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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 4/24 0 comments
    Apr 24, 2014 9:44 AM | about stocks: AET, TWC, TNXP, LRCX, AAPL, CAKE, FLS, ETFC, AIZ, QCOM, SWY, CBI, LSI, USTR, SYK, FB, MJN, NBL, NUE, DO, NLSN, PHM, BMS, TROW, COG, ABC, SCG, WYN, DHI, WM, CCE, SWK, LO, DGX, ETR, EQT, BTU, HP, HSY, SIAL, CELG, GM, DLPH, LLY, HOT, ALXN, LU

    BARCHART MORNING CALL

    Thursday, April 24th, 2014View Older Reports

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    OVERNIGHT MARKETS AND NEWS

    June E-mini S&Ps (ESM14 +0.31%) this morning are up +0.41% and European stocks are up +0.83% at 2-week highs after earnings results from Apple and Facebook beat analysts' estimates. Another positive for European equities is the unexpected increase in German Apr IFO business confidence. Ukraine troops stepped up an offensive as they entered the eastern Ukraine town of Slovyansk and killed five pro-Russian separatists, while Russian President Putin said the use of force by Ukraine would have consequences. Asian stocks closed mixed: Japan -0.97%, Hong Kong +0.24%, China -0.19%, Taiwan -0.13%, Australia +0.24%, Singapore +0.80%, South Korea -0.05%, India closed for holiday. Commodity prices are mixed. Jun crude oil (CLM14 +0.35%) is up +0.41%. Jun gasoline (RBM14 +0.08%) is up +0.02%. Jun gold (GCM14 -0.81%) is down -0.58%. May copper (HGK14 +0.98%) is up +1.11% at a 1-1/2 month high after LME copper inventories tumbled -1,025 MT to a 17-1/2 month low. Agriculture and livestock prices are mixed. The dollar index (DXY00 -0.05%) is down -0.06%. EUR/USD (^EURUSD) is up +0.04%. USD/JPY (^USDJPY) is down -0.08%. June T-note prices (ZNM14 -0.09%) are down -4.5 ticks.

    ECB President Draghi said that any worsening of the medium-term outlook for inflation in the Eurozone "would be the context for a more broad-based asset purchase program."

    The ECB reported that excess liquidity in the Eurozone financial system today declined to 92.9 billion euros, the lowest level since December, 2011. This may increase pressure on the ECB to expand its stimulus measures.

    The German Apr IFO business climate unexpectedly rose +0.5 to 111.2, better than expectations of -0.3 to 110.4. Apr IFO current assessment rose +0.1 to 115.3, less than expectations of +0.4 to 115.6 but still the highest in 2 years. Apr IFO expectations unexpectedly rose +0.9 to 107.3, better than expectations of -0.6 to 105.8.

    UK Apr CBI reported sales jumped +17 to 30, much better than expectations of +4 to 17

    The Japan Mar corporate services price index rose +0.7% y/y, right on expectations.

    U.S. STOCK PREVIEW

    Today's weekly initial unemployment claims report is expected to show an increase of +11,000 to 315,000, adding to last week's increase of +2,000 to 304,000. Meanwhile, continuing claims are expected to show an increase of +6,000 to 2.745 million after last week's decline of -11,000 to 2.739 million. Today's March durable goods orders report is expected to be solid with a headline increase of +2.0% and a +0.6% increase ex-transportation. That would follow the Feb report of +2.2% and +0.1% ex-transportation. The Treasury today will sell $29 billion of 7-year T-notes, concluding this week's $96 billion T-note package.

    There are 64 of the S&P 500 companies that report earnings today. Notable reports include Microsoft (consensus 0.63), Amazon ($0.23), Visa (2.18), UPS (1.08), Caterpillar (1.23), Starbucks (0.56), Verizon (0.87), Time Warner (1.67), GM (0.04), Nasdaq (0.71). There are no equity conferences during the remainder of this week.

    OVERNIGHT U.S. STOCK MOVERS

    Aetna (AET +0.29%) reported Q1 EPS of $1.98, well above consensus of $1.55.

    Time Warner Cable (TWC +1.04%) reported Q1 EPS of $1.78, higher than consensus of $1.67.

    Texas Instruments (TXN unch) reported Q1 EPS with items of 44 cents, higher than consensus of 41 cents.

    Lam Research (LRCX unch) reported Q3 adjusted EPS of $1.26, better than consensus of $1.17.

