO US	Aft-mkt	Q3 2015 Earnings Release	Q3 2015	2.138
Workday Inc	WDAY US	Aft-mkt	Q2 2016 Earnings Release	Q2 2016	-0.056
Equifax Inc	EFX US		Investor Meeting - Denver	Y 2015
Xcel Energy Inc	XEL US		Analyst/Investor Meeting	Y 2015
Under Armour Inc	UA US		Extraordinary Shareholders Meeting	Y 2015

BARCHART MORNING CALL 8/25

BARCHART MORNINING CALL

Tuesday, August 25th, 2015View Older Reports

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

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OVERNIGHT MARKETS AND NEWS

September E-mini S&Ps (ESU15 +3.65%) are up +3.50% and European stocks are up +4.75% as they shed overnight losses and rallied sharply after the PBOC cut its interest rate and reserve requirement ratios. Stocks also rose after analysts at JPMorgan Chase said a deep correction in the U.S. stock market is unlikely and it is time to start buying the dip after the recent market rout. Commodity prices and emerging-market currencies also rallied sharply after the PBOC cut interest rates. European stocks received a boost after German Aug IFO business confidence unexpectedly rose. Asian stocks closed mixed: Japan -3.96%, Hong Kong +0.72%, China -7.63%, Taiwan +3.58%, Australia +2.72%, Singapore +1.51%, South Korea +0.70%, India +1.13%. China's Shanghai Composite fell to an 8-month low and Japan's Nikkei Stock Index dropped to a 6-1/2 month low. The Asian markets were closed by the time China lowered interest rates so they have yet to react to the PBOC's actions.
The dollar index (DXY00 +0.77%) is up +0.85%. EUR/USD (^EURUSD) is down -0.97% after ECB Vice President Constancio said that medium-term inflation risks in the Eurozone are "very low" and the ECB may respond to any material change to the outlook for price stability. USD/JPY (^USDJPY) is up +1.40%.
Sep T-note prices (ZNU15 -0.52%) are down -20.5 ticks as the sharp rally in stocks curbs the safe-haven demand for government debt.
The PBOC lowered the 1-year lending rate by 25 bp to 4.6% effective Wednesday and cut the 1-year deposit rate by 25 bp to 1.75%. The PBOC also lowered banks' reserve requirement ratios by 50 bp to 18.00% in an attempt to boost bank lending. This is the fifth time in the last nine months the PBOC has cut its benchmark lending rate.
ECB Vice President Constancio said that medium-term inflation risks in the Eurozone are "very low" and "as always, the ECB Governing Council stands ready to use all instruments available within its mandate to respond to any material change to the outlook for price stability."
The German Aug IFO business climate unexpectedly rose +0.3 to 108.0, better than expectations of -0.4 to 107.6.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) June FHFA house price index (expected +0.4% m/m, May +0.4% m/m), (2) Jun S&P CaseShiller composite-20 home price index (expected +0.10% m/m and +5.10% y/y, May -0.18% m/m and +4.94% y/y), (3) Aug Markit services PMI (expected -0.6 to 55.1, Jul +0.9 to 55.7), (4) July new home sales (expected +5.8% to 510,000, Jun -6.8% to 482,000), (5) Aug U.S. consumer confidence from the Conference Board (expected +2.5 to 93.4, Jul -8.9 to 90.9), (6) Aug Richmond Fed manufacturing index (expected -3 to 10, Jul +7 to 13), (7) U.S. Congressional Budget Office's release of its budget and economic outlook, and (8) the Treasury's auction of $26 billion of 2-year T-notes.
There are 7 of the Russell 1000 companies that report earnings today: Best Buy (consensus $0.34), Toll Brothers (0.50), DSW (0.42), Valspar (1.26), Jack Henry (0.67), Solera Holdings (0.80), Lumentum Holdings (0.20).
U.S. IPO's scheduled to price today include: none.
Equity conferences during the remainder of this week include: 9th Annual South East Asia Australia Offshore & Onshore Conference on Tue-Wed, 9th Annual Mining the Territory Conference on Wed, Pareto Healthcare Conference on Fri.

