Morning Call 5/10

Barchart Morning Call

Barchart.com - Wed May 10, 6:41AM CDT

OVERNIGHT MARKETS AND NEWS

Jun E-mini S&Ps (ESM17 -0.13%) this morning are down -0.19% and European stocks are down -0.24%. U.S. stocks are weaker in the wake of President Trump's firing of FBI Director Comey on Tuesday afternoon that fuels speculation that these external factors may side-track the administration's tax reform and infrastructure spending plans. Losses were contained on strength in energy-producing stocks with Jun WTI crude oil (CLM17 +1.11%) up +1.18% after API data late Tuesday showed U.S. crude stockpiles fell -5.79 million bbl last week. Asian stocks settled mixed: Japan +0.29%, Hong Kong +0.51%, China -0.90%, Taiwan +0.53%, Australia +0.61%, Singapore closed for holiday, South Korea -1.22%, India +1.05%. China's Shanghai Stock Index fell to a new 3-3/4 month low as confidence in Chinese stocks wanes as the government steps up efforts to reduce risk in the financial sector. China's Insurance Regulatory Commission reiterated that it will scrutinize insurers' major stock purchases as well as property, overseas and alternative investments to limit risks. Japan's Nikkei Stock Index climbed to a 17-month high as exporter stocks rallied on improved earnings prospects after USD/JPY jumped to a 1-3/4 month high on Tuesday. Japanese stocks also garnered support on stronger economic data after the Japan Mar leading indicators composite index rose to its highest in 1-3/4 years.

The dollar index (DXY00 -0.07%) is down -0.10%. EUR/USD (^EURUSD) is down -0.06% at a 1-week low. USD/JPY (^USDJPY) is down -0.20%.

Jun 10-year T-note prices (ZNM17 +0.20%) are up +10.5 ticks.

The Japan Mar leading index CI rose +0.8 to 105.5, right on expectations and the highest in 1-3/4 years. The Mar coincident index fell -0.6 to 114.6, weaker than expectations of -0.6 to 114.7.

China Apr CPI rose +1.2% y/y, stronger than expectations of +1.1% y/y. Apr PPI rose +6.4% y/y, weaker than expectations of +6.7% y/y.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) weekly MBA mortgage applications ( previous -0.1% with purchase sub-index +4.2% and refi sub-index -4.7%), (2) Apr import price index (expected +0.1% m/m and +3.6% y/y, Mar -0.2% m/m and +4.2% y/y), (3) Boston Fed President Eric Rosengren (non-voter) speaks on the economy at the Lake Champlain Regional Chamber and Central Vermont Chamber of Commerce, (4) Treasury auctions $23 billion of 10-year T-notes, (5) Minneapolis Fed President Neel Kashkari (voter) holds Q&A at Minnesota Business Ethics Awards, (6) Apr monthly budget statement (expected $177.0 billion, Mar -$176.2 billion), (7) EIA Weekly Petroleum Status Report, (8) USDA May WASDE crop production.

Notable S&P 500 earnings reports today include: Whole Foods Market (consensus $0.37), Twenty-Century Fox (0.48), Symantec (0.28), Hologic (0.46), Coty (0.12), Mylan (0.92), Vulcan Materials (0.20), Cimarex Energy (0.87).

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

Equity conferences: Wells Fargo Industrials Conference on Tue-Wed, Jefferies Global Technology Conference on Wed, Citi European Internet and Digital Conference on Wed, Citi Global Energy and Utilities Conference on Wed, 11th Annual Barrington Research Spring Investment Conference on Thu, Citi Boston Energy Conference on Thu, Deutsche Bank AutoTech Conference on Thu.

OVERNIGHT U.S. STOCK MOVERS

Disney (DIS +0.58%) slid nearly 3% in pre-market trading after it reported Q2 revenue of $13.3 billion, weaker than consensus of $13.5 billion.

