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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 7/31 0 comments
    Jul 31, 2013 8:41 AM | about stocks: AMT, ADT, CMCSA, HUM, POL, GNW, MRK, CBOE, CBI, BWLD, AFL, HBI, AMGN, FISV, SYMC, PCG, HSP, EXC, HCBK, WEC, DLPH, NI, OMC, GRMN, HES, SO, IVZ, GAS, MA, PSX, EQR, CA, BXP, OKE, WMB, QEP, ALL, CBS, LRCX, MCHP, MAR, EA, WFM, LNC, MET, MCK, EFX, BMC, TMO

    Barchart Morning Call 7/31

     

    Barchart Morning Call

    BC - 47 mins ago

     

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    • Comments (0)

    OVERNIGHT MARKETS AND NEWS
    September E-mini S&Ps (ESU13 unch) this morning are up +0.07% as the market awaits U.S. data on Q2 GDP and the FOMC policy statement later today. European stocks are up +0.04% and received a boost after German unemployment unexpectedly dropped last month, a sign of economic strength. Asian stocks closed mixed: Japan -1.45%, Hong Kong -0.32%, China +0.17%, Taiwan -0.68%, Australia +0.09%, Singapore-0.72%, South Korea -0.32%, India -0.01%. Chinese stocks eked out a gain after China's ruling Politburo pledged to stabilize growth while pressing on with economic reforms. Commodity prices are mixed. Sep crude oil (CLU13 +0.19%) is up +0.19%. Sep gasoline (RBU13 -1.12%) is down -1.01%, Aug gold (GCQ13 +0.35%) is up +0.60%, and Sep copper (HGU13 +0.94%) is up +0.92%. Agricultural prices are mixed. The dollar index (DXY00 +0.02%) is little change, up +0.03%. EUR/USD (^EURUSD) is down -0.08% and USD/JPY (^USDJPY) is down -0.40% at a 1-month low. September T-note prices (ZNU13 -0.09%) are down -1 tick.
    The Eurozone July CPI estimate climbed +1.6% y/y, right on expectations, while the July core CPI rose at a +1.1% y/y pace, slower than expectations of +1.2% y/y.
    German July unemployment unexpectedly fell -7,000, when expectations were for no change, while the July unemployment rate remained unchanged at 6.8%, right on expectations.
    German Jun retail sales unexpectedly fell -1.5% m/m and -2.8% y/y, weaker than expectations of +0.2% m/m and +0.5% y/y, the biggest decline in 6 months.
    The Japan July Markit/JMMA manufacturing PMI fell -1.6 from Jun to 50.7, its slowest pace of expansion in 4 months.
    Japan Jun labor cash earnings rose +0.1% y/y, weaker than expectations of +0.2% y/y, while May was revised lower to a decline of -0.1% y/y from the originally reported unch y/y.
    Japan Jun housing starts rose +15.3% y/y to 976,000, slightly weaker than expectations of +16.0% y/y to 982,000.
    The Xinhua News Agency reported that China's Politburo said it will maintain steady second-half expansion amid "extremely complicated domestic and international conditions" and that China will keep a prudent monetary policy and a proactive fiscal stance.

    U.S. STOCK PREVIEW
    Today's July ADP employment report is expected to show an increase of +180,000, which would be mildly below the +188,000 increase seen in June. Today's Q2 GDP report is expected to decelerate to +1.0% (q/q annualized) from +1.8% in Q1. Today's July Chicago purchasing managers index is expected to show a +2.4 point increase to 54.0, recovering somewhat after the -7.1 point plunge to 51.6 seen in July. The FOMC today concludes its 2-day policy meeting. The last conference of the week is today's Keefe, Bruyette & Woods Community Bank Investor Conference.
    There are 33 of the S&P 500 companies that report earnings today. Notable reports today include PG&E (consensus $0.73), Exelon (0.54), Humana (2.47), Comcast (0.63), Hess (1.40), Southern Company (0.68), Mastercard (6.29), Phillips 66 (1.81), Williams Companies (0.14), Allstate (0.98), CBS (0.72), Marriott (0.57), Murphy Oil Company (1.54), Whole Foods (0.37), Lincoln National (1.15), MetLife (1.33).