OVERNIGHT U.S. STOCK MOVERS

Best Buy (BBY -3.02%) reported Q2 EPS of 49 cents, better than consensus of 34 cents.
Apple (AAPL -2.50%) was upgraded to 'Outperform' from 'Market Perform' at Wells Fargo.
JPMorgan Chase (JPM -5.27%) was upgraded to 'Buy' from 'Outperform' at CLSA.
Sherwin-Williams (SHW -2.69%) was upgraded to 'Buy' from 'Neutral' at Sterne Agee CRT.
Macy's (M -3.50%) was upgraded to 'Hold' from 'Sell' at Deutsche Bank.
Adobe (ADBE -5.83%) was upgraded to 'Outperform' from 'Neutral' at Baird.
American Eagle (AEO -1.07%) was upgraded to 'Outperform' from 'Market Perform' at FBR Capital.
Bank of America (BAC -5.03%) was upgraded to 'Outperform' from 'Market Perform' at Bernstein.
SunEdison (SUNE +0.09%) was downgraded to 'Neutral' from 'Buy' at UBS.
Toll Brothers (TOL -4.73%) reported Q3 EPS of 36 cents, weaker than consensus of 49 cents.
KLX Inc. (KLX) reported Q2 adjusted EPS of 62 cents, higher than consensus of 58 cents.
Raven Energy Holdings reported a 10.4% passive stake in SunCoke Energy Partners (SXCP -6.80%) .
Ilex Partners reported a 5.0% passive stake in Genie Energy (GNE -2.54%) .
Great Point Partners reported a 5.87% passive stake in Adamas Pharmaceuticals (ADMS -5.73%) .
Fortune Brands (FBHS -5.27%) was initiated with a 'Buy' at Cantor with a price target of $58.

MARKET COMMENTS

Sep E-mini S&Ps (ESU15 +3.65%) this morning are up +65.50 points (+3.50%) after China cut interest rates. Monday's closes: S&P 500 -3.94%, Dow Jones -3.57%, Nasdaq -3.78%. The S&P 500 on Monday sold off to a 10-1/4 month low and settled sharply lower on negative carryover from Monday's 8% plunge in China's Shanghai Composite index. Stocks were also hurt by weakness in energy and raw-material producers after crude oil plunged to a 6-1/2 year low and copper sank to a 6-year low, and by panic selling and liquidation of stocks that pushed the VIX volatility index up to nearly a 4-year high. Stocks recovered from their worst levels on bargain hunting with the new 10-1/4 month low in the S&P 500.
Sep 10-year T-notes (ZNU15 -0.52%) this morning are down -20.5 ticks. Monday's closes: TYU5 +17.00, FVU5 +11.50. Sep T-notes rallied on Monday to a 4-1/4 month nearest-futures high on strong safe-haven demand for T-notes after global stock markets plunged, and reduced inflation expectations that may prompt the Fed to delay an interest rate increase after crude oil dropped to a 6-1/2 year low and helped push the 10-year T-note breakeven inflation rate down to a 6-1/3 year low.
The dollar index (DXY00 +0.77%) this morning is up +0.790 (+0.85%). EUR/USD (^EURUSD) is down -0.0113 (-0.97%). USD/JPY (^USDJPY) is up +1.66 (+1.40%). Monday's closes: Dollar Index -1.676 (-1.76%), EUR/USD +0.02338 (+2.05%), USD/JPY -3.59 (-2.94%). The dollar index on Monday sank to a 7-month low and closed sharply lower. The dollar was hurt by the plunge in global equity markets, which fueled speculation the Fed will delay an interest rate increase. USD/JPY slumped to a 7-1/4 month low as the rout in global stocks boosted the safe-haven demand for the yen.
Oct crude oil (CLV15 +2.62%) this morning is up +$1.17 a barrel (+3.06%) and Oct gasoline (RBV15 +1.22%) is up +0.0211 (+1.61%). Monday's closes: CLV5 -2.21 (-5.46%), RBV5 -0.0765 (-5.53%). Oct crude and gasoline on Monday closed sharply lower with Oct crude at a 6-1/2 year low. Crude oil fell on the plunge in world stock markets and the slowdown in the Chinese economy, which will likely curb world energy demand. Crude oil prices also fell on comments from Iran's Oil Minister who said his country will seek to regain oil sales and its crude output "at any cost."