NVIDIA (NVDA +0.17%) is up 11% in pre-market trading after it reported Q1 adjusted EPS of 85 cents, higher than consensus of 81 cents.

Mylan NV (MYL +1.69%) climbed nearly 3% in pre-market trading after it reported Q1 adjusted EPS of 93 cents, better than consensus of 92 cents.

Electronic Arts (EA +0.29%) gained over 2% in after-hours trading after it reported Q4 adjusted EPS of 85 cents, higher than consensus of 75 cents, and then said it sees Q1 adjusted EPS of 25 cents, better than consensus of 17 cents.

Priceline Group (PCLN +0.38%) fell over 3% in pre-market trading after it reported Q1 revenue of $2.42 billion, less than consensus of $2.45 billion, and then said it sees Q2 adjusted EPS of $13.30-$14.00, weaker than consensus of $14.99.

Jazz Pharmaceuticals PLC (JAZZ +1.07%) dropped 5% in after-hours trading after it reported Q1 adjusted EPS of $2.31, below consensus of $2.34.

Microchip Technology (MCHP +1.31%) rose 5% in after-hours trading after it reported Q3 adjusted EPS from continuing operations $1.16, better than consensus of $1.06.

Acacia Communications (ACIA +3.33%) dropped 14% in after-hours trading after it said it sees Q2 adjusted EPS of 22 cents-35 cents, well below consensus of 74 cents.

TripAdvisor (TRIP -0.23%) climbed 5% in after-hours trading after it announced that it will pull back from its struggling instant book feature.

Fossil Group (FOSL +4.49%) slumped over 15% in after-hours trading after reported Q1 comparable sales fell -11%, much weaker than consensus of -3.8%, and then lowered guidance on full-year adjusted EPS to 80 cents-$1.50 from a prior view of $1.00-$1.70.

Coherent (COHR +1.14%) jumped 7% in after-hours trading after it reported Q2 adjusted EPS of $2.91, well above consensus of $2.45.

Yelp (YELP -2.80%) plunged 30% in after-hours trading after it reported Q1 net revenue of $197.3 million, below consensus of $198.4 million, and then said it sees Q2 revenue of $202 million-$206 million, weaker than consensus of $215.3 million.

Nuance Communications (NUAN +0.39%) gained 2% in after-hours trading after it reported Q2 adjusted EPS of 43 cents, higher than consensus of 38 cents.

TrueCar (TRUE +0.58%) jumped 6% in after-hours trading after it reported Q1 revenue of $75.8 million, above consensus of $73.3 million, and then said it sees Q2 revenue of $79 million to $81 million, higher than consensus of $77.7 million.

Electro Scientific Industries (ESIO +4.20%) surged over 20% in after-hours trading after it reported Q4 adjusted EPS of 9 cents, better than consensus for a loss of -5 cents, and then said it sees Q1 adjusted EPS of 15 cents-20 cents, well above consensus of 3 cents.

MARKET COMMENTS

June E-mini S&Ps (ESM17 -0.13%) this morning are down -4.50 points (-0.19%). Tuesday's closes: S&P 500 -0.10%, Dow Jones -0.17%, Nasdaq +0.34%. The S&P 500 on Tuesday posted a fresh all-time high but fell back and closed slightly lower. Stocks were undercut by weakness in energy producing stocks as crude oil prices fell -1.18%. There were also heightened geopolitical tensions after a North Korean envoy said the country will proceed with a sixth nuclear test. Stocks were supported by the unexpected +61,000 increase in the U.S. Mar JOLTS job openings to 5.743 million, stronger than expectations of -18,000 to 5.725 million and the highest in 8 months.

June 10-year T-notes (ZNM17 +0.20%) this morning are up +10.5 ticks. Tuesday's closes: TYM7 -7.50, FVM7 -5.25. Jun 10-year T-notes on Tuesday tumbled to a 1-month low and closed lower on the stronger-than-expected U.S. Mar JOLTS job openings report and on hawkish comments by Kansas City Fed President George who said that the international backdrop poses less downside risk today and that slower U.S. Q1 growth is no reason to pause gradual rate hikes.

