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                                       Here's What You missed LAST Week                                                                          

                                       MOST of THE REST of RETAIL REPORTS THIS WEEK--- NOT MUCH TO WARM THE HEART IN THAT  
May 15—19, 2017   Given what earnings from department stores Macy*s, Kohl’s & JCPenney looked like, last week, a week of even smaller retailers reporting Q1 could be a scary prospect. While Saturday, May 6th was the slowest week I’ve ever seen at the local Simon Property Mall, Town Center, the 13th was devoted to Mother’s Day, and hopping. You know shoppers are all about Mother’s Day when the busiest stores are Godiva & Palm Beach Confections, Papyrus, which opened 2 weeks is commonly sighted around the mall, and more men are carrying Victoria’s Secret bags than women (though I find that very sad, given the polyester nightgowns on offer.) But a single week does not a season or quarter make, and the quarter just finished was painful, with few exceptions. Unfortunately, two of the exceptions—Lululemon & Pandora Jewelry—have a lot of good news built into their shares. Pandora, so it’s said, moved across the hall to a bigger location which is unbelievably white, bright, and sparkling, and was packed with shoppers for Mother’s Day, a special bracelet on offer for Mom.

Among the retailers reporting earnings this week, which range from tiny CitiTrends (Wed) & The Buckle (Thurs), to Home Depot (Tues), TJMaxx (Tues.), Target (Wed.), Walmart (Thurs.), & Ross Stores (Thurs.), along with Gap Stores, Ralph Lauren, FootLocker (a strong retailer staying strong), along with a couple of tech names, and Chinese ADRs, along with Deere on Friday.

As often happens, when the Earnings Calendar is winding down, I-bank events crank up, even as media companies will be hosting the Fall TV Season Upfronts, throughout the week. Nomura Instinet’s Gaming, Leisure & Lodging Conference in New York should be well attended. Gaming & lodging companies have been strong, none stronger than Marriott since it closed on Starwood. Tuesday, alone, Bk of America Merrill Lynch hosts Health Care, also in Vegas, Deutscher Bank Clean Tech, Utilities & Power, Goldman Sachs Basic Materials, Citi Car of the Future, Credit Suisse Shale, Stephens an inaugural Energy Executive Summit, D.A. Davidson a Financial Institutions Conference Recap—recapping its Financial Institutions Conference held last week, JPMorgan Global Consumer & Retail, Barclays Americas Select Franchise Conference, KBW European Financials, Needham Emerging Technology, OpCo Emerging Growth, Citi Chemical Conference, BAC/MER Global Metals, Mining & Steel, UBS a Pan-European Small & Mid-Cap Conference, RBC Canadian Automotive, Transportation & Industrials, & CIBC Technology & Innovation 5.0. If that isn’t a s—t load of I-bank meetings starting on a single day this week, I don’t know what would be. And, ironically, it’s Variety’s Webby Awards (Streamed on YouTube) and Square’s Analyst Meeting that could occupy the media. Wednesday, the I-bank Conference schedule is only a little lighter than Tuesday’s.

As for Industry Events, a big Whoops! A Booboo! Interop ITX & 5G Forum USA to be scheduled concurrently---not just in different cities but different states, altogether. Interop & InformationWeek return to Vegas, while the 5G Communications conferences are in Austin TX. And if they weren’t enough there’s a telecom & media event, tmForum Live Digital Disruption, in Nice France, just in time for the Cannes Film Festival which will run through the 20th. .

If the financials don’t pick up, I’ll get a lot more negative on the market. While PM’s are piling into the FANG stocks, there’s not much else going up—or not enough of the soldiers to sustain the market averages, even if the FANG stocks continue outpacing all others. The charts I see, nightly, don’t look particularly healthy to me. Stalled at best, while at worst, hanging on by their fingernails.

ECONOMIC: (Highlights only below. Full
International Economic Calendar here Full ECB Calendar here)
SUNDAY, 05/14
Belt & Road Forum for International Cooperation (Beijing thru 15th)
German April Wholesale Price Index
Mother’s Day
    OVERNIGHT into US Mon. a.m. et:
        Japan April PPI, Corporate Goods Price Index
, March Loans & Discounts
        UK May Rightmove House Prices
        RBA (Aussie) May MPC Meeting Minutes
        China April Retail Sales, Fixed Asset Investments & Industrial Production
        ECB’s Nouy & Farkas, + Bundesbank’s Dombret speak at banking conference (Frankfurt)
        Norges Bank Gov. Olsen at hearing on conduct of monetary policy before standing Cmte on finance & Economic Affairs (Oslo)
        Swedish Nat’l Bank’s Ingves speech on challenges of monetary policy at Swedish Economics Ass’n (Stockholm)