    OVERNIGHT U.S. STOCK MOVERS
    American Tower (AMT +0.35%) reported Q2 EPS of 92 cents, better than consensus of 91 cents.
    ADT Corp. (ADT +2.26%) reported Q3 EPS of 53 cents, stronger than consensus of 43 cents.
    Comcast (CMCSA -1.59%) reported Q2 EPS of 65 cents, better than expectations of 63 cents.
    Humana (HUM -1.52%) reported Q2 EPS of $2.63, well ahead of consensus of $2.47.
    PolyOne (POL +2.12%) reported Q2 adjusted EPS of 37 cents, better than consensus of 35 cents.
    Genworth (GNW +0.60%) reported Q2 adjusted EPS of 27 cents, lower than consensus of 29 cents.
    Cubist (CBST +1.86%) said it will acquire Optimer (OPTR -1.12%) for $10.75 per share in cash or $535 million on a fully diluted basis, and Cubist said it will also acquire Trius Therapeutics (TSRX +2.27%) for $13.50 per share in cash or $707 million on a fully diluted basis.
    CBOE Holdings (CBOE +0.53%) raised its quarterly dividend to 18 cents per share from 15 cents per share.
    Chicago Bridge & Iron (CBI +0.42%) reported Q2 EPS with items 98 cents, below consensus of $1.03.
    Buffalo Wild Wings (BWLD -0.71%) reported Q2 EPS of 88 cents, stronger than consensus of 79 cents.
    Aflac (AFL -0.26%) reported Q2 adjusted EPS of $1.62, well ahead of consensus of $1.51, and said it intends to repurchase $600 million of its own stock for 2013.
    Hanesbrands (HBI -0.55%) reported Q2 EPS of $1.19, stronger than consensus of 94 cents, and raised its 2013 EPS outlook to $3.50-$3.65 from $3.25-$3.40.
    Amgen (AMGN +1.67%) reported Q2 EPS of $1.89, well ahead of consensus of $1.74, and said it sees fiscal 2013 EPS at the upper end of $7.30-$7.45, better than consensus of $7.29.
    Fiserv (FISV +0.12%) reported Q2 adjusted EPS of $1.50, better than consensus of $1.44.
    Symantec (SYMC +1.16%) rose nearly 4% in pre-market trading after it reported Q1 EPS of 44 cents, stronger than consensus of 36 cents.

    MARKET COMMENTS
    Sep E-mini S&Ps (ESU13 unch) this morning are up +1.25 points (+0.07%) . The S&P 500 index on Tuesday closed slightly higher. Gains were limited by concern that Wednesday's FOMC statement may be on the hawkish side and by the -1.8 point decline to 80.3 in the U.S. July consumer confidence index, which was weaker than expectations of -0.1 to 81.3. Stocks gained support from positive Q2 stock earnings results as 73% of the 302 S&P 500 companies that have reported earnings results so far have beaten expectations. Closes: S&P 500 +0.04%, Dow Jones -0.01%, Nasdaq 100 +0.53%.
    Sep 10-year T-notes (ZNU13 -0.09%) this morning are down -1 tick. Sep 10-year T-note prices on Tuesday closed lower as the market awaited Wednesday's FOMC statement. T-notes found support from the weaker-than-expected U.S. July consumer confidence index. Closes: TYU3 -3.5, FVU3 -2.25.
    The dollar index (DXY00 +0.02%) this morning is up +0.026 (+0.03%). EUR/USD (^EURUSD) is down -0.0011 (-0.08%) and USD/JPY (^USDJPY) is down -0.39 (-0.40%) at a 1-month low. The dollar index on Tuesday closed higher. USD/JPY was boosted by a weaker yen on the-3.3% m/m decline in Japanese Jun industrial production, which was the biggest monthly decline in 2-1/4 years. EUR/USD climbed to a 5-week high after Eurozone July economic confidence rose +1.2 to 92.5, a 1-1/4 year high. Dollar strength was curbed by the decline in U.S. July consumer confidence. Closes: Dollar index +0.166 (+0.20%), EUR/USD +0.0002 (+0.01%), USD/JPY +0.075 (+0.07%).
    Sep WTI crude oil (CLU13 +0.19%) this morning is up +20 cents (+0.19%) and Sep gasoline (RBU13 -1.12%) is down -0.0300 (-1.01%). Sep crude oil and gasoline prices on Tuesday closed lower with Sep crude falling to a 3-week low. A stronger dollar and weaker-than-expected U.S. July consumer confidence undercut energy prices, along with concern that Wednesday's data on U.S. Q2 GDP will show a slowdown in economic growth. Closes: CLU3 -1.47 (-1.41%), RBU3 -0.0030 (-0.10%).

