Proprietary Trading Morning Market Update July 24 2013

Jul. 24, 2013 10:57 AM ET

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U.S. Stocks Rise After Apple Profit Beats Estimates. U.S. stocks climbed, with the Standard & Poor's 500 Index rebounding from yesterday's drop, as Apple Inc.'s profit topped estimates and forecasts from Boeing Co. and Ford Motor Co. exceeded predictions.

CEO Sweetens Dell Offer to $24.6 Billion With Vote Change. Michael Dell and Silver Lake Management LLC sweetened their offer for Dell Inc. (DELL) to about $24.6 billion, conditional upon new voting rules that would tilt shareholder support in their favor.

Pre-Market Activity:

$SPY +0.38%

$VXX -1.27%

$TLT -0.9%

$USO -0.4%

$UNG +0.15%

$GLD -0.35%

$SLV -1.06%

Early Movers:

$AAPL (Tops Q3 estimates) +4.6%

$CAT (Misses on Q2; lowers guidance) -1.7%

$F (Beat on EPS,Rev) +3%

Proprietary Trading Economic Calendar:

Date	Time (ET)	Statistic	For	Actual	Briefing Forecast	Market Expects	Prior	Revised From
24-Jul	7:00 AM	MBA Mortgage Index	20-Jul	-1.20%	NA	NA	-2.60%	-
24-Jul	10:00 AM	New Home Sales	Jun	497K	470K	483K	459K	476K
24-Jul	10:30 AM	Crude Inventories	20-Jul	-	NA	NA	-6.902M

Proprietary Trading Earnings Announcements:


