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WJR July 2014 Reports

  

 
July 31, 2014

In the financial world, there are “good” words, like “profits” and “bad” words like “costs.” But then there are really “ugly” words, like “default.”

Unfortunately we’re dealing with all three of those words this morning, with emphasis on the “ugly.” That word comes not just from a company or a city, but the country of Argentina.

Argentina is in technical default on its debt this morning after disagreement among bond holders regarding the amount of the haircut bond holders would suffer. With sovereign debt piling up around the world deeper than the snow during a bad winter, financial markets are not dealing well with the news.

Adding to this morning’s woes, Whole Foods missed the earnings estimate again and guided estimates lower for the rest of the year. Whole Foods shares, a former market darling, are about 35 percent lower since December. ON the famous other hand, ExxonMobil earned $2.05 per share, which was 19 cents better than expected.

And there could be trouble coming on the labor front. The July Challenger layoff survey reflected the second highest number of layoff announcements this year. Weekly Jobless Claims data comes in about 15 minutes.

China and Australia were higher overnight, but just about everybody else overseas is in the red.

Our futures are off their lows, but the word “ugly” still comes to mind. At this point, adjusted for fair value, the S&P 500 futures are lower by about 8½ points, the Dow futures are down 71, and the NASDAQ futures are about 22 points below fair value.

July 30, 2014

It’s earnings news, it’s the Fed statement, it’s the economy, it’s Gaza, it’s the Ukraine. Traders’ heads may as well be on swivels today as just about any of the above could send us off on a rally or a dive.

Yesterday, it was international war and politics that sent stocks lower in the late afternoon. But then after the market closed, Twitter issued an explosive earnings report. Twitter shares were off almost 40 percent year-to-date. But this morning, on accelerating user and revenue growth, Twitter shares look to recover about 25 percent of that loss.

Marriott beat the earnings estimate this morning, but on lower than expected sales. Sprint and ADT are out with better than expected numbers.

The Fed Open Market Committee’s latest two-day meeting wraps up this afternoon, and the two o’clock news hour will be Fed-filled. Expect another 10 billion dollars of tapering in the Fed’s bond-buying program.

Perhaps the MOST market moving data-point of the day comes at 8:30, with the Government’s first guess at the country’s Gross Domestic Product in the second quarter. It’s expected that we might see a 3 percent increase, after a weather-related 3 percent decline in the first quarter GDP.

Overseas markets are mixed, but in spite of yesterday’s Ukrainian-related late fade, we should head higher at 9:30. At this point, adjusted for fair value, the S&P 500 futures are higher by about 5 points, the Dow futures are up 45, and the NASDAQ futures are almost 18 points above fair value.

July 29, 2014

Our futures started the morning off in the red, but turned during the six o’clock hour. Disappointing earnings reports are few and far between and for the first time in recent memory, sales are coming in higher than expected this quarter. That’s a good thing, especially if you’re expecting these companies to expand and possibly create jobs in the future.

Topping their respective earnings estimates this morning are Aetna, International Paper, Reynolds American, Marsh McLennan and Dow components Pfizer and Merck.

Eaton missed the $1.13 estimate by 2 cents and trimmed the upper year of full-year guidance. The biggest miss of the morning (and it’s not a very big miss) is from United Parcel Service. UPS missed the $1.25 estimate by 4 cents, even though revenue was better than expected. UPS lowered full year guidance due to increased infrastructure investment costs and the stock is about three percent lower pre-market. Last night, Herbalife missed badly and cut guidance. This morning, Herbalife shares are shedding a little weight, down more than 11 percent.

The Case Shiller Home Price Index comes at 9 and the Conference Board’s July Consumer Confidence number at 10 is expected to rise slightly to 85½.

Asian markets were mostly higher overnight. Outside of Portugal, Europe is solidly higher. At this point, adjusted for fair value, the S&P 500 futures are higher by almost 5 points, the Dow futures are up 55, and the NASDAQ futures are about 11 points above fair value.

