Barchart Morning Call 8/21

Barchart Morning Call

BC - Wed Aug 21, 6:44AM CDT

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OVERNIGHT MARKETS AND NEWS

September E-mini S&Ps (ESU13 -0.23%) this morning are down -0.32% and European stocks are down -0.40% ahead of the release of the minutes of the July 30-31 FOMC meeting. Asian stocks closed mixed: Japan +0.21%, Hong Kong -0.69%, China -0.17%, Taiwan closed because of the approach of Tropical Storm Trami, Australia +0.43%, Singapore -0.63%, South Korea -1.08%, India -1.86%. India's central bank said it will start buying government debt to pump funds into markets in an attempt to lower the surge in bond yields that threatens India's economy. Commodity prices are mostly lower. Oct crude oil (CLV13 -0.40%) is down -0.07% at a 1-week low and Oct gasoline (RBV13 +0.04%) is down -0.05%. Dec gold (GCZ13 -0.43%) is down -0.55%, and Sep copper (HGU13 -0.78%) is down -0.85%. Agricultural and livestock prices are mixed. The dollar index (DXY00 +0.20%) is up +0.27%. EUR/USD (^EURUSD) is down -0.18% and USD/JPY (^USDJPY) is up +0.16%. September T-note prices (ZNU13 -0.04%) are down -1.5 ticks.
UK Aug CBI volume of total factory orders rose to 0 from -12 in July, better than expectations of -8 and its highest level in 2 years. Aug CBI average selling prices unexpectedly fell to 0 from 2 in July, weaker than expectations of an increase to 3 and its lowest level in a year.
UK July public sector net borrowing fell -1.6 billion pounds, the first decline in 6-months, but less than expectations of -5.0 billion pounds.
In an attempt to pump funds into the markets and rein in a surge in bond yields and slow the slide in the rupee, the Reserve Bank of India (RBI) said it will buy 80 billion rupees ($1.2 billion) of government bonds through open-market operations on Aug 23 and "thereafter calibrate them both in terms of quantum and frequency" based on market conditions. The RBI also said that sales of cash-management bills will be calibrated going forward, "including scaling it down as may be necessary." The rupee weakened to a record low of 64.465 per dollar today and the yield on India's 10-year bond rose to a 12-year high of 9.48% yesterday as capital outflows intensified. Global funds have cut holdings of Indian debt by $10 billion since May 22 when Fed Chairman Bernanke first mentioned the prospects of tapering Fed stimulus.

U.S. STOCK PREVIEW

Today’s July existing home sales report is expected to show an increase of +1.4% to what would be a new 3-1/2 year high of 5.15 million, more than reversing June’s -1.2% decline and taking out June’s current 3-1/2 year high of 5.14 million.  The markets will assess today’s minutes from the July 30-31 FOMC meeting for any clues as to whether the Fed will start tapering QE3 as soon as the next FOMC meeting on Sep 17-18.  There are 7 of the S&P 500 companies that report earnings today: Target (consensus $0.95), Staples (0.18), PetSmart (0.86), Lowe's (0.79), Limited Brands (0.03), JM Smucker ($1.20), Hewlett-Packard (0.86).  Equity conferences during the remainder of this week include CRM Evolution Conference & Exhibition 2013 on Tue-Wed, Morgan Stanley Semiconductor & Semi-Cap Equipment Corporate Access Day on Wed, Citi One on One Midstream/Infrastructure Conference on Wed, and Raymond James Bank Conference on Thu.

OVERNIGHT U.S. STOCK MOVERS

Tupperware Brands (TUP +0.20%) was downgraded to "Market Perform" from "Outperform" at BMO Capital.
Target (TGT -0.42%) reported Q2 adjusted EPS of $1.19, well ahead of consensus of 96 cents.
Staples (SPLS +2.62%) reported Q2 EPS of 16 cents, lower than consensus of 18 cents, and then lowered guidance on fiscal 2013 EPS to $1.21-$1.25 from $1.30-$1.35, weaker than consensus of $1.32.
JM Smucker (SJM +0.04%) reported Q1 EPS of $1.24, stronger than consensus of $1.20.
Bloomberg repoted that PG&E (PCG +0.85%) CEO Tony Earley said that the company may be pushed to the brink of bankruptcy if California state regulators impose a proposed $2.25 billion penalty against the company related to a 2010 pipeline explosion.
Textron (TXT -0.18%) has been awarded a $640.79 million U.S. government firm-fixed-price contract for 1,300 cluster bomb units for foreign military sales to Saudi Arabia.
The WSJ reports that German Finance Minister Wolfgang Schäuble says that Greece will need a third bailout.
Lowe's (LOW +0.94%) reported Q2 EPS of 88 cents, better than consensus of 79 cents, and also announced that CEO Mark Baker will resign.
La-Z-Boy (LZB +3.96%) rose over 1% in pre-market trading after it reported Q1 EPS of 18 cents, better than consensus of 15 cents.
Analog Devices (ADI +0.15%) reported Q3 EPS of 57 cents, better than consensus of 54 cents.
Intuit (INTU -0.44%) reported Q4 adjusted EPS of 0 cents, right on expectations, although Q4 revenue of $634 million was better than consensus of $622.95 million.
The Financial Times reported that Goldman Sachs (GS +0.59%) could face up to $100 million in losses after making erroneous trades across multiple options exchanges on Tuesday.