The dollar index (DXY00 -0.07%) this morning is down -0.097 (-0.10%). EUR/USD (^EURUSD) is down -0.0007 (-0.06%) at a 1-week low and USD/JPY (^USDJPY) is down -0.23 (-0.20%). Tuesday's closes: Dollar index +0.598 (+0.60%), EUR/USD -0.0050 (-0.46%), USD/JPY +0.72 (+0.64%). The dollar index on Tuesday climbed to a 2-week high and settled higher on weakness in the yen as USD/JPY rallied to a 1-3/4 month high after BOJ Governor Kuroda reiterated that the BOJ will continue with its QE program amid still-low inflation expectations. The dollar was also boosted by the 10-year T-note yield to a 1-month high, which improves the dollar's interest rate differentials.

June WTI crude oil prices (CLM17 +1.11%) this morning are up +54 cents (+1.18%) and June gasoline (RBM17 +0.60%) is +0.0076 (+0.51%). Tuesday's closes: Jun crude -0.55 (-1.18%), Jun gasoline -0.0283 (-1.86%). Jun crude oil and gasoline on Tuesday closed lower on the rally in the dollar index to a 2-week high and by increased crude output from Libya after Libya's National Oil Corp. said Libyan crude production has risen to 796,000 bpd, a 2-1/2 year high. Crude oil found support from expectations that Wednesday's EIA crude inventories will fall -2.0 million bbl.

GLOBAL EVENT CALENDAR05/10/2017

		Wednesday, May 10
US	0700 ET	Weekly MBA mortgage applications, previous -0.1% with purchase sub-index +4.2% and refi sub-index -4.7%.
	0830 ET	Apr import price index expected +0.1% m/m and +3.6% y/y, Mar -0.2% m/m and +4.2% y/y. Apr import prices ex-petroleum expected +0.1% m/m, Mar +0.2%. Apr export prices expected +0.2%, Mar +0.2% m/m and +3.6% y/y.
	1030 ET	EIA Weekly Petroleum Status Report.
	1200 ET	Boston Fed President Eric Rosengren (non-voter) speaks on the economy at the Lake Champlain Regional Chamber and Central Vermont Chamber of Commerce.
	1200 ET	USDA May WASDE crop production.
	1300 ET	Treasury auctions $23 billion of 10-year T-notes.
	1320 ET	Minneapolis Fed President Neel Kashkari (voter) holds Q&A at Minnesota Business Ethics Awards.
	1400 ET	Apr monthly budget statement expected $177.0 billion, Mar -$176.2 billion.
		Thursday, May 11
US	0625 ET	NY Fed President William Dudley gives speech entitled Benefits and Challenges of Globalization in Mumbai.
	0830 ET	Weekly initial unemployment claims expected +7,000 to 245,000, previous -19,000 to 238,000. Weekly continuing claims expected +16,000 to 1.980 million, previous -23,000 to 1.964 million.
	0830 ET	Apr PPI final demand expected +0.2% m/m and +2.2% y/y, Mar -0.1% m/m and +2.3% y/y. Apr PPI ex food & energy expected +0.2% m/m and +1.6% y/y, Mar unch m/m and +1.6% y/y.
	0830 ET	USDA weekly Export Sales.
	1100 ET	Treasury announces amount of 10-year TIPS to be auctioned May 18 (previous $11 billion).
	1300 ET	Treasury auctions $15 billion of 30-year T-bonds

