Tuesday, August 6, 2013

Barchart Morning Call 8/6

Barchart Morning Call

BC - Tue Aug 06, 6:40AM CDT
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OVERNIGHT MARKETS AND NEWS
September E-mini S&Ps (ESU13 -0.16%) this morning are down -0.15%, although European stocks are up +0.05% after German factory orders and UK industrial production rose more than expected in June. Asian stocks closed mostly lower: Japan +1.00%, Hong Kong -1.34%, China +0.67%, Taiwan -1.23%, Australia -0.11%, Singapore -0.52%, South Korea -0.58%, India -2.34%. Asian stocks failed to garner much support from the RBA's action to cut Australia's benchmark interest rate to a record low. Commodity prices are mixed. Sep crude oil (CLU13 +0.52%) is up +0.32%, Sep gasoline is (RBU13 +0.87%) up +0.60%, Dec gold (GCZ13 -0.80%) is down -0.70%, and Sep copper (HGU13 +0.87%) is up +0.93% at a 1-1/2 week high. Agricultural prices are mixed. The dollar index (DXY00 -0.08%) is down -0.12%. EUR/USD (^EURUSD) is up +0.11% and USD/JPY (^USDJPY) is down -0.16%. September T-note prices (ZNU13 -0.04%) are down -2 ticks.
German Jun factory orders jumped +3.8% m/m the biggest increase in 8-months and stronger than expectations of +1.0% m/m, while Jun factory orders climbed +4.3% y/y, better than expectations of +0.3% y/y and the largest annual gain in 20-months.
UK Jun industrial production rose +1.1% m/m and +1.2% y/y, stronger than expectations of +0.7% m/m and +0.8% y/y, while Jun manufacturing production rose +1.9% m/m and +2.0% y/y, also stronger than expectations of +1.0% m/m and +1.0% y/y.
UK July Halifax house prices rose +0.9% m/m and +4.6% 3-mo/year-over-year, better than expectations of +0.5% m/m and +4.3% 3-mo/year-over-year.
The UK July BRC like-for-like sales monitor rose for the third consecutive month as it climbed +2.2% y/y.
The Japan Jun leading index CI fell to 107.0 from 110.7 in May, weaker than expectations of 107.3, although the Jun coincident index fell to 105.2 from 106.0 in May, slightly little better than expectations of 105.1.
The RBA cut the overnight cash-rate target by -0.25 to a record low 2.5% and RBA Governor Stevens said the RBA board "has previously noted that the inflation outlook could provide some scope to ease policy further."
U.S. STOCK PREVIEW
Today’s June trade deficit report is expected to narrow modestly to -$43.0 billion from -$45.0 billion in May. The Treasury today will sell $32 billion in 3-year T-notes, kicking off this week’s $72 billion Treasury coupon package. The Treasury will sell $24 billion in 10-year T-notes on Wednesday and $16 billion in 30-year T-bonds on Thursday. 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.
There are 29 of the S&P 500 companies that report earnings today. Notable reports include Tenet Healthcare (consensus $0.71), ADM (0.44), Dominion Resources (0.65), Emerson Electric (0.98), ICE (2.14), FirstEnergy (0.54), CVS Caremark (0.96), Sempra Energy (1.28), Walt Disney (1.01), First Solar (0.53), CF Industries (7.61), and Marathon Oil (0.71).
OVERNIGHT U.S. STOCK MOVERS
Regeneron Pharmaceuticals (REGN -0.51%) reported Q2 EPS of $1.73, weaker than consensus of $1.75.
CVS Caremark (CVS -0.36%) reported Q2 EPS of 97 cents, better than consensus of 96 cents.
Archer-Daniels-Midland (ADM +0.77%) reported Q2 EPS of 46 cents, stronger than consensus of 44 cents.
Emerson Electric (EMR -0.34%) reported Q3 EPS of 97 cents, lower than consensus of 98 cents.
