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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  0 comments
    Aug 7, 2014 9:48 AM | about stocks: DUK, CEL, AET, ESL, ETP, BWC, RIG, CF, EVHC, CTL, PRU, FOXA, SYMC, GMCR, EAT, MYL, AES, WEN, RGLD, TK, LAMR, AMCX, ICE, NRG, NRF, TDC, BR, SNI, LPI, MNK, OUT, HAR, HRC, MBI, SUNE, DNB, WIN, SSYS, OGE, GPOR, AWK, TWO, HII, WWAV

    BARCHART MORNING CALL

    Thursday, August 7th, 2014

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    OVERNIGHT MARKETS AND NEWS

    September E-mini S&Ps (ESU14 +0.21%) this morning are up +0.16% as Q2 stock earnings results continue to surprise on the upside, while European stocks are down -0.36% after German industrial output rose less than expected along with concern the Ukraine conflict and sanctions against Russia will undermine the European economy. Russia's Micex Stock Index tumbled to a 3-month low as retailers plunged on concern a ban on food imports from sanctioned countries will cut earnings after Russian President Putin ordered restrictions on food and agricultural imports for one year from countries that have imposed or supported sanctions against Russia. Limiting losses in European stocks is the fall in the 10-year German bund yield to a record low 1.078% ahead of today's ECB meeting. Asian stocks closed mostly lower: Japan +0.48%, Hong Kong -0.80%, China -1.51%, Taiwan -0.14%, Australia -0.05%, Singapore -0.18%, South Korea -0.36%, India -0.30%. Commodity prices are mostly lower. Sep crude oil (CLU14 -0.02%) is down -0.33% at a fresh 6-month low. Sep gasoline (RBU14 +0.07%) is down -0.11%. Dec gold (GCZ14 -0.05%) is down -0.09%. Sep copper (HGU14 +0.16%) is up +0.14%. Agriculture and livestock prices are mostly lower with Oct lean hogs down -0.71% at a 3-1/2 month low. The dollar index (DXY00 +0.02%) is up +0.05%. EUR/USD (^EURUSD) is down -0.06%. USD/JPY (^USDJPY) is up +0.20%. Sep T-note prices (ZNU14 +0.16%) are up +4.5 ticks on positive carry-over from a rally in German bunds.

    German Jun industrial production rose +0.3% m/m and unexpectedly fell -0.5% y/y, weaker than expectations of +1.2% m/m and +0.3% y/y with the -0.5% y/y drop the largest annual decline in 11 months.

    As expected, the BOE maintained its benchmark rate at 0.50% and kept its asset purchase target at 375 billion pounds.

    U.S. STOCK PREVIEW

    Today's U.S. weekly unemployment claims report should continue to show a slowly-improving layoff picture. Today's initial unemployment claims report is expected to show a slight +3,000 increase to 305,000 after last week's +23,000 gain to 302,000. Today's June U.S. consumer credit report is expected to show another strong increase of +$18.700 billion, close to May's increase of +$19.602 billion.

    There are 17 of the S&P 500 companies that report earnings today with notable reports including: Mylan (consensus $0.72), AES Corp. (0.28), Wendy's (0.10), InterContinentalExchange (2.02), Scripps Networks (1.13), Duke Energy (0.98). Equity conferences for the remainder of this week include: Black Hat USA 2014 on Wed-Thu and Needham Advanced Industrial Technologies Conference on Thu.

    OVERNIGHT U.S. STOCK MOVERS

    Duke Energy (DUK -1.61%) reported Q2 EPS of $1.11, well above consensus of 98 cents.

    Carnival Corp. (CCL +0.69%) rose nearly 3% in pre-market trading after BOA/Merril upgraded the stock to 'Buy' from 'Neutral.'

    Aetna (AET -0.18%) was downgraded to 'Neutral' from 'Buy' at Goldman Sachs.

    Esterline (ESL +0.14%) was upgraded to 'Buy' from 'Neutral' at Goldman Sachs who also raised their price target on the stock to $140 from $111.

