Showing posts with label CBST. Show all posts
Showing posts with label CBST. Show all posts

Monday, June 23, 2014

BARCHART MORNING CALL 6/23

BARCART MORNING CALL

OVERNIGHT MARKETS AND NEWS
September E-mini S&Ps (ESU14 +0.05%) this morning are unchanged and European stocks are down % after a composite gauge of European manufacturing and services activity slowed to its slowest pace in 6 months. Another negative for stocks was heightened geopolitical risk as the fighting in Iraq intensified after the al-Queda breakaway group ISIL seized all of Iraq's border crossings with Jordan and Syria. The advances made by ISIL have edged Iraq closer to sectarian strife and an all-out civil war. Losses in stocks were muted after a gauge of Chinese manufacturing activity expanded at the fastest pace in 7 months. Asian stocks closed mixed: Japan +0.13%, Hong Kong -1.68%), China -0.12%, Taiwan -0.49%, Australia +0.62%, Singapore -0.04%, South Korea +0.57%, India -0.30%. Commodity prices are mixed. Aug crude oil (CLQ14 +0.14%) is up +0.12%. Aug gasoline (RBQ14 +0.18%) is up +0.17%. Aug gold (GCQ14 -0.32%) is down -0.39%. July copper (HGN14 +0.74%) is up +0.78% at a 2-1/2 week high on signs of increased Chinese demand after manufacturing growth expanded in China. Agriculture prices are higher on crop concerns after heavy rains inundated the Midwest over the weekend. The dollar index (DXY00 -0.06%) is unchanged. EUR/USD (^EURUSD) is down -0.11% after ECB President Draghi signaled Eurozone interest rates may remain low for another 2-1/2 years. USD/JPY (^USDJPY) is up +0.06%. Sep T-note prices (ZNU14 +0.14%) are up +4 ticks.
The Jun China HSBC flash manufacturing PMI rose +1.4 to 50.8, stronger than expectations of +0.3 to 49.7 and the fastest rate of expansion in 7 months.
The Japan Jun Markit/JMMA manufacturing PMI rose +1.2 to 51.1, better than expectations of +0.2 to 50.1 and the highest in 3 months.
The German Jun Markit/BME manufacturing PMI rose +0.1 to 52.4, less than expectations of +0.2 to 52.5. The Jun Markit services PMI fell -1.2 to 54.8, a bigger decline than expectations of -0.2 to 55.8.
The Eurozone Jun Markit composite PMI fell -0.7 to 52.8, a bigger decline than expectations of -0.1 to 53.4 and the slowest rate of expansion in 6 months.
In an interview with Dutch newspaper De Telegraaf, ECB President Draghi signaled that interest rates will probably remain low for at least another 2-1/2 years when he said "We have prolonged banks' access to unlimited liquidity up to the end of 2016. That is a signal." The recovery "is still weak and unevenly distributed across the Eurozone" and that broad-based asset purchases will be "the answer" if the inflation outlook weakens further.
U.S. STOCK PREVIEW
Today’s May existing home sales report is expected to show a +1.9% increase to 4.74 million, adding to the +1.3% increase to 4.65 million seen in April. There are two of the Russell 1000 companies that report earnings today: Micron Technology (consensus $0.72), Hertz (0.08). Equity conferences this week include: Smart Grid World Conference 2014 on Tue, Global Hunter Securities LLC Energy Conference on Tue-Wed, Oppenheimer Consumer Conference on Tue-Wed, Mobile Pharma Biztech 2014 on Wed-Thu.








OVERNIGHT U.S. STOCK MOVERS
Barclays (BCS -1.05%) was upgraded to 'Buy' from 'Hold' at Canaccord.
Wisconsin Energy (WEC +0.02%) will acquire Integrys Energy (TEG +0.25%) for $9.1 billion.
NVIDIA (NVDA -1.10%) was downgraded to 'Underperform' from 'Sector Perform' at Pacific Crest.
Burlington Stores (BURL +1.12%) were upgraded to 'Buy' from 'Neutral' at Goldman Sachs.
Owens Corning (OC -6.03%) was downgraded to 'Neutral' from 'Buy' at Longbow.
Helmerich & Payne (HP +0.44%) was downgraded to 'Market Perform' from 'Outperform' at FBR Capital.
Express (EXPR -0.54%) was upgraded to 'Buy' from 'Neutral' at Janney Capital.
Teradata (TDC -0.93%) was downgraded to 'Market Perform' from 'Outperform' at JMP Securities.
