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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 8/1 0 comments
    Aug 1, 2013 10:26 AM | about stocks: CME, PG, TWC, IRM, CI, MAR, EGL, TMO, CNW, WMB, LRCX, MET, ALL, WCMBF, CBS, MYL, T, FLR, MPC, WPX, PPL, ADP, COP, AVP, BDX, PWR, TDC, SCG, CLX, TE, CHK, XOM, VMC, AEE, CAH, CNP, MDT, XEL, XRAY, APA, K, F, GM, KHC, EIX, AAPL, AIG, SWN, PSA, TSO
    Barchart Morning Call

    BC - 2 hrs 31 mins ago

     

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    OVERNIGHT MARKETS AND NEWS
    September E-mini S&Ps (ESU13 +0.67%) this morning are up +0.71% and European stocks are up +0.79%. Asian stocks closed mostly higher: Japan +2.47%, Hong Kong +0.94%, China +2.39%, Taiwan -0.64%, Australia +0.19%, Singapore +0.66%, South Korea +0.36%, India-0.15%. Global stocks gained after China's manufacturing activity unexpectedly grew last month and after the Eurozone's manufacturing activity was revised upward in July to its fastest pace in 2-years. Commodity prices are mostly higher. Sep crude oil (CLU13 +1.67%) is up +1.71% at a 1-week high. Sep gasoline (RBU13 +0.86%) is up +1.06% at a 1-week high, Dec gold (GCZ13 +0.86%) is up +0.91%, and Sep copper (HGU13+1.73%) is up +1.80%. Agricultural and livestock prices are mixed. The dollar index (DXY00 +0.69%) is up +0.74%. EUR/USD (^EURUSD) is down -0.48% on speculation ECB President Draghi will reassure the markets that the ECB will keep interest rates low at today's ECB meeting. USD/JPY (^USDJPY) is up +0.92%. September T-note prices (ZNU13 -0.04%) are down -1 tick.
    As expected, the BOE left its benchmark rate at 0.50% and kept its asset purchase target at 375 billion pounds.
    The China July manufacturing PMI unexpectedly rose +0.2 to 50.3, better than expectations of a -0.3 decline to 49.8.
    The German July PMI manufacturing was unexpectedly revised upward to 50.7 from the originally reported 50.3, its fastest pace of expansion n 1-1/2 years.
    The Eurozone July PMI manufacturing was revised upward to a 2-year high of 50.3 from the originally reported 50.1.
    The UK July PMI manufacturing climbed +1.7 to 54.6, stronger than expectations of +0.3 to 52.8 and the fastest pace of expansion in 2-1/4 years.

    U.S. STOCK PREVIEW
    Today's weekly initial unemployment claims report is expected to show a small increase of +2,000 to 345,000, adding to last week's +7,000 increase to 343,000. Continuing claims are expected to show an increase of +3,000 to 3.000 mln, moving a bit higher after last week's sharp-119,000 decline to 2.997 mln. Today's July ISM manufacturing index is expected to show a +1.1 point increase to 52.0, adding to the +1.9 point increase to 50.9 seen in June. Today's July total vehicle sales report is expected to ease slightly to 15.80 million from the 5-1/2 year high of 15.89 million posted in June. There are no equity conferences during the remainder of the week.
    There are 41 of the S&P 500 companies that report earnings today. Notable reports today include Marathon Petroleum (consensus $1.90), ADP (0.57), ConocoPhillips (1.29), Procter & Gamble (0.77), Time Warner Cable (1.65), Chesapeake Energy (0.41), Exxon Mobil (1.89), CME Group (0.90), Kellogg (0.98), and AIG (0.86).

