Jim Van Meerten's  Instablog

Jim Van Meerten
Send Message
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
My company:
Marketocracy capital management
My blog:
Barchart Portfolio Blogs
  • BARCHART MORNING CALL 0 comments
    Jan 16, 2014 9:21 AM | about stocks: GS, CSX, BBY, UNH, PNC, BLK, MRK, FUL, ARO, TXTR, JCP, KMI, PPG, HBAN, SCHW, BBT, C, AXP, INTC, SLM

    BARCHART MORNING CALL

    Thursday, January 16th, 2014View Older Reports

    Everything you need to know about the markets in one free daily newsletter.

    E-mail: Submit


    You will also receive a free subscription to the Barchart family of newsletters.

    OVERNIGHT MARKETS AND NEWS

    March E-mini S&Ps (ESH14 -0.16%) this morning are down -0.12% and European stocks are down -0.30%. Asian stocks closed mixed: Japan -0.39%, Hong Kong +0.37%, China +0.13%, Taiwan +0.11%, Australia +1.21%, Singapore -0.09%, South Korea +0.25%, India -0.11%. China's Shanghai Stock Index closed higher after foreign investment last month rose more than expected. Commodity prices are mixed. Feb crude oil (CLG14 +0.15%) is up +0.35%. Feb gasoline (RBG14 -0.51%) is down -0.38%. Feb gold (GCG14 +0.03%) is down -0.09%. March copper (HGH14 -0.36%) is down -0.21%. Agriculture and livestock prices are higher. The dollar index (DXY00 -0.02%) is down -0.02%. EUR/USD (^EURUSD) is up +0.04%. USD/JPY (^USDJPY) is up +0.16%. The Australian dollar tumbled to a 3-1/3 year low against the U.S. dollar on speculation the RBA may be forced to cut interest rates further after Australian employers unexpectedly cut -22,600 jobs last month, worse than expectations for a +10,000 increase. March T-note prices (ZNH14 +0.06%) are up +1.5 ticks.

    In its monthly bulletin for Jan, the ECB stated that "the Governing Council strongly emphasizes that it will maintain an accommodative monetary policy stance for as long as necessary," which echoes the ECB policy statement released after its meeting Jan 9.

    Eurozone Dec new car registrations jumped +13.3% y/y to 906,000, the fourth consecutive monthly gain and the largest monthly increase in nearly 4-years.

    China Dec foreign direct investment rose +3.3% y/y, better than expectations of +2.5% y/y.

    Japan Dec domestic CGPI rose +0.3% m/m, right on expectations, and gained +2.5% y/y, less than expectations of +2.6% y/y.

    Japan Nov machine orders rose +9.3% m/m, well above expectations of +1.1% m/m and the biggest increase in 6-months. On a year-over-year basis, Nov machine orders climbed +16.6% y/y, better than expectations of +11.7% y/y.

    The Japan Nov tertiary industry index rose +0.6% m/m, less than expectations of +0.7% m/m, and Oct was revised lower to -0.9% m/m from the originally reported -0.7% m/m.

    U.S. STOCK PREVIEW

    Today's Dec CPI is expected to increase to +1.5% y/y from +1.2% in November. Meanwhile, the Dec core CPI is expected to be unchanged from November at +1.7% y/y. Today's weekly initial unemployment claims report is expected to show a small decline of -2,000 to 328,000, adding to last week's decline of -15,000 to 330,000. Meanwhile, today's continuing claims report is expected to show a decline of -15,000 to 2.850 million, reversing part of last week's increase of +50,000 to 2.865 million. Today's Jan Philadelphia Fed manufacturing index is expected to show a small +2.2 point increase to 8.6, reversing most of December's decline of -2.8 to 6.4. Today's Jan NAHB housing market index is expected to be unchanged at 58, holding its ground after the +4 point increase to 58 seen in December.

    There are 14 of the S&P 500 companies that report earnings today with notable reports including: Citigroup (consensus $0.95), Goldman Sachs (4.18), Intel (0.52), American Express (1.25), Charles Schwabb (0.21), Capital One (1.55), UniteHealth Group (1.41). Equity Conferences during the remainder of this week include: J.P. Morgan Healthcare Conference on Mon-Thu.

