Jim Van Meerten's  Instablog

Jim Van Meerten
Send Message
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
My company:
Marketocracy capital management
My blog:
Barchart Portfolio Blogs
  • Barchart Moring Call 7/18 0 comments
    Jul 18, 2013 10:07 AM | about stocks: FITB, BLK, UNH, PM, CCK, NE, NAUH, XLNX, UFPI, EBAY, IBM, AXP, WDC, PLXS, CVA, INTC, NUE, PPG, HBAN, SWY, SHW, SNA, BBT, DGX, AN, GPC, KEY, JCI, DHR, OMC, BAX, DOV, MS, VZ, APH, SLM, DELL, GOOG, ISRG, MSFT

    BARCHART MORNING CALL

    Thursday, July 18th, 2013>>View Older Reports

    Everything you need to know about the markets in one free daily newsletter.

    E-mail: Submit


    You will also receive a free subscription to the Barchart family of newsletters.

    OVERNIGHT MARKETS AND NEWS
    September E-mini S&Ps (ESU13 +0.12%) this morning are up +0.09% and European stocks are up +0.11%. Asian stocks closed mixed: Japan +1.32%, Hong Kong -0.12%, China -1.64%, Taiwan -0.78%, Australia +0.24%, Singapore +0.31%, South Korea -0.78%, India +0.90%. European and U.S. stocks rose on better-than-expected Q2 stock earnings results along with optimism the Fed will maintain stimulus, while Chinese stocks fell after the IMF said "downside risks" to China's economic growth are increasing and China Jun new home prices rose, which dimmed the prospects for its government to ease property curbs. Commodity prices are mixed. Aug crude oil (CLQ13 -0.11%) is down -0.24%. Aug gasoline (RBQ13 -0.65%) is down -0.51%, Aug gold (GCQ13 +0.23%) is up +0.22%, and Sep copper (HGU13 -0.22%) is down -0.14%. Agricultural and livestock prices are mixed. The dollar index (DXY00 +0.11%) is up +0.11%. EUR/USD (^EURUSD) is down -0.18% and USD/JPY (^USDJPY) is up +0.53%. September T-note prices (ZNU13 +0.12%) are up +6.5 ticks.
    UK Jun retail sales ex auto fuel rose +0.2% m/m, right on expectations, while sales jumped +2.1% y/y, better than expectations of +1.6% y/y. Jun retail sales with auto fuel rose +0.2% m/m, slightly weaker than expectations of +0.3% m/m, and rose +2.2% y/y, better than expectations of +1.7% y/y.
    The Eurozone May current account shrank to an unadjusted surplus of 9.5 billion euros from an unadjusted 16.6 billion euros surplus in April.
    Spain sold 3.06 billion euros of government debt at auction, more than its maximum target of 3 billion euros.
    Greece's Parliament approved austerity measures needed to release funds for the country's next installment of bailout loans. 153 Greek lawmakers voted for and 140 voted against the measures which put thousands of state workers on notice for possible dismissal. Passage of the austerity measures were needed for Eurozone officials and the IMF to sign off on the next disbursements from a 240 billion euro bailout.
    Japan Jun nationwide department store sales climbed +7.2% y/y, their best pace of growth in 1-1/4 years.
    China June new home prices rose in 69 of 70 cities the government tracked y/y.

    U.S. STOCK PREVIEW
    Fed Chairman Ben Bernanke today will deliver his second day of semi-annual monetary policy testimony, this time to the Senate Banking Committee. Today's weekly initial unemployment claims report is expected to show a -15,000 decline to 345,000, reversing nearly all of last week's jump of +16,000 to 360,000. Meanwhile, continuing claims are expected to show a decline of -18,000 to 2.959 million, reversing most of last week's +24,000 increase to 2.977 million. Today's July Philadelphia Fed manufacturing index is expected to show a -4.5 point decline to 8.0, giving back some ground after the +17.7 point surge to 12.5 seen in June. The Treasury today will sell $13 billion in 10-year TIPS. There are 32 of the S&P 500 companies that report earnings today with notable reports including BlackRock (consensus $3.81), UnitedHealth Group (1.25), Johnson Controls (0.75), Baxter (1.13), Morgan Stanley (0.43), Verizon (0.72), Capital One (1.73), AMD (-0.12), Google (10.80), and Microsoft (4.24). There are no equity conferences this week.

