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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 Mornng Call 7/30 0 comments
    Jul 30, 2013 12:20 PM | about stocks: MRK, AET, PFE, NYX, MAS, MTW, PRE, CYH, SPN, EEP, HLF, RRD, APC, ESRX, CZR, TXRH, OXY, NLSN, PBI, GLW, CMI, ROK, ECL, ETR, ESV, NEE, GT, NOV, HCP, FIS, DISCA, XYL, COH, WU, PEG, HIG, EQR, AFL, OKE, BXP, GNW, AMGN, FISV, KIM, SYMC
    Barchart Morning Call

    BC - Tue Jul 30, 6:43AM CDT

     

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    OVERNIGHT MARKETS AND NEWS
    September E-mini S&Ps (ESU13 +0.25%) this morning are up +0.22% and European stocks are up +0.54% as positive Q2 stock earnings results buoy stocks. Asian stocks closed mostly higher: Japan +1.53%, Hong Kong +0.48%, China +0.62%, Taiwan +0.98%, Australia +0.02%, Singapore +0.26%, South Korea +0.91%, India -1.25%. European stocks also found support on an increase in Eurozone July economic confidence and Japanese stocks gained after the Japan Jun unemployment rate fell to a 4-1/2 year low. Chinese stocks rose after the PBOC added 17 billion yuan ($2.8 billion) to the financial system using reverse repos for the first time in 5 months. Commodity prices are mixed. Sep crude oil (CLU13 -0.63%) is down -0.56%. Sep gasoline (RBU13 -0.02%) is up +0.06%, Aug gold (GCQ13 -0.40%) is down -0.48%, and Sep copper (HGU13 -1.38%) is down -1.17% at a 2-1/2 week low. Agricultural prices are higher. The dollar index (DXY00 +0.05%) is up +0.09%. EUR/USD (^EURUSD) is up +0.08% and USD/JPY (^USDJPY) is down -0.03%. September T-note prices (ZNU13 -0.05%) are down -3 ticks.
    Eurozone July economic confidence rose +1.2 from Jun to 92.5, right on expectations, and the July business climate indicator rose +0.14 from Jun to -0.53, close to expectations of -0.54, and both at their highest levels in 1-1/4 years.
    German Aug GfK consumer confidence rose +0.2 to 7.0, better than expectations of +0.1 to 6.9 and its highest in 5-3/4 years.
    The Japan Jun jobless rate fell -0.2 to 3.9%, better than expectations of -0.1 to 4.0% and the lowest in 4-1/2 years. The Jun job-to-applicant ratio rose +0.2 to 0.92, better than expectations of +0.1 to 0.91 and the highest in 5 years.
    Japan Jun industrial production fell -3.3% m/m and -4.8% y/y, weaker than expectations of -1.5% m/m and -2.6% y/y, with the -3.3% m/m drop the biggest monthly decline in 2-1/4 years,.
    Japan Jun overall household spending unexpectedly fell for a second month as it dropped -0.4% y/y, weaker than expectations of a +1.4% y/y increase.
    Australia's 2-year government bond yields fell to a 2-year low of 2.33% and the Australian dollar fell to a 2-week low of 90.53 cents, just above a 3-year low, after RBA Governor Stevens said the inflation outlook provides room for lower interest rates if required.

    U.S. STOCK PREVIEW
    Today's May CaseShiller composite-20 home price index is expected to show a strong increase of +1.4% m/m, adding to the +1.7% m/m increase seen in April. Today's July U.S. consumer confidence index from the Conference Board is expected to show a -0.1 point decline to 81.3, stalling after the surge of +7.1 points to the 5-1/3 year high of 81.4 seen in June. The FOMC today begins 2-day policy meeting. This is another very light week for conferences with Tuesday's JPMorgan Mexico CEO Conference, and Wednesday's Keefe, Bruyette & Woods Community Bank Investor Conference.
    There are 35 of the S&P 500 companies that report earnings today. Notable reports include NYSE Euronext (consensus 0.59), Occidental Petroleum (1.60), Pfizer (0.55), Nielsen (0.49), Pitney Bowes (0.44), Corning (0.31), Cummins (1.98), Rockwell Automation (1.39), Goodyear (0.48), Merck (0.82), Aetna (1.40), Coach (0.89), Waste Management (0.55), Aflac (1.51), Genworth (0.29), Amgen (1.74), Symantec (0.36).

