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Long Only, Momentum, Portfolio Strategy

Contributor Since 2009

Jim Van Meerten 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 attended post-baccalaureate and graduate courses in Business Administration, Quantitative Math, and Education at Florida Atlantic University, Georgia State University and University of North Carolina at Charlotte. In the past he has been an accountant, attorney, adjunct professor in Business Law, Accounting and Internal Auditing, financial advisor, supervisory principal, and compliance officer. He also passed the Georgia CPA Exam, the Certified Internal Auditor Exam, and the FINRA Series 7, 24 and 9/10 exams.He is presently also a contributor on MSN Top Stocks Blog, Motley Fool and is a member of the M100 on Marketocracy, an elete honor chosen by the editors of Marketocracy as being in the top 100 portfolio managers of over 100,000 portfoiios they review. He would enjoy hearing your comments at


Wednesday, May 11th, 2016

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Jun E-mini S&Ps (ESM16 -0.14%) are down -0.22% and European stocks are down -1.28% as a 5% sell-off in Disney in pre-market trading is dragging U.S. stocks lower. Also, Office Depot plunged 34% and Staples sank 15% in pre-market trading after a U.S. federal judge late yesterday blocked the $6.3 billion merger between the companies. Weakness in European bank stocks is pulling the overall European market lower, led by a nearly 3% decline in ABN Amro NV after it reported a -13% drop in Q1 earnings. Asian stocks settled mixed: Japan +0.08%, Hong Kong -0.93%, China +0.16%, Taiwan -0.25%, Australia +0.55%, Singapore -0.30%, South Korea -0.25%, India -0.68%. Japan's Nikkei Stock Index rose to a 1-week high, but fell back from its best levels after USD/JPY retreated from a 1-1/2 week high.

The dollar index (DXY00 -0.26%) is down -0.26%. EUR/USD (^EURUSD) is up +0.24%. USD/JPY (^USDJPY) is down -0.46%.

Jun T-note prices (ZNM16 -0.02%) are up +0.5 of a tick ahead of today's second leg of the Treasury's quarterly refunding; the $23 billion 10-year T-note auction.

According to people familiar with the matter, the ECB could discuss restoring Greek banks' access to its refinancing lines as soon as the June 2 ECB meeting. Greek government bonds could become eligible for inclusion in the ECB's QE program following completion of a bailout review by the ECB board once a staff-level agreement between the government and auditors representing creditor institutions is reached. Greek banks have been on emergency liquidity (ELA) since Feb 2015.


Key U.S. news today includes: (1) weekly MBA mortgage applications (previous -3.4% with purchase sub-index -0.1% and refi sub-index -5.5%), (2) the Treasury's auction of $23 billion 10-year T-notes, and (3) Apr monthly budget statement (expected +$107.0 billion, Mar -$108.043 billion).

There are 8 of the Russell 1000 companies that report earnings today: Macy's (consensus $0.36), Aramark (0.39), TopBuild (0.15), Wendy's (0.06), CA (0.57), Middleby (0.84), Quorum Health, TerraForm Power (-0.22).

U.S. IPO's scheduled to price today: SiteOne Landscape Supply (SITE), Viamet Pharmaceuticals Holdings (VMET).

Equity conferences during the remainder of this week include: Citi Global Energy and Utilities Conference on Tue-Wed, Oppenheimer Industrial Growth Conference on Tue-Wed, Wells Fargo Industrial and Construction Conference on Tue-Wed, Bank of America Merrill Lynch Health Care Conference on Tue-Thu, Jefferies Technology, Media and Telecom Conference on Wed-Thu, Mitsubishi UFJ Oil & Gas Conference on Thu, Morgan Stanley Refining Corporate Access Day on Thu, RBC Capital Markets Aerospace & Defense Investor Day on Thu.


Office Depot (ODP -2.72%) plunged over 30% in pre-market trading after a U.S. federal judge late yesterday blocked the $6.3 billion merger between Office Depot and Staples. Staples (SPLS +0.58%) is down 15% in pre-market trading.

Walt Disney (DIS +1.20%) fell over 5% in pre-market trading after it reported Q2 adjusted EPS of $1.36, below consensus of $1.40.

