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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 5/2 0 comments
    May 2, 2013 2:58 PM | about stocks: CME, IP, CAH, MMC, EPS, BDX, TEG, ADM, KND, BOBE, MUR, PMC, MAR, PHH, RNR, LNC, MANT, CNW, V, MET, FB, LVS, CBS, AIQUF, SNI, BEAM, PCG, WPX, PLL, PWR, DNR, AGN, EL, VMC, AEE, XEL, UPS, K, TSO, DD, COG

    BARCHART MORNING CALL

    Thursday, May 2nd, 2013>>View Older Reports

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    OVERNIGHT MARKETS AND NEWS
    June E-mini S&Ps (ESM13 +0.24%) this morning are up +0.29% and European stocks are down -0.04% ahead of an expected 25 bp rate cut by the ECB later this morning. Asian stocks closed mixed: Japan -0.76%, Hong Kong -0.30%, China +0.10%, Taiwan +0.43%, Australia -0.70%, Singapore +1.02%, South Korea -0.31%, India +1.19%. Spain's 10-year bond yield fell to 4.08%, a 2-1/2 year low, while France's 10-year bond yield fell to 1.69%, a record low on expectations the ECB will cut the benchmark rate to a record low of 0.50% today. Commodity prices are higher. June WTI crude oil (CLM13 +0.54%) is up +0.58%, June gasoline (RBM13 +0.26%) is up +0.35%, June natural gas (NGM13 +0.55%) is up +0.67%, June gold (GCM13 +0.80%) is up +0.61%, July copper (HGN13 +1.46%) is up +1.36%. Agriculture prices are higher as well. The dollar index (DXY00 +0.31%) is up +0.23%. EUR/USD (^EURUSD) is down -0.13% and USD/JPY (^USDJPY) is down -0.01%. June 10-year T-note futures prices (ZNM13 -0.01%) are little changed, down -0.5 of a tick.
    The German Apr PMI manufacturing was unexpectedly revised up +0.2 points to 48.1 from 47.9 and the Eurozone Apr PMI manufacturing was also revised up +0.2 points to 46.7 from the originally reported 46.5.
    The UK Apr PMI construction climbed +2.2 points to 49.4, stronger than expectations of 48.0.
    The French Treasury sold 4.02 billion euros of 10-year debt at an average yield of 1.81%, the lowest on record.
    The China Apr HSBC manufacturing PMI fell -1.2 points to 50.4, slightly weaker than expectations of 50.5.
    Japan's Apr monetary base surged +23.1% y/y, the most in 2 years and stronger than a +19.8% y/y increase in Mar as the BOJ implements its aggressive QE program and increases its bond purchases.

    U.S. STOCK PREVIEW
    Today's weekly initial unemployment claims report is expected to show an increase of +6,000 to 345,000, reversing part of last week's decline of-16,000 to 339,000. Meanwhile, continuing claims are expected to rise +30,000 to 3.030 million, regaining about one-third of last week's decline of -93,000 to 3.000 million. Today's March U.S. trade deficit is expected to narrow mildly to -$42.3 billion from -$43.0 billion in February. The European Central Bank today is expected to cut its refinancing rate by 25 bp to 0.50%, which would be the first rate cut since last July.
    Today is a another very busy earnings day with 34 of the S&P 500 companies scheduled to release earnings (please see stock calendar below). Key reports include CME Group, Kellogg, Kraft, Gilead Sciences, and AIG. Major conferences are over for the week.

