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OVERNIGHT MARKETS AND NEWS
September E-mini S&Ps (ESU13 -0.07%) this morning are down -0.06%, although European stocks are up +0.03% after the Eurozone July PMI composite was revised up to its best level in nearly 2-years and after Eurozone Sentix Aug investor confidence climbed to its best level in 6-months. Asian stocks closed mixed: Japan -1.44%, Hong Kong +0.14%, China +1.38%, Taiwan +0.48%, Australia -0.11%, Singapore -0.38%, South Korea -0.43%, India +0.10%. Chinese stocks closed higher after the China July non-manufacturing index gained for the first time since March. Commodity prices are mixed. Sep crude oil (CLU13 -0.81%) is down -0.60%. Sep gasoline (RBU13 -0.77%) is down -0.52%, Dec gold (GCZ13 -0.23%) is down -0.11%, and Sep copper (HGU13 -0.57%) is down -0.47%. Agricultural prices are mixed. The dollar index (DXY00 unch) is down -0.03%. EUR/USD (^EURUSD) is down -0.06% and USD/JPY (^USDJPY) is down -0.44%. September T-note prices (ZNU13 -0.10%) are down -4.5 ticks.Eurozone Jun retail sales fell -0.5% m/m and -0.9% y/y, better than expectations of -0.7% m/m and -1.3% y/y.
Eurozone Aug Sentix investor confidence rose +7.7 to -4.9, stronger than expectations of +2.6 to -10.0 and its best level in 6 months.
The Eurozone July PMI composite was revised up +0.1 to 50.5 from the originally reported 50.4, its fastest pace of expansion in 23-months.
UK July PMI services climbed +3.3 to 60.2, stronger than expectations of +0.5 to 57.4 and its fastest pace of expansion in 6-1/2 years.
The China July non-manufacturing PMI released late last Friday, rose +0.2 from Jun to 54.1, its first increase since March.
U.S. STOCK PREVIEW
Today’s July ISM non-manufacturing index is expected to show an increase of +0.9 to 53.1, reversing part of the -1.5 point decline to the 3-1/3 year low of 52.2 seen in June. There are 6 of the S&P 500 companies that report earnings today: Tyson Foods (consensus $0.60), Unum (0.79), Dun & Bradstreet (1.52), Vornado Realty Trust (1.21), Macerich Co (0.81), and Integrys Energy Group (0.37). Conferences this week include the Mitsubishi Technology Tour on Mon-Thu, Needham Software and Services Conference on Tue, Mitsubishi UFJ Securities Healthcare Corporate Accesson Tue, JP Morgan Oil & Gas Corporate Access on Wed, Goldman Sachs Power and Utility Conferenceon Thu, and Nasdaq Summer Analyst Conference on Fri.
OVERNIGHT U.S. STOCK MOVERS
Tyson Foods (TSN +0.18%) reported Q3 EPS of 69 cents, stronger than consensus of 60 cents, and raised its 2013 fiscal year revenue estimate to $34.5 billion, higher than consensus of $34.21 billion.Jacobs Engineering (JEC +1.37%) was downgraded to "Neutral" from "Outperform" at RW Baird.
Whole Foods (WFM -0.53%) was upgraded to "Outperform" from "Market Perform" at Williams Capital.
JPMorgan reiterates is "Overweight" rating on priceline.com (PCLN +0.44%) as it raised its price target on the stock to $1,040 from $830 after factoring in the Kayak acquisition into its estimates.
According to The Verge, Microsoft (MSFT +0.69%) cut the price of its Surface Pro tablets by $100.
Fossil (FOSL +0.20%) was downgraded to "Underweight" from "Equal Weight" at Barclays.
Chubb (CB -0.34%) was downgraded to "Hold" from "Buy" at Deutsche Bank.
Piper Jaffray reiterated its "Overweight" recommendation on Facebook (FB +1.49%) as it raised its price target on the stock to $46 from $38.
CBOE Holdings (CBOE +0.08%) was downgraded to "Neutral" from "Buy" at Goldman due to valuation.
General Dynamics (GD +0.78%) was awarded a $212 million U.S. Navy contract for the design and construction of a steel superstructure and construction of an aft peripheral vertical launching system for DDG 1002.
Berkshire Hathaway (BRK.B +0.46%) rose over 1% in pre-market trading after it reported Q2 operating EPS of $2,384, better than consensus of $2,166.
S.A.C. Capital reported 5.2% passive stake in Foster Wheeler (FWLT +1.06%) .