    Energy Transfer Partners (ETP -1.49%) reported Q2 EPS of 79 cents, higher than consensus of 64 cents.

    Babcock & Wilcox (BWC -0.35%) sank over 12% in after-hours trading after it reported Q2 adjusted EPS of 44 cents, lower than consensus of 49 cents, and then lowered guidance on fiscal 2014 EPS view to $1.70-$1.85 from $2.00-$2.20, below consensus of $2.12.

    Transocean (RIG -1.09%) rose over 2% in after-hours trading after it reported Q2 adjusted EPS of $1.61, well ahead of consensus of $1.12.

    CF Industries (CF +1.36%) reported Q2 EPS of $6.10, well below consensus of $6.71.

    Envision Healthcare (EVHC -0.62%) reported Q2 adjusted EPS of 28 cents, better than consensus of 25 cents, and then raised guidance on 2014 adjusted EPS view to $1.15-$1.20 from $1.10-$1.15, higher than consensus of $1.13.

    CenturyLink (CTL -1.32%) rallied nearly 3% in after-hours trading after it reported Q2 adjusted EPS of 72 cents, higher than consensus of 64 cents.

    Prudential (PRU +0.96%) reported Q2 EPS of $2.49, stronger than consensus of $2.35.

    21st Century Fox (FOXA +3.29%) climbed over 2% in after-hours trading after it reported Q4 EPS of 42 cents, higher than consensus of 38 cents.

    Symantec (SYMC -0.79%) reported Q1 EPS of 45 cents, better than consensus of 42 cents.

    Keurig Green Mountain (GMCR +0.33%) fell over 2% in after-hours trading after it reported Q3 EPS of 99 cents, above consensus of 88 cents, and then raised guidance on fiscal 2014 EPS outlook to $3.71-$3.78 from $3.63-$3.73, although that is still below consensus of $3.78.

    MARKET COMMENTS

    Sep E-mini S&Ps (ESU14 +0.21%) this morning are up +3.00 points (+0.16%). The S&P 500 index on Wednesday opened lower at a 2-1/4 month low on geopolitical concerns after NATO said there's a risk of Russia sending troops into Ukraine under the "pretext" of a humanitarian or peacekeeping mission. Stock prices recovered, however, and closed little changed: S&P 500 unch, Dow Jones +0.08%, Nasdaq -0.02%. Bullish factors included (1) the U.S. Jun trade balance that unexpectedly narrowed to a -$41.5 billion deficit, better than expectations of an increase to a -$44.8 billion deficit and the smallest deficit in 5 months, which is positive for GDP growth, and (2) positive Q2 company earnings results as 75% of companies in the S&P 500 that have reported earnings thus far have beaten profit estimates.

    Sep 10-year T-notes (ZNU14 +0.16%) this morning are up +4.5 ticks. Sep 10-year T-note futures prices on Wednesday climbed to a 2-month high on increased safe-haven demand after NATO said that there's a risk that Russia will invade Ukraine. Another positive was the Treasury's announcement that it will auction $67 billion of T-notes and bonds in next week's quarterly refunding, -$2 billion less than the prior refunding. T-notes came off of their best levels after the S&P 500 recovered from a 2-1/4 month low and. Closes: TYU4 +3.50, FVU4 +2.50.

    The dollar index (DXY00 +0.02%) this morning is up +0.039 (+0.05%). EUR/USD (^EURUSD) is down -0.0008 (-0.06%) and USD/JPY (^USDJPY) is UP +0.20 (+0.20%). The dollar index on Wednesday posted a 10-3/4 month high on increased safe-haven demand over concern Russia may soon invade Ukraine. EUR/USD fell to an 8-3/4 month low on concern over the European economy after German factory orders unexpectedly fell -3.2% m/m, the largest monthly decline in 2-3/4 years, and after Italy Q2 GDP fell -0.2% q/q, which puts it into recession. EUR/USD recovered its losses and closed higher ahead of Thursday's ECB meeting. Closes: Dollar index +0.116 (+0.14%), EUR/USD +0.00067 (+0.05%), USD/JPY -0.494 (-0.48%).