Ashland (ASH +0.32%) was upgraded to 'Buy' from 'Hold' at KeyBanc.
DISH (DISH +2.47%) was upgraded to 'Buy' from 'Neutral' at Citigroup.
AMD (AMD -5.96%) was downgraded to 'Underperform' from 'Sector Perform' at Pacific Crest.
Nordstrom (JWN -0.39%) was downgraded to 'Neutral' from 'Buy' at Goldman Sachs.
SunPower (SPWR +1.10%) was downgraded to 'Hold' from 'Buy' at Brean Capital.
Cubist Pharmaceuticals (CBST +5.38%) announced the U.S. FDA approved its SIVEXTRO drug for the treatment of adult acute bacterial skin and skin structure infections.
MARKET COMMENTS
Sep E-mini S&Ps (ESU14 +0.05%) this morning are unch. The S&P 500 index on Friday rose to yet another record high and closed higher. Bullish factors for stocks included (1) technical buying after the S&P 500 posted record highs for three straight sessions, (2) a rally in health-care stocks and drug makers on increased M&A activity after Shire turned down AbbVie’s offer to buy the company for 27.3 billion pounds ($47 billion), and (3) a rally in gold producers after gold prices climbed to a 2-1/4 month high. Closes: S&P 500 +0.17%, Dow Jones +0.15%, Nasdaq +0.05%.
Sep 10-year T-notes (ZNU14 +0.14%) this morning are up +4 ticks. Sep 10-year T-note futures prices on Friday closed lower. Bearish factors included (1) reduced safe-haven demand for Treasuries as the S&P 500 posted a new all-time high, and (2) inflation concerns after the Treasury 5-year break-even rate, which measures the difference between yields on benchmark 5-year T-notes and similar maturity TIPS, rose to 209 bp, the highest in 13 months. Closes: TYU4 -2.50, FVU4 -1.75.
The dollar index (DXY00 -0.06%) this morning is unch. EUR/USD (^EURUSD) is down -0.0015 (-0.11%). USD/JPY (^USDJPY) is down -0.22 (-0.22%). The dollar index on Friday closed higher. Weakness in EUR/USD helped push the dollar higher after (1) Eurozone Jun consumer confidence unexpectedly fell -0.3 to -7.4, weaker than expectations of -6.5, and (2) the German May PPI that unexpectedly fell -0.2% m/m, weaker than expectations of unch m/m and the fourth decline in the last 5 months, which may push the ECB into its own quantitative easing program. Closes: Dollar Index +0.055 (+0.07%), EUR/USD -0.0009 (-0.07%), USD/JPY +0.122 (+0.12%).
Aug WTI crude oil (CLQ14 +0.14%) this morning is up +13 cents (+0.12%). Aug gasoline (RBQ14 +0.18%) is up +0.0052 (+0.17%). Aug crude and gasoline prices on Friday closed higher. Bullish factors included (1) a rally in the S&P 500 to a new record high, which boosts confidence in the economic outlook and energy demand, and (2) heightened geopolitical risks with NATO’s condemnation of Russia’s increased troop presence along Ukraine’s border and with the escalation of violence in Iraq that may lead to a disruption in supplies of OPEC’s second-largest producer. Closes: CLQ4 +0.78 (+0.74%) RBQ4 +0.0034 (+0.11%).
GLOBAL EVENT CALENDAR06/23/2014
US0830 ETMay Chicago Fed activity index expected +0.52 to 0.20, Apr -0.32.
0945 ETPreliminary Jun Markit manufacturing PMI expected -0.4 to 56.0, May +1.0 to 56.4.
1000 ETMay existing home sales expected +1.9% to 4.74 million, Apr +1.3% to 4.65 million.
1100 ETUSDA weekly grain export inspections.
1500 ETUSDA May Cold Storage.
1600 ETUSDA weekly crop progress.
EUR0300 ETECB Vice President Vitor Constancio speaks at the ESCBs Macro-prudential Research Network conference.
0400 ETEurozone Jun Markit composite PMI expected -0.1 to 53.4, May 53.5.
0800 ETECB Governing Council member Yves Mersch speaks at the European Financial Congress on Is Growth of Competitiveness of the European Economy Possible Without Ensuring Financial Safety?
GER0330 ETGerman Jun Markit/BME manufacturing PMI expected +0.2 to 52.5, May 52.3. Jun Markit services PMI expected -0.2 to 55.8, May 56.0.
UKn/aUK Jun nationwide house prices expected +0.5% m/m and +11.2% y/y, May +0.7% m/m and +11.1% y/y.