MARKET COMMENTS

Sep E-mini S&Ps (ESU13 -0.23%) this morning are down -5.25 points (-0.32%). The S&P 500 index on Tuesday rebounded from a 6-week low and closed mostly higher after better-than-expected quarterly earnings results from Best Buy, TJX and Urban Outfitters lifted retail stocks. Gains in stocks were limited ahead of Wednesday's release of the minutes of the July 30-31 FOMC meeting, which may shed some clarity on to when and how much the Fed may taper QE3. Closes: S&P 500 +0.38%, Dow Jones -0.05%, Nasdaq 100 +0.40%.
Sep 10-year T-notes (ZNU13 -0.04%) this morning are down -1.5 ticks. Sep 10-year T-note prices on Tuesday rebounded from Monday's 6-week low and closed higher. Short-covering and increased safe-haven demand for Treasuries boosted T-notes on concern that a Fed cut in stimulus may exacerbate capital outflows from emerging Asian markets that are already reeling after India's rupee fell to a record low and Indonesia's rupiah tumbled to a 4-year low against the dollar. Closes: TYU3 +18.0, FVU3 +9.25.
The dollar index (DXY00 +0.20%) this morning is up +0.215 (+0.27%). EUR/USD (^EURUSD) is down -0.0024 (-0.18%) and USD/JPY (^USDJPY) is up +0.16 (+0.16%). The dollar index on Tuesday slid to a 2-month low and closed lower. EUR/USD surged to a 6-1/4 month high as European investors repatriated funds from Asian markets back into euros as emerging market assets have slumped after India's rupee fell to a record low and Indonesia's rupiah tumbled to a 4-year low against the dollar. Closes: Dollar index -0.320 (-0.39%), EUR/USD +0.00827 (+0.62%), USD/JPY -0.297 (-0.30%).
Oct WTI crude oil (CLV13 -0.40%) this morning is down -7 cents (-0.07%) and Oct gasoline (RBV13 +0.04%) is down -0.0013 (-0.05%). Oct crude oil and gasoline prices on Tuesday closed mixed. Crude prices were undercut on concern a cut in Fed stimulus will reduce economic growth and demand for crude. Limiting declines were (1) the slide in the dollar index to a 2-month low and (2) expectations for weekly EIA gasoline stockpiles on Wednesday to drop -1.25 million bbl and for crude inventories to fall -1.25 million bbl to an 11-month low. Closes: CLV3 -1.75 (-1.64%), RBV3 +0.0145 (+0.51%).

GLOBAL EVENT CALENDAR08/21/2013

US	0700 ET	Weekly MBA mortgage applications, previous -4.7% with purchase sub-index -5.4% and refi sub-index -4.4%.
		1000 ET	July existing home sales expected +1.4% to 5.15 million, Jun -1.2% to 5.08 million.
		1030 ET	EIA Weekly Petroleum Status Report.
		1400 ET	Minutes of the July 30-31 FOMC meeting.
UK	0430 ET	UK July public sector net borrowing expected -5.0 billion pounds, Jun +10.2 billion pounds.
		0600 ET	UK Aug CBI trends total orders expected -8, July -12. Aug CBI trends selling prices expected 3, July 2.
CHI	2145 ET	China HSBC Aug flash manufacturing PMI expected +0.5 to 48.2, July 47.7.

U.S. STOCK CALENDAR08/21/2013

Company Name	Company Ticker	Time	Event Description	Period	Estimate
Target Corp	TGT US	Bef-mkt	Q2 2014 Earnings Release	Q2 2014	0.953
Staples Inc	SPLS US	Bef-mkt	Q2 2014 Earnings Release	Q2 2014	0.181
PetSmart Inc	PETM US	Bef-mkt	Q2 2014 Earnings Release	Q2 2014	0.857
Lowe's Cos Inc	LOW US	6:00	Q2 2014 Earnings Release	Q2 2014	0.793
Staples Inc	SPLS US	8:00	Q2 2014 Earnings Call	Q2 2014
JM Smucker Co/The	SJM US	8:30	Q1 2014 Earnings Call	Q1 2014
Lowe's Cos Inc	LOW US	9:00	Q2 2014 Earnings Call	Q2 2014
Yum! Brands Inc	YUM US	10:00	Investor & Analyst Meeting - Yum! Restaurants International (YRI)	Y 2012
PetSmart Inc	PETM US	10:00	Q2 2014 Earnings Call	Q2 2014
Target Corp	TGT US	10:30	Q2 2014 Earnings Call	Q2 2014
Life Technologies Corp	LIFE US	11:00	Extraordinary Shareholders Meeting - M&A Vote	Y 2013
Hewlett-Packard Co	HPQ US	17:00	Q3 2013 Earnings Call	Q3 2013
L Brands Inc	LTD US	Aft-mkt	Q2 2014 Earnings Release	Q2 2014	0.595
JM Smucker Co/The	SJM US		Q1 2014 Earnings Release	Q1 2014	1.195
Hewlett-Packard Co	HPQ US		Q3 2013 Earnings Release	Q3 2013	0.864

Barchart Morning Call 8/1

Barchart Morning Call

BC - 2 hrs 31 mins ago

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OVERNIGHT MARKETS AND NEWS

September E-mini S&Ps (ESU13 +0.67%) this morning are up +0.71% and European stocks are up +0.79%. Asian stocks closed mostly higher: Japan +2.47%, Hong Kong +0.94%, China +2.39%, Taiwan -0.64%, Australia +0.19%, Singapore +0.66%, South Korea +0.36%, India -0.15%. Global stocks gained after China's manufacturing activity unexpectedly grew last month and after the Eurozone's manufacturing activity was revised upward in July to its fastest pace in 2-years. Commodity prices are mostly higher. Sep crude oil (CLU13 +1.67%) is up +1.71% at a 1-week high. Sep gasoline (RBU13 +0.86%) is up +1.06% at a 1-week high, Dec gold (GCZ13 +0.86%) is up +0.91%, and Sep copper (HGU13 +1.73%) is up +1.80%. Agricultural and livestock prices are mixed. The dollar index (DXY00 +0.69%) is up +0.74%. EUR/USD (^EURUSD) is down -0.48% on speculation ECB President Draghi will reassure the markets that the ECB will keep interest rates low at today's ECB meeting. USD/JPY (^USDJPY) is up +0.92%. September T-note prices (ZNU13 -0.04%) are down -1 tick.
As expected, the BOE left its benchmark rate at 0.50% and kept its asset purchase target at 375 billion pounds.
The China July manufacturing PMI unexpectedly rose +0.2 to 50.3, better than expectations of a -0.3 decline to 49.8.
The German July PMI manufacturing was unexpectedly revised upward to 50.7 from the originally reported 50.3, its fastest pace of expansion n 1-1/2 years.
The Eurozone July PMI manufacturing was revised upward to a 2-year high of 50.3 from the originally reported 50.1.
The UK July PMI manufacturing climbed +1.7 to 54.6, stronger than expectations of +0.3 to 52.8 and the fastest pace of expansion in 2-1/4 years.

