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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 5/7 0 comments
    May 7, 2013 12:58 PM | about stocks: FOSL, NRG, DISCA, DPM, MR, VNTV, Y, CHS, FTR, RKUS, SMG, FSLR, NCLH, APC, MATX, T, HCN, EMR, TAP, IFF, FE, PRGO, EOG, BAX, VNO, GCI, KMI, SIAL, WYNN, MVRBF, DHR, BMC, MCK, CA, DIS, EA, WFM, TRIP, SYMC, MRO, WMPN, UPS

    BARCHART MORNING CALL

    Tuesday, May 7th, 2013>>View Older Reports

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    OVERNIGHT MARKETS AND NEWS
    June E-mini S&Ps (ESM13 +0.11%) this morning are up +0.12% at another fresh record high. European stocks rose +0.64% to a 1-3/4 year high after German factory orders unexpectedly increased. Another positive for global stocks was the action by the Reserve Bank of Australia to cut its benchmark interest rate by 25 bp. Portugal's 10-year government bond yield slipped to 5.44%, the lowest in 2-3/4 years as the country readies the markets for a sale of 3 billion euros of 10-year government bonds, its first sale of a new bond since it asked for a bailout 2 years ago. Asian stocks closed mixed: Japan +3.55%, Hong Kong +0.58%, China +0.16%, Taiwan -0.07%, Australia -0.24%, Singapore +0.03%, South Korea -0.53%, India +1.09%. Commodity prices are mixed. June WTI crude oil (CLM13 -0.52%) is down -0.48%. June gasoline (RBM13 -0.43%) is down -0.45%, June natural gas (NGM13 -0.97%) is down -0.62%, June gold (GCM13 -0.35%) is down -0.54%, July copper (HGN13 -0.30%) is down -0.20%. Agriculture prices are higher. The dollar index (DXY00 -0.24%) is lower by -0.24%. EUR/USD (^EURUSD) is up +0.40%. USD/JPY (^USDJPY) is down -0.08%. June 10-year T-note futures prices (ZNM13 -0.02%) are little changed, down -0.5 of a tick.
    German Mar factory orders unexpectedly climbed +2.2% m/m, stronger than expectations for a -0.5% m/m decline, while factory orders fell-0.4% y/y, better than expectations for a -2.9% y/y decline.
    The UK April BRC shop price index weakened to a +0.4% increase from a +1.4% gain in March.
    The UK April Lloyds employment confidence improved slightly to -41 from -45 in March.
    The Reserve Bank of Australia (NYSE:RBA) cut its benchmark interest rate by 25 bp to a record low 2.75% and RBA Governor Stevens said "The board has previously noted that the inflation outlook would afford scope to ease further and that a further decline in the cash rate was appropriate to encourage sustainable growth in the economy."

    U.S. STOCK PREVIEW
    Today's March consumer credit report is expected to show an increase of +$15.5 billion, adding to the increase of +$18.139 billion seen in February. The Treasury today will sell $32 billion in 3-year T-notes to kick off this week's $72 billion quarterly refunding operation. There are 22 of the S&P 500 companies that report earnings today. Notable earnings reports include Emerson Electric (consensus $0.78), McKesson (2.31), Disney (0.77), Marathon Oil (0.72), Electronic Arts (0.58), Whole Foods (0.73), Williams Companies (0.24), Symantec (0.38).
    Conferences during the remainder of this week include American Gas Association (NYSEARCA:AGA) Financial Forum on Mon, Mizuho Securities USA Healthcare Access Day on Tue, Barclays Chemical ROC Star Conference on Tue, Robert W. Baird Growth Stock Conference on Tue-Thu, Jefferies Global Technology, Media and Telecom Conference on Tue-Thu, ISI Bermuda Energy Conference on Wed, 17th Annual International Cash and Treasury Management Conference on Wed-Thu, Wells Fargo Industrial and Construction Conference on Wed-Thu, Skybridge Alternatives Conference (NYSE:SALT)-Las Vegas on Wed-Thu, Sanford C. Bernstein & Co IT Services Conference on Thu.