U.S. STOCK CALENDAR06/23/2014
Company NameTickerTimeEvent DescriptionPeriodEstimate
Applied Materials IncAMAT US13:00Extraordinary Shareholders MeetingY 2014
CarMax IncKMX US13:00Annual General MeetingY 2014
Micron Technology IncMU US16:30Q3 2014 Earnings CallQ3 2014
Micron Technology IncMU USAft-mktQ3 2014 Earnings ReleaseQ3 20140.723
Kennametal IncKMT USFinancial Community Meeting - Day 1Y 2014
Questar CorpSTR USRoadshow - Day 1Y 2014
Weyerhaeuser CoWY USAnnual General MeetingY 2014
Hertz Global Holdings IncHTZ USQ1 2014 Earnings ReleaseQ1 20140.078
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Tuesday, June 3, 2014

BARCHART MORNING CALL /

OVERNIGHT MARKETS AND NEWS
June E-mini S&Ps (ESM14 -0.26%) this morning are down -0.13% as the market consolidates gains from Monday's rally to a record high, and European stocks are down -0.16% after a slower-than-expected increase in Eurozone CPI points to sluggish economic growth in the Eurozone. Asian stocks closed mixed: Japan +0.66%, Hong Kong +0.91%, China -0.30%, Taiwan +0.52%, Australia -0.70%, Singapore -0.17%, South Korea +0.31%, India +0.70%. Japan's Nikkei Stock Index climbed to a 4-week high on speculation that Japan's Government Pension Investment Fund (GPIF), the country's biggest, will diversify more of its assets into Japanese stocks and foreign investments from government bonds. Commodity prices are mixed. July crude oil (CLN14 -0.12%) is down -0.06%. July gasoline (RBN14 -0.25%) is down -0.24%. Aug gold (GCQ14 +0.25%) is up +0.14%. July copper (HGN14 -1.25%) is down -1.21%. Agriculture and livestock prices are mixed. The dollar index (DXY00 -0.12%) is down -0.04%. EUR/USD (^EURUSD) is up +0.09%. USD/JPY (^USDJPY) is up +0.06%. Sep T-note prices (ZNU14 -0.19%) are down -9 ticks at a 2-week low.
The Eurozone May CPI estimate rose +0.5% y/y, less than expectations of +0.6% y/y and the slowest pace of increase in 4-1/2 years. The May CPI core rose +0.7% y/y, also less than expectations of +0.8% y/y and matched the slowest pace of increase since Eurozone data began in 1991.
The Eurozone Apr unemployment rate unexpectedly fell -0.1 to 11.7%, better than expectations of no change at 11.8% and the lowest in 17 months.
UK May nationwide house prices rose +0.7% m/m and +11.1% y/y, more than expectations of +0/6% m/m and +10.9% y/y, with the +11.1% y/y increase the biggest annual gain in nearly 7 years.
The UK May Markit/CIPS construction PMI unexpectedly fell -0.8 to a 7-month low of 60.0, weaker than expectations of +0.2 to 61.0.
Japan Apr labor cash earnings rose +0.9% y/y, over double expectations of +0.4% y/y and the most in 2 years.
The China May non-manufacturing PMI rose +0.7 to 55.5, the fastest pace of expansion in 6 months.
U.S. STOCK PREVIEW
Today’s April factory orders report is expected to show an increase of +0.5%, adding to the +0.9% increase seen in March. Today’s May total vehicle sales report is expected to edge higher to 16.10 million from 15.98 million in April. There are 2 of the Russell 1000 companies that report earnings today: Dollar General (consensus $0.73), Ascena Retail Group (0.19).
Equity conferences this week include: Goldman Sachs Lodging, Gaming, Restaurant & Leisure Conference on Mon-Tue, American Society of Clinical Oncology (ASCO) Meeting on Mon-Tue, Eurelectric Conference 2014 on Mon-Tue, Jefferies Global Health Care Conference on Mon-Thu, National Association of Real Estate Investment Trusts REITWeek Investor Forum on Tue-Thu, Bank of America Merrill Lynch Global Telecom & Media Conference on Tue, Barclays Power & Utility Credit Conference on Tue, Wells Fargo Insurance Forum on Tue, Stifel Consumer Conference on Tue, Barclays Power & Utility Credit Conference on Tue, RBC Global Energy and Power Conference on Tue, Bank of America Merrill Lynch Global Technology Conference on Tue-Wed, Stephens Spring Conference on Tue-Wed, Bank of America Merrill Lynch Energy and Power Leveraged Finance Conference on Tue-Wed, Goldman Sachs Dotcommerce Conference on Wed, KBW Asset Management Conference on Wed, Sandler O'Neill Global Exchange & Brokerage Conference on Wed,
Deutsche Bank Global Industrials and Basic Materials Conference on Wed-Thu, Credit Suisse Engineering & Construction Conference on Thu, UBS Aerospace & Defense Conference on Thu.





