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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 7/16 0 comments
    Jul 16, 2013 9:12 AM | about stocks: AMZN, GM, YUM, TXRH, DVA, MOS, CMA, SJM, MPC, BRO, CTAS, BERY, SCHW, KO, GS, JNJ, FCX, YHOO, CSX

    BARCHART MORNING CALL

    Tuesday, July 16th, 2013>>View Older Reports

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    OVERNIGHT MARKETS AND NEWS
    September E-mini S&Ps (ESU13 +0.04%) this morning are up +0.04% and European stocks are down -0.43%. Asian stocks closed mostly higher: Japan +0.64%, Hong Kong +0.04%, China +0.46%, Taiwan +0.07%, Australia +0.10%, Singapore -0.37%, South Korea -0.58%, India-0.91%. European stocks were undercut after German investor confidence in July unexpectedly declined and after European Jun auto sales fell to their lowest level in 2 decades. Commodity prices are mostly higher. Aug crude oil (CLQ13 +0.53%) is up +0.18%. Aug gasoline (RBQ13+0.40%) is up +0.47%, Aug gold (GCQ13 +0.43%) is up +0.51%, and Sep copper (HGU13 +0.46%) is up +0.38%. Agricultural and livestock prices are stronger. The dollar index (DXY00 -0.35%) is down -0.34%. EUR/USD (^EURUSD) is up +0.38% and USD/JPY (^USDJPY) is down-0.52%. September T-note prices (ZNU13 +0.14%) are up +6.5 ticks.
    The German July ZEW economic sentiment survey unexpectedly fell -2.2 points to 36.3, weaker than expectations of a +1.5 point increase to 40.0. The July ZEW current situation survey rose +2.0 points to 10.6, stronger than expectations of +0.4 to 9.0.
    The European Automobile Manufacturers' Association reported European Jun auto registrations fell -6.3% y/y to 1.18 million vehicles, the lowest for the month since 1996, while European Jan-Jun car sales fell -6.7% y/y to 6.44 million vehicles, the least for the first half of a year since 1993.
    The Eurozone Jun CPI rose +0.1% m/m and +1.6% y/y, right on expectations, and the Jun core CPI climbed at a +1.2% y/y pace, also right on expectations.
    The Eurozone May trade balance unexpectedly grew to a 15.2 billion euro surplus from a revised 14.1 billion euros surplus in April, wider than expectations for the trade balance to shrink to 12.0 billion euros.
    UK Jun CPI fell -0.2% m/m and rose +2.9% y/y, smaller increases than expectations of -0.1% m/m and +3.0% y/y, although Jun core CPI climbed at a +2.3% y/y pace, right on expectations.

    U.S. STOCK PREVIEW
    On a year-on-year basis, the June CPI is expected to rise to +1.6% y/y from +1.4% in May. However, the core CPI is expected to ease to +1.6% y/y from +1.7% in May. Today's June industrial production report is expected to show an increase of +0.3%, gaining ground again after being unchanged in May. Today's July NAHB housing market index is expected to show a small -1 point decline to 51, giving back a little ground after the +8 point surge to a 7-year high of 52 seen in June. There are 8 of the S&P 500 companies that report earnings today: Schwab (consensus $0.19), Coca-Cola (0.63), Comerica (0.70), Mosaic (1.15), Goldman Sachs (2.89), Johnson & Johnson (1.39), CSX (0.47), Yahoo (0.30). There are no equity conferences this week.