    Apple (AAPL -1.31%) jumped over 7% in after-hours trading after it reported Q2 EPS of $11.62, well above consensus of $10.18, and announced a 7-for-1 stock split.

    Cheesecake Factory (CAKE -2.50%) reported Q1 adjusted EPS of 43 cents, below consensus of 49 cents, and then lowered guidance on fiscal 2014 EPS to $2.24-$2.33, below consensus of $2.36.

    Flowserve (FLS -0.74%) reported Q1 EPS of 78 cents, better than consensus of 75 cents.

    E-Trade (ETFC unch) reported Q1 EPS of 33 cents, higher than consensus of 23 cents.

    Assurant (AIZ +0.36%) reported Q1 adjusted EPS of $1.68, stronger than consensus of $1.54.

    Safeway (SWY -0.21%) reported Q1 EPS of 6 cents, well below consensus of 18 cents.

    Chicago Bridge & Iron (CBI -0.88%) reported Q1 adjusted EPS of 87 cents, weaker than consensus of $1.10.

    LSI Corporation (LSI +0.09%) reported Q1 EPS of 17 cents, better than consensus of 15 cents.

    United Stationers (USTR +0.34%) reported Q1 adjusted EPS of 56 cents, weaker than consensus of 57 cents.

    Stryker (SYK -0.44%) reported Q1 adjusted EPS of $1.06, below consensus of $1.08.

    Facebook (FB -2.65%) rose over 5% in pre-market trading after it reported Q1 EPS of 34 cents, well above consensus of 24 cents.

    Qualcomm (QCOM unch) reported Q2 adjusted EPS of $1.31, better than consensus of $1.22, and raised guidance on fiscal 2014 adjusted EPS view to $5.05-$5.25 from $5.00-$5.20.

    MARKET COMMENTS

    June E-mini S&Ps (ESM14 +0.31%) this morning are up +7.75 points (+0.41%) at a 2-week high. The S&P 500 index on Wednesday closed lower. Bearish factors included (1) the unexpected -14.5% slide in U.S. Mar new home sales to an 8-month low of 384,000, weaker than expectations of a +2.3% increase to 450,000, and (2) concern over Chinese economic growth after the China Apr HSBC manufacturing PMI rose +0.3 to 48.3, the fourth month that manufacturing activity in China has contracted. Closes: S&P 500 -0.22%, Dow Jones -0.08%, Nasdaq -0.88%.

    Jun 10-year T-notes (ZNM14 -0.09%) this morning are down -4.5 ticks. Jun 10-year T-note futures prices on Wednesday closed higher. Bullish factors included (1) the unexpected drop in U.S. Mar new home sales to the lowest in 8 months, and (2) increased safe-haven demand for T-notes on concern that tensions in Ukraine may escalate after Ukraine's First Deputy Prime Minister said that the country's security forces are seeking to eliminate all pro-Russian militias operating in the eastern part of the country. Closes: TYM4 +10.50, FVM4 +6.00.

    The dollar index (DXY00 -0.05%) this morning is down -0.048 (-0.06%). EUR/USD (^EURUSD) is up +0.0005 (+0.04%). USD/JPY (^USDJPY) is down -0.08 (-0.08%). The dollar index on Wednesday closed lower. Negative factors included (1) the unexpected slide in U.S. Mar new home sales to the lowest in 8 months, and (2) strength in EUR/USD after the Eurozone Apr Markit composite PMI unexpectedly rose +0.9 to 54.0, better than expectations of -0.1 to 53.0 and the fastest pace of expansion in 2-3/4 years. Closes: Dollar index -0.041 (-0.05%), EUR/USD +0.00117 (+0.08%), USD/JPY -0.077 (-0.08%).

    Jun WTI crude oil (CLM14 +0.35%) this morning is up +42 cents (+0.41%) and Jun gasoline (RBM14 +0.08%) is up +0.0006 (+0.02%). Jun crude and gasoline prices on Wednesday closed lower with Jun crude oil at a 2-week low. Bearish factors included (1) the +3.524 million bbl increase in weekly EIA crude inventories to 397.659 million bbl, the most since EIA data began in 1982, and (2) the +0.7% increase in U.S. crude oil production for the week ended Apr 18 to a 26-yr high of 8.36 million bpd. Declines in crude were limited after crude inventories at Cushing, OK, the delivery point of WTI futures, fell -788,000 bbl to a 4-1/2 yr low of 26.04 million bbl. Closes: CLM4 -0.31 (-0.30%). RBM4 -0.0042 (-0.14%).

