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                                       Here's What You missed LAST Week                                                                          

NO UPDATE June 26th. Sandi has been ill and was unable to work for a week. Apologies for the inconvenience. It's a first in 24 years.

July 10—14, 2017 Expect bank earnings, Friday, to really determine the tone of Q2 earnings season. Some will be waiting for Yellen’s congressional testimony, Wednesday & Thursday but with the monetary report already released, last Friday, and the recent minutes of the last FOMC Meeting laying out in detail plans for unwinding the Fed’s balance sheet, I just don’t see what the suspense is about Yellen’s testimony. Worse, if she happens to misspeak on Wednesday, she can always shade her comments on Thursday. And, in line with the normalization of the Fed’s balance sheet, there’s a joint NY Fed/Columbia Univ. School of Int’l Public Affairs event, Tuesday, with Fed Gov. Brainard & the NY Fed’s chief trader, Simon Potter, on "Normalizing Central Banks’ Balance Sheets; What is the New Normal?"

I think we can all reasonably conclude that CPI Friday, and for that matter, PPI on Thursday, should offer few surprises, given the pressure oil has been exerting on the commodity complex, in recent months. And, while we’re at it, forget all the calendars that claim the ECB is meeting this week. That’s untrue. It meets on July 20th. End of discussion, no matter that Barron’s is among those that say something different.

Two interesting features outside Yellen’s testimony and the major money center bank earnings should be noted: The first is the FDA will be holding 3 days of meetings for advisory committees to discuss and decide on Biologic Licenses, all of them BioSimilars to existing drugs. While there’s been a one-off biosimilar approved, here and there, this week’s 3 days of meetings to determine the likely fate of several biosimilars may prove a watershed moment.

Also of note, on July 13th, just 2 days after Amazon Prime Day, all unauthorized sellers of Nike products must take their Nike listings down, or AMZN will remove them. I’m not a lawyer, but I come from a family of lawyers and, unless those unauthorized dealers are selling counterfeit or stolen products, AMZN has no right to restrain trade, and insist they remove the listings, to benefit the AMZN/NKE relationship. This issue, to me, is the most exciting development in what’s been, until now, the most one-sided, dominant and feared company on the planet for retailers & manufacturers, alike. Come 7/13, I say stay tuned!

Who’s big idea is it to run Back To School ads 3 days after July 4th? Even Florida, which used to start the school year earliest in the country isn’t starting until 2 weeks prior to Labor Day, as dictated by state law enacted about 4 years ago. But really, Office Depot, Office Max, Staples & Target? Back to School circulars on July 8th? Could the3y at least wait until Wimbledon finishes? Maybe this is contributing to slow traffic at the mall. Stores are so deeply out of synch with consumers, no one is paying attention at all. for Many northerners, especially, their kids have been away at camp all of a week before these foolish stores started pushing pens, paper, and back packs. They’ll do the same for Halloween, putting up stretched out gauzy webs by Labor Day, giving no one time to make the adjustment they must from one season to another. And especially since, I suspect, the motivation for the B-T-S ads is to combat Amazons Prime Day deals that will be offered from 10pm Monday through Tuesday. If it were me, I’d be advertising that it’s too early to think about BTS and, instead, invite shoppers in for great deals on swim wear, shorts, and B-B-Q Grills. Trying to match Prime Day deals 1-for-1 is simply foolhardy.

Lastly, next Friday’s World Congress of Heart Disease & the Alzheimer’s Ass’n Int’l Conference should draw a lot of comment in the lead up. Alzheimer’s is the heart break disease no one has been able to crack, yet. Now, some are using CRISPR to edit genes in an all new attempt to crack the code but even those researchers believe it’s probably several genes that come into play, and they don’t know which those are.