    Sep WTI crude oil (CLU14 -0.02%) this morning is down -32 cents (-0.33%) at a fresh 6-month low and Sep gasoline (RBU14 +0.07%) is down -0.0031 (-0.11%). Sep crude and gasoline prices on Wednesday settled mixed: CLU4 -0.46 (-0.47%), RBU4 +0.0270 (+0.99%). Crude oil fell back after the dollar index strengthened to a 10-3/4 month high and after crude supplies at Cushing, OK, the delivery point for WTI futures, rose +83,000 bbl, their first increase in a month. Gasoline closed higher after weekly EIA gasoline stockpiles unexpectedly plunged -4.387 million bbl, more than expectations for no change.

    GLOBAL EVENT CALENDAR08/07/2014

    US0830 ETWeekly initial unemployment claims expected +3,000 to 305,000, previous +23,000 to 302,000. Weekly continuing claims expected -27,000 to 2.512 million, previous +31,000 to 2.539 million.
     0830 ETUSDA weekly Export Sales.
     1500 ETJun consumer credit expected +$18.700 billion, May +$19.602 billion.
    GER0200 ETGerman Jun industrial production expected +1.2% m/m and +0.3% y/y, May -1.8% m/m and +1.3% y/y.
    UK0700 ETBOE announces interest rate decision and asset purchase target, expected no change to the 0.50% benchmark rate or to the 375 billion pound asset purchase target.
    EUR0745 ETECB announces interest rate decision.
     0830 ETECB President Mario Draghi speaks at monthly press conference following ECB meeting.
    CHIn/aChina Jul trade balance expected +$26.00 billion, Jun +$31.56 billion. Jul exports expected +7.3% y/y, Jun +7.2% y/y. Jul imports expected +3.0% y/y, Jun +5.5% y/y.

