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Morning Call For Tuesday, Oct. 24

OVERNIGHT MARKETS AND NEWS

Dec E-mini S&Ps (ESZ17 +0.13%) this morning are up +0.10% and European stocks are up +0.19% on signs that the global economic expansion will continue after European manufacturing activity this month unexpectedly accelerated. The German 10-year bund yield rose to a 2-week high of 0.476% and EUR/USD strengthened after the Eurozone Oct Markit manufacturing PMI unexpectedly rose +0.5 to 58.6, the fastest pace of expansion since the data series began in 2014. Gains in European stocks were limited ahead of the ECB meeting on Thursday along with a meeting by Catalan's Parliament where they could make a declaration of independence from Spain. Asian stocks settled mostly higher: Japan +0.50%, Hong Kong -0.53%, China +0.22%, Taiwan +0.08%, Australia +0/06%, Singapore -0.45%, South Korea -0.15%, India +0.31%. Japan's Nikkei Stock Index rallied for a record 16th consecutive session up to a new 21-year high on carry-over support from Sunday's elections where Prime Minister Abe's ruling coalition retained its two-thirds majority in parliament. Also, prospects that the BOJ may extend QE fueled stock gains after people familiar with the central bank said the BOJ is considering lowering its core inflation outlook for this year to 0.8% from 1.1% at its policy meeting at the end of the month.

The dollar index (DXY00 -0.13%) is down -0.08%. EUR/USD (^EURUSD) is up +0.10%. USD/JPY (^USDJPY) is up +0.26%.

Dec 10-year T-note prices (ZNZ17 -0.10%) are down -5.5 ticks.

The German Oct Markit/BME manufacturing PMI fell -0.1 to 60.5, stronger than expectations of -0.6 to 60.0. The Oct Markit services PMI fell -0.4 to 55.2, weaker than expectations of -0.1 to 55.5.

The Eurozone Oct Markit manufacturing PMI unexpectedly rose +0.5 to 58.6, stronger than expectations of -0.3 to 57.9 and the fastest pace of expansion since the data series began in 2014.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Oct Markit manufacturing PMI (expected +0.4 to 53.5, Sep +0.3 to 53.1) and Oct Markit services PMI (expected -0.1 to 55.2, Sep -0.7 to 55.3), (2) Oct Richmond Fed manufacturing index (expected -2 to 17, Sep +5 to 19), (3) Treasury auctions $26 billion of 2-year T-notes.

Notable S&P 500 earnings reports today include: Halliburton (consensus $0.38), Hasbro (1.94), VF Corp (1.12), State Street Corp (1.61), Kimberley-Clark (1.54), Seagate Technology (0.87), Illinois Took Works (1.65), Arconic (0.27), Whirlpool (3.94), Zions Bancorpation (0.72).

U.S. IPO's scheduled to price today: Ablynx (OTC:ABYLY), Haymaker Acquisition Corp (HYACU)

Equity conferences this week: ASM Heat Treat Conference on Tue, In-Memory Computing Summit on Tue, Broadband World Forum on Tue, International Wafer-Level Packaging Conference on Tue, Digital Transformation Summit on Tue, Offshore Technology Conference on Tue, European AIDS Conference on Wed, Yahoo Finance All Markets Summit on Wed, European Committee for Treatment and Research in Multiple Sclerosis on Thu, Society of Women Engineers National Conference on Fri.

OVERNIGHT U.S. STOCK MOVERS

American Express (AXP +0.31%) was upgraded to 'Neutral' from 'Underweight' at Atlantic Equities LLP with a price target of $100.

Hasbro (HAS -8.60%) was upgraded to 'Overweight' from 'Equal-Weight' at Barclays with a price target of $110.

BroadSoft (BSFT +1.67%) was downgraded to 'Outperform' from 'Strong Buy' at Raymond James.

Regeneron (REGN -0.05%) was assumed at Guggenheim Securities with a 'Buy' recommendation of with a price target of $540.

Seattle Genetics (SGEN -2.33%) was assumed at Guggenheim Securities with a 'Buy' recommendation with a 12-month target price of $72.

Intercept Pharmaceuticals (ICPT -1.87%) rose 3% in after-hours trading after it said the results from a Phase 2 trial of its OCA daily treatment of primary sclerosing cholangitis met their primary endpoint.

Whirlpool (WHR +0.02%) tumbled over 6% in after-hours trading after it reported Q3 net sales of $5.42 billion, weaker than consensus of $5.51 billion, and then cut its full-year EPS estimate to $13.60 to $13.90 from a prior view of $14.50 to $15, well below consensus of $14.62.