    OVERNIGHT U.S. STOCK MOVERS
    Fossil (FOSL +0.71%) reported Q1 EPS of $1.08, better than consensus of 97 cents.
    NRG Energy (NRG +0.11%) reported a Q1 EPS loss of -37 cents, wider than consensus of a -29 cent loss.
    Discovery Communications (DISCA -0.24%) reported Q1 EPS of 63 cents, weaker than consensus of 64 cents.
    According to an AP report, the Senate late Monday passed a bill allowing states to collect a tax on Internet purchases.
    DCP Midstream (DPM +0.23%) reported Q1 adjusted EPS of 63 cents, below consensus of 64 cents.
    Mindray Medical (MR +1.93%) reported Q1 adjusted EPS of 53 cents, much better than consensus of 41 cents.
    Vantiv (VNTV -0.43%) reported Q1 adjusted EPS of 31 cents, better than consensus of 30 cents.
    Alleghany (Y +1.83%) reported Q1 EPS of $11.67, well ahead of consensus of $8.01.
    Chico's FAS (CHS -0.98%) was initiated with an "Outperform" at Wells Fargo with a price range of $20 to $22 a share.
    Frontier Communications (FTR +1.49%) reported Q1 EPS of 5 cents, lower than consensus of 6 cents.
    Ruckus Wireless (RKUS +5.15%) reported Q1 adjusted EPS of 3 cents, weaker than consensus of 4 cents.
    Scotts Miracle-Gro (SMG +1.64%) reported Q2 EPS of $1.60, well below consensus of $2.00.
    First Solar (FSLR +3.67%) fell 3% in after-hours ttrading after it reported Q1 EPS of 69 cents, below consensus of 75 cents. The stock then recovered all of its losses and moved up over 1% when it reaffirmed its guidance for fiscal 2012 and announced a reduction in its work force of about 150 employees.
    Norwegian Cruise Line (NCLH +0.92%) reported Q1 adjusted EPS of 6 cents, double the consensus of 3 cents.
    Anadarko (APC +1.18%) reported Q1 EPS ex-items $1.08, stronger than consensus of 94 cents.
    Matson (MATX +0.29%) reported Q1 EPS of 21 cents, better than consensus of 15 cents.

    MARKET COMMENTS
    June E-mini S&Ps (ESM13 +0.11%) this morning are up +2.00 points (+0.12%) at a new record high. The S&P 500 index on Monday posted a fresh record high and closed higher. Stocks found carry-over support from last Friday's gains after U.S. employment in April rose more than expected. Also, stocks continue to receive a boost from strong earnings results as 73% of the 407 S&P 500 companies that have reported Q1 earnings results thus far have beaten expectations. Closes: S&P 500 +0.19%, Dow Jones -0.03%, Nasdaq 100 +0.37%.
    June 10-year T-notes (ZNM13 -0.02%) this morning are little changed, down -0.5 of a tick. June 10-year T-note futures prices on Monday closed lower. T-notes added to Friday's losses and posted a fresh 3-week low as stronger equities reduced the safe-haven demand for Treasuries, along with supply pressures ahead of this week's May refunding of $72 billion of T-notes and T-bonds that begins Tuesday with the Treasury's $32 billion 3-year T-note auction. Closes: TYM3 -6.0, FVM3 -2.75.
    The dollar index (DXY00 -0.24%) this morning is lower by -0.201 (-0.24%). EUR/USD (^EURUSD) is up +0.0052 (+0.40%) and USD/JPY (^USDJPY) is down -0.08 (-0.08%). The dollar index on Monday closed higher. EUR/USD was knocked lower after comments from ECB Executive Board member Coeure who said the ECB is ready to cut interest rates further if the economic outlook in the Eurozone worsens. USD/JPY rallied up to a 1-week high as the yen weakened after stock market strength reduced the safe-haven demand for the yen. Closes: Dollar index +0.190 (+0.23%), EUR/USD -0.00406 (-0.31%), USD/JPY +0.326 (+0.33%).
    June WTI crude oil (CLM13 -0.52%) this morning is down -46 cents a barrel (-0.48%). June gasoline (RBM13 -0.43%) is down -1.28 cents per gallon (-0.45%). June crude oil and gasoline on Monday rallied sharply in overnight trade after Israel made several air strikes in Syria over the weekend, but prices fell back from their best levels on speculation there won't be much effect on oil flow through the Middle East. Another negative factor that pulled Jun crude off of a 1-month high was the stronger dollar. Closes: CLM3 +0.55 (+0.58%), RBM3 +0.0403 (+1.43%).

