Proprietary Trading Morning Market Update July 19 2013

U.S. Stock-Index Futures Little Changed; Microsoft Sinks. U.S. stock-index futures (SPA) were little changed, indicating benchmark equities gauges will remain near records, as worse-than-estimated earnings from Google Inc. and Microsoft Corp. (MSFT) offset China's decision to remove the floor on lending rates.

Global shares dip, but head for fourth week of gains. World stocks were set for a fourth week of back-to-back gains on Friday, as an easing of China's lending rules capped a week of generally strong U.S. earnings and assurances about the Federal Reserve's stimulus withdrawal.

Pre-Market Activity:

$SPY -0.28%

$VXX +0.54%

$TLT +0.43%

$UUP -0.22%

$USO +0.7%

$UNG -0.65%

$GLD +0.56%

$SLV -0.1%

Early Movers:

$CMG (Tops Q2 EPS,Rev; raises comp guidance) +4%

$GE (Beats Q2 EPS est) +1.6%

$GOOG (Misses Q2 estimates) -3.2%

Proprietary Trading Earnings Announcements:

Earnings Announcements for Friday, July 19
Company	Symbol	EPS	Time	Add to My	Conference
		Estimate*		Calendar	Call
Acme United Corp	ACU	0.68	09:00 am ET	Add	Listen
Arena Agroindustrie Alimentari SpA	ARE.MI	N/A	Time Not Supplied	Add
Arena Agroindustrie Alimentari SpA	ARE.MI	N/A	Time Not Supplied	Add
Arise Windpower AB	ARISE.ST	N/A	Time Not Supplied	Add
Autoliv Inc	ALV	1.38	06:00 am ET	Add	Listen
Badger Meter Inc	BMI	N/A	Before Market Open	Add	Listen
Baker Hughes Inc	BHI	0.65	Before Market Open	Add	Listen
Barco NV	BAR.BR	N/A	Time Not Supplied	Add
Bonheur ASA	BON.OL	N/A	Time Not Supplied	Add
CapitaMall Trust	C38U.SI	N/A	Before Market Open	Add	Listen
Century Bancorp Inc	CNBKA	N/A	Time Not Supplied	Add
Dane-Elec Memory SA	DAN.PA	N/A	Time Not Supplied	Add
Energi Mega Persada Tbk PT	ENRG.JK	N/A	Time Not Supplied	Add
First Horizon National Corp	FHN	0.19	Before Market Open	Add
First Niagara Financial Group Inc	FNFG	0.18	Before Market Open	Add
Ganger Rolf ASA	GRO.OL	N/A	Time Not Supplied	Add
General Electric Co	GE	0.36	Before Market Open	Add
Groupe Go Sport SA	GSP.PA	N/A	Before Market Open	Add
Haldex AB	HLDX.ST	N/A	02:30 am ET	Add
Hana Financial Group Inc
Honeywell International Inc	HON	1.21	Before Market Open	Add	Listen
Ingersoll-Rand PLC	IR	1.08	07:00 am ET	Add
Interpublic Group of Companies Inc	IPG	0.22	Before Market Open	Add	Listen
Intrum Justitia AB	IJ.ST	N/A	01:00 am ET	Add
Kansas City Southern	KSU	0.95	Before Market Open	Add
Knowit AB	KNOW.ST	N/A	02:30 am ET	Add
Laboratory Corporation of America Holdings	LH	1.8	Before Market Open	Add	Listen
Lindab International AB	LIAB.ST	N/A	01:40 am ET	Add
Manpowergroup Inc	MAN	0.89	Before Market Open	Add
Metrocorp Bancshares Inc	MCBI	0.15	After Market Close	Add
Minerali Natural Resources Ltd	MNRL.TA	N/A	Time Not Supplied	Add
MoSys Inc	MOSY	-0.11	Before Market Open	Add	Listen
Nobia AB	NOBI.ST	N/A	07:00 am ET	Add
Powerland AG	1PL.DE	N/A	Time Not Supplied	Add
Reinsurance Group of America Inc	RGA	N/A	After Market Close	Add	Listen
Rockwell Collins Inc	COL	1.16	07:30 am ET	Add	Listen
Rubicon Minerals Corp	RMX.TO	-0.01	Time Not Supplied	Add
Samsung Card Co Ltd
Sandvik AB	SAND.ST	N/A	02:00 am ET	Add
Schibsted ASA	SCH.OL	N/A	01:00 am ET	Add
Schlumberger NV	SLB	1.1	Before Market Open	Add	Listen
Sedona Corp	SDNA	N/A	Time Not Supplied	Add
State Street Corp	STT	1.19	Before Market Open	Add	Listen
Studsvik AB	SVIK.ST	N/A	02:00 am ET	Add
Suntec Real Estate Investment Trust	T82U.SI	N/A	After Market Close	Add
SunTrust Banks Inc	STI	0.67	Before Market Open	Add	Listen
Swedish Match AB	SWMA.ST	N/A	02:15 am ET	Add	Listen
Tetraphase Pharmaceuticals Inc	TTPH	-0.2	Time Not Supplied	Add
Tompkins Financial Corp	TMP	0.82	Time Not Supplied	Add
Unid Co Ltd
VF Corp	VFC	1.17	Before Market Open	Add	Listen
Volt Information Sciences Inc	VISI	N/A	Time Not Supplied	Add
Whirlpool Corp	WHR	2.42	06:00 am ET	Add
Yara International ASA	YAR.OL	N/A	02:00 am ET	Add

Unusual Options Activity:

GE- General Electric will report Q2 earnings before the bell tomorrow morning. Analysts are looking for $0.36 in EPS and revenue of $35.6 billion. Options traders are pricing in a $0.52 move, or 2.18%, in either direction. The call to put ratio in the July options is in favor of the bulls at 1.74.

GOOG- The highlight of tonight's round of earnings reports will come from Google. Analysts are looking for $10.79 in EPS and revenue of $14.4 billion. The options market is implying a $39.50 move, or 4.33%, in either direction. Call to put ratio in the July options is 1.06 currently.

MSFT- Microsoft is another large cap tech that will report after the bell tonight. Analysts are looking for $0.75 in EPS and revenue of $20.8 billion. Options traders are pricing in a $0.89 move, or 2.51%, in either direction. The put to call ratio in the July options is 1.17.

TLM- 10k Aug. $11 puts were bought for $0.50-$0.55 each, against open interest of 2,912 contracts. Shares of Talisman Energy are right at the lower Bollinger Band, down 0.53%.

AAPL- Apple shares are climbing above the $430 resistance level, up 0.55% today. The call to put ratio in the July options is 1.47, led by activity in the July $435 calls.

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