Earnings Announcements for Wednesday, July 24
Company	Symbol	EPS Estimate*	Time	Add to My Calendar	Conference Call
8x8 Inc	EGHT	0.06	After Market Close	Add
A T Cross Co	ATX	0.34	After Market Close	Add
A. O. Smith Corp	AOS	0.43	Before Market Open	Add
Aaron's Inc	AAN	0.5	After Market Close	Add	Listen
Agnico Eagle Mines Ltd	AEM.TO	0.08	After Market Close	Add
Akamai Technologies Inc	AKAM	0.46	After Market Close	Add	Listen
Allegheny Technologies Inc	ATI	0.12	Before Market Open	Add	Listen
American Railcar Industries Inc	ARII	0.82	After Market Close	Add
Ameriprise Financial Inc	AMP	1.62	After Market Close	Add	Listen
AmerisourceBergen Corp	ABC	0.74	Before Market Open	Add	Listen
Amplifon SpA	AMP.MI	N/A	Time Not Supplied	Add
Angie's List Inc	ANGI	-0.25	After Market Close	Add
Applied Micro Circuits Corp	AMCC	0	After Market Close	Add	Listen
Aptargroup Inc	ATR	0.74	After Market Close	Add	Listen
Archipelago Resources PLC	AR.L	N/A	Before Market Open	Add
Areva SA	AREVA.PA	N/A	11:45 am ET	Add
ARM Holdings PLC	ARM.L	4.71	02:00 am ET	Add	Listen
Arrow Electronics Inc	ARW	1.03	Before Market Open	Add	Listen
Artisan Partners Asset Management Inc	APAM	0.61	After Market Close	Add	Listen
ASM International NV	ASM.AS	N/A	6:00 pm ET	Add	Listen
Aspen Insurance Holdings Ltd	AHL	0.61	After Market Close	Add	Listen
Assurant Inc	AIZ	1.45	After Market Close	Add
ATMI Inc	ATMI	0.34	Before Market Open	Add
ATP Oil And Gas Corp	ATPAQ	N/A	Time Not Supplied	Add
Australand Property Group	ALZ.AX	N/A	Time Not Supplied	Add	Listen
AvalonBay Communities Inc	AVB	1.52	After Market Close	Add
Baidu Inc	BIDU	1.21	After Market Close	Add	Listen
Bancorp Inc	TBBK	0.16	After Market Close	Add	Listen
Bank Permata Tbk PT	BNLI.JK	N/A	Time Not Supplied	Add
BankUnited Inc	BKU	0.43	Before Market Open	Add	Listen
Banner Corp	BANR	0.58	After Market Close	Add
Barrett Business Services Inc	BBSI	N/A	After Market Close	Add
Berkshire Hills Bancorp Inc	BHLB	0.55	After Market Close	Add
Boeing Co	BA	1.58	07:30 am ET	Add	Listen
Brandywine Realty Trust	BDN	0.32	After Market Close	Add	Listen
Brookline Bancorp Inc	BRKL	0.13	After Market Close	Add
CA Inc	CA	0.74	After Market Close	Add
Cabot Oil & Gas Corp	COG	0.37	After Market Close	Add
Cadence Design Systems Inc	CDNS	0.2	After Market Close	Add
Cambridge Industrial Trust	J91U.SI	N/A	Before Market Open	Add
Canadian Pacific Railway Ltd	CP.TO	1.49	07:30 am ET	Add
Capital Product Partners LP	CPLP	0.09	Time Not Supplied	Add
Capstead Mortgage Corp	CMO	0.32	After Market Close	Add
Caterpillar Inc	CAT	1.7	07:30 am ET	Add	Listen
Cementos Portland Valderrivas SA	CPL.MC	N/A	Time Not Supplied	Add
Cenovus Energy Inc	CVE.TO	0.48	Before Market Open	Add
Century Bancorp Inc	CNBKA	N/A	Time Not Supplied	Add
Citrix Systems Inc	CTXS	0.63	4:05 pm ET	Add
Clearwater Paper Corp	CLW	0.67	After Market Close	Add
Clicksoftware Technologies Ltd	CKSW	-0.07	Before Market Open	Add	Listen
Coca-Cola Femsa SAB de CV	KOFL.MX	1.38	Before Market Open	Add
comdirect bank AG	COM.DE	0.1	07:30 am ET	Add
Compagnie de Saint Gobain SA	SGO.PA	N/A	After Market Close	Add
Compagnie Plastic Omnium SA	POM.PA	N/A	Time Not Supplied	Add
Conmed Corp	CNMD	0.44	Before Market Open	Add	Listen
Corelogic Inc	CLGX	0.45	After Market Close	Add	Listen
Costamare Inc	CMRE	0.32	After Market Close	Add