IntercontinentalExchange (ICE -1.49%) reported Q2 EPS of $2.19, better than consensus of $2.14.
Chevron (CVX -0.77%) has agreed to pay $1.28 million in fines after pleading no contest to criminal charges stemming from a 2012 fire at the company's Richmond, California refinery last year.
Kindred Healthcare (KND +5.47%) reported Q2 core EPS of 32 cents, weaker than consensus of 33 cents.
Deere (DE -0.72%) was downgraded to "Underperform" from "Market Perform" at William Blair.
Washington Post (WPO +1.56%) rallied over 5% in after-hours trading after Jeff Bezos agreed to purchase the Washington Post newspaper publishing business for $250 million.
SAC Capital reported a 5.1% passive stake in Children's Place (PLCE +0.79%) .
Alleghany (Y +0.12%) reported Q2 EPS of $6.78, well ahead of consensus of $5.36.
Fidelity National (FNF -0.40%) reported Q2 EPS of 68 cents, stronger than consensus of 62 cents.
Hologic (HOLX -0.66%) reported Q3 EPS of 38 cents, higher than consensus of 37 cents, but lowered its guidance on fiscal 2013 EPS to $1.46-$1.47 from $1.54-$1.56 and below consensus of $1.54.
American Eagle Outfitters (AEO -0.40%) slumped over 17% in after-hours trading after it lowered guidance on Q2 EPS to 10 cents, lower than concsensus of 21 cents due to weaker than expected sales and margin results.
Unum Group (UNM -0.58%) reported Q2 adjusted EPS of 82 cents, better than consensus of 80 cents.
MARKET COMMENTS
Sep E-mini S&Ps (ESU13 -0.16%) this morning are down -2.50 points (-0.15%) . The S&P 500 index on Monday closed lower on profit-taking and long liquidation fueled by comments from Dallas Fed President Fisher who said the Fed was closer to ending stimulus. Declines were limited after the July ISM non-manufacturing index climbed +3.8 to 56.0, stronger than expectations of +0.9 to a 17-month high of 53.1 and on continued strong Q2 stock earnings results as 74% of the 391 S&P 500 companies that have reported earnings have beaten estimates. Closes: S&P 500 -0.15%, Dow Jones -0.30%, Nasdaq 100 -0.01%.
Sep 10-year T-notes (ZNU13 -0.04%) this morning are down -2 ticks. Sep 10-year T-note prices on Monday closed lower on bearish factors that included (1) the larger-than-expected increase in the July ISM non-manufacturing index to its fastest pace of expansion in 17 months and (2) supply pressures ahead of the Treasury’s $72 billion auctions of 3-year, 10-year and 30-year securities during this week’s quarterly refunding. Closes: TYU3 -7.50, FVU3 -5.25.
The dollar index (DXY00 -0.08%) this morning is down -0.100 (-0.12%). EUR/USD (^EURUSD) is up +0.0015 (+0.11%) and USD/JPY (^USDJPY) is down -0.16 (-0.16%). The dollar index on Monday settled little changed as the stronger-than-expected July ISM non-manufacturing index offset negative carry-over from Friday’s smaller-than-expected increase in July non-farm payrolls. Closes: Dollar index -0.033 (-0.04%), EUR/USD -0.0011 (-0.08%), USD/JPY -0.613 (-0.62%).
Sep WTI crude oil (CLU13 +0.52%) this morning is up +34 cents a barrel (+0.32%) and Sep gasoline (RBU13 +0.87%) is up +1.78 cents per gallon (+0.60%). Sep crude oil and gasoline prices on Monday settled lower. Bearish factors included (1) the statement by Libya’s oil minister that his country may increase its oil output from 700,000 barrels a day to 800,000 barrels a day by next month, and (2) weakness in gasoline on the prospects for increased gasoline supplies after Valero Energy said it restarted production at its refinery in Port Arthur, TX and after Irving Oil said it may restart production this week at its refinery in New Brunswick, Canada after it was shut down for unplanned work. Closes: CLU3 -0.38 (-0.36%), RBU3 -0.0441 (-1.47%).