U.S. STOCK CALENDAR05/10/2017

Company	Ticker	Time	Event Description	Period	Estimate
Coty Inc	COTY US	Bef-mkt	Q3 2017 Earnings Release	Q3 17	0.122
Mylan NV	MYL US	Bef-mkt	Q1 2017 Earnings Release	Q1 17	0.923
Vulcan Materials Co	VMC US	Bef-mkt	Q1 2017 Earnings Release	Q1 17	0.196
Cimarex Energy Co	XEC US	Bef-mkt	Q1 2017 Earnings Release	Q1 17	0.866
Coty Inc	COTY US	08:00	Q3 2017 Earnings Call	Q3 17
Ingersoll-Rand PLC	IR US	08:00	Investor Day - Day 2
TripAdvisor Inc	TRIP US	8:30:00 AM	Q1 2017 Earnings Call	Q1 17
Nasdaq Inc	NDAQ US	08:30	Annual General Meeting
Simon Property Group Inc	SPG US	08:30	Annual General Meeting
CVS Health Corp	CVS US	09:00	Annual General Meeting
Anadarko Petroleum Corp	APC US	09:00	Annual General Meeting
Dominion Resources Inc/VA	D US	09:30	Annual General Meeting
Mylan NV	MYL US	10:00	Q1 2017 Earnings Call	Q1 17
Regency Centers Corp	REG US	11:00	Q1 2017 Earnings Call	Q1 17
Vulcan Materials Co	VMC US	11:00	Q1 2017 Earnings Call	Q1 17
Xylem Inc/NY	XYL US	11:00	Annual General Meeting
Cimarex Energy Co	XEC US	11:00	Q1 2017 Earnings Call	Q1 17
Kinder Morgan Inc/DE	KMI US	11:00	Annual General Meeting
Murphy Oil Corp	MUR US	11:00	Annual General Meeting
Varian Medical Systems Inc	VAR US	11:30	Investor Day
Skyworks Solutions Inc	SWKS US		Annual General Meeting
Kohl's Corp	KSS US		Annual General Meeting
Alexion Pharmaceuticals Inc	ALXN US		Annual General Meeting
Gilead Sciences Inc	GILD US	13:00	Annual General Meeting
NVIDIA Corp	NVDA US	15:00	Investor Day
Twenty-First Century Fox Inc	FOXA US	16:00	Q3 2017 Earnings Release	Q3 17	0.48
Whole Foods Market Inc	WFM US	Aft-mkt	Q2 2017 Earnings Release	Q2 17	0.368
Symantec Corp	SYMC US	Aft-mkt	Q4 2017 Earnings Release	Q4 17	0.283
Hologic Inc	HOLX US	Aft-mkt	Q2 2017 Earnings Release	Q2 17	0.46
Twenty-First Century Fox Inc	FOXA US	16:30	Q3 2017 Earnings Call	Q3 17
Hologic Inc	HOLX US	16:30	Q2 2017 Earnings Call	Q2 17
Whole Foods Market Inc	WFM US	17:00	Q2 2017 Earnings Call	Q2 17
Microsoft Corp	MSFT US	17:00	Financial Analyst Briefing
Symantec Corp	SYMC US	17:00	Q4 2017 Earnings Call	Q4 17

McDonalds - Chart of the Day

McDonalds (MCD) is the Barchart Chart of the Day.  The fast food giant has a Trend Spotter buy signal, a Weighted Alpha of 21.39+, gained 10.58% in the last year and paid a 2.61% dividend.

The Chart of the Day belongs to McDonalds (MCD).  I found the fast food giant by using Barchart to sort today's All Time High list first for the most frequent number of new highs in the last month, then again for technical buy signals of 80% or more.  Since the Trend Spotter signaled a buy on 1/17 the stock gained 17.81%.

McDonald's Corporation develops, operates, franchises and services a worldwide system of restaurants that prepare, assemble, package and sell a limited menu of value-priced foods. The company operates primarily in the quick-service hamburger restaurant business. All restaurants are operated by the company or, under the terms of franchise arrangements, by franchisees who are independent third parties, or by affiliates operating under joint-venture agreements between the company and local business people.