July 28, 2014

The great flood of earnings news starts to subside this week. But fear not, there’s plenty of news coming to pick up the slack.  A Fed meeting, the Monthly Employment Report, Consumer Confidence readings are among them. And, of course, today is Monday, so there must be another corporate marriage out there.

And, there it is now. Attention, discount shoppers. Dollar Tree is buying Family Dollar for $74.50 per share in cash and stock. The stock of both companies are on the rise on the news. Dollar Tree up about 7 percent. Family Dollar is higher by about 22 percent pre-market.

And there could be another one of those tax-inversion deals on the way. Word is that Hospira may move headquarters to France, as they are considering the purchase of a medical unit of Danone.

Cummins earned $2.43 last quarter, which was 15 cents better than expected. On the famous other hand, Tyson Foods fell a nickel short of the expected 78 cent profit. 

Pending Home Sales and the Dallas Fed Manufacturing Survey results are on the way this morning.

Our futures were flat for much of the morning. They took a turn for the worse about an hour ago, but are creeping back toward even again. At this point, adjusted for fair value, the S&P 500 futures are lower by 1½ points, the Dow futures are down 11, and the NASDAQ futures are about a point below fair value.

July 25, 2014

Once again this morning, we have 10 pounds of earnings reports to fit in our five pound bag. But last night, reports from a couple of stock market darlings will have shares seeing red this morning. 

Everyone's favorite retailer, which loves to lose money by selling stuff and not making it up on volume, Amazon reported a loss last night. That wasn’t surprising, knowing the business model, which some say is similar to a drunken sailor on steroids, but the amount of loss certainly was. The 27 cent per share loss was almost double the 15 cent estimate. Amazon shares are looking about 10 percent lower pre-market.

Also looking about 10 percent lower are shares of Pandora, after reporting a drop in the number of listener hours in June.

Starbucks shares look to drop about 3 percent in the early going. Even though earnings were better than most expected, the outlook for the rest of the year was a bit tepid.

At 8:30 we’ll get the June Durable Goods Orders. Expect a one-half of one percent increase there.

Japan and China were higher overnight. The U.K. is flat, but mainland Europe is lower. Our futures have improved from earlier lows, but we’re still looking to sink a bit at 9:30. At this point, adjusted for fair value, the S&P 500 futures are lower by 4 points, the Dow futures are down 39, and the NASDAQ futures are 14½ points below fair value.

July 24, 2014

First the good local news: Ford Motor shares are about one percent higher on better than expected earnings.

However, the most discussed ‘round these parts is the report from General Motors. The quarterly profit of 58 cents per share missed estimates by a penny, but was 80% lower than a year ago. Moreover, GM has established a truckload of reserves to pay future claims, including 875 million dollars for expenses relating to recalling vehicles and 400 million dollars for the special compensation fund relating to the ignition switch problem. That may not be all, as that fund MAY need up to 200 million more as claims are paid. 

While GM shares are about 2 ½ percent lower on that news, the loser of the morning award goes to Angie’s List. That stock, which went public within the last year, is off 25 percent on a quarterly loss of 31 cents per share which was 6 cents worse than expected. Dunkin Donuts shares are off 5 percent on an earnings miss.

Under Armour is higher on earnings, Nokia is 8 percent higher on good guidance, and Caterpillar lower on a revenue miss. American Airlines has established a stock buyback program and will pay its first dividend in 34 years. $1.98 in operating profit was a three cent beat at American Airlines.

Overseas markets are generally higher. At this point, adjusted for fair value, the S&P 500 futures are higher by 3½ points, the Dow futures are up 28, and the NASDAQ futures are right around 10 points above fair value.

July 23, 2014

Last week, the nation’s top wanna-be stock analyst, Federal Reserve chief Janet Yellen, warned that small cap biotech firms may be over-valued. Well, if you owned shares in small-cap firm Puma Biotech, let’s hope you didn’t sell on that prescient opinion. Puma reported positive late-stage results for their investigational breast cancer drug this morning. Testing indicated a 33 percent improvement in disease-free survival. Pre-market trade is indicating that the stock will rise by almost 250 percent.