    OVERNIGHT U.S. STOCK MOVERS
    Merk (MRK -0.31%) reported Q2 EPS of 84 cents, higher than consensus of 82 cents.
    Aetna (AET -2.01%) reported Q2 EPS of $1.52, stronger than consensus of $1.40.
    Pfizer (PFE +0.58%) reported Q2 EPS of 56 cents, higher than consensus of 55 cents.
    NYSE Euronext (NYX +0.24%) reported Q2 EPS of 63 cents, better than expectations of 59 cents.
    Masco (MAS -0.50%) reported Q2 EPS of 23 cents, stronger than consensus of 20 cents.
    Manitowoc (MTW +0.05%) reported Q2 adjusted EPS of 45 cents, better than consensus of 35 cents.
    PartnerRe (PRE +1.37%) reported Q2 EPS of 90 cents, lower than consensus of 94 cents.
    Community Health (CYH +5.90%) reported Q2 EPS of 32 cents, weaker than consensus of 33 cents.
    Superior Energy (SPN -3.60%) reported Q2 EPS of 43 cents, lower than consensus of 45 cents.
    Enbridge Energy Partners (EEP -0.46%) reported Q2 adjusted EPS of 13 cents, weaker than consensus of 23 cents.
    Herbalife (HLF +3.63%) rose nearly 6% in after-hours trading after it reported Q2 adjusted EPS $1.41, stronger than consensus of $1.18 and raised its fiscal 2013 adjusted EPS view to $4.83-$4.95 from $4.60-$4.80, stronger than consensus of $4.80.
    R.R. Donnelley (RRD +3.17%) rose over 2% in after-hours trading after it reported Q2 EPS of 45 cents, higher than consensus of 42 cents.
    Anadarko (APC +0.16%) reported Q2 adjusted EPS of $1.05, well ahead of consensus of 91 cents.
    Express Scripts (ESRX -1.08%) reported Q2 EPS of $1.12, better than consensus of $1.10 and raised its fiscal 2013 EPS view to $4.26-$4.34 from $4.23-$4.33, higher than consensus of $4.30.
    Caesar's Entertainment (CZR +0.65%) reported a Q2 EPS loss of -$1.69, larger than consensus of a -$1.57 loss.
    Texas Roadhouse (TXRH -0.17%) reported Q2 EPS of 28 cents, weaker than consensus of 29 cents.

