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OVERNIGHT MARKETS AND NEWS
September E-mini S&Ps (ESU13 +0.25%) this morning are up +0.22% and European stocks are up +0.54% as positive Q2 stock earnings results buoy stocks. Asian stocks closed mostly higher: Japan +1.53%, Hong Kong +0.48%, China +0.62%, Taiwan +0.98%, Australia +0.02%, Singapore +0.26%, South Korea +0.91%, India -1.25%. European stocks also found support on an increase in Eurozone July economic confidence and Japanese stocks gained after the Japan Jun unemployment rate fell to a 4-1/2 year low. Chinese stocks rose after the PBOC added 17 billion yuan ($2.8 billion) to the financial system using reverse repos for the first time in 5 months. Commodity prices are mixed. Sep crude oil (CLU13 -0.63%) is down -0.56%. Sep gasoline (RBU13 -0.02%) is up +0.06%, Aug gold (GCQ13 -0.40%) is down -0.48%, and Sep copper (HGU13 -1.38%) is down -1.17% at a 2-1/2 week low. Agricultural prices are higher. The dollar index (DXY00 +0.05%) is up +0.09%. EUR/USD (^EURUSD) is up +0.08% and USD/JPY (^USDJPY) is down -0.03%. September T-note prices (ZNU13 -0.05%) are down -3 ticks.Eurozone July economic confidence rose +1.2 from Jun to 92.5, right on expectations, and the July business climate indicator rose +0.14 from Jun to -0.53, close to expectations of -0.54, and both at their highest levels in 1-1/4 years.
German Aug GfK consumer confidence rose +0.2 to 7.0, better than expectations of +0.1 to 6.9 and its highest in 5-3/4 years.
The Japan Jun jobless rate fell -0.2 to 3.9%, better than expectations of -0.1 to 4.0% and the lowest in 4-1/2 years. The Jun job-to-applicant ratio rose +0.2 to 0.92, better than expectations of +0.1 to 0.91 and the highest in 5 years.
Japan Jun industrial production fell -3.3% m/m and -4.8% y/y, weaker than expectations of -1.5% m/m and -2.6% y/y, with the -3.3% m/m drop the biggest monthly decline in 2-1/4 years,.
Japan Jun overall household spending unexpectedly fell for a second month as it dropped -0.4% y/y, weaker than expectations of a +1.4% y/y increase.
Australia's 2-year government bond yields fell to a 2-year low of 2.33% and the Australian dollar fell to a 2-week low of 90.53 cents, just above a 3-year low, after RBA Governor Stevens said the inflation outlook provides room for lower interest rates if required.
U.S. STOCK PREVIEW
Today’s May CaseShiller composite-20 home price index is expected to show a strong increase of +1.4% m/m, adding to the +1.7% m/m increase seen in April. Today’s July U.S. consumer confidence index from the Conference Board is expected to show a -0.1 point decline to 81.3, stalling after the surge of +7.1 points to the 5-1/3 year high of 81.4 seen in June. The FOMC today begins 2-day policy meeting. This is another very light week for conferences with Tuesday's JPMorgan Mexico CEO Conference, and Wednesday's Keefe, Bruyette & Woods Community Bank Investor Conference.There are 35 of the S&P 500 companies that report earnings today. Notable reports include NYSE Euronext (consensus 0.59), Occidental Petroleum (1.60), Pfizer (0.55), Nielsen (0.49), Pitney Bowes (0.44), Corning (0.31), Cummins (1.98), Rockwell Automation (1.39), Goodyear (0.48), Merck (0.82), Aetna (1.40), Coach (0.89), Waste Management (0.55), Aflac (1.51), Genworth (0.29), Amgen (1.74), Symantec (0.36).
OVERNIGHT U.S. STOCK MOVERS
Merk (MRK -0.31%) reported Q2 EPS of 84 cents, higher than consensus of 82 cents.Aetna (AET -2.01%) reported Q2 EPS of $1.52, stronger than consensus of $1.40.
Pfizer (PFE +0.58%) reported Q2 EPS of 56 cents, higher than consensus of 55 cents.