    U.S. STOCK CALENDAR08/07/2014

    Company NameTickerTimeEvent DescriptionPeriodEstimate
    Brinker International IncEAT USBef-mktQ4 2014 Earnings ReleaseQ4 20140.866
    Mylan Inc/PAMYL USBef-mktQ2 2014 Earnings ReleaseQ2 20140.716
    AES Corp/VAAES USBef-mktQ2 2014 Earnings ReleaseQ2 20140.277
    Wendy's Co/TheWEN USBef-mktQ2 2014 Earnings ReleaseQ2 20140.095
    Royal Gold IncRGLD USBef-mktQ4 2014 Earnings ReleaseQ4 20140.301
    Teekay CorpTK USBef-mktQ2 2014 Earnings ReleaseQ2 2014-0.251
    Lamar Advertising CoLAMR USBef-mktQ2 2014 Earnings ReleaseQ2 20140.374
    AMC Networks IncAMCX USBef-mktQ2 2014 Earnings ReleaseQ2 20140.868
    Intercontinental Exchange IncICE USBef-mktQ2 2014 Earnings ReleaseQ2 20142.021
    NRG Energy IncNRG USBef-mktQ2 2014 Earnings ReleaseQ2 20140.183
    NorthStar Realty Finance CorpNRF USBef-mktQ2 2014 Earnings ReleaseQ2 20140.373
    Teradata CorpTDC USBef-mktQ2 2014 Earnings ReleaseQ2 20140.645
    Broadridge Financial Solutions IncBR USBef-mktQ4 2014 Earnings ReleaseQ4 20141.161
    Scripps Networks Interactive IncSNI USBef-mktQ2 2014 Earnings ReleaseQ2 20141.134
    Laredo Petroleum IncLPI USBef-mktQ2 2014 Earnings ReleaseQ2 20140.179
    Mallinckrodt PLCMNK USBef-mktQ3 2014 Earnings ReleaseQ3 20140.874
    CBS Outdoor Americas IncCBSO USBef-mktQ2 2014 Earnings ReleaseQ2 20140.229
    Duke Energy CorpDUK US7:00Q2 2014 Earnings ReleaseQ2 20140.979
    L Brands IncLB US7:30July 2014 Sales and Revenue Call - Pre-Recorded2014 
    Harman International Industries IncHAR US8:00Q4 2014 Earnings ReleaseQ4 20141.214
    Hill-Rom Holdings IncHRC US8:00Q3 2014 Earnings CallQ3 2014 
    MBIA IncMBI US8:00Q2 2014 Earnings CallQ2 2014 
    SunEdison IncSUNE US8:00Q2 2014 Earnings CallQ2 2014 
    Dun & Bradstreet Corp/TheDNB US8:00Q2 2014 Earnings CallQ2 2014 
    Babcock & Wilcox Co/TheBWC US8:30Q2 2014 Earnings CallQ2 2014 
    Windstream Holdings IncWIN US8:30Q2 2014 Earnings CallQ2 2014 
    Intercontinental Exchange IncICE US8:30Q2 2014 Earnings CallQ2 2014 
    Teradata CorpTDC US8:30Q2 2014 Earnings CallQ2 2014 
    Broadridge Financial Solutions IncBR US8:30Q4 2014 Earnings CallQ4 2014 
    Mallinckrodt PLCMNK US8:30Q3 2014 Earnings CallQ3 2014 
    Stratasys LtdSSYS US8:30Q2 2014 Earnings CallQ2 2014 
    CBS Outdoor Americas IncCBSO US8:30Q2 2014 Earnings CallQ2 2014 
    OGE Energy CorpOGE US9:00Q2 2014 Earnings CallQ2 2014 
    Integrys Energy Group IncTEG US9:00Q2 2014 Earnings CallQ2 2014 
    AES Corp/VAAES US9:00Q2 2014 Earnings CallQ2 2014 
    Wendy's Co/TheWEN US9:00Q2 2014 Earnings CallQ2 2014 
    Gulfport Energy CorpGPOR US9:00Q2 2014 Earnings CallQ2 2014 
    Sempra EnergySRE US9:00Q2 2014 Earnings ReleaseQ2 20141.13
    QEP Resources IncQEP US9:00Q2 2014 Earnings CallQ2 2014 
    Charles River Laboratories International IncCRL US9:00Q2 2014 Earnings CallQ2 2014 
    NRG Energy IncNRG US9:00Q2 2014 Earnings CallQ2 2014 
    NorthStar Realty Finance CorpNRF US9:00Q2 2014 Earnings CallQ2 2014 
    Brookdale Senior Living IncBKD US9:00Q2 2014 Earnings CallQ2 2014 
    SandRidge Energy IncSD US9:00Q2 2014 Earnings CallQ2 2014 