CoStar Group Inc	CSGP	0.52	After Market Close	Add
Covenant Transportation Group Inc	CVTI	0.07	Time Not Supplied	Add
Crocs Inc	CROX	0.64	After Market Close	Add	Listen
Crown Castle International Corp	CCI	0.16	After Market Close	Add	Listen
CSS Industries Inc	CSS	N/A	Time Not Supplied	Add
Cullen/Frost Bankers Inc	CFR	0.95	Before Market Open	Add
Daewoo Engineering & Construction Co Ltd
Daimler AG	DAI.DE	N/A	01:30 am ET	Add
Delta Air Lines Inc	DAL	0.95	Before Market Open	Add	Listen
DiamondRock Hospitality Co	DRH	0.21	Time Not Supplied	Add
Dice Holdings Inc	DHX	0.12	Before Market Open	Add	Listen
Doosan Infracore Co Ltd
Dr Pepper Snapple Group Inc	DPS	0.85	Before Market Open	Add
Dyax Corp	DYAX	-0.06	After Market Close	Add
E*TRADE Financial Corp	ETFC	0.12	After Market Close	Add
Ebiquity PLC	EBQ.L	N/A	Before Market Open	Add
Edenred SA	EDEN.PA	N/A	Time Not Supplied	Add
EDP Energias do Brasil SA	ENBR3.SA	N/A	After Market Close	Add
Eli Lilly and Co	LLY	1	Before Market Open	Add
EMC Corp	EMC	0.42	Before Market Open	Add	Listen
Encana Corporation	ECA.TO	0.19	Before Market Open	Add
Equifax Inc	EFX	0.9	After Market Close	Add
Equinix Inc	EQIX	0.7	After Market Close	Add	Listen
Ethan Allen Interiors Inc	ETH	0.34	After Market Close	Add	Listen
Euler Hermes SA	ELE.PA	N/A	11:35 am ET	Add	Listen
Euronet Worldwide Inc	EEFT	0.47	Before Market Open	Add
Eurosic SA	ERSC.PA	N/A	After Market Close	Add
Evercore Partners Inc	EVR	0.54	Before Market Open	Add	Listen
Exar Corp	EXAR	0.08	Before Market Open	Add
F5 Networks Inc	FFIV	1.08	4:05 pm ET	Add	Listen
Facebook Inc	FB	0.14	After Market Close	Add
Faes Farma SA	FAE.MC	N/A	Time Not Supplied	Add
Famous Dave's of America Inc	DAVE	0.23	After Market Close	Add	Listen
Ferro Corp	FOE	0.11	Time Not Supplied	Add
Fibria Celulose SA	FIBR3.SA	N/A	Before Market Open	Add
Financial Institutions Inc	FISI	0.46	After Market Close	Add
First Bancorp	FBP	0.09	Before Market Open	Add
First Commonwealth Financial Corp	FCF	0.12	09:00 am ET	Add
First Midwest Bancorp Inc	FMBI	0.22	Before Market Open	Add
Flowserve Corp	FLS	0.79	After Market Close	Add	Listen
Fonciere des Regions SA	FDR.PA	N/A	01:00 am ET	Add
Ford Motor Co	F	0.37	07:00 am ET	Add	Listen
Forrester Research Inc	FORR	0.26	Time Not Supplied	Add	Listen
Fortune Brands Home & Security Inc	FBHS	0.39	After Market Close	Add
General Dynamics Corp	GD	1.62	Before Market Open	Add	Listen
Genomma Lab Internacional SAB de CV	LABB.MX	0.32	After Market Close	Add
Gentex Corp	GNTX	0.32	Before Market Open	Add
GlaxoSmithKline PLC	GSK.L	26.16	07:00 am ET	Add
Graco Inc	GGG	0.85	After Market Close	Add	Listen
Gruma SAB de CV	GRUMAB.MX	1.09	After Market Close	Add
Grupo Aeroportuario del Centro Norte SAB de CV	OMAB.MX	0.51	Before Market Open	Add
Grupo Industrial Maseca SAB de CV	MASECAB.MX	N/A	After Market Close	Add
Gruppo Editoriale l'Espresso SpA	ES.MI	N/A	Time Not Supplied	Add
Hatteras Financial Corp	HTS	N/A	Time Not Supplied	Add
Health Management Associates Inc	HMA	0.21	Time Not Supplied	Add
Healthways Inc	HWAY	-0.05	After Market Close	Add	Listen
Herald Investment Trust PLC	HRI.L	N/A	Time Not Supplied	Add
Heritage-Crystal Clean Inc	HCCI	0.05	After Market Close	Add
Hill-Rom Holdings Inc	HRC	0.49	After Market Close	Add
Horace Mann Educators Corp	HMN	0.32	After Market Close	Add	Listen