GLOBAL EVENT CALENDAR08/06/2013
US0830 ETJun trade balance expected -$43.0 bln, May -$45.0 bln.
1300 ETChicago Fed President Charles Evans speaks to reporters in Chicago.
1300 ETTreasury auctions $32 billion 3-year T-notes.
1630 ETAPI weekly U.S. oil statistics.
JPN0100 ETJapan Jun leading index CI expected 107.3, May 110.7. Jun coincident index expected 105.1, May 106.0.
UK0430 ETUK Jun industrial production expected +0.7% m/m and +0.8% y/y, May unch m/m and -2.3% y/y.
0430 ETUK Jun manufacturing production expected +1.0% m/m and +1.0% y/y, May -0.8% m/m and -2.9% y/y.
GER0600 ETGerman Jun factory orders expected +1.0% m/m and +0.3% y/y, May -1.3% m/m and -2.0% y/y.
U.S. STOCK CALENDAR08/06/2013
Company NameSymbolTimeEvent DescriptionPeriodEPS Est (US$)
Tenet Healthcare CorpTHC USBef-mktQ2 2013 Earnings ReleaseQ2 20130.71
Archer-Daniels-Midland CoADM USBef-mktQ2 2013 Earnings ReleaseQ2 20130.436
Parker Hannifin CorpPH USBef-mktQ4 2013 Earnings ReleaseQ4 20131.964
Health Care REIT IncHCN USBef-mktQ2 2013 Earnings ReleaseQ2 20130.918
Rowan Cos PlcRDC USBef-mktQ2 2013 Earnings ReleaseQ2 20130.553
Zoetis IncZTS USBef-mktQ2 2013 Earnings ReleaseQ2 20130.356
Regeneron Pharmaceuticals IncREGN USBef-mktQ2 2013 Earnings ReleaseQ2 20131.745
Denbury Resources IncDNR USBef-mktQ2 2013 Earnings ReleaseQ2 20130.356
Spectra Energy CorpSE USBef-mktQ2 2013 Earnings ReleaseQ2 20130.32
Dominion Resources Inc/VAD USBef-mktQ2 2013 Earnings ReleaseQ2 20130.648
Emerson Electric CoEMR USBef-mktQ3 2013 Earnings ReleaseQ3 20130.981
IntercontinentalExchange IncICE USBef-mktQ2 2013 Earnings ReleaseQ2 20132.142
Molson Coors Brewing CoTAP USBef-mktQ2 2013 Earnings ReleaseQ2 20131.393
International Flavors & Fragrances IncIFF USBef-mktQ2 2013 Earnings ReleaseQ2 20131.184
FirstEnergy CorpFE USBef-mktQ2 2013 Earnings ReleaseQ2 20130.539
Fossil Group IncFOSL USBef-mktQ2 2013 Earnings ReleaseQ2 20130.931
CVS Caremark CorpCVS USBef-mktQ2 2013 Earnings ReleaseQ2 20130.96
Cognizant Technology Solutions CorpCTSH US6:00Q2 2013 Earnings ReleaseQ2 20130.973
Cognizant Technology Solutions CorpCTSH US8:00Q2 2013 Earnings CallQ2 2013
Harman International Industries IncHAR US8:00Q4 2013 Earnings ReleaseQ4 20130.856
Zoetis IncZTS US8:30Q2 2013 Earnings CallQ2 2013
Regeneron Pharmaceuticals IncREGN US8:30Q2 2013 Earnings CallQ2 2013
IntercontinentalExchange IncICE US8:30Q2 2013 Earnings CallQ2 2013
CVS Caremark CorpCVS US8:30Q2 2013 Earnings CallQ2 2013
Archer-Daniels-Midland CoADM US9:00Q2 2013 Earnings CallQ2 2013
Spectra Energy CorpSE US9:00Q2 2013 Earnings CallQ2 2013