    MARKET COMMENTS
    Sep E-mini S&Ps (ESU13 +0.25%) this morning are uo +3,75 points (+0.22%). The S&P 500 index on Monday closed lower on concern a slowdown in China's economy will drag down global growth as well. China Jun industrial profit growth fell to +6.3% y/y from May's +15.5% y/y while China's State Council ordered a review of state borrowings amid concern potential bad debts may weigh on the economy. A supportive factor was the the smaller-than-expected drop in U.S. Jun pending home sales (-0.4% m/m vs. expectations of -1.0% m/m). Closes: S&P 500-0.37%, Dow Jones -0.24%, Nasdaq 100 -0.24%.
    Sep 10-year T-notes (ZNU13 -0.05%) this morning are down -3 ticks. Sep 10-year T-note prices on Monday closed lower on the stronger-than-expected U.S. Jun pending home sales and on some concern that Wednesday's post-meeting statement could be a bit more hawkish. T-notes received support from increased safe-haven demand with the sell-off in stocks. Closes: TYU3 -5.-, FVU3 -2.5.
    The dollar index (DXY00 +0.05%) this morning is up +0.072 (+0.09%). EUR/USD (^EURUSD) is up +0.0010 (+0.08%) and USD/JPY (^USDJPY) is down -0.03 (-0.03%). The dollar index on Monday recovered from a 5-week low and closed higher after stocks fell, which boosted the safe-haven demand for the dollar. Another positive for the dollar was the stronger-than-expected U.S. Jun pending home sales. Closes: Dollar index +0.013 (+0.02%), EUR/USD +0.0002 (+0.02%), USD/JPY -1.08 (-1.09%).
    Sep WTI crude oil (CLU13 -0.63%) this morning is down -59 cents (-0.56%) and Sep gasoline (RBU13 -0.02%) is up +0.0017 (+0.06%). Sep crude oil and gasoline prices on Monday settled lower. Bearish factors included (1) the National Weather Service's downgrade for Tropical Storm Dorian to a tropical wave, which reduces the chance that it might strengthen and threaten the Gulf of Mexico, and (2) Chinese economic concerns after China's State Council ordered a review of state borrowings amid concern potential bad debts may weigh on the economy. Supportive factors included (1) concern the civil unrest in Egypt may escalate and threaten global shipments of crude through the Suez Canal, and (2) the early slide in the dollar index to a 5-week low. Closes: CLU3 -0.15 (-0.14%), RBU3 -0.0211 (-0.70%).

    GLOBAL EVENT CALENDAR07/30/2013

    US 0900 ET May S&P/CaseShiller composite-20 home price index expected +1.4% m/m and +12.4% y/y, Apr +1.7% m/m and +12.1% y/y.
      1000 ET July U.S. consumer confidence (Conference Board) expected -0.1 to 81.3, Jun +7.1 to 81.4.
      1100 ET FOMC begins 2-day policy meeting.
      1630 ET API weekly U.S. oil statistics.
    JPN 0000 ET Japan Jun vehicle production, May -6.2% y/y.
      1915 ET Japan July Markit/JMMA manufacturing PMI, Jun 52.3.
      2130 ET Japan Jun labor cash earnings expected +0.2% y/y, May -0.1% y/y.
    GER 0200 ET German Aug GfK consumer confidence index expected 6.9, July 6.8.
      0800 ET German July CPI (EU harmonized) expected +0.3% m/m and +1.8% y/y, Jun +0.1% m/m and +1.9% y/y.
    UK 0430 ET UK July Lloyds business barometer, Jun 36.
      1901 ET UK July BRC shop price index, Jun -0.2% y/y.
      1905 ET UK July GfK consumer confidence survey expected -19, Jun -21.
    EUR 0500 ET Eurozone Jul economic confidence expected 92.5, Jun 91.3. July business climate indicator expected -0.54, Jun -0.68.
      0500 ET Revised Eurozone July consumer confidence expected unrevised at -17.4.

    U.S. STOCK CALENDAR07/30/2013

     

     