    American Water Works Co IncAWK US9:00Q2 2014 Earnings CallQ2 2014 
    Two Harbors Investment CorpTWO US9:00Q2 2014 Earnings CallQ2 2014 
    Huntington Ingalls Industries IncHII US9:00Q2 2014 Earnings CallQ2 2014 
    EP Energy CorpEPE US9:00Q2 2014 Earnings CallQ2 2014 
    Sabre CorpSABR US9:00Q2 2014 Earnings CallQ2 2014 
    Concho Resources IncCXO US9:30Q2 2014 Earnings CallQ2 2014 
    Atmos Energy CorpATO US10:00Q3 2014 Earnings CallQ3 2014 
    Brinker International IncEAT US10:00Q4 2014 Earnings CallQ4 2014 
    Duke Energy CorpDUK US10:00Q2 2014 Earnings CallQ2 2014 
    Mylan Inc/PAMYL US10:00Q2 2014 Earnings CallQ2 2014 
    Westar Energy IncWR US10:00Q2 2014 Earnings CallQ2 2014 
    Alliant Energy CorpLNT US10:00Q2 2014 Earnings CallQ2 2014 
    Lamar Advertising CoLAMR US10:00Q2 2014 Earnings CallQ2 2014 
    Annaly Capital Management IncNLY US10:00Q2 2014 Earnings CallQ2 2014 
    WhiteWave Foods Co/TheWWAV US10:00Q2 2014 Earnings CallQ2 2014 
    Scripps Networks Interactive IncSNI US10:00Q2 2014 Earnings CallQ2 2014 
    Laredo Petroleum IncLPI US10:00Q2 2014 Earnings CallQ2 2014 
    Markel CorpMKL US10:30Q2 2014 Earnings CallQ2 2014 
    Harman International Industries IncHAR US11:00Q4 2014 Earnings CallQ4 2014 
    Forest City Enterprises IncFCE/A US11:00Q2 2014 Earnings CallQ2 2014 
    Middleby Corp/TheMIDD US11:00Q2 2014 Earnings CallQ2 2014 
    Teekay CorpTK US11:00Q2 2014 Earnings CallQ2 2014 
    AMERCOUHAL US11:00Q1 2015 Earnings CallQ1 2015 
    Prudential Financial IncPRU US11:00Q2 2014 Earnings CallQ2 2014 
    Corrections Corp of AmericaCXW US11:00Q2 2014 Earnings CallQ2 2014 
    AMC Networks IncAMCX US11:00Q2 2014 Earnings CallQ2 2014 
    Murphy USA IncMUSA US11:00Q2 2014 Earnings CallQ2 2014 
    CF Industries Holdings IncCF US11:00Q2 2014 Earnings CallQ2 2014 
    Copa Holdings SACPA US11:00Q2 2014 Earnings CallQ2 2014 
    EchoStar CorpSATS US11:00Q2 2014 Earnings CallQ2 2014 
    Antero Resources CorpAR US11:00Q2 2014 Earnings CallQ2 2014 
    Royal Gold IncRGLD US12:00Q4 2014 Earnings CallQ4 2014 
    Essex Property Trust IncESS US13:00Q2 2014 Earnings CallQ2 2014 
    Sempra EnergySRE US13:00Q2 2014 Earnings CallQ2 2014 
    Regency Centers CorpREG US14:00Q2 2014 Earnings CallQ2 2014 
    American Express CoAXP US15:00Fixed Income Investor Conference Call  
    IDEXX Laboratories IncIDXX US16:00Analyst Day - Day 1Y 2014 
    Assured Guaranty LtdAGO US16:00Q2 2014 Earnings ReleaseQ2 20140.413
    Computer Sciences CorpCSC US16:15Q1 2015 Earnings ReleaseQ1 20150.938
    NVIDIA CorpNVDA US16:20Q2 2015 Earnings ReleaseQ2 20150.256
    CBS CorpCBS US16:30Q2 2014 Earnings CallQ2 2014 
    Salix Pharmaceuticals LtdSLXP US16:30Q2 2014 Earnings CallQ2 2014 
    Medivation IncMDVN US16:30Q2 2014 Earnings CallQ2 2014 
    Allscripts Healthcare Solutions IncMDRX US16:30Q2 2014 Earnings CallQ2 2014 
    Alnylam Pharmaceuticals IncALNY US16:30Q2 2014 Earnings CallQ2 2014 
    Air Lease CorpAL US16:30Q2 2014 Earnings CallQ2 2014 
    Computer Sciences CorpCSC US17:00Q1 2015 Earnings CallQ1 2015 
    DeVry Education Group IncDV US17:00Q4 2014 Earnings CallQ4 2014 
    Monster Beverage CorpMNST US17:00Q2 2014 Earnings CallQ2 2014 
