Morning Call For February 9, 2015

The German Dec trade balance unexpectedly widened to a surplus of +19.1 billion euros, wider than expectations of +16.0 billion euros. Dec exports rose +3.4% m/m, better than expectations of +1.0% m/m. Dec imports unexpectedly fell -0.8% m/m, weaker than expectations of +0.2% m/m.

The Japan Jan consumer confidence index rose +0.3 to 39.1, less than expectations of +0.5 to 39.3.


There are no U.S. economic reports today. There are 7 of the S&P 500 companies that report earnings today: Diamond Offshore Drilling (consensus $0.66), Hasbro (1.20), TECO Energy (0.21), Loews (0.53), Masco (0.20), Computer Sciences (1.12), Dun & Bradstreet (2.62).

Equity conferences this week include: Stifel, Nicolaus Technology, Internet & Media Conference on Mon-Tue, BIO CEO & Investor Conference on Tue, Credit Suisse Financial Services Forum on Tue-Wed, Stifel Transportation and Logistics Conference on Tue-Wed, Goldman Sachs Technology & Internet Conference on Tue-Thu, Aviation Festival Asia on Wed-Thu, Bank of America Merrill Lynch Insurance Conference on Wed-Thu, Leerink Swann Global Health Care Conference on Wed-Thu, Bank of America Merrill Lynch Rates and Currencies Risk Management Conference on Wed-Thu, BB&T Capital Markets Transportation Services Conference on Wed-Thu, and Morgan Stanley Chemicals Corporate Access Day on Thu.


Alcoa (AA -2.93%) was downgraded to 'Neutral' from 'Overweight' at JPMorgan Chase.

Buffalo Wild Wings (BWLD +7.12%) was downgraded to 'Hold' from 'Buy' at Miller Tabak.

Pfizer (PFE +0.55%) was upgraded to 'Outperform' from 'Market Perform' at BMO Capital.

B. Riley downgraded Skechers (SKX -0.81%) to 'Neutral' from 'Buy.'

Prudential (PRU +3.29%) was downgraded to 'Hold' from 'Buy' at Deutsche Bank.

Abercrombie & Fitch (ANF -0.15%) was downgraded to 'Sell' from 'Hold' at Wunderlich.

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Disclosure: None.

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