    Company Name Symbol Time Event Description Period EPS Est (US$)
    NYSE Euronext NYX US 2:30 www.nyx.com/en/investor-relations Q2 2013 0.585
    Occidental Petroleum Corp OXY US Bef-mkt www.media-server.com/m/acs/d509bfe2ab8dbc32876aa7cb7b8b7105 Q2 2013 1.6
    MeadWestvaco Corp MWV US Bef-mkt www.media-server.com/m/acs/b6e403735247c4eaeb4e97e66d9307f5 Q2 2013 0.275
    Pfizer Inc PFE US Bef-mkt www.visualwebcaster.com/event.asp?id=94665 Q2 2013 0.55
    Nielsen Holdings NV NLSN US Bef-mkt services.choruscall.com/links/nlsn130730.html Q2 2013 0.488
    Pitney Bowes Inc PBI US Bef-mkt edge.media-server.com/m/p/rofj3fer/lan/en Q2 2013 0.443
    Corning Inc GLW US Bef-mkt investor.shareholder.com/corning/eventde...?EventID=131922 Q2 2013 0.307
    Cummins Inc CMI US Bef-mkt www.media-server.com/m/acs/b740fcc16c5f509b1ec0d5dfdad44812 Q2 2013 1.984
    Rockwell Automation Inc ROK US Bef-mkt edge.media-server.com/m/p/chugtj8p/lan/en Q3 2013 1.385
    Ecolab Inc ECL US Bef-mkt investor.ecolab.com/eventdetail.cfm?eventid=132011 Q2 2013 0.842
    Entergy Corp ETR US Bef-mkt investor.shareholder.com/entergy/eventde...?eventid=131253 Q2 2013 1.147
    Ensco PLC ESV US Bef-mkt www.enscoplc.com/Investors/Presentations....aspx Q2 2013 1.478
    NextEra Energy Inc NEE US Bef-mkt www.investor.nexteraenergy.com/phoenix.z...;EventId=4989930 Q2 2013 1.282
    Goodyear Tire & Rubber Co/The GT US Bef-mkt investor.goodyear.com/eventdetail.cfm?eventid=132431 Q2 2013 0.479
    National Oilwell Varco Inc NOV US Bef-mkt www.media-server.com/m/acs/6a270ed5a06457ed6d23e0ca8da0357d Q2 2013 1.334
    HCP Inc HCP US Bef-mkt www.media-server.com/m/acs/7ad58e72abbb6172bfb25f64057d2da3 Q2 2013 0.735
    Fidelity National Information Services Inc FIS US Bef-mkt edge.media-server.com/m/p/xhcv6i4y/lan/en Q2 2013 0.702
    Merck & Co Inc MRK US Bef-mkt edge.media-server.com/m/p/4vqo36qp/lan/en Q2 2013 0.821
    Aetna Inc AET US 6:00 www.media-server.com/m/acs/f90b576965eee6f59d432ef4e00a5a75 Q2 2013 1.403
    Harris Corp HRS US 6:30 harris.com/investors/webcasts.aspx Q4 2013 1.149
    Discovery Communications Inc DISCA US 7:00 ir.corporate.discovery.com/phoenix.zhtml...-irhome Q2 2013 0.905
    Xylem Inc/NY XYL US 7:00 edge.media-server.com/m/p/p6x97pp5/lan/en Q2 2013 0.443
    Coach Inc COH US 7:00 www.media-server.com/m/acs/d2df8699e4cfb481bdfeebcc8349b415 Q4 2013 0.89
    Western Union Co/The WU US 7:00 ir.westernunion.com/investor-relations/d....aspx Q2 2013 0.34
    Public Service Enterprise Group Inc PEG US 7:30 edge.media-server.com/m/p/zvdira2u/lan/en Q2 2013 0.452
    Waste Management Inc WM US 7:30 www.media-server.com/m/acs/ea08f09e4a4c7c04b16d8bf0a74f77a2 Q2 2013 0.548
    Pitney Bowes Inc PBI US 8:00 edge.media-server.com/m/p/rofj3fer/lan/en Q2 2013  
    NYSE Euronext NYX US 8:00 www.nyx.com/en/investor-relations Q2 2013  
    Masco Corp MAS US 8:00 investor.masco.com/investor-relations/pr....aspx Q2 2013  