MONDAY, 05/15
1st Chance Equity Traders get to react to Russell Rankings for upcoming(6/23) Rebalance

Empire State NY Fed April Manufacturing Survey
NAHB May Housing Market Index
Canada April Existing Home Sales
US Treasury Auctions $39B 3-, & $33B 6-month Bills
US March TICS
    OVERNIGHT into US Tues. a.m. et:
        EU 25 April New Car Registrations

        Italy Q1 (P) GDP
        UK April CPI, Retail Price Index, PPI, & Producer Output, Mar. House Price Index
        Eurozone Q1 (P) GDP & March Trade Balance

TUESDAY, 05/16
US April Housing Starts/Building Permits
Redbook weekly store sales snapshot
US April Industrial Production/Capacity Utilization
17Q1 E-Commerce Sales
FINRA Annual Conference
(D.C. thru 18th)
SALT Conference (Las Vegas thru 19th)
    OVERNIGHT into US Wed. a.m. et:
        China April Net FX Settlement
        Japan March (F) Industrial Production/Capacity Utilization

        2nd APEC Senior Officials Meeting (Hanoi Vietnam to 18th)
        UK ILO March Unemployment Rate/Change/Count, + April Claims
        BoE Chief Economist Haldane speaks at Finance Foundation Annual Lecture.

WEDNESDAY, 05/17
MBA weekly Mortgage/Refinance Applications
EIA weekly Petroleum/Gasoline/Distillates Stats (w/e 5/12)
Russia Q1 GDP
1st Court Hearing on Puerto Rico’s Bankruptcy Filing
    OVERNIGHT into US Thurs. a.m. et:
        Japan 17Q1 GDP,
House Loans, Private Consumption, Business Spending
        Aussie April Unemployment/Rate/Change/Participation
        China April Property & House Prices
        Fed’s Bullard & BoE’s Forbes
brief press
        UK April Retail Sales

THURSDAY, 05/18
US weekly Jobless Claims

Philly Fed May Business Outlook Survey
ECB Chief Mario Draghi receiving an Honorary Doctorate @Tel Aviv University (Israel)
Canada March Manufacturing Shipments/Int’l Security Transactions
Sr. VP at NY Fed Reserve Bank "Remarks by Lorie Logan" (NY Fed)
Russia Central Bank FX Reserves
EIA Natural Gas Report
US Treasury Auctions $11B reopened 10-year TIPS
US Refunding Announcement, after last week’s news that US Gov’t Surplus $185B
Fed’s Mester speaks at Economic Club of Minneapolis (1:15pm)
US weekly Fed Balance Sheet & Money Supply (4:30pm et)
    OVERNIGHT into US Fri. a.m. et:
        French Q1 Unemployment Rate (current 10.0%)
        UK CBI May Selling + Order Trends/Prices
        Nat’l Bank of Poland MPC Meets
        Central Bank of Malaysia MPC Rate Decision
        ECB’s Constancio & Praet on "Banking Union & Capital Markets Union: Interaction & Synergies @Joint ECB/EU Commission Conference on Financial Markets Integration" (Brussels)

FRIDAY, 05/19
St Louis Fed’s Midwest Macroeconomics Group meeting (St Louis MO)
Fed’s Bullard on "Us Economy & Monetary Policy" at Ass’n for Corporate Growth (ACG) St Louis Chapter w/Q&A (9:15am Washington Univ. St Louis MO)
EU Foreign Affairs Council Meets (Brussels)
Canada March Retail Sales & April CPI
Baker-Hughes weekly US/North American Rig Count (1pm et)

                       WEEK AHEAD: 05/24 BoC MPC Meets
                                                         FOMC Minutes of 05/02—03 Meeting

EARNINGS: (We cover only the largest money center & trust banks, plus mega regionals. We ignore "The" in a company name unless it’s integral to the ticker. Tickers that didn’t confirm by last Thursday, at noon, are not included. For this week, alone, we highlighted all the retailers, no matter how small, since they dominate the schedule.)