    OVERNIGHT U.S. STOCK MOVERS
    Fith Third Bancorp (FITB +0.69%) reported Q2 EPS of 66 cents, better than consensus of 42 cents.
    BlackRock (BLK +1.47%) reported Q2 EPS of $4.15, much better than consensus of $3.81.
    UnitedHealth Group (UNH -1.02%) reported Q2 EPS of $1.40, well ahead of consensus of $1.25.
    Philip Morris International (PM -0.27%) reported Q2 EPS of $1.30, weaker than consensus of $1.41.
    Crown Holdings (CCK +0.50%) reported Q2 EPS ex-items of 96 cents, better than consensus of 93 cents.
    Noble Corp. (NE +1.16%) reported Q2 EPS ex-charges of 63 cents, better than consensus of 57 cents.

    Carl Icahn reported a 15.54% stake in Navistar (NAV +4.44%) .
    Xilinx (XLNX +0.58%) reported Q1 EPS of 56 cents, higher than consensus of 47 cents.
    Universal Forest (UFPI -0.23%) reported Q2 EPS of 79 cents, better than consensus of 67 cents.
    eBay (EBAY +1.00%) fell 6% in after-hours trading after it reported Q2 EPS of 63 cents, weaker than consensus of 64 cents, and lowered guidance on fiscal 2013 EPS to $2.70-$2.75, weaker than consensus of $2.75.
    IBM (IBM +0.36%) climbed nearly 4% in after-hours trading after it reported Q2 EPS of $3.91, higher than consensus of $3.77, and boosted its fiscal 2013 EPS view to 'at least' $16.90, higher than a previous estimate of $16.70.
    American Express (AXP -1.88%) reported Q2 EPS of $1.27, better than consensus of $1.22.
    SanDisk (SNDK -0.10%) climbed over 6% in after-hours trading after it reported Q2 EPS of $1.21, well ahead of consensus of 93 cents and said it sees fiscal 2013 revenue of $5.75 billion-$6.05 billion, higher than consensus of $5.82 billion.
    Plexus (PLXS -0.39%) rose 5% in after-hours trading after it reported Q3 EPS of 68 cents, better than consensus of 58 cents.
    Covanta (CVA -0.64%) reported Q2 adjusted EPS of 10 cents, stronger than consensus of 6 cents.
    Intel (INTC -0.41%) fell over 3% in pre-market trading after it reported Q2 EPS of 39 cents, weaker than consensus of 40 cents and said it sees fiscal 2013 revenue approximately flat year-over-year, weaker than consensus of $53.51 billion.

    MARKET COMMENTS
    Sep E-mini S&Ps (ESU13 +0.12%) this morning are up +1.50 points (+0.09%). The U.S. stock market on Wednesday closed higher. Bullish factors included (1) strength in financial stocks after Bank of America and Bank of New York Mellon both reported better-than-expected earnings results, and (2) comments from Fed Chairman Bernanke that suggest the Fed is in no hurry to cut stimulus. A bearish factor for stocks was the U.S. Jun housing starts that unexpectedly fell -9.9% to a 10-month low of 836,000, weaker than expectations of a +5.0% increase to 960,000. Closes: S&P 500 +0.28%, Dow Jones +0.12%, Nasdaq 100 +0.25%.
    Sep 10-year T-notes (ZNU13 +0.12%) this morning are up +6.5 ticks. Sep 10-year T-note prices on Wednesday climbed to a 3-1/2 week high and closed higher after Fed Chairman Bernanke said that accommodative monetary policy "could be maintained for longer" if inflation remained too low or the outlook for employment became less favorable. Another bullish factor for T-notes was the unexpected declines in Jun housing starts and building permits: TYU3 +13.50, FVU3 +8.50.
    The dollar index (DXY00 +0.11%) this morning is up +0.094 (+0.11%). EUR/USD (^EURUSD) is down -0.0024 (-0.18%). USD/JPY (^USDJPY) is up +0.53 (+0.53%). The dollar index on Wednesday rebounded from a 3-week low and closed higher after comments from Fed Chairman Bernanke weren't as dovish as the market expected when he said he expected the economy to pick up later this year. Dollar gains were limited after U.S. Jun housing starts unexpectedly fell to their lowest level in 10-months. Closes: Dollar index +0.210 (+0.25%), EUR/USD -0.00368(-0.28%), USD/JPY +0.486 (+0.49%).
    Aug WTI crude oil (CLQ13 -0.11%) this morning is down -26 cents (-0.24%) and Aug gasoline (RBQ13 -0.65%) is down -0.0160 (-0.51%). Crude oil and gasoline prices on Wednesday closed mixed. Bullish factors included (1) the -6.9 million bbl plunge in weekly EIA crude inventories to a 6-month low of 367 million bbl, more than expectations of a-2.0 million bbl draw, and (2) comments from Fed Chairman Bernanke that suggest the Fed is in no hurry to cut stimulus. Bearish factors included (1) the stronger dollar, (2) the unexpected +3.055 million bbl increase in weekly EIA gasoline inventories when expectations were for a -1.5 million bbl draw, (3) slack gasoline consumption after U.S, gasoline consumption fell-570,000 barrels a day, 0r -6.1% to 8.73 million barrels a day for the week ended July 12, the biggest weekly decline in 7-1/2 years, (4) the +3.870 million bbl jump in weekly EIA distillate inventories to a 5-month high of 127.68 million bbl, more than expectations of +1.5 million bbl. and (5) the +1.2% increase in weekly U.S. crude production for the week ended July 12 to 7.490 million barrels per day, the highest in 22-1/2 years. Closes: CLQ3 +0.48 (+0.45%), RBQ3 -0.0242 (-0.77%).