U.S. STOCK PREVIEW

Today’s weekly initial unemployment claims report is expected to show a small increase of +2,000 to 345,000, adding to last week’s +7,000 increase to 343,000. Continuing claims are expected to show an increase of +3,000 to 3.000 mln, moving a bit higher after last week’s sharp -119,000 decline to 2.997 mln. Today’s July ISM manufacturing index is expected to show a +1.1 point increase to 52.0, adding to the +1.9 point increase to 50.9 seen in June. Today’s July total vehicle sales report is expected to ease slightly to 15.80 million from the 5-1/2 year high of 15.89 million posted in June. There are no equity conferences during the remainder of the week.
There are 41 of the S&P 500 companies that report earnings today. Notable reports today include Marathon Petroleum (consensus $1.90), ADP (0.57), ConocoPhillips (1.29), Procter & Gamble (0.77), Time Warner Cable (1.65), Chesapeake Energy (0.41), Exxon Mobil (1.89), CME Group (0.90), Kellogg (0.98), and AIG (0.86).

OVERNIGHT U.S. STOCK MOVERS

CME Group (CME -0.11%) reported Q2 EPS of 93 cents, stronger than consensus of 90 cents.
Procter & Gamble (PG -0.17%) reported Q4 EPS of 79 cents, better than consensus of 77 cents.
Time Warner Cable (TWC -0.81%) reported Q2 EPS of $1.69, better than consensus of $1.65.
Iron Mountain (IRM +0.07%) reported Q2 EPS of 29 cents, weaker than consensus of 31 cents.
Cigna (CI +1.81%) reported Q2 EPS of $1.78, well ahead of consensus of $1.60.
Marriott (MAR +0.43%) reported Q2 EPS of 57 cents, right on consensus, although it reported Q2 revenue of $3.26 billion, higher than consensus of $3.21 billion.
Engility Holdings (EGL +1.40%) has been selected as a prime contractor for a potential $68 million contract to support Navy computer networks ashore under a contract with the Space and Naval Warfare Systems Center Pacific.
Life Technologies (LIFE -0.08%) reported Q2 EPS of 98 cents, better than consensus of 96 cents.
Con-way (CNW +2.47%) reported Q2 adjusted EPS of 67 cents, beter than consensus of 59 cents.
Williams (WMB +1.06%) reportED Q2 adjusted EPS OF 19c, better than consensus of 15 cents.
Lam Research (LRCX -0.95%) reported Q4 EPS of 80 cents, stronger than consensus of 71 cents.
MetLife (MET +0.39%) reported Q2 EPS of $1.44, better than consensus of $1.33.
Allstate (ALL +0.14%) reported Q2 EPS of $1.12, well ahead of consensus of 98 cents.
Whole Foods (WFM -0.07%) reported Q3 EPS of 38 cents, better than consensus of 37 cents, and raised its 2013 EPS view to $1.45-$1.46, higher than consensus of $1.45.
CBS (CBS +0.97%) reported Q2 EPS of 76 cents, stronger than consensus of 72 cents.

MARKET COMMENTS

Sep E-mini S&Ps (ESU13 +0.67%) this morning are up +12.00 points (+0.71%). The S&P 500 index on Wednesday erased early gains and settled little changed. Bullish factors included (1) the +200,000 increase in the July ADP employment report, stronger than expectations of +180,000 and the most jobs gained in 7 months, (2) the U.S. Q2 GDP of +1.7%, stronger than expectations of +1.0%, and (3) the fact that the FOMC in its post-meeting statement gave no hint of any imminent QE3 tapering. Closes: S&P 500 +0.04%, Dow Jones -0.01%, Nasdaq 100 +0.53%.
Sep 10-year T-notes (ZNU13 -0.04%) this morning are down -1 tick. Sep 10-year T-note prices on Wednesday slumped to a 3-week low on strong U.S. economic data, but then recovered and closed little changed after the FOMC said it will maintain its QE3 program at $85 billion a month and noted disinflation pressures. Closes: TYU3 +0.5, FVU3 +0.50.
The dollar index (DXY00 +0.69%) this morning is up +0.601 (+0.74%). EUR/USD is down -0.0064 (-0.48%) and USD/JPY is up +0.90 (+0.92%). The dollar index on Wednesday closed lower after the FOMC said it will maintain its QE3 program. Supportive factors for the dollar included (1) stronger-than-expected U.S. Q2 GDP of +1.7%, and (2) the larger-than-expected +200,000 increase in the July ADP employment report. Closes: Dollar index -0.377 (-0.46%), EUR/USD +0.00396 (+0.30%), USD/JPY -0.157 (-0.16%).
Sep WTI crude oil (CLU13 +1.67%) this morning is up +$1.80 a barrel (+1.71%) at a 1-week high and Sep gasoline (RBU13 +0.86%) is up +3.18 cents per gallon (+1.06%) at a 1-week high. Sep crude oil and gasoline prices on Wednesday settled higher. Bullish factors included (1) the stronger than expected +1.7% gain in U.S. Q2 GDP, (2) the -1.904 million bbl decline in crude supplies to a 15-month low of 42.119 million bbl at Cushing, OK, the delivery point for WTI futures, and (3) the action by the FOMC to maintain its QE3 program at current levels. Bearish factors included (1) the unexpected +431,000 bbl increase in weekly EIA crude inventories, more than expectations of a -2.45 million bbl draw, and (2) the unexpected +770,000 bbl increase in weekly EIA gasoline stockpiles, more than expectations for a -1.50 million bbl decline. Closes: CLU3 +1.95 (+1.89%), RBU3 +0.0057 (+0.19%).