GLOBAL EVENT CALENDAR08/25/2015

US	0900 ET	Jun FHFA house price index expected +0.4% m/m, May +0.4% m/m.
	0900 ET	Jun S&P CaseShiller composite-20 home price index expected +0.10% m/m and +5.10% y/y, May -0.18% m/m and +4.94% y/y.
	0945 ET	Aug Markit services PMI expected -0.6 to 55.1, Jul +0.9 to 55.7. Aug Markit composite PMI, Jul +1.1 to 5
	1000 ET	Jul new home sales expected +5.8% to 510,000, Jun -6.8% to 482,000.
	1000 ET	Aug consumer confidence (Conference Board) expected +2.5 to 93.4, Jul -8.9 to 90.9.
	1000 ET	Aug Richmond Fed manufacturing index expected -3 to 10, Jul +7 to 13.
	1000 ET	U.S. Congressional Budget Office releases budget and economic outlook.
	1300 ET	Treasury auctions $26 billion of 2-year T-notes.
GER	0200 ET	Revised German Q2 GDP, previous +0.4% m/m and +1.6% y/y (nsa).
	0400 ET	German Aug IFO business climate expected -0.4 to 107.6, Jul 108.0. Aug IFO current assessment expected unch at 113.9. Aug IFO expectations expected -0.4 to 102.0, Jul 102.4.
UK	0430 ET	UK Jul index of services, Jun +0.3% m/m and +0.4% 3-mo/3-mo.
EUR	0650 ET	ECB Vice President Vitor Constancio speaks at an event in Mannheim, Germany.
JPN	1950 ET	Japan Jul PPI services expected +0.4% y/y, Jun +0.4% y/y.

U.S. STOCK CALENDAR08/25/2015

Company	Ticker	Time	Event Description	Period	Estimate
Toll Brothers Inc	TOL US	4:49	Q3 2015 Earnings Release	Q3 2015	0.496
Best Buy Co Inc	BBY US	7:00	Q2 2016 Earnings Release	Q2 2016	0.342
DSW Inc	DSW US	7:00	Q2 2016 Earnings Release	Q2 2016	0.423
Valspar Corp/The	VAL US	7:30	Q3 2015 Earnings Release	Q3 2015	1.259
Best Buy Co Inc	BBY US	8:00	Q2 2016 Earnings Call	Q2 2016
DSW Inc	DSW US	8:30	Q2 2016 Earnings Call	Q2 2016
Toll Brothers Inc	TOL US	11:00	Q3 2015 Earnings Call	Q3 2015
Valspar Corp/The	VAL US	11:00	Q3 2015 Earnings Call	Q3 2015
Solera Holdings Inc	SLH US	17:00	Q4 2015 Earnings Call	Q4 2015
Jack Henry & Associates Inc	JKHY US	Aft-mkt	Q4 2015 Earnings Release	Q4 2015	0.67
Solera Holdings Inc	SLH US	Aft-mkt	Q4 2015 Earnings Release	Q4 2015	0.797
Lumentum Holdings Inc	LITE US		Q4 2015 Earnings Release	Q4 2015	0.195

BARCHART MORNING CALL 7/20

BARCHART MORNING CALL

Monday, July 20th, 2015View Older Reports

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OVERNIGHT MARKETS AND NEWS

September E-mini S&Ps (ESU15 +0.09%) are up +0.11% at a 1-3/4 month high and European stocks are up +0.92% at a 2-1/2 month high after the Greek government gave orders to repay 6.8 billion euros due to creditors. Greek banks reopened today, although Greek financial markets remain closed. The markets will also focus on company Q2 earnings results which begin to come out in force this week. Asian stocks closed mixed: Japan closed for holiday, Hong Kong -0.04%, China +0.88%, Taiwan -0.78%, Australia +0.30%, Singapore +0.60%, South Korea -0.53%, India -0.15%. China's Shanghai Stock Index closed higher on signs that government stimulus measures are beginning to take effect after China Jun new yuan loans rose at the fastest pace on 5 months. However, a total of 633 Chinese companies remain suspended from trading on mainland exchanges, down only 2 from 635 at the close Friday.
Commodity prices are mostly lower. Aug crude oil (CLQ15 -0.06%) is down -0.35%. Aug gasoline (RBQ15 -0.13%) is down -0.31%. Metals prices are weaker. Aug gold (GCQ15 -1.70%)is down -1.79% at a 5-1/3 year low on fund selling. Sep copper (HGU15 -0.78%) is down -0.76% at a 1-week low. Agricultural prices are lower as beneficial weather across the central U.S. over the weekend boosted yield prospects of U.S. crops. Dec corn is down -1.39% at a 2-week low, Nov soybeans are down -1.34% at a 1-week low and Sep wheat is down -1.58% at a 3-week low.
The dollar index (DXY00 +0.11%) is up +0.14% at a 2-3/4 month high. EUR/USD (^EURUSD) is up +0.09%. USD/JPY (^USDJPY) is up +0.10% at a 3-week high.

