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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 12/11 0 comments
    Dec 11, 2013 11:43 AM | about stocks: JOY, GD, COST, NUAN, BEN, SNI, BBRY, QCOM, MNEM, HRB, SWHC, BSX, CBI, MRO, DAL, HD, HSIC, AMGN, NDSN, BMY, EFX, PGR, PLL, PANW


    Wednesday, December 11th, 2013View Older Reports

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    December E-mini S&Ps (ESZ13 +0.04%) this morning are down -0.11% and European stocks are up +0.32% as investors assess the likelihood that U.S. lawmakers can pass an accord to limit automatic spending cuts and avoid a government shutdown. Asian stocks closed lower: Japan -0.62%, Hong Kong -1.71%, China -1.65%, Taiwan -0.11%, Australia -0.76%, Singapore -0.68%, South Korea -0.81%, India -0.39%. U.S. Congressional negotiators reached a budget accord late yesterday to limit automatic spending cuts for the next 2-years, remove the risk of a government shutdown early next year and cut the deficit by as much as $23 billion. Both the Senate and the House of Representatives must now pass the deal. Commodity prices are mixed. Jan crude oil (CLF14 -0.12%) is down -0.12% as prices fall back from a 1-1/2 month high after the IEA raised its 2014 global oil demand forecast by +240,000 barrels a day from a Nov forecast to 92.4 million barrels a day. Jan gasoline (RBF14 -0.64%) is down -0.57%. Feb gold (GCG14 -0.36%) is down -0.29%. March copper (HGH14 +0.08%) is up +0.26%. Agricultural and livestock prices are higher. The dollar index (DXY00 unch) is unch. EUR/USD (^EURUSD) is up +0.05%. USD/JPY (^USDJPY) is down -0.32%. March T-note prices (ZNH14 -0.15%) are down -3 ticks.

    Japan Oct machine orders, an indicator of future capital spending, rose +0.6% m/m, slightly below expectations of +0.7% m/m, while on an annual basis orders rose +17.8% y/y, stronger than expectations of +15.0% y/y and the fastest pace in 2-1/3 years,

    Japan Nov domestic CGPI rose +0.1% m/m and +2.7% y/y, right on expectations.

    China Nov new yuan loans increased +624.6 billion yuan, more than expectations of +580.0 billion yuan.

    The final German Nov CPI (EU harmonized) was left unrevised at +0.2% m/m and +1.6% y/y.


    The Treasury today will sell $21 billion in 10-year T-notes. There are three of the Russell 1000 companies that report earnings today: Joy Global (consensus $1.12), Costco (1.02), and Nordson Corp (0.94).

    Equity conferences during the remainder of this week include: UBS Global Media and Communications Conference on Mon-Wed, Oppenheimer Health Care Conference on Tue-Wed, Goldman Sachs Financial Services Conference on Tue-Wed, Bank of America Merrill Lynch US Basic Materials Conference on Tue-Wed, BMO Technology and Digital Media Conference on Tue-Wed, BMO Capital Markets Technology, Media & Entertainment Conference on Tue-Wed, Wells Fargo Energy Symposium on Wed, Wells Fargo Securities Pipeline, MLP, and Energy Symposium on Wed,
    Capital One Southcoast Energy Conference on Wed-Thu, Barclays Information and IT Services Forum on Thu, Barclays Select Series Information and IT Series Forum Conference on Thu, and AHIP Exchange Conference 2013 on Thu.


    Joy Global (JOY +0.55%) reported Q4 EPS of $1.11, weaker than consensus of $1.12, and lowered guidance on fiscal 2014 adjusted EPS to $3.00-$3.50, below consensus of $3.68.

    General Dynamics (GD +0.02%) was upgraded to 'Fair Value' from 'Sell' at CRT Capital.

    Costco Wholesale (COST -1.33%) reported Q1 EPS of 96 cents, below consensusu of $1.02.

    Billionare investor Carl Icahn reported that he bought 1.38 million shares of Nuance (NUAN -0.78%) and raised his stake in the company to 60.3 million shares.

    The WSJ and the AP reported that House and Senate negotiators reached a budget deal replacing automatic spending cuts with longer-term savings.

    Franklin Resources (BEN -1.27%) raised its quarterly dividend 2 cents to 12 cents per share and said the company board authorized a 30 million share repurchase program.

    Scripps Networks (SNI +0.68%) surged over 13% in after-hours trading after Variety said Discovery DISCA is weighing a bid for the company.

    BlackBerry (BBRY +3.83%) was downgraded to 'Sell' from 'Neutral' at Citigroup.

    Qualcomm (QCOM +0.01%) was upgraded to 'Buy' from 'Neutral' at Citigroup.

    MasterCard (MA +0.63%) moved up over 3% in after-hours trading after it announced a 10-for-1 stock split and said it will buy back up to $3.5 billion worth of stock.

    BlackRock reported a 10.14% passive stake in Telecom Italia (TI +3.16%) .

    H&R Block (HRB -0.76%) reported a Q2 adjusted EPS loss of -42 cents, a bigger loss than consensus of -37 cents.

