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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 Moring Call 4/30 0 comments
    Apr 30, 2013 9:30 AM | about stocks: HOT, PBI, PFE, AET, CMI, NYX, MDRX, NEM, CYH, PPP, HTZ, ACGL, HLF, BWLD, TXRH, ESRX, QGEN, HTLF, THC, NI, MPC, WRK, VLO, GAS, AVP, ECL, Z, X, NEE, WEC, HCP, FIS, HRS, XYL, LM, PEG, IVZ, IBM

    BARCHART CALL

    Tuesday, April 30th, 2013>>View Older Reports

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    OVERNIGHT MARKETS AND NEWS
    June E-mini S&Ps (ESM13 -0.13%) this morning are down -0.13%, following a -0.25% decline in European stocks after Eurozone unemployment climbed to a record high in March. Asian stocks today closed mostly higher: Japan -0.17%, Hong Kong +0.69%, Taiwan +0.80%, Australia +1.28%, Singapore +0.19%, South Korea +1.38%, India +0.60%. China was closed for a holiday. Commodity prices are mixed. June WTI crude oil (CLM13 -0.29%) is down -0.32%, June gasoline (RBM13 -0.24%) is down -0.27%, June natural gas (NGM13 -0.50%) is down -0.50%, June gold (GCM13 +0.44%) is up +0.33%, May copper (HGK13 -0.42%) is down -0.12%. Agriculture prices are higher with May corn up +1.02% at a 1-month high and May soybeans up +1.16% at a 2-1/4 month high as planting delays continue in the U.S. Midwest. The dollar index (DXY00+0.02%) is up +0.06%. EUR/USD (^EURUSD) fell back from a 1-week high and is down -0.20% after a drop in the Eurozone Apr CPI estimate to a 3-year low nearly cements a 25 bp rate cut at Thursday's ECB meeting. USD/JPY (^USDJPY) is down -0.20%. June 10-year T-note futures prices (ZNM13 +0.12%) are up 5 ticks ahead of the 2-day FOMC meeting that begins today.
    The Eurozone Mar unemployment rate rose +0.1 to a record 12.1%, in line with expectations.
    The Eurozone Apr CPI estimate was +1.2% y/y, much weaker than expectations of +1.6% y/y and the lowest in 3 years. This will increase pressure on the ECB to cut interest rates at Thursday's central bank meeting.
    German Mar retail sales fell -0.3% m/m and -2.8% y/y. The monthly decline of -0.3% m/m was right on expectations and the yearly drop of-2.8% y/y was weaker than estimates of -1.2% y/y.
    German Apr unemployment climbed +4,000, double expectations of +2,000, while the Apr unemployment rate held steady at 6.9%, in line with expectations.
    The German May GfK consumer confidence survey unexpectedly rose +0.2 to a 5-1/2 year high of 6.2 from a revised 6.0 in Apr. That was better than expectations of unchanged at 5.9.
    Japan's Mar jobless rate unexpectedly declined -0.1 to a 4-1/3 year low of 4.1%, better than expectations of no change at 4.2%, while the Mar job-to-applicant ratio rose +0.01 to 0.86, right on expectations.
    Japan Mar industrial production rose +0.2% m/m and fell -7.3% y/y, weaker than expectations of +0.4% m/m and -7.2% y/y.
    Japan Mar retail trade fell -1.4% m/m and -0.3% y/y, weaker than expectations of -0.8% m/m and +0.4% y/y.

    U.S. STOCK PREVIEW
    Today's April U.S. consumer confidence index from the Conference Board is expected to show a +0.6 point increase to 60.3, recovering a bit after the sharp -8.3 point drop to 59.7 seen in March. Today's U.S. Feb CaseShiller composite-20 home price index is expected to show a strong increase of +0.9% m/m and +9.0% y/y, posting another strong month after January's report of +1.0% m/m and +8.1% y/y. Today's Apr Chicago purchasing managers index is expected to edge higher by +0.1 point to 52.5 after the sharp decline of -4.4 points to 52.4 seen in March. The 2-day FOMC meeting that begins today is expected to produce a fully unchanged monetary policy and no change in the FOMC's QE3 program. Today is a very busy earnings day with 38 of the S&P 500 companies scheduled to release earnings (please see stock calendar below). Conferences through the remainder of this week include Barclays Retail and Consumer Discretionary Conference on Tue-Wed, PEX Week Europe 2013 on Tue-Wed.