Sep T-note prices (ZNU15 -0.04%) are down -3.5 ticks.
China Jun new yuan loans increased 1.279 trillion yuan, stronger than expectations of 1.050 trillion yuan and the most in 5 months.

U.S. STOCK PREVIEW

Key U.S. news today includes: none.
There are 6 of the S&P 500 companies that report earnings today: Morgan Stanley (consensus $0.74), IBM (3.78), Halliburton (0.29), Hasbro (0.29), Zions Bancorp (0.38), Genuine Parts (1.33).
U.S. IPO's scheduled to price today include: none.
Equity conferences during the remainder of this week include: BIO World Congress on Industrial Biotechnology Conference on Mon, Wells Fargo Securities Telecom Symposium on Thu.

OVERNIGHT U.S. STOCK MOVERS

Morgan Stanley (MS +0.73%) reported Q2 EPS of 79 cents, above consensus of 74 cents.
Halliburton (HAL -0.55%) reported Q2 EPS of 44 cents, higher than consensus of 29 cents.
Hasbro (HAS -0.22%) reported Q2 EPS of 33 cents, better than consensus of 29 cents.
Amazon.com (AMZN +1.58%) was upgraded to 'Outperform' from 'Market Perform' at Cowen.
Brocade (BRCD -1.02%) was downgraded to 'Sell' from 'Neutral' at UBS.
Hertz (HTZ +11.89%) was reinstated with an 'Outperform' at Credit Suisse with a price target of $23.
SanDisk (SNDK -1.12%) was upgraded to 'Neutral' from 'Reduce' at Nomura.
Dunkin' Brands (DNKN -0.45%) was downgraded to 'Underperform' from 'Outperform' at CLSA.
Solera (SLH -1.96%) was downgraded to 'Neutral' from 'Overweight' at Piper Jaffray.
Zillow Group (Z -0.48%) was downgraded to 'Underweight' from 'Equal Weight' at Barclays.
Huntington Ingalls (HII -0.82%) was awarded a $106.2 million government contract for engineering, technical, design, configuration management, integrated logistics support, database management, research and development, modernization, and industrial support for Navy submarines.
Viking Global Investors reported a 5.2% passive stake in Ctrip.com (CTRP unch) .
American Capital reported an 8.3% passive stake in WPCS International (WPCS -1.81%) .
ESL Partners reported a 9.8% stake in Seritage Growth Properties (SRG +4.06%) .

MARKET COMMENTS

September E-mini S&Ps (ESU15 +0.09%) this morning are up +2.25 points (+0.11%) at a 1-3/4 month high. Friday's closes: S&P 500 +0.11%, Dow Jones -0.19%, Nasdaq +1.45%. The S&P 500 index on Friday posted a 3-week high and closed higher on (1) strength in the U.S. housing market after Jun housing starts rose +9.8% to 1.174 million and Jun building permits unexpectedly jumped +7.4% to an 8-year high of 1.343 million, and (2) a rally in technology stocks after Google surged to an all-time high. Negative factors included the -2.8 point drop to 93.3 in the preliminary-July U.S. consumer sentiment index and weakness in commodity producers after crude oil fell to a 3-1/2 month low and gold plunged to a 5-1/4 year low.
Sep 10-year T-notes (ZNU15 -0.04%) this morning are down -3.5 ticks. Friday's closes: TYU5 -1.50, FVU5 -2.75. Sep T-notes Friday settled lower on the rally in the S&P 500 to a 3-week high and the stronger-than-expected U.S. Jun housing starts and building permits reports that may cause the Fed to raise interest rates sooner rather than later. T-notes found support from the weaker-than-expected U.S. consumer sentiment index of -2.8 to 93.3.
The dollar index (DXY00 +0.11%) this morning is up +0.136 (+0.14%) at a 2-3/4 month high. EUR/USD (^EURUSD) is up +0.0010 (+0.09%). USD/JPY (^USDJPY) is up +0.13 (+0.10%) at a 3-week high. Friday's closes: Dollar Index +0.194 (+0.20%), EUR/USD -0.00469 (-0.43%), USD/JPY -0.130 (-0.11%). The dollar index on Friday climbed to a 2-3/4 month high and closed higher on (1) the strong U.S. housing starts and building permits reports that may prompt the Fed to increase interest rates sooner rather than later, and (2) the decline in EUR/USD to a 1-1/2 month low on Fed/ECB policy divergence.
Aug WTI crude oil (CLQ15 -0.06%) this morning is down -18 cents (-0.35%). Aug gasoline (RBQ15 -0.13%) is down -0.0060 (-0.31%). Friday's closes: CLQ5 -0.02 (-0.04%), RBQ5 +0.0319 (+1.68%). Aug crude and gasoline Friday settled mixed with Aug crude at a 3-1/2 month low. Crude oil prices were undercut by the rally in the dollar index to a 2-3/4 month high and the ongoing crude oil glut with U.S. crude inventories nearly 100 million bbl above the 5-year average. Gasoline closed higher and crude recovered from its worst levels on the rally in the S&P 500 to a 3-week high and the decline in U.S. active oil rigs by 7 to 638 in the week ended Jul 17.

