Morning Call For Tuesday, August 15

Omeros (OMER +4.95%) dropped nearly 5% in after-hours trading after it filed to sell 3 million shares of its common stock in a secondary public offering.

Pandora Media (P -0.12%) rose 4% in after-hours trading after it named Sling TV CEO Roger Lynch as CEO and board member effective September 18.

Extreme Networks (EXTR +8.00%) jumped 10% in after-hours trading after it reported Q4 adjusted EPS of 17 cents, above consensus of 15 cents.

Photronics (PLAB +3.68%) plunged 16% in after-hours trading after it reported Q3 revenue of $111.6 million, below consensus of $115.2 million, and then said it sees Q4 revenue of $108 million-$116 million, weaker than expectations of $124.2 million.


Sep S&P 500 E-mini stock futures (ESU17 +0.26%) this morning are up +5.00 points (+0.20%). Monday's closes: S&P 500 +1.00, Dow Jones +0.62%, Nasdaq +1.31%. The S&P 500 on Monday closed sharply higher on reduced market volatility after the VIX volatility index plunged when North Korean geopolitical risks subsided. Another supportive factor was signs of strength in the Japanese economy that benefits global growth after Japan Q2 GDP rose +4.0% (q/q annualized), stronger than expectations of +2.5% (q/q annualized) and the fastest pace of growth in over 2-years. A bearish factor was weakness in energy producers after crude oil prices fell -2.52%.

Sep 10-year T-note prices (ZNU17 -0.22%) this morning are down -9 ticks. Monday's closes: TYU7 -8.50, FVU7 -4.75. Sep 10-year T-notes on Monday closed lower on reduced safe-haven demand for T-notes as the stock market rallied sharply after North Korean tensions eased, and on signs of stronger global economic growth that may prompt the Fed to raise interest rates and the BOJ to taper QE after Japan Q2 GDP expanded at a +4.0% (q/q annualized) pace, the fastest pace of growth in over 2-years.

The dollar index (DXY00 +0.36%) this morning is up +0.318 (+0.34%). EUR/USD (^EURUSD) is down -0.0025 (-0.21%) and USD/JPY (^USDJPY) is up +0.78 (+0.71%). Monday's closes: Dollar Index +0.342 (+0.37%), EUR/USD -0.0041 (-0.35%), USD/JPY +0.44 (+0.40%). The dollar index on Monday closed higher due to weakness in EUR/USD after Eurozone Jun industrial production fell -0.6% m/m, the biggest decline in 6 months, and on the increase in 10-year T-note yields, which improves the dollar's interest rate differentials.

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