MONDAY, 05/15: a.m. CASL, AEY, ALDX, AETI, APGI, AMS, BASI, BAK, CASI, CCCL, CGA, CTIB, FRTA, FTEO, GALT, GLMD, GLA, HEOFF, JGWE, LIQT, LONE, MNGA, NTWK, NTTYY?, ONTX, QHC, MARK, SPP, SPNS, SPPJY, SPU?, SORL, SPCB, TRVG, VBLT, VRS?, VICL, WCST, WLB, WMLP, WINT

     p.m. ADK, AMRS, ARCW, ABY, BRFH, BKYI, BDSI, BVX, BSQR, CLBS, CAPR, CRME, CRTN, CATS, CERU, HOTR, CDTI, CLPR, ELP, CCUR, CPIX, CMLS, CVV, DSS, DXPE, DYSL, DYNT, EDIT, ELMD, EVOK, DAVE, FATE, FSAM, FNJN, FSI, FH, FSM, GAIN, GVP, HTGM, INTX, ICPW, KURA, LFL, MAMS, MARA, MEEC, NCSM, NBEV, NOAH, OHAI, OGXI?, OXBR, PAR, TEUM, PRKR, PYDS, PTX, PME, REED, SEV, SGLB, SNCR, TEAR, TWER?, TRQ, VRAY, VIPS, VOXX, WYY, WTT, ZYME

TUESDAY, 05/16: a.m. AKER, ALOT, CYRN, DKS, ESLT, GILT, HD, KMDA, MGIC, MANU, NNA, SINA, SPLS, SSYS, SYPR, TJX, VRTU, VOD, WB

     p.m. ACXM, BZUN, STV, JACK, NSLT, RRGB, SAR, TRNS, URBN

WEDNESDAY, 05/17: a.m. AFMD, AEO, CTRN, ELTK, ENZY, EVGN, ITRN, KNOP, PLAB, QIWI, STAF, TGT

     p.m. DL, CSCO, EDAP, FLO, IMDZ, INPCF, JHX, JE, LB, RXN, WTTR, SQM, SMRT, SNPS, ZTO

THURSDAY, 05/18: a.m. BABA, AINV, BONT, BKE, CAE, CATO, PLCE, ZX, EXP, HIBB, MNRO, NGG, PERY, PNTR, RL, SSI, TK, TGP, TOO, TNK, TISA, VSTE, WMT, XIN

     p.m. AMAT, ADSK, FFHL, GPS, GLOB, MCK, NWY, ROST, SB, CRM, SPWH

FRIDAY, 05/19: a.m. CPB, DE, DXLG, FL

EVENTS:
CONTINUING SUNDAY, 05/14

Society for Immunologists (D.C. thru 16th)
112th AUA American Urological Ass’n Annual (Boston MA thru 16th)

STARTING SUNDAY, 05/14
Int’l Telecoms
week (Chicago IL thru 17th)
FT Business of Luxury Summit (Lisbon Portugal thru 16th)
31st (FL) Governor’s Hurricane Conference (W. Palm Beach FL thru 19th)

MONDAY, 05/15
Piper Jaffray Financial Institutions Conference (Palm Beach FL thru 17th)
Nomura Instinet 2017 Gaming, Leisure & Lodging Conference (NY thru 16th)
5G Forum USA (Austin TX)
Light Reading BIG Communications Event (Austin TX thru 17th)
Content Delivery & Streaming Media East (NY thru 17th)
Interop ITX + InformationWeek (Las Vegas thru 19th)
Stephens Transportation Investor Field Trip (to SAIA, Vanguard Truck Centers, CSX, LSTR thru 16th)
NY Data Center Summit (NY thru 17th)
VA Healthcare Summit (Pentagon City/Arlington VA thru 18th)
Morgan Stanley 3rd GEMS (EMEA) Conference (London
American Marine Industry Political & Legislative Conference (D.C. thru 17th)
SOFIC: Special Operations Forces Industry Conference (Tampa FL thru 18th)
eMetrics Summit (San Francisco thru 18th)
TechCrunch Disrupt (NY thru 17th)
Advances in Immuno-oncology Congress (London thru 16th)
Deutsche Bank 8th Annual dbAccess Asia Conference (Singapore thru 19th)
22nd CLSA China Forum (Tianjin China thru 17th )
tmForum Live Digital Disruption (Nice France thru 18th)
8th Annual BioSimilars Asia (Shanghai China thru 18th)
Cable & TV Upfronts to book fall/winter 2017 ads (thru 18th)
American International Group (AIG) Consumer Insurance Investor Day (9:30am et)
Comcast’s (CMCSA) NBC Universal Upfront (NY 9:30am)
Dunkin Donuts (DNKN) DD Perks Reward Week (thru 19th)
Fox TV (FOXA) Upfront (NY 4pm)
Informatica (INFY) World (San Francisco thru 18th)
Macy*s (M) Launches exclusive Cynthia Crowley Collection in 149 Macy*s stores & online
Melco Resorts & Entertainment (MLCO) offering 27.76m ADS (each representing 3 ordinary shares) & 81.99m ordinary shares in a secondary stock placement to conclude Crown Australia’s partnership with Melco Resorts & Entertainment.
Microsoft (MSFT) VS Live! (Austin TX)
Precision Drilling Corp (PDS) Analyst/Investor Day (Houston TX)
Siemens Healthineers (Munich Germany 8am edt/1pm BST)
Telemundo Upfront (6:30pm et)
Zendesk Inc (ZEN) Analyst Day (1pm pst)