The status of Barchart's Opinion trading systems are listed below. Please note that the Barchart Opinion indicators are updated live during the session every 10 minutes and can therefore change during the day as the market fluctuates. The indicator numbers shown below therefore may not match what you see live on the Barchart.com web site when you read this report.

Barchart technical indicators:

• 96% technical buy signals
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 16 new highs and up 11.32% in the last month
• Relative Strength Index 86.10%
• Technical support level at 143.77
• Recently traded at 144.53 with a 50 day moving average of 132.38

Fundamental factors:

• Market Cap $117.81 billion
• P/E 24.07
• Dividend yield 2.61%
• Revenue expected to decrease 8.90% this year and another 11.90% next year
• Earnings however, are estimated to increase 11.70% this year, 6.90% next year and continue to compound at an annual rate of 9.16% for the next 5 years
• Wall Street analysts issued 13 strong buy, 1 buy and 8 hold recommendations on the stock

Exact Sciences - Chart of the Day

Exact Sciences (EXAS) is the Barchrat Chart of the Day.  The biomedical company has a Trend Spotter buy signal, a Weighted Alpha of 267.39+ and gained 478.55% in the last year.

The Chart of the Day belongs to Exact Sciences (EXAS).  I found the biomedical stock by using Barchart to sort today's Top Stocks to Own list first for the most frequent number of new highs in the last month, then again for technical buy signals of 80% or more.  Since the Trend Spotter signaled a buy on 3/27 toe stock gained 48.98%.

Exact Sciences Corporation uses applied genomics to develop effective, patient-friendly screening technologies for use in the detection of cancer. Certain of its technologies have been licensed to Laboratory Corporation of America Holdings for a stool-based DNA screening assay for colorectal cancer in the average-risk population. Colorectal cancer, which is the most deadly cancer among non-smokers, is generally curable if detected early. Despite the availability of colorectal cancer screening and diagnostic tests for more than twenty years, the rate of early detection of colorectal cancer remains low, and deaths from colorectal cancer remain high. Exact Sciences believes its genomics-based technologies would help to enable detection of colorectal cancer so that more people can be effectively treated.

The status of Barchart's Opinion trading systems are listed below. Please note that the Barchart Opinion indicators are updated live during the session every 10 minutes and can therefore change during the day as the market fluctuates. The indicator numbers shown below therefore may not match what you see live on the Barchart.com web site when you read this report.

Barchart technical indicators:

• 96% technical buy signals
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 17 new highs and up 50.59% in the last month
• Relative Strength Index 77.91%
• Technical support level at 33.11
• Recently traded at 34.23 with a 50 day moving average of 23.95

Fundamental factors:

• Market Cap $3.94 billion
• Revenue expected to grow 109.00% this year and another 49.80% next year
• Earnings estimated to increase 16.60% this year, an additional 30.90% next year and continue to compound at an annual rate of 67.93% for the next 5 years
• Wall Street analysts issued 9 strong buy and 3 hold recommendations on the stock

5 Small Caps for Momentum Investors

This morning I used Barchart to sort the S&P 600 Small Cap Index stocks to find stocks that would interest Momentum Investors.  I first sorted for the highest Weighted Alpha and then again for technical buy signals of 80% or more.  Today's watch list includes:

Brooks Automation (BRKS), Irobot (IRBT), Kopin (KOPN), Blucora (BCOR) and Mimedex Group (MDGX).

Brooks Automation (BRKS)

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 19.17% in the last month
• Relative Strength Index 72.50%
• Technical support level at 25.91
• Recently traded at 26.25 with a 50 day moving average of 22.32

Irobot (IRBT)

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 30.57% in the last month
• Relative Strength Index 88.82%
• Technical support level at 85.10
• Recently traded at 86.08 with a 50 day moving average of 66.07

Kopin (KOPN)

Barchart technical indicators:

• 96% technical buy signals
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 5 new highs and up 11.75% in the last month
• Relative Strength Index 63.96%
• Technical support level at 4.10
• Recently traded at 4.39 with a 50 day moving average of 3.84