    GLOBAL EVENT CALENDAR04/24/2014

    US0830 ETWeekly initial unemployment claims expected +11,000 to 315,000, previous +2,000 to 304,000. Weekly continuing claims expected +6,000 to 2.745 million, previous -11,000 to 2.739 million.
     0830 ETMar durable goods orders expected +2.0% and +0.6% ex transportation, Feb +2.2% and +0.1% ex transportation. March non-defense capital goods orders ex-aircraft expected +1.0%, Feb -1.4%.
     0830 ETUSDA weekly Export Sales.
     1100 ETTreasury announces amount of 2-year floating-rate notes to be auctioned Apr 29 (previous $13 billion).
     1300 ETTreasury auctions $29 billion 7-year T-notes.
    GER0400 ETGerman Apr IFO business climate expected -0.3 to 110.4 Mar 110.7. Apr IFO current assessment expected +0.4 to 115.6, Mar 115.2. Apr IFO expectations expected -0.6 to 105.8, Mar 106.4.
    EUR0500 ETECB President Mario Draghi speaks at a conference in Amsterdam.
    UK0600 ETUK Apr CBI reported sales expected +4 to 17, Mar 13.
    JPN1930 ETJapan Mar national CPI expected +1.6% y/y, Feb +1.5% y/y. Mar national CPI ex-fresh food expected +1.4% y/y, Feb +1.3% y/y. Mar national CPI ex food & energy expected +0.7% y/y, Feb +0.8% y/y.
     1930 ETJapan Apr Tokyo CPI expected +3.1% y/y, Mar +1.3% y/y. Apr Tokyo CPI ex-fresh food expected +2.8% y/y, Mar +1.0% y/y. Apr Tokyo CPI ex food & energy expected +2.1% y/y, Mar +0.4% y/y.