    OVERNIGHT U.S. STOCK MOVERS
    CME Group (CME -0.11%) reported Q2 EPS of 93 cents, stronger than consensus of 90 cents.
    Procter & Gamble (PG -0.17%) reported Q4 EPS of 79 cents, better than consensus of 77 cents.
    Time Warner Cable (TWC -0.81%) reported Q2 EPS of $1.69, better than consensus of $1.65.
    Iron Mountain (IRM +0.07%) reported Q2 EPS of 29 cents, weaker than consensus of 31 cents.
    Cigna (CI +1.81%) reported Q2 EPS of $1.78, well ahead of consensus of $1.60.
    Marriott (MAR +0.43%) reported Q2 EPS of 57 cents, right on consensus, although it reported Q2 revenue of $3.26 billion, higher than consensus of $3.21 billion.
    Engility Holdings (EGL +1.40%) has been selected as a prime contractor for a potential $68 million contract to support Navy computer networks ashore under a contract with the Space and Naval Warfare Systems Center Pacific.
    Life Technologies (LIFE -0.08%) reported Q2 EPS of 98 cents, better than consensus of 96 cents.
    Con-way (CNW +2.47%) reported Q2 adjusted EPS of 67 cents, beter than consensus of 59 cents.
    Williams (WMB +1.06%) reportED Q2 adjusted EPS OF 19c, better than consensus of 15 cents.
    Lam Research (LRCX -0.95%) reported Q4 EPS of 80 cents, stronger than consensus of 71 cents.
    MetLife (MET +0.39%) reported Q2 EPS of $1.44, better than consensus of $1.33.
    Allstate (ALL +0.14%) reported Q2 EPS of $1.12, well ahead of consensus of 98 cents.
    Whole Foods (WFM -0.07%) reported Q3 EPS of 38 cents, better than consensus of 37 cents, and raised its 2013 EPS view to $1.45-$1.46, higher than consensus of $1.45.
    CBS (CBS +0.97%) reported Q2 EPS of 76 cents, stronger than consensus of 72 cents.

    MARKET COMMENTS
    Sep E-mini S&Ps (ESU13 +0.67%) this morning are up +12.00 points (+0.71%). The S&P 500 index on Wednesday erased early gains and settled little changed. Bullish factors included (1) the +200,000 increase in the July ADP employment report, stronger than expectations of +180,000 and the most jobs gained in 7 months, (2) the U.S. Q2 GDP of +1.7%, stronger than expectations of +1.0%, and (3) the fact that the FOMC in its post-meeting statement gave no hint of any imminent QE3 tapering. Closes: S&P 500 +0.04%, Dow Jones -0.01%, Nasdaq 100 +0.53%.
    Sep 10-year T-notes (ZNU13 -0.04%) this morning are down -1 tick. Sep 10-year T-note prices on Wednesday slumped to a 3-week low on strong U.S. economic data, but then recovered and closed little changed after the FOMC said it will maintain its QE3 program at $85 billion a month and noted disinflation pressures. Closes: TYU3 +0.5, FVU3 +0.50.
    The dollar index (DXY00 +0.69%) this morning is up +0.601 (+0.74%). EUR/USD is down -0.0064 (-0.48%) and USD/JPY is up +0.90 (+0.92%). The dollar index on Wednesday closed lower after the FOMC said it will maintain its QE3 program. Supportive factors for the dollar included (1) stronger-than-expected U.S. Q2 GDP of +1.7%, and (2) the larger-than-expected +200,000 increase in the July ADP employment report. Closes: Dollar index -0.377 (-0.46%), EUR/USD +0.00396 (+0.30%), USD/JPY -0.157 (-0.16%).
    Sep WTI crude oil (CLU13 +1.67%) this morning is up +$1.80 a barrel (+1.71%) at a 1-week high and Sep gasoline (RBU13 +0.86%) is up +3.18 cents per gallon (+1.06%) at a 1-week high. Sep crude oil and gasoline prices on Wednesday settled higher. Bullish factors included (1) the stronger than expected +1.7% gain in U.S. Q2 GDP, (2) the -1.904 million bbl decline in crude supplies to a 15-month low of 42.119 million bbl at Cushing, OK, the delivery point for WTI futures, and (3) the action by the FOMC to maintain its QE3 program at current levels. Bearish factors included (1) the unexpected +431,000 bbl increase in weekly EIA crude inventories, more than expectations of a -2.45 million bbl draw, and (2) the unexpected +770,000 bbl increase in weekly EIA gasoline stockpiles, more than expectations for a -1.50 million bbl decline. Closes: CLU3 +1.95 (+1.89%), RBU3 +0.0057 (+0.19%).

