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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 1/24 0 comments
    Jan 24, 2014 11:10 AM | about stocks: STT, PG, HON, SWK, BMY, HOG, CE, KLAC, ALTR, ETFC, LEG, JNPR, ISRG, DFS, MSFT, SBUX, PCP, LMT, FITB, KEY, BAX, ABC, JCI, MCD, LUV, UNP, NE, C, JBL, CCI, DHI

    BARCHART MORNING CALL

    Friday, January 24th, 2014View Older Reports

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    OVERNIGHT MARKETS AND NEWS

    March E-mini S&Ps (ESH14 -0.71%) this morning are down -0.59% at a 1-month low and European stocks are down -1.78% at a 3-week low on concern over emerging market economies. Asian stocks closed mostly lower: Japan -1.94%, Hong Kong -1.25%, China +0.62%, Taiwan +0.04%, Australia -0.42%, Singapore -0.78%, South Korea -0.33%, India -1.12%. Japan's Nikkei Stock Index fell to a 5-week low and the Australian dollar plunged to a 3-1/2 year low against the U.S. dollar on possible financial stress in China after China's banking regulator ordered regional offices to increase scrutiny of credit risks in the coal mining industry. The concern over emerging-market stocks and currencies has boosted the safe-haven demand for German bunds as the 10-year German bund yield tumbled to a 5-1/2 month low of 1.637%. Commodity prices are mixed. Mar crude oil (CLH14 -0.35%) is down -0.40%. Mar gasoline (RBH14 -0.75%) is down -0.66%. Feb gold (GCG14 +0.57%) is up +0.63% at a 2-month high after Argentina's government devalued the Argentina peso 12.7% in an attempt to halt a decline in foreign reserves. March copper (HGH14 -0.03%) is down -0.23% at a 1-1/2 month low on Chinese demand concerns. Agriculture and livestock prices are mixed. The dollar index (DXY00 -0.12%) is down -0.21% at a 3-week low. EUR/USD (^EURUSD) is up +0.17% at a 3-week high on supportive comments from ECB Governing Council member Visco. USD/JPY (^USDJPY) is down -0.99% at a 1-1/2 month low as a rout in emerging-market currencies and a slide in stocks spurs safe-haven demand for the yen. March T-note prices (ZNH14 +0.44%) are up +17.5 ticks at a 1-3/4 month high on increased safe-haven demand.

    According to people with knowledge of the matter, China's Banking Regulatory Commission (CBRC) ordered its regional offices to increase scrutiny of credit risks in the coal-mining industry and to closely monitor risks from trust and wealth-management products. China's coal industry has come under scrutiny as investors seek repayment of a 3 billion yuan ($496 million) trust product that's facing default because the miner that borrowed the funds collapsed.

    ECB Governing Council member and Bank of Italy Governor Visco said "the Eurozone has a substantial current account surplus and is going to keep it" and that "capital is moving toward Europe and this gives strength to the euro."

    U.S. STOCK PREVIEW

    There are no U.S. economic reports today. There are 10 of the S&P 500 companies that report earnings today: Honeywell (consensus $1.21), Procter & Gamble (1.20), Bristol-Myers Squibb (0.43), Stanley Black & Decker (1.30), WW Grainger (2.62), Kansas City Southern (1.10), Xerox (0.29), Covidien (0.94), State Street (1.19), Kimberley-Clark (1.39). There are no equity conferences today.

    OVERNIGHT U.S. STOCK MOVERS

    State Street Corp. (STT -3.18%) reported Q4 EPS of $1.15, below consensus of $1.19.

    Procter & Gamble (PG -1.25%) reported Q2 EPS of $1.21, higher than consensus of $1.20.

    Honeywell International (HON -1.42%) reprted Q4 EPS of $1.24, better than consensus of $1.21.

    Stanley Black & Decker (SWK -0.64%) reported Q4 EPS of $1.32, higher than consensus of $1.30.

    Bristol-Myers Squibb (BMY -1.57%) reported Q4 EPS of 51 cents, better than consensus of 43 cents.

    According to Nikkei.com, Harley-Davidson (HOG -1.47%) will begin selling three-wheelers in Japan for the first time starting February 1.

    Celanese (CE -0.29%) reported Q4 adj. EPS of $1.04, better than consensus of $1.02.

    KLA-Tencor (KLAC -0.20%) reported Q2 EPS of 85 cents, stronger than consensus of 80 cents.

    Altera (ALTR -1.17%) reported Q4 EPS of 31 cents, stronger than consensus of 30 cents.

    E-Trade (ETFC -2.19%) rallied nearly 3% in after-hours tradign after it reported Q4 EPS of 20 cents, higher than consensus of 19 cents.

    Leggett & Platt (LEG +1.29%) reported Q4 adjusted EPS of 35 cents, better than consensus of 34 cents.

    Juniper (JNPR -0.65%) rose 2% in after-hours trading after it reported preliminary Q4 EPS of 43 cents, stronger than consensus of 37 cents.

    Intuitive Surgical (ISRG -0.03%) reported Q4 EPS of $4.28, well above consensus of $3.83.

    Discover (DFS -2.35%) reported Q4 EPS of $1.23, better than consensus of $1.18.

    Microsoft (MSFT +0.36%) climbed 4% in after-hours trading after it reported Q2 EPS of 78 cents, well ahead of consensus of 68 cents.

    Starbucks (SBUX -0.29%) reported Q1 EPS of 71 cents, higher than consensus of 69 cents.