Core Laboratories NV (CLB -1.94%) climbed almost 4% in after-hours trading after it reported Q3 revenue of $166.2 million, above consensus of $161 million.


HNI Corp. (HNI -1.33%) sank 16% in after-hours trading after it said it sees Q4 adjusted EPS of 38 cents-45 cents, well below consensus of 96 cents, and then said it sees full-year adjusted EPS of $2.15-$2.65, weaker than consensus of $2.98.

Knoll (KNL -0.10%) rallied over 12% in after-hours trading after it reported Q3 EPS of 39 cents, better than consensus of 35 cents.

uniQure NV (QURE -3.89%) fell nearly 4% in after-hours trading after it announced that it had commenced an underwritten public offering of 5 million shares of its common stock.

Corbus Pharmaceuticals (CRBP -4.76%) dropped almost 5% in after-hours trading after it launched a secondary offing of $30 million in shares of its common stock at $7 a share.

Immune Design (IMDZ unch) slumped 18% in after-hours trading after it announced that it plans to sell up to 16 million shares of its common stock in an underwritten public offering.

MARKET COMMENTS

Dec S&P 500 E-mini stock futures (ESZ17 +0.13%) this morning are up +2.50 points (+0.10%). Monday's closes: S&P 500 -0.40%, Dow Jones -0.23%, Nasdaq -0.67%. The S&P 500 on Monday rose to a new record high but gave up its gains and closed lower. US stocks were undercut by the impending decision by President Trump on the next Fed chair and by the ongoing political crisis in Spain after Spain's chief prosecutor said that if Catalan President Puigdemont declares independence he would face as much as 30 years in jail and could be arrested immediately.

Dec 10-year T-note prices (ZNZ17 -0.10%) this morning are down -5.5 ticks. Monday's closes: TYZ7 +3.00, FVZ7 +2.75. Dec 10-year T-notes on Monday recovered from a 2-week low and closed higher on technical short-covering after the recent sharp losses and on carry-over support from a rally in German bunds on increased safe-haven demand from the political turmoil in Spain. There was also carry-over support from a rally in Japanese 10-year bonds after Sunday's landslide victory by Japanese Prime Minister Abe's party increases the likelihood that BOJ Governor Kuroda will be reappointed when his term expires next year and that his QE policies will continue.

The dollar index (DXY00 -0.13%) this morning is down -0.071 (-0.08%). EUR/USD (^EURUSD) is up +0.0012 (+0.10%) and USD/JPY (^USDJPY) is up +0.29 (+0.26%). Monday's closes: Dollar Index +0.235 (+0.25%), EUR/USD -0.0035 (-0.30%), USD/JPY -0.09 (-0.08%). The dollar index on Monday rose to a 2-week high and closed higher on weakness in the yen against the dollar as USD/JPY soared to a 3-1/4 month high after Japanese Prime Minister Abe's ruling coalition retained its majority in Sunday's general election, which bolsters expectations for the BOJ to continue with its yen-negative QE program. There was also weakness in EUR/USD on the ongoing political risks in Spain as Catalonia threatens to declare independence from Spain.

Dec crude oil (CLZ17 +0.67%) this morning is up +40 cents (+0.77%) and Dec gasoline (RBZ17 +0.46%) is +0.0085 (+0.52%). Monday's closes: Dec WTI crude +0.06 (+0.12%), Dec gasoline -0.0045 (-0.27%). Dec crude oil and gasoline on Monday settled mixed. Crude oil prices were undercut by the rally in the dollar index to a 2-week high and by the decline in the crack spread to a 3-session low, which reduces incentive for refineries to boost their crude purchases to refine crude into gasoline. Crude oil prices were supported by a report that OPEC members have actually cut production by more than they originally agreed upon.

Metals prices this morning are mixed with Dec gold (GCZ17 -0.08%) -1.1 (-0.09%), Dec silver (SIZ17 unch) -0.005 (-0.03%) and Dec copper (HGZ17 +1.08%) +0.035 (+1.10%). Monday's closes: Dec gold +0.4 (+0.03%), Dec silver -0.003 (-0.02%), Dec copper +0.0225 (+0.71%). Metals on Monday settled mixed. Metals prices were boosted by increased safe-haven demand for precious metals on the ongoing political tensions in Spain and by the -4,175 MT decline in LME copper inventories to a 5-week low of 283,450 MT. Metals prices were undercut by the +0.25% rally in the dollar index.

