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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 1/22 0 comments
    Jan 22, 2014 8:53 AM | about stocks: MOS, MSI, UTX, TXT, COH, ATI, TXN, XLNX, NUAN, CREE, IBM, BOBE, ABT, PH, GD, NTRS, USB, TEL, STJ, NSC, FCX, APH, FE, SYK, NFLX, FFIV, EBAY, VAR, WDC, WDC, CCI, NE, JEC, PGR

    BARCHART MORNING CALL

    Wednesday, January 22nd, 2014View Older Reports

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    OVERNIGHT MARKETS AND NEWS

    March E-mini S&Ps (ESH14 -0.04%) this morning are down -0.10% and European stocks are down -0.19% as IBM and Texas Instruments slid in pre-market trading. Asian stocks closed mostly higher on a fall in Chinese money-market rates: Japan +0.16%, Hong Kong +0.21%, China +2.58%, Taiwan +0.30%, Australia -0.22%, Singapore -0.02%, South Korea +0.29%, India +0.41%. China's Shanghai Stock Index climbed to a 1-1/2 week high after China's benchmark money-market rates fell for a second day as the PBOC made more funding available for smaller lenders. Commodity prices are mixed. Mar crude oil (CLH14 +0.42%) is up +0.52% at a 2-week high on positive carry-over from the IEA's action Tuesday to hike its 2014 global crude oil consumption forecast. Mar gasoline (RBH14 +0.32%) is up +0.68%. Feb gold (GCG14 -0.07%) is down -0.06%. March copper (HGH14 -0.79%) is down -0.58%. Agriculture and livestock prices are mixed. The dollar index (DXY00 unch) is down -0.02%. EUR/USD (^EURUSD) is down -0.04% and USD/JPY (^USDJPY) is up +0.04%. The British pound rose to a 2-week high against the dollar after the UK Nov unemployment rate fell more than expected to a 4-3/4 year low. March T-note prices (ZNH14 -0.25%) are down -8 ticks.

    The minutes of the Jan-9 BOE policy meeting stated that the MPC "saw no immediate need to raise the bank rate even if the 7.0% unemployment threshold were to be reached in the near future" as cost pressures were "subdued" and headwinds to growth "would persist for some time."

    UK Dec jobless claims change fell -24,000, less than expectations of -32,000. The Dec claimant count rate was 3.7%, right on expectations and the lowest in 5-years.

    The UK Nov ILO unemployment rate fell -0.3 to 7.1% in the 3-months through Nov, better than expectations of -0.1 to 7.3% and the lowest in 4-3/4 years.

    UK Nov avg weekly earnings rose +0.9% 3-mo avg y/y, less than expectations of +1.0% 3-mo avg y/y. Nov weekly earnings ex-bonus also rose +0.9% 3-mo avg y/y, less than expectations of +1.0% y/y.

    UK Dec public sector net borrowing climbed +10.4 billion pounds, less than expectations of +12.0 billion pounds.

    The Japan Nov leading index CI was revised upward to a 6-1/2 year high of 111.1 from the originally reported 110.8. The Nov coincident index was revised upward to a 5-1/3 year high of 110.7 from the originally reported 110.5.

    The Japan Nov all-industry activity index rose +0.3% m/m, right on expectations, although Oct was revised down to -0.4% m/m from the originally reported -0.2% m/m.

    U.S. STOCK PREVIEW

    There are no major U.S. economic reports today. There are 25 of the S&P 500 companies that report earnings today. Notable reports include: eBay (consensus $0.80), Northern Trust (0.75), US Bancorp (0.75), United Technologies (1.53), Textron (0.59), Abbott Labs (0.58), Coach (1.11), St. Jude Medical (0.99), Noble (0.81), and Progressive (0.42).

