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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 10/16 0 comments
    Oct 16, 2013 11:42 AM | about stocks: PNC, PEP, BAC, MAT, SWK, JPM, TWTR, LEN, CSX, YHOO, INTC, ABT, CMA, NTRS, KEY, UBS, BK, BLK, STJ, GWW, LB, MNK, PAYX, LLTC, EBAY, XLNX, IBM, KMI, AXP, WDC, STLD, URI, EWBC, SLM, STR

    BARCHART MORNING CALL

    Wednesday, October 16th, 2013View Older Reports

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    OVERNIGHT MARKETS AND NEWS

    December E-mini S&Ps (ESZ13 +0.37%) this morning are up +0.34% after Democratic Senator Reid and Republican Senator McConnell reopened stalled budget negotiations last night and said they are "optimistic that an agreement is within reach." European stocks are down -0.39% on weaker-than-expected earnings results from Danone, which fell -3.9% after the company said Q3 revenue rose +4.2% y/y, weaker than expectations of a +4.8% y/y increase, and a -6.2% slide in LVMH Moet Hennessy Louis Vuitton SA, after the company reported Q3 revenue of 7.02 billion euros, lower than expectations of 7.24 billion euros. Asian stocks closed mixed: Japan +0.18%, Hong Kong -0.46%, China -1.87%, Taiwan -0.43%, Australia +0.07%, Singapore +0.28%, South Korea -0.29%. China's Shanghai Stock Index closed down -1.87% after JPMorgan Chase cut its recommendation on Chinese stocks to "Underweight," citing an economic slowdown and potential policy disappointment from a Communist Party meeting next month. Commodity prices are mostly higher. Nov crude oil (CLX13 +0.05%) is up +0.06% and Nov gasoline (RBX13 +0.20%) is up +0.18%. Dec gold (GCZ13 +0.57%) is up +0.78% and Dec copper (HGZ13 -1.07%) is down -1.09%. Agricultural and livestock prices are mixed. The dollar index (DXY00 -0.22%) is down -0.16%. EUR/USD (^EURUSD) is up +0.18% and USD/JPY (^USDJPY) is up +0.18%. December T-note prices (ZNZ13 -0.04%) are unchanged.

    UK Sep jobless claims fell -41,700, more than expectations of -25,000 and the biggest decline in 16 years. The Sep claimant count rate unexpectedly fell -0.2 to 4.0%, the lowest in 4-3/4 years as jobless claims have now fallen for eleven consecutive months.

    UK Aug employment climbed +155,000 in the 3-months through Aug to a record 29.9 million, better than expectations of an increase of +125,000. The Aug ILO unemployment rate was 7.7% in the 3-months through Aug, right on expectations.

    U.S. STOCK PREVIEW

    The markets today will be hoping for a CR and debt ceiling agreement from the Senate and that House Speaker Boehner will be willing to put the Senate plan to a vote on the House floor. There are 22 of the S&P 500 companies that report earnings today with notable reports including Abbott Labs (consensus $0.51), Northern Trust (0.77), US Bancorp (0.76), Mattel (1.11), Bank of New York Mellon (0.58), Blackrock (3.88), Bank of America (0.21), Pepsico (1.17), eBay (0.63), American Express (1.22), IBM (3.96).

    Equity conferences during the remainder of this week include: 10/16/2013 on Wed; International Cash and Treasury Management Conference on Wed-Fri; Canaccord Genuity Global Resource Conference on Wed-Fri; Conference Board of Canada: Canada's North Summit 2013 on Wed; Bloomberg Oil & Gas Conference on Thu; Global Automotive Forum Annual Conference on Thu.

    OVERNIGHT U.S. STOCK MOVERS

    Reuters reported that Dallas Fed President Fisher said "reckless" U.S. fiscal policy will likely force the Fed to stand pat on monetary policy this month.

    PNC Financial Services Group (PNC -0.64%) reported Q3 EPS of $1.79, well ahead of consensus of $1.62.

    Pepsico (PEP -0.60%) reported Q3 EPS of $1.24, stronger than consensus of $1.17.

    Bank of America (BAC -0.77%) reported Q3 EPS of 28 cents, better than consensus of 21 cents.

    Mattel (MAT -0.93%) reported Q3 EPS of $1.16, stronger than consensus of $1.11.

    Stanley Black & Decker (SWK -2.26%) reported Q3 EPS of $1.39, better than consensus of $1.38.

    The WSJ reported that JPMorgan Chase (JPM -0.76%) has agreed to pay the Commodity Futures Trading Commission $100 million to settle charges related to the bank's failed London Whale trade.

    CNBC reports that Twitter (TWTR) will be listed on the NYSE.

    Gabelli reported a 6.16% stake in Lennar (LEN -2.83%) .

    CSX (CSX +0.31%) reported Q3 EPS of 46 cents, better than consensus of 43 cents.

    Yahoo (YHOO -1.82%) rallied 2% in after-hours trading after it reported Q3 EPS of 34 cents, better than consensus of 33 cents.