    OVERNIGHT U.S. STOCK MOVERS
    Starwood Hotels & Resorts Worldwide (HOT +0.60%) reported Q1 EPS of 76 cents, well ahead of consensus of 53 cents.
    Pitney Bowes (PBI +1.89%) reported Q1 EPS of 42 cents, below consensus of 44 cents.
    Pfizer (PFE +1.13%) reported Q1 EPS of 54 cents, weaker than consensus of 55 cents.
    Aetna (AET -1.49%) reported Q1 EPS of $1.50, well ahead of consensus of $1.38.
    Cummins (CMI +1.84%) reported Q1 EPS of $1.44, weaker than consensus of $1.86.
    NYSE Euronext (NYX +0.89%) reported Q1 EPS of 57 cents, better than consensus of 56 cents.
    Standard & Poor's Ratings Services lowered its corporate credit rating on Allscripts Healthcare Solutions (MDRX +0.29%) to 'BB' from 'BB+' with a stable outlook.
    Newmont Mining (NEM +1.49%) reported Q1 adjusted EPS of 71c, weaker than the consensus of 77 cents.
    Community Health (CYH +3.58%) reported Q1 EPS of 86 cents, better than the consensus of 85 cents.
    Brigus Gold (BRD +3.17%) reported positive drilling results at the lower East zone of its Black Fox underground mine.
    Hertz Global (HTZ -0.91%) reported Q1 adjusted EPS of 21 cents, better than the consensus of 17 cents.
    Arch Capital (ACGL +0.55%) reported Q1 EPS of $1.85, nearly double the consensus of 96 cents.
    Herbalife (HLF +1.25%) reported Q1 adjusted EPS of $1.27, higher than consensus of $1.07. The company also raised its guidance for fiscal 2013 to $4.60-$4.80, with a higher $4.70 midpiont than the consensus of $4.66.
    Buffalo Wild Wings (BWLD -0.77%) rallied more than 4% in after-hours trading and posted a record high after the company said "We are pleased with our strong same-store sales trend to date in the second quarter of 5.2% at our company-owned restaurants and 5.8% at franchised locations." The stock shrugged off an earnings miss when the company reported Q1 EPS of 87 cents, well below consensus of 99 cents.
    Texas Roadhouse (TXRH +1.23%) rallied over 7% in after-hours trading after the company reported Q1 EPS ex-items of 37 cents, stronger than consensus of 35 cents, and said Q1 comparable restaurant sales were up 3.5% at company restaurants and up 4.5% at franchise restaurants.
    Express Scripts (ESRX +0.92%) reported Q1 EPS of 99 cents, better than consensus of 97 cents and said it sees fiscal 201 EPS of $4.23-$4.33, higher than consensus of $4.26.
    QIAGEN (QGEN +0.58%) reported Q1 adjusted EPS of 23 cents, better than consensus of 22 cents, and raised its guidance on fiscal 2013 to an EPS of $1.13, higher than consensus of $1.10.
    Heartland Financial (HTLF +0.58%) reported Q1 EPS of 70 cents, well above the consensus of 58 cents.

    MARKET COMMENTS
    June E-mini S&Ps (ESM13 -0.13%) this morning are down -2.00 points (-0.13%). The S&P 500 index on Monday pushed up to a 2-week high and closed higher. Bullish factors included (1) carry-over strength from gains in European equities that rallied on reduced sovereign debt concerns after Spanish and Italian 10-year borrowing costs fell to 2-1/2 year lows, (2) the stronger-than-expected +0.2% increase in U.S. Mar personal spending, better than expectations of unchanged, and (3) strength in Mar pending home sales which rose +1.5% m/m, better than expectations of +1.0%. Another bullish factor for stocks is strong Q1 earnings growth as 74% of the 273 of the S&P 500 companies that have reported earnings results have beaten estimates. Closes: S&P 500 +0.72%, Dow Jones +0.72%, Nasdaq 100 +0.93%.
    June 10-year T-notes (ZNM13 +0.12%) this morning are up +5 ticks and posted a new contract high in overnight trade. June 10-year T-note futures prices on Monday closed slightly higher on signs the economy may slow along with reduced inflation concerns. U.S. Mar personal income rose +0.2%, less than expectations of +0.4%, while the Mar core PCE deflator rose +1.1% y/y, weaker than expectations of +1.2% y/y and the slowest pace of increase in 2 years. T-note prices fell back from their best levels on the larger-than-expected increase in Mar personal spending and the rally in the stock market. Closes: TYM3 +0.5, FVM3 +1.0.
    The dollar index (DXY00 +0.02%) this morning is up +0.048 (+0.06%). EUR/USD (^EURUSD) is down -0.0026 (-0.20%) and USD/JPY (^USDJPY) is down -0.20 (-0.20%). The dollar index on Monday fell to a 1-1/2 week low and closed lower on speculation the Fed at this week's 2-day FOMC meeting will maintain its dollar-negative QE3 program. EUR/USD received a boost after Italian and Spanish 10-year borrowing costs fell to 2-1/2 year lows and reduced sovereign debt concerns, while USD/JPY fell to a 1-week low after the yen weakened when stock market strength reduced the safe-haven demand for the yen. Closes: Dollar index -0.355 (-0.43%), EUR/USD +0.0067 (+0.52%), USD/JPY -0.242(-0.25%).
    June WTI crude oil (CLM13 -0.29%) this morning is down -0.30 (-0.32%) and June gasoline (RBM13 -0.24%) is down -0.0076 (-0.27%). June crude oil and gasoline on Monday closed mixed. Crude oil posted a 2-week high and closed higher on economic optimism after Mar U.S. personal spending and Mar pending home sales rose more than expected. Gasoline declined after refiners in California, Louisiana and Texas restarted units that were closed for seasonal maintenance, which should boost gasoline supplies. Closes: CLM3 -1.50 (+1.61%), RBM3 -0.0053(-0.19%).