    Smith & Wesson (SWHC -0.66%) shot 5% higher in after-hoursreported Q2 EPS of 28 cents, well above consensus of 21 cents.


    Dec E-mini S&Ps (ESZ13 +0.04%) this morning are down -2.00 points (-0.11%). The S&P 500 index on Tuesday closed lower on carry-over weakness from a drop in European and Asian equity markets on Chinese economic growth concerns after China Nov industrial production rose +10.0% y/y, weaker than expectations of +10.1% y/y and the slowest pace of growth in 4 months. Declines were limited on signs of strength in the U.S. labor market after news that U.S. Oct job openings rose +42,000 to 3.925 million, the highest since May 2008. Closes: S&P 500 -0.32%, Dow Jones -0.33%, Nasdaq 100 -0.20%.

    Mar 10-year T-notes (ZNH14 -0.15%) this morning are down -3 ticks. Mar T-notes on Tuesday closed higher on increased safe-haven demand after global stock markets fell on Chinese economic growth concerns with the weaker-than-expected China Nov industrial production report. Closes: TYH4 +17.00, FVH4 +7.75.

    The dollar index (DXY00 unch) this morning is unch. EUR/USD (^EURUSD) is up +0.0007 (+0.05%) and USD/JPY (^USDJPY) is down -0.33 (-0.32%). The dollar index on Tuesday fell to a 5-week low. EUR/USD posted a 5-week high after ECB Executive Board member Coeure said the Eurozone "is nowhere near deflation," which bolstered speculation the ECB may not expand stimulus measures. USD/JPY fell back from a 6-1/2 month high after the yen strengthened when Japan Nov machine tool orders rose by the most in 23 months, which spurred short covering in the yen on speculation the BOJ will refrain from expanding its stimulus measures. Closes: Dollar index -0.168 (-0.21%), EUR/USD +0.00223 (+0.16%), USD/JPY -0.414 (-0.40%).

    Jan WTI crude oil (CLF14 -0.12%) this morning is down -12 cents (-0.12%) and Jan gasoline (RBF14 -0.64%) is down -0.0153 (-0.57%). Jan crude oil and gasoline prices on Tuesday closed higher. Jan crude rallied to a 6-week high on the decline in the dollar index to a 5-week low and on expectations for Wednesday's weekly EIA crude inventories to fall -3.0 million bbl. Gasoline prices rose after the EIA raised its 2013 U.S. gasoline demand forecast to 8.77 million barrels a day, up +0.5% from a Nov forecast, and raised their 2014 U.S. gasoline demand forecast to 8.74 million barrels a day, up from a Nov estimate of 8.69 million. Closes: CLF4 +1.17 (+1.20%), RBF4 +0.0080 (+0.30%).


    US0700 ETWeekly MBA mortgage applications, previous -12.8% with purchase sub-index -4.1% and refi sub-index 17.5%.
     1030 ETEIA Weekly Petroleum Status Report.
     1300 ETTreasury auctions $21 billion 10-year T-notes.
     1400 ETNov monthly budget statement expected -$140.0 billion, Oct -$91.592 billion.
    GER0200 ETRevised German Nov CPI (EU harmonized), previous +0.2% m/m and +1.6% y/y.

    U.S. STOCK CALENDAR12/11/2013

    Company NameTickerTimeEvent DescriptionPeriodEstimate
    Joy Global IncJOY USBef-mktQ4 2013 Earnings ReleaseQ4 20131.116
    Costco Wholesale CorpCOST USBef-mktQ1 2014 Earnings ReleaseQ1 20141.024
    Boston Scientific CorpBSX US8:00FDA Adcomm, Watchman, Stroke Prevention in Atrial Fibrillation  
    Chicago Bridge & Iron Co NVCBI US8:00Investor DayY 2013 
    H&R Block IncHRB US8:30Q2 2014 Earnings CallQ2 2014 
    Marathon Oil CorpMRO US8:30Analyst DayY 2013 
    Delta Air Lines IncDAL US8:30Investor DayY 2013 
    Home Depot Inc/TheHD US9:00Investor and Analyst ConferenceY 2013 
    Henry Schein IncHSIC US9:00Analyst & Investor DayY 2013 
    Joy Global IncJOY US11:00Q4 2013 Earnings CallQ4 2013 
    Costco Wholesale CorpCOST US11:00Q1 2014 Earnings CallQ1 2014 
    Amgen IncAMGN US14:00Business Update Call  
    Nordson CorpNDSN US16:30Q4 2013 Earnings ReleaseQ4 20130.935
    Bristol-Myers Squibb CoBMY US FDA Adcomm, metreleptin, metabolic disorders associated w/ lipodystrophy  
    Equifax IncEFX US Investor Meeting - San FranciscoY 2013 
    Progressive Corp/ThePGR US November 2013 Sales and Revenue Release2013 
    Pall CorpPLL US Annual General Meeting  
    Palo Alto Networks IncPANW US Annual General Meeting

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