    GLOBAL EVENT CALENDAR07/18/2013

     

     

    US 0830 ET Weekly initial unemployment claims expected -15,000 to 345,000, previous +16,000 to 360,000. Weekly continuing claims expected-18,000 to 2.959 million, previous +24,000 to 2.977 million.
      0830 ET USDA weekly Export Sales.
      1000 ET Fed Chairman Ben Bernanke delivers his semi-annual monetary policy report to the Senate Banking Committee.
      1000 ET Jul Philadelphia Fed manufacturing index expected -4.5 to 8.0, Jun +17.7 to 12.5.
      1000 ET Jun leading indicators expected +0.3%, May +0.1%.
      1100 ET Treasury announces amounts of 2-year T-notes (previous $35 billion), 5-year T-notes (previous $35 billion) and 7-year T-notes (previous $29 billion) to be auctioned Jul 23-25.
      1300 ET Treasury auctions $13 billion 10-year TIPS.
    JPN`0130 ET Japan Jun nationwide department store sales, May +2.6% y/y.  
    EUR 0400 ET Eurozone May current account, Apr +15.3 billion euros (nsa).
    UK 0430 ET UK Jun retail sales ex auto fuel expected +0.2% m/m and +1.6% y/y, May +2.1% m/m and +2.1% y/y. Jun retail sales with auto fuel expected +0.3% m/m and +1.7% y/y, May +2.1% m/m and +1.9% y/y.