NYSE Euronext (NYX +0.24%) reported Q2 EPS of 63 cents, better than expectations of 59 cents.
Masco (MAS -0.50%) reported Q2 EPS of 23 cents, stronger than consensus of 20 cents.
Manitowoc (MTW +0.05%) reported Q2 adjusted EPS of 45 cents, better than consensus of 35 cents.
PartnerRe (PRE +1.37%) reported Q2 EPS of 90 cents, lower than consensus of 94 cents.
Community Health (CYH +5.90%) reported Q2 EPS of 32 cents, weaker than consensus of 33 cents.
Superior Energy (SPN -3.60%) reported Q2 EPS of 43 cents, lower than consensus of 45 cents.
Enbridge Energy Partners (EEP -0.46%) reported Q2 adjusted EPS of 13 cents, weaker than consensus of 23 cents.
Herbalife (HLF +3.63%) rose nearly 6% in after-hours trading after it reported Q2 adjusted EPS $1.41, stronger than consensus of $1.18 and raised its fiscal 2013 adjusted EPS view to $4.83-$4.95 from $4.60-$4.80, stronger than consensus of $4.80.
R.R. Donnelley (RRD +3.17%) rose over 2% in after-hours trading after it reported Q2 EPS of 45 cents, higher than consensus of 42 cents.
Anadarko (APC +0.16%) reported Q2 adjusted EPS of $1.05, well ahead of consensus of 91 cents.
Express Scripts (ESRX -1.08%) reported Q2 EPS of $1.12, better than consensus of $1.10 and raised its fiscal 2013 EPS view to $4.26-$4.34 from $4.23-$4.33, higher than consensus of $4.30.
Caesar's Entertainment (CZR +0.65%) reported a Q2 EPS loss of -$1.69, larger than consensus of a -$1.57 loss.
Texas Roadhouse (TXRH -0.17%) reported Q2 EPS of 28 cents, weaker than consensus of 29 cents.
MARKET COMMENTS
Sep E-mini S&Ps (ESU13 +0.25%) this morning are uo +3,75 points (+0.22%). The S&P 500 index on Monday closed lower on concern a slowdown in China’s economy will drag down global growth as well. China Jun industrial profit growth fell to +6.3% y/y from May’s +15.5% y/y while China’s State Council ordered a review of state borrowings amid concern potential bad debts may weigh on the economy. A supportive factor was the the smaller-than-expected drop in U.S. Jun pending home sales (-0.4% m/m vs. expectations of -1.0% m/m). Closes: S&P 500 -0.37%, Dow Jones -0.24%, Nasdaq 100 -0.24%.Sep 10-year T-notes (ZNU13 -0.05%) this morning are down -3 ticks. Sep 10-year T-note prices on Monday closed lower on the stronger-than-expected U.S. Jun pending home sales and on some concern that Wednesday’s post-meeting statement could be a bit more hawkish. T-notes received support from increased safe-haven demand with the sell-off in stocks. Closes: TYU3 -5.-, FVU3 -2.5.
The dollar index (DXY00 +0.05%) this morning is up +0.072 (+0.09%). EUR/USD (^EURUSD) is up +0.0010 (+0.08%) and USD/JPY (^USDJPY) is down -0.03 (-0.03%). The dollar index on Monday recovered from a 5-week low and closed higher after stocks fell, which boosted the safe-haven demand for the dollar. Another positive for the dollar was the stronger-than-expected U.S. Jun pending home sales. Closes: Dollar index +0.013 (+0.02%), EUR/USD +0.0002 (+0.02%), USD/JPY -1.08 (-1.09%).