There’s another event on the calendar that I’m not as positive about: The Allen & Co annual Media Conference will be held before next weekend but the exact days are unknown to me, at this time. SEMICON West should be one of the biggest events of the week, starting Tuesday, if for no other reason than the number of I-banks lining up clients to host at the event. JPMorgan is hosting clients from Japan. I imagine the CIBC & Scotiabank Stampede Energy events in Calgary are somewhat similar: a place I-banks can lead clients around an expo.

For the first time, last week, many groups that were barely doing more than churning suddenly broke out. That action will extend the bull case for a few more weeks, assuming earnings don’t spoil the fun.

ECONOMIC: (Highlights, only, here. Full International Economic Calendar here)
SUNDAY, July 09
ECB’s Coeure
"The European Union and the Lure of Exit" @Recontres Economique
    OVERNIGHT into US Mon. a.m. et:
         China June CPI, PPI, Aggregate Financing
, Money Supply, New Yuan Loans
         IMF + Croatian Central Bank Jt Conf. on Economic Convergence of the Countries of central, eastern, and southeastern Europe (30 FinMins & Central Bakers expected; Dubrovnik)

MONDAY, July 10
Fed’s June LMCI
(Labor Market Conditions Index)
US Treasury Auctions $39B 3- & $33B 6-month Bills
TD Ameritrade IMX (12:30p, et)
US Consumer Credit (Debt, really; 3pm et)
    OVERNIGHT into US Tues. a.m. et:
         New Zealand June Card Spending
         UK BRC Like-for-Like June Sales Monitor
         Fed’s Williams on "Speed Limits & Stall Speeds: Fostering Sustainable Growth in the US" w/Q&A (Sydney New South Wales 11pm et)
         Japan (P) June Machine Tool Orders

TUESDAY, July 11
Fed Gov Brainard, NY Fed’s Simon Potter, JPM’s Michael Feroli,
and others speak @NY Fed Reserve Bk & Columbia Univ. School of Int’l Public Affairs "Normalizing Central Banks’
Balance Sheets: What is the New Normal?"
Paris Europlace International Financial Forum "Capitalise on New Dynamics!"(Paris Fr thru 12th)
NFIB Small Business Optimism Index
US May JOLTS (Job Turn Over & Quits)
US May Wholesale Trade/Inventories to Sales
Canada June Housing Starts
US Treasury Auctions $24B 3-year Notes
IRS Nationwide Tax Forum (Orlando FL)
Fed’s Kashkari speaks w/Q&A @Women’s Economic Roundtable (Minneapolis 1:20pm et)
    OVERNIGHT into US Wed. a.m. et:
        Japan June PPI & Corporate Goods Price Index
        UK June Jobless Claimant Count + May Avg Earnings & ILO May Unemployment Rate/
        ECB’s Galhau & Bundesbank’s Domret speak on G20 Regulator Reform @French Financial Sector Conference (Paris FR)

FOMC Chief Yellen semi-annual testimony to US House Financial Services Cmte
(10am est)
Fed Releases Beige Book (2pm et)
BoC (Canada) MPC Meets on Rates, Releases July Monetary Policy Report
MBA Weekly Mortgage/Refinance Applications
EIA weekly Petroleum/Gasoline/Distillates Report
US Treasury Auctions $20B reopened 10-year Notes
BoC’s Poloz & Wilkins post-MPC Meeting Press Conference
Fed’s George on Eco Outlook & Fed Reserve Balance Sheet
@K.C. Fed Denver Branch Economic Forum (Denver CO 2:15pm)
    OVERNIGHT into US Thurs a.m. et;
         UK RICS June House Price Balance
         South Korea MPC July Rate Decision
         China June Trade Balance
         Eurozone, French, German, Spanish June (F) CPI & HCIP
         UK BoE releases Credit Conditions & Bank Liabilities Survey