TUESDAY, 05/16
BAC/MER Health Care Conference (Las Vegas thru 18th)
Deutsche Bank 11th Annual Clean Tech, Utilities & Power (NY)
Goldman Sachs Basic Materials Conference (NY thru 17th)
Citi 2017 Car of the Future Symposium (NY)
Credit Suisse Boston Shale Symposium (Boston)
Stephens Inaugural Energy Executive Summit (Little Rock AR thru 17th)
D.A. Davidson Financial Institutions Conference Recap (NY)
IMN 5th Real Estate CFO & COO (west) Forum (San Diego thru 17th)
Euromoney North American Air Finance Conference (NY thru 17th)
JPMorgan 11th Annual Global Consumer & Retail Conference (London thru 17th)
Barclay’s Americas Select Franchise Conference (London thru 17th)
KBW European Financials Conference (London thru 17th)
Needham Emerging Technology Conference (NY thru 17th)
OpCo Emerging Growth Conference (NY)
Citi Chemical Conference (London)
BAC/MER 34th Annual Global Metals, Mining & Steel Conference (Barcelona Spain thru 18th)
UBS Pan-European Small & Mid-Cap Conference (London thru 18th)
RBC Canadian Automotive, Transportation & Industrials Conference (Toronto Canada thru 18th)
U.M. Ross School of Business Growth Capital Conference (Ypsilanti MI thru 17th)
Variety’s 21st Webby Awards (YouTube {GOOGL} Streamed)
CIBC Technology & Innovation 5.0 Conference (Toronto Canada)
SME’s Eastec (Robots & Human ingenuity Manufacturing--West Springfield MA thru 18th)
Self-Insured Workers’ Compensation Executive Forum (Asheville NC thru 17th)
D A Davison Financial Institutions Conference Recap (Conf was 05/9—11)
Cleantech Forum Europe (Helsinki Finland thru 18th)
Citi Retail Roundtable Day 2017 (Sydney Australia)
Advanced Micro Devices (AMD) Analyst Day
American Financial Group Inc (AFG) Investor Day (Chicago 11am cst)
Amyris Inc (AMRS) 1st Biotech Summit/Investor Day (Emeryville CA Hdqtrs noon pst)
Atlas Financial Holdings Inc (AFH) Investor Day (Chicago)
Cars.com (TGNA) Investor Day Presentation (Spin-off to TGNA shareholders on 06/01; 10am et)
Huawei Global ISP Summit AsiaPac (Singapore thru 18th)
Masco Corp (MAS) Investor Day (NY 1pm est)
Murphy USA Inc (MUSA) Investor Day (NYSE 8am est)
Salesforce.com (CRM) Xchange (Las Vegas NV thru 18th)
SAP (SAP) SAPphire NOW & ASUG (Orlando FL thru 18th)
Square Inc (SQ) Investor Day (San Francisco 8am pst)
Stanley Black & Decker Inc (SWK) Investor Day (NY 9am est)
Univision (TV) Upfront (NY 11am)
Walt Disney’s (DIS) ESPN Upfront (NY 9am) & ABC TBV (4pm)

WEDNESDAY, 05/17
JPMorgan 10th Annual Homebuilding & Building Products Conference (NY thru 18th)
BAC/MER 2017 Transportation Conference (Boston thru 18th)
MoffettNationson 4th Annual Media & Communications Summit (NY thru 18th)
BMO Capital Markets 12th Farm to Market Conference (NY thru 18th)
35th American Pain Society Annual meeting (Pittsburgh PA thru 20th)
Citi European Internet & Digital Conference (London thru 18th)
Macquarie Towers & Communications Infrastructure (Milan Italy)
Deutsche Bank dbAccess UK Housebuilders Day( London
Citi Home Appliance & Property Tour (Wuxi & Hangzhou China thru 19th)
FDA considers TransMedics’ PMA for Transmedics Organ Care portable organ perfusion ventilation & monitoring medical device Lung System via the FDA Gastroenterology & Urology Devices Panel AdCom Announcement
FDA Vaccines & Related Biological Products AdCom Announcement (to discuss Respiratory Syncytial Virus Vaccine Candidates
Alphabet’s (GOOGL) Google I/O 2017 (Mountain View CA thru 19th)
CBS TV (CBS) Upfront (NY 4pm) along w/NCM at noon, & Adult Swim Party at 9pm
Johnson & Johnson (JNJ) Pharmaceutical Business Review (New Brunswick NJ 8:30am est)
LCI Industries Inc (LCII) meeting CL King Clients (Chicago)
TEGNA (TGNA) Investor Day 2017 (10am et)
Thermo Fisher Scientific Inc (TMO) Analyst Day (NY 9am est)
Universal Stainless & Alloy (USAP) meeting w/CL King clients (Boston)
70th Cannes Film Festival (Cannes France thru 20th)

