Barchart Morning Call

Priceline (PCLN  -0.20%) was initiated with an 'Outperform' at Oppenheimer with a price target of $1450.

TECO Energy (TE  +0.76%) filed to sell 15.5 million shares of common stock.

MARKET COMMENTS

Sep E-mini S&Ps (ESU14  +0.22%) this morning are up +4.00 points (+0.20%). The S&P 500 index on Monday closed little changed. A bullish factor for the S&P 500 was a rally in homebuilding stocks after U.S. May pending home sales rose +6.1% m/m, much stronger than market expectations of +1.5% m/m and the largest monthly increase in 4 years. Bearish factors included (1) the -2.9 point decline in the Jun Chicago PMI to 62.6, a larger decline than expectations of -2.5 to 63.0, and (2) the prediction from UBS that with the end of the quarter on Monday, fund managers may sell up to $20 billion in stocks as fund manages sell equities and buy bonds to rebalance their portfolios. Closes: S&P 500 -0.04%, Dow Jones -0.15%, Nasdaq +0.13%.

Sep 10-year T-notes (ZNU14  -0.21%) this morning are down -8 ticks. Sep 10-year T-note futures prices on Monday closed little changed. A bullish factor for T-notes was the larger-than-expected decline in the Jun Chicago PMI. Limiting strength was the larger-than-expected +6.1% m/m increase in May pending home sales, the biggest jump in 4 years. Closes: TYU4 +2.50, FVU4 +2.25.

The dollar index (DXY00  +0.06%) this morning is up +0.055 (+0.07%). EUR/USD (^EURUSD ) is down -0.0001 (-0.01%). USD/JPY (^USDJPY ) is up +0.22 (+0.22%). The dollar index on Monday fell to a 1-1/2 month low and closed lower. Bearish factors included (1) strength in EUR/USD which climbed to a 5-week high after Eurozone Jun core CPI rose more than expected, which reduces the chances of further ECB monetary stimulus, and (2) strength in the yen as USD/JPY fell to a 5-week low amid speculation the BOJ will refrain from boosting monetary stimulus after Friday's Japanese inflation data rose and Japan's unemployment rate unexpectedly fell to the lowest in over 16 yrs. Closes: Dollar index -0.264 (-0.33%), EUR/USD +0.0045 (+0.33%). USD/JPY -0.054 (-0.05%).

Aug WTI crude oil (CLQ14  +0.30%) this morning is up +36 cents (+0.34%). Aug gasoline (RBQ14  +0.13%) is up +0.0015 (+0.05%). Aug crude and gasoline prices on Monday closed lower with Aug crude at a 2-week low and Aug gasoline at a 1-1/2 week low. Bearish factors included (1) increased OPEC output as Bloomberg data showed that OPEC Jun crude production rose +278,000 bpd to 30.223 million bpd, a 4-month high, and (2) reduced concern that sectarian violence in Iraq will spread to the southern part of the country where three-quarters of the country's oil production is located. Closes: CLQ4 -0.37 (-0.35%) RBQ4 -0.0309 (-1.01%).

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