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Jim Van Meerten
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Jim Van Meerten is an advisor to Marketocracy Capital Management and writes on financial subjects here and on Barchart Portfolio Blogs and Seeking Alpha. He earned a BS in Accounting and Business Administration from Berry College; a Juris Doctorate from the Woodrow Wilson School of Law; and... More
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  • Barchart Morning Call 4/29 0 comments
    Apr 29, 2013 11:52 AM | about stocks: FB, ANF, PAG, ROP, ETN, L, ACFC, GS, JCP, CHDN, S, RCII, PNR, CNA, EGN, HNT, CHH, SNH, EXR, CMP, AXP, CFFN, TOF, RBC, BA, KO, MCY, AWI, PCAR, UTX, QGEN, HIG, CSE, RVBD, ALSN, FBHS, PCL, BUTLQ, MAS, NEM, PLCM, ESRX, GGP, PPS, CBL, PRE, ACGL, THG

    BARCHART MORNING CALL - Monday, April 29th, 2013>>View Older Reports

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    OVERNIGHT MARKETS AND NEWS
    June E-mini S&Ps (ESM13 +0.35%) this morning are up +0.27% as European stocks rally +0.52% on a decline in Eurozone government debt yields. Italian 10-year borrowing costs plummeted to a 2-1/2 year low of 3.94% after new Italian Prime Minister Enrico Letta was sworn in, which ended a 2-month long political standoff caused by inconclusive elections. European stocks gained despite a larger-than-expected decline in the Eurozone April economic and business confidence surveys. Asian stocks today closed mostly higher: Hong Kong +0.15%, Taiwan +0.10%, Australia +0.56%, Singapore +0.39%, South Korea -0.31%, India +0.52%. Japan and China closed for holiday. Commodity prices are mostly higher with a weaker dollar. June WTI crude oil (CLM13 +0.39%) is up +0.40, June gasoline (RBM13 -0.54%)is down -0.0147, June natural gas (NGM13 +1.23%) is down by -1.14, June gold (GCM13 +1.45%) is up +1.22%, May copper (HGK13 +1.24%) is up +0.96%. The dollar index (DXY00 -0.42%) is weaker by -0.36% and fell to a 1-1/2 week low. EUR/USD (^EURUSD) is higher by +0.41%. USD/JPY (^USDJPY) is lower by-0.16% and posted a 1-week low. June 10-year T-note (ZNM13 -0.01%) futures prices are down -1.5 ticks.
    Italy sold 3 billion euros of 10-year bonds at 3.94%, down from 4.66% at last month's auction and the lowest yield in 2-1/2 years. The bid-to-cover ratio was 1.42 times the amount offered, up from 1.33 last month. Italy also sold 3 billion euros of 5-year notes at a yield of 2.84%, down from 3.65% at a similar auction last month.
    Spain's 10-year bond yield fell to 4.20%, a 2-1/2 year low, as German Finance Minister Schaeuble travels to Spain today to unveil a plan aimed at spurring investment in Spanish companies.
    The Eurozone April economic confidence fell -1.5 points to 88.6 from a revised 90.1 in March. That was weaker than expectations of a -0.7 point decline to 89.3. The April business climate indicator fell -0.18 to -0.93 from a revised -0.75 in March. That was also weaker than expectations of a -0.5 point decline to -0.91.
    Minutes from the Apr 16 Riksbank meeting showed board members were concerned with strength in the Swedish krona and its impact on the economy. Sweden's central bank kept its main lending rate unchanged at 1.0%, and pushed back plans for a rate increase until 2014, citing a strengthening krona and the inability of companies to raise prices because of weak demand. The Riksbank also cut its inflation forecast to 0.1% from 0.4% for this year and predicted the Swedish economy will grow 1.4% this year and 2.7% in 2014.

    U.S. STOCK PREVIEW
    June E-mini S&Ps (ESM13 +0.35%) this morning are up +0.27%. The S&P 500 index on Friday moved lower after the U.S. economy grew less than expected in Q1. U.S. Q1 GDP grew at a +2.5% (q/q annualized) pace, weaker than expectations of +3.0%. Stock losses were limited, however, as U.S. Q1 personal consumption rose +3.2%, stronger than expectations of +2.8%, and after the final U.S. Apr consumer confidence (University of Michigan) climbed +4.1 points to 76.4, stronger than expectations of +1.2 to 73.5. Another bullish factor for stocks is strong Q1 earnings growth as 74% of the 270 of the S&P 500 companies that have reported earnings results have beaten estimates. Closes: S&P 500-0.18%, Dow Jones +0.08%, Nasdaq 100 -0.28%.