Sep WTI crude oil (CLU13 -0.63%) this morning is down -59 cents (-0.56%) and Sep gasoline (RBU13 -0.02%) is up +0.0017 (+0.06%). Sep crude oil and gasoline prices on Monday settled lower. Bearish factors included (1) the National Weather Service’s downgrade for Tropical Storm Dorian to a tropical wave, which reduces the chance that it might strengthen and threaten the Gulf of Mexico, and (2) Chinese economic concerns after China’s State Council ordered a review of state borrowings amid concern potential bad debts may weigh on the economy. Supportive factors included (1) concern the civil unrest in Egypt may escalate and threaten global shipments of crude through the Suez Canal, and (2) the early slide in the dollar index to a 5-week low. Closes: CLU3 -0.15 (-0.14%), RBU3 -0.0211 (-0.70%).
GLOBAL EVENT CALENDAR07/30/2013
| US | 0900 ET | May S&P/CaseShiller composite-20 home price index expected +1.4% m/m and +12.4% y/y, Apr +1.7% m/m and +12.1% y/y. |
| 1000 ET | July U.S. consumer confidence (Conference Board) expected -0.1 to 81.3, Jun +7.1 to 81.4. | |
| 1100 ET | FOMC begins 2-day policy meeting. | |
| 1630 ET | API weekly U.S. oil statistics. | |
| JPN | 0000 ET | Japan Jun vehicle production, May -6.2% y/y. |
| 1915 ET | Japan July Markit/JMMA manufacturing PMI, Jun 52.3. | |
| 2130 ET | Japan Jun labor cash earnings expected +0.2% y/y, May -0.1% y/y. | |
| GER | 0200 ET | German Aug GfK consumer confidence index expected 6.9, July 6.8. |
| 0800 ET | German July CPI (EU harmonized) expected +0.3% m/m and +1.8% y/y, Jun +0.1% m/m and +1.9% y/y. | |
| UK | 0430 ET | UK July Lloyds business barometer, Jun 36. |
| 1901 ET | UK July BRC shop price index, Jun -0.2% y/y. | |
| 1905 ET | UK July GfK consumer confidence survey expected -19, Jun -21. | |
| EUR | 0500 ET | Eurozone Jul economic confidence expected 92.5, Jun 91.3. July business climate indicator expected -0.54, Jun -0.68. |
| 0500 ET | Revised Eurozone July consumer confidence expected unrevised at -17.4. |
U.S. STOCK CALENDAR07/30/2013
| Company Name | Symbol | Time | Event Description | Period | EPS Est (US$) |
|---|---|---|---|---|---|
| NYSE Euronext | NYX US | 2:30 | http://www.nyx.com/en/investor-relations | Q2 2013 | 0.585 |
| Occidental Petroleum Corp | OXY US | Bef-mkt | http://www.media-server.com/m/acs/d509bfe2ab8dbc32876aa7cb7b8b7105 | Q2 2013 | 1.6 |
| MeadWestvaco Corp | MWV US | Bef-mkt | http://www.media-server.com/m/acs/b6e403735247c4eaeb4e97e66d9307f5 | Q2 2013 | 0.275 |
| Pfizer Inc | PFE US | Bef-mkt | http://www.visualwebcaster.com/event.asp?id=94665 | Q2 2013 | 0.55 |
| Nielsen Holdings NV | NLSN US | Bef-mkt | http://services.choruscall.com/links/nlsn130730.html | Q2 2013 | 0.488 |
| Pitney Bowes Inc | PBI US | Bef-mkt | http://edge.media-server.com/m/p/rofj3fer/lan/en | Q2 2013 | 0.443 |
| Corning Inc | GLW US | Bef-mkt | http://investor.shareholder.com/corning/eventdetail-webcast.cfm?EventID=131922 | Q2 2013 | 0.307 |