Earnings news is coming fast and furious this morning. The miss of the morning appears to be Whirlpool. $2.62 in quarterly profit fell well short of the $2.91 estimate on weakness overseas. Whilrpool also cut full year guidance and the shares are indicated about 6 percent lower. 

Reporting better than expected results are Pepsico, Boeing, Apple, Dow Chemical, Delta Airlines and Electronic Arts, although Electronic Arts will delay the release of a highly anticipated new game until after the upcoming Holiday shopping season.

Last night Microsoft missed the earnings number. However, revenue was higher than expected and the shares are indicated about 2 percent higher.

Japanese shares were a bit lower overnight. Europe is a bit higher. Our futures were nicely higher a couple of hours ago, but have been on the side since then. At this point, adjusted for fair value, the S&P 500 futures and Dow futures are flat, and the NASDAQ futures are still almost10 points above fair value.

July 22, 2014

Stocks have been doing the one-day-up-one-day-down tango for a while now, and the band plays on this morning as our futures have been on the rise.

We’ll get the June Consumer Price Index at 8:30 and the report on Existing Home Sales later this morning. But if you are into corporate earnings, today is your Super Bowl Sunday. Of the 30 companies that make up the Dow Jones Industrials, six report earnings today.

So far, better than expected numbers have come from United Technologies, Verizon, Comcast and Coca Cola. However, Coke’s revenue and case volume lagged estimates, and that has Coke shares indicated a little lower.

Harley Davison earnings surprised to the upside, but they lowered current quarter guidance and the shares are down almost 2 percent. DuPont matched estimates and raised their dividend.  McDonald’s and Travelers fell short and we’ll get reports from Apple and Microsoft later today.

Asian markets that were open rose across the board last night. The major markets in Europe are also higher. Our futures have cooled off a bit, but are still pointing higher.

Right now, adjusted for fair value, the S&P 500 futures are higher by almost 6 points, the Dow futures are up 41, and the NASDAQ futures are 15 points above fair value.

July 21, 2014

This one-step-forward, one-step-back market will give up some of Friday’s gains in the early going today, but the weakness in the futures is relatively modest at this point.

A couple of earnings reports are in so far. Both toy-marker Hasbro and oil services firm Halliburton matched expected earnings. The difference is that revenue was better than expected at Halliburton, whose shares are about 1½ percent higher on an increase in their share buyback program. Hasbro shares are a little lower on the lower than expected sales. We’ll hear from Texas Instruments later today.

There’s another food safety scare in China. It’s reported that a meat supplier sold expired product to McDonalds and Yum Brands in China. McDonalds and Yum Brands shares are one to two percent lower on the news. And it’s being reported that Russian steel maker Severstal is going to sell all of its U.S. based plants.

Not much movement in Asian markets overnight. In fact, there was no movement in the Nikkei in Japan, where the market was closed for something called “Marine Day.” European markets, however, are generally lower as are our futures.

Right now, adjusted for fair value, the S&P 500 futures are lower by about 5 points, the Dow futures are down 41, and the NASDAQ futures are almost 7 points below fair value.

July 18, 2014

We can talk about good corporate earnings and economic data all day long, but when commercial airliners get shot out of the sky and countries launch big invasions, stock traders tend to shoot first and ask questions later. That’s certainly what happened yesterday, with the Dow Jones Industrials dipping under the 17,000 mark once again.

Today, of course, is another day. And absent any news of additional horrors, we’re back to less traumatic news. Last night, IBM reported slightly better than expected earnings, at $4.32 versus $4.29. That’s the good news. Less impressive is another quarter of declining revenue and the knowledge that those earnings were given the artificial benefit of IBM’s stock buyback program.

This morning, General Electric matched the 39 cent estimate. Results were hurt by a continued decline in GE Finance, which in its heyday used to account for about half the company’s profits.

By 10 o’clock, we’ll know what the University of Michigan says about the mood of the consumer in July and what the Leading Economic Indicators indicated in June. Little change is expected in either report.

In front of those reports, we should gain back some ground. Our futures have been positive all morning. Right now, adjusted for fair value, the S&P 500 futures are higher by about 4 points, the Dow futures are up 34, and the NASDAQ futures are about 16 points above fair value.

