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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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    Wednesday, May 1st, 2013>>View Older Reports

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    June E-mini S&Ps (ESM13 +0.11%) this morning are up +0.14% and posted another record high in overnight trade. Most of Europe is closed for holiday, although the UK FTSE 100 Stock Index is up +0.66%. Asian stocks closed lower, although most were closed today for holiday: Japan-0.44%, Australia -0.48%. Commodity prices are mostly lower as weaker-than-expected manufacturing reports in China and Australia undercut most commodities. June WTI crude oil (CLM13 -1.35%) is down -1.41%, June gasoline (RBM13 -1.43%) is down -1.40%, June natural gas (NGM13 +1.04%) is up +0.83%, June gold (GCM13 -0.50%) is down -0.18%, July copper (HGN13 -1.98%) is down -1.84%. Agriculture prices are mostly lower. The dollar index (DXY00 -0.33%) is down -0.18% and fell to its lowest level in 2 months on speculation the Fed today will affirm its commitment to QE3. EUR/USD (^EURUSD)is up +0.23% at a 2-week high. USD/JPY (^USDJPY)is up +0.09%. GBP/USD is up +0.23% and rallied to a 2-1/2 month high after UK manufacturing activity strengthened more than expected last month. June 10-year T-note futures prices (ZNM13 +0.05%) are up +0.5 of a tick ahead of the outcome of the 2-day FOMC meeting later today.
    The China Apr manufacturing PMI fell -0.3 to 50.6, slightly weaker than expectations of -0.2 to 50.7.
    The Australia Apr AiG performance of manufacturing index fell -7.7 points to a 4-year low of 36.7.
    Japan Mar labor cash earnings fell -0.6% y/y, an improvement from a revised -0.8% y/y decline in Feb, and better than expectations of a -1.2%y/y decline.
    UK Apr nationwide house prices fell -0.1% m/m and rose +0.9% y/y, weaker than expectations of +0.3% m/m and +1.3% y/y.
    UK Apr PMI manufacturing rose +1.2 to 49.8 from a revised 48.6 in Mar, stronger than expectations of +0.2 to 48.5.

    Today's April ISM manufacturing index is expected to show a small decline of -0.3 to 51.0, adding to the sharp decline of -2.9 points to 51.3 seen in March. Today's April ADP employment report is expected at +153,000, which would be just below the +158,000 increase seen in March. Today's Apr total vehicle sales report is expected to edge higher to 15.30 million units from 15.22 million units in March. The 2-day FOMC meeting that concludes 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 40 of the S&P 500 companies scheduled to release earnings (please see stock calendar below). Key reports include Time Warner, Merck, Mastercard and Visa. Conferences through the remainder of this week include Barclays Retail and Consumer Discretionary Conference on Tue-Wed, PEX Week Europe 2013 on Tue-Wed.