GLOBAL EVENT CALENDAR07/20/2015

US	1100 ET	USDA weekly grain export inspections.
	1600 ET	USDA weekly crop progress.
GER	0200 ET	German Jun PPI expected -0.1% m/m and -1.4% y/y, May unch m/m and -1.3% y/y.
EUR	0400 ET	Eurozone May current account balance, Apr +20.4 billion euros (nsa).
JPN	n/a	Japanese markets closed for Marine Day.

U.S. STOCK CALENDAR07/20/2015

Company	Ticker	Time	Event Description	Period	Estimate
Hasbro Inc	HAS US	6:30	Q2 2015 Earnings Release	Q2 2015	0.285
Halliburton Co	HAL US	7:00	Q2 2015 Earnings Release	Q2 2015	0.29
Morgan Stanley	MS US	7:00	Q2 2015 Earnings Release	Q2 2015	0.739
Hasbro Inc	HAS US	8:30	Q2 2015 Earnings Call	Q2 2015
Morgan Stanley	MS US	8:30	Q2 2015 Earnings Call	Q2 2015
Halliburton Co	HAL US	9:00	Q2 2015 Earnings Call	Q2 2015
Genuine Parts Co	GPC US	11:00	Q2 2015 Earnings Call	Q2 2015
International Business Machines Corp	IBM US	16:30	Q2 2015 Earnings Release	Q2 2015	3.784
International Business Machines Corp	IBM US	16:30	Q2 2015 Earnings Call	Q2 2015
Zions Bancorporation	ZION US	Aft-mkt	Q2 2015 Earnings Release	Q2 2015	0.377
Zions Bancorporation	ZION US	17:30	Q2 2015 Earnings Call	Q2 2015
Genuine Parts Co	GPC US		Q2 2015 Earnings Release	Q2 2015	1.325

BARCHART MORNING CALL 8/26

BARCHART MORNING CALL

Tuesday, August 26th, 2014View Older Reports

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OVERNIGHT MARKETS AND NEWS

September E-mini S&Ps (ESU14 +0.15%) this morning are up +0.10% on the prospects for a strong U.S. Jul durable goods orders report later this morning, while European stocks are up +0.18% on optimism a resolution to the conflict in Ukraine can be found. Russia President Putin and Ukraine President Poroshenko are set to meet today in Minsk, Belarus, as tensions continue to flare in the region. Ukraine said that an armored column that included 10 tanks entered its country Monday from Russia under the guise of humanitarian aid into rebel-held Ukrainian territory. European government bond yields continue to fall to record lows amid speculation of additional ECB monetary easing. The yield on Italy's 10-year bond fell to 2.40% and the yield on Spain's 10-year bond fell to 2.18%, both at the lowest since Bloomberg started collecting the data in 1993. Asian stocks closed mixed as valuation concerns weighed on prices with Asian stock markets at their highest valuations this year: Japan -0.59%, Hong Kong -0.37%, China -0.80%, Taiwan +0.04%, Australia +0.05%, Singapore -0.22%, South Korea +0.26%, India +0.02%. China's Shanghai Stock Index fell to a 2-week low amid concern that 10 new initial public offerings this week may divert funds from existing equities. Commodity prices are mixed. Oct crude oil CLV14 +0.29%) is up +0.28%. Oct gasoline (RBV14 +0.15%) is up +0.15%. Dec gold (GCZ14 +0.69%) is up +0.74%. Sep copper (HGU14 -0.59%) is down -0.57%. Agriculture and livestock prices are mostly lower with Nov soybeans down -0.41% at a fresh contract low. The dollar index (DXY00 -0.02%) is down -0.07%. EUR/USD (^EURUSD) is up +0.05% as it rebounds from an 11-1/2 month low. USD/JPY (^USDJPY) is down -0.15%. Sep T-note prices (ZNU14 +0.10%) are up +6 ticks.
The Markit iTraxx Europe index of credit-default swaps on 125 investment-grade companies, which is cost of insuring against losses on European corporate debt, fell -2.5 bp to 57 bp, a 7-week low.
Japan Jul PPI services prices rose +3.7% y/y, unchanged from Jun and right on expectations and the fastest pace of increase in 24 years.