FOMC Chief Yellen semi-annual testimony to US Senate Banking Cmte
(10am est)
US Weekly Jobless Claims
US June PPI—Final Demand
Canada May New House Price Index
EIA weekly Natural Gas Report
US Treasury Auctions $12B Reopened 30-year Bonds
Fed’s Evans Keynotes the 9th Rocky Mountain Economic Summit (11:30am Victor ID)
NO ECB Meeting Barron’s and others are wrong
see here
US Treasury Refunding Announcement
    OVERNIGHT into US Fri. a.m. et;
         Japan June Dept Store Sales & May Industrial Production/Capacity Utilization
         Italy May Trade Balance & June CPI & HICP
         Eurozone 25 June New Car Registrations, May Trade Balance

FRIDAY, July 14
US June (Adv) Retail Sales

US June Industrial Production/Capacity Utilization
Fed’s Kaplan speaks
@Center for Economic Studies of the Private Sector (Mexico City 9:30am)
US May Business Inventories.
U.M. Prelim. July Consumer Sentiment (10am et0
Baker-Hughes US/North American Rig Count (1p,m et)
    OVERNIGHT into US Sat a.m. et:
         South Korea June trade Balance (Imports/Exports)

WEEKS AHEAD: 07/20 ECB MPC Meets, Post-meeting Press Conference
                                    BoJ MPC Meets
                    07/25—26 FOMC 2-day Meeting

EARNINGS: (We usually cover only the money center banks & largest regionals but, given the mass of banks reporting earnings in the first week of the season, and how many others were all financials, we included all that confirmed by noon (est) last Thursday.)

MONDAY, 07/10: a.m. HELE p.m. CUDA, TV, SLP, VOXX, WDFC

TUESDAY,07/11: a.m. PEP, CDN:PJC/A p.m. AIR, MRUS



FRIDAY, 07/14: a.m. C


ADSA/ASAS Joint Animal & Dairy Science World Jam (Baltimore MD thru 12th)
ISTH Int’l Society on Thrombosis & Hemostasis Congress (Berlin, Germany thru 13th)
FinTech Week (London thru 14th)

OSA Int’l Optical Design
Conference (Denver CO thru 13th)
School Nutrition Ass’n (Atlanta GA thru 12th)
Nat’l Pork Industry Conference (Wisconsin Dells WI thru 12th)
CosmotProf of No. American (Las Vegas NV thru 11th)
Int’l Federation for Automatic Control Conference (Toulouse FR thru 14th)
Microsoft (MSFT) Inspire Worldwide Partners Conference (Washington DC thru 13th)
Wimbledon Tennis Championship day off before Tournament Resumes Monday

MONDAY, July 10
estimated Allen & Co Annual Media Conference (Sun Valley ID thru 14th)
CIBC 9th Annual Unlock the Rock: Stampede Energy Conference (Calgary AB Canada thru 11th)
Scotiabank Calgary Stampede Energy Event (Calgary AB Canada thru 11th)
Wolfe Research Airlines Qtrly Earnings Luncheon (NY)
Stephens Enterprise Software Conference Call: Q2 Trends in Human Capital Mngmnt
AACR Integrative Molecular Epidemiology Workshop: Bridging Cancer Biology & Precision Medicine (Boston thru 14th)
AIAA/SAE/ASEE Joint Propulsion & Energy Conference/Expo (Atlanta GA thru 12th)
BCVS Basic Cardiovascular Sciences Scientific Sessions (Portland OR thru 13th)
Organ-on-a-Chip World Congress +3D Culture (Boston thru 11th)
SAM (Software Asset Management) Summit (Chicago IL thru 12th)
Antibody & Protein Therapeutics Summit (Baltimore MD thru 12th)
NYFW NY Men’s Fashion Week (NY thru 13th)
Inforum NET for Manufacturing, Distribution & Fashion (NY thru 12th)
NEHA Environmental Health (Grand Rapids MI thru 13th)
Annual Emergency Medicine Int’l Disaster Management ClinCon (Orlando FL thru 14th)
Enterprise Mobility Exchange (Braselton GA thru 12th)
Amazon (AMZN) Prime Day not officially ‘til tomorrow but sales start 10pm tonight
Applied Materials (AMAT)
Maydan Technology Center Event (Santa Clara CA 1pm pdt)
CME (CME) Launches futures & options contracts on Russell 2000, assuming approvals received
Flexion Therapeutics Inc (FLXN) Investor/Analyst Day (10am est)
Frontier Communications (FTR) 1 for 15 reverse stock split
Roche Holding (ROG.CH) Analyst Event at ISTH (Berlin Germany 6pm cet)
Wimbledon Tennis Championship Resumes Final Week of Play (ESPN [DIS])