    GLOBAL EVENT CALENDAR08/01/2013

    US 0730 ET July Challenger job cuts, Jun +4.8% y/y.
      0830 ET Weekly initial unemployment claims expected +2,000 to 345,000, previous +7,000 to 343,000. Weekly continuing claims expected +3,000 to 3.000 mln, previous -119,000 to 2.997 mln.
      0830 ET USDA weekly Export Sales.
      1000 ET Jun construction spending expected +0.4%, May +0.5%.
      1000 ET July ISM manufacturing index expected +1.1 to 52.0, Jun +1.9 to 50.9. July ISM prices paid expected +1.3 to 53.8, Jun +3.0 to 52.5.
      1700 ET July total vehicle sales expected 15.80 million, Jun 15.89 million. July domestic vehicle sales expected 12.40 million, Jun 12.43 million.
    JPN 0100 ET Japan July vehicle sales, Jun -15.8% y/y.
    GER 0355 ET German final-July PMI manufacturing expected unrevised from early-July at 50.3.
    UK 0430 ET UK July PMI manufacturing expected +0.3 to 52.8, Jun 52.5.
      0700 ET BOE announces interest rate decision and asset purchase target (expected no change to the 0.50% benchmark rate or to the 375 billion pound asset purchase target).
    EUR 0400 ET Eurozone final-July manufacturing PMI expected unrevised from early-July 50.1.
      0745 ET ECB announces interest rate decision (expected no change to the 0.50% 2-week refinancing rate).
      0830 ET ECB President Mario Draghi holds monthly press conference following ECB policy meeting.