GLOBAL EVENT CALENDAR08/01/2013

US	0730 ET	July Challenger job cuts, Jun +4.8% y/y.
	0830 ET	Weekly initial unemployment claims expected +2,000 to 345,000, previous +7,000 to 343,000. Weekly continuing claims expected +3,000 to 3.000 mln, previous -119,000 to 2.997 mln.
	0830 ET	USDA weekly Export Sales.
	1000 ET	Jun construction spending expected +0.4%, May +0.5%.
	1000 ET	July ISM manufacturing index expected +1.1 to 52.0, Jun +1.9 to 50.9. July ISM prices paid expected +1.3 to 53.8, Jun +3.0 to 52.5.
	1700 ET	July total vehicle sales expected 15.80 million, Jun 15.89 million. July domestic vehicle sales expected 12.40 million, Jun 12.43 million.
JPN	0100 ET	Japan July vehicle sales, Jun -15.8% y/y.
GER	0355 ET	German final-July PMI manufacturing expected unrevised from early-July at 50.3.
UK	0430 ET	UK July PMI manufacturing expected +0.3 to 52.8, Jun 52.5.
	0700 ET	BOE announces interest rate decision and asset purchase target (expected no change to the 0.50% benchmark rate or to the 375 billion pound asset purchase target).
EUR	0400 ET	Eurozone final-July manufacturing PMI expected unrevised from early-July 50.1.
	0745 ET	ECB announces interest rate decision (expected no change to the 0.50% 2-week refinancing rate).
	0830 ET	ECB President Mario Draghi holds monthly press conference following ECB policy meeting.

U.S. STOCK CALENDAR08/01/2013

Company Name	Symbol	Time	Event Description	Period	EPS Est (US$)
Mylan Inc/PA	MYL US	Bef-mkt	Q2 2013 Earnings Release	Q2 2013	0.674
DIRECTV	DTV US	Bef-mkt	Q2 2013 Earnings Release	Q2 2013	1.34
Fluor Corp	FLR US	Bef-mkt	Q2 2013 Earnings Release	Q2 2013	1.008
Marathon Petroleum Corp	MPC US	Bef-mkt	Q2 2013 Earnings Release	Q2 2013	1.899
WPX Energy Inc	WPX US	Bef-mkt	Q2 2013 Earnings Release	Q2 2013	-0.186
PPL Corp	PPL US	Bef-mkt	Q2 2013 Earnings Release	Q2 2013	0.467
Automatic Data Processing Inc	ADP US	Bef-mkt	Q4 2013 Earnings Release	Q4 2013	0.572
ConocoPhillips	COP US	Bef-mkt	Q2 2013 Earnings Release	Q2 2013	1.289
Avon Products Inc	AVP US	Bef-mkt	Q2 2013 Earnings Release	Q2 2013	0.256
Becton Dickinson and Co	BDX US	Bef-mkt	Q3 2013 Earnings Release	Q3 2013	1.481
Procter & Gamble Co/The	PG US	Bef-mkt	Q4 2013 Earnings Release	Q4 2013	0.77
Quanta Services Inc	PWR US	Bef-mkt	Q2 2013 Earnings Release	Q2 2013	0.369
Teradata Corp	TDC US	Bef-mkt	Q2 2013 Earnings Release	Q2 2013	0.71
SCANA Corp	SCG US	Bef-mkt	Q2 2013 Earnings Release	Q2 2013	0.54
Clorox Co/The	CLX US	Bef-mkt	Q4 2013 Earnings Release	Q4 2013	1.343
TECO Energy Inc	TE US	Bef-mkt	Q2 2013 Earnings Release	Q2 2013	0.269
Time Warner Cable Inc	TWC US	Bef-mkt	Q2 2013 Earnings Release	Q2 2013	1.649
Chesapeake Energy Corp	CHK US	Bef-mkt	Q2 2013 Earnings Release	Q2 2013	0.41
Exxon Mobil Corp	XOM US	Bef-mkt	Q2 2013 Earnings Release	Q2 2013	1.891
Vulcan Materials Co	VMC US	Bef-mkt	Q2 2013 Earnings Release	Q2 2013	0.135
Ameren Corp	AEE US	Bef-mkt	Q2 2013 Earnings Release	Q2 2013	0.46
Cardinal Health Inc	CAH US	Bef-mkt	Q4 2013 Earnings Release	Q4 2013	0.769
CenterPoint Energy Inc	CNP US	Bef-mkt	Q2 2013 Earnings Release	Q2 2013	0.263
CME Group Inc/IL	CME US	Bef-mkt	Q2 2013 Earnings Release	Q2 2013	0.899
Iron Mountain Inc	IRM US	6:00	Q2 2013 Earnings Release	Q2 2013	0.31
Covidien PLC	COV US	6:00	Q3 2013 Earnings Release	Q3 2013	0.891
Cigna Corp	CI US	6:30	Q2 2013 Earnings Release	Q2 2013	1.597
Xcel Energy Inc	XEL US	7:00	Q2 2013 Earnings Release	Q2 2013	0.392
DENTSPLY International Inc	XRAY US	7:00	Q2 2013 Earnings Release	Q2 2013	0.647
Apache Corp	APA US	8:00	Q2 2013 Earnings Release	Q2 2013	2.003
Becton Dickinson and Co	BDX US	8:00	Q3 2013 Earnings Call	Q3 2013
Kellogg Co	K US	8:00	Q2 2013 Earnings Release	Q2 2013	0.975
MetLife Inc	MET US	8:00	Q2 2013 Earnings Call	Q2 2013
PPL Corp	PPL US	8:30	Q2 2013 Earnings Call	Q2 2013
Automatic Data Processing Inc	ADP US	8:30	Q4 2013 Earnings Call	Q4 2013
Procter & Gamble Co/The	PG US	8:30	Q4 2013 Earnings Call	Q4 2013
Teradata Corp	TDC US	8:30	Q2 2013 Earnings Call	Q2 2013
Cigna Corp	CI US	8:30	Q2 2013 Earnings Call	Q2 2013
Iron Mountain Inc	IRM US	8:30	Q2 2013 Earnings Call	Q2 2013
Time Warner Cable Inc	TWC US	8:30	Q2 2013 Earnings Call	Q2 2013
Covidien PLC	COV US	8:30	Q3 2013 Earnings Call	Q3 2013
Cardinal Health Inc	CAH US	8:30	Q4 2013 Earnings Call	Q4 2013
DENTSPLY International Inc	XRAY US	8:30	Q2 2013 Earnings Call	Q2 2013
CME Group Inc/IL	CME US	8:30	Q2 2013 Earnings Call	Q2 2013
Fluor Corp	FLR US	9:00	Q2 2013 Earnings Call	Q2 2013
TECO Energy Inc	TE US	9:00	Q2 2013 Earnings Call	Q2 2013
Chesapeake Energy Corp	CHK US	9:00	Q2 2013 Earnings Call	Q2 2013
QEP Resources Inc	QEP US	9:00	Q2 2013 Earnings Call	Q2 2013
Allstate Corp/The	ALL US	9:00	Q2 2013 Earnings Call	Q2 2013
Avon Products Inc	AVP US	9:30	Q2 2013 Earnings Call	Q2 2013
Quanta Services Inc	PWR US	9:30	Q2 2013 Earnings Call	Q2 2013
Ford Motor Co	F US	9:30	July 2013 Sales and Revenue Release	2013
Williams Cos Inc/The	WMB US	9:30	Q2 2013 Earnings Call	Q2 2013
Kellogg Co	K US	9:30	Q2 2013 Earnings Call	Q2 2013
Pioneer Natural Resources Co	PXD US	10:00	Q2 2013 Earnings Call	Q2 2013
Marathon Petroleum Corp	MPC US	10:00	Q2 2013 Earnings Call	Q2 2013
Marriott International Inc/DE	MAR US	10:00	Q2 2013 Earnings Call	Q2 2013
SCANA Corp	SCG US	10:00	Q2 2013 Earnings Call	Q2 2013
Vulcan Materials Co	VMC US	10:00	Q2 2013 Earnings Call	Q2 2013
Ford Motor Co	F US	10:00	July 2013 Sales and Revenue Call	2013
Ameren Corp	AEE US	10:00	Q2 2013 Earnings Call	Q2 2013
Lincoln National Corp	LNC US	10:00	Q2 2013 Earnings Call	Q2 2013
Xcel Energy Inc	XEL US	11:00	Q2 2013 Earnings Call	Q2 2013
WPX Energy Inc	WPX US	11:00	Q2 2013 Earnings Call	Q2 2013
Exxon Mobil Corp	XOM US	11:00	Q2 2013 Earnings Call	Q2 2013
General Motors Co	GM US	11:00	July 2013 Sales and Revenue Call	2013
CenterPoint Energy Inc	CNP US	11:30	Q2 2013 Earnings Call	Q2 2013
Murphy Oil Corp	MUR US	13:00	Q2 2013 Earnings Call	Q2 2013
Mylan Inc/PA	MYL US	13:00	Investor Day	Y 2013
ConocoPhillips	COP US	13:00	Q2 2013 Earnings Call	Q2 2013
Clorox Co/The	CLX US	13:30	Q4 2013 Earnings Call	Q4 2013
DIRECTV	DTV US	14:00	Q2 2013 Earnings Call	Q2 2013
Apache Corp	APA US	14:00	Q2 2013 Earnings Call	Q2 2013
Kraft Foods Group Inc	KRFT US	16:00	Q2 2013 Earnings Release	Q2 2013	0.672
Edison International	EIX US	17:00	Q2 2013 Earnings Call	Q2 2013
PerkinElmer Inc	PKI US	17:00	Q2 2013 Earnings Call	Q2 2013
Kraft Foods Group Inc	KRFT US	17:00	Q2 2013 Earnings Call	Q2 2013
Apple Inc	AAPL US	17:00	ITC Due to Release Final Decision Apple vs Samsung Patent-Infringement Case
American International Group Inc	AIG US	Aft-mkt	Q2 2013 Earnings Release	Q2 2013	0.856
Edison International	EIX US	Aft-mkt	Q2 2013 Earnings Release	Q2 2013	0.664
Southwestern Energy Co	SWN US	Aft-mkt	Q2 2013 Earnings Release	Q2 2013	0.519
Public Storage	PSA US	Aft-mkt	Q2 2013 Earnings Release	Q2 2013	1.774
Tesoro Corp	TSO US	Aft-mkt	Q2 2013 Earnings Release	Q2 2013	1.432
PerkinElmer Inc	PKI US	Aft-mkt	Q2 2013 Earnings Release	Q2 2013	0.476
Apartment Investment & Management Co	AIV US	Aft-mkt	Q2 2013 Earnings Release	Q2 2013	0.479
Consolidated Edison Inc	ED US		Q2 2013 Earnings Release	Q2 2013	0.572
General Motors Co	GM US		July 2013 Sales and Revenue Release	2013
Leucadia National Corp	LUK US		Q2 2013 Earnings Release	Q2 2013