    U.S. STOCK CALENDAR04/24/2014

    Company NameTickerTimeEvent DescriptionPeriodEstimate
    Mead Johnson Nutrition CoMJN USBef-mktQ1 2014 Earnings ReleaseQ1 20140.913
    Noble Energy IncNBL USBef-mktQ1 2014 Earnings ReleaseQ1 20140.748
    Nucor CorpNUE USBef-mktQ1 2014 Earnings ReleaseQ1 20140.376
    Diamond Offshore Drilling IncDO USBef-mktQ1 2014 Earnings ReleaseQ1 20140.652
    Nielsen Holdings NVNLSN USBef-mktQ1 2014 Earnings ReleaseQ1 20140.414
    PulteGroup IncPHM USBef-mktQ1 2014 Earnings ReleaseQ1 20140.203
    Bemis Co IncBMS USBef-mktQ1 2014 Earnings ReleaseQ1 20140.565
    T Rowe Price Group IncTROW USBef-mktQ1 2014 Earnings ReleaseQ1 20141.036
    Cabot Oil & Gas CorpCOG USBef-mktQ1 2014 Earnings ReleaseQ1 20140.262
    AmerisourceBergen CorpABC USBef-mktQ2 2014 Earnings ReleaseQ2 20141.004
    SCANA CorpSCG USBef-mktQ1 2014 Earnings ReleaseQ1 20141.148
    Wyndham Worldwide CorpWYN USBef-mktQ1 2014 Earnings ReleaseQ1 20140.745
    DR Horton IncDHI USBef-mktQ2 2014 Earnings ReleaseQ2 20140.337
    Waste Management IncWM USBef-mktQ1 2014 Earnings ReleaseQ1 20140.446
    Coca-Cola Enterprises IncCCE USBef-mktQ1 2014 Earnings ReleaseQ1 20140.441
    Stanley Black & Decker IncSWK USBef-mktQ1 2014 Earnings ReleaseQ1 20140.964
    Lorillard IncLO USBef-mktQ1 2014 Earnings ReleaseQ1 20140.719
    Quest Diagnostics IncDGX USBef-mktQ1 2014 Earnings ReleaseQ1 20140.881
    Time Warner Cable IncTWC USBef-mktQ1 2014 Earnings ReleaseQ1 20141.674
    Entergy CorpETR USBef-mktQ1 2014 Earnings ReleaseQ1 20142.288
    EQT CorpEQT USBef-mktQ1 2014 Earnings ReleaseQ1 20140.887
    Peabody Energy CorpBTU USBef-mktQ1 2014 Earnings ReleaseQ1 20140.007
    Helmerich & Payne IncHP USBef-mktQ2 2014 Earnings ReleaseQ2 20141.48
    Hershey Co/TheHSY USBef-mktQ1 2014 Earnings ReleaseQ1 20141.143
    Sigma-Aldrich CorpSIAL USBef-mktQ1 2014 Earnings ReleaseQ1 20141.032
    Celgene CorpCELG USBef-mktQ1 2014 Earnings ReleaseQ1 20141.649
    General Motors CoGM USBef-mktQ1 2014 Earnings ReleaseQ1 20140.041
    Delphi Automotive PLCDLPH USBef-mktQ1 2014 Earnings ReleaseQ1 20141.087
    Eli Lilly & CoLLY USBef-mktQ1 2014 Earnings ReleaseQ1 20140.705
    Starwood Hotels & Resorts Worldwide IncHOT US6:00Q1 2014 Earnings ReleaseQ1 20140.562
    Aetna IncAET US6:00Q1 2014 Earnings ReleaseQ1 20141.552
    Alexion Pharmaceuticals IncALXN US6:30Q1 2014 Earnings ReleaseQ1 20141.264
    Southwest Airlines CoLUV US6:30Q1 2014 Earnings ReleaseQ1 20140.165
    Altria Group IncMO US7:00Q1 2014 Earnings ReleaseQ1 20140.568
    Raytheon CoRTN US7:00Q1 2014 Earnings ReleaseQ1 20141.766
    NASDAQ OMX Group Inc/TheNDAQ US7:00Q1 2014 Earnings ReleaseQ1 20140.711
    3M CoMMM US7:30Q1 2014 Earnings ReleaseQ1 20141.796
    Zimmer Holdings IncZMH US7:30Q1 2014 Earnings ReleaseQ1 20141.467
    Verizon Communications IncVZ US7:30Q1 2014 Earnings ReleaseQ1 20140.869
    Caterpillar IncCAT US7:30Q1 2014 Earnings ReleaseQ1 20141.23
    Cameron International CorpCAM US7:30Q1 2014 Earnings ReleaseQ1 20140.715
    United Parcel Service IncUPS US7:45Q1 2014 Earnings ReleaseQ1 20141.08
    Zimmer Holdings IncZMH US8:00Q1 2014 Earnings CallQ1 2014 
    Stanley Black & Decker IncSWK US8:00Q1 2014 Earnings CallQ1 2014 
    Freeport-McMoRan Copper & Gold IncFCX US8:00Q1 2014 Earnings ReleaseQ1 20140.42
    NASDAQ OMX Group Inc/TheNDAQ US8:00Q1 2014 Earnings CallQ1 2014 
    Assurant IncAIZ US8:00Q1 2014 Earnings CallQ1 2014 
    Pfizer IncPFE US8:30Annual General MeetingY 2014 
    Nielsen Holdings NVNLSN US8:30Q1 2014 Earnings CallQ1 2014 
    PulteGroup IncPHM US8:30Q1 2014 Earnings CallQ1 2014 
    Verizon Communications IncVZ US8:30Q1 2014 Earnings CallQ1 2014 
    Wyndham Worldwide CorpWYN US8:30Q1 2014 Earnings CallQ1 2014 