    OVERNIGHT U.S. STOCK MOVERS
    CME Group (CME -1.20%) reported Q1 EPS of 73 cents, right on expectations.
    Internationap Paper (IP -2.32%) reported Q1 EPS of 65 cents, below consensus of 74 cents.
    Cardinal Health (CAH -0.63%) reported Q1 EPS of $1.20, well ahead of expectations of 96 cents.
    Marsh & McLennan (MMC -0.47%) reported Q1 EPS of 75 cents, stronger than consensus of 69 cents.
    Cigna CI reported Q1 (EPS -0.56%) of $1.72, better than consensus of $1.44.
    Becton Dickinson & Co. (BDX -0.76%) reported Q1 EPS of $1.44, stronger than consensus of $1.35.
    Integrys Energy (TEG -0.81%) reported Q1 adjusted EPS of $1.76, better than consensus of $1.61.
    Archer Daniels (ADM -1.06%) said it will acquire GrainCorp for $3.4 billion Austrailian dollars.
    Kindred Healthcare (KND -1.33%) reported Q1 EPS ex-items of 49 cents, higher than consensus of 37 cents.
    Bob Evans Farms (BOBE -1.71%) announced that it will restate Q3 earnings results after it identified an error regarding the treatment of intercompany accounts in calculating the net book value of the Mimi's Cafe business segment assets held for sale as recorded by the company in the Q3 of fiscal 2013.
    Murphy Oil (MUR -2.08%) reported Q1 EPS of $1.08, stronger than consensus of 97 cents.
    PharMerica (PMC -0.85%) reported Q1 EPS of 35 cents, better than consensus of 34 cents.
    Marriott (MAR -1.35%) reported Q1 EPS of 43 cents, better than consensus of 40 cents, and raised its guidance on Q2 to 55-59 cents, higher than consensus of 55 cents.
    PHH Corp. (PHH -1.38%) reported Q1 EPS of 90 cents, nearly double consensus of 46 cents.
    RenaissanceRe (RNR -0.40%) reported Q1 adjusted EPS of $3.92, well ahead of consensus of $3.06.
    Lincoln National (LNC -2.03%) reported Q1 EPS of $1.02, weaker than consensus of $1.10.
    ManTech (MANT -2.55%) reported Q1 EPS of 54 cents, below consensus of 58 cents.
    Con-way (CNW -3.02%) reported Q1 EPS of 19 cents, weaker than consensus of 27 cents.
    Archer Daniels (ADM -1.06%) reported Q1 EPS of 48c, weaker than consensus of 52 cents.
    Visa (V -1.45%) reported Q2 EPS pf $1.92, better than consensus of $1.81.
    MetLife (MET -1.51%) reported Q1 operating EPS of $1.48, stronger than consensus of $1.30.
    Facebook (FB -1.22%) fell over 1% in after-hour trading after it reported Q1 adjusted EPS of 12 cents, weaker than consensus of 13 cents.
    Las Vegas Sands (LVS unch) reported Q1 EPS of 71 cents, higher than consensus of 67 cents.
    CBS (CBS +1.35%) reported Q1 EPS of 73 cents, better than consensus of68 cents.

    MARKET COMMENTS
    June E-mini S&Ps (ESM13 +0.24%) this morning are up +4.50 points (+0.29%). The S&P 500 index on Wednesday closed lower on signs the global economy is slowing. The China Apr ISM manufacturing index fell -0.3 to 50.6 vs. expectations of -0.2 to 50.7 and the Apr ADP employment change showed less hiring than expected (+119,000 versus expectations of +150,000). Supportive factors included the Fed's post-FOMC statement that it will maintain its QE3 program and the Apr ISM manufacturing index that slowed less than expected (-0.6 to 50.7 vs. expectations of -0.8 to 50.5). Closes: S&P 500 -0.93%, Dow Jones -0.94%, Nasdaq 100 -0.49%.
    June 10-year T-notes (ZNM13 -0.01%) this morning are down -0.5 of a tick. June 10-year T-note futures prices on Wednesday posted a new contract high and the 10-year T-note yield fell to a 4-1/2 month low of 1.612% on concerns the global economy is slowing. China's manufacturing activity slowed more than expected in Apr and the Apr ADP employment change showed companies hired fewer workers than expected. Another positive factor for Treasuries was the post-FOMC statement that said the Fed will maintain its bond buying at a pace of $85 billion a month and will continue "until the outlook for the labor market has improved substantially." Closes: TYM3 +8.0, FVM3 +3.5.
    The dollar index (DXY00 +0.31%) this morning is up +0.187 (+0.23%). EUR/USD (^EURUSD) is down -0.0017 (-0.13%) and USD/JPY (^USDJPY) is down -0.01 (-0.01%). The dollar index on Wednesday posted a 2-month low and closed lower after the smaller-than-expected increase in the Apr ADP employment change fueled speculation the Fed will maintain its dollar-negative QE3 program. The dollar recovered from its worst levels after the Apr ISM manufacturing index weakened less than expected. EUR/USD climbed to a 2-month high on short covering ahead of Thursday's ECB meeting in which the market expects a 25 bp rate cut. Closes: Dollar index -0.262 (-0.32%), EUR/USD +0.00119 (+0.09%), USD/JPY -0.049 (-0.05%).
    June WTI crude oil (CLM13 +0.54%) this morning is up +0.53 (+0.58%) and June gasoline (RBM13 +0.26%) is up +0.0094 (+0.35%). June crude oil and gasoline on Wednesday closed sharply lower with June gasoline falling to a 4-1/2 month low. Concerns over global growth hammered energy prices after the China Apr manufacturing PMI fell more than expected and the Apr ADP employment change showed a smaller-than-expected increase in employment. In addition, weekly EIA data showed U.S. crude inventories for the week ended April 26 soared +6.696 mln bbl to 395.3 mln bbl, more than expectations of a +1.1 million bbl build, to the highest level since records began in 1982. Closes: CLM3 -2.43(-2.60%), RBM3 -0.0827 (-2.95%).