    IntercontinentalExchange (ICE +0.64%) reported Q1 EPS of $2.03, better than consensus of $1.97.
    Merck (MRK -1.71%) reported Q1 EPS of 85 cents, better than consensus of 79 cents.
    CVS Caremark (CVS +1.29%) reported Q1 EPS of 83 cents, better than consensus of 79 cents.
    Viacom (VIAB +0.53%) reported Q1 EPS of 96 cents, better than consensus of 95 cents.
    Chesapeake Energy (CHK +1.09%) reported Q1 EPS of 30 cents, better than consensus of 25 cents.
    Humana (HUM +1.35%) reported Q1 EPS of $2.69, much better than consensus of $1.80.
    Amgen (AMGN -2.31%) rose nearly 3% in pre-market trading after Goldman Sachs raised its outlook on the company to a "Buy" from "Neutral."
    Costco (COST -0.18%) raised its quarterly dividend to 31 cents from 27.5 cents per share.
    Manitowoc (MTW +1.57%) reported Q1 EPS of 9 cents, weaker than consensus of 14 cents.
    Genworth (GNW +0.91%) rose over 5% in after-hours trading after it reported Q1 EPS of 30 cents, better than consensus of 27 cents.
    TECO Energy (TE +0.63%) reported Q1 EPS of 19 cents, better than consensus of 17 cents.
    Convergys (CVG +2.35%) reported Q1 adjusted EPS of 27 cents, better than consensus of 23 cents, and raised its guidance on fiscal 2013 to an adjusted EPS of $1.05 from $1.00.
    World Fuel Services (INT +1.35%) reported Q1 adjusted EPS of 77 cents, well ahead of consensus of 64 cents.
    PepsiCo (PEP -0.22%) increased its annual dividend to $2.27 from $2,15, the company's 41st consecutive annual dividend increase.
    Green Plains (GPRE +0.24%) reported Q1 EPS of 8 cents, better than consensus of a -11 cent loss.
    SAC Capital reported a 5.0% passive stake in OpenTable (OPEN -0.52%) and a 5.8% passive stake in Silver Bay Realty (SBY -0.88%) .
    IAC (IACI +2.98%) reported Q1 adjusted EPS of 83 cents, well ahead of consensus of 69 cents.
    Arthur J. Gallagher (AJG +0.05%) reported Q1 EPS of 32 cents, better than consensus of 24 cents.
    Cray (CRAY +1.34%) reported a Q1 EPS loss of -23 cents, better than consensus of a -24 cent loss, and said ot sees 2013 revenue of $500 million, better than consensus of $498.2 million.
    Leap Wireless (LEAP +1.42%) fell more than 3% in after-hours trading after it reported a Q1 EPS loss of -$1.43, wider than consensus of a -$1.26 loss.
    Fortune Brands (FBHS -0.16%) initiates a quarterly dividend of 10 cents per share, the first dividend paid to shareholders since FBHS became a public company in October 2011.
    DreamWorks (DWA +0.10%) rallied over 8% in after-hours trading after it reported Q1 EPS of 7 cents, better than consensus of a -3 cent loss.
    Western Union (WU +1.16%) reported Q1 EPS of 37 cents, better than consensus of 32 cents.
    Bankrate (RATE -0.30%) jumped over 11% in after-hours trading after it reported Q1 adjusted EPS of 12 cents, stronger than consensus of 9 cents
    Trinity Industries (TRN +1.44%) reported Q1 EPS of 91 cents, higher than consensus of 81 cents, and raised guidance for fiscal 2013 to $3.80-$4.05, higher than consensus of $3.79.
    Spectrum Brands (SPB -0.30%) reported Q2 adjusted of EPS 44 cents, below consensus of 52 cents.

    June E-mini S&Ps (ESM13 +0.11%) this morning are up +2.25 points (+0.14%) at a new record high. The S&P 500 index on Tuesday climbed to a new record high and settled higher after gains in housing prices and consumer confidence offset an unexpected drop in the Apr Chicago PMI. Stocks were pressured early after the Apr Chicago PMI unexpectedly contracted -3.4 points to a 3-1/2 year low of 49.0, weaker than expectations of +0.1 to 52.5. Prices then rallied the rest of the day after U.S. Apr consumer confidence (Conference Board) climbed 6.2 points to a 5-month high of 68.1, better than expectations of +1.3 to 61.0, and after the Feb S&P/CaseShiller composite-20 home price index rose +1.24% m/m and +9.32% y/y, stronger than expectations of +0.9% m/m and +9.0% y/y. Closes: S&P 500 +0.25%, Dow Jones +0.14%, Nasdaq 100 +0.71%.
    June 10-year T-notes (ZNM13 +0.05%) this morning are up +0.5 of a tick. June 10-year T-note futures prices on Tuesday posted a new contract high and the 10-year T-note yield fell to a 4-1/2 month low of 1.636%, but prices fell back and closed slightly lower as stock market strength sapped the safe-haven demand for Treasuries. The main bullish factors were a lack of wage pressures after the Q1 employment cost index rose a smaller-than-expected +0.3%, versus expectations of +0.5%, along with concern the economy is slowing after the Apr Chicago PMI unexpectedly contracted at a 3-year low of 49.0. Closes: TYM3 -3.0, FVM3 -0.25.
    The dollar index (DXY00 -0.33%) this morning is down -0.150 (-0.18%) at a new 2-month low. EUR/USD (^EURUSD) is up +0.0030 (+0.23%) at a 2-week high and USD/JPY (^USDJPY) is up +0.09 (+0.09%). The dollar index on Tuesday dropped to a 2-month low after an unexpected contraction in the Apr Chicago PMI fueled speculation the Fed will maintain or even expand its dollar-negative QE3 program following Wednesday's FOMC meeting. EUR/USD posted a 2-week high on speculation that a forecasted rate cut Thursday by the ECB will spur economic growth in the Eurozone. USD/JPY fell to 2-week low as the yen strengthened after Japan's Mar jobless rate unexpectedly declined -0.1to a 4-1/3 year low of 4.1%. Closes: Dollar index -0.401 (-0.49%), EUR/USD +0.0069 (+0.53%), USD/JPY -0.318 (-0.33%).
    June WTI crude oil (CLM13 -1.35%) this morning is down -1.31 (-1.40%) and June gasoline (RBM13 -1.43%) is down -0.393 (-1.40%). June crude oil and gasoline on Tuesday closed lower. Bearish factors included the unexpected contraction in the Apr Chicago PMI to a 3-year low, which raises demand concerns, and expectations for Wednesday's EIA weekly inventories to show a +1.1 million barrel increase in crude stockpiles to a 22-3/4 year high. Closes: CLM3 -1.04 (-1.10%), RBM3 -0.0200 (-0.71%).