Brahcrt Morning Call 4/15

BARCHART MORNING CALL - Monday, April 15th, 2013View Older Reports

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OVERNIGHT MARKETS AND NEWS

June E-mini S&Ps (ESM13 -0.47%) this morning are trading moderately lower by -0.52% on the weaker-than-expected Chinese Q1 GDP report of +7.7% and the -0.79% sell-off in the Euro Stoxx 50 index this morning. Asian stocks closed lower across the board today thanks to the Chinese GDP report. Japan's Nikkei index closed -1.55%, Hong Kong's Hang Seng closed -1.43%, China's CSI 300 index closed -1.03%, Taiwan's TAIEX closed -0.74%, the Australian S&P 200 closed -0.91%, Singapore's Straight Times closed -0.30%, and South Korea's KOSPI 200 closed -0.19%. The dollar index (DXY00 -0.07%) this morning is little changed. EUR/USD (^EURUSD) is down -0.27% and USD/JPY (^USDJPY) is down -0.59%. June 10-year T-note (ZNM13 +0.06%) prices are up 3 ticks.
Commodity prices are sharply lower by -1.99% this morning. Precious metals prices this morning have plunged on heavy technical selling on the downside break that started last Friday. June gold (GCM13 -6.19%) is down -6.21% and May silver is down -10.73%. Gold continues to see weakness on reports that Cyprus may need to sell gold reserves to contribute to its bailout fund. May copper (HGK13 -3.48%) is down by -3.57% on sympathy selling with precious metals and on today's weaker-than-expected Chinese GDP report. May crude oil (CLK13 -1.77%) prices are down -2.98% and May gasoline (RBK13 -0.24%) is down -0.58%, but May natural gas (NGK13 +0.73%) is up +0.73%. Grains and softs are sharply lower.
China's Q1 real GDP growth was reported last night at 7.7% y/y, which was below market expectations of +8.0% and down slightly from +7.8% in Q4. On a quarter-on-quarter basis, Q1 real GDP was up +1.6% (+6.4% annualized).
China's March industrial production was up +8.9% y/y, which was below market expectations of +10.1%. On a year-to-date basis, March industrial production rose +9.5% y/y , which was below market expectations of +10.0% and was down from +9.9% in Feb. Separately, China's March retail sales were up +12.6% y/y, which was right on market expectations. On a year-to-date basis, March retail sales were up +12.4%, stronger than +12.3% in Feb but down from +12.5% in Feb.
Japan's final-Feb industrial production was revised higher to +0.6% m/m and -10.5% y/y from the preliminary report of -0.1% m/m and -11.0% y/y. Final-Feb capacity utilization was revised lower to +0.7% from +1.7%. Final-Feb machine tool orders were revised slightly higher to -21.5% y/y from -21.6%.
The Feb Eurozone adjusted trade surplus of 12.0 billion euros was larger than market expectations of 10.0 billion and was up from the revised 8.7 billion euros in Jan.
The World Bank today cut its 2013 GDP forecasts to +8.3% from 8.4% for China.