    GLOBAL EVENT CALENDAR05/02/2013

    US 0730 ET Apr Challenger job cuts, Mar +30.0% y/y.
      0830 ET Weekly initial unemployment claims expected +6,000 to 345,000, previous -16,000 to 339,000. Weekly continuing claims expected +30,000 to 3.030 million, previous -93,000 to 3.000 mln.
      0830 ET Mar trade balance expected -$42.3 billion, Feb -$43.0 billion.
      0830 ET Preliminary Q1 non-farm productivity expected 1.0%, Q4 -1.9%. Q1 unit labor costs expected +0.7%, Q4 +4.6%.
      0830 ET USDA weekly Export Sales.
    GER 0355 ET Revised German Apr PMI manufacturing expected no change at 47.9.
    EUR 0400 ET Revised Eurozone Apr PMI manufacturing expected no change at 46.5.
      0745 ET ECB announces interest rate decision (expected -0.25 point cut in the 2-week refinancing rate to 0.50%).
      0830 ET ECB President Mario Draghi speaks at monthly press conference.
    UK 0430 ET UK Apr PMI construction expected +0.8 to 48.0, Mar 47.2.
    CH 2100 ET China Apr non-manufacturing PMI, Mar 55.6.

    U.S. STOCK CALENDAR05/02/2013

    Company Name Symbol Time Event Description Period EPS Est (US$)
    Airgas Inc ARG US Bef-mkt ER Q4 2013 1.127
    Scripps Networks Interactive Inc SNI US Bef-mkt ER Q1 2013 0.738
    Beam Inc BEAM US Bef-mkt ER Q1 2013 0.539
    PG&E Corp PCG US Bef-mkt ER Q1 2013 0.691
    WPX Energy Inc WPX US Bef-mkt ER Q1 2013 -0.233
    PPL Corp PPL US Bef-mkt ER Q1 2013 0.698
    Becton Dickinson and Co BDX US Bef-mkt ER Q2 2013 1.352
    Quanta Services Inc PWR US Bef-mkt ER Q1 2013 0.304
    Denbury Resources Inc DNR US Bef-mkt ER Q1 2013 0.292
    Actavis Inc ACT US Bef-mkt ER Q1 2013 1.855
    Vulcan Materials Co VMC US Bef-mkt ER Q1 2013 -0.348
    Estee Lauder Cos Inc/The EL US Bef-mkt ER Q3 2013 0.333
    Ameren Corp AEE US Bef-mkt ER Q1 2013 0.28
    Cardinal Health Inc CAH US Bef-mkt ER Q3 2013 0.955
    CenterPoint Energy Inc CNP US Bef-mkt ER Q1 2013 0.366
    CME Group Inc/IL CME US Bef-mkt ER Q1 2013 0.728
    International Paper Co IP US Bef-mkt ER Q1 2013 0.738
    Marsh & McLennan Cos Inc MMC US Bef-mkt ER Q1 2013 0.692
    Cigna Corp CI US 6:30 ER Q1 2013 1.437
    Xcel Energy Inc XEL US 7:00 ER Q1 2013 0.449
    Becton Dickinson and Co BDX US 8:00 EC Q2 2013  
    Harman International Industries Inc HAR US 8:00 ER Q3 2013 0.611
    United Parcel Service Inc UPS US 8:00 SM Y 2013  
    Kellogg Co K US 8:00 ER Q1 2013 1.023
    MetLife Inc MET US 8:00 EC Q1 2013  
    PPL Corp PPL US 8:30 EC Q1 2013  
    Cigna Corp CI US 8:30 EC Q1 2013  
    Tesoro Corp TSO US 8:30 EC Q1 2013  
    Actavis Inc ACT US 8:30 EC Q1 2013  
    Cardinal Health Inc CAH US 8:30 EC Q3 2013  
    CME Group Inc/IL CME US 8:30 EC Q1 2013  
    Marsh & McLennan Cos Inc MMC US 8:30 EC Q1 2013  
    Northeast Utilities NU US 9:00 EC Q1 2013  
    Avon Products Inc AVP US 9:00 SM    
    Cabot Oil & Gas Corp COG US 9:00 SM    
    EI du Pont de Nemours & Co DD US 9:00 SM Y 2013  
    Unum Group UNM US 9:00 EC Q1 2013  
    Integrys Energy Group Inc TEG US 9:00 EC Q1 2013  
    Sempra Energy SRE US 9:00 ER Q1 2013 1.012
    International Paper Co IP US 9:00 EC Q1 2013  
    Allstate Corp/The ALL US 9:00 EC Q1 2013  
    Archer-Daniels-Midland Co ADM US 9:30 SM    
    Quanta Services Inc PWR US 9:30 EC Q1 2013  