Blucora (BCOR)

Barchart technical indicators:

• 88% technical buy signals
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 11 new highs and up 17.10% in the last month
• Relative Strength Index 85.08%
• Technical support level at 19.70
• Recently traded at 20.15 with a 50 day moving average of 17.25

Mimedx Group (MDXG)

Barchart technical indicators:

• 96% technical buy signals
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 12 new highs and up 26.24% in the  last month
• Relative Strength Index 83.37%
• Technical support level at 13.74
• Recently traded at 14.20 with a 50 day moving average of 10.06

MORNING CALL 5/8

Barchart Morning Call

Barchart.com - 1 hour ago

OVERNIGHT MARKETS AND NEWS

Jun E-mini S&Ps (ESM17 -0.04%) this morning are down -0.06% as they fell back from a record high in overnight trading and European stocks are down -0.52% as they retreated from a 1-1/2 year high. Stock prices initially rallied after pro-EU French presidential candidate Macron soundly defeated anti-EU candidate Le Pen with 66% of the total vote. However, a slide in Jul COMEX copper prices (HGN17 -1.62%) by -1.66% to a 4-1/4 month low undercut mining stocks and commodity producers and stock prices gave up their gains and turned lower. Copper prices sold-off on Chinese demand concerns as China Jan-Apr unwrought copper imports slumped -22.9% y/y to 1.88 MMT. Asian stocks settled mostly higher: Japan +2.31%, Hong Kong +0.41%, China -0.79%, Taiwan +0.38%, Australia +0.59%, Singapore +0.22%, South Korea +2.53%, India +0.23%. Japan's Nikkei Stock Index rallied to a 17-month high as it reopened following a 3-day holiday. China's Shanghai Composite tumbled to a 3-1/2 month low as the ongoing crackdown on financial leverage undercut inventor confidence. Also, weaker than expected Chinese trade data showed China Apr exports and imports rose less than expected.

The dollar index (DXY00 +0.21%) recovered from a 5-3/4 month low and is up +0.21%. EUR/USD (^EURUSD) fell back from a 5-3/4 month high and is down -0.45%. USD/JPY (^USDJPY) is down -0.13%.

Jun 10-year T-note prices (ZNM17 +0.10%) are up +5 ticks.

San Francisco Fed President Williams said Saturday that the economy "is operating above potential" and that the U.S. "is at full employment, or maybe even a little beyond." He added that his outlook for three of four rate increases this year hasn't shifted.

The Eurozone May Sentix investor confidence rose +3.5 to 27.4, stronger than expectations of +1.3 to 25.2 and a 9-3/4 year high.

The China Apr trade balance was in surplus by +$38.05 billion, wider than expectations of +$35.20 billion. Apr exports rose +8.0% y/y, weaker than expectations of +11.3% y/y. Apr imports rose +11.9% y/y, weaker than expectations of +18.0% y/y.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) St. Louis Fed President James Bullard (non-voter) participates in a panel discussion on “Shifting Sands of Low Interest Rates” at the Atlanta Fed’s Financial Markets Conference, (2) Cleveland Fed President Loretta Mester (non-voter) speaks at the Chicago Council on Global Affairs, (3) Fed Senior Loan Officer Survey, (4) USDA weekly grain export inspections, (5) USDA crop conditions and planting progress.

Notable S&P 500 earnings reports today include: Marriott (consensus $0.92), Intl Flavors & Fragrances (1.51), Tesoro (0.31), Tyson Foods (1.02), Sysco (0.52), Newell Brands (0.29), AES (0.20), Mallinckrodt (1.63).