    OVERNIGHT U.S. STOCK MOVERS

    Piper Jaffray says Facebook (FB +2.72%) could report Q1 revenue on Wednesday that misses consensus expectations by 1%-2%. Piper Jaffray says the company's core ad revenue growth may not accelerate as fast as analysts expect.
    Abercrombie & Fitch (ANF +0.56%) upgraded to Outperform from Neutral at Macquarie.
    Penske Automotive (PAG -1.29%) reported Q1 continuing EPS of 63 cents, better than consensus of 62 cents.
    Roper Industries (ROP -0.28%) reported Q1 EPS of $1.27, better than consensus of $1.22.
    Eaton Corp PLC (ETN -0.07%) reported Q1 EPS of 84 cents, better than consensus of 78 cents.
    Loews (L -1.27%) reported Q1 EPS of 82 cwnts, weaker than consensus of 84 cents.
    Amin Fadul Ali reported a 9.5% stake in Atlantic Coast Federal (ACFC -0.60%) .
    CNBC reported after the markets closed Friday that Goldman Sachs (GS -0.45%) had secured a $1.75 billion loan for J.C. Penney (JCP+11.55%) that would be backed by the company's real estate and real estate leases.
    PAR Investment Partners reported a 7% passive stake in Churchill Downs (CHDN +1.59%) .
    Dow Jones reported after the markets closed Friday that Clearwire stock holder Aurelius Capital had filed a motion to block the Clearwire (CLWR+3.93%) and Sprint (S -0.28%) merger.
    Rent-A-Center (RCII +0.56%) announced that its board has increased the authorization for stock repurchases under the company's common stock repurchase plan by $250 million to $1.25 billion.

    MARKET COMMENTS
    June 10-year T-notes (ZNM13 -0.01%) this morning are down -1.5 ticks. June 10-year T-note futures prices on Friday settled higher. T-notes found support on the weaker-than-expected U.S. Q1 GDP, which sent stocks lower and increased the safe-haven demand for Treasuries. Another supportive factor was bond-dealer short covering as dealers lifted short-hedges after Thursday's conclusion to the week's $99 billion of T-note auctions. Closes: TYM3 +12.0, FVM3 +4.50.
    The dollar index (DXY00 -0.42%) this morning is weaker by -0.36% and at a a 1-1/2 week low. EUR/USD (^EURUSD) is up +0.41% and USD/JPY (^USDJPY) is down -0.16% at a 1-week low. The dollar index on Friday closed lower. The main bearish factor was the slower-than-expected growth in U.S. Q1 GDP, which increased speculation the Fed will maintain its dollar-negative QE program. USD/JPY fell to a 1-week low as the yen strengthened after the BOJ failed to offer new stimulus measures at the conclusion of its policy meeting Friday. Closes: Dollar index -0.270 (-0.33%), EUR/USD +0.0018 (+0.14%), USD/JPY -1.224 (-1.23%).
    June WTI crude oil (CLM13 +0.39%) this morning is up +0.40 and June gasoline (RBM13 -0.54%)is down -0.0147. June crude oil and gasoline on Friday settled mixed. The main bearish factor was the weaker-than-expected U.S. Q1 GDP, which raised demand concerns. Prices came off of their worst levels, though, after the Apr U.S. University of Michigan consumer confidence came in stronger than expected. Closes: CLM3 -0.64(-0.68%), RBM3 +0.0032 (+0.11%).