July 17, 2014

A big chunk of yesterday’s gains in stock prices may well vaporize in the early going this morning, as earnings reports are coming in as a bit of a mixed bag.

On the positive side, Morgan Stanley shares are almost 2 percent higher after beating the 55 cent adjusted earnings estimate by a nickel. Blackstone shares are indicated 2½ percent higher on positive earnings news. United Health shares are also higher on a good earnings report.

On the famous other hand, Yum Brands hit the estimated earnings number, but sales came up short. Shares are off 2 percent. Storage device maker SanDisk shares are about 8 percent lower. They beat the $1.39 estimate by two cents, but guided estimates lower for next quarter. 

The miss of the morning belongs to Miss Barbie. Evidently, young folks are more inclined to exercise their imaginations on the Kardashian app than by playing with Barbie dolls. A 15% drop in Barbie sales led to 8 cents per share in profit at Mattel. That missed by 10 cents and Mattel shares are indicated 10 percent lower.

Jobless Claims at 8:30 and the Philly Fed Survey at 10 could be market movers. St. Louis Fed Bank President Bullard speaks at 1:30. But in front of all that we’ll follow Europe lower.

Adjusted for fair value, the S&P 500 futures are lower by about 9½ points, the Dow futures are down 55, and the NASDAQ futures are about 23 points below fair value.

July 16, 2014

Yesterday morning’s earnings news was pretty darned good and stock prices were rising as Janet Yellen sat down before the Senate Banking Committee. Her prepared remarks were pretty straightforward, but it didn’t take her long to go off-script and opine that small company biotech and social media companies may be “overpriced.” That knocked the stuffing out of the morning’s gains, although prices recovered somewhat by the end of the day. Expect some follow up questions to our new stock guru Ms. Yellen from the House Financial Services Committee this morning. Maybe she’ll use the term “irrationally exuberant.”

Rupert Murdoch is reportedly getting exuberant about Time Warner. Word is that Murdoch’s 21stCentury Fox offered 80 billion dollars in cash and stock to acquire Time Warner last month. Time Warner’s Board said “Thanks, but no thanks.” However, what Rupert wants, he often gets, unless somebody with even deeper pockets wants it. Expect another bid in the future above the 85 bucks per share offered by Fox. Time Warner shares are indicated about 18 percent higher pre-market.

Bank of America beat the 29 cent per share earnings estimate by 12 cents this morning. That is, if you ignore about 4 billion dollars of litigation costs incurred to behavior they won’t admit or deny.

China a little lower overnight, Japan was flat. But most of Europe is higher, and we should get off to a positive start. Adjusted for fair value, the S&P 500 futures are higher by about 8 points, the Dow futures are up 54, and the NASDAQ futures are more than 27 points above fair value.

July 15, 2014

Here come the earnings. So far this morning, it looks like many of the big boys and girls have done a good job of lowering expectations and pleasantly surprising with results.

Johnson & Johnson beat the $1.55 estimate by 11 cents this morning. JP Morgan shares are higher by about two percent as the $1.46 in quarterly profit beat the $1.29 estimate. However, that profit was a little lower year on year. Weak mortgage origination and significant legal expenses played a role there.

It seems like old times, in a way. Goldman Sachs, which in years gone by produced a long string of results that trounced expectations have done it again. $4.10 in quarterly profit was almost 35 percent higher than the $3.05 cent estimate. All the corporate merger action has investment banking revenue surging again and Goldman shares are about 2 percent higher pre-market.

At 10 o’clock, Janet Yellen climbs Capitol Hill for the first half of her semi-annual Congressional testimony. Stock prices have a habit of rising on Yellen speeches, although she does occasionally go off-script and spread a little panic about interest rate policy.

It’s official.  Competition in the tobacco business is threatening to go up in smoke. Reynolds American will buy Lorillard for $68.88 per share.

Asia was higher. Europe is mixed. We should rise a little once again at 9:30. At this point, adjusted for fair value, the S&P 500 futures are higher by about 2 points, the Dow futures are up 26, and the NASDAQ futures are more than 4 points above fair value.