Unum GroupUNM US9:00Q2 2013 Earnings CallQ2 2013
Integrys Energy Group IncTEG US9:00Q2 2013 Earnings CallQ2 2013
Sempra EnergySRE US9:00Q2 2013 Earnings ReleaseQ2 20131.283
Fossil Group IncFOSL US9:00Q2 2013 Earnings CallQ2 2013
Tenet Healthcare CorpTHC US10:00Q2 2013 Earnings CallQ2 2013
Health Care REIT IncHCN US10:00Q2 2013 Earnings CallQ2 2013
Google IncGOOG US10:00US Court of Appeals Hears Arguments on Microsoft vs Google Patent-Infringement
Dominion Resources Inc/VAD US10:00Q2 2013 Earnings CallQ2 2013
Vornado Realty TrustVNO US10:00Q2 2013 Earnings CallQ2 2013
Microsoft CorpMSFT US10:00US Court of Appeals Hears Arguments on Microsoft vs Google Patent-Infringement
International Flavors & Fragrances IncIFF US10:00Q2 2013 Earnings CallQ2 2013
Airgas IncARG US11:00Annual General Meeting
Parker Hannifin CorpPH US11:00Q4 2013 Earnings CallQ4 2013
Rowan Cos PlcRDC US11:00Q2 2013 Earnings CallQ2 2013
Denbury Resources IncDNR US11:00Q2 2013 Earnings CallQ2 2013
Molson Coors Brewing CoTAP US11:00Q2 2013 Earnings CallQ2 2013
Harman International Industries IncHAR US11:00Q4 2013 Earnings CallQ4 2013
Macerich Co/TheMAC US12:00Q2 2013 Earnings CallQ2 2013
Sempra EnergySRE US13:00Q2 2013 Earnings CallQ2 2013
FirstEnergy CorpFE US13:00Q2 2013 Earnings CallQ2 2013
Emerson Electric CoEMR US14:00Q3 2013 Earnings CallQ3 2013
Molson Coors Brewing CoTAP US14:00Q2 2013 Earnings Call - Follow-up SessionC2 2013
Twenty-First Century Fox IncFOXA US16:00Q4 2013 Earnings ReleaseQ4 20130.346
Computer Sciences CorpCSC US16:15Q1 2014 Earnings ReleaseQ1 20140.672
Walt Disney Co/TheDIS US16:15Q3 2013 Earnings ReleaseQ3 20131.012
CH Robinson Worldwide IncCHRW US16:15Q2 2013 Earnings ReleaseQ2 20130.736
Twenty-First Century Fox IncFOXA US16:30Q4 2013 Earnings CallQ4 2013
First Solar IncFSLR US16:30Q2 2013 Earnings CallQ2 2013
DaVita HealthCare Partners IncDVA US17:00Q2 2013 Earnings CallQ2 2013
Computer Sciences CorpCSC US17:00Q1 2014 Earnings CallQ1 2014
Walt Disney Co/TheDIS US17:00Q3 2013 Earnings CallQ3 2013
CH Robinson Worldwide IncCHRW US18:00Q2 2013 Earnings CallQ2 2013
DaVita HealthCare Partners IncDVA USAft-mktQ2 2013 Earnings ReleaseQ2 20131.842
First Solar IncFSLR USAft-mktQ2 2013 Earnings ReleaseQ2 20130.532
EOG Resources IncEOG USAft-mktQ2 2013 Earnings ReleaseQ2 20131.727
CF Industries Holdings IncCF USAft-mktQ2 2013 Earnings ReleaseQ2 20137.611
Marathon Oil CorpMRO USAft-mktQ2 2013 Earnings ReleaseQ2 20130.706
TECO Energy IncTE USRoadshow - New YorkY 2013
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