    OVERNIGHT U.S. STOCK MOVERS
    Amazon.com (AMZN -0.32%) was initiated with a "Buy" at SunTrust with a price target of $370.
    General Motors (GM +0.27%) was upgraded to "Conviction Buy" from "Buy," while Ford (F +0.06%) was downgraded to "Buy" from "Conviction Buy" at Goldman.
    Yum! Brands (YUM +1.59%) was initiated with a "Buy" at Stifel with a price target of $105.
    Texas Roadhouse (TXRH -0.59%) was downgraded to "Neutral" from "Overweight" at JPMorgan.
    DaVita (DVA -0.80%) was downgraded to "Sell" from "Neutral" at Goldman.
    Mosaic (MOS +0.05%) reported Q4 EPS of $1.14, slightly weaker than expectations of $1.15.
    Comerica (CMA -0.31%) reported Q2 EPS of 76 cents, better than expectations of 70 cents.
    J.M. Smucker (SJM +0.61%) raised its quarterly dividend to 58 cents from 52 cents per share.
    Marathon Petroleum (MPC -0.19%) said it will take charges of between $1.75-$1.85 on Q2 EPS and Q2 EPS may not compare to consensus estimates for $2.64 per share.
    Brown & Brown (BRO +0.09%) reported Q2 EPS of 36 cents, better than consensus of 35 cents.
    Cintas (CTAS -0.25%) fell 4% in after-hours trading after it reported Q4 EPS of 69 cents, below consensus of 70 cents.
    Berry Plastics (BERY +0.23%) sees Q3 revenue of $1.22 billion-$1.23 billion, below consensus of $1.26 billion, due to soft customer demand.

    MARKET COMMENTS
    Sep E-mini S&Ps (ESU13 +0.04%) this morning are little changed, up +0.75 of a point (+0.04%). The U.S. stock market on Monday closed higher. Bullish factors included (1) China Q2 GDP of +7.5% y/y, right on expectations, which reduced market concerns of a larger decline in Chinese economic growth, and (2) the unexpected +1.62 point increase in the July Empire manufacturing index to 9.36, its strongest pace of expansion in 5 months and better than expectations of a -2.84 decline to 5.00. Stocks basically ignored U.S. June retail sales, which rose +0.4% and were unchanged less autos, weaker than expectations of +0.8% and +0.5% less autos. Closes: S&P 500 +0.14%, Dow Jones +0.13%, Nasdaq 100 +0.03%.
    Sep 10-year T-notes (ZNU13 +0.14%) this morning are up +6.5 ticks. Sep 10-year T-note prices on Monday closed higher after the smaller-than-expected increase in June retail sales signaled weaker-than-expected Q2 GDP growth that may give the Fed pause before they begin to taper QE3. Closes: TYU3 +13.00, FVU3 +6.50.
    The dollar index (DXY00 -0.35%) this morning is down -0.286 (-0.34%). EUR/USD (^EURUSD) is up +0.0050 (+0.38%). USD/JPY (^USDJPY) is down -0.52 (-0.52%). The dollar index on Monday closed higher after the July Empire manufacturing index climbed to its best level in 5 months and bolstered expectations for the Fed to soon taper its dollar negative bond purchases. The dollar fell back from its best level after U.S. June retail sales increased at a slower pace than expected. Closes: Dollar index +0.055 (+0.07%), EUR/USD -0.0078 (-0.05%), USD/JPY +0.619 (+0.62%).
    Aug WTI crude oil (CLQ13 +0.53%) this morning is up +19 cents (+0.18%) and Aug gasoline (RBQ13 +0.40%) is up +1.47 cents (+0.47%). Crude oil and gasoline prices on Monday settled mixed. Bullish factors included (1) the increase in China June crude demand to 9.991 million barrels a day, up +10.98% y/y, and (2) the unexpected increase in the July Empire manufacturing index to its best level in 5 months (+1.62 to 9.36). Bearish factors included (1) the stronger dollar, and (2) the weaker-than-expected U.S. Jun retail sales. Closes: CLQ3 +0.37 (+0.35%), RBQ3 unch.