    GLOBAL EVENT CALENDAR04/30/2013

    US 0830 ET Q1 employment cost index expected +0.5%, Q4 +0.5%.  
        0900 ET Feb S&P/CaseShiller composite-20 home price index expected +0.9% m/m and +9.0% y/y, Jan +1.02% m/m and +8.08% y/y.
        0945 ET Apr Chicago purchasing managers index expected +0.1 to 52.5, Mar -4.4to 52.4.
        1000 ET Apr U.S. consumer confidence (Conference Board) expected +0.6 to 60.3, Mar -8.3 to 59.7.
        1030 ET FOMC begins 2-day policy meeting.
        1630 ET API weekly U.S. oil statistics.
    JPN 0000 ET Japan Mar vehicle production, Feb -15.1% y/y.  
        0100 ET Japan Mar housing starts expected +6.0% y/y, Feb +3.0% y/y.
        0100 ET Japan Mar construction orders, Feb +16.3% y/y.
        2130 ET Japan Mar labor cash earnings expected -1.2% y/y, Feb -0.8% y/y.
    GER 0200 ET German Mar retail sales expected -0.3% m/m and-1.2% y/y, Feb -0.3% m/m and -2.2% y/y.  
        0200 ET German May GfK consumer confidence survey expected 5.9, Apr 5.9.
        0355 ET German Apr unemployment change expected +2,000, Mar +13,000. Apr unemployment rate (sa) expected 6.9%, Mar 6.9%.
    UK 0430 ET UK Mar net consumer credit expected +0.5 billion pounds, Feb 0.6 billion pounds.  
        0430 ET UK Mar mortgage approvals expected 52,700, Feb 51,700.
        0430 ET UK Mar M4 money supply, Feb -0.5% m/m and+0.5% y/y.
    EUR 0500 ET Eurozone Apr CPI estimate expected +1,6% y/y, Mar +1.7% y/y.  
        0500 ET Eurozone Mar unemployment rate expected +0.1 to 12.1%, Feb 12.0%.
    CH 2100 ET China Apr manufacturing PMI expected -0.2 to 50.7, Mar 50.9.  