July 14, 2014

Earnings reports start to flow in some volume this week. So far, out of 22 big companies that have reported, almost 2 out of 3 have reported better than expected earnings, which is not out of line with other recent quarters. This morning, Citigroup reported $1.24 in profit, much better than the estimate of $1.05. 

If it’s Monday, there must be mergers, and we have plenty of them this morning.  The most interesting may be the deal between Mylan Labs and Abbott Labs. Mylan will exchange 5.3 billion dollars of their own stock for a portfolio of Abbott’s foreign drugs. This looks to be another “tax inversion” deal as Mylan will move its tax home out of the United States. If people in Washington don’t wake up soon, we may all be working for foreign companies. Not that there’s anything wrong with that. On the news, Mylan shares are higher by more than 4 percent.

Oh, and if you love your Russell Stover candies, you soon be buying them from Swiss chocolate maker Lindt. Lindt is buying Canadian based Russell Stover for an undisclosed sum.

You had to know than the German market would be string today after the World Cup victory, but so are most other markets overseas. We’ll head higher at 9:30 as well. At this point, adjusted for fair value, the S&P 500 futures are higher by about 9½ points, the Dow futures are up 87, and the NASDAQ futures are 19 points above fair value.

July 11, 2014

Yesterday mornings’ mini-panic spurred by problems at a big Portuguese bank was short-lived. Stock prices recovered much of their losses in the afternoon, and it looks like a fair->

Wells Fargo, the country’s largest mortgage lender reported earnings about 10 minutes ago. Earnings of $1.01 came in exactly as expected, on revenue that was better than expected. Mortgage originations were up sharply from the prior quarter.

A couple of tobacco stocks are attracting buyers this morning and confirmation that they are looking to merge. That would decrease competition in the tobacco business as they fight for the business of the last dozen or so people who still smoke. In any event, Lorillard shares are about 6 percent higher and Reynolds American shares are up about 3 percent pre-market.

Same store sales at the GAP were off 2 percent last month, which was an unpleasant surprise. 

Asian markets were mixed overnight, but Europe has turned higher, and our futures are indicating that stock prices will rise at 9:30. At this point, adjusted for fair value, the S&P 500 futures are higher by 3 points, the Dow futures are up about 20, and the NASDAQ futures are just about 12 points above fair value.

July 10, 2014

There’s trouble in River City this morning, although the figurative water hasn’t risen much in the past hour.

The trouble started in Asia overnight with some punk trade numbers out of China and Japan. But then things really got ugly in Europe. You remember Europe, right? Places like Italy and Portugal and Greece? Countries with skyrocketing yields on Government Bonds a couple of years ago? Well, those yields came cascading down as the European Banks flooded the system with money which bought a lot of those bonds. It came to the point that some of those European bonds carried lower yield than bonds of the United States. All well and good if all is well and good with the economies in those countries.

Well, this morning some really lousy economic reports in Italy and France and some solvency concerns regarding the largest Portuguese Bank has stocks in Europe and our futures doing the backstroke. Portuguese stocks are more than 4 percent lower. Greece is down 3 percent. Overall, other European markets are a little more than one percent lower.

Weekly Jobless Claims come at 8:30, but that report probably won’t help much. At this point, adjusted for fair value, the S&P 500 futures are lower by about 16 points, the Dow futures are down more than 137, and the NASDAQ futures are just about 35 points below fair value.

July 9, 2014

Here we go. Earnings reports will start to flow in volume next week, but the second quarter reporting kicked off last night with very strong numbers from aluminum-centric Alcoa. Quarterly profit of 18 cents per share was 50 percent higher than expected and more than double the 7 cents from a year ago. Alcoa also affirmed 3rdquarter guidance, in spite of weak worldwide aluminum prices. Alcoa shares are about 2 ½ percent higher pre-market.

The famous other hand belongs to the Container Store this morning, with shares lower by 15 percent or more on a weak earnings report and a warning that things won’t get better anytime soon.

The airline sector took another hit yesterday. Delta Airlines shares, for instance, are about 15 percent off the June highs. In spite of all that, Alaska Air