| Cummins Inc | CMI US | Bef-mkt | http://www.media-server.com/m/acs/b740fcc16c5f509b1ec0d5dfdad44812 | Q2 2013 | 1.984 |
| Rockwell Automation Inc | ROK US | Bef-mkt | http://edge.media-server.com/m/p/chugtj8p/lan/en | Q3 2013 | 1.385 |
| Ecolab Inc | ECL US | Bef-mkt | http://investor.ecolab.com/eventdetail.cfm?eventid=132011 | Q2 2013 | 0.842 |
| Entergy Corp | ETR US | Bef-mkt | http://investor.shareholder.com/entergy/eventdetail.cfm?eventid=131253 | Q2 2013 | 1.147 |
| Ensco PLC | ESV US | Bef-mkt | http://www.enscoplc.com/Investors/PresentationsWebcasts/default.aspx | Q2 2013 | 1.478 |
| NextEra Energy Inc | NEE US | Bef-mkt | http://www.investor.nexteraenergy.com/phoenix.zhtml?c=88486&p=irol-EventDetails&EventId=4989930 | Q2 2013 | 1.282 |
| Goodyear Tire & Rubber Co/The | GT US | Bef-mkt | http://investor.goodyear.com/eventdetail.cfm?eventid=132431 | Q2 2013 | 0.479 |
| National Oilwell Varco Inc | NOV US | Bef-mkt | http://www.media-server.com/m/acs/6a270ed5a06457ed6d23e0ca8da0357d | Q2 2013 | 1.334 |
| HCP Inc | HCP US | Bef-mkt | http://www.media-server.com/m/acs/7ad58e72abbb6172bfb25f64057d2da3 | Q2 2013 | 0.735 |
| Fidelity National Information Services Inc | FIS US | Bef-mkt | http://edge.media-server.com/m/p/xhcv6i4y/lan/en | Q2 2013 | 0.702 |
| Merck & Co Inc | MRK US | Bef-mkt | http://edge.media-server.com/m/p/4vqo36qp/lan/en | Q2 2013 | 0.821 |
| Aetna Inc | AET US | 6:00 | http://www.media-server.com/m/acs/f90b576965eee6f59d432ef4e00a5a75 | Q2 2013 | 1.403 |
| Harris Corp | HRS US | 6:30 | http://harris.com/investors/webcasts.aspx | Q4 2013 | 1.149 |
| Discovery Communications Inc | DISCA US | 7:00 | http://ir.corporate.discovery.com/phoenix.zhtml?c=222412&p=irol-irhome | Q2 2013 | 0.905 |
| Xylem Inc/NY | XYL US | 7:00 | http://edge.media-server.com/m/p/p6x97pp5/lan/en | Q2 2013 | 0.443 |
| Coach Inc | COH US | 7:00 | http://www.media-server.com/m/acs/d2df8699e4cfb481bdfeebcc8349b415 | Q4 2013 | 0.89 |
| Western Union Co/The | WU US | 7:00 | http://ir.westernunion.com/investor-relations/default.aspx | Q2 2013 | 0.34 |
| Public Service Enterprise Group Inc | PEG US | 7:30 | http://edge.media-server.com/m/p/zvdira2u/lan/en | Q2 2013 | 0.452 |
| Waste Management Inc | WM US | 7:30 | http://www.media-server.com/m/acs/ea08f09e4a4c7c04b16d8bf0a74f77a2 | Q2 2013 | 0.548 |
| Pitney Bowes Inc | PBI US | 8:00 | http://edge.media-server.com/m/p/rofj3fer/lan/en | Q2 2013 | |
| NYSE Euronext | NYX US | 8:00 | http://www.nyx.com/en/investor-relations | Q2 2013 | |
| Masco Corp | MAS US | 8:00 | http://investor.masco.com/investor-relations/presentation-and-events/events/default.aspx | Q2 2013 | |
| Eastman Chemical Co | EMN US | 8:00 | http://edge.media-server.com/m/p/49qeetcf/lan/en | Q2 2013 | |
| Merck & Co Inc | MRK US | 8:00 | http://edge.media-server.com/m/p/4vqo36qp/lan/en | Q2 2013 | |
| Discovery Communications Inc | DISCA US | 8:30 | http://ir.corporate.discovery.com/phoenix.zhtml?c=222412&p=irol-irhome | Q2 2013 | |
| Nielsen Holdings NV | NLSN US | 8:30 | http://services.choruscall.com/links/nlsn130730.html | Q2 2013 | |