OVERNIGHT U.S. STOCK MOVERS
Dollar General (DG +0.97%) reported Q1 EPS of 72 cwnts, below consensus of 73 cents.
Clovis (CLVS -6.76%) was downgraded to 'Neutral' from 'Buy' at Citigroup.
Broadcom (BRCM +9.32%) was downgraded to 'Hold' from 'Buy' at Stifel.
Lam Research (LRCX +0.44%) was initiated with a 'Buy' at Jefferies with a price target of $75.
Merion Investment reported a 9.0% passive stake in Zale (ZLC unch) .
Lockheed Martin (LMT +0.28%) was awarded a $914.7 million government contract for engineering, manufacturing and development, production and deployment for the Space Fence program.
Steadfast Capital reported a 5.2% passive stake in Tesoro (TSO -0.21%) .
Applied Materials (AMAT +1.63%) was initiated with a 'Buy' at Jefferies with a price target of $28.
Kroger (KR -0.48%) was initiated with an 'Outperform' at Oppenheimer with a price target of $55.
Quiksilver (ZQK -2.53%) plunged over 30% in after-hours trading after it reported a Q2 adjusted EPS loss of -15 cents, a much wider loss than consensus of -2 cents.
MARKET COMMENTS
June E-mini S&Ps (ESM14 -0.26%) this morning are down -2.50 points (-0.13%). The S&P 500 index on Monday rose to a new record high and closed higher. Bullish factors include (1) reduced Chinese economic concerns after the China May manufacturing PMI rose +0.4 to 50.8, better than expectations of +0.3 to 50.7 and the fastest pace of expansion in 5 months, and (2) the +0.5 point increase in the May ISM manufacturing index to a 5-month high of 55.4. Closes: S&P 500 +0.07%, Dow Jones +0.16%, Nasdaq -0.10%.
Sep 10-year T-notes (ZNU14 -0.19%) this morning are down -9 ticks at a 2-week low. Sep 10-year T-note futures prices on Monday closed lower. Bearish factors included (1) reduced safe-haven demand for Treasuries after the S&P 500 rallied to another record high, and (2) the increase in the May ISM manufacturing index to its fastest pace in 5 months. Closes: TYU4 -20.00, FVU4 -11.75.
The dollar index (DXY00 -0.12%) this morning is down -0.032 (-0.04%). EUR/USD (^EURUSD) is +0.0012 (+0.09%). USD/JPY (^USDJPY) is up +0.06 (+0.06%). The dollar index on Monday rose to a 3-1/2 month high and closed higher. Supportive factors included (1) weakness in EUR/USD after German May CPI rose a less than expected +0.6% y/y, the slowest pace of increase in 4-1/2 years, which may prompt the ECB to expand stimulus measures when it meets Thursday, and (2) weakness in the yen after USD/JPY rallied up to a 1-month high after Nomura Holdings forecast that Japan’s pension funds may diversify their assets and purchase as much as $200 billion in foreign assets, which may weaken the yen by about 10% against the dollar. Closes: Dollar Index +0.275 (+0.34%), EUR/USD -0.0034 (-0.25%), USD/JPY +0.652 (+0.64%).
July WTI crude oil (CLN14 -0.12%) this morning is down -6 cents (-0.06%). July gasoline (RBN14 -0.25%) is down -0.0071 (-0.24%). July crude and gasoline prices on Monday slipped to 1-1/2 week lows and closed lower. Bearish factors included (1) the surge in the dollar index to a 3-1/2 month high, and (2) increased OPEC output after Bloomberg data showed OPEC May oil production rose +75,000 bpd to 29.988 million bpd. Closes: CLN4 -0.32 (-0.31%) RBN4 -0.0162 (-0.55%).
GLOBAL EVENT CALENDAR06/03/2014
US1000 ETApr factory orders expected +0.5%, Mar +0.9%.
1350 ETKansas City Fed President Esther George speaks about the U.S. economy and monetary policy to business and community leaders at an event in Breckenridge, CO.
n/a
UK0200 ETUK May nationwide house prices, expected +0.6% m/m and +10.9% y/y, Apr +1.2% m/m and +10.9% y/y.
