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Jim Van Meerten
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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. He earned a BS in Accounting and Business Administration from Berry College; a Juris Doctorate from the Woodrow Wilson School of Law; and attended... More
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  • BARCHART MORNING CALL 9/20 0 comments
    Sep 20, 2013 11:13 AM | about stocks: DRI, FB, MET, PIR, AEE, VOLVY, FFIC, MTGE, CTAS, TIBX, SEE, SDRL, GT, TW, GLNG, AMD, AA, HPQ, BAC, NKE, VRTX, AME, GS, LDOS, V

    BARCHART MORNING CALL

    Friday, September 20th, 2013View Older Reports

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    OVERNIGHT MARKETS AND NEWS

    December E-mini S&Ps (ESZ13 +0.03%) this morning are down -0.03% and European stocks are down -0.04%. Asian stocks closed weaker: Japan -0.16%, Australia -0.36%, Singapore -0.44%, India -1.85%. Markets in Hong Kong, China, Taiwan and South Korea were closed for holidays. U.S. and European stocks were slightly lower as the markets await speeches later today from several Federal Reserve policy makers. Stocks in India tumbled after the RBI unexpectedly hiked interest rates. Commodity prices are mixed. Oct crude oil (CLV13 -0.66%) is down -0.37% and Oct gasoline (RBV13 +0.32%) is up +0.39%. Dec gold (GCZ13 -0.81%) is down -0.74% and Dec copper (HGZ13 -0.16%) is up +0.16%. Agricultural prices are stronger and livestock prices are mostly lower. The dollar index (DXY00 -0.02%) is down -0.06%. EUR/USD (^EURUSD) is up +0.07% and USD/JPY (^USDJPY) is down -0.05%. December T-note prices (ZNZ13 +0.05%) are up +1.5 ticks.

    Erkki Liikanen, ECB Council member and had of the Bank of Finland, said today that "there are soft signs of the economy improving" and that indicators measuring confidence among households and businesses are signaling the worst may be over for the Eurozone economy.

    The Reserve Bank of India (RBI) unexpectedly hiked its benchmark interest rate by 25 bp to 7.50%, the first increase in 2 years, and scaled back measures put on by previous RBI Governor Subbarao to boost the rupee when they cut the marginal standing facility rate to 9.5% from 10.25%. Newly appointed RBI Governor Rajan said "We want to fight against inflation and we'll bring inflation down." He added the goal of the RBI is to slow wholesale-price inflation to below +5.0% y/y from the +6.1% y/y increase last month.

    UK Aug public sector net borrowing rose +11.5 billion pounds, less than expectations of +11.9 billion pounds.

    Japan Aug nationwide department store sales rose +2.7% y/y as they rebounded from the -2.5% y/y decline seen in July.

    U.S. STOCK PREVIEW

    There are three Fed officials that will speak today: Kansas City Fed President Esther George, St. Louis Fed President James Bullard, and Minneapolis Fed President Narayana Kocherlakota. There is one of the Russell 1000 companies that reports earnings today: Darden Restaurants (consensus $0.70).

    OVERNIGHT U.S. STOCK MOVERS

    Darden Restaurants (DRI -1.02%) reported Q1 EPS of 53 cents, well below consensus of 70 cents.

    Facebook (FB +1.66%) was upgraded to "Outperform" from "Market Perform" at Cowen.

    MetLife (MET -3.19%) was upgraded to "Conviction Buy" from "Buy" at Goldman.

    Pier 1 Imports (PIR -13.86%) was upgraded to "Outperform" from "Neutral" at Credit Suisse.

    Ameren (AEE -0.20%) was upgraded to "Overweight" from "Equal Weight" at Barclays.

    Volvo (VOLVY +0.75%) was upgraded to "Buy" from "Hold" at Societe Generale.

    Gabelli reported a 5.13% stake in Flushing Financial (FFIC -0.92%) .

    American Capital Mortgage (MTGE -1.81%) cuts its dividend to 70 cents from 80 cents per share.

    Cintas (CTAS -0.27%) reported Q1 EPS of 63 cents, right on consensus, although Q1 revenue of $1.12 billion was slightly better than consensus of $1.1 billion.

    TIBCO (TIBX +2.64%) reported Q3 adjusted EPS of 28 cents, better than consensus of 22 cents.

    MARKET COMMENTS

    Dec E-mini S&Ps (ESZ13 +0.03%) this morning are little changed, down -0.50 of a point (-0.03%). The S&P 500 index on Thursday climbed to a record high early on carry-over support from the Fed's action Wednesday to maintain its stimulus. Stocks, however, erased their gains and closed mostly lower after stronger-than-expected U.S. economic data on Aug existing home sales, and Sep Philadelphia Fed manufacturing activity bolstered speculation the Fed may still taper QE by year-end. Closes: S&P 500 -0.18%, Dow Jones -0.26%, Nasdaq 100 +0.19%.

    Dec 10-year T-notes (ZNZ13 +0.05%) this morning are up +1.5 ticks. Dec 10-year T-note prices on Thursday fell back from a 5-week high and closed lower on concern that strength in U.S. economic data may yet prompt the Fed to cut its bond purchases. The Sep Philadelphia Fed manufacturing index jumped to a 2-1/2 year high and Aug existing home sales unexpectedly rose to a 6-1/2 year high. Closes: TYZ3 -12.00, FVZ3 -6.25.