    Intel (INTC -0.26%) fell 1.5% in after-hours trading after it reported Q3 EPS of 58 cents, better than consensus of 53 cents, but then said manufacturing snags will delay its new Broadwell line of processors.

    MARKET COMMENTS

    Dec E-mini S&Ps (ESZ13 +0.37%) this morning are up +5.75 points (+0.34%). The S&P 500 index on Tuesday fell back from a 3-week high and closed lower after the House attempted to circumvent the Senate's emerging bipartisan agreement. Another negative for stocks was the the weaker-than-expected Oct Empire manufacturing index of -4.77 to a 5-month low of 1.52. Closes: S&P 500 -0.72%, Dow Jones -0.71%, Nasdaq 100 -0.87%.

    Dec 10-year T-notes (ZNZ13 -0.04%) this morning are unchanged. Dec 10-year T-note prices on Tuesday closed little changed. Dec T-notes had fallen to a 3-week low after Senate leaders said there was progress on raising the debt limit. T-notes recovered and closed little changed, however, after the Oct Empire manufacturing index unexpectedly fell to a 5-month low. Closes: TYZ3 -2, FVZ3 +2.50.

    The dollar index (DXY00 -0.22%) this morning is down -0.131 (-0.16%). EUR/USD (^EURUSD) is up +0.0024 (+0.18%) and USD/JPY (^USDJPY) is up +0.18 (+0.18%). The dollar index on Tuesday jumped to a 3-week high and closed higher. Prices fell back from their best levels as U.S. lawmakers continued to struggle to reach an agreement on a CR and a hike in the debt ceiling. EUR/USD fell to a 2-week low after the Oct ZEW survey current situation unexpectedly fell -0.9 to 29.7, weaker than expectations of +0.7 to 31.3. Closes: Dollar index +0.219 (+0.27%), EUR/USD -0.00374 (-0.28%), USD/JPY -0.398 (-0.40%).

    Nov WTI crude oil (CLX13 +0.05%) this morning is up +6 cents (+0.06%) and Nov gasoline (RBX13 +0.20%) is up +0.0048 (+0.18%). Nov crude oil and gasoline prices on Tuesday closed lower on bearish factors that included (1) a rally in the dollar index to a 3-week high, (2) the unexpected decline in the Oct Empire manufacturing index to a 5-month low, and (3) reduced geopolitical risks as Iran entered talks in Geneva on its nuclear program in an attempt to have the international sanctions on its oil exports lifted. Closes: CLX3 -1.20 (-1.17%), RBX3 -0.0070 (-0.26%).

    GLOBAL EVENT CALENDAR10/16/2013

    US 0700 ET Weekly MBA mortgage applications, previous +1.3% with purchase sub-index -0.7% and refi sub-index +2.5%.
      1330 ET Cleveland Fed President Sandra Pianalto speaks on Housing in the National Economy at the Northeast Ohio Real Estate Convention.
      1400 ET Fed releases Beige Book.
      1630 ET API weekly U.S. oil statistics.
      1845 ET Dallas Fed President Richard Fisher speaks at an Intelligence Squared U.S. Debate on Break Up the Big Banks.
    EUR 0200 ET Eurozone Sep new car registrations, Aug -5.0%.
      0500 ET Eurozone Sep CPI expected +0.5% m/m, Aug +0.1% m/m. Revised Eurozone Sep CPI, previous +1.1% y/y and core +1.0% y/y.
    UK 0430 ET UK Sep jobless claims change expected -25,000, Aug -32,600. Sep claimant count rate expected -0.1 to 4.1%, Aug 4.2%.
      0430 ET UK Aug avg weekly earnings expected +1.0% 3-mo/year-over-year, July +1.1% 3-mo/year-over-year. Aug avg weekly earnings ex-bonus expected +1.0% 3-mo/year-over-year, July +1.0% 3-mo/year-over-year.
      0430 ET UK Aug ILO unemployment rate expected 7.7% 3-months, July 7.7% 3-months.

