Seeking Alpha

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. 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
My company:
Marketocracy Capital Management
My blog:
Barchart Portfolio Blogs
  • BARCHART MORNING CALL 3/24 0 comments
    Mar 24, 2014 4:41 PM | about stocks: AAPL, WFC, VMW, BAC, MTW, L, AEP, PBPB, RP, RLOC, EFX

    BARCHART MORNING CALL

    Monday, March 24th, 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

    June E-mini S&Ps (ESM14 +0.24%) this morning are up +0.15% and European stocks are down -0.80%. U.S. stocks received a boost from Apple which is up nearly 1% in pre-market trading after the WSJ reported that the company held talks with Comcast about streaming live and on-demand television. European stocks are lower after data showed German manufacturing activity weakened to its slowest pace in 4 months. Another negative for European stocks was the comments from Ukraine's foreign minister who said the risk of war was growing as Russian troops have doubled in size as they amassed along the entire Ukraine border. Asian stocks closed higher: Japan +1.77%, Hong Kong +1.91%, China +0.82%, Taiwan +0.33%, Australia +0.17%, Singapore +1.25%, South Korea +0.65%, India +1.38%. China's Shanghai Stock Index recovered from losses and rallied up to a 2-week high on speculation that signs of weak growth will prompt policy makers to boost economic stimulus measures after data showed Chinese manufacturing activity contracted at the slowest pace in 8 months. Commodity prices are mixed. May crude oil (CLK14 +0.53%) is up +0.19%. May gasoline (RBK14 +0.42%) is up +0.09%. Apr gold (GCJ14 -0.79%) is down -0.93%. May copper (HGK14 +0.36%) is down -0.25%. Agriculture prices are higher. The dollar index (DXY00 +0.14%) is up +0.17%. EUR/USD (^EURUSD) is down -0.14%. USD/JPY (^USDJPY) is up +0.18%. June T-note prices (ZNM14 -0.19%) are down -5.5 ticks.

    The China Mar HSBC manufacturing PMI unexpectedly weakened for the fifth straight month as it fell -0.4 to 48.1, less than expectations of +0.2 to 48.7 and the slowest pace of expansion in 8 months.

    ECB Governing Council member Liikanen said that "owning to the high degree of unutilized capacity, ECB interest rates will remain at present or lower levels for an extended period of time, supporting the economy well into the recovery."

    The Eurozone Mar Markit composite PMI fell -0.1 to 53.2, right on expectations.

    The German Mar Markit/BME PMI manufacturing fell -1.0 to 53.8, a bigger decline than expectations of -0.3 to 54.5 and the slowest pace of expansion in 4 months. The Mar Markit services PMI slipped -1.9 to 54.0, a bigger decline than expectations of -0.4 to 55.5.

    U.S. STOCK PREVIEW

    There are no U.S. economic reports today. President Obama today will be in The Hague for a 20+ nation summit on Monday/Tuesday on how to curb nuclear proliferation. Mr. Obama will also attend a G7 summit designed to forge a response to Russia's military takeover of Crimea and will attend a U.S.-EU summit in Brussels.

    None of the Russell 1000 companies report earnings today. Equity conferences this week include: Howard Weil Energy Conference on Mon, IHS International LPG Seminar on Mon, Barclays Emerging Payments Forum on Mon-Tue, TAG Spring Consumer Conference on Tue, Gastech Conference & Exhibition on Mon-Wed, BB&T Capital Markets Commercial & Industrial Conference on Wed, CIBC Retail and Consumer Conference on Wed, JPMorgan Insurance Conference on Wed, Oracle Storage Summit New York on Wed, Jefferies Animal Health Day on Thu, and Jefferies Animal Health Day on Thu

    OVERNIGHT U.S. STOCK MOVERS

    Apple (AAPL +0.79%) rose nearly 1% in pre-market trading after the WSJ reported that Comcast has discussed providing preferential access to its cables for video content sent to Apple's set-top boxes.

    Wells Fargo (WFC +0.18%) and U.S. Bancorp (USB +0.28%) were both upgraded to 'Neutral' from 'Underweight' at Atlantic Equities.

    VMware (VMW -1.32%) was upgraded to 'Buy' from 'Neutral' at Sterne Agee.