    The dollar index (DXY00 -0.02%) this morning is down -0.052 (-0.06%). EUR/USD (^EURUSD) is up +0.0010 (+0.07%) and USD/JPY (^USDJPY) is down -0.05 (-0.05%). The dollar index on Thursday closed higher after stronger-than-expected U.S. economic data fueled speculation the Fed may yet cut QE by year-end. EUR/USD posted a 7-1/4 month high after the Fed's inaction to taper QE fueled a drop in global money market rates that may ease pressure on the ECB to provide additional stimulus. Closes: Dollar index +0.135 (+0.17%), EUR/USD +0.0007 (+0.06%), USD/JPY +1.528 (+1.56%).

    Oct WTI crude oil (CLV13 -0.66%) this morning is down -39 cents (-0.37%) and Oct gasoline (RBV13 +0.32%) is up +0.0105 (+0.39%). Oct crude oil and gasoline prices on Thursday gave up early gains and closed lower. Bearish factors included (1) the rebound in the dollar, and (2) increased oil supplies after Libya's oil minister said that its crude production will climb to 700,000-800,000 barrels a day from the current 200,000 barrels a day as it reopened its El Feel and Shahara oil fields that were shut after worker protests. Closes: CLV3 -1.68 (-1.55%), RBV3 -0.0449 (-1.64%).

    GLOBAL EVENT CALENDAR09/20/2013

    US1230 ETKansas City Fed President Esther George speaks on the economy at the Manhattan Institute for Policy Research.
     1255 ETSt. Louis Fed President James Bullard speaks on the U.S. economy and monetary policy at the New York Association for Business Economics luncheon.
     1345 ETMinneapolis Fed President Narayana Kocherlakota delivers a speech at the Conference on Extracting and Understanding the Risk Neutral Probability Density from Options Prices.
     1500 ETAug Cattle on Feed.
    JPN0130 ETJapan Aug nationwide department store sales, July -2.5% y/y.
    UK0430 ETUK Aug public sector net borrowing expected +11.9 billion pounds, July -1.6 billion pounds.
    EUR1000 ETEurozone Sep consumer confidence expected +1.1 to -14.5, Aug -15.6.

    U.S. STOCK CALENDAR09/20/2013

    Company NameTickerTimeEvent DescriptionPeriodEstimate
    Darden Restaurants IncDRI USBef-mktQ1 2014 Earnings ReleaseQ1 20140.703
    Sealed Air CorpSEE US8:00Analyst DayY 2013 
    Darden Restaurants IncDRI US8:30Q1 2014 Earnings CallQ1 2014 
    Seadrill LtdSDRL NO8:30Annual General MeetingY 2013 
    Goodyear Tire & Rubber Co/TheGT US9:00Investor MeetingY 2013 
    Towers Watson & CoTW US9:30Analyst DayY 2013 
    Golar LNG LtdGLNG US10:10Annual General MeetingY 2013 
    Advanced Micro Devices IncAMD USAft-mktVertex Pharm. & Ametek Inc. Replace Advanced Micro Devices & SAIC in S&P 500  
    Advanced Micro Devices IncAMD USAft-mktAdvanced Micro Devices & SAIC Replace Vertex Pharm. & Ametek in S&P MidCap 400  
    Alcoa IncAA USAft-mktNike Inc. Will Replace Alcoa Inc. in DJIA  
    Hewlett-Packard CoHPQ USAft-mktVisa Inc. Will Replace Hewlett-Packard Co. in DJIA  
    Bank of America CorpBAC USAft-mktGoldman Sachs Group Will Replace Bank of America Corp in DJIA  
    NIKE IncNKE USAft-mktNike Inc. Will Replace Alcoa Inc. in DJIA  
    Vertex Pharmaceuticals IncVRTX USAft-mktVertex Pharm. & Ametek Inc. Replace Advanced Micro Devices & SAIC in S&P 500  
    Vertex Pharmaceuticals IncVRTX USAft-mktAdvanced Micro Devices & SAIC Replace Vertex Pharm. & Ametek in S&P MidCap 400  
    AMETEK IncAME USAft-mktVertex Pharm. & Ametek Inc. Replace Advanced Micro Devices & SAIC in S&P 500  
    AMETEK IncAME USAft-mktAdvanced Micro Devices & SAIC Replace Vertex Pharm. & Ametek in S&P MidCap 400  
    Goldman Sachs Group Inc/TheGS USAft-mktGoldman Sachs Group Will Replace Bank of America Corp in DJIA  
    SAIC IncSAI USAft-mktVertex Pharm. & Ametek Inc. Replace Advanced Micro Devices & SAIC in S&P 500  
    SAIC IncSAI USAft-mktAdvanced Micro Devices & SAIC Replace Vertex Pharm. & Ametek in S&P MidCap 400  
    Visa IncV USAft-mktVisa Inc. Will Replace Hewlett-Packard Co. in DJIA

    Stocks: DRI, FB, MET, PIR, AEE, VOLVY, FFIC, MTGE, CTAS, TIBX, SEE, SDRL, GT, TW, GLNG, AMD, AA, HPQ, BAC, NKE, VRTX, AME, GS, LDOS, V
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