0430 ETUK May Markit/CIPS construction PMI, Apr 60.8.
1901 ETUK May BRC shop price index expected -1.3% y/y, Apr -1.4% y/y.
EUR0500 ETEurozone May CPI estimate expected +0.6% y/y, Apr +0.7% y/y. May core CPI expected +0.8% y/y, Apr +1.0% y/y.
0500 ETEurozone Apr unemployment rate expected unch at 11.8%.
U.S. STOCK CALENDAR06/03/2014
Company NameTickerTimeEvent DescriptionPeriodEstimate
Dollar General CorpDG USBef-mktQ1 2015 Earnings ReleaseQ1 20150.732
SEI Investments CoSEIC US8:30Investor MeetingY 2014
Cubist Pharmaceuticals IncCBST US8:30Annual General MeetingY 2014
MasterCard IncMA US8:30Annual General MeetingY 2014
Ford Motor CoF US9:30May 2014 Sales and Revenue Release2014
Ford Motor CoF US10:00May 2014 Sales and Revenue Call2014
Dollar General CorpDG US10:00Q1 2015 Earnings CallQ1 2015
Nabors Industries LtdNBR USAnnual General Meeting
Cognizant Technology Solutions CorpCTSH USAnnual General Meeting
IPG Photonics CorpIPGP USAnnual General MeetingY 2014
Fresh Market Inc/TheTFM USAnnual General Meeting
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Wednesday, July 31, 2013

Barchart Morning Call 7/31

Barchart Morning Call

BC - 47 mins ago
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OVERNIGHT MARKETS AND NEWS
September E-mini S&Ps (ESU13 unch) this morning are up +0.07% as the market awaits U.S. data on Q2 GDP and the FOMC policy statement later today. European stocks are up +0.04% and received a boost after German unemployment unexpectedly dropped last month, a sign of economic strength. Asian stocks closed mixed: Japan -1.45%, Hong Kong -0.32%, China +0.17%, Taiwan -0.68%, Australia +0.09%, Singapore -0.72%, South Korea -0.32%, India -0.01%. Chinese stocks eked out a gain after China's ruling Politburo pledged to stabilize growth while pressing on with economic reforms. Commodity prices are mixed. Sep crude oil (CLU13 +0.19%) is up +0.19%. Sep gasoline (RBU13 -1.12%) is down -1.01%, Aug gold (GCQ13 +0.35%) is up +0.60%, and Sep copper (HGU13 +0.94%) is up +0.92%. Agricultural prices are mixed. The dollar index (DXY00 +0.02%) is little change, up +0.03%. EUR/USD (^EURUSD) is down -0.08% and USD/JPY (^USDJPY) is down -0.40% at a 1-month low. September T-note prices (ZNU13 -0.09%) are down -1 tick.
The Eurozone July CPI estimate climbed +1.6% y/y, right on expectations, while the July core CPI rose at a +1.1% y/y pace, slower than expectations of +1.2% y/y.
German July unemployment unexpectedly fell -7,000, when expectations were for no change, while the July unemployment rate remained unchanged at 6.8%, right on expectations.
German Jun retail sales unexpectedly fell -1.5% m/m and -2.8% y/y, weaker than expectations of +0.2% m/m and +0.5% y/y, the biggest decline in 6 months.
The Japan July Markit/JMMA manufacturing PMI fell -1.6 from Jun to 50.7, its slowest pace of expansion in 4 months.
Japan Jun labor cash earnings rose +0.1% y/y, weaker than expectations of +0.2% y/y, while May was revised lower to a decline of -0.1% y/y from the originally reported unch y/y.
Japan Jun housing starts rose +15.3% y/y to 976,000, slightly weaker than expectations of +16.0% y/y to 982,000.
The Xinhua News Agency reported that China's Politburo said it will maintain steady second-half expansion amid "extremely complicated domestic and international conditions" and that China will keep a prudent monetary policy and a proactive fiscal stance.
U.S. STOCK PREVIEW
Today’s July ADP employment report is expected to show an increase of +180,000, which would be mildly below the +188,000 increase seen in June. Today’s Q2 GDP report is expected to decelerate to +1.0% (q/q annualized) from +1.8% in Q1. Today’s July Chicago purchasing managers index is expected to show a +2.4 point increase to 54.0, recovering somewhat after the -7.1 point plunge to 51.6 seen in July. The FOMC today concludes its 2-day policy meeting. The last conference of the week is today's Keefe, Bruyette & Woods Community Bank Investor Conference.