    GLOBAL EVENT CALENDAR07/31/2013

    US 0700 ET Weekly MBA mortgage applications, previous -1.2% with purchase sub-index -2.1% and refi sub-index -0.7%.
      0815 ET July ADP employment change expected +180,000, Jun +188,000.
      0830 ET Q2 employment cost index expected +0.4%, Q1 +0.3%.
      0830 ET Q2 GDP expected +1.0% (q/q annualized), Q1 +1.8%. Q2 personal consumption expected +1.6%, Q1 +2.6%. Q2 GDP price index expected +1.0%, Q1 +1.2%. Q2 core PCE expected +1.1%, Q1 +1.3%. Annual GDP revisions.
      0900 ET Treasury releases its quarterly refunding statement outlining its funding needs for the next two quarters and announces amounts of 3-year T-notes (previous $32 billion), 10-year T-notes (previous $21 billion), and 30-year T-bonds (previous $13 billion) to be auctioned Aug 6-8 in the quarterly refunding.
      0900 ET July Milwaukee ISM manufacturing index expected 52.0, June 51.6.
      0945 ET July Chicago purchasing managers index expected +2.4 to 54.0, Jun -7.1 to 51.6.
      1030 ET EIA Weekly Petroleum Status Report.
      1400 ET FOMC interest rate decision.
    JPN 0100 ET Japan Jun housing starts expected 982,000 (+16.0% y/y), May 1.027 million (+14.5% y/y).
      0100 ET Japan Jun construction orders, May +26.0% y/y.
    GER 0200 ET German Jun retail sales expected +0.2% m/m and +0.5% y/y, May +0.7% m/m and +0.4% y/y.
      0355 ET German July unemployment change expected unchanged, Jun -12,000. July unemployment rate expected 6.8%, Jun 6.8%.
    EUR 0500 ET Eurozone July CPI expected +1.6% y/y, Jun +1.6% y/y. July core CPI, Jun +1.2% y/y.
      0500 ET Eurozone Jun unemployment rate expected 12.2%, May 12.2%.
    CHI 2100 ET China July manufacturing PMI expected -0.3 to 49.8, Jun -0.7 to 50.1.
      2145 ET China final-July HSBC manufacturing PMI expected unrevised from early-July flash of 47.7 (-0.5 from 48.2 in June).