    GLOBAL EVENT CALENDAR05/07/2013

    US 1300 ET Treasury auctions $32 billion 3-year T-notes.
      1500 ET Mar consumer credit expected +$15.5 billion, Feb +$18.139 billion.
      1630 ET API weekly U.S. oil statistics.
    GER 0600 ET German Mar factory orders (sa) expected -0.5% m/m and -2.9% y/y, Feb +2.3% m/m and unch y/y (nsa).
    CHI n/a China Apr trade balance expected +$15.5 billion, Mar -$0.88 billion. Apr exports expected +10.0% y/y, Mar +10.0% y/y. Apr imports expected +13.0% y/y, Mar +14.1% y/y.

    U.S. STOCK CALENDAR05/07/2013

    Company Name Symbol Time Event Description Period EPS Est (US$)
    DIRECTV DTV US Bef-mkt Q1 2013 Earnings Release Q1 2013 1.095
    Health Care REIT Inc HCN US Bef-mkt Q1 2013 Earnings Release Q1 2013 0.904
    Emerson Electric Co EMR US Bef-mkt Q2 2013 Earnings Release Q2 2013 0.781
    NRG Energy Inc NRG US Bef-mkt Q1 2013 Earnings Release Q1 2013 -0.294
    Molson Coors Brewing Co TAP US Bef-mkt Q1 2013 Earnings Release Q1 2013 0.343
    International Flavors & Fragrances Inc IFF US Bef-mkt Q1 2013 Earnings Release Q1 2013 1.132
    FirstEnergy Corp FE US Bef-mkt Q1 2013 Earnings Release Q1 2013 0.686
    Fossil Inc FOSL US Bef-mkt Q1 2013 Earnings Release Q1 2013 0.969
    Discovery Communications Inc DISCA US 7:00 Q1 2013 Earnings Release Q1 2013 0.645
    Perrigo Co PRGO US 8:00 Q3 2013 Earnings Release Q3 2013 1.444
    Discovery Communications Inc DISCA US 8:30 Q1 2013 Earnings Call Q1 2013  
    EOG Resources Inc EOG US 9:00 Q1 2013 Earnings Call Q1 2013  
    NRG Energy Inc NRG US 9:00 Q1 2013 Earnings Call Q1 2013  
    Fossil Inc FOSL US 9:00 Q1 2013 Earnings Call Q1 2013  
    Anadarko Petroleum Corp APC US 10:00 Q1 2013 Earnings Call Q1 2013  
    Baxter International Inc BAX US 10:00 Annual General Meeting Y 2013  
    Health Care REIT Inc HCN US 10:00 Q1 2013 Earnings Call Q1 2013  
    Boston Scientific Corp BSX US 10:00 Annual General Meeting Y 2013  
    Vornado Realty Trust VNO US 10:00 Q1 2013 Earnings Call Q1 2013  
    Gannett Co Inc GCI US 10:00 Annual General Meeting Y 2013  
    Perrigo Co PRGO US 10:00 Q3 2013 Earnings Call Q3 2013  
    International Flavors & Fragrances Inc IFF US 10:00 Q1 2013 Earnings Call Q1 2013  
    Molson Coors Brewing Co TAP US 11:00 Q1 2013 Earnings Call Q1 2013  
    Kinder Morgan Inc/DE KMI US 11:00 Annual General Meeting Y 2013  
    Cliffs Natural Resources Inc CLF US 11:30 Annual General Meeting Y 2013  
    Sigma-Aldrich Corp SIAL US 12:00 Annual General Meeting Y 2013  