There are 33 of the S&P 500 companies that report earnings today. Notable reports today include PG&E (consensus $0.73), Exelon (0.54), Humana (2.47), Comcast (0.63), Hess (1.40), Southern Company (0.68), Mastercard (6.29), Phillips 66 (1.81), Williams Companies (0.14), Allstate (0.98), CBS (0.72), Marriott (0.57), Murphy Oil Company (1.54), Whole Foods (0.37), Lincoln National (1.15), MetLife (1.33).

OVERNIGHT U.S. STOCK MOVERS
American Tower (AMT +0.35%) reported Q2 EPS of 92 cents, better than consensus of 91 cents.
ADT Corp. (ADT +2.26%) reported Q3 EPS of 53 cents, stronger than consensus of 43 cents.
Comcast (CMCSA -1.59%) reported Q2 EPS of 65 cents, better than expectations of 63 cents.
Humana (HUM -1.52%) reported Q2 EPS of $2.63, well ahead of consensus of $2.47.
PolyOne (POL +2.12%) reported Q2 adjusted EPS of 37 cents, better than consensus of 35 cents.
Genworth (GNW +0.60%) reported Q2 adjusted EPS of 27 cents, lower than consensus of 29 cents.
Cubist (CBST +1.86%) said it will acquire Optimer (OPTR -1.12%) for $10.75 per share in cash or $535 million on a fully diluted basis, and Cubist said it will also acquire Trius Therapeutics (TSRX +2.27%) for $13.50 per share in cash or $707 million on a fully diluted basis.
CBOE Holdings (CBOE +0.53%) raised its quarterly dividend to 18 cents per share from 15 cents per share.
Chicago Bridge & Iron (CBI +0.42%) reported Q2 EPS with items 98 cents, below consensus of $1.03.
Buffalo Wild Wings (BWLD -0.71%) reported Q2 EPS of 88 cents, stronger than consensus of 79 cents.
Aflac (AFL -0.26%) reported Q2 adjusted EPS of $1.62, well ahead of consensus of $1.51, and said it intends to repurchase $600 million of its own stock for 2013.
Hanesbrands (HBI -0.55%) reported Q2 EPS of $1.19, stronger than consensus of 94 cents, and raised its 2013 EPS outlook to $3.50-$3.65 from $3.25-$3.40.
Amgen (AMGN +1.67%) reported Q2 EPS of $1.89, well ahead of consensus of $1.74, and said it sees fiscal 2013 EPS at the upper end of $7.30-$7.45, better than consensus of $7.29.
Fiserv (FISV +0.12%) reported Q2 adjusted EPS of $1.50, better than consensus of $1.44.
Symantec (SYMC +1.16%) rose nearly 4% in pre-market trading after it reported Q1 EPS of 44 cents, stronger than consensus of 36 cents.








MARKET COMMENTS
Sep E-mini S&Ps (ESU13 unch) this morning are up +1.25 points (+0.07%) . The S&P 500 index on Tuesday closed slightly higher. Gains were limited by concern that Wednesday’s FOMC statement may be on the hawkish side and by the -1.8 point decline to 80.3 in the U.S. July consumer confidence index, which was weaker than expectations of -0.1 to 81.3. Stocks gained support from positive Q2 stock earnings results as 73% of the 302 S&P 500 companies that have reported earnings results so far have beaten expectations. Closes: S&P 500 +0.04%, Dow Jones -0.01%, Nasdaq 100 +0.53%.
Sep 10-year T-notes (ZNU13 -0.09%) this morning are down -1 tick. Sep 10-year T-note prices on Tuesday closed lower as the market awaited Wednesday’s FOMC statement. T-notes found support from the weaker-than-expected U.S. July consumer confidence index. Closes: TYU3 -3.5, FVU3 -2.25.
The dollar index (DXY00 +0.02%) this morning is up +0.026 (+0.03%). EUR/USD (^EURUSD) is down -0.0011 (-0.08%) and USD/JPY (^USDJPY) is down -0.39 (-0.40%) at a 1-month low. The dollar index on Tuesday closed higher. USD/JPY was boosted by a weaker yen on the -3.3% m/m decline in Japanese Jun industrial production, which was the biggest monthly decline in 2-1/4 years. EUR/USD climbed to a 5-week high after Eurozone July economic confidence rose +1.2 to 92.5, a 1-1/4 year high. Dollar strength was curbed by the decline in U.S. July consumer confidence. Closes: Dollar index +0.166 (+0.20%), EUR/USD +0.0002 (+0.01%), USD/JPY +0.075 (+0.07%).