U.S. STOCK PREVIEW

The markets this week will focus mainly on (1) Q1 earnings season which gets into gear this week, (2) this week’s fairly heavy slate of U.S. economic reports, and (3) the G-20 meeting on Thursday and Friday in Washington among finance ministers and central bank governors. There are ten appearances by various Fed officials this week.
Q1 earnings season begins in earnest this week with 74 of the S&P 500 companies scheduled to report. This is a big week for financial earnings with Citigroup and Schwab reporting on Monday; Goldman, Blackrock, Northern Trust, and US Bancorp reporting on Tuesday; Bank of America, Bank of New York Mellon, and Amex reporting on Wednesday; Morgan Stanley, BB&T, Fifth Third, Keycorp, Capital One, and E-Trade on Thursday; and Suntrust and State Street reporting on Friday. Other key earnings reports this week include Intel and Yahoo on Tuesday; Ebay on Wednesday; Google and Microsoft on Thursday; and GE on Friday. The market consensus is for S&P 500 earnings growth of +1.1% in Q1, according to Thomson I/B/E/S. Earnings growth is then expected to improve to +6.0% in Q2, +10.2% in Q3, and +13.4% in Q4.
Conferences this week include Independent Petroleum Association of America Oil and Gas Investment Symposium on Mon-Wed, FT Global Commodities Summit on Tuesday, Japan New Economy Summit 2013 (NES) on Tue, IN3 Medical Device 360 on Tue-Wed, LNG 17 Conference on Tue-Thursday, and HDI Annual 2013 Conference & Expo on Wed-Thursday.

June E-mini S&Ps (ESM13 -0.47%) this morning are down -8.25 points (-0.52%) on the weaker-than-expected Chinese GDP report of +7.7% and the -0.79% sell-off this morning in the Euro Stoxx 50 index. The S&P 500 index on Friday closed lower on growth concerns after U.S. Mar retail sales unexpectedly fell -0.4%, weaker than expectations of no change and the biggest decline in 9 months. Stocks were further pressured after Apr U.S. consumer confidence (University of Michigan) unexpectedly fell -6.2 to a 16-month low of 72.3, weaker than expectations of no change at 78.6. Another negative for stocks was the decline in European equities as sovereign debt concerns resurfaced after an unidentified government official said that Cyprus will seek an increase to its 10-billion euro bailout from the EU. Closes: S&P 500 -0.28%, Dow Jones unch, Nasdaq 100 -0.09%.

OVERNIGHT U.S. STOCK MOVERS

• Thermo Fisher (TMO -0.40%) announced an agreement to buy Life Technologies (LIFE) for $76 per share in cash.
• Sprint (S -0.64%) is up 8% in pre-market trading after DISH Network (DISH) proposed a merger at $7 per share.
• Suncor (SU -3.17%) announced an agreement to sell the majority of its Western Canadian natural gas and crude oil business for $1 billion to Centrica plc and Qatar Petroleum International.
• PowerSecure (POWR +0.72%) announced an agreement to acquire Solais Lighting for $15 million.
• The European Commission has accepted Google's (GOOG -0.04%) settlement proposal to settle an antitrust probe, according to a report in the NY Times.
• Procter & Gamble (PG +0.51%) announced an increase in its quarterly dividend by 7% to 60.15 cents per share.
• Verizon Wireless (VZ +0.69%) announced that customers on a two-year agreement will be eligible for an upgrade at 24 months instead of the current 20 month early upgrade eligibility, beginning with customers whose contract expire January 2014.
• BioSante Pharmaceuticals (BPAX unch) and ANI Pharmaceuticals announced that they have entered into a new merger agreement pursuant to which an acquisition subsidiary of BioSante will merge into ANI.
• UniTek Global (UNTK +3.79%) said it sees its fiscal year 2012 revenue at $442.5 million to $447.0 million, lower than consensus of $450.31 million and said it will restate recent financial results due to revenue recognition issues.

MARKET COMMENTS

June 10-year T-notes (ZNM13 +0.06%) this morning are up 3 ticks on some increased safe-haven demand with today's sell-off in global stocks. June 10-year T-note futures prices on Friday settled higher after weaker-than-expected U.S. Mar retail sales and Apr University of Michigan consumer confidence fueled speculation the Fed won’t end its QE measures anytime soon. Closes: TYM3 +14.0, FVM3 +5.5.
The dollar index (DXY00 -0.07%) this morning is slightly lower by -0.02 points (-0.02%). EUR/USD (^EURUSD) is down -0.0035 (-0.27%) and USD/JPY (^USDJPY) is down -0.58 yen (-0.59%). The dollar index on Friday closed slightly higher. The dollar found support on increased safe-haven demand as stocks fell, but support was undercut on concern the Fed will maintain its dollar-negative QE after both U.S. Mar retail sales and April University of Michigan consumer confidence unexpectedly declined. Closes: Dollar index +0.064 (+0.08%), EUR/USD +0.0010 (+0.08%), USD/JPY -1.315 (-1.32%).
May WTI crude oil (CLK13 -1.77%) this morning is down -$2.72 (-2.98%) and May gasoline (RBK13 -0.24%) is down -0.0162 (-0.58%) on this morning's plunge in commodity prices and on disappointment with the Chinese GDP report. May crude oil and gasoline prices fell sharply Friday as May crude posted a 1-month low and May gasoline slid to a 3-month low. The main bearish factors were the unexpected declines in U.S. Mar retail sales and in the Apr University of Michigan consumer confidence, which raises demand concerns. Closes: CLK3 -2.22 (-2.37%), RBK3 -0.0292 (-1.03%).

