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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 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 11/15 0 comments
    Nov 15, 2013 9:44 AM | about stocks: AMZN, TDG, K, JPM, TA, CMCSA, KMB, A, JWN, AMAT, TW, GE, SYY, FOXA, STR, MOLX

    BARCHART MORNING CALL

    Friday, November 15th, 2013View Older Reports

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    OVERNIGHT MARKETS AND NEWS

    December E-mini S&Ps (ESZ13 +0.21%) this morning are up +0.20% at a fresh record high and European stocks are up +0.08% on optimism the Fed won't withdraw stimulus immediately. Asian stocks closed higher: Japan +1.95%, Hong Kong +1.69%, China +2.01%, Taiwan +0.52%, Australia +0.86%, Singapore +0.32%, South Korea +2.23%, India closed for holiday. Global stocks found support from Fed Chair nominee Yellen's comments on Thursday that she is committed to promoting a strong U.S. economic recovery and will ensure monetary stimulus isn't removed too soon. Japanese exporters rallied and led the Nikkei Stock Index to a 5-1/2 month high as the yen weakened past 100 to the dollar for the first time in 2 months, which should boost exporters' profits. Commodity prices are mixed. Dec crude oil (CLZ13 +0.13%) is up +0.15%. Dec gasoline (RBZ13 -0.51%) is down -0.52%. Dec gold (GCZ13 -0.32%) is down -0.32% and Dec copper (HGZ13 -0.17%) is down -0.32%. Agricultural and livestock prices are mostly higher. The dollar index (DXY00 unch) is up +0.04%. EUR/USD (^EURUSD) is down -0.09%. USD/JPY (^USDJPY) is up +0.36% at a 2-month high as the yen weakened on speculation the BOJ may announce additional stimulus measures when it meets next week. December T-note prices (ZNZ13 -0.09%) are down -4 ticks.

    Eurozone Oct CPI was -0.1% m/m, right on expectations, and on an annual basis was left unrevised at a 4-year low of +0.7% y/y. Oct core CPI was also left unrevised at +0.8% y/y.

    EU Economic and Monetary Affairs Commissioner Rehn said "The gradual recovery is underway in Europe," and that challenges remain for Spain and Ireland.

    Moody's Investors Service cut its senior holding company ratings one level on four of the biggest U.S. banks: Morgan Stanley, Goldman Sachs, JPMorgan Chase and Bank of New York Mellon, saying the government would be less likely to help them repay creditors in a crisis.

    U.S. STOCK PREVIEW

    Today's Oct industrial production report is expected to show a modest increase of +0.2% following the +0.6% increase seen in Sep. Today's Nov Empire manufacturing index is expected to show a +3.48 to 5.00, reversing part of the -4.77 point decline to 1.52 seen in October. Today's Oct import price index is expected to show declines of -0.5% m/m and -1.7% y/y following the Sep report of +0.2% m/m and -1.0% y/y. There are no major earnings reports today. Equity conferences during the remainder of this week include: Morgan Stanley Asia Pacific Summit on Thu, and Mexico Investors Forum 2013 on Fri.

    OVERNIGHT U.S. STOCK MOVERS

    Morgan Stanley reiterated its 'Overweight' rating on Amazon.com (AMZN +3.14%) and raised its price target on the stock to $404 from $380.

    TransDigm (TDG -2.21%) was upgraded to 'Buy' from 'Hold' at KeyBanc.

    Kellogg (K +1.33%) was downgraded to 'Underweight' from 'Equal Weight' at Barclays.

    JPMorgan Chase (JPM +0.48%) reported October net credit losses of 2.82% vs. 2.63% in Sep and October delinquency rate of 1.60% vs. 1.57% in Sep.

    Travel Centers of America (TA +0.37%) announced that it has agreed to acquire 31 convenience stores with retail gasoline stations for $67 million.

    Reuters reported that Comcast (CMCSA +0.63%) is planning to begin selling movies for download and streaming through the cable operator's set-top boxes and its Xfinity TV website.

    Kimberly Clark (KMB +0.80%) climbed nearly 7% in after-hours trading after it said that it is pursuing a spin-off of its health care business.

    Agilent (A -1.29%) reported Q4 adjusted EPS of 81 cents, stronger than consensus of 76 cents.

    Nordstrom (JWN +0.08%) reported Q3 EPS of 69 cents, higher than consensus of 66 cents.

    Applied Materials (AMAT -0.62%) reported Q4 adjusted EPS of 19 cents, better than consensus of 18 cents.