    MARKET COMMENTS

    Mar E-mini S&Ps (ESH14 -0.71%) this morning are down -10.75 points (-0.59%) at a 1-month low. The S&P 500 on Thursday sold off to a 1-week low on Chinese economic concerns. The China Jan HSBC/Markit flash manufacturing PMI fell -0.9 to 49.6, weaker than expectations of -0.2 to 50.3 and the lowest level in 6 months. Another negative for stocks was the unexpected increase in U.S. weekly continuing jobless claims by +34,000 to a 6-month high 3.056 million, more than expectations for a -105,000 decline to 2.925 million. Closes: S&P 500 -0.89%, Dow Jones -1.07%, Nasdaq 100 -0.38%.

    Mar 10-year T-notes (ZNH14 +0.44%) this morning are up +17.5 ticks at a 1-3/4 month high. Mar 10-year T-note futures prices on Thursday closed higher and the 10-year T-note yield fell to a 1-1/2 month low of 2.758% on increased safe-haven demand after stocks tumbled due to Chinese growth concerns. The S&P 500 dropped to a 1-week low after the Chinese manufacturing PMI unexpectedly contracted last month. Closes: TYH4 +26.0, FVH4 +17.00.

    The dollar index (DXY00 -0.12%) this morning is down -0.171 (-0.21%) at a 3-week low. EUR/USD (^EURUSD) is up +0.0023 (+0.17%) at a 3-week high. USD/JPY (^USDJPY) is down -1.02 (-0.99%) at a 1-1/2 month low. The dollar index on Thursday posted a 1-week low and settled lower and EUR/USD rallied to a 1-week high on signs of stronger economic growth in the Europe. The Eurozone Jan PMI composite index climbed by larger-than-expected +1.1 to 53.2, the fastest pace of expansion in 2-1/2 years. Closes: Dollar index -0.729 (-0.90%), EUR/USD +0.01489 (+1.10%), USD/JPY -1.245 (-1.19%).

    Mar WTI crude oil (CLH14 -0.35%) this morning is down -39 cents (-0.40%) and Mar gasoline (RBH14 -0.75%) is down -0.0175 (-0.66%). Mar crude oil and gasoline prices on Thursday settled mixed. Mar crude rallied to a 3-week high closed higher after (1) the dollar index fell to a 1-week low, (2) weekly EIA distillate inventories plunged -3.212 million bbl, greater than expectations of -561,000 bbl, and (3) TransCanada began deliveries of crude through its Keystone XL pipeline from Oklahoma to the Gulf Coast, which should start to reduce crude inventories at Cushing, Oklahoma, the delivery point of WTI futures. Gasoline closed lower after weekly EIA gasoline stockpiles rose by a greater-than-expected +2.123 million bbl to a 2-3/4 year high of 235.265 million bbl. Closes: CLH4 +0.59 (+0.61%), RBH4 -0.0185 (-0.69%).

    GLOBAL EVENT CALENDAR01/24/2014

    US0830 ETUSDA weekly Export Sales.
     1500 ETDec USDA Cattle on Feed.
    EUR1200 ETECB President Mario Draghi addresses the 2014 World Economic Forum in Davos, Switzerland on the topic The Path from Crisis to Stability.

    U.S. STOCK CALENDAR01/24/2014

    Company NameTickerTimeEvent DescriptionPeriodEstimate
    Precision Castparts CorpPCP US3:01Q3 2014 Earnings ReleaseQ3 20143.034
    Lockheed Martin CorpLMT US6:25Q4 2013 Earnings ReleaseQ4 20132.125
    Fifth Third BancorpFITB US6:30Q4 2013 Earnings ReleaseQ4 20130.42
    KeyCorpKEY US6:45Q4 2013 Earnings ReleaseQ4 20130.247
    Baxter International IncBAX US7:00Q4 2013 Earnings ReleaseQ4 20131.252
    AmerisourceBergen CorpABC US7:00Q1 2014 Earnings ReleaseQ1 20140.784
    Johnson Controls IncJCI US7:00Q1 2014 Earnings ReleaseQ1 20140.695
    McDonald's CorpMCD US7:58Q4 2013 Earnings ReleaseQ4 20131.393
    Southwest Airlines CoLUV US8:00Q4 2013 Earnings ReleaseQ4 20130.288
    Union Pacific CorpUNP US8:00Q4 2013 Earnings ReleaseQ4 20132.486
    Baxter International IncBAX US8:30Q4 2013 Earnings CallQ4 2013 
    Union Pacific CorpUNP US8:45Q4 2013 Earnings CallQ4 2013 
    Noble Corp plcNE US9:00Q4 2013 Earnings CallQ4 2013 
    KeyCorpKEY US9:00Q4 2013 Earnings CallQ4 2013 
    Fifth Third BancorpFITB US9:00Q4 2013 Earnings CallQ4 2013 
    Precision Castparts CorpPCP US10:00Q3 2014 Earnings CallQ3 2014 
    Citigroup IncC US10:00Q4 2013 Earnings Call - Fixed IncomeC4 2013 
    Jabil Circuit IncJBL US10:00Annual General MeetingY 2014 
    Crown Castle International CorpCCI US10:30Q4 2013 Earnings CallQ4 2013 
    DR Horton IncDHI US Annual General Meeting 

    Stocks: STT, PG, HON, SWK, BMY, HOG, CE, KLAC, ALTR, ETFC, LEG, JNPR, ISRG, DFS, MSFT, SBUX, PCP, LMT, FITB, KEY, BAX, ABC, JCI, MCD, LUV, UNP, NE, C, JBL, CCI, DHI
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