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

Equity conferences: Stifel WasteExpo Investor Summit on Mon, Morgan Stanley E&P and Oil Services Conference on Mon-Tue, Goldman Sachs Global Staples Forum on Tue, Evercore ISI Global Autos Conference on Tue, Oppenheimer Emerging Growth Conference on Tue, Oppenheimer Industrial Growth Conference on Tue, Wells Fargo Industrials Conference on Tue-Wed, Jefferies Global Technology Conference on Wed, Citi European Internet and Digital Conference on Wed, Citi Global Energy and Utilities Conference on Wed, 11th Annual Barrington Research Spring Investment Conference on Thu, Citi Boston Energy Conference on Thu, Deutsche Bank AutoTech Conference on Thu.

OVERNIGHT U.S. STOCK MOVERS

Micron (MU +1.48%) is down 3% in pre-market trading after it was downgraded to 'Neutral' from 'Buy' at Goldman Sachs.

Tyson Foods (TSN +0.57%) reported Q2 adjusted EPS of $1.10, slightly below consensus of $1.02.

Varian Medical Systems (VAR +0.60%) is up over 2% in pre-market trading after it was upgraded to 'Buy' from 'Neutral' at Citigroup with a price target of $119.

Fluor (FLR -4.78%) was upgraded to 'Buy' from 'Hold' at Canaccord Genuity with a price target of $55.

Louisiana-Pacific (LPX -3.61%) was downgraded to 'Neutral' from 'Buy' at DA Davidson & Co.

United Rentals (URI +1.49%) was upgraded to 'Outperform' from 'In-Line' at Evercore ISI.

NXP Semiconductors NV (NXPI -0.19%) was downgraded to 'Neutral' from 'Buy' at Nomura/Instinet.

LyondellBasell Industries NV (LYB +3.37%) was downgraded to 'Underperform' from 'Buy' at Bank of America Merrill Lynch.

Temper Sealy International (TPX +2.31%) was upgraded to 'Hold' from 'Sell' at SunTrust Robinson Humphrey.

Berkshire Hathaway ({=BRK/B=}) fell slightly in after-hours trading after its Q1 operating EPS was a little below consensus due to disappointing insurance results.

Delta (DAL +0.12%) is reportedly considering a delay in a $3 billion Airbus order.

Williams Cos (WMB +2.44%) was raised to "Outperform" from "Market Perform" by Wells Fargo.

MARKET COMMENTS

June E-mini S&Ps (ESM17 -0.04%) this morning are down -1.50 points (-0.06%). Friday's closes: S&P 500 +0.41%, Dow Jones +0.26%, Nasdaq +0.42%. The S&P 500 on Friday closed higher on increased confidence that centrist Emmanuel Macron would win Sunday's French presidential election and on the strong Apr U.S. unemployment report that bolstered confidence in the U.S. economy. In addition, the higher close in oil prices helped oil stocks to stabilize.

June 10-year T-notes (ZNM17 +0.10%) this morning are up +5 ticks. Friday's closes: TYM7 +1.50, FVM7 +0.075. Jun 10-year T-notes on Friday closed slightly higher on some pre-weekend short-covering after June 10-year T-notes initially fell to a 3-1/2 week low. T-note prices were also boosted by the +2.5% y/y gain in April average hourly earnings, which was weaker than market expectations of +2.7% and was dovish for inflation.

The dollar index (DXY00 +0.21%) this morning is up +0.206 (+0.21%). EUR/USD (^EURUSD) is down -0.00050 (-0.45%) and USD/JPY (^USDJPY) is down -0.15 (-0.13%). Friday's closes: Dollar index -0.149 (-0.15%), EUR/USD +0.0013 (+0.12%), USD/JPY +0.25 (+0.22%). The dollar index last Friday fell to a 5-3/4 month low while EUR/USD rallied to a new 5-3/4 month high. The dollar index was undercut by continued strength in the euro on expectations that centrist Macron would beat far-right Le Pen in Sunday's election and pave the way for the ECB to start planning its QE exit for 2018. The dollar index found underlying support on last Friday's strong U.S. April unemployment report.