    U.S. STOCK CALENDAR04/30/2013

    Company Name Symbol Time Event Description Period EPS Est (US$)
    NYSE Euronext NYX US 2:30 Q1 2013 Earnings Release Q1 2013 0.558
    Tenet Healthcare Corp THC US Bef-mkt Q1 2013 Earnings Release Q1 2013 0.299
    NiSource Inc NI US Bef-mkt Q1 2013 Earnings Release Q1 2013 0.714
    Marathon Petroleum Corp MPC US Bef-mkt Q1 2013 Earnings Release Q1 2013 2.168
    MeadWestvaco Corp MWV US Bef-mkt Q1 2013 Earnings Release Q1 2013 0.235
    Valero Energy Corp VLO US Bef-mkt Q1 2013 Earnings Release Q1 2013 0.994
    AGL Resources Inc GAS US Bef-mkt Q1 2013 Earnings Release Q1 2013 1.34
    Pfizer Inc PFE US Bef-mkt Q1 2013 Earnings Release Q1 2013 0.551
    Avon Products Inc AVP US Bef-mkt Q1 2013 Earnings Release Q1 2013 0.136
    Pitney Bowes Inc PBI US Bef-mkt Q1 2013 Earnings Release Q1 2013 0.438
    Cummins Inc CMI US Bef-mkt Q1 2013 Earnings Release Q1 2013 1.856
    Ecolab Inc ECL US Bef-mkt Q1 2013 Earnings Release Q1 2013 0.585
    United States Steel Corp X US Bef-mkt Q1 2013 Earnings Release Q1 2013 -0.22
    NextEra Energy Inc NEE US Bef-mkt Q1 2013 Earnings Release Q1 2013 1.018
    Wisconsin Energy Corp WEC US Bef-mkt Q1 2013 Earnings Release Q1 2013 0.707
    HCP Inc HCP US Bef-mkt Q1 2013 Earnings Release Q1 2013 0.723
    Fidelity National Information Services Inc FIS US Bef-mkt Q1 2013 Earnings Release Q1 2013 0.607
    Starwood Hotels & Resorts Worldwide Inc HOT US 6:00 Q1 2013 Earnings Release Q1 2013 0.528
    Aetna Inc AET US 6:00 Q1 2013 Earnings Release Q1 2013 1.377
    Harris Corp HRS US 6:30 Q3 2013 Earnings Release Q3 2013 1.12
    Xylem Inc/NY XYL US 7:00 Q1 2013 Earnings Release Q1 2013 0.267
    Legg Mason Inc LM US 7:00 Q4 2013 Earnings Release Q4 2013 0.199
    McGraw-Hill Cos Inc/The MHP US 7:15 Q1 2013 Earnings Release Q1 2013 0.73
    Public Service Enterprise Group Inc PEG US 7:30 Q1 2013 Earnings Release Q1 2013 0.737
    Invesco Ltd IVZ US 7:30 Q1 2013 Earnings Release Q1 2013 0.471
    Pitney Bowes Inc PBI US 8:00 Q1 2013 Earnings Call Q1 2013  
    Teradata Corp TDC US 8:00 Annual General Meeting    
    HJ Heinz Co HNZ US 8:00 Extraordinary Shareholders Meeting Y 2013  
    Legg Mason Inc LM US 8:00 Q4 2013 Earnings Call Q4 2013  
    NYSE Euronext NYX US 8:00 Q1 2013 Earnings Call Q1 2013  
    Masco Corp MAS US 8:00 Q1 2013 Earnings Call Q1 2013  
    Franklin Resources Inc BEN US 8:30 Q2 2013 Earnings Release Q2 2013 2.489
    Franklin Resources Inc BEN US 8:30 Q2 2013 Earnings Call - Pre Recorded C2 2013  
    Harris Corp HRS US 8:30 Q3 2013 Earnings Call Q3 2013  
    Fidelity National Information Services Inc FIS US 8:30 Q1 2013 Earnings Call Q1 2013  
    Aetna Inc AET US 8:30 Q1 2013 Earnings Call Q1 2013  
    McGraw-Hill Cos Inc/The MHP US 8:30 Q1 2013 Earnings Call Q1 2013  
    NiSource Inc NI US 9:00 Q1 2013 Earnings Call Q1 2013  
    Avon Products Inc AVP US 9:00 Q1 2013 Earnings Call Q1 2013  
    Xylem Inc/NY XYL US 9:00 Q1 2013 Earnings Call Q1 2013  
    Hartford Financial Services Group Inc HIG US 9:00 Q1 2013 Earnings Call Q1 2013  
    Invesco Ltd IVZ US 9:00 Q1 2013 Earnings Call Q1 2013  
    Express Scripts Holding Co ESRX US 9:00 Q1 2013 Earnings Call Q1 2013  
    NextEra Energy Inc NEE US 9:00 Q1 2013 Earnings Call Q1 2013  
    Mead Johnson Nutrition Co MJN US 10:00 Annual General Meeting    
    Newmont Mining Corp NEM US 10:00 Q1 2013 Earnings Call Q1 2013  
    Marathon Petroleum Corp MPC US 10:00 Q1 2013 Earnings Call Q1 2013  