GLOBAL EVENT CALENDAR04/15/2013

US	0830 ET	April Empire manufacturing index expected -2.2 to 7.0, March -0.8 to 9.2.
	1000 ET	April NAHB housing market index expected +1 to 45, March -2 to 44.
	1100 ET	USDA weekly grain export inspections.
	1600 ET	USDA Crop Progress.
JPN	0030 ET	Japan final-Feb industrial production, early-Feb -0.1% m/m and -11.0% y/y. Final-Feb capacity utilization, early-Feb +1.7% m/m.
	0200 ET	Japan final-March machine tool orders.
EUR	0500 ET	Eurozone Feb Eurozone trade balance expected 5.0 billion euros, Jan -3.9 bln euros. Feb trade balance sa expected 10.0 billion euros, Jan 9.0 bln euros.

U.S. STOCK CALENDAR04/15/2013

Company Name	Symbol	Time	Event Description	Period	EPS Est (US$)
Charles Schwab Corp/The	SCHW US	Bef-mkt	Q1 2013 Earnings Release	Q1 2013	0.158
M&T Bank Corp	MTB US	Bef-mkt	Q1 2013 Earnings Release	Q1 2013	1.979
First Republic Bank/CA	FRC US	Bef-mkt	Q1 2013 Earnings Release	Q1 2013	0.731
Citigroup Inc	C US	8:00	Q1 2013 Earnings Release	Q1 2013	1.168
M&T Bank Corp	MTB US	10:30	Q1 2013 Earnings Call	Q1 2013
Citigroup Inc	C US	11:00	Q1 2013 Earnings Call	Q1 2013
American Express Co	AXP US	11:15	Economic Club of Washington, D.C. Presents CEO Kenneth I. Chenault
CareFusion Corp	CFN US	11:30	Annual General Meeting	Y 2013
First Republic Bank/CA	FRC US	14:00	Q1 2013 Earnings Call	Q1 2013
Goodyear Tire & Rubber Co/The	GT US	16:30	Annual General Meeting
Brown & Brown Inc	BRO US	Aft-mkt	Q1 2013 Earnings Release	Q1 2013	0.39
Allergan Inc/United States	AGN US		PDUFA, Levadex, acute treatment of migraine

NASDAQ 100 Picks

Today I sorted the NASDAQ 100 Index to find  5 stocks with excellent Barchart technical indicators and charts.  My list includes Comcast (CMCSA), Life Technologies (LIFE), Staples (SPLS),  Texas Instruments (TXN), Xilinx (XLNX):

Comcast (CMCSA)

Barchart technical indicators:

• 96% Barchart technical buy signal
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 10 new highs and up 4.84% in the last month
• Relative Strength Index 70.86%
• Barchart computes a technical support level at 38.42
• Recently traded at 39.88 with a 50 day moving average of 37.81

Life Technologies (LIFE)

Barchart technical indicators:

• 100% Barchart technical buy signal
• Trend Spotter buy signals
• Above its 20, 50 and 100 day moving averages
• 7 new highs and up 18.32% in the last month
• Relative strength Index 83.74%
• Barchart computes a technical support level at 52.92
• Recently traded at 61.28 with a 50 day moving average of 50.26

Staples (SPLS)

Barchart technical indicators:

• 100% Barchart technical buy signal
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 5 new highs and up 6.95% in the last month
• Relative Strength Index 72.85%
• Barchart computes a technical support  level at 12.44
• Recently traded at 12.92 with a 50 day moving average of 11.72

Texas Instruments (TXN)

Barchart technical indicators:

• 96% Barchart technical buy signal
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 7 new highs and up 6.00% in the last month
• Relative Strength Index 71.96%
• Barchart computes a technical support level at 32.15
• Recently traded at 33.28 with a 50 day moving average of 30.59

Xilinx (XLNX)

Barchart technical indicators:

• 100% Barchart technical buy signal
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 5 new highs and up 3.70% in the last month
• Relative Strength Index 66.57%
• Barchart computes a technical support level at 36.00
• Recently traded at 37.29 with a 50 day moving average of 35.08

Barchart Morning Call 2/7

Barchart Morning Call

Barchart.com - 26 mins ago

Overnight Developments

• Global stocks this morning are weaker with the Euro Stoxx 50 down -0.61% and Mar S&Ps off by -5.10 points. The dollar is higher and most commodities are lower as the markets await a meeting later today between Greek Prime Minister Papademos and his country's political leaders to discuss the implementation of additional fiscal measures needed to secure a second bailout from the EU. The Greek newspaper Ta Nea reported without saying where it got the information, that Greece must cut spending by 3.2 billion euros this year to get approval from the EU, the ECB and the IMF for a new financing package. The so-called troika and the Greek government so far have agreed to cuts of about 2.5 billion euros. European automakers fell and led the overall market lower after Dec German industrial production unexpectedly dropped -2.9% m/m, the most in nearly 3 years and much weaker than expectations of unchanged m/m, as the debt crisis weighed on confidence and the global economic slowdown undercut demand. On the positive side, the cost of the Markit iTraxx SovX Western Europe Index of credit default swaps to insure against a default on European government debt fell 2 bp to 319 bp, a 3-month low.
• Asian stocks today closed mostly lower with Japan down -0.13%, China -1.85%, Australia -0.51%, South Korea +0.34%, India -0.48%. Asian stocks weakened after China's Ministry of Industry and Information Technology said China's industrial output will probably slow this year as "The global economy is slowing down, Europe's sovereign-debt crisis is deepening and the downside risks to the world economy are rising with international demand still slack and global commodities and financial markets continuing to be volatile." The yen fell to a 1-week low against the dollar after government data showed Japan carried out so-called stealth intervention to weaken it in Nov. Japan's Ministry of Finance said the nation sold 1.02 trillion yen ($13.2 billion) against the dollar the first 4 days of Nov in unannounced or "stealth" intervention after selling a record 8.07 trillion yen on Oct 31 when they yen climbed to a post WWII high of 75.35 against the dollar. Finance Minister Azumi said he won't rule out any options to curb the yen's appreciation and that he will take action whenever necessary. The Australian dollar rose to a 6-month high of $1.0823 after the RBA unexpectedly left the benchmark interest rate unchanged at 4.25% when market expectations were for a 25 bp cut to 4.00%.