Sep WTI crude oil (CLU13 +0.19%) this morning is up +20 cents (+0.19%) and Sep gasoline (RBU13 -1.12%) is down -0.0300 (-1.01%). Sep crude oil and gasoline prices on Tuesday closed lower with Sep crude falling to a 3-week low. A stronger dollar and weaker-than-expected U.S. July consumer confidence undercut energy prices, along with concern that Wednesday’s data on U.S. Q2 GDP will show a slowdown in economic growth. Closes: CLU3 -1.47 (-1.41%), RBU3 -0.0030 (-0.10%).
GLOBAL EVENT CALENDAR07/31/2013
US0700 ETWeekly MBA mortgage applications, previous -1.2% with purchase sub-index -2.1% and refi sub-index -0.7%.
0815 ETJuly ADP employment change expected +180,000, Jun +188,000.
0830 ETQ2 employment cost index expected +0.4%, Q1 +0.3%.
0830 ETQ2 GDP expected +1.0% (q/q annualized), Q1 +1.8%. Q2 personal consumption expected +1.6%, Q1 +2.6%. Q2 GDP price index expected +1.0%, Q1 +1.2%. Q2 core PCE expected +1.1%, Q1 +1.3%. Annual GDP revisions.
0900 ETTreasury releases its quarterly refunding statement outlining its funding needs for the next two quarters and announces amounts of 3-year T-notes (previous $32 billion), 10-year T-notes (previous $21 billion), and 30-year T-bonds (previous $13 billion) to be auctioned Aug 6-8 in the quarterly refunding.
0900 ETJuly Milwaukee ISM manufacturing index expected 52.0, June 51.6.
0945 ETJuly Chicago purchasing managers index expected +2.4 to 54.0, Jun -7.1 to 51.6.
1030 ETEIA Weekly Petroleum Status Report.
1400 ETFOMC interest rate decision.
JPN0100 ETJapan Jun housing starts expected 982,000 (+16.0% y/y), May 1.027 million (+14.5% y/y).
0100 ETJapan Jun construction orders, May +26.0% y/y.
GER0200 ETGerman Jun retail sales expected +0.2% m/m and +0.5% y/y, May +0.7% m/m and +0.4% y/y.
0355 ETGerman July unemployment change expected unchanged, Jun -12,000. July unemployment rate expected 6.8%, Jun 6.8%.
EUR0500 ETEurozone July CPI expected +1.6% y/y, Jun +1.6% y/y. July core CPI, Jun +1.2% y/y.
0500 ETEurozone Jun unemployment rate expected 12.2%, May 12.2%.
CHI2100 ETChina July manufacturing PMI expected -0.3 to 49.8, Jun -0.7 to 50.1.
2145 ETChina final-July HSBC manufacturing PMI expected unrevised from early-July flash of 47.7 (-0.5 from 48.2 in June).
U.S. STOCK CALENDAR07/31/2013
Company NameSymbolTimeEvent DescriptionPeriodEPS Est (US$)
PG&E CorpPCG USBef-mktQ2 2013 Earnings ReleaseQ2 20130.73
Hospira IncHSP USBef-mktQ2 2013 Earnings ReleaseQ2 20130.511
Exelon CorpEXC USBef-mktQ2 2013 Earnings ReleaseQ2 20130.544
Hudson City Bancorp IncHCBK USBef-mktQ2 2013 Earnings ReleaseQ2 20130.101
Wisconsin Energy CorpWEC USBef-mktQ2 2013 Earnings ReleaseQ2 20130.466
Delphi Automotive PLCDLPH USBef-mktQ2 2013 Earnings ReleaseQ2 20131.137
ADT Corp/TheADT US6:00Q3 2013 Earnings ReleaseQ3 20130.434
Humana IncHUM US6:00Q2 2013 Earnings ReleaseQ2 20132.469
NiSource IncNI US6:30Q2 2013 Earnings ReleaseQ2 20130.23
Multiple CompaniesOMC US7:00Business Update Call
American Tower CorpAMT US7:00Q2 2013 Earnings ReleaseQ2 20130.905
Comcast CorpCMCSA US7:00Q2 2013 Earnings ReleaseQ2 20130.63
Garmin LtdGRMN US7:00Q2 2013 Earnings ReleaseQ2 20130.651