THURSDAY, 05/18
FT US Healthcare & LifeSciences Summit (NY)
Barclays Water Symposium (NY)
IWNY Festival Internet Week NY (NY thru 24th)
Arthroscopy Ass’n of No. Am. Annual Meeting (Denver CO thru 20th)
Wall Street Analyst 26th Annual Growth Conference (NY)
Houlihan Lokey Global Industrials Conference (NY)
JPMorgan Media & Telecoms CEO Conference (London thru 19th)
Deutsche Bank Italy Conference (London)
NAIC BetterInvesting National Convention (Cincinnatti OH thru 21st)
Sarepta Therapeutics (SRPT) subject of FDA Pediatric AdCom & Pediatric Ethics SubCmte Announcement to discuss an institutional review board (IRB) of a clinical investigation that involves children & FDA regulated products—a "double-Blind Placebo Controller, Multi-Center Study with an Open-Label Extension to evaluate the Efficacy & Safety of SRP 4045 & SRP 4053 in DMD Patients
29th Meeting of the Japan Diabetic Society (Nagoya Japan thru 20th)
15th Asia Pacific Trading Summit (Hong Kong)
Caezars Entertainment Corp (CZR) Sell-side Analyst Day (Las Vegas NV 9am pst)
CW (CBS + TWX) Upfront (NY 11am)
Fortive Corp (FTV) Investor Day (10am est)
National General Holdings Corp (NGHC) Investor Day (NY 10am est)
Reinsurance Group of America (RGA) Investor Day (NY 8:30am est)
Samsung Securities Global Investor Conference (thru 19th)
Sotheby’s (BID) Auctions Original paper & ceramic pieces by Picasso, from the Villa he left to his granddaughter, Marina Picasso (NY)

FRIDAY, 05/19
ATS: Am. (Thoracic) society for Pulmonary, Critical Care & Sleep Int’l Conference (D.C. thru 24th)
Stephens Beef Outlook Call with industry expert Cassandra Fish
SocGen Nice Conference (Nice France)
EuroHeartCare 2017 (Sweden thru 20th)
Credit Suisse China Autos Corporate Day (Hong Kong)
Honeywell International Inc (HON) Aerospace Investor Showcase (Morristown NJ 9am est)
Mitsubishi UFJ Financial Group (Japan 8306) Investor Meeting (Tokyo)
(The) Timken Company (TKR) Investor Day (NY noon est)
MOVIES OPENING: "Alien: Covenant" with Michael Fassbender, Katherine Waterston, Billy Crudup, Danny McBride, directed by Ridley Scott, via 20th Century Fox (FOXA). "Diary of a Wimpy Kid: The Long Haul," with Alicia Silverstone, Tom Everett Scott, Charlie Wright, Jason Drucker, based on Jeff Kinney’s unusually popular book series, from 20th Century Fox (FOXA). "Everything, Everything" with Amandia Stenberg, Nick Robinson, Anika Noni Rose, from Nicola Yoon’s novel, distributed by Metro-Goldwyn-Mayer. "Wakefield" with Bryan Cranston, Jennifer Garner, Jason O’Mara, Beverly D’Angelo, adapted from a short story by E.D. Doctorow, via IFC Films. "Wakefield" debuted last Sept at the Telluride Film Festival but didn’t get signed to a distribution deal until IFC stepped in late, this past March.

SATURDAY, 05/20
National Restaurant Association (Chicago thru 23rd)
APA: American Psychiatric Meeting (San Diego thru 24th)
142nd AES Audio Int’l Convention (Berlin Germany thru 23rd)
139th Int’l Trademark Ass’n Annual Meeting (Barcelona Spain thru 24th)
Macy*s (M) holding "pool party events to celebrate all things summer & swim" at select stores.
Preakness Stakes, 2nd leg of the Triple Crown (Pimlico MD)  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,

Regards
  Sandi Lynne

       (c) 1998--2017 Sandi Lynne