    Newfield Exploration Co NFX US 9:30 SM Y 2013  
    Equifax Inc EFX US 9:30 SM Y 2013  
    Estee Lauder Cos Inc/The EL US 9:30 EC Q3 2013  
    St Jude Medical Inc STJ US 9:30 SM    
    Kellogg Co K US 9:30 EC Q1 2013  
    Xcel Energy Inc XEL US 10:00 EC Q1 2013  
    Airgas Inc ARG US 10:00 EC Q4 2013  
    Scripps Networks Interactive Inc SNI US 10:00 EC Q1 2013  
    Beam Inc BEAM US 10:00 EC Q1 2013  
    Fluor Corp FLR US 10:00 SM    
    Pioneer Natural Resources Co PXD US 10:00 EC Q1 2013  
    WPX Energy Inc WPX US 10:00 EC Q1 2013  
    Bemis Co Inc BMS US 10:00 SM Y 2013  
    Health Care REIT Inc HCN US 10:00 SM    
    Marriott International Inc/DE MAR US 10:00 EC Q1 2013  
    Capital One Financial Corp COF US 10:00 SM Y 2013  
    Duke Energy Corp DUK US 10:00 SM Y 2013  
    Ameren Corp AEE US 10:00 EC Q1 2013  
    Kimberly-Clark Corp KMB US 10:00 SM    
    Kimco Realty Corp KIM US 10:00 EC Q1 2013  
    Lincoln National Corp LNC US 10:00 EC Q1 2013  
    PG&E Corp PCG US 11:00 EC Q1 2013  
    Valero Energy Corp VLO US 11:00 SM Y 2013  
    Denbury Resources Inc DNR US 11:00 EC Q1 2013  
    Ecolab Inc ECL US 11:00 SM Y 2013  
    Vulcan Materials Co VMC US 11:00 EC Q1 2013  
    Harman International Industries Inc HAR US 11:00 EC Q3 2013  
    Prudential Financial Inc PRU US 11:00 EC Q1 2013  
    Verizon Communications Inc VZ US 11:30 SM    
    CenterPoint Energy Inc CNP US 11:30 EC Q1 2013  
    Eastman Chemical Co EMN US 11:30 SM Y 2013  
    American Express Co AXP US 11:45 MA    
    Murphy Oil Corp MUR US 13:00 EC Q1 2013  
    DIRECTV DTV US 13:00 SM    
    Sempra Energy SRE US 13:00 EC Q1 2013  
    Dover Corp DOV US 14:00 SM    
    EOG Resources Inc EOG US 16:00 SM    
    Kraft Foods Group Inc KRFT US 16:00 ER Q1 2013 0.639
    Gilead Sciences Inc GILD US 16:05 ER Q1 2013 0.495
    Mylan Inc/PA MYL US 16:30 EC Q1 2013  
    Gilead Sciences Inc GILD US 16:30 EC Q1 2013  
    Teradata Corp TDC US 16:30 EC Q1 2013  
    Prologis Inc PLD US 16:30 SM Y 2013  
    Microchip Technology Inc MCHP US 17:00 EC Q4 2013  
    XL Group PLC XL US 17:00 EC Q1 2013  
    Kraft Foods Group Inc KRFT US 17:00 EC Q1 2013  
    Fluor Corp FLR US 17:30 EC Q1 2013  
    Mylan Inc/PA MYL US Aft-mkt ER Q1 2013 0.615
    American International Group Inc AIG US Aft-mkt ER Q1 2013 0.878
    Fluor Corp FLR US Aft-mkt ER Q1 2013 0.961
    Dun & Bradstreet Corp/The DNB US Aft-mkt ER Q1 2013 1.395
    Teradata Corp TDC US Aft-mkt ER Q1 2013 0.533
    Microchip Technology Inc MCHP US Aft-mkt ER Q4 2013 0.473
    Southwestern Energy Co SWN US Aft-mkt ER Q1 2013 0.381
    XL Group PLC XL US Aft-mkt ER Q1 2013 0.643
    Apartment Investment & Management Co AIV US Aft-mkt ER Q1 2013 0.455
    Allergan Inc/United States AGN US   MA    
    Allegheny Technologies Inc ATI US   SM    
    DTE Energy Co DTE US   SM Y 2013  
    AutoNation Inc AN US   SR 2013  
    Wisconsin Energy Corp WEC US   SM Y 2013  
    First Horizon National Corp FHN US   SM  
    Stocks: CME, IP, CAH, MMC, EPS, BDX, TEG, ADM, KND, BOBE, MUR, PMC, MAR, PHH, RNR, LNC, MANT, CNW, V, MET, FB, LVS, CBS, AIQUF, SNI, BEAM, PCG, WPX, PLL, PWR, DNR, AGN, EL, VMC, AEE, XEL, UPS, K, TSO, DD, COG
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