Hess CorpHES US7:30Q2 2013 Earnings ReleaseQ2 20131.402
Southern Co/TheSO US7:30Q2 2013 Earnings ReleaseQ2 20130.679
Invesco LtdIVZ US7:30Q2 2013 Earnings ReleaseQ2 20130.514
AGL Resources IncGAS US8:00Q2 2013 Earnings ReleaseQ2 20130.266
Mastercard IncMA US8:00Q2 2013 Earnings ReleaseQ2 20136.291
Genworth Financial IncGNW US8:00Q2 2013 Earnings CallQ2 2013
Phillips 66PSX US8:00Q2 2013 Earnings ReleaseQ2 20131.811
ADT Corp/TheADT US8:30Q3 2013 Earnings CallQ3 2013
American Tower CorpAMT US8:30Q2 2013 Earnings CallQ2 2013
Comcast CorpCMCSA US8:30Q2 2013 Earnings CallQ2 2013
Aflac IncAFL US9:00Q2 2013 Earnings CallQ2 2013
Allergan Inc/United StatesAGN US9:00Q2 2013 Earnings ReleaseQ2 20131.197
NiSource IncNI US9:00Q2 2013 Earnings CallQ2 2013
Hospira IncHSP US9:00Q2 2013 Earnings CallQ2 2013
AGL Resources IncGAS US9:00Q2 2013 Earnings CallQ2 2013
Invesco LtdIVZ US9:00Q2 2013 Earnings CallQ2 2013
Mastercard IncMA US9:00Q2 2013 Earnings CallQ2 2013
Humana IncHUM US9:00Q2 2013 Earnings CallQ2 2013
Equity ResidentialEQR US10:00Q2 2013 Earnings CallQ2 2013
Hess CorpHES US10:00Q2 2013 Earnings CallQ2 2013
CA IncCA US10:00Annual General MeetingY 2013
Boston Properties IncBXP US10:00Q2 2013 Earnings CallQ2 2013
Kimco Realty CorpKIM US10:00Q2 2013 Earnings CallQ2 2013
Delphi Automotive PLCDLPH US10:00Q2 2013 Earnings CallQ2 2013
Garmin LtdGRMN US10:30Q2 2013 Earnings CallQ2 2013
Allergan Inc/United StatesAGN US11:00Q2 2013 Earnings CallQ2 2013
ONEOK IncOKE US11:00Q2 2013 Earnings CallQ2 2013
PG&E CorpPCG US11:00Q2 2013 Earnings CallQ2 2013
Exelon CorpEXC US11:00Q2 2013 Earnings CallQ2 2013
Phillips 66PSX US11:00Q2 2013 Earnings CallQ2 2013
Southern Co/TheSO US13:00Q2 2013 Earnings CallQ2 2013
Wisconsin Energy CorpWEC US14:00Q2 2013 Earnings CallQ2 2013
Williams Cos Inc/TheWMB US16:01Q2 2013 Earnings ReleaseQ2 20130.143
QEP Resources IncQEP US16:05Q2 2013 Earnings ReleaseQ2 20130.352
Allstate Corp/TheALL US16:05Q2 2013 Earnings ReleaseQ2 20130.982
CBS CorpCBS US16:15Q2 2013 Earnings ReleaseQ2 20130.72
CBS CorpCBS US16:30Q2 2013 Earnings CallQ2 2013
Lam Research CorpLRCX US17:00Q4 2013 Earnings CallQ4 2013
Microchip Technology IncMCHP US17:00Q1 2014 Earnings CallQ1 2014
Marriott International Inc/DEMAR US17:00Q2 2013 Earnings ReleaseQ2 20130.569
Electronic Arts IncEA US17:00Annual General MeetingY 2013
Whole Foods Market IncWFM US17:00Q3 2013 Earnings CallQ3 2013
Lam Research CorpLRCX USAft-mktQ4 2013 Earnings ReleaseQ4 20130.713
Murphy Oil CorpMUR USAft-mktQ2 2013 Earnings ReleaseQ2 20131.535
Pioneer Natural Resources CoPXD USAft-mktQ2 2013 Earnings ReleaseQ2 20131.111
Microchip Technology IncMCHP USAft-mktQ1 2014 Earnings ReleaseQ1 20140.538
Whole Foods Market IncWFM USAft-mktQ3 2013 Earnings ReleaseQ3 20130.37
Lincoln National CorpLNC USAft-mktQ2 2013 Earnings ReleaseQ2 20131.148
MetLife IncMET USAft-mktQ2 2013 Earnings ReleaseQ2 20131.329
McKesson CorpMCK USAnnual General Meeting
Equifax IncEFX USInvestor MeetingY 2013
BMC Software IncBMC USQ1 2014 Earnings ReleaseQ1 20140.786
Life Technologies CorpLIFE USQ2 2013 Earnings ReleaseQ2 20130.959
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