    There are 13 of the S&P 500 companies that report earnings today with notable reports including IBM (consensus $6.00), Texas Instruments (0.46), Halliburton (0.89), Baker Hughes (0.61), Johnson & Johnson (1.20), Verizon (0.65), Rockwell Collins (0.94), Travelers (2.15).
    Equity conferences during the remainder of this week include: World Future Energy Summit on Tue-Wed, 13th Annual Pharma Contact Centers Conference on Wed-Thu, World Economic Forum Annual Meeting 2014 on Wed-Thu, and SMi Social Media in the Pharmaceutical Industry on Thu.

    OVERNIGHT U.S. STOCK MOVERS

    Mosaic (MOS -0.45%) was downgraded to 'Sell' from 'Neutral' at Goldman.

    Motorola Solutions (MSI +1.53%) reported Q4 EPS of $1.67, stronger than consensus of $1.62.

    United Technologies (UTX +0.68%) reported Q4 EPS of $1.58, higher than consensus of $1.53.

    Textron (TXT unch) reported Q4 EPS of 60 cents, better than consensus of 59 cents.

    Coach (COH -0.02%) reported Q2 EPS of $1.06, below consensus of $1.11.

    Allegheny Technologies (ATI -5.84%) reported a Q4 EPS loss of -8 cents, better than expectations of a -21 cent loss.

    Texas Instruments (TXN +0.92%) fell over 1% in pre-market trading after it reported Q4 EPS of 46 cents with items, right on consensus, but then said it sees Q1 EPS of 36 cents-44 cents, below consensus of 44 cents.

    Xilinx (XLNX +0.68%) reported Q3 EPS of 61 cents, stronger than consensus of 54 cents.

    Nuance (NUAN -0.87%) rose 9% in after-hours trading after it raised its Q1 adjusted EPS view to 23 cents-24 cents from 18 cents-21 cents, better than consensus of 20 cents.

    Cree (CREE +0.53%) climbed over 4% in after-hours trading after it reported adjusted Q2 EPS of 46 cents, better than consensus of 39 cents.

    IBM (IBM -0.87%) slid nealy 4% in pre-market trading after it reported Q4 EPS of $6.13, higher than consensus $5.99, and said it sees 2014 EPS at least $18.00, better than consensus of $17.97. However, IBM said revenue declined to $27.7 billion in the 3-months throgh Dec amid plunging demand for servers, the seventh consecutive quarter revenue has declined.

    Bob Evans (BOBE +0.04%) fell over 4% in after-hours trading after it cut its fiscal 2014 EPS outlook to $2.20-$2.30, well below consensus of $2.57.

    MARKET COMMENTS

    Mar E-mini S&Ps (ESH14 -0.04%) this morning are down -1.75 points (-0.10%). The S&P 500 on Tuesday closed higher after the IMF raised its 2014 global GDP forecast to 3.7% from an Oct estimate of 3.6% along with carry-over support from a rally in Chinese stocks after the PBOC added funds to the financial system in an attempt to lower China's money-market rates. Stocks fell back from their best levels on weak Q4 earnings results from Johnson & Johnson and Verizon. Closes: S&P 500 +0.28%, Dow Jones -0.27%, Nasdaq 100 +0.74%.

    Mar 10-year T-notes (ZNH14 -0.25%) this morning aredown -8 ticks. Mar 10-year T-note futures prices on Tuesday moved lower on reduced safe-haven demand after the IMF raised their 2014 global GDP forecast, but a slide in stocks from their best levels pulled T-notes off of their lows and they finished just slightly lower. Closes: TYH4 -1.5, FVH4 -1.75.

    The dollar index (DXY00 unch) this morning is down -0.019 (-0.02%). EUR/USD (^EURUSD) is down -0.0006 (-0.04%). USD/JPY (^USDJPY) is up +0.04 (+0.04%). The dollar index on Tuesday posted a 2-1/4 month high on speculation the Fed will continue to taper QE3 after the IMF raised their 2014 global GDP forecast. The dollar fell back, however, and closed lower after EUR/USD recovered early losses and moved higher when ECB Governing Council member Nowotny said his "personal view" is that the ECB could raise its Eurozone growth forecasts higher in March. Closes: Dollar index -0.127 (-0.16%), EUR/USD +0.0022 (+0.16%), USD/JPY +0.057 (+0.05%).