    CMS Energy CorpCMS US8:30Q1 2014 Earnings ReleaseQ1 20140.724
    Quest Diagnostics IncDGX US8:30Q1 2014 Earnings CallQ1 2014 
    Time Warner Cable IncTWC US8:30Q1 2014 Earnings CallQ1 2014 
    Equifax IncEFX US8:30Q1 2014 Earnings CallQ1 2014 
    Hershey Co/TheHSY US8:30Q1 2014 Earnings CallQ1 2014 
    United Parcel Service IncUPS US8:30Q1 2014 Earnings CallQ1 2014 
    Aetna IncAET US8:30Q1 2014 Earnings CallQ1 2014 
    3M CoMMM US9:00Q1 2014 Earnings CallQ1 2014 
    Altria Group IncMO US9:00Q1 2014 Earnings CallQ1 2014 
    Raytheon CoRTN US9:00Q1 2014 Earnings CallQ1 2014 
    CMS Energy CorpCMS US9:00Q1 2014 Earnings CallQ1 2014 
    Celgene CorpCELG US9:00Q1 2014 Earnings CallQ1 2014 
    Delphi Automotive PLCDLPH US9:00Q1 2014 Earnings CallQ1 2014 
    Eli Lilly & CoLLY US9:00Q1 2014 Earnings CallQ1 2014 
    Mead Johnson Nutrition CoMJN US9:30Q1 2014 Earnings CallQ1 2014 
    Cabot Oil & Gas CorpCOG US9:30Q1 2014 Earnings CallQ1 2014 
    Cameron International CorpCAM US9:30Q1 2014 Earnings CallQ1 2014 
    Noble Energy IncNBL US10:00Q1 2014 Earnings CallQ1 2014 
    Diamond Offshore Drilling IncDO US10:00Q1 2014 Earnings CallQ1 2014 
    Bemis Co IncBMS US10:00Q1 2014 Earnings CallQ1 2014 
    T Rowe Price Group IncTROW US10:00Annual General MeetingY 2014 
    Regions Financial CorpRF US10:00Annual General MeetingY 2014 
    Caterpillar IncCAT US10:00Q1 2014 Earnings CallQ1 2014 
    Alexion Pharmaceuticals IncALXN US10:00Q1 2014 Earnings CallQ1 2014 
    DR Horton IncDHI US10:00Q2 2014 Earnings CallQ2 2014 
    Waste Management IncWM US10:00Q1 2014 Earnings CallQ1 2014 
    Coca-Cola Enterprises IncCCE US10:00Q1 2014 Earnings CallQ1 2014 
    Freeport-McMoRan Copper & Gold IncFCX US10:00Q1 2014 Earnings CallQ1 2014 
    CenterPoint Energy IncCNP US10:00Annual General MeetingY 2014 
    General Motors CoGM US10:00Q1 2014 Earnings CallQ1 2014 
    Johnson & JohnsonJNJ US10:00Annual General MeetingY 2014 
    Crown Castle International CorpCCI US10:30Q1 2014 Earnings CallQ1 2014 
    EQT CorpEQT US10:30Q1 2014 Earnings CallQ1 2014 
    Starwood Hotels & Resorts Worldwide IncHOT US10:30Q1 2014 Earnings CallQ1 2014 
    Broadcom CorpBRCM USAft-mktQ1 2014 Earnings ReleaseQ1 20140.457
    Newmont Mining CorpNEM USAft-mktQ1 2014 Earnings ReleaseQ1 20140.194
    Republic Services IncRSG USAft-mktQ1 2014 Earnings ReleaseQ1 20140.444
    Visa IncV USAft-mktQ2 2014 Earnings ReleaseQ2 20142.181
    Chubb Corp/TheCB USAft-mktQ1 2014 Earnings ReleaseQ1 20141.56
    Amazon.com IncAMZN USAft-mktQ1 2014 Earnings ReleaseQ1 20140.228
    Stericycle IncSRCL USAft-mktQ1 2014 Earnings ReleaseQ1 20140.987
    PerkinElmer IncPKI USAft-mktQ1 2014 Earnings ReleaseQ1 20140.437
    Starbucks CorpSBUX USAft-mktQ2 2014 Earnings ReleaseQ2 20140.557
    Microsoft CorpMSFT USAft-mktQ3 2014 Earnings ReleaseQ3 20140.63
    Cerner CorpCERN USAft-mktQ1 2014 Earnings ReleaseQ1 20140.371
    Cincinnati Financial CorpCINF USAft-mktQ1 2014 Earnings ReleaseQ1 20140.544
    Leggett & Platt IncLEG USAft-mktQ1 2014 Earnings ReleaseQ1 20140.378
    Masco CorpMAS USAft-mktQ1 2014 Earnings ReleaseQ1 20140.175
    Baker Hughes IncBHI US Annual General Meeting  
    SCANA CorpSCG US Annual General Meeting  
    Edison InternationalEIX US Annual General Meeting  
    Snap-on IncSNA US Annual General Meeting  
    Intuitive Surgical IncISRG US Annual General Meeting  
    Ameren CorpAEE US Annual General Meeting

    Stocks: AET, TWC, TNXP, LRCX, AAPL, CAKE, FLS, ETFC, AIZ, QCOM, SWY, CBI, LSI, USTR, SYK, FB, MJN, NBL, NUE, DO, NLSN, PHM, BMS, TROW, COG, ABC, SCG, WYN, DHI, WM, CCE, SWK, LO, DGX, ETR, EQT, BTU, HP, HSY, SIAL, CELG, GM, DLPH, LLY, HOT, ALXN, LU
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