    MeadWestvaco Corp MWV US 10:00 Q1 2013 Earnings Call Q1 2013  
    AGL Resources Inc GAS US 10:00 Annual General Meeting Y 2013  
    Pfizer Inc PFE US 10:00 Q1 2013 Earnings Call Q1 2013  
    Cummins Inc CMI US 10:00 Q1 2013 Earnings Call Q1 2013  
    Total System Services Inc TSS US 10:00 Annual General Meeting    
    Hershey Co/The HSY US 10:00 Annual General Meeting Y 2013  
    International Flavors & Fragrances Inc IFF US 10:00 Annual General Meeting Y 2013  
    Kimco Realty Corp KIM US 10:00 Annual General Meeting Y 2013  
    Franklin Resources Inc BEN US 10:30 Q2 2013 Earnings Call Q2 2013  
    Starwood Hotels & Resorts Worldwide Inc HOT US 10:30 Q1 2013 Earnings Call Q1 2013  
    Valero Energy Corp VLO US 11:00 Q1 2013 Earnings Call Q1 2013  
    Public Service Enterprise Group Inc PEG US 11:00 Q1 2013 Earnings Call Q1 2013  
    Spectra Energy Corp SE US 11:00 Shareholders Meeting Y 2013  
    Ensco PLC ESV US 11:00 Q1 2013 Earnings Call Q1 2013  
    Jacobs Engineering Group Inc JEC US 11:00 Q2 2013 Earnings Call Q2 2013  
    Tenet Healthcare Corp THC US 11:30 Q1 2013 Earnings Call Q1 2013  
    HCP Inc HCP US 12:00 Q1 2013 Earnings Call Q1 2013  
    Allergan Inc/United States AGN US 13:00 Annual General Meeting    
    Ecolab Inc ECL US 13:00 Q1 2013 Earnings Call Q1 2013  
    Wisconsin Energy Corp WEC US 14:00 Q1 2013 Earnings Call Q1 2013  
    Stryker Corp SYK US 14:00 Annual General Meeting Y 2013  
    L-3 Communications Holdings Inc LLL US 14:30 Annual General Meeting    
    United States Steel Corp X US 15:00 Q1 2013 Earnings Call Q1 2013  
    AGL Resources Inc GAS US 16:00 Q1 2013 Earnings Call Q1 2013  
    Western Union Co/The WU US 16:00 Q1 2013 Earnings Release Q1 2013 0.323
    Western Union Co/The WU US 16:30 Q1 2013 Earnings Call Q1 2013  
    Edison International EIX US 17:00 Q1 2013 Earnings Call Q1 2013  
    TECO Energy Inc TE US 17:00 Q1 2013 Earnings Call Q1 2013  
    Fiserv Inc FISV US 17:00 Q1 2013 Earnings Call Q1 2013  
    Equity Residential EQR US Aft-mkt Q1 2013 Earnings Release Q1 2013 0.63
    ONEOK Inc OKE US Aft-mkt Q1 2013 Earnings Release Q1 2013 0.585
    MetroPCS Communications Inc PCS US Aft-mkt Regeneron Pharmaceuticals Relaces MetroPCS Communications in S&P 500    
    Edison International EIX US Aft-mkt Q1 2013 Earnings Release Q1 2013 0.662
    TECO Energy Inc TE US Aft-mkt Q1 2013 Earnings Release Q1 2013 0.17
    Boston Properties Inc BXP US Aft-mkt Q1 2013 Earnings Release Q1 2013 1.211
    Hudson City Bancorp Inc HCBK US Aft-mkt Q1 2013 Earnings Release Q1 2013 0.108
    Genworth Financial Inc GNW US Aft-mkt Q1 2013 Earnings Release Q1 2013 0.277
    FMC Corp FMC US Aft-mkt Q1 2013 Earnings Release Q1 2013 1.069
    QEP Resources Inc QEP US Aft-mkt Q1 2013 Earnings Release Q1 2013 0.301
    Fiserv Inc FISV US Aft-mkt Q1 2013 Earnings Release Q1 2013 1.339
    AvalonBay Communities Inc AVB US Aft-mkt Q1 2013 Earnings Release Q1 2013 -0.625
    Chubb Corp/The CB US   Annual General Meeting    
    United States Steel Corp X US   Annual General Meeting    
    Apartment Investment & Management Co AIV US   Annual General Meeting Y 2013  
    International Business Machines Corp IBM US   Annual General Meeting
    Stocks: HOT, PBI, PFE, AET, CMI, NYX, MDRX, NEM, CYH, PPP, HTZ, ACGL, HLF, BWLD, TXRH, ESRX, QGEN, HTLF, THC, NI, MPC, WRK, VLO, GAS, AVP, ECL, Z, X, NEE, WEC, HCP, FIS, HRS, XYL, LM, PEG, IVZ, IBM
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