    OVERNIGHT U.S. STOCK MOVERS

    Goldman Sachs (GS +1.22%) reported Q4 EPS of $4.60, well ahead of consensus of $4.18.

    CSX (CSX +1.21%) was upgraded to 'Buy' from 'Hold' at Argus.

    Best Buy (BBY +1.40%) fell over 9% in pre-market trading after it reported holiday sales for the nine weeks ended Jan 4, 2014 were down -0.8% compared to teh same period last year.

    UnitedHealth Group (UNH +1.11%) reported Q4 EPS of $1.41, right on expectations.

    PNC Financial Services Group (PNC +1.08%) reported Q4 EPS of $1.83, better than consensus of $1.64.

    BlackRock (BLK +0.72%) reported Q4 EPS of $4.92, well ahead of consensusu of $4.33

    Reuters reported that an advisory panel to the U.S. FDA concluded that Merck's (MRK -0.91%) experimental blood clot-preventing drug vorapaxar should be approved to reduce the risk of further heart problems in people who have suffered a heart attack recently.

    H.B. Fuller (FUL -0.36%) reported Q4 adjusted EPS of 68 cents, well below consensus of 75 cents.

    Hirzel Capital reported a 6.0% passive stake in Aeropostale (ARO +0.65%) .

    SAC Capital reported a 5.0% passive stake in Textura (TXTR -3.77%) .

    J.C. Penney (JCP +1.15%) rose nearly 2% in after-hours trading after ut said it will close 33 stores and cut 2,000 jobs.

    Kinder Morgan (KMI -0.03%) reported Q4 EPS of 33 cents, weaker than consensus of 35 cents.

    CSX (CSX +1.21%) fell over 3% in after-hours trading after it reported Q4 EPS of 42 cents, below consensus of 43 cents.

    MARKET COMMENTS

    Mar E-mini S&Ps (ESH14 -0.16%) this morning are down -2.25 points (-0.12%). The S&P 500 on Wednesday rallied to a fresh record high and closed moderately higher. Bullish factors included (1) the World Bank's hike in its 2014 global GDP estimate to 3.2% from a June projection of 3.0%, and (2) the jump in the Jan Empire manufacturing index to 12.51 from an upwardly revised 2.22 in Dec, better than expectations of 3.50 and the fastest pace of expansion in 20 months. Closes: S&P 500 +0.52%, Dow Jones +0.66%, Nasdaq 100 +0.82%.

    Mar 10-year T-notes (ZNH14 +0.06%) this morning are up +1.5 ticks. Mar 10-year T-note futures prices on Wednesday closed lower on reduced safe-haven demand after stocks rallied and the Jan Empire manufacturing index expanded at its fastest pace in 20 months, which bolsters the prospects for the Fed to keep on tapering QE3. Closes: TYH4 -6.5, FVH4 -4.50.

    The dollar index (DXY00 -0.02%) this morning is down -0.013 (-0.02%). EUR/USD (^EURUSD) is up +0.0005 (+0.04%). USD/JPY (^USDJPY) is up +0.17 (+0.16%). The dollar index on Wednesday closed higher after the surge in the Jan Empire manufacturing index to a 20-month high signaled strength in the U.S. economy that will likely prompt the Fed to keep tapering QE3. EUR/USD retreated after Germany's Federal Statistics Office said German 2013 GDP growth expanded at a +0.4% y/y pace, weaker than expectations of +0.5% y/y and the slowest pace of growth in 4 years. Closes: Dollar index +0.378 (+0.47%), EUR/USD -0.0074 (-0.54%), USD/JPY +0.345 (+0.33%).

    Feb WTI crude oil (CLG14 +0.15%) this morning is up +33 cents (+0.35%) and Feb gasoline (RBG14 -0.51%) is down -0.0099 (-0.38%). Feb crude oil and gasoline prices on Wednesday closed higher. Feb crude posted a 1-week high after weekly EIA crude inventories fell for a seventh straight week as they plunged -7.659 million bbl to a 1-3/4 yr low of 350.234 million bbl. Gasoline prices fell back from their best levels after weekly EIA gasoline stockpiles surged +6.183 million bbl to an 11-month high of 233.152 million bbl. Closes: CLG4 +1.58 (+1.71%), RBG4 +0.0040 (+0.15%).