    GLOBAL EVENT CALENDAR04/29/2013

    US 0830 ET Mar personal spending expected +0.1% m/m Feb +0.7%. Mar personal income expected +0.4%, Feb +1.1%.
      0830 ET Mar PCE deflator expected -0.1% m/m and +1.0% y/y, Feb +0.4% m/m and +1.3% y/y. Mar core PCE deflator expected +0.1% m/m and +1.2% y/y, Feb +0.1% m/m and +1.3% y/y.
      1000 ET Mar pending home sales expected +1.0% m/m, Feb -0.4% m/m and +5.0% y/y.
      1030 ET Apr Dallas Fed manufacturing activity, Mar 7.4.
      1100 ET USDA weekly grain export inspections.
      1500 ET Treasury issues quarterly borrowing estimates.
      1600 ET USDA Crop Progress.
    EUR 0500 ET Eurozone Apr economic confidence expected 89.4, Mar 90.0. Apr business climate indicator expected -0.91, Mar -0.86.
      0500 ET Final Eurozone Apr consumer confidence, previous -22.3.
    GER 0800 ET German Apr CPI (EU harmonized) expected -0.1% m/m and +1.7% y/y, Mar +0.4% m/m and +1.8% y/y.
    UK 1901 ET UK Apr GfK consumer confidence survey expected -26, Mar -26.
    JPN 1930 ET Japan Mar overall household spending expected +1.6% y/y, Feb +0.8% y/y.
      1930 ET Japan Mar jobless rate expected 4.2%, Feb 4.3%.
      1950 ET Japan Mar industrial production expected +0.4% m/m and -7.2% y/y, Feb +0.6% m/m and -10.5% y/y.
      1950 ET Japan Mar retail trade expected -0.8% m/m and +0.4% y/y, Feb +1.7% m/m and -2.2% y/y.
      n/a Japanese markets closed for Showa Day.
    CH n/a Chinese markets closed for Labor Day