| Corning Inc | GLW US | 8:30 | http://investor.shareholder.com/corning/eventdetail-webcast.cfm?EventID=131922 | Q2 2013 | |
| Rockwell Automation Inc | ROK US | 8:30 | http://edge.media-server.com/m/p/chugtj8p/lan/en | Q3 2013 | |
| Coach Inc | COH US | 8:30 | http://www.media-server.com/m/acs/d2df8699e4cfb481bdfeebcc8349b415 | Q4 2013 | |
| Western Union Co/The | WU US | 8:30 | http://ir.westernunion.com/investor-relations/default.aspx | Q2 2013 | |
| Express Scripts Holding Co | ESRX US | 8:30 | http://phx.corporate-ir.net/phoenix.zhtml?c=69641&p=irol-investorinfo | Q2 2013 | |
| Harris Corp | HRS US | 8:30 | http://harris.com/investors/webcasts.aspx | Q4 2013 | |
| Fidelity National Information Services Inc | FIS US | 8:30 | http://edge.media-server.com/m/p/xhcv6i4y/lan/en | Q2 2013 | |
| Aetna Inc | AET US | 8:30 | http://www.media-server.com/m/acs/f90b576965eee6f59d432ef4e00a5a75 | Q2 2013 | |
| Northeast Utilities | NU US | 9:00 | http://www.nu.com/investors/webcasts/2013_Q2_results.asp | Q2 2013 | |
| Anadarko Petroleum Corp | APC US | 9:00 | http://edge.media-server.com/m/p/a99747sh/lan/en | Q2 2013 | |
| Xylem Inc/NY | XYL US | 9:00 | http://edge.media-server.com/m/p/p6x97pp5/lan/en | Q2 2013 | |
| Hartford Financial Services Group Inc | HIG US | 9:00 | http://edge.media-server.com/m/p/ie27i2tz/lan/en | Q2 2013 | |
| NextEra Energy Inc | NEE US | 9:00 | http://www.investor.nexteraenergy.com/phoenix.zhtml?c=88486&p=irol-EventDetails&EventId=4989930 | Q2 2013 | |
| Goodyear Tire & Rubber Co/The | GT US | 9:00 | http://investor.goodyear.com/eventdetail.cfm?eventid=132431 | Q2 2013 | |
| National Oilwell Varco Inc | NOV US | 9:00 | http://www.media-server.com/m/acs/6a270ed5a06457ed6d23e0ca8da0357d | Q2 2013 | |
| Equity Residential | EQR US | Aft-mkt | https://event.on24.com/eventRegistration/EventLobbyServlet?target=registration.jsp&eventid=654068&sessionid=1&key=ECD15D4C8CBD4CA8BE06AC0EE87833D3&sourcepage=register | Q2 2013 | 0.707 |
| Aflac Inc | AFL US | Aft-mkt | http://www.aflac.com/investors/calendar.aspx | Q2 2013 | 1.514 |
| ONEOK Inc | OKE US | Aft-mkt | http://edge.media-server.com/m/p/pq9u64pn/lan/en | Q2 2013 | 0.283 |
| Boston Properties Inc | BXP US | Aft-mkt | http://edge.media-server.com/m/p/ohrcdjo7/lan/en | Q2 2013 | 1.273 |
| Genworth Financial Inc | GNW US | Aft-mkt | http://investor.shareholder.com/media/eventdetail.cfm?eventid=131476&CompanyID=GNW&e=1&mediaKey=DE2C752453F5FE1F42E477EE337AE5DD | Q2 2013 | 0.294 |
| Amgen Inc | AMGN US | Aft-mkt | http://edge.media-server.com/m/p/pjezmkvd/lan/en | Q2 2013 | 1.743 |
| Fiserv Inc | FISV US | Aft-mkt | http://investors.fiserv.com/eventdetail.cfm?eventid=131825 | Q2 2013 | 1.442 |
| Kimco Realty Corp | KIM US | Aft-mkt | http://investors.kimcorealty.com/CorporateProfile.aspx?iid=102965 | Q2 2013 | 0.334 |
| Symantec Corp | SYMC US | Aft-mkt | http://edge.media-server.com/m/p/32vm8grc/lan/en |
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