    Eastman Chemical Co EMN US 8:00 edge.media-server.com/m/p/49qeetcf/lan/en Q2 2013  
    Merck & Co Inc MRK US 8:00 edge.media-server.com/m/p/4vqo36qp/lan/en Q2 2013  
    Discovery Communications Inc DISCA US 8:30 ir.corporate.discovery.com/phoenix.zhtml...-irhome Q2 2013  
    Nielsen Holdings NV NLSN US 8:30 services.choruscall.com/links/nlsn130730.html Q2 2013  
    Corning Inc GLW US 8:30 investor.shareholder.com/corning/eventde...?EventID=131922 Q2 2013  
    Rockwell Automation Inc ROK US 8:30 edge.media-server.com/m/p/chugtj8p/lan/en Q3 2013  
    Coach Inc COH US 8:30 www.media-server.com/m/acs/d2df8699e4cfb481bdfeebcc8349b415 Q4 2013  
    Western Union Co/The WU US 8:30 ir.westernunion.com/investor-relations/d....aspx Q2 2013  
    Express Scripts Holding Co ESRX US 8:30 phx.corporate-ir.net/phoenix.zhtml?c=696...-investorinfo Q2 2013  
    Harris Corp HRS US 8:30 harris.com/investors/webcasts.aspx Q4 2013  
    Fidelity National Information Services Inc FIS US 8:30 edge.media-server.com/m/p/xhcv6i4y/lan/en Q2 2013  
    Aetna Inc AET US 8:30 www.media-server.com/m/acs/f90b576965eee6f59d432ef4e00a5a75 Q2 2013  
    Northeast Utilities NU US 9:00 www.nu.com/investors/webcasts/2013_Q2_results.asp Q2 2013  
    Anadarko Petroleum Corp APC US 9:00 edge.media-server.com/m/p/a99747sh/lan/en Q2 2013  
    Xylem Inc/NY XYL US 9:00 edge.media-server.com/m/p/p6x97pp5/lan/en Q2 2013  
    Hartford Financial Services Group Inc HIG US 9:00 edge.media-server.com/m/p/ie27i2tz/lan/en Q2 2013  
    NextEra Energy Inc NEE US 9:00 www.investor.nexteraenergy.com/phoenix.z...;EventId=4989930 Q2 2013  
    Goodyear Tire & Rubber Co/The GT US 9:00 investor.goodyear.com/eventdetail.cfm?eventid=132431 Q2 2013  
    National Oilwell Varco Inc NOV US 9:00 www.media-server.com/m/acs/6a270ed5a06457ed6d23e0ca8da0357d Q2 2013  
    Equity Residential EQR US Aft-mkt event.on24.com/eventRegistration/EventLo...;sourcepage=register Q2 2013 0.707
    Aflac Inc AFL US Aft-mkt www.aflac.com/investors/calendar.aspx Q2 2013 1.514
    ONEOK Inc OKE US Aft-mkt edge.media-server.com/m/p/pq9u64pn/lan/en Q2 2013 0.283
    Boston Properties Inc BXP US Aft-mkt edge.media-server.com/m/p/ohrcdjo7/lan/en Q2 2013 1.273
    Genworth Financial Inc GNW US Aft-mkt investor.shareholder.com/media/eventdeta...;mediaKey=DE2C752453F5FE1F42E477EE337AE5DD Q2 2013 0.294
    Amgen Inc AMGN US Aft-mkt edge.media-server.com/m/p/pjezmkvd/lan/en Q2 2013 1.743
    Fiserv Inc FISV US Aft-mkt investors.fiserv.com/eventdetail.cfm?eventid=131825 Q2 2013 1.442
    Kimco Realty Corp KIM US Aft-mkt investors.kimcorealty.com/CorporateProfi...?iid=102965 Q2 2013 0.334
    Symantec Corp SYMC US Aft-mkt edge.media-server.com/m/p/32vm8grc/lan/en
    Stocks: MRK, AET, PFE, NYX, MAS, MTW, PRE, CYH, SPN, EEP, HLF, RRD, APC, ESRX, CZR, TXRH, OXY, NLSN, PBI, GLW, CMI, ROK, ECL, ETR, ESV, NEE, GT, NOV, HCP, FIS, DISCA, XYL, COH, WU, PEG, HIG, EQR, AFL, OKE, BXP, GNW, AMGN, FISV, KIM, SYMC
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