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. Japanís 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.

Japanís 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
US0700 ETWeekly MBA mortgage applications, previous +10.0% with purchase sub-index +8.4% and refi sub-index +11.3%.
1000 ETMar existing home sales expected +3.9% to 5.28 million, Feb -7.1% to 5.08 million.
1030 ETEIA Weekly Petroleum Status Report.
JPN0200 ETRevised Japan Mar machine tool orders.
GER0200 ETGerman Mar PPI expected +0.2% m/m and -2.9% y/y, Feb -0.5% m/m and -3.0% y/y.
UK0430 ETUK Mar jobless claims change expected -10,000, Feb -18,000. Mar claimant count rate expected unch at 2.1%.
0430 ETUK 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 ETUK ILO unemployment rate expected +5.1% 3-months through Feb, previous 5.1% 3-months through Jan.
U.S. STOCK CALENDAR04/20/2016
CompanyTickerTimeEvent DescriptionPeriodEstimate
Abbott LaboratoriesABT USBef-mktQ1 2016 Earnings ReleaseQ1 20160.393
Coca-Cola Co/TheKO USBef-mktQ1 2016 Earnings ReleaseQ1 20160.444
Textron IncTXT USBef-mktQ1 2016 Earnings ReleaseQ1 20160.516
Huntington Bancshares Inc/OHHBAN USBef-mktQ1 2016 Earnings ReleaseQ1 20160.201
US BancorpUSB USBef-mktQ1 2016 Earnings ReleaseQ1 20160.758
Amphenol CorpAPH USBef-mktQ1 2016 Earnings ReleaseQ1 20160.565
TE Connectivity LtdTEL USBef-mktQ2 2016 Earnings ReleaseQ2 20160.891
Nielsen Holdings PLCNLSN USBef-mktQ1 2016 Earnings ReleaseQ1 20160.501
EMC Corp/MAEMC US7:00Q1 2016 Earnings ReleaseQ1 20160.334
St Jude Medical IncSTJ US7:15Q1 2016 Earnings ReleaseQ1 20160.885
EQT CorpEQT US8:00Annual General MeetingY 2016
Illinois Tool Works IncITW US8:00Q1 2016 Earnings ReleaseQ1 20161.259
Textron IncTXT US8:00Q1 2016 Earnings CallQ1 2016
St Jude Medical IncSTJ US8:00Q1 2016 Earnings CallQ1 2016
Navient CorpNAVI US8:00Q1 2016 Earnings CallQ1 2016
Nielsen Holdings PLCNLSN US8:00Q1 2016 Earnings CallQ1 2016
EMC Corp/MAEMC US8:30Q1 2016 Earnings CallQ1 2016
TE Connectivity LtdTEL US8:30Q2 2016 Earnings CallQ2 2016
Abbott LaboratoriesABT US9:00Q1 2016 Earnings CallQ1 2016
Coca-Cola Co/TheKO US9:00Q1 2016 Earnings CallQ1 2016
Huntington Bancshares Inc/OHHBAN US9:00Q1 2016 Earnings CallQ1 2016
US BancorpUSB US9:00Q1 2016 Earnings CallQ1 2016
Stanley Black & Decker IncSWK US9:30Annual General Meeting
Illinois Tool Works IncITW US10:00Q1 2016 Earnings CallQ1 2016
SanDisk CorpSNDK US10:00Webinar - GleSYS success story
Newmont Mining CorpNEM US11:00Annual General MeetingY 2016
Linear Technology CorpLLTC US11:30Q3 2016 Earnings CallQ3 2016
Amphenol CorpAPH US13:00Q1 2016 Earnings CallQ1 2016
Stryker CorpSYK US16:00Q1 2016 Earnings ReleaseQ1 20161.202
F5 Networks IncFFIV US16:00Q2 2016 Earnings ReleaseQ2 20161.627
Kinder Morgan Inc/DEKMI US16:00Q1 2016 Earnings ReleaseQ1 20160.187
Tractor Supply CoTSCO US16:01Q1 2016 Earnings ReleaseQ1 20160.464
Mattel IncMAT US16:05Q1 2016 Earnings ReleaseQ1 2016-0.074
Citrix Systems IncCTXS US16:05Q1 2016 Earnings ReleaseQ1 20160.924
Stryker CorpSYK US16:30Q1 2016 Earnings CallQ1 2016
F5 Networks IncFFIV US16:30Q2 2016 Earnings CallQ2 2016
Kinder Morgan Inc/DEKMI US16:30Q1 2016 Earnings CallQ1 2016
QUALCOMM IncQCOM US16:45Q2 2016 Earnings CallQ2 2016
Citrix Systems IncCTXS US16:45Q1 2016 Earnings CallQ1 2016
American Express CoAXP US17:00Q1 2016 Earnings CallQ1 2016
Danaher CorpDHR US17:00ITC Final Decision Due in Instradent vs. Danaher Corp. Patent Case
Mattel IncMAT US17:00Q1 2016 Earnings CallQ1 2016
Lam Research CorpLRCX US17:00Q3 2016 Earnings CallQ3 2016
Tractor Supply CoTSCO US17:00Q1 2016 Earnings CallQ1 2016
American Express CoAXP USAft-mktQ1 2016 Earnings ReleaseQ1 20161.331
Newmont Mining CorpNEM USAft-mktQ1 2016 Earnings ReleaseQ1 20160.182
Lam Research CorpLRCX USAft-mktQ3 2016 Earnings ReleaseQ3 20161.087
QUALCOMM IncQCOM USAft-mktQ2 2016 Earnings ReleaseQ2 20160.962
SL Green Realty CorpSLG USAft-mktQ1 2016 Earnings ReleaseQ1 20161.657
Yum! Brands IncYUM USAft-mktQ1 2016 Earnings ReleaseQ1 20160.83
United Rentals IncURI USAft-mktQ1 2016 Earnings ReleaseQ1 20161.201
United Continental Holdings IncUAL USAft-mktQ1 2016 Earnings ReleaseQ1 20161.18
CR Bard IncBCR USAnnual General Meeting
Sherwin-Williams Co/TheSHW USAnnual General Meeting