    Bank of America (BAC -2.01%) was downgraded to 'Neutral' from 'Overweight' at Atlantic Equities.

    Manitowoc (MTW +1.94%) was downgraded to 'Underperform' from 'Hold' at Jefferies.

    Loews (L +0.73%) was downgraded to 'Hold' from 'Buy' at Deutsche Bank.

    American Electric (AEP +0.29%) was downgraded to 'Hold' from 'Buy' at Jefferies.

    Moody's Investors Service lowered its outlook on Croatia's government bonds to negative from stable and raised its outlook on Cyprus' government bonds to positive from negative.

    Bryant Keil reported a 5.05% passive stake in Potbelly (PBPB -1.78%) .

    Stockbridge Partners reported a 5.2% passive stake in RealPage (RP -1.89%) .

    Discovery Group reported a 5.3% stake in ReachLocal (RLOC +1.44%) .

    MARKET COMMENTS

    June E-mini S&Ps (ESM14 +0.24%) this morning are up +2.75 points (+0.15%). The S&P 500 on Friday climbed to a new record high early but fell back and closed lower. Stocks opened higher on bullish factors that included (1) carry-over support from a rally in Chinese stocks on signs that China is loosening funding restrictions for property developers and banks to support economic growth, and (2) early strength in financial stocks after the Fed said its annual stress tests on U.S. banks showed 29 out of 30 of the largest U.S. banks have sufficient capital to withstand a deep recession. Stocks fell back and closed lower on concern the situation in Ukraine may escalate on reports that Russia continues to amass troops near Ukraine's border. Closes: S&P 500 -0.29%, Dow Jones -0.17%, Nasdaq -1.11%.

    Jun 10-year T-notes (ZNM14 -0.19%) this morning are down -5.5 ticks. Jun 10-year T-note futures prices on Friday closed slightly higher. Increased safe-haven demand or Treasuries from the ongoing Ukraine crisis was offset by carry-over weakness from Fed Chair Yellen's indication on Wednesday that the funds rate might be raised as soon as spring 2015. Closes: TYM4 +2.00, FVM4 -1.00.

    The dollar index (DXY00 +0.14%) this morning is up +0.134 (+0.17%). EUR/USD (^EURUSD) is down -0.0019 (-0.14%). USD/JPY (^USDJPY) is up +0.18 (+0.18%). The dollar index on Friday closed lower after a rally in the S&P 500 to a new all-time high reduced the safe-haven demand for the dollar, although the dollar rebounded from its worst levels after stocks shed their gains. Closes: Dollar index -0.087 (-0.11%), EUR/USD +0.00143 (+0.10%), USD/JPY -0.147 (-0.14%).

    May WTI crude oil (CLK14 +0.53%) this morning is up +19 cents (+0.19%) and May gasoline (RBK14 +0.42%) is up +0.0026 (+0.09%). May crude and gasoline prices on Friday closed higher with May crude at a 1-week high. Supportive factors included (1) the rally in the S&P 500 to a new record high, which bolsters optimism in the economic outlook and energy demand, and (2) speculation China is loosening funding restrictions for property developers and banks, which may promote economic growth and increase energy demand in China, the world's second-biggest crude consumer. Closes: CLK4 +0.56 (+0.57%). RBK4 +0.0107 (+0.37%).

    GLOBAL EVENT CALENDAR03/24/2014

    US0830 ETFeb Chicago Fed national activity index expected +0.49 to 0.10, Jan -0.39.
     1100 ETUSDA weekly grain export inspections.
    GER0430 ETGerman Mar PMI manufacturing expected -0.3 to 54.5, Feb 54.8. Mar PMI services expected -0.4 to 55.5, Feb 55.9.
    EUR0500 ETEurozone Mar PMI composite expected -0.2 to 53.1, Feb 53.3.
    UKn/aUK Mar nationwide house prices expected +0.8% m/m and +9.6% y/y, Feb +0.6% m/m and +9.4% y/y.

    U.S. STOCK CALENDAR03/24/2014

    Company NameTickerTimeEvent DescriptionPeriodEstimate
    Equifax IncEFX US Investor Meeting - PhiladelphiaY 2014

    Stocks: AAPL, WFC, VMW, BAC, MTW, L, AEP, PBPB, RP, RLOC, EFX
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

More »

Latest Comments


Posts by Themes
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.