    GLOBAL EVENT CALENDAR01/16/2014

    US 0830 ET Weekly initial unemployment claims expected -2,000 to 328,000, previous -15,000 to 330,000. Weekly continuing claims expected -15,000 to 2.850 million, previous +50,000 to 2.865 million.
      0830 ET Dec CPI expected +0.3% m/m and +1.5% y/y, Nov unch m/m and +1.2% y/y. Dec CPI ex food & energy expected +0.1% m/m and +1.7% y/y, Nov +0.2% m/m and +1.7% y/y.
      0830 ET USDA weekly Export Sales.
      0915 ET San Francisco Fed President John Williams presents a paper titled Monetary Policy at eh Zero Lower Bound: Putting Theory into Practice; and panel discussion on Quantitative Easing and Forward Guidance.
      1000 ET Jan Philadelphia Fed manufacturing index expected +2.2 to 8.6, Dec -2.8 to 6.4.
      1000 ET Jan NAHB housing market index expected unch at 58, Dec +4 to 58.
      1100 ET Treasury announces amount of 10-year TIPS to be auctioned on Jan 23 (previous $13 billion).
      1110 ET Fed Chairman Ben Bernanke and San Francisco Fed President John Williams speak at an event titled The Fed Yesterday, Today and Tomorrow at the Brookings Institute.
    EUR 0200 ET Eurozone Dec new car registrations, Nov +1.2%.
      0500 ET Revised Eurozone Dec CPI, previous +0.8% y/y and Dec core CPI +0.7% y/y.
    GER 0200 ET Revised German Dec CPI, previous +0.5% m/m and +1.2% y/y EU harmonized.

    U.S. STOCK CALENDAR01/16/2014

    Company Name Ticker Time Event Description Period Estimate
    PNC Financial Services Group Inc/The PNC US Bef-mkt Q4 2013 Earnings Release Q4 2013 1.636
    PPG Industries Inc PPG US Bef-mkt Q4 2013 Earnings Release Q4 2013 1.726
    Huntington Bancshares Inc/OH HBAN US Bef-mkt Q4 2013 Earnings Release Q4 2013 0.173
    Charles Schwab Corp/The SCHW US Bef-mkt Q4 2013 Earnings Release Q4 2013 0.208
    BlackRock Inc BLK US Bef-mkt Q4 2013 Earnings Release Q4 2013 4.328
    BB&T Corp BBT US Bef-mkt Q4 2013 Earnings Release Q4 2013 0.717
    UnitedHealth Group Inc UNH US 6:00 Q4 2013 Earnings Release Q4 2013 1.405
    Goldman Sachs Group Inc/The GS US 7:30 Q4 2013 Earnings Release Q4 2013 4.18
    Citigroup Inc C US 8:00 Q4 2013 Earnings Release Q4 2013 0.953
    American Express Co AXP US Aft-mkt Q4 2013 Earnings Release Q4 2013 1.25
    Intel Corp INTC US Aft-mkt Q4 2013 Earnings Release Q4 2013 0.518
    SLM Corp SLM US Aft-mkt Q4 2013 Earnings Release Q4 2013 0.725
    Stocks: GS, CSX, BBY, UNH, PNC, BLK, MRK, FUL, ARO, TXTR, JCP, KMI, PPG, HBAN, SCHW, BBT, C, AXP, INTC, SLM
Back To Jim Van Meerten's Instablog HomePage »

Instablogs are blogs which are instantly set up and networked within the Seeking Alpha community. Instablog posts are not selected, edited or screened by Seeking Alpha editors, in contrast to contributors' articles.

Comments (0)
Track new comments
Be the first to comment
Full index of posts »
Latest Followers

StockTalks

  • $BFS - 96% technical buy signals - 13 new highs and up 16.20% in the last month - Relative Strength Index 81.16%
    2 days ago
  • $AHH 96% technical buy signals - 15 new highs and up 15.27% in the last month - Relative Strength Index 81.43%
    4 days ago
  • $LMT - 80% technical buy signals - 16 nedw highs and up 9.01% in the last month - Relative Strength Index 82.48%
    5 days ago
More »

Latest Comments


Instablogs are Seeking Alpha's free blogging platform customized for finance, with instant set up and exposure to millions of readers interested in the financial markets. Publish your own instablog in minutes.