Morning Call For December 5, 2014

German Oct factory orders rose +2.5% m/m and +2.4% y/y, much more than expectations of +0.5% m/m and unch y/y and the strongest in 3 months.

Eurozone Q3 GDP was left unrevised at +0.2% q/q and +0.8% y/y.

The Japan Oct leading index CI fell -1.6 to 104.0, a slightly bigger decline than expectations of -1.5 to 104.1 and the lowest in 1-3/4 years. The Oct coincident index rose +0.4 to 110.2, a larger increase than expectations of +0.2 to 110.0 and the highest in 5 months.

U.S. STOCK PREVIEW

Today’s Nov payroll report is expected to show an increase of +230,000, which would be a bit better than October’s report of +214,000. Today’s Nov unemployment rate is expected to be unchanged from October’s 6-1/3 year low of 5.8%. Today’s Oct U.S. trade deficit is expected to narrow to -$41.2 billion from -$43.0 billion in September. Today’s Oct factory orders report is expected to show a decline of -0.2%, adding to the -0.6% decline seen in September. Today’s Oct consumer credit report is expected to show another strong increase of +$16.5 billion following the September increase of +$15.924 billion. There is only 1 of the Russell 1000 companies that reports earnings today: Big Lots (consensus $-0.05). There are no equity conferences today.

OVERNIGHT U.S. STOCK MOVERS

Tyson Foods (TSN -1.93%) was upgraded to 'Conviction Buy' from 'Buy' at Goldman Sachs.

AMC Entertainment (AMC +1.02%) was downgraded to 'Neutral' from 'Buy' at B. Riley.

IntercontinentalExchange (ICE +0.32%) was downgraded to 'Neutral' from 'Buy' at Citigroup.

Thor Industries (THO -5.68%) was downgraded to 'Neutral' from 'Buy' at SunTrust.

Big Lots (BIG -1.22%) reported a Q3 EPS loss of -6 cents, a bigger loss than consensus of -5 cents.

Vodafone (VOD -1.04%) was upgraded to 'Buy' from 'Neutral' at Goldman Sachs.

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