MARKET COMMENTS
Sep E-mini S&Ps (ESU13 -0.07%) this morning are down -1.00 point (-0.06%). The S&P 500 index on Friday opened lower after July non-farm payrolls rose +162,000, weaker than expectations of +185,000 and the smallest increase in 4 months. However, the S&P 500 recovered its losses, posted a new record high, and finished slightly higher on expectations that the weaker-than-expected payrolls report will keep the Fed from tapering QE3. Closes: S&P 500 +0.16%, Dow Jones +0.19%, Nasdaq 100 +0.55%.Sep 10-year T-notes (ZNU13 -0.10%) this morning are down -4.5 ticks. Sep 10-year T-note prices on Friday rebounded from a 3-week low and closed sharply higher after the smaller-than-expected increase in U.S. July non-farm payrolls bolstered speculation the Fed will not taper QE3 anytime soon. Closes: TYU3 -1-6.50, FVU3 +22.50.
The dollar index (DXY00 unch) this morning is down -0.025 (-0.03%). EUR/USD (^EURUSD) is down -0.0008 (-0.06%) and USD/JPY (^USDJPY) is down -0.44 (-0.44%). The dollar index on Friday fell back from a 1-1/2 week high and closed lower after the smaller-than-expected increase in July non-farm payrolls dampened speculation the Fed will curb QE3 anytime in the near future. Closes: Dollar index -0.428 (-0.52%), EUR/USD +0.00626 (+0.47%), USD/JPY -0.631 (-0.63%).
Sep WTI crude oil (CLU13 -0.81%) this morning is down -64 cents a barrel (-0.54%) and Sep gasoline (RBU13 -0.77%) is down -0.0157 (-0.52%). Sep crude oil and gasoline prices on Friday closed lower. Sep crude retreated from a 2-week high after U.S. July non-farm payrolls rose only +162,000, weaker than expectations of +185,000 and the smallest gain in 4 months. Declines remain limited as the dollar weakened and after the U.S. State Department said a number of U.S. embassies will close on Aug 4 as a “precautionary” step because of security concerns, which limited further selling of crude on concerns of a terrorist attack in the Middle East or North Africa over the weekend. Closes: CLU3 -0.95 (-0.88%), RBU3 -0.0337 (-1.11%).
GLOBAL EVENT CALENDAR08/05/2013
| US | 1000 ET | July ISM non-manufacturing index expected +0.9 to 53.1, Jun -1.5 to 52.2. |
| 1100 ET | USDA weekly grain export inspections. | |
| 1600 ET | USDA Crop Progress. | |
| GER | 0355 ET | Revised German July PMI services, previous 52.5. |
| EUR | 0400 ET | Revised Eurozone July PMI composite, previous 50.4. |
| 0430 ET | Eurozone Aug Sentix investor confidence expected +2.6 to -10.0, July -12.6. | |
| 0500 ET | Eurozone Jun retail sales expected -0.7% m/m and -1.3% y/y, May +1.0% m/m and -0.1% y/y. | |
| UK | 1901 ET | UK July BRC sales like-for-like expected +2.0% y/y, Jun +1.4% y/y. |
U.S. STOCK CALENDAR08/05/2013
| Company Name | Symbol | Time | Event Description | Period | EPS Est (US$) |
|---|---|---|---|---|---|
| Fastenal Co | FAST US | 7:00 | July 2013 Sales and Revenue Release | 2013 | |
| Tyson Foods Inc | TSN US | 7:30 | Q3 2013 Earnings Release | Q3 2013 | 0.602 |
| Tyson Foods Inc | TSN US | 9:00 | Q3 2013 Earnings Call | Q3 2013 | |
| Dun & Bradstreet Corp/The | DNB US | Aft-mkt | Q2 2013 Earnings Release | Q2 2013 | 1.52 |
| Vornado Realty Trust | VNO US | Aft-mkt | Q2 2013 Earnings Release | Q2 2013 | 1.208 |
| Macerich Co/The | MAC US | Aft-mkt | Q2 2013 Earnings Release | Q2 2013 | 0.813 |
| Integrys Energy Group Inc | TEG US | Aft-mkt | Q2 2013 Earnings Release | Q2 2013 | 0.374 |
| Teradata Corp | TDC US | Roadshow - Tokyo | Y 2013 | ||
| TECO Energy Inc | TE US | Roadshow - Boston | Y 2013 | ||
| Walgreen Co | WAG US | July 2013 Sales and Revenue Release | 2013 |
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