    U.S. STOCK CALENDAR08/01/2013

    Company Name Symbol Time Event Description Period EPS Est (US$)
    Mylan Inc/PA MYL US Bef-mkt Q2 2013 Earnings Release Q2 2013 0.674
    DIRECTV DTV US Bef-mkt Q2 2013 Earnings Release Q2 2013 1.34
    Fluor Corp FLR US Bef-mkt Q2 2013 Earnings Release Q2 2013 1.008
    Marathon Petroleum Corp MPC US Bef-mkt Q2 2013 Earnings Release Q2 2013 1.899
    WPX Energy Inc WPX US Bef-mkt Q2 2013 Earnings Release Q2 2013 -0.186
    PPL Corp PPL US Bef-mkt Q2 2013 Earnings Release Q2 2013 0.467
    Automatic Data Processing Inc ADP US Bef-mkt Q4 2013 Earnings Release Q4 2013 0.572
    ConocoPhillips COP US Bef-mkt Q2 2013 Earnings Release Q2 2013 1.289
    Avon Products Inc AVP US Bef-mkt Q2 2013 Earnings Release Q2 2013 0.256
    Becton Dickinson and Co BDX US Bef-mkt Q3 2013 Earnings Release Q3 2013 1.481
    Procter & Gamble Co/The PG US Bef-mkt Q4 2013 Earnings Release Q4 2013 0.77
    Quanta Services Inc PWR US Bef-mkt Q2 2013 Earnings Release Q2 2013 0.369
    Teradata Corp TDC US Bef-mkt Q2 2013 Earnings Release Q2 2013 0.71
    SCANA Corp SCG US Bef-mkt Q2 2013 Earnings Release Q2 2013 0.54
    Clorox Co/The CLX US Bef-mkt Q4 2013 Earnings Release Q4 2013 1.343
    TECO Energy Inc TE US Bef-mkt Q2 2013 Earnings Release Q2 2013 0.269
    Time Warner Cable Inc TWC US Bef-mkt Q2 2013 Earnings Release Q2 2013 1.649
    Chesapeake Energy Corp CHK US Bef-mkt Q2 2013 Earnings Release Q2 2013 0.41
    Exxon Mobil Corp XOM US Bef-mkt Q2 2013 Earnings Release Q2 2013 1.891
    Vulcan Materials Co VMC US Bef-mkt Q2 2013 Earnings Release Q2 2013 0.135
    Ameren Corp AEE US Bef-mkt Q2 2013 Earnings Release Q2 2013 0.46
    Cardinal Health Inc CAH US Bef-mkt Q4 2013 Earnings Release Q4 2013 0.769
    CenterPoint Energy Inc CNP US Bef-mkt Q2 2013 Earnings Release Q2 2013 0.263
    CME Group Inc/IL CME US Bef-mkt Q2 2013 Earnings Release Q2 2013 0.899
    Iron Mountain Inc IRM US 6:00 Q2 2013 Earnings Release Q2 2013 0.31
    Covidien PLC COV US 6:00 Q3 2013 Earnings Release Q3 2013 0.891
    Cigna Corp CI US 6:30 Q2 2013 Earnings Release Q2 2013 1.597
    Xcel Energy Inc XEL US 7:00 Q2 2013 Earnings Release Q2 2013 0.392
    DENTSPLY International Inc XRAY US 7:00 Q2 2013 Earnings Release Q2 2013 0.647
    Apache Corp APA US 8:00 Q2 2013 Earnings Release Q2 2013 2.003
    Becton Dickinson and Co BDX US 8:00 Q3 2013 Earnings Call Q3 2013  
    Kellogg Co K US 8:00 Q2 2013 Earnings Release Q2 2013 0.975
    MetLife Inc MET US 8:00 Q2 2013 Earnings Call Q2 2013  
    PPL Corp PPL US 8:30 Q2 2013 Earnings Call Q2 2013  
    Automatic Data Processing Inc ADP US 8:30 Q4 2013 Earnings Call Q4 2013  
    Procter & Gamble Co/The PG US 8:30 Q4 2013 Earnings Call Q4 2013  
    Teradata Corp TDC US 8:30 Q2 2013 Earnings Call Q2 2013  
    Cigna Corp CI US 8:30 Q2 2013 Earnings Call Q2 2013  
    Iron Mountain Inc IRM US 8:30 Q2 2013 Earnings Call Q2 2013  
    Time Warner Cable Inc TWC US 8:30 Q2 2013 Earnings Call Q2 2013  
    Covidien PLC COV US 8:30 Q3 2013 Earnings Call Q3 2013  
    Cardinal Health Inc CAH US 8:30 Q4 2013 Earnings Call Q4 2013  
    DENTSPLY International Inc XRAY US 8:30 Q2 2013 Earnings Call Q2 2013  
    CME Group Inc/IL CME US 8:30 Q2 2013 Earnings Call Q2 2013  
    Fluor Corp FLR US 9:00 Q2 2013 Earnings Call Q2 2013  
    TECO Energy Inc TE US 9:00 Q2 2013 Earnings Call Q2 2013  