    U.S. STOCK CALENDAR04/29/2013

    Company Name Symbol Time Event Description Period EPS Est (US$)
    Pentair Ltd PNR US 4:00 Annual General Meeting Y 2013  
    CNA Financial Corp CNA US Bef-mkt Q1 2013 Earnings Release Q1 2013 0.713
    Eaton Corp PLC ETN US Bef-mkt Q1 2013 Earnings Release Q1 2013 0.784
    Energen Corp EGN US Bef-mkt Q1 2013 Earnings Release Q1 2013 1.214
    Loews Corp L US Bef-mkt Q1 2013 Earnings Release Q1 2013 0.84
    Health Net Inc/CA HNT US Bef-mkt Q1 2013 Earnings Release Q1 2013 0.407
    Roper Industries Inc ROP US Bef-mkt Q1 2013 Earnings Release Q1 2013 1.222
    Choice Hotels International Inc CHH US Bef-mkt Q1 2013 Earnings Release Q1 2013 0.268
    Senior Housing Properties Trust SNH US Bef-mkt Q1 2013 Earnings Release Q1 2013 0.437
    Extra Space Storage Inc EXR US Bef-mkt Q1 2013 Earnings Release Q1 2013 0.438
    Compass Minerals International Inc CMP US 7:00 Q1 2013 Earnings Release Q1 2013 1.116
    Roper Industries Inc ROP US 8:30 Q1 2013 Earnings Call Q1 2013  
    American Express Co AXP US 9:00 Annual General Meeting Y 2013  
    Capitol Federal Financial Inc CFFN US 9:00 Q2 2013 Earnings Release Q2 2013 0.118
    CNA Financial Corp CNA US 10:00 Q1 2013 Earnings Call Q1 2013  
    Eaton Corp PLC ETN US 10:00 Q1 2013 Earnings Call Q1 2013  
    Fulton Financial Corp FULT US 10:00 Annual General Meeting Y 2013  
    Regal-Beloit Corp RBC US 10:00 Annual General Meeting    
    Choice Hotels International Inc CHH US 10:00 Q1 2013 Earnings Call Q1 2013  
    Compass Minerals International Inc CMP US 10:00 Q1 2013 Earnings Call Q1 2013  
    Boeing Co/The BA US 11:00 Annual General Meeting    
    Energen Corp EGN US 11:00 Q1 2013 Earnings Call Q1 2013  
    Loews Corp L US 11:00 Q1 2013 Earnings Call Q1 2013  
    Health Net Inc/CA HNT US 11:00 Q1 2013 Earnings Call Q1 2013  
    Coca-Cola Co/The KO US 11:45 Economic Club of Canada Presents President Nicola Kettlitz    
    Mercury General Corp MCY US 13:00 Q1 2013 Earnings Call Q1 2013  
    Senior Housing Properties Trust SNH US 13:00 Q1 2013 Earnings Call Q1 2013  
    Armstrong World Industries Inc AWI US 13:00 Q1 2013 Earnings Call Q1 2013  
    Extra Space Storage Inc EXR US 13:00 Q1 2013 Earnings Call Q1 2013  
    PACCAR Inc PCAR US 13:30 Annual General Meeting    
    United Technologies Corp UTX US 14:00 Annual General Meeting    
    QIAGEN NV QGEN US 16:00 Q1 2013 Earnings Release Q1 2013 0.222
    Hartford Financial Services Group Inc HIG US 16:15 Q1 2013 Earnings Release Q1 2013 0.82
    CapitalSource Inc CSE US 16:15 Q1 2013 Earnings Release Q1 2013 0.143
    Riverbed Technology Inc RVBD US 16:30 Q1 2013 Earnings Call Q1 2013  
    Allison Transmission Holdings Inc ALSN US 16:30 Q1 2013 Earnings Call Q1 2013  
    Fortune Brands Home & Security Inc FBHS US 16:30 Annual General Meeting    
    Plum Creek Timber Co Inc PCL US 17:00 Q1 2013 Earnings Call Q1 2013  
    CapitalSource Inc CSE US 17:30 Q1 2013 Earnings Call Q1 2013  
    Peabody Energy Corp BTU US 18:00 Annual General Meeting    
    Masco Corp MAS US Aft-mkt Q1 2013 Earnings Release Q1 2013 0.135
    Newmont Mining Corp NEM US Aft-mkt Q1 2013 Earnings Release Q1 2013 0.772
    Plum Creek Timber Co Inc PCL US Aft-mkt Q1 2013 Earnings Release Q1 2013 0.323
    Express Scripts Holding Co ESRX US Aft-mkt Q1 2013 Earnings Release Q1 2013 0.976
    General Growth Properties Inc GGP US Aft-mkt Q1 2013 Earnings Release Q1 2013 0.225
    Post Properties Inc PPS US Aft-mkt Q1 2013 Earnings Release Q1 2013 0.701
    CBL & Associates Properties Inc CBL US Aft-mkt Q1 2013 Earnings Release Q1 2013 0.511
    PartnerRe Ltd PRE US Aft-mkt Q1 2013 Earnings Release Q1 2013 2.376
    Arch Capital Group Ltd ACGL US Aft-mkt Q1 2013 Earnings Release Q1 2013 0.958
    Hanover Insurance Group Inc/The THG US Aft-mkt Q1 2013 Earnings Release Q1 2013 1.052
    Erie Indemnity Co ERIE US Aft-mkt Q1 2013 Earnings Release Q1 2013 0.725
    Alexandria Real Estate Equities Inc ARE US Aft-mkt Q1 2013 Earnings Release Q1 2013 1.111
    SBA Communications Corp SBAC US Aft-mkt Q1 2013 Earnings Release Q1 2013 -0.209
    Community Health Systems Inc CYH US Aft-mkt Q1 2013 Earnings Release Q1 2013 0.849
    Herbalife Ltd HLF US Aft-mkt Q1 2013 Earnings Release Q1 2013 1.064
    Riverbed Technology Inc RVBD US Aft-mkt Q1 2013 Earnings Release Q1 2013 0.236
    Hertz Global Holdings Inc HTZ US Aft-mkt Q1 2013 Earnings Release Q1 2013 0.158
    Allison Transmission Holdings Inc ALSN US Aft-mkt Q1 2013 Earnings Release Q1 2013 0.191
    Jacobs Engineering Group Inc JEC US 22:00 Q2 2013 Earnings Release Q2 2013 0.825
    Boeing Co/The BA US   Extraordinary Shareholder Meeting    
    Mercury General Corp MCY US   Q1 2013 Earnings Release Q1 2013 0.468
    Armstrong World Industries Inc AWI US   Q1 2013 Earnings Release Q1 2013 0.386
    Stocks: FB, ANF, PAG, ROP, ETN, L, ACFC, GS, JCP, CHDN, S, RCII, PNR, CNA, EGN, HNT, CHH, SNH, EXR, CMP, AXP, CFFN, TOF, RBC, BA, KO, MCY, AWI, PCAR, UTX, QGEN, HIG, CSE, RVBD, ALSN, FBHS, PCL, BUTLQ, MAS, NEM, PLCM, ESRX, GGP, PPS, CBL, PRE, ACGL, THG
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