U.S. STOCK PREVIEW

Today’s July durable goods orders report is expected to show a sharp gain of +8.0% for the headline figure but an increase of only +0.5% ex-transportation. Today’s Aug Richmond Fed manufacturing index is expected to show a small -1 point decline to 6, giving back some of the +3 point increase to 7 seen in July. The market is expecting today’s June FHFA index to be up +0.3% m/m and for the June Case-Shiller index to be unchanged from May. Today’s Aug consumer confidence index from the Conference Board is expected to show a decline of -1.9 points to 89.0, reversing part of July’s +4.5 point increase to 90.9. The Treasury today will sell $29 billion of 2-year T-notes, kicking off this week’s sale of $106 billion of T-notes.
There are 6 of the Russell 1000 companis that reports earnings today: Tech Data (consensus $0.77), Golar LNG (-0.06), Best Buy (0.31), DSW (0.32), Analog Devices (0.63), Solera Holdings (0.80). Equity conferences this week include: ONS 2014 Conference on Mon-Thu, Latin Markets 3rd Annual Peru Capital Projects & Infrastructure Summit on Wed, Simmons European Energy Conference on Wed, Jefferies Semiconductors, Hardware & Communications Infrastructure Summit on Wed, and MIT Sloan Latin America-China Conference on Fri.

OVERNIGHT U.S. STOCK MOVERS

Best Buy (BBY +2.53%) reported Q2 EPS of 44 cents, well ahead of consensus of 31 cents.
Tech Data (TECD +0.67%) reported Q2 non-GAAP EPS of $1.12, much higher than consensus of 77 cents.
Salesforce.com (CRM -0.95%) files to sell 7.2 million shares of common stock for holders.
Sanderson Farms (SAFM +1.96%) reported Q3 EPS of $3.30, well below consensus of $3.82.
ArcelorMittal (MT +0.36%) was upgraded to 'Buy' from 'Sell' at UBS.
Comtech Telecommunications (CMTL +4.84%) rose 3% in after-hours trading after it confirmed that it is exploring strategic alternatives to enhance shareholder value, including a possible merger or sale of the company.
Castleton Commodities reported a 9.9% passive stake in Torchlight Energy Resources (TRCH -2.34%) .
D. E. Shaw & Co reported a 5.0% passive stake in Liberty Media (LMCA -0.37%) .
Owl Creek reported a 5.8% passive stake in Seventy Seven Energy (SSE +1.22%) .
OZ Management reported an 8.04% passive stake in Biglari (BH -0.58%) .
Amazon.com (AMZN +0.73%) announced that it reached an agreement to acquire Twitch Interactive for $970 million.
ModusLink Global Solutions reported a 9.9% stake in Medifast (MED -0.14%) .