Iberdrola SA	IBE.MC	N/A	Before Market Open	Add
Icade SA	ICAD.PA	N/A	After Market Close	Add
Iconix Brand Group Inc	ICON	0.56	Before Market Open	Add	Listen
Imaginatik PLC	IMTK.L	N/A	Time Not Supplied	Add
Indesit Company SpA	IND.MI	N/A	Time Not Supplied	Add
Indutrade AB	INDT.ST	N/A	04:00 am ET	Add
Infinera Corp	INFN	-0.03	After Market Close	Add	Listen
Ingram Micro Inc	IM	0.46	After Market Close	Add	Listen
Interface Inc	TILE	0.17	After Market Close	Add	Listen
InterMune Inc	ITMN	-0.7	After Market Close	Add	Listen
InXL Innovation AB	INXL.ST	N/A	Time Not Supplied	Add
Ipsos SA	IPS.PA	N/A	After Market Close	Add
ITC Holdings Corp	ITC	1.21	After Market Close	Add
JMP Group Inc	JMP	0.14	Before Market Open	Add
Kaiser Aluminum Corp	KALU	0.94	After Market Close	Add
KEPCO Engineering & Construction Co Inc
Kirby Corp	KEX	1.06	6:00 pm ET	Add
Knight Transportation Inc	KNX	0.24	After Market Close	Add
Kontron AG	KBC.DE	N/A	03:00 am ET	Add
Las Vegas Sands Corp	LVS	0.68	After Market Close	Add
LG Electronics Inc
LG Innotek Co Ltd
LG International Corp
LG Life Sciences Ltd
Lisi SA	FII.PA	N/A	After Market Close	Add
Lithia Motors Inc	LAD	0.9	Before Market Open	Add	Listen
Loblaw Companies Ltd	L.TO	0.58	06:00 am ET	Add
LSI Corp	LSI	0.13	5:00 pm ET	Add
Lumber Liquidators Holdings Inc	LL	0.61	Before Market Open	Add
Marine Products Corp	MPX	0.06	Before Market Open	Add
MarketAxess Holdings Inc	MKTX	0.45	Before Market Open	Add	Listen
Mastech Holdings Inc	MHH	N/A	Before Market Open	Add	Listen
Mattson Technology Inc	MTSN	-0.06	After Market Close	Add
Mediaset Espana Comunicacion SA	TL5.MC	N/A	After Market Close	Add	Listen
Mellanox Technologies Ltd	MLNX	0.2	After Market Close	Add
Meritage Homes Corp	MTH	0.46	Before Market Open	Add
Methanex Corp	MX.TO	0.83	After Market Close	Add	Listen
Mine Safety Appliances Co	MSA	0.67	Before Market Open	Add
Minerali Natural Resources Ltd	MNRL.TA	N/A	Time Not Supplied	Add
MKS Instruments Inc	MKSI	0.13	After Market Close	Add
Monarch Casino & Resort Inc	MCRI	0.24	After Market Close	Add
Moody's Corp	MCO	0.91	Before Market Open	Add
Morgan Advanced Materials PLC	MGAM.L	N/A	Time Not Supplied	Add	Listen
Morningstar Inc	MORN	0.66	After Market Close	Add
Motorola Solutions Inc	MSI	1.04	Before Market Open	Add
MTU Aero Engines AG	MTX.DE	N/A	Time Not Supplied	Add
Mullen Group Ltd	MTL.TO	0.14	After Market Close	Add
NASDAQ OMX Group Inc	NDAQ	0.63	07:00 am ET	Add
National Express Group PLC	NEX.L	N/A	Time Not Supplied	Add
Natura Cosmeticos SA	NATU3.SA	N/A	After Market Close	Add
New York Community Bancorp Inc	NYCB	0.26	08:00 am ET	Add
NewBridge Bancorp	NBBC	0.15	Time Not Supplied	Add
Newfield Exploration Co	NFX	0.42	After Market Close	Add	Listen
Nexity SA	NXI.PA	N/A	Time Not Supplied	Add	Listen
Noranda Aluminum Holding Corp	NOR	-0.12	Before Market Open	Add	Listen
Northern States Financial Corp	NSFC	N/A	Time Not Supplied	Add
Northrop Grumman Corp	NOC	1.71	Before Market Open	Add	Listen
NVE Corp	NVEC	0.6	After Market Close	Add	Listen
O'Reilly Automotive Inc	ORLY	1.5	After Market Close	Add	Listen
Oceaneering International Inc	OII	0.84	After Market Close	Add	Listen
OCI Co Ltd
Omnicare Inc	OCR	0.87	Before Market Open	Add	Listen
On Assignment Inc	ASGN	0.28	After Market Close	Add	Listen