TUESDAY, July 11
Leerink Healthcare Insights Conference (Boston)
Piper Jaffray GenomeRX Symposium (NY thru 12th)
Citi Meetings @SEMICON West (San Francisco thru 12th)
SEMICON West (San Francisco thru 13th)
JPMorgan SEMICON West Japanese Client Tour (San Francisco)
CJS Securities 17th "New Ideas" Summer Conference (White Plains NY)
ABA In|Vest (NY thru 12th)
NAMAD Annual Minority Auto Dealers Mtg (Miami Beach FL thru 14th)
Wolfe Research Transport Qtrly Earnings Lunch (NY)
Wolfe Research Airlines Qtrly Earnings Lunch (Boston)
IAAM & NAC Concession & Hospitality Expo (Scottsdale
VentureBeat MobileBeat (San Francisco thru 12th)
Amazon (AMZN) Prime Day
Amgen (See PFE below)
Pfizer (PFE) subsidiary Wyeth sees FDA discuss its PMA of BLA 761060 MYLOTARG as combo therapy w/daunorubicin (DNR) & cytabine (AraC) for adults previously untreated de novo acute myeloid leukeima (AML)
MLB (Baseball) All Star Game (Miami FL)

RBC Industrial CEO Summit (Greenbriar W VA thru 14th)
Shutdowns Turnarounds Superconference (Houston TX thru 13th)
CE Week (NY thru 13th)
FX Week USA (NY)
ICSC (Shopping Centers) Next Generation National Conference (Irvine CA)
Usenix ATC Annual Technical Conference (Santa Clara CA thru 14th)
98th Int’l FMCA Motorhome/Coach Convention (Indianapolis IN thru 15th)
NAMM (Nat’l Ass’n of Music Merchandisers) Summer Session (Nashville TN thru 15th)
ICAST & IFTS Sportfishing Expo & Dealer Show (Orlando thru 14th)
IMAST: Advanced Spine Techniques (Cape Town So. Africa thru 15th)
BITS 6th World Congress of Embolism & 5th Congress of Diabetes (Prague Czech thru 14th)
Allergan (AGN) see LLY below, for its losing patent infringement case filed by LLY
Cabella’s (CAB) shareholders vote on the Bass Pro Shops takeover deal
Eli Lilly (LLY) expects final, complete, ruling on its win in UK Supreme Court which found AGN’s Actavis willfullly infringed on LLY patents for its vitamin regiment, Alimta, infringing in UK, France, Italy & Spain
General Mills Inc (GIS) Annual Investor Day (8am cst)
?Guess (GES) roadshow with B Riley (Minneapolis MN)
Novartis (NVS) FDA discusses its BLA 125646 for Tisagenitecleucel-T suspension for intravenous use for treatment of pediatric & young adult patients, 3 to 24 yrs of age, with relapsed/frefreactory B-cell acute lymphoblastic leukeimia (ALL)
Panera Holdings (PNRA) shareholders vote on the $315 p/share JAB Holdings takeover offer
ESPY (DIS’ ESPN) Awards Presented by Capital One (COF) & ABC TV (DIS)