    NVIDIA CorpNVDA US17:00Q2 2015 Earnings CallQ2 2015 
    Zynga IncZNGA US17:00Q2 2014 Earnings CallQ2 2014 
    CareFusion CorpCFN US17:00Q4 2014 Earnings CallQ4 2014 
    Sprouts Farmers Market IncSFM US17:00Q2 2014 Earnings CallQ2 2014 
    SolarCity CorpSCTY US17:00Q2 2014 Earnings CallQ2 2014 
    Consolidated Edison IncED USAft-mktQ2 2014 Earnings ReleaseQ2 20140.538
    Federal Realty Investment TrustFRT USAft-mktQ2 2014 Earnings ReleaseQ2 20141.211
    Great Plains Energy IncGXP USAft-mktQ2 2014 Earnings ReleaseQ2 20140.408
    Monster Beverage CorpMNST USAft-mktQ2 2014 Earnings ReleaseQ2 20140.748
    CBS CorpCBS USAft-mktQ2 2014 Earnings ReleaseQ2 20140.715
    Lions Gate Entertainment CorpLGF USAft-mktQ1 2015 Earnings ReleaseQ1 20150.212
    Salix Pharmaceuticals LtdSLXP USAft-mktQ2 2014 Earnings ReleaseQ2 20141.689
    Medivation IncMDVN USAft-mktQ2 2014 Earnings ReleaseQ2 20140.233
    Allscripts Healthcare Solutions IncMDRX USAft-mktQ2 2014 Earnings ReleaseQ2 20140.089
    Alnylam Pharmaceuticals IncALNY USAft-mktQ2 2014 Earnings ReleaseQ2 2014-0.516
    Columbia Property Trust IncCXP USAft-mktQ2 2014 Earnings ReleaseQ2 20140.498
    Zynga IncZNGA USAft-mktQ2 2014 Earnings ReleaseQ2 20140.002
    CareFusion CorpCFN USAft-mktQ4 2014 Earnings ReleaseQ4 20140.723
    Sprouts Farmers Market IncSFM USAft-mktQ2 2014 Earnings ReleaseQ2 20140.178
    SolarCity CorpSCTY USAft-mktQ2 2014 Earnings ReleaseQ2 2014-0.994
    News CorpNWSA USAft-mktQ4 2014 Earnings ReleaseQ4 20140.029
    Frank's International NVFI USAft-mktQ2 2014 Earnings ReleaseQ2 20140.309
    News CorpNWSA US17:30Q4 2014 Earnings CallQ4 2014 
    Foster Wheeler AGFWLT US Q2 2014 Earnings ReleaseQ2 20140.47
    Gap Inc/TheGPS US July 2014 Sales and Revenue Release2014 
    Hill-Rom Holdings IncHRC US Q3 2014 Earnings ReleaseQ3 20140.594
    L Brands IncLB US July 2014 Sales and Revenue Release2014 
    National Fuel Gas CoNFG US Q3 2014 Earnings ReleaseQ3 20140.728
    OGE Energy CorpOGE US Q2 2014 Earnings ReleaseQ2 20140.515
    Costco Wholesale CorpCOST US July 2014 Sales and Revenue Release2014 
    DeVry Education Group IncDV US Q4 2014 Earnings ReleaseQ4 20140.674
    Eagle Materials IncEXP US Annual General Meeting  
    SunEdison IncSUNE US Q2 2014 Earnings ReleaseQ2 2014-0.259
    Ralph Lauren CorpRL US Annual General Meeting  
    WhiteWave Foods Co/TheWWAV US Q2 2014 Earnings ReleaseQ2 20140.218
    Red Hat IncRHT US Annual General Meeting  
    Windstream Holdings IncWIN US Q2 2014 Earnings ReleaseQ2 20140.08
    EchoStar CorpSATS US Q2 2014 Earnings ReleaseQ2 20140.165
    Air Lease CorpAL US Q2 2014 Earnings ReleaseQ2 20140.51
    Huntington Ingalls Industries IncHII US Q2 2014 Earnings ReleaseQ2 20141.814
    Stratasys LtdSSYS US Q2 2014 Earnings ReleaseQ2 20140.447
    Sabre CorpSABR US Q2 2014 Earnings ReleaseQ2 20140.18

    Stocks: DUK, CEL, AET, ESL, ETP, BWC, RIG, CF, EVHC, CTL, PRU, FOXA, SYMC, GMCR, EAT, MYL, AES, WEN, RGLD, TK, LAMR, AMCX, ICE, NRG, NRF, TDC, BR, SNI, LPI, MNK, OUT, HAR, HRC, MBI, SUNE, DNB, WIN, SSYS, OGE, GPOR, AWK, TWO, HII, WWAV
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