Orchids Paper Products Co	TIS	0.36	After Market Close	Add	Listen
Ossur hf	OSSR.CO	N/A	10:00 am ET	Add
Owens Corning	OC	0.69	Before Market Open	Add
Owens-Illinois Inc	OI	0.79	After Market Close	Add	Listen
Pacific Ethanol Inc	PEIX	N/A	After Market Close	Add
PDF Solutions Inc	PDFS	0.24	After Market Close	Add
PepsiCo Inc	PEP	1.19	07:00 am ET	Add	Listen
PetroLogistics LP	PDH	0.26	After Market Close	Add	Listen
Polarcus Ltd	PLCS.OL	N/A	01:00 am ET	Add	Listen
Potlatch Corp	PCH	0.31	Before Market Open	Add
Praxair Inc	PX	1.49	Before Market Open	Add	Listen
Prosperity Bancshares Inc	PB	0.88	Before Market Open	Add	Listen
PTC Inc	PMTC	0.43	After Market Close	Add
Puma SE	PUM.DE	N/A	02:00 am ET	Add
PVR Partners LP	PVR	0.13	Before Market Open	Add
Qualcomm Inc	QCOM	1.03	After Market Close	Add
Radian Group Inc	RDN	-0.05	Before Market Open	Add
Range Resources Corp	RRC	0.32	After Market Close	Add	Listen
Raymond James Financial Inc	RJF	0.66	After Market Close	Add
REALIA Business SA	RLIA.MC	N/A	Before Market Open	Add
Realogy Holdings Corp	RLGY	0.72	Time Not Supplied	Add	Listen
Renishaw PLC	RSW.L	N/A	02:00 am ET	Add
Reynolds American Inc	RAI	0.83	Before Market Open	Add
Richardson Electronics Ltd	RELL	N/A	After Market Close	Add
Rimage Corp	RIMG	N/A	After Market Close	Add
Rollins Inc	ROL	0.25	Before Market Open	Add
RPC Inc	RES	0.19	Before Market Open	Add
Rubicon Minerals Corp	RMX.TO	-0.01	Time Not Supplied	Add
Ruby Tuesday Inc	RT	0.19	After Market Close	Add	Listen
Ryland Group Inc	RYL	0.64	After Market Close	Add
S Y Bancorp Inc	SYBT	0.47	Before Market Open	Add
Sangamo BioSciences Inc	SGMO	-0.13	After Market Close	Add
Scientific Digital Imaging PLC	SDI.L	N/A	03:00 am ET	Add
SEACOR Holdings Inc	CKH	0.7	Time Not Supplied	Add
Seagate Technology PLC	STX	1.19	Before Market Open	Add	Listen
Sedona Corp	SDNA	N/A	Time Not Supplied	Add
Semen Indonesia (Persero) Tbk PT	SMGR.JK	N/A	Time Not Supplied	Add
Sequenom Inc	SQNM	-0.22	After Market Close	Add
Service Corporation International	SCI	0.2	After Market Close	Add	Listen
Shore Bancshares Inc	SHBI	0.03	Time Not Supplied	Add
Silgan Holdings Inc	SLGN	0.65	Before Market Open	Add
Skechers USA Inc	SKX	0.03	After Market Close	Add	Listen
Societe de la Tour Eiffel SA	EIFF.PA	N/A	After Market Close	Add
Societe Fonciere Lyonnaise SA	FLY.PA	N/A	Time Not Supplied	Add
Spectranetics Corp	SPNC	-0.02	Before Market Open	Add	Listen
Spir Communication SA	SPI.PA	N/A	11:45 am ET	Add
Spirit Airlines Inc	SAVE	0.63	Before Market Open	Add
Stepan Co	SCL	1.01	Before Market Open	Add	Listen
Stericycle Inc	SRCL	0.91	After Market Close	Add	Listen
Sun Bancorp Inc	SNBC	-0.01	Time Not Supplied	Add
Susquehanna Bancshares Inc	SUSQ	0.23	After Market Close	Add
Swift Transportation Co	SWFT	0.29	After Market Close	Add	Listen
Symetra Financial Corp	SYA	0.33	After Market Close	Add	Listen
Synectics PLC	SNX.L	N/A	Before Market Open	Add
Syngenta AG	SYNN.VX	N/A	01:00 am ET	Add
T. Rowe Price Group Inc	TROW	0.95	Time Not Supplied	Add
TAL International Group Inc	TAL	1.07	After Market Close	Add	Listen
TC PipeLines LP	TCP	0.5	Before Market Open	Add
TE Connectivity Ltd	TEL	0.83	Before Market Open	Add	Listen
Telefonica Brasil SA	VIVT4.SA	N/A	Before Market Open	Add
Teradyne Inc	TER	0.32	6:00 pm ET	Add
Terex Corp	TEX	0.55	After Market Close	Add	Listen