    US0700 ETWeekly MBA mortgage applications, previous +0.2% with purchase sub-index +0.3% and refi sub-index +0.3%.
     0815 ETApr ADP employment change expected +153,000, Mar 158,000.
     0900 ETTreasury announces amounts of 3-year T-notes (previous $32 billion), 10-year T-notes (previous $21 billion) and 30-year T-bonds ($13 billion) to be auctioned May 7-9 for the quarterly refunding.
     1000 ETMar construction spending expected +0.5%, Feb +1.2%.
     1000 ETApr ISM manufacturing expected -0.3 to 51.0, Mar -2.9 to 51.3. Apr ISM prices paid expected -1.9 to 52.6, Mar 54.5.
     1030 ETEIA Weekly Petroleum Status Report.
     1400 ETFOMC announces interest rate decision.
     1700 ETApr total vehicle sales expected 15.30 mln, Mar 15.22 mln. Apr domestic vehicle sales expected 12.0 mln units, Mar 12.00 mln.
    EURn/aEuropean markets closed for Labor Day.
    UK0200 ETU.K. Apr nationwide house prices expected +0.3% m/m and +1.3% y/y.
     0430 ETU.K. Apr PMI manufacturing expected +0.2 to 48.5, Mar 48.3.
    CH2145 ETChina Apr HSBC manufacturing PMI expected -1.0 to 50.6, Mar 51.6.
     n/aChinese markets closed for Labor Day.