    U.S. STOCK CALENDAR07/18/2013

    Company Name Symbol Time Event Description Period EPS Est (US$)
    Nucor Corp NUE US Bef-mkt Q2 2013 Earnings Release Q2 2013 0.3
    PPG Industries Inc PPG US Bef-mkt Q2 2013 Earnings Release Q2 2013 2.345
    Huntington Bancshares Inc/OH HBAN US Bef-mkt Q2 2013 Earnings Release Q2 2013 0.161
    Safeway Inc SWY US Bef-mkt Q2 2013 Earnings Release Q2 2013 0.505
    BlackRock Inc BLK US Bef-mkt Q2 2013 Earnings Release Q2 2013 3.812
    Sherwin-Williams Co/The SHW US Bef-mkt Q2 2013 Earnings Release Q2 2013 2.572
    Snap-on Inc SNA US Bef-mkt Q2 2013 Earnings Release Q2 2013 1.456
    BB&T Corp BBT US Bef-mkt Q2 2013 Earnings Release Q2 2013 0.738
    Quest Diagnostics Inc DGX US Bef-mkt Q2 2013 Earnings Release Q2 2013 1.091
    AutoNation Inc AN US Bef-mkt Q2 2013 Earnings Release Q2 2013 0.728
    UnitedHealth Group Inc UNH US Bef-mkt Q2 2013 Earnings Release Q2 2013 1.25
    Genuine Parts Co GPC US Bef-mkt Q2 2013 Earnings Release Q2 2013 1.211
    KeyCorp KEY US Bef-mkt Q2 2013 Earnings Release Q2 2013 0.198
    Johnson Controls Inc JCI US Bef-mkt Q3 2013 Earnings Release Q3 2013 0.748
    Danaher Corp DHR US 6:00 Q2 2013 Earnings Release Q2 2013 0.865
    Fifth Third Bancorp FITB US 6:30 Q2 2013 Earnings Release Q2 2013 0.421
    Omnicom Group Inc OMC US 7:00 Q2 2013 Earnings Release Q2 2013 1.084
    Baxter International Inc BAX US 7:00 Q2 2013 Earnings Release Q2 2013 1.131
    Philip Morris International Inc PM US 7:00 Q2 2013 Earnings Release Q2 2013 1.406
    Dover Corp DOV US 7:00 Q2 2013 Earnings Release Q2 2013 1.286
    Morgan Stanley MS US 7:15 Q2 2013 Earnings Release Q2 2013 0.432
    Verizon Communications Inc VZ US 7:30 Q2 2013 Earnings Release Q2 2013 0.724
    BB&T Corp BBT US 8:00 Q2 2013 Earnings Call Q2 2013  
    Danaher Corp DHR US 8:00 Q2 2013 Earnings Call Q2 2013  
    Union Pacific Corp UNP US 8:00 Q2 2013 Earnings Release Q2 2013 2.354
    Amphenol Corp APH US 8:00 Q2 2013 Earnings Release Q2 2013 0.939
    SLM Corp SLM US 8:00 Q2 2013 Earnings Call Q2 2013  
    Omnicom Group Inc OMC US 8:30 Q2 2013 Earnings Call Q2 2013  
    Baxter International Inc BAX US 8:30 Q2 2013 Earnings Call Q2 2013  
    Verizon Communications Inc VZ US 8:30 Q2 2013 Earnings Call Q2 2013  
    Quest Diagnostics Inc DGX US 8:30 Q2 2013 Earnings Call Q2 2013  
    Union Pacific Corp UNP US 8:45 Q2 2013 Earnings Call Q2 2013  
    UnitedHealth Group Inc UNH US 8:45 Q2 2013 Earnings Call Q2 2013  
    Philip Morris International Inc PM US 9:00 Q2 2013 Earnings Call Q2 2013  
    BlackRock Inc BLK US 9:00 Q2 2013 Earnings Call Q2 2013  
    Noble Corp NE US 9:00 Q2 2013 Earnings Call Q2 2013  
    KeyCorp KEY US 9:00 Q2 2013 Earnings Call Q2 2013  
    Fifth Third Bancorp FITB US 9:00 Q2 2013 Earnings Call Q2 2013  
    Dell Inc DELL US 9:15 Special Meeting - M&A Vote    
    Morgan Stanley MS US 10:00 Q2 2013 Earnings Call Q2 2013  
    Huntington Bancshares Inc/OH HBAN US 10:00 Q2 2013 Earnings Call Q2 2013  
    Snap-on Inc SNA US 10:00 Q2 2013 Earnings Call Q2 2013  
    Dover Corp DOV US 10:00 Q2 2013 Earnings Call Q2 2013  
    Google Inc GOOG US Aft-mkt Q2 2013 Earnings Release Q2 2013 10.796
    Intuitive Surgical Inc ISRG US Aft-mkt Q2 2013 Earnings Release Q2 2013 4.241
    Microsoft Corp MSFT US Aft-mkt Q4 2013 Earnings Release Q4 2013 0.747
    Dell Inc DELL US   Extraordinary Shareholder Meeting
    Stocks: FITB, BLK, UNH, PM, CCK, NE, NAUH, XLNX, UFPI, EBAY, IBM, AXP, WDC, PLXS, CVA, INTC, NUE, PPG, HBAN, SWY, SHW, SNA, BBT, DGX, AN, GPC, KEY, JCI, DHR, OMC, BAX, DOV, MS, VZ, APH, SLM, DELL, GOOG, ISRG, MSFT
Back To Jim Van Meerten's Instablog HomePage »

Instablogs are blogs which are instantly set up and networked within the Seeking Alpha community. Instablog posts are not selected, edited or screened by Seeking Alpha editors, in contrast to contributors' articles.

Comments (0)
Track new comments
Be the first to comment
Full index of posts »
Latest Followers

StockTalks

  • $MYOK - 100% technical buy signals - 7 New highs and up 32.3% in the last month - Relative Strength Index 77.17%
    about 17 hours ago
  • $EXEL - 80% technical buy signals - 8 new highs and up 31.22% in the last month - Relative Strength Index 76.0%
    1 day ago
  • $ATEN - 100% technical buy signals - 19 new highs and up 38.35% in the last month - Relative Strength Index 85.18%
    5 days ago
More »

Latest Comments


Instablogs are Seeking Alpha's free blogging platform customized for finance, with instant set up and exposure to millions of readers interested in the financial markets. Publish your own instablog in minutes.