    U.S. STOCK CALENDAR07/31/2013

    Company Name Symbol Time Event Description Period EPS Est (US$)
    PG&E Corp PCG US Bef-mkt Q2 2013 Earnings Release Q2 2013 0.73
    Hospira Inc HSP US Bef-mkt Q2 2013 Earnings Release Q2 2013 0.511
    Exelon Corp EXC US Bef-mkt Q2 2013 Earnings Release Q2 2013 0.544
    Hudson City Bancorp Inc HCBK US Bef-mkt Q2 2013 Earnings Release Q2 2013 0.101
    Wisconsin Energy Corp WEC US Bef-mkt Q2 2013 Earnings Release Q2 2013 0.466
    Delphi Automotive PLC DLPH US Bef-mkt Q2 2013 Earnings Release Q2 2013 1.137
    ADT Corp/The ADT US 6:00 Q3 2013 Earnings Release Q3 2013 0.434
    Humana Inc HUM US 6:00 Q2 2013 Earnings Release Q2 2013 2.469
    NiSource Inc NI US 6:30 Q2 2013 Earnings Release Q2 2013 0.23
    Multiple Companies OMC US 7:00 Business Update Call    
    American Tower Corp AMT US 7:00 Q2 2013 Earnings Release Q2 2013 0.905
    Comcast Corp CMCSA US 7:00 Q2 2013 Earnings Release Q2 2013 0.63
    Garmin Ltd GRMN US 7:00 Q2 2013 Earnings Release Q2 2013 0.651
    Hess Corp HES US 7:30 Q2 2013 Earnings Release Q2 2013 1.402
    Southern Co/The SO US 7:30 Q2 2013 Earnings Release Q2 2013 0.679
    Invesco Ltd IVZ US 7:30 Q2 2013 Earnings Release Q2 2013 0.514
    AGL Resources Inc GAS US 8:00 Q2 2013 Earnings Release Q2 2013 0.266
    Mastercard Inc MA US 8:00 Q2 2013 Earnings Release Q2 2013 6.291
    Genworth Financial Inc GNW US 8:00 Q2 2013 Earnings Call Q2 2013  
    Phillips 66 PSX US 8:00 Q2 2013 Earnings Release Q2 2013 1.811
    ADT Corp/The ADT US 8:30 Q3 2013 Earnings Call Q3 2013  
    American Tower Corp AMT US 8:30 Q2 2013 Earnings Call Q2 2013  
    Comcast Corp CMCSA US 8:30 Q2 2013 Earnings Call Q2 2013  
    Aflac Inc AFL US 9:00 Q2 2013 Earnings Call Q2 2013  
    Allergan Inc/United States AGN US 9:00 Q2 2013 Earnings Release Q2 2013 1.197
    NiSource Inc NI US 9:00 Q2 2013 Earnings Call Q2 2013  
    Hospira Inc HSP US 9:00 Q2 2013 Earnings Call Q2 2013  
    AGL Resources Inc GAS US 9:00 Q2 2013 Earnings Call Q2 2013  
    Invesco Ltd IVZ US 9:00 Q2 2013 Earnings Call Q2 2013  
    Mastercard Inc MA US 9:00 Q2 2013 Earnings Call Q2 2013  
    Humana Inc HUM US 9:00 Q2 2013 Earnings Call Q2 2013  
    Equity Residential EQR US 10:00 Q2 2013 Earnings Call Q2 2013  
    Hess Corp HES US 10:00 Q2 2013 Earnings Call Q2 2013  
    CA Inc CA US 10:00 Annual General Meeting Y 2013  
    Boston Properties Inc BXP US 10:00 Q2 2013 Earnings Call Q2 2013  
    Kimco Realty Corp KIM US 10:00 Q2 2013 Earnings Call Q2 2013  
    Delphi Automotive PLC DLPH US 10:00 Q2 2013 Earnings Call Q2 2013  
    Garmin Ltd GRMN US 10:30 Q2 2013 Earnings Call Q2 2013  
    Allergan Inc/United States AGN US 11:00 Q2 2013 Earnings Call Q2 2013  
    ONEOK Inc OKE US 11:00 Q2 2013 Earnings Call Q2 2013  
    PG&E Corp PCG US 11:00 Q2 2013 Earnings Call Q2 2013  
    Exelon Corp EXC US 11:00 Q2 2013 Earnings Call Q2 2013  
    Phillips 66 PSX US 11:00 Q2 2013 Earnings Call Q2 2013  
    Southern Co/The SO US 13:00 Q2 2013 Earnings Call Q2 2013  
    Wisconsin Energy Corp WEC US 14:00 Q2 2013 Earnings Call Q2 2013  
    Williams Cos Inc/The WMB US 16:01 Q2 2013 Earnings Release Q2 2013 0.143
    QEP Resources Inc QEP US 16:05 Q2 2013 Earnings Release Q2 2013 0.352
    Allstate Corp/The ALL US 16:05 Q2 2013 Earnings Release Q2 2013 0.982
    CBS Corp CBS US 16:15 Q2 2013 Earnings Release Q2 2013 0.72
    CBS Corp CBS US 16:30 Q2 2013 Earnings Call Q2 2013  
    Lam Research Corp LRCX US 17:00 Q4 2013 Earnings Call Q4 2013  
    Microchip Technology Inc MCHP US 17:00 Q1 2014 Earnings Call Q1 2014  
    Marriott International Inc/DE MAR US 17:00 Q2 2013 Earnings Release Q2 2013 0.569
    Electronic Arts Inc EA US 17:00 Annual General Meeting Y 2013  
    Whole Foods Market Inc WFM US 17:00 Q3 2013 Earnings Call Q3 2013  
    Lam Research Corp LRCX US Aft-mkt Q4 2013 Earnings Release Q4 2013 0.713
    Murphy Oil Corp MUR US Aft-mkt Q2 2013 Earnings Release Q2 2013 1.535
    Pioneer Natural Resources Co PXD US Aft-mkt Q2 2013 Earnings Release Q2 2013 1.111
    Microchip Technology Inc MCHP US Aft-mkt Q1 2014 Earnings Release Q1 2014 0.538
    Whole Foods Market Inc WFM US Aft-mkt Q3 2013 Earnings Release Q3 2013 0.37
    Lincoln National Corp LNC US Aft-mkt Q2 2013 Earnings Release Q2 2013 1.148
    MetLife Inc MET US Aft-mkt Q2 2013 Earnings Release Q2 2013 1.329
    McKesson Corp MCK US   Annual General Meeting    
    Equifax Inc EFX US   Investor Meeting Y 2013  
    BMC Software Inc BMC US   Q1 2014 Earnings Release Q1 2014 0.786
    Life Technologies Corp LIFE US   Q2 2013 Earnings Release Q2 2013 0.959
    Stocks: AMT, ADT, CMCSA, HUM, POL, GNW, MRK, CBOE, CBI, BWLD, AFL, HBI, AMGN, FISV, SYMC, PCG, HSP, EXC, HCBK, WEC, DLPH, NI, OMC, GRMN, HES, SO, IVZ, GAS, MA, PSX, EQR, CA, BXP, OKE, WMB, QEP, ALL, CBS, LRCX, MCHP, MAR, EA, WFM, LNC, MET, MCK, EFX, BMC, TMO
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