    Mar WTI crude oil (CLH14 +0.42%) this morning is up +49 cents (+0.52%) at a 2-week high and Mar gasoline (RBH14 +0.32%) is up +0.0179 (+0.68%). Mar crude oil and gasoline prices on Tuesday closed higher with Mar crude at a 2-week high and Mar gasoline at a 1-week high after the IEA raised its 2014 global oil demand forecast by +90,000 bpd from last month to a record 92.5 million bpd and after the IMF raised its 2014 global GDP forecast to 3.7% from an Oct estimate of 3.6%. Closes: CLH4 +0.38 (+0.40%), RBH4 +0.0025 (+0.10%).

    GLOBAL EVENT CALENDAR01/22/2014

    US 0700 ET Weekly MBA mortgage applications, previous +11.9% with purchase sub-index +11.5% and the refi sub-index +11.2%.
      1500 ET Dec USDA Cold Storage.
    JPN 0000 ET Revised Japan Nov leading index CI, previous 110.8. Revised Nov coincident index, previous 110.5.
      n/a BOJ announces interest rate decision.
    UK 0430 ET UK Dec jobless claims change expected -32,000, Nov -36,700. Dec claimant count rate expected 3.7%, Nov 3.8%.
      0430 ET UK Nov avg weekly earnings expected +1.0% 3-mo avg y/y, Oct +0.9% 3-mo avg y/y. Nov weekly earnings ex-bonus expected +1.0% 3-mo avg y/y, Oct +0.8% 3-mo avg y/y.
      0430 ET UK Nov ILO unemployment rate expected -0.1 to 7.3% 3-months, Oct 7.4% 3-months.
      0430 ET UK Dec public sector net borrowing expected +12.0 billion pounds, Nov +14.8 billion pounds.
      0430 ET Minutes of the Jan 8-9 BOE policy meeting.
    CHI 2045 ET China Jan HSBC/market flash manufacturing PMI expected -0.2 to 50.3, Dec -0.3 to 50.5.