    Chesapeake Energy Corp CHK US 9:00 Q2 2013 Earnings Call Q2 2013  
    QEP Resources Inc QEP US 9:00 Q2 2013 Earnings Call Q2 2013  
    Allstate Corp/The ALL US 9:00 Q2 2013 Earnings Call Q2 2013  
    Avon Products Inc AVP US 9:30 Q2 2013 Earnings Call Q2 2013  
    Quanta Services Inc PWR US 9:30 Q2 2013 Earnings Call Q2 2013  
    Ford Motor Co F US 9:30 July 2013 Sales and Revenue Release 2013  
    Williams Cos Inc/The WMB US 9:30 Q2 2013 Earnings Call Q2 2013  
    Kellogg Co K US 9:30 Q2 2013 Earnings Call Q2 2013  
    Pioneer Natural Resources Co PXD US 10:00 Q2 2013 Earnings Call Q2 2013  
    Marathon Petroleum Corp MPC US 10:00 Q2 2013 Earnings Call Q2 2013  
    Marriott International Inc/DE MAR US 10:00 Q2 2013 Earnings Call Q2 2013  
    SCANA Corp SCG US 10:00 Q2 2013 Earnings Call Q2 2013  
    Vulcan Materials Co VMC US 10:00 Q2 2013 Earnings Call Q2 2013  
    Ford Motor Co F US 10:00 July 2013 Sales and Revenue Call 2013  
    Ameren Corp AEE US 10:00 Q2 2013 Earnings Call Q2 2013  
    Lincoln National Corp LNC US 10:00 Q2 2013 Earnings Call Q2 2013  
    Xcel Energy Inc XEL US 11:00 Q2 2013 Earnings Call Q2 2013  
    WPX Energy Inc WPX US 11:00 Q2 2013 Earnings Call Q2 2013  
    Exxon Mobil Corp XOM US 11:00 Q2 2013 Earnings Call Q2 2013  
    General Motors Co GM US 11:00 July 2013 Sales and Revenue Call 2013  
    CenterPoint Energy Inc CNP US 11:30 Q2 2013 Earnings Call Q2 2013  
    Murphy Oil Corp MUR US 13:00 Q2 2013 Earnings Call Q2 2013  
    Mylan Inc/PA MYL US 13:00 Investor Day Y 2013  
    ConocoPhillips COP US 13:00 Q2 2013 Earnings Call Q2 2013  
    Clorox Co/The CLX US 13:30 Q4 2013 Earnings Call Q4 2013  
    DIRECTV DTV US 14:00 Q2 2013 Earnings Call Q2 2013  
    Apache Corp APA US 14:00 Q2 2013 Earnings Call Q2 2013  
    Kraft Foods Group Inc KRFT US 16:00 Q2 2013 Earnings Release Q2 2013 0.672
    Edison International EIX US 17:00 Q2 2013 Earnings Call Q2 2013  
    PerkinElmer Inc PKI US 17:00 Q2 2013 Earnings Call Q2 2013  
    Kraft Foods Group Inc KRFT US 17:00 Q2 2013 Earnings Call Q2 2013  
    Apple Inc AAPL US 17:00 ITC Due to Release Final Decision Apple vs Samsung Patent-Infringement Case    
    American International Group Inc AIG US Aft-mkt Q2 2013 Earnings Release Q2 2013 0.856
    Edison International EIX US Aft-mkt Q2 2013 Earnings Release Q2 2013 0.664
    Southwestern Energy Co SWN US Aft-mkt Q2 2013 Earnings Release Q2 2013 0.519
    Public Storage PSA US Aft-mkt Q2 2013 Earnings Release Q2 2013 1.774
    Tesoro Corp TSO US Aft-mkt Q2 2013 Earnings Release Q2 2013 1.432
    PerkinElmer Inc PKI US Aft-mkt Q2 2013 Earnings Release Q2 2013 0.476
    Apartment Investment & Management Co AIV US Aft-mkt Q2 2013 Earnings Release Q2 2013 0.479
    Consolidated Edison Inc ED US   Q2 2013 Earnings Release Q2 2013 0.572
    General Motors Co GM US   July 2013 Sales and Revenue Release 2013  
    Leucadia National Corp LUK US   Q2 2013 Earnings Release Q2 2013

    Posted by Jim Van Meerten Jim van meerten at 10:20 AM

    Stocks: CME, PG, TWC, IRM, CI, MAR, EGL, TMO, CNW, WMB, LRCX, MET, ALL, WCMBF, CBS, MYL, T, FLR, MPC, WPX, PPL, ADP, COP, AVP, BDX, PWR, TDC, SCG, CLX, TE, CHK, XOM, VMC, AEE, CAH, CNP, MDT, XEL, XRAY, APA, K, F, GM, KHC, EIX, AAPL, AIG, SWN, PSA, TSO
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