Overnight U.S. Stock News

• March S&Ps this morning are trading down -5.10 points. The US stock market on Monday finished slightly lower on concern that a lack of resolution to the ongoing Greek debt-swap talks may lead to a Greek default: Dow Jones -0.13%, S&P 500 -0.04%, Nasdaq Composite -0.13%. Bearish factors Monday included (1) carry-over weakness from a slide in European stocks as Greek debt-swap negotiations continue without a resolution, (2) the statement from Fitch Ratings that said a Greek disorderly default "cannot be wholly discounted," (3) the warning from German Chancellor Merkel that "time is running out" for Greek leaders to meet the conditions of the troika for additional bailout funding, (4) weakness in homebuilders after they were downgraded by Raymond James because of valuation concerns, and (5) weakness in energy and commodity producers after the IMF warned that economic growth in China may be cut in half if the European debt crisis worsens.
• Bullish factors included (1) comments from St. Louis Fed President Bullard who said economic growth in the U.S. may exceed 3% this year and accelerate in 2013 and that the jobless rate may fall below 8% by the end of 2012, (2) better-than-expected European economic data that reduced concern the European debt crisis will stymie growth after Dec German factory orders rose more than expected and Feb Euro-Zone Sentix investor confidence climbed to a 7-month high, and (3) decent Q4 earnings results so far with 66% of the 268 companies in the S&P 500 that reported quarterly results since Jan 9 have beaten earnings projections.

Today's Market Focus

• March 10-year T-notes this morning are down -1 tick. T-note prices on Monday improved on increased safe-haven demand over concern Greece may yet default on its debt: TYH2 +11.0, FVH2 +4.7, EDM2 -1.5. Bullish factors Monday included (1) concern that a lack of resolution to the ongoing Greek debt-swap talks may lead to a Greek default, (2) the action by Greek Prime Minister Papademos to request that the Greek finance ministry prepare a document on the implications of a Greek default. Bearish factors included (1) comments from St. Louis Fed President Bullard who said that better-than-forecast data on the economy such as the employment rate indicate that more Fed asset purchases are unnecessary and (2) supply pressures ahead of the Treasury's $32 billion 3-year T-note auction on Tuesday.
• The dollar index this morning is higher with the dollar/yen +0.29 yen and the euro/dollar -0.30 cents. The dollar index on Monday strengthened as the euro declined over concern Greece's political leaders will fail to reach an agreement on implementing the necessary austerity measures it needs to ensure a second bailout from international creditors: Dollar Index +0.145, USDJPY -0.056, EURUSD -0.00293. Bullish factors included (1) increased safe-haven demand for the dollar as Greek debt-swap negotiations continue without a resolution, (2) the statement from Fitch Ratings that said a Greek disorderly default "cannot be wholly discounted," and (3) the warning from German Chancellor Merkel that "time is running out" for Greek leaders to meet the conditions of the troika for additional bailout funding. Bearish factors Monday included (1) the larger-than-expected improvement in the Feb Euro-Zone Sentix investor confidence which rose to a 7-month high and (2) the larger-than-expected increase in Dec German factory orders, which is euro positive.
• Mar crude oil prices this morning are down -71 cents a barrel and Mar gasoline is +0.50 of a cent per gallon. Crude oil and gasoline prices on Monday finished mixed as a stronger dollar undercut crude while a surge in European gasoil prices boosted gasoline: CLH12 -$0.93, RBH12 +1.35. Bullish factors included (1) strength in gasoline after an extreme cold snap in Europe lifted gasoil prices to a 3-month high, which may boost demand for U.S. gasoline exports and (2) reports that rebels attacked and damaged oil pipelines and installations in Nigeria, which may reduce exports from Africa's largest oil producer. Bearish factors included (1) strength in the dollar, which discourages investment demand in commodities, (2) the ongoing debt-swaps talks in Greece that continue without a resolution, which bolsters concern that Greece will fail to take sufficient steps to avert a default, and (3) a report from the IMF that warned economic growth in China, the world's second-largest crude consumer, may be cut in half if the European debt crisis worsens.

Today's U.S. Earnings Reports Earnings reports (confirmed releases, sorted by mkt cap): KO-Coca-Cola (BEST earnings consensus $0.77), DIS-Walt Disney (0.71), EMR-Emerson Electric (0.51), BDX-Becton Dickinson (1.17), WU-Western Union (0.40), CERN-Cerner (0.53), LIFE-Life Technologies (1.04), PRGO-Perrigo (1.15), HIG-Hartford Financial Services (0.60), MMP-Magellan Midstream Partners LP (0.95), LNC-Lincoln National (1.00), CHD-Church & Dwight (0.51), CBG-CBRE Group (0.43), TDG-Transdigm Group (1.25), PNRA-Panera Bread (1.42).
Global Financial Calendar

Tuesday 2/7/12
United States
0745 ET	ICSC (Int?l Council of Shopping Centers) weekly retailer sales.
0855 ET	Redbook weekly retailer sales.
1000 ET	Fed Chairman Ben Bernanke testifies to the Senate Budget Committee on the economic outlook and the Federal budget situation.
1000 ET	Feb IBD/TIPP economic optimism expected +1.1 to 48.6, Jan +4.7 to 47.5.
1130 ET	Weekly 4-week and monthly 1-year T-bill auctions.
1300 ET	Treasury auctions $32 billion 3-year T-notes.
1500 ET	Dec consumer credit expected +$7.000 billion, Nov +$20.364 billion.
Japan
0000 ET	Dec Japan coincident index CI expected 93.1, Nov 90.3. Dec leading index CI expected 93.8, Nov 93.2.
2330 ET	Jan Japan bankruptcies, Dec -6.3% y/y.
France
0245 ET	Dec French trade balance expected -5.350 billion euros, Nov -4.412 billion euros.
Germany
0600 ET	Dec German industrial production expected unchanged m/m and +4.4% y/y, Nov -0.6% m/m and +3.6% y/y.
Canada
0830 ET	Dec Canada building permits, Nov -3.6% m/m.

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