    U.S. STOCK CALENDAR05/01/2013



    Company NameSymbolTimeEvent DescriptionPeriodEPS Est (US$)
    CVS Caremark CorpCVS USBef-mkt Q1 20130.794
    Merck & Co IncMRK USBef-mkt Q1 20130.794
    Exelon CorpEXC USBef-mkt Q1 20130.678
    Rowan Cos PlcRDC USBef-mkt Q1 20130.522
    Comcast CorpCMCSA USBef-mkt Q1 20130.505
    Time Warner IncTWX USBef-mkt Q1 20130.744
    Coventry Health Care IncCVH USBef-mkt Q1 20130.813
    Chesapeake Energy CorpCHK USBef-mkt Q1 20130.25
    MFA Financial IncMFA USBef-mkt Q1 20130.21
    Devon Energy CorpDVN USBef-mkt Q1 20130.551
    Energizer Holdings IncENR USBef-mkt Q2 20131.275
    Garmin LtdGRMN USBef-mkt Q1 20130.413
    Mastercard IncMA USBef-mkt Q1 20136.167
    IntercontinentalExchange IncICE USBef-mkt Q1 20131.966
    Hospira IncHSP USBef-mkt Q1 20130.442
    Viacom IncVIAB USBef-mkt Q2 20130.95
    Delphi Automotive PLCDLPH USBef-mkt Q1 20130.961
    ADT Corp/TheADT USBef-mkt Q2 20130.425
    Humana IncHUM US6:00 Q1 20131.801
    Iron Mountain IncIRM US6:00 Q1 20130.271
    SPX CorpSPW US6:30 Q1 20130.261
    American Tower CorpAMT US7:00 Q1 20130.818
    Sealed Air CorpSEE US7:30 Q1 20130.183
    Hyatt Hotels CorpH US7:30 Q1 20130.08
    Merck & Co IncMRK US8:00 Q1 2013 
    Phillips 66PSX US8:00 Q1 20131.886
    Avnet IncAVT US8:30 Y 2013 
    Clorox Co/TheCLX US8:30 Q3 20131.051
    CVS Caremark CorpCVS US8:30 Q1 2013 
    SPX CorpSPW US8:30 Q1 2013 
    Comcast CorpCMCSA US8:30 Q1 2013 
    IAC/InterActiveCorpIACI US8:30 Q1 2013 
    Iron Mountain IncIRM US8:30 Q1 2013 
    American Tower CorpAMT US8:30 Q1 2013 
    General Cable CorpBGC US8:30 Q1 2013 
    DTE Energy CoDTE US8:30 Y 2013 
    IntercontinentalExchange IncICE US8:30 Q1 2013 
    Viacom IncVIAB US8:30 C1 2013 
    Verisk Analytics IncVRSK US8:30 Q1 2013 
    ADT Corp/TheADT US8:30 Q2 2013 
    Jack Henry & Associates IncJKHY US8:45 Q3 2013 
    Allergan Inc/United StatesAGN US9:00 Q1 20130.963
    Domtar CorpUFS US9:00 Y 2013 
    Arthur J Gallagher & CoAJG US9:00 Q1 2013 
    General Dynamics CorpGD US9:00   
    Humana IncHUM US9:00 Q1 2013 
    PepsiCo IncPEP US9:00   
    PepsiCo IncPEP US9:00 Y 2013 
    UGI CorpUGI US9:00 Q2 2013 
    Clean Harbors IncCLH US9:00 Q1 2013 
    HCC Insurance Holdings IncHCC US9:00 Q1 2013 
    Chesapeake Energy CorpCHK US9:00 Q1 2013 
    QEP Resources IncQEP US9:00 Q1 2013 
    Mastercard IncMA US9:00 Q1 2013 
    Hospira IncHSP US9:00 Q1 2013 
    Genworth Financial IncGNW US9:00 Q1 2013 
    Ford Motor CoF US9:30 2013 
    Questar CorpSTR US9:30 Q1 2013 
    Markel CorpMKL US9:30 Q1 2013 
    Packaging Corp of AmericaPKG US9:30   
    Rackspace Hosting IncRAX US9:30 Y 2013 
    Archer-Daniels-Midland CoADM USAft-mkt Q1 20130.499
    Atmos Energy CorpATO USAft-mkt Q2 20131.29
    Con-way IncCNW USAft-mkt Q1 20130.273
    Kimco Realty CorpKIM USAft-mkt Q1 20130.322
    Lincoln National CorpLNC USAft-mkt Q1 20131.099
    Murphy Oil CorpMUR USAft-mkt Q1 20130.975
    Northeast UtilitiesNU USAft-mkt Q1 20130.655
    Tesoro CorpTSO USAft-mkt Q1 20130.698
    Integrys Energy Group IncTEG USAft-mkt Q1 20131.604
    Atmel CorpATML USAft-mkt Q1 20130.029
    Atwood Oceanics IncATW USAft-mkt Q2 20131.217
    CBS CorpCBS USAft-mkt Q1 20130.677
    JDS Uniphase CorpJDSU USAft-mkt Q3 20130.114
    Macerich Co/TheMAC USAft-mkt Q1 20130.792
    Mid-America Apartment Communities IncMAA USAft-mkt Q1 20131.191
    RenaissanceRe Holdings LtdRNR USAft-mkt Q1 20133.041
    Prudential Financial IncPRU USAft-mkt Q1 20131.884
    Essex Property Trust IncESS USAft-mkt Q1 20131.88
    Walter Energy IncWLT USAft-mkt Q1 2013-0.895
    Triumph Group IncTGI USAft-mkt Q4 20131.597
    Pioneer Natural Resources CoPXD USAft-mkt Q1 20130.973
    Concur Technologies IncCNQR USAft-mkt Q2 20130.235
    Vectren CorpVVC USAft-mkt Q1 20130.665
    Charles River Laboratories International IncCRL USAft-mkt Q1 20130.708
    MetLife IncMET USAft-mkt Q1 20131.304
    Endurance Specialty Holdings LtdENH USAft-mkt Q1 20131.09
    BioMed Realty Trust IncBMR USAft-mkt Q1 20130.391
    Las Vegas Sands CorpLVS USAft-mkt Q1 20130.67
    Brookdale Senior Living IncBKD USAft-mkt Q1 2013-0.043
    Facebook IncFB USAft-mkt Q1 20130.126
    Concho Resources IncCXO USAft-mkt Q1 20130.781
    Genpact LtdG USAft-mkt Q1 20130.222
    Visa IncV USAft-mkt Q2 20131.81
    Intrepid Potash IncIPI USAft-mkt Q1 20130.194
    Arrow Electronics IncARW US  Q1 20130.882
    Federal Realty Investment TrustFRT US  Q1 20131.123
    BB&T CorpBBT US  Y 2013 
    Unit CorpUNT US  Q1 20130.865
    Clean Harbors IncCLH US  Q1 20130.334
    Expeditors International of Washington IncEXPD US  Q1 20130.393
    Rovi CorpROVI US  Q1 20130.458
    IPG Photonics CorpIPGP US  Q1 20130.7
    Sears Holdings CorpSHLD US  Y 2013 
    Validus Holdings LtdVR US    
    Realogy Holdings CorpRLGY US  Q1 2013-0.482
    KAR Auction Services IncKAR US  Q1 20130.324
    MSCI IncMSCI US  Q1 20130.542
    General Motors CoGM US  2013 
    Huntington Ingalls Industries IncHII US  Y 2013

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