TESSCO Technologies Inc	TESS	0.38	After Market Close	Add	Listen
Texas Capital Bancshares Inc	TCBI	0.8	4:00 pm ET	Add
Thales SA	HO.PA	N/A	11:45 am ET	Add	Listen
The Cheesecake Factory Inc	CAKE	0.57	After Market Close	Add	Listen
The Medicines Co	MDCO	0.34	Before Market Open	Add	Listen
Thermador Groupe SA	THEP.PA	N/A	Time Not Supplied	Add
Thermo Fisher Scientific Inc	TMO	1.3	Before Market Open	Add	Listen
Titan International Inc	TWI	0.47	After Market Close	Add
Torchmark Corp	TMK	1.4	After Market Close	Add
Town Sports International Holdings Inc	CLUB	0.19	After Market Close	Add
Tractor Supply Co	TSCO	1.71	After Market Close	Add	Listen
TripAdvisor Inc	TRIP	0.49	After Market Close	Add
TriQuint Semiconductor Inc	TQNT	-0.11	4:00 pm ET	Add
TriState Capital Holdings Inc	TSC	0.12	After Market Close	Add
TrueBlue Inc	TBI	0.25	After Market Close	Add	Listen
Tupperware Brands Corp	TUP	1.44	Before Market Open	Add	Listen
Tyler Technologies Inc	TYL	0.35	After Market Close	Add
UMB Financial Corp	UMBF	N/A	Time Not Supplied	Add
Unibail-Rodamco SE	UL.AS	N/A	After Market Close	Add	Listen
United Phosphorus Ltd	UNIPHOS.NS	N/A	Time Not Supplied	Add
Unitil Corp	UTL	0.02	Before Market Open	Add	Listen
US Airways Group Inc	LCC	1.51	Before Market Open	Add	Listen
Varian Medical Systems Inc	VAR	1.01	After Market Close	Add
Visa Inc	V	1.8	After Market Close	Add	Listen
Vision Sciences Inc	VSCI	-0.06	Time Not Supplied	Add
Volt Information Sciences Inc	VISI	N/A	Time Not Supplied	Add
Warner Chilcott PLC	WCRX	0.85	After Market Close	Add
Washington Real Estate Investment Trust	WRE	0.47	After Market Close	Add
WellPoint Inc	WLP	2.11	06:00 am ET	Add	Listen
Western Digital Corp	WDC	1.81	After Market Close	Add
Whiting Petroleum Corp	WLL	0.9	After Market Close	Add	Listen
Willis Group Holdings PLC	WSH	0.58	After Market Close	Add	Listen
Wyndham Worldwide Corp	WYN	0.91	Before Market Open	Add	Listen
Yes Bank Ltd	YESBANK.NS	N/A	Time Not Supplied	Add
Zignago Vetro SpA	ZV.MI	N/A	Time Not Supplied	Add

Unusual Options Activity:

AAPL- Apple will report Q3 earnings after the bell tonight. Analysts are looking for $7.31 in EPS an revenue of $35.1 billion. Options traders are pricing in a $19.85 move, or 4.69%, in either direction. The call to put ratio in the July 26 weekly options is 1.07.

CAT- Caterpillar is set to announce Q2 earnings before the bell tomorrow morning. Analysts are looking for $1.70 in EPS and revenue of $15 billion. The options market is implying a $3.07 move, or 3,59%, in either direction. Put to call ratio in the July 26 weekly options is in favor of the bears at 2.11.

F- Another big Q2 earnings report due out in the morning will come from Ford Motor. Analysts are looking for $0.36 in EPS and revenue of $35.2 billion. Options traders are pricing in a $0.66 move, or 3.89%, in either direction. The put to call ratio in the July 26 weekly options is currently 1.30.

AWAY- 4,400 Oct. $35 calls were bought for $1.60-$1.75 each, against open interest of 14,243 contracts. We highlighted large buying in these same calls last month.

TIVO- 2,396 Aug. $13 calls were purchased for $0.07 each, against open interest of 15,585 contracts. Open interest has been building in the Aug. $13 calls over the last month.

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