Alaska Air Group (ALK +0.77%) gained nearly 2% in after-hours trading after it was announced that it will replace SanDisk in the S&P 500 at the close of trading Thursday, May 12.

Electronic Arts (EA +0.03%) jumped nearly 7% in pre-market trading after it reported Q1 adjusted EPS of 50 cents, better than consensus of 42 cents, and then raised guidance on fiscal 2017 adjusted net revenue to $4.9 billion, higher than consensus of $4.83 billion.

Fossil Group (FOSL +1.73%) plunged over 30% in pre-market trading after it reported Q1 EPS of 12 cents, below consensus of 15 cents, and then lowered guidance on 2016 GAAP EPS to $1.80-$2.80 from a February 16 estimate of $2.80-$3.60, well below consensus of $3.05.

Nuance Communications (NUAN +3.24%) dropped nearly 6% in after-hours trading after it lowered guidance on 2016 adjusted revenue to $1.975 billion-$2.005 billion from a February 9 estimate of $1.98 billion-$2.03 billion.

Blue Buffalo Pet Products (BUFF unch) rallied nearly 5% in after-hours trading after it reported Q1 adjusted EPS of 19 cents, higher than consensus of 18 cents, and then raised guidance on the low end of its 2016 adjusted EPS view to 73 cents-74 cents from a Mar 8 estimate of 72 cents-74 cents.

Intrexon (XON +1.98%) fell nearly 3% in after-hours trading after it reported a Q1 loss of -55 cents a share, more than twice expectations for a -24 cent loss per share.

Planet Fitness (PLNT +1.36%) gained 5% in after-hours trading after it reported Q1 pro forma adjusted EPS of 15 cents, better than consensus of 13 cents, and then raised guidance on full-year EPS to 62 cents-65 cents from a prior view of 60 cents-63 cents.

Laredo Petroleum (LPI +2.20%) slipped nearly 4% in after-hours trading after it announced plans for a 9.5 million share secondary offering.

Albemarle (ALB +0.86%) climbed nearly 5% in after-hours trading after it reported Q1 net sales of $865.4 million, higher than consensus of $814.9 million, and then raised guidance on full-year EPS to $3.90-$4.25 from a prior view of $3.45-$3.90, higher than consensus of $3.66.

Rocket Fuel (FUEL +1.13%) surged over 20% in after-hours trading after it reported a Q1 adjusted EPS loss of -28 cents, half as much as consensus of a -56 cent loss.

Prospect Capital (PSEC +1.79%) fell over 1% in after-hours trading after it reported Q3 net investment income of 25 cents, below consensus of 26 cents.


June E-mini S&Ps (ESM16 -0.14%) this morning are down -4.50 points (-0.22%). Tuesday's closes: S&P 500 +1.25%, Dow Jones +1.26%, Nasdaq +1.40%. The S&P 500 on Tuesday rallied to a 1-1/2 week high and settled higher on positive carryover from an upward rebound in China's Shanghai Composite from a 1-3/4 month low to close little changed, and on the +149,000 increase in U.S. Mar JOLTS job openings to 5.757 million, stronger than expectations of +5,000 to 5.45 million and an 8-month high. Stocks were also boosted by strength in energy producer stocks after the price of crude oil rose +2.81%.

June 10-year T-note prices (ZNM16 -0.02%) this morning are up +0.5 of a tick. Tuesday's closes: TYM6 -0.50, FVM6 -0.25. Jun T-notes on Tuesday closed little changed. T-note prices were undercut by supply pressures as the Treasury auctions $62 billion of T-notes and T-bonds in the quarterly refunding this week and by reduced safe-haven demand with the rally in the S&P 500 to a 1-1/2 week high. T-note prices were able to recover nearly all of their losses on strong demand for the Treasury's $24 billion auction of 3-year T-notes that had a bid-to-cover ratio of 2.93, the highest since January.