    U.S. STOCK CALENDAR01/22/2014

    Company Name Ticker Time Event Description Period Estimate
    Abbott Laboratories ABT US Bef-mkt Q4 2013 Earnings Release Q4 2013 0.582
    Parker Hannifin Corp PH US Bef-mkt Q2 2014 Earnings Release Q2 2014 1.245
    Allegheny Technologies Inc ATI US Bef-mkt Q4 2013 Earnings Release Q4 2013 -0.211
    Textron Inc TXT US Bef-mkt Q4 2013 Earnings Release Q4 2013 0.592
    United Technologies Corp UTX US Bef-mkt Q4 2013 Earnings Release Q4 2013 1.53
    General Dynamics Corp GD US Bef-mkt Q4 2013 Earnings Release Q4 2013 1.754
    Northern Trust Corp NTRS US Bef-mkt Q4 2013 Earnings Release Q4 2013 0.746
    US Bancorp/MN USB US Bef-mkt Q4 2013 Earnings Release Q4 2013 0.748
    TE Connectivity Ltd TEL US 6:00 Q1 2014 Earnings Release Q1 2014 0.769
    Motorola Solutions Inc MSI US 7:00 Q4 2013 Earnings Release Q4 2013 1.619
    Coach Inc COH US 7:00 Q2 2014 Earnings Release Q2 2014 1.109
    St Jude Medical Inc STJ US 7:30 Q4 2013 Earnings Release Q4 2013 0.988
    Motorola Solutions Inc MSI US 8:00 Q4 2013 Earnings Call Q4 2013  
    Norfolk Southern Corp NSC US 8:00 Q4 2013 Earnings Release Q4 2013 1.506
    Textron Inc TXT US 8:00 Q4 2013 Earnings Call Q4 2013  
    Freeport-McMoRan Copper & Gold Inc FCX US 8:00 Q4 2013 Earnings Release Q4 2013 0.798
    St Jude Medical Inc STJ US 8:00 Q4 2013 Earnings Call Q4 2013  
    Amphenol Corp APH US 8:00 Q4 2013 Earnings Release Q4 2013 0.984
    Allegheny Technologies Inc ATI US 8:30 Q4 2013 Earnings Call Q4 2013  
    Coach Inc COH US 8:30 Q2 2014 Earnings Call Q2 2014  
    TE Connectivity Ltd TEL US 8:30 Q1 2014 Earnings Call Q1 2014  
    FirstEnergy Corp FE US 8:30 FY 2014 Guidance Call Y 2014  
    Norfolk Southern Corp NSC US 8:45 Q4 2013 Earnings Call Q4 2013  
    Abbott Laboratories ABT US 9:00 Q4 2013 Earnings Call Q4 2013  
    United Technologies Corp UTX US 9:00 Q4 2013 Earnings Call Q4 2013  
    US Bancorp/MN USB US 9:00 Q4 2013 Earnings Call Q4 2013  
    Freeport-McMoRan Copper & Gold Inc FCX US 10:00 Q4 2013 Earnings Call Q4 2013  
    Parker Hannifin Corp PH US 11:00 Q2 2014 Earnings Call Q2 2014  
    General Dynamics Corp GD US 11:30 Q4 2013 Earnings Call Q4 2013  
    Northern Trust Corp NTRS US 12:00 Q4 2013 Earnings Call Q4 2013  
    Amphenol Corp APH US 13:00 Q4 2013 Earnings Call Q4 2013  
    Stryker Corp SYK US 16:00 Q4 2013 Earnings Release Q4 2013 1.224
    Netflix Inc NFLX US 16:05 Q4 2013 Earnings Release Q4 2013 0.657
    F5 Networks Inc FFIV US 16:30 Q1 2014 Earnings Call Q1 2014  
    Stryker Corp SYK US 16:30 Q4 2013 Earnings Call Q4 2013  
    eBay Inc EBAY US 17:00 Q4 2013 Earnings Call Q4 2013  
    Netflix Inc NFLX US 17:00 Q4 2013 Earnings Call Q4 2013  
    Varian Medical Systems Inc VAR US 17:00 Q1 2014 Earnings Call Q1 2014  
    Western Digital Corp WDC US 17:00 Q2 2014 Earnings Call Q2 2014  
    SanDisk Corp SNDK US 17:00 Q4 2013 Earnings Call Q4 2013  
    eBay Inc EBAY US Aft-mkt Q4 2013 Earnings Release Q4 2013 0.804
    Crown Castle International Corp CCI US Aft-mkt Q4 2013 Earnings Release Q4 2013 0.936
    Noble Corp plc NE US Aft-mkt Q4 2013 Earnings Release Q4 2013 0.811
    Varian Medical Systems Inc VAR US Aft-mkt Q1 2014 Earnings Release Q1 2014 0.905
    Western Digital Corp WDC US Aft-mkt Q2 2014 Earnings Release Q2 2014 2.084
    Jacobs Engineering Group Inc JEC US Aft-mkt Q1 2014 Earnings Release Q1 2014 0.741
    SanDisk Corp SNDK US Aft-mkt Q4 2013 Earnings Release Q4 2013 1.568
    Progressive Corp/The PGR US   Q4 2013 Earnings Release Q4 2013 0.422
    Progressive Corp/The PGR US   Q4 2013 Earnings Release - December Sales Q4 2013 0.422
    Stocks: MOS, MSI, UTX, TXT, COH, ATI, TXN, XLNX, NUAN, CREE, IBM, BOBE, ABT, PH, GD, NTRS, USB, TEL, STJ, NSC, FCX, APH, FE, SYK, NFLX, FFIV, EBAY, VAR, WDC, WDC, CCI, NE, JEC, PGR
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