GLOBAL EVENT CALENDAR10/24/2017

Tuesday, Oct 24
US 0945 ET Oct Markit manufacturing PMI expected +0.4 to 53.5, Sep +0.3 to 53.1. Oct Markit services PMI expected -0.1 to 55.2, Sep -0.7 to 55.3.
1000 ET Oct Richmond Fed manufacturing index expected -2 to 17, Sep +5 to 19.
1300 ET Treasury auctions $26 billion of 2-year T-notes.
Wednesday, Oct 25
US 0700 ET Weekly MBA mortgage applications, previous +3.6% with purchase sub-index +4.2% and refi sub-index +3.0%.
0830 ET Sep durable goods orders expected +1.0% and +0.5% ex transportation, Aug +2.0% and +0.5% ex transportation. Sep capital goods new orders nondefense ex-aircraft expected +0.3%, Aug +1.1%.
0900 ET Aug FHFA house price index expected +0.4%, Jul +0.2% m/m.
1000 ET Sep new home sales expected -0.9% to 555,000, Aug -3.4% to 560,000.
1030 ET EIA weekly Petroleum Status Report.
1130 ET Treasury auctions $15 billion of 2-year floating-rate notes.
1300 ET Treasury auctions $34 billion of 5-year T-notes.

U.S. STOCK CALENDAR10/24/2017

Name Ticker Time Description Period Estimate
Centene Corp CNC US 06:00 Q3 2017 Earnings Release Q3 17 1.245
PulteGroup Inc PHM US Bef-mkt Q3 2017 Earnings Release Q3 17 0.587
Regions Financial Corp RF US 06:00 Q3 2017 Earnings Release Q3 17 0.254
Corning Inc GLW US Bef-mkt Q3 2017 Earnings Release Q3 17 0.414
Stanley Black & Decker Inc SWK US 06:00 Q3 2017 Earnings Release Q3 17 1.872
Interpublic Group of Cos Inc/The IPG US Bef-mkt Q3 2017 Earnings Release Q3 17 0.328
Eli Lilly & Co LLY US 06:25 Q3 2017 Earnings Release Q3 17 1.028
Fifth Third Bancorp FITB US 06:30 Q3 2017 Earnings Release Q3 17 0.476
Biogen Inc BIIB US 06:30 Q3 2017 Earnings Release Q3 17 5.731
Entergy Corp ETR US 06:30 Q3 2017 Earnings Release Q3 17 2.161
Waters Corp WAT US 06:50 Q3 2017 Earnings Release Q3 17 1.742
United Technologies Corp UTX US 06:55 Q3 2017 Earnings Release Q3 17 1.686
Pentair PLC PNR US 07:00 Q3 2017 Earnings Release Q3 17 0.932
Masco Corp MAS US 07:00 Q3 2017 Earnings Release Q3 17 0.523
Sherwin-Williams Co/The SHW US 07:00 Q3 2017 Earnings Release Q3 17 4.684
Lockheed Martin Corp LMT US 07:25 Q3 2017 Earnings Release Q3 17 3.26
3M Co MMM US 07:30 Q3 2017 Earnings Release Q3 17 2.205
Caterpillar Inc CAT US 07:30 Q3 2017 Earnings Release Q3 17 1.246
General Motors Co GM US 07:30 Q3 2017 Earnings Release Q3 17 1.112
McDonald's Corp MCD US 07:58 Q3 2017 Earnings Release Q3 17 1.762
Stanley Black & Decker Inc SWK US 08:00 Q3 2017 Earnings Call Q3 17
Masco Corp MAS US 08:00 Q3 2017 Earnings Call Q3 17
Pentair PLC PNR US 08:00 Q3 2017 Earnings Call Q3 17
PACCAR Inc PCAR US 08:00 Q3 2017 Earnings Release Q3 17 1.08
Waters Corp WAT US 08:00 Q3 2017 Earnings Call Q3 17
Whirlpool Corp WHR US 08:00 Q3 2017 Earnings Call Q3 17
Centene Corp CNC US 08:30 Q3 2017 Earnings Call Q3 17
PulteGroup Inc PHM US 08:30 Q3 2017 Earnings Call Q3 17
Corning Inc GLW US 08:30 Q3 2017 Earnings Call Q3 17
Interpublic Group of Cos Inc/The IPG US 08:30 Q3 2017 Earnings Call Q3 17
Biogen Inc BIIB US 08:30 Q3 2017 Earnings Call Q3 17
