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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 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, SNDK, 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

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    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

     

     

    US0830 ETWeekly 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 ETUSDA weekly Export Sales.
     1000 ETFed Chairman Ben Bernanke delivers his semi-annual monetary policy report to the Senate Banking Committee.
     1000 ETJul Philadelphia Fed manufacturing index expected -4.5 to 8.0, Jun +17.7 to 12.5.
     1000 ETJun leading indicators expected +0.3%, May +0.1%.
     1100 ETTreasury 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 ETTreasury auctions $13 billion 10-year TIPS.
    JPN`0130 ETJapan Jun nationwide department store sales, May +2.6% y/y. 
    EUR0400 ETEurozone May current account, Apr +15.3 billion euros (nsa).
    UK0430 ETUK 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 NameSymbolTimeEvent DescriptionPeriodEPS Est (US$)
    Nucor CorpNUE USBef-mktQ2 2013 Earnings ReleaseQ2 20130.3
    PPG Industries IncPPG USBef-mktQ2 2013 Earnings ReleaseQ2 20132.345
    Huntington Bancshares Inc/OHHBAN USBef-mktQ2 2013 Earnings ReleaseQ2 20130.161
    Safeway IncSWY USBef-mktQ2 2013 Earnings ReleaseQ2 20130.505
    BlackRock IncBLK USBef-mktQ2 2013 Earnings ReleaseQ2 20133.812
    Sherwin-Williams Co/TheSHW USBef-mktQ2 2013 Earnings ReleaseQ2 20132.572
    Snap-on IncSNA USBef-mktQ2 2013 Earnings ReleaseQ2 20131.456
    BB&T CorpBBT USBef-mktQ2 2013 Earnings ReleaseQ2 20130.738
    Quest Diagnostics IncDGX USBef-mktQ2 2013 Earnings ReleaseQ2 20131.091
    AutoNation IncAN USBef-mktQ2 2013 Earnings ReleaseQ2 20130.728
    UnitedHealth Group IncUNH USBef-mktQ2 2013 Earnings ReleaseQ2 20131.25
    Genuine Parts CoGPC USBef-mktQ2 2013 Earnings ReleaseQ2 20131.211
    KeyCorpKEY USBef-mktQ2 2013 Earnings ReleaseQ2 20130.198
    Johnson Controls IncJCI USBef-mktQ3 2013 Earnings ReleaseQ3 20130.748
    Danaher CorpDHR US6:00Q2 2013 Earnings ReleaseQ2 20130.865
    Fifth Third BancorpFITB US6:30Q2 2013 Earnings ReleaseQ2 20130.421
    Omnicom Group IncOMC US7:00Q2 2013 Earnings ReleaseQ2 20131.084
    Baxter International IncBAX US7:00Q2 2013 Earnings ReleaseQ2 20131.131
    Philip Morris International IncPM US7:00Q2 2013 Earnings ReleaseQ2 20131.406
    Dover CorpDOV US7:00Q2 2013 Earnings ReleaseQ2 20131.286
    Morgan StanleyMS US7:15Q2 2013 Earnings ReleaseQ2 20130.432
    Verizon Communications IncVZ US7:30Q2 2013 Earnings ReleaseQ2 20130.724
    BB&T CorpBBT US8:00Q2 2013 Earnings CallQ2 2013 
    Danaher CorpDHR US8:00Q2 2013 Earnings CallQ2 2013 
    Union Pacific CorpUNP US8:00Q2 2013 Earnings ReleaseQ2 20132.354
    Amphenol CorpAPH US8:00Q2 2013 Earnings ReleaseQ2 20130.939
    SLM CorpSLM US8:00Q2 2013 Earnings CallQ2 2013 
    Omnicom Group IncOMC US8:30Q2 2013 Earnings CallQ2 2013 
    Baxter International IncBAX US8:30Q2 2013 Earnings CallQ2 2013 
    Verizon Communications IncVZ US8:30Q2 2013 Earnings CallQ2 2013 
    Quest Diagnostics IncDGX US8:30Q2 2013 Earnings CallQ2 2013 
    Union Pacific CorpUNP US8:45Q2 2013 Earnings CallQ2 2013 
    UnitedHealth Group IncUNH US8:45Q2 2013 Earnings CallQ2 2013 
    Philip Morris International IncPM US9:00Q2 2013 Earnings CallQ2 2013 
    BlackRock IncBLK US9:00Q2 2013 Earnings CallQ2 2013 
    Noble CorpNE US9:00Q2 2013 Earnings CallQ2 2013 
    KeyCorpKEY US9:00Q2 2013 Earnings CallQ2 2013 
    Fifth Third BancorpFITB US9:00Q2 2013 Earnings CallQ2 2013 
    Dell IncDELL US9:15Special Meeting - M&A Vote  
    Morgan StanleyMS US10:00Q2 2013 Earnings CallQ2 2013 
    Huntington Bancshares Inc/OHHBAN US10:00Q2 2013 Earnings CallQ2 2013 
    Snap-on IncSNA US10:00Q2 2013 Earnings CallQ2 2013 
    Dover CorpDOV US10:00Q2 2013 Earnings CallQ2 2013 
    Google IncGOOG USAft-mktQ2 2013 Earnings ReleaseQ2 201310.796
    Intuitive Surgical IncISRG USAft-mktQ2 2013 Earnings ReleaseQ2 20134.241
    Microsoft CorpMSFT USAft-mktQ4 2013 Earnings ReleaseQ4 20130.747
    Dell IncDELL US Extraordinary Shareholder Meeting

    Stocks: FITB, BLK, UNH, PM, CCK, NE, NAUH, XLNX, UFPI, EBAY, IBM, AXP, SNDK, 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
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