June WTI crude oil prices (CLM17 -0.26%) this morning are down -1 cent (-0.02%) and June gasoline (RBM17 +0.58%) is up +0.0084 (+0.56%). Friday's closes: Jun crude +0.29 (+0.56%), Jun gasoline +0.0234 (+1.58%). Jun crude oil and gasoline on Friday closed higher on some short-covering after Thursday's plunge. Crude oil prices were hurt by underlying concern about the steady rise in U.S. crude oil production and the fact that the OPEC production cut agreement is not bringing down the massive world glut of oil fast enough. Crude oil prices were also undercut by Friday's Baker Hughes report that U.S. active oil rigs rose by another 6 rigs to post a new 2-year high of 703 rigs.

GLOBAL EVENT CALENDAR05/08/2017

		Monday, May 8
US	0835 ET	St. Louis Fed President James Bullard (non-voter) participates in a panel discussion on Shifting Sands of Low Interest Rates at the Atlanta Feds Financial Markets Conference
	0845 ET	Cleveland Fed President Loretta Mester (non-voter) speaks at the Chicago Council on Global Affairs.
	1100 ET	USDA weekly grain export inspections.
	1400 ET	Fed Senior Loan Officer Survey.
	1600 ET	USDA crop conditions and planting progress.
		Tuesday, May 9
US	0600 ET	Apr NFIB small business optimism index expected -0.7 to 104.0, Mar 104.7.
	0900 ET	Minneapolis Fed President Neel Kashkari (voter) speaks at Minnesota High Tech Conference.
	1000 ET	Mar JOLTS job openings, Feb +118,000 to 5.743 million.
	1000 ET	Mar wholesale trade sales, Feb +0.6%. Mar wholesale inventories expected unrevised at -0.1%.
	1300 ET	Boston Fed President Eric Rosengren (non-voter) speaks at a NYU Conference on risk management.
	1300 ET	Treasury auctions $24 billion of 3-year T-notes.
	1615 ET	Dallas Fed President Robert Kaplan (voter) participates in a moderated Q&A at the Dallas Regional Chamber Lower Middle Market Investment Summit.

U.S. STOCK CALENDAR05/08/2017

Company	Ticker	Time	Event Description	Period	Estimate
Mallinckrodt PLC	MNK US	06:00	Q1 2017 Earnings Release	Q1 17	1.625
AES Corp/VA	AES US	Bef-mkt	Q1 2017 Earnings Release	Q1 17	0.204
Newell Brands Inc	NWL US	Bef-mkt	Q1 2017 Earnings Release	Q1 17	0.29
Sysco Corp	SYY US	Bef-mkt	Q3 2017 Earnings Release	Q3 17	0.515
Tyson Foods Inc	TSN US	07:30	Q2 2017 Earnings Release	Q2 17	1.024
Newell Brands Inc	NWL US	08:30	Q1 2017 Earnings Call	Q1 17
Mallinckrodt PLC	MNK US	08:30	Q1 2017 Earnings Call	Q1 17
Tyson Foods Inc	TSN US	09:00	Q2 2017 Earnings Call	Q2 17
AES Corp/VA	AES US	09:00	Q1 2017 Earnings Call	Q1 17
Sysco Corp	SYY US	10:00	Q3 2017 Earnings Call	Q3 17
International Paper Co	IP US		Annual General Meeting
Digital Realty Trust Inc	DLR US		Annual General Meeting
LKQ Corp	LKQ US		Annual General Meeting
EOG Resources Inc	EOG US	Aft-mkt	Q1 2017 Earnings Release	Q1 17	0.147
International Flavors & Fragrances Inc	IFF US	Aft-mkt	Q1 2017 Earnings Release	Q1 17	1.511
Tesoro Corp	TSO US	Aft-mkt	Q1 2017 Earnings Release	Q1 17	0.306
Verizon Communications Inc	VZ US	16:30	Analyst Meeting
Marriott International Inc/MD	MAR US	17:00	Q1 2017 Earnings Release	Q1 17	0.917