United Technologies Corp UTX US 08:30 Q3 2017 Earnings Call Q3 17
Fifth Third Bancorp FITB US 09:00 Q3 2017 Earnings Call Q3 17
Eli Lilly & Co LLY US 09:00 Q3 2017 Earnings Call Q3 17
3M Co MMM US 09:00 Q3 2017 Earnings Call Q3 17
General Motors Co GM US 09:00 Q3 2017 Earnings Call Q3 17
Regions Financial Corp RF US 11:00 Q3 2017 Earnings Call Q3 17
Sherwin-Williams Co/The SHW US 11:00 Q3 2017 Earnings Call Q3 17
McDonald's Corp MCD US 11:00 Q3 2017 Earnings Call Q3 17
Lockheed Martin Corp LMT US 11:00 Q3 2017 Earnings Call Q3 17
Caterpillar Inc CAT US 11:00 Q3 2017 Earnings Call Q3 17
Entergy Corp ETR US 11:00 Q3 2017 Earnings Call Q3 17
CR Bard Inc BCR US Q3 2017 Earnings Release Q3 17 2.958
PACCAR Inc PCAR US 12:00 Q3 2017 Earnings Call Q3 17
Texas Instruments Inc TXN US 16:00 Q3 2017 Earnings Release Q3 17 1.118
Advanced Micro Devices Inc AMD US Aft-mkt Q3 2017 Earnings Release Q3 17 0.078
Range Resources Corp RRC US Aft-mkt Q3 2017 Earnings Release Q3 17 0.034
Juniper Networks Inc JNPR US Aft-mkt Q3 2017 Earnings Release Q3 17 0.562
XL Group Ltd XL US Aft-mkt Q3 2017 Earnings Release Q3 17 (3.942)
AT&T Inc T US Aft-mkt Q3 2017 Earnings Release Q3 17 0.744
Akamai Technologies Inc AKAM US 16:01 Q3 2017 Earnings Release Q3 17 0.587
Express Scripts Holding Co ESRX US 16:01 Q3 2017 Earnings Release Q3 17 1.902
Capital One Financial Corp COF US 16:05 Q3 2017 Earnings Release Q3 17 2.15
Illumina Inc ILMN US 16:05 Q3 2017 Earnings Release Q3 17 0.994
Torchmark Corp TMK US 16:05 Q3 2017 Earnings Release Q3 17 1.197
Chipotle Mexican Grill Inc CMG US 16:10 Q3 2017 Earnings Release Q3 17 1.627
Total System Services Inc TSS US 16:15 Q3 2017 Earnings Release Q3 17 0.802
Ameriprise Financial Inc AMP US 16:15 Q3 2017 Earnings Release Q3 17 2.798
Equity Residential EQR US 16:15 Q3 2017 Earnings Release Q3 17 0.788
Edwards Lifesciences Corp EW US 16:15 Q3 2017 Earnings Release Q3 17 0.862
Robert Half International Inc RHI US 16:15 Q3 2017 Earnings Release Q3 17 0.697
Discover Financial Services DFS US 16:18 Q3 2017 Earnings Release Q3 17 1.542
Chipotle Mexican Grill Inc CMG US 16:30 Q3 2017 Earnings Call Q3 17
Akamai Technologies Inc AKAM US 16:30 Q3 2017 Earnings Call Q3 17
Iron Mountain Inc IRM US 16:30 Q3 2017 Earnings Release Q3 17 0.57
AT&T Inc T US 16:30 Q3 2017 Earnings Call Q3 17
Total System Services Inc TSS US 17:00 Q3 2017 Earnings Call Q3 17
Capital One Financial Corp COF US 17:00 Q3 2017 Earnings Call Q3 17
Texas Instruments Inc TXN US 17:00 Q3 2017 Earnings Call Q3 17
Illumina Inc ILMN US 17:00 Q3 2017 Earnings Call Q3 17
Advanced Micro Devices Inc AMD US 17:00 Q3 2017 Earnings Call Q3 17
Robert Half International Inc RHI US 17:00 Q3 2017 Earnings Call Q3 17
Juniper Networks Inc JNPR US 17:00 Q3 2017 Earnings Call Q3 17
Edwards Lifesciences Corp EW US 17:00 Q3 2017 Earnings Call Q3 17
Iron Mountain Inc IRM US 17:30 Q3 2017 Earnings Call Q3 17
Discover Financial Services DFS US 18:00 Q3 2017 Earnings Call Q3 17
XL Group Ltd XL US 18:00 Q3 2017 Earnings Call Q3 17

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