    GLOBAL EVENT CALENDAR07/16/2013

    US0830 ETJun CPI expected +0.3% m/m and +1.6% y/y, May +0.1% m/m and +1.4% y/y. Jun CPI ex food & energy expected +0.2% m/m and +1.6% y/y, May +0.2% m/m and +1.7% y/y.
     0915 ETJun industrial production expected +0.3%, May unch. Jun capacity utilization expected +0.1 to 77.7%, May -0.1 to 77.6%.
     1000 ETJul NAHB housing market index expected -1 to 51, Jun +8 to 52.
     1415 ETKansas City Fed President Esther George speaks on economic conditions and agriculture at the Kansas City Feds 2013 Agricultural Symposium.
     1630 ETAPI weekly U.S. oil statistics.
    EUR0200 ETEurozone Jun new car registrations, May -5.9%.
     0500 ETEurozone May trade balance expected +16.2 billion euros (sa), Apr +16.1 billion euros (sa).
     0500 ETRevised Eurozone CPI, previous +1.6% y/y and core CPI +1.2% y/y.
    UK0430 ETUK Jun PPI input prices expected -0.2% m/m and +4.2% y/y, May -0.3% m/m and +2.2% y/y.
     0430 ETUK Jun PPI output prices expected unch m/m and +1.9% y/y, May unch m/m and +1.2% y/y. Jun PPI output core prices expected +0.1% m/m and +1.1% y/y, May +0.1% m/m and +0.8% y/y.
     0430 ETUK Jun CPI expected -0.1% m/m and +3.0% y/y, May +0.2% m/m and +2.7% y/y. Jun core CPI expected +2.3% y/y, May +2.2% y/y.
     0430 ETUK Jun RPI expected unch m/m and +3.4% y/y, May +0.2% m/m and +3.1% y/y. Jun RPI ex-mortgage interest payments expected +3.4% y/y, May +3.1% y/y.
    GER0500 ETGerman July ZEW economic sentiment survey expected +1.5 to 40.0, Jun 38.5. July ZEW current situation survey expected +0.4 to 9.0, Jun 8.6.
    CHI2200 ETChina Jun actual foreign direct investment (NYSE:FDI) expected +0.7% y/y, May +0.3% y/y

    U.S. STOCK CALENDAR07/16/2013

    Company NameSymbolTimeEvent DescriptionPeriodEPS Est (US$)
    Charles Schwab Corp/TheSCHW USBef-mktQ2 2013 Earnings ReleaseQ2 20130.187
    Coca-Cola Co/TheKO USBef-mktQ2 2013 Earnings ReleaseQ2 20130.629
    Comerica IncCMA USBef-mktQ2 2013 Earnings ReleaseQ2 20130.7
    Mosaic Co/TheMOS US7:00Q4 2013 Earnings ReleaseQ4 20131.147
    Goldman Sachs Group Inc/TheGS US7:30Q2 2013 Earnings ReleaseQ2 20132.886
    Johnson & JohnsonJNJ US7:45Q2 2013 Earnings ReleaseQ2 20131.392
    Comerica IncCMA US8:00Q2 2013 Earnings CallQ2 2013 
    Johnson & JohnsonJNJ US8:30Q2 2013 Earnings CallQ2 2013 
    Mosaic Co/TheMOS US9:00Q4 2013 Earnings CallQ4 2013 
    Goldman Sachs Group Inc/TheGS US9:30Q2 2013 Earnings CallQ2 2013 
    Coca-Cola Co/TheKO US9:30Q2 2013 Earnings CallQ2 2013 
    Freeport-McMoRan Copper & Gold IncFCX US10:00Annual General Meeting  
    Yahoo! IncYHOO US17:00Q2 2013 Earnings CallQ2 2013 
    CSX CorpCSX USAft-mktQ2 2013 Earnings ReleaseQ2 20130.473
    Yahoo! IncYHOO USAft-mktQ2 2013 Earnings ReleaseQ2 20130.297

    Stocks: AMZN, GM, YUM, TXRH, DVA, MOS, CMA, SJM, MPC, BRO, CTAS, BERY, SCHW, KO, GS, JNJ, FCX, YHOO, CSX
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