The dollar index (DXY00 -0.26%) this morning is down -0.242 (-0.26%). EUR/USD (^EURUSD) is up +0.0027 (+0.24%). USD/JPY (^USDJPY) is down-0.50 (-0.46%). Tuesday's closes: Dollar Index +0.162 (+0.17%), EUR/USD -0.0011 (-0.10%), USD/JPY +0.95 (+0.88%). The dollar index on Tuesday rose to a 1-week high and closed higher on the larger-than-expected increase in U.S. Mar JOLTS job openings to an 8-month high. In addition, USD/JPY rallied to a 1-week high after Japanese Finance Minister Aso reiterated that the Japanese government can intervene to stabilize foreign-exchange markets if necessary, which weakened the yen.

June WTI crude oil (CLM16 +0.13%) this morning is up +15 cents (+0.34%). June gasoline (RBM16 +0.71%) is up +0.0117 (+0.79%). Tuesday's closes: CLM6 +1.22 (+2.81%), RBM6 +0.0430 (+2.98%). Jun crude and gasoline on Tuesday closed higher on reduced crude output from Nigeria and Libya after Royal Dutch Shell and Chevron said they were evacuating oil workers from the Niger Delta because of deteriorating security and after Libya said some of its oil fields will halt output unless a port blockade is lifted. Crude oil prices were undercut by the rally in the dollar index to a 1-week high.


US 0700 ET Weekly MBA mortgage applications, previous -3.4% with purchase sub-index -0.1% and refi sub-index -5.5%.
  1030 ET EIA Weekly Petroleum Status Report.
  1300 ET Treasury auctions $23 billion 10-year T-notes.
  1400 ET Apr monthly budget statement expected +$107.0 billion, Mar -$108.043 billion.
JPN 0100 ET Japan Mar leading index CI expected -0.5 to 96.3, Feb 96.8. Mar coincident index expected +0.5 to 111.2, Feb 110.7.
UK 0430 ET UK Mar industrial production expected +0.5% m/m and -0.4% y/y, Feb -0.3% m/m and -0.5% y/y.
  0430 ET UK Mar manufacturing production expected +0.3% m/m and -1.9% y/y, Feb -1.1% m/m and -1.8% y/y.
  1901 ET UK Apr RICS house price balance expected 35%, Mar 42%.


Company Ticker Time Event Description Period Estimate
LyondellBasell Industries NV LYB US 5:00 Annual General Meeting Y 2016  
Macy's Inc M US Bef-mkt Q1 2017 Earnings Release Q1 2017 0.361
Principal Financial Group Inc PFG US 8:00 Roadshow - London Y 2016  
Simon Property Group Inc SPG US 8:30 Annual General Meeting Y 2016  
Macy's Inc M US 9:00 Q1 2017 Earnings Call Q1 2017  
Laboratory Corp of America Holdings LH US 9:00 Annual General Meeting Y 2016  
Dominion Resources Inc/VA D US 9:30 Annual General Meeting Y 2016  
Frontier Communications Corp FTR US 10:00 Annual General Meeting    
Ameren Corp AEE US 10:00 Q1 2016 Earnings Call Q1 2016  
American International Group Inc AIG US 11:00 Annual General Meeting    
Boeing Co/The BA US 12:15 Investor Conference Y 2016  
Gilead Sciences Inc GILD US 13:00 Annual General Meeting Y 2016  
CA Inc CA US 17:00 Q4 2016 Earnings Call Q4 2016  
CA Inc CA US Aft-mkt Q4 2016 Earnings Release Q4 2016 0.573
CSX Corp CSX US   Annual General Meeting    
Kohl's Corp KSS US   Annual General Meeting Y 2016  
Murphy Oil Corp MUR US   Annual General Meeting    
NiSource Inc NI US   Annual General Meeting    
Skyworks Solutions Inc SWKS US   Annual General Meeting    
Waters Corp WAT US   Annual General Meeting    
Alexion Pharmaceuticals Inc ALXN US   Annual General Meeting    
Akamai Technologies Inc AKAM US   Annual General Meeting    
Chipotle Mexican Grill Inc CMG US   Annual General Meeting    
Mead Johnson Nutrition Co MJN US   Annual General Meeting    
Xylem Inc/NY XYL US   Annual General Meeting

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