    Wynn Resorts Ltd WYNN US 13:00 Annual General Meeting Y 2013  
    FirstEnergy Corp FE US 13:00 Q1 2013 Earnings Call Q1 2013  
    DIRECTV DTV US 14:00 Q1 2013 Earnings Call Q1 2013  
    Emerson Electric Co EMR US 14:00 Q2 2013 Earnings Call Q2 2013  
    Molson Coors Brewing Co TAP US 14:00 Q1 2013 Earnings Call - Follow-Up Session C1 2013  
    Murphy Oil Corp MUR US 15:00 Analyst Meeting Y 2013  
    Danaher Corp DHR US 15:00 Annual General Meeting Y 2013  
    Mondelez International Inc MDLZ US 16:00 Q1 2013 Earnings Release Q1 2013 0.334
    McKesson Corp MCK US 16:00 Q4 2013 Earnings Release Q4 2013 2.308
    CA Inc CA US 16:15 Q4 2013 Earnings Release Q4 2013 0.553
    Walt Disney Co/The DIS US 16:15 Q2 2013 Earnings Release Q2 2013 0.77
    CH Robinson Worldwide Inc CHRW US 16:15 Q1 2013 Earnings Release Q1 2013 0.685
    CA Inc CA US 16:30 Q4 2013 Earnings Call Q4 2013  
    Mondelez International Inc MDLZ US 17:00 Q1 2013 Earnings Call Q1 2013  
    DaVita HealthCare Partners Inc DVA US 17:00 Q1 2013 Earnings Call Q1 2013  
    McKesson Corp MCK US 17:00 Q4 2013 Earnings Call Q4 2013  
    Walt Disney Co/The DIS US 17:00 Q2 2013 Earnings Call Q2 2013  
    Electronic Arts Inc EA US 17:00 Q4 2013 Earnings Call Q4 2013  
    Whole Foods Market Inc WFM US 17:00 Q2 2013 Earnings Call Q2 2013  
    TripAdvisor Inc TRIP US 17:00 Q1 2013 Earnings Call Q1 2013  
    BMC Software Inc BMC US 17:00 Q4 2013 Earnings Call Q4 2013  
    CH Robinson Worldwide Inc CHRW US 17:00 Q1 2013 Earnings Call Q1 2013  
    Symantec Corp SYMC US 17:00 Q4 2013 Earnings Call Q4 2013  
    DaVita HealthCare Partners Inc DVA US Aft-mkt Q1 2013 Earnings Release Q1 2013 1.797
    Marathon Oil Corp MRO US Aft-mkt Q1 2013 Earnings Release Q1 2013 0.719
    Electronic Arts Inc EA US Aft-mkt Q4 2013 Earnings Release Q4 2013 0.575
    Whole Foods Market Inc WFM US Aft-mkt Q2 2013 Earnings Release Q2 2013 0.729
    Williams Cos Inc/The WMB US Aft-mkt Q1 2013 Earnings Release Q1 2013 0.24
    TripAdvisor Inc TRIP US Aft-mkt Q1 2013 Earnings Release Q1 2013 0.468
    Symantec Corp SYMC US Aft-mkt Q4 2013 Earnings Release Q4 2013 0.381
    United Parcel Service Inc UPS US   Roadshow - Montreal Y 2013  
    United Parcel Service Inc UPS US   Roadshow - Kansas City Y 2013
    Stocks: FOSL, NRG, DISCA, DPM, MR, VNTV, Y, CHS, FTR, RKUS, SMG, FSLR, NCLH, APC, MATX, T, HCN, EMR, TAP, IFF, FE, PRGO, EOG, BAX, VNO, GCI, KMI, SIAL, WYNN, MVRBF, DHR, BMC, MCK, CA, DIS, EA, WFM, TRIP, SYMC, MRO, WMPN, UPS
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