    U.S. STOCK CALENDAR10/16/2013

    Company Name Ticker Time Event Description Period Estimate
    Abbott Laboratories ABT US Bef-mkt Q3 2013 Earnings Release Q3 2013 0.514
    Comerica Inc CMA US Bef-mkt Q3 2013 Earnings Release Q3 2013 0.708
    PNC Financial Services Group Inc/The PNC US Bef-mkt Q3 2013 Earnings Release Q3 2013 1.616
    Northern Trust Corp NTRS US Bef-mkt Q3 2013 Earnings Release Q3 2013 0.767
    KeyCorp KEY US Bef-mkt Q3 2013 Earnings Release Q3 2013 0.221
    US Bancorp/MN USB US Bef-mkt Q3 2013 Earnings Release Q3 2013 0.755
    Mattel Inc MAT US 6:00 Q3 2013 Earnings Release Q3 2013 1.114
    Stanley Black & Decker Inc SWK US 6:00 Q3 2013 Earnings Release Q3 2013 1.378
    Bank of New York Mellon Corp/The BK US 6:30 Q3 2013 Earnings Release Q3 2013 0.578
    BlackRock Inc BLK US 6:30 Q3 2013 Earnings Release Q3 2013 3.882
    Bank of America Corp BAC US 7:00 Q3 2013 Earnings Release Q3 2013 0.205
    PepsiCo Inc PEP US 7:00 Q3 2013 Earnings Release Q3 2013 1.17
    St Jude Medical Inc STJ US 7:30 Q3 2013 Earnings Release Q3 2013 0.895
    Bank of New York Mellon Corp/The BK US 8:00 Q3 2013 Earnings Call Q3 2013  
    Comerica Inc CMA US 8:00 Q3 2013 Earnings Call Q3 2013  
    WW Grainger Inc GWW US 8:00 Q3 2013 Earnings Release Q3 2013 3.036
    WW Grainger Inc GWW US 8:00 Q3 2013 Earnings Call Q3 2013  
    PepsiCo Inc PEP US 8:00 Q3 2013 Earnings Call Q3 2013  
    Stanley Black & Decker Inc SWK US 8:00 Q3 2013 Earnings Call Q3 2013  
    St Jude Medical Inc STJ US 8:00 Q3 2013 Earnings Call Q3 2013  
    CSX Corp CSX US 8:30 Q3 2013 Earnings Call Q3 2013  
    L Brands Inc LTD US 8:30 Investor Meeting Y 2013  
    Mattel Inc MAT US 8:30 Q3 2013 Earnings Call Q3 2013  
    Bank of America Corp BAC US 8:30 Q3 2013 Earnings Call Q3 2013  
    BlackRock Inc BLK US 8:30 Q3 2013 Earnings Call Q3 2013  
    Mallinckrodt PLC MNK US 8:30 FY 2014 Guidance Call Y 2014  
    Abbott Laboratories ABT US 9:00 Q3 2013 Earnings Call Q3 2013  
    KeyCorp KEY US 9:00 Q3 2013 Earnings Call Q3 2013  
    US Bancorp/MN USB US 9:30 Q3 2013 Earnings Call Q3 2013  
    PNC Financial Services Group Inc/The PNC US 10:00 Q3 2013 Earnings Call Q3 2013  
    Paychex Inc PAYX US 10:00 Annual General Meeting Y 2013  
    Linear Technology Corp LLTC US 11:30 Q1 2014 Earnings Call Q1 2014  
    Northern Trust Corp NTRS US 12:00 Q3 2013 Earnings Call Q3 2013  
    eBay Inc EBAY US 16:00 Q3 2013 Earnings Release Q3 2013 0.627
    Xilinx Inc XLNX US 16:20 Q2 2014 Earnings Release Q2 2014 0.524
    International Business Machines Corp IBM US 16:30 Q3 2013 Earnings Call Q3 2013  
    Kinder Morgan Inc/DE KMI US 16:30 Q3 2013 Earnings Call Q3 2013  
    American Express Co AXP US 17:00 Q3 2013 Earnings Call Q3 2013  
    Xilinx Inc XLNX US 17:00 Q2 2014 Earnings Call Q2 2014  
    SanDisk Corp SNDK US 17:00 Q3 2013 Earnings Call Q3 2013  
    eBay Inc EBAY US 17:00 Q3 2013 Earnings Call Q3 2013  
    American Express Co AXP US Aft-mkt Q3 2013 Earnings Release Q3 2013 1.221
    Crown Holdings Inc CCK US Aft-mkt Q3 2013 Earnings Release Q3 2013 1.082
    International Business Machines Corp IBM US Aft-mkt Q3 2013 Earnings Release Q3 2013 3.956
    Albemarle Corp ALB US Aft-mkt Q3 2013 Earnings Release Q3 2013 1.072
    SanDisk Corp SNDK US Aft-mkt Q3 2013 Earnings Release Q3 2013 1.327
    Steel Dynamics Inc STLD US Aft-mkt Q3 2013 Earnings Release Q3 2013 0.242
    United Rentals Inc URI US Aft-mkt Q3 2013 Earnings Release Q3 2013 1.585
    East West Bancorp Inc EWBC US Aft-mkt Q3 2013 Earnings Release Q3 2013 0.538
    SLM Corp SLM US Aft-mkt Q3 2013 Earnings Release Q3 2013 0.591
    Kinder Morgan Inc/DE KMI US Aft-mkt Q3 2013 Earnings Release Q3 2013 0.305
    Questar Corp STR US   Roadshow -St. Louis Y 2013  
    Stocks: PNC, PEP, BAC, MAT, SWK, JPM, TWTR, LEN, CSX, YHOO, INTC, ABT, CMA, NTRS, KEY, UBS, BK, BLK, STJ, GWW, LB, MNK, PAYX, LLTC, EBAY, XLNX, IBM, KMI, AXP, WDC, STLD, URI, EWBC, SLM, STR
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