MARKET COMMENTS

Sep E-mini S&Ps (ESU14 +0.15%) this morning are up +2.00 points (+0.10%). The S&P 500 index and the Dow on Monday rallied to fresh all-time highs and closed higher: S&P 500 +0.48%, Dow Jones +0.44%, Nasdaq +0.36%. Bullish factors included (1) increased M&A activity after Roche Holding purchased InterMune for $8.3 billion and Burger King Worldwide said it was in talks to buy Tim Hortons, and (2) the +0.28 increase in the Jul Chicago Fed national activity index to a 4-month high 0.39, better than expectations of +0.08 to 0.20 Stocks fell back from their best levels after an unexpected -2.4% decline in Jul new home sales to a 4-month low of 412,000, weaker than expectations of a +5.8% increase to 430,000.
Sep 10-year T-notes (ZNU14 +0.10%) this morning are up +6 ticks. Sep 10-year T-note futures prices Monday settled little changed. T-note prices Monday were undercut by reduced safe-haven demand after the S&P 500 rallied to a new record high. Bullish factors included (1) the unexpected decline in U.S. Jul new home sales, and (2) carry-over support from a rally in German bunds after the yield on the 10-year German bund fell to a record low of 0.925%. Closes: TYU4 +2.0, FVU4 -1.50.
The dollar index (DXY00 -0.02%) this morning is down -0.059 (-0.07%). EUR/USD (^EURUSD) is up +0.0007 (+0.05%) and USD/JPY (^USDJPY) is down -0.16 (-0.15%). The dollar index on Monday posted an 11-1/2 month high and closed higher. EUR/USD tumbled to an 11-1/2 month low after the German Aug IFO business confidence fell more than expected to a 13-month low. USD/JPY rallied to a 7-month high and closed higher as the yen tumbled to a 7-month low against the dollar when BOJ Governor Kuroda said at the Fed’s symposium in Jackson Hole, Wyoming that BOJ monetary policy was “having its intended effect” and that global central banks must fight deflation by any and all means. Closes: Dollar index +0.213 (+0.26%), EUR/USD -0.00497 (-0.38%), USD/JPY +0.145 (+0.14%).
Oct WTI crude oil (CLV14 +0.29%) this morning is up +26 cents (+0.28%) and Oct gasoline (RBV14 +0.15%) is up +0.0038 (+0.15%). Oct crude and gasoline prices on Monday settled mixed: CLV4 -0.30 (-0.32%), RBV4 +0.0065 (+0.25%). Crude prices fell on bearish factors that included (1) the rally in the dollar index to an 11-1/2 month high, and (2) expectations that Wednesday’s weekly EIA inventory data will show crude supplies at Cushing, Oklahoma, delivery point of WTI futures, increased for a fourth week. Gasoline prices rose on increased optimism in the U.S. economic outlook after the S&P 500 posted a new record high.

GLOBAL EVENT CALENDAR08/26/2014

US	0830 ET	Jul durable goods orders expected +8.0% and +0.5% ex-transportation, Jun +1.7% and +1.9% ex transportation. July capital goods orders non-defense ex-aircraft expected +0.2%, June +3.3%.
	0900 ET	Jun FHFA house price index expected +0.3% m/m, May +0.4% m/m. Q2 house price index, Q1 +1.30% q/q.
	0900 ET	Jun S&P/CaseShiller composite-20 home price index expected unch m/m and +8.3% y/y, May -0.31% m/m and +9.34% y/y. Q2 S&P/CaseShiller home price index, Q1 +10.35% y/y.
	1000 ET	Aug consumer confidence (Conference Board) expected -1.9 to 89.0, Jul +4.5 to 90.9.
	1000 ET	Aug Richmond Fed manufacturing index expected -1 to 6, Jul +3 to 7.
	1300 ET	Treasury auctions $29 billion 2-year T-notes.

U.S. STOCK CALENDAR08/26/2014

Company Name	Ticker	Time	Event Description	Period	Estimate
Tech Data Corp	TECD US	Bef-mkt	Q2 2015 Earnings Release	Q2 2015	0.774
Golar LNG Ltd	GLNG US	Bef-mkt	Q2 2014 Earnings Release	Q2 2014	-0.063
Best Buy Co Inc	BBY US	7:00	Q2 2015 Earnings Release	Q2 2015	0.31
DSW Inc	DSW US	7:00	Q2 2015 Earnings Release	Q2 2015	0.315
Best Buy Co Inc	BBY US	8:00	Q2 2015 Earnings Call	Q2 2015
DSW Inc	DSW US	8:30	Q2 2015 Earnings Call	Q2 2015
Tech Data Corp	TECD US	9:00	Q2 2015 Earnings Call	Q2 2015
Golar LNG Ltd	GLNG US	10:30	Q2 2014 Earnings Call	Q2 2014
Analog Devices Inc	ADI US	17:00	Q3 2014 Earnings Call	Q3 2014
Solera Holdings Inc	SLH US	17:00	Q4 2014 Earnings Call	Q4 2014
Analog Devices Inc	ADI US	Aft-mkt	Q3 2014 Earnings Release	Q3 2014	0.627
Solera Holdings Inc	SLH US	Aft-mkt	Q4 2014 Earnings Release	Q4 2014	0.802
Equifax Inc	EFX US		Investor Meeting - London	Y 2014