AGD General Dentistry (Las Vegas thru 15th)
Infectious Disease Summit (Baltimore MD thru 14th)
AFCEA Classified Cyber Intelligence Symposium (Chantilly VA)
Wolfe Research Lunch w/FASB ASC-842, Lease Accounting impact on Retailers (NY noon)
Wolfe Research Transport Qtrly Earnings Lunch (Boston)
50th Annual SSR: Society for Reproductive Health (Washington DC thru 16th)
Semi-Annual NRG Gynecologic Oncology Group (Philadelphia PA)
Variety Sports & Entertainment Summit (Los Angeles
Daiwa-Bahana Indonesia Emerging Leaders Corporate Day (Singapore)
Amazon (AMZN) recently imposed deadline for unauthorized sellers to cease selling Nike (NKE) apparel, accessories & shoes Prime day was their last chance to clean inventory
Amgen (AMGN)/Allergan (AGN) Joint Oncologic Drugs AdCom on their biosimilar to Genetech/Roche Avastin (See Roche below)
?Guess (GES) roadshow with B Riley (Chicago)
Mylan (MYL) FDA to discuss its MYL-14010 BLA 761074 a proposed biosimilar for Genetech’s/(Roche) HERCEPTIN to treat HER2 overexpressing node positive or node negative breast cancer as part of a treatment regimen with other agents
ONE Gas Inc.(OGS) Chair Pierce Norton (also AGA Chair) presents to Philadelphia Securities Ass’n
Roche (ROG.CH) FDA considers Amgen’s (AMGN) biosimilar to Genetech//Roche’s Avastin for 1st or 2nd line treatment of metastatic carcinoma of the colon or rectum in combo with IV 5-Fluoruracil-based Chemo, 2] in combo with fluopyrimidine innotecan or flour phyphyrimidine oxa liplatin bsee=chemo for 2nd line treatment with patient suffering colorectal cancer who have progressed on a first ine ABP215-containing regimen. See also MYL
Prime Time Emmy Award Nominations Announced

FRIDAY, July 14
22nd World Congress on Heart Disease (Vancouver BC Canada thru 16th)
Alzheimer’s Ass’n International Conference (London thru 20th)
16th Int’l Congress on the Future of Breast Cancer (San Diego thru 15th)
Wolfe Research Qtrly Cruise, Gaming & Lodging Lunch (NY noon)
D23 Disney (DIS) Fan Club Expo (Anaheim CA thru 16th)
Herbalife (HLF) Extravaganza (St Louis MO thru 16th)
MOVIES OPENING: "War for the Planet of the Apes," with Andy Serkis, Woody Harrelson, Steve Zahn, co-written & directed by Matt Reeves, via 20th Century Fox (FOXA). "Wish Upon," with Joey King, Ryan Phillippe, Ki Hong Lee, distributed by Broad Green Pictures. "Lady Macbeth," with Florence Pugh, Cosmo Jarvis, Paul Hilton, & Naomi Ackie, from BBC Films & British Film Institute. "The Big Sick," with umail Nanjiani, Zoe Kazan, Holly Hunter, Ray Romano, how a real-life team conquered cultural differences & health issues to deliver a highly anticipated comedy in the summer season. Amazon (AMZN) bought distribution rights, supposedly for $12m, at Sundance, and is co-distributing with Lions Gate (LGF.A), outbidding Sony (SNE) & Fox Searchlight (FOXA).

NARUC: Utilities Regulatory Commissione
rs Summer Policy Summit (San Diego thru 19th)
CHART: Hospitality Training Conference (San Diego thru 18th)
GBTA Global Business Travel Professional Convention (Boston thru 19th)
SNAC Int’l Chip Festival (Saratoga Springs NY)
US Formula E Race (NY)     EARLIER 2017 COMMENTS HERE

Sandi Lynne 2017 Nothing contained in this commentary should be construed as a recommendation to buy or sell any security. The opinions expressed are the author’s, alone, and should be just one factor in more complete due diligence.

                                                                           Enjoy last week's highlights. I'm retired, now, and prepare what I like, when I want,

  Sandi Lynne

       (c) 1998--2017 Sandi Lynne