    MARKET COMMENTS

    Dec E-mini S&Ps (ESZ13 +0.21%) this morning are up +3.50 points (+0.20%) at a fresh record high. The S&P 500 index on Thursday posted a record high and closed higher. Bullish factors for stocks included (1) comments from Fed Chair nominee Yellen who said "it is imperative that we do what we can to promote a strong recovery," which signals the Fed will maintain the current pace of QE3, and (2) additional comments from Yellen who said that she sees "no evidence of an asset-price bubble" in the stock market. Closes: S&P 500 +0.48%, Dow Jones +0.35%, Nasdaq 100 +0.28%.

    Dec 10-year T-notes (ZNZ13 -0.09%) this morning are down -4 ticks. Dec 10-year T-note prices on Thursday closed higher. Supportive factors for T-notes included (1) comments from Fed Chair nominee Yellen who said she will continue with the current pace of QE3 until the economy improves, and (2) bond dealer short-covering after the Treasury concluded its $70 billion sale of T-notes and T-bonds in its quarterly refunding. Closes: TYZ3 +15.50, FVZ3 +9.50.

    The dollar index (DXY00 unch) this morning is up +0.032 (+0.04%). EUR/USD (^EURUSD) is down -0.0012 (-0.09%). USD/JPY (^USDJPY) is up +0.36 (+0.36%) at a 2-month high. The dollar index on Thursday closed higher after Fed Chair nominee Yellen said she is committed to promoting a strong economic recovery, which would be dollar positive. USD/JPY rose to a 2-month high as the yen weakened on speculation the slowdown in Japan Q3 GDP will prompt the BOJ to increase its asset purchases to stimulate growth. Closes: Dollar index +0.097 (+0.12%), EUR/USD -0.00278 (-0.21%), USD/JPY +0.775 (+0.78%).

    Dec WTI crude oil (CLZ13 +0.13%) this morning is up +14 cents (+0.15%) and Dec gasoline (RBZ13 -0.51%) is down -0.0140 (-0.52%). Dec crude oil and gasoline prices on Thursday closed mixed. Dec crude sank to a 5-1/4 month low on bearish factors that included (1) the +2.64 million bbl increase in weekly EIA inventories to a 4-1/2 month high of 388.1 million bbl, (2) the +1.69 million bbl increase in inventories at Cushing, OK, the delivery hub for WTI futures, to a 3-month high of 38.2 million bbl, and (3) the increase in U.S. crude production in the week ended Nov 8 by +1.6% to a 24-3/4 year high of 7.981 million barrels a day. Dec gasoline rose to a 4-week high after weekly EIA gasoline stockpiles tumbled -838,000 bbl to an 11-1/2 month low of 209.2 million bbl. Closes: CLZ3 -0.12 (-0.13%), RBZ3 +0.0557 (+2.12%).

    GLOBAL EVENT CALENDAR11/15/2013

    US0830 ETNov Empire manufacturing index expected +3.48 to 5.00, Oct -4.77 to 1.52.
     0830 ETOct import price index expected -0.5% m/m and -1.6% y/y, Sep +0.2% m/m and -1.0% y/y.
     0830 ETUSDA weekly Export Sales.
     0915 ETOct industrial production expected +0.2%, Sep +0.6%. Oct manufacturing production expected +0.2%, Sep +0.1%. Oct capacity utilization expected unch at 78.3%.
     1000 ETSep wholesale inventories expected +0.4%, Aug +0.5%. Sep wholesale trade sales expected +0.3%, Aug +0.6%.
    EUR0500 ETRevised Eurozone Oct CPI, previous +0.7% y/y and core CPI +0.8% y/y.

    U.S. STOCK CALENDAR11/15/2013

    Company NameTickerTimeEvent DescriptionPeriodEstimate
    Towers Watson & CoTW US8:00Annual General MeetingY 2013 
    General Electric CoGE US10:00Investor Meeting - GE CapitalY 2013 
    Sysco CorpSYY US11:00Annual General MeetingY 2013 
    Twenty-First Century Fox IncFOXA US U.S. Box Office Release of Movie The Book Thief""  
    Questar CorpSTR US Roadshow - West Coast - Day 2Y 2013 
    Molex IncMOLX US Annual General Meeting - M&A VoteY 2013

    Stocks: AMZN, TDG, K, JPM, TA, CMCSA, KMB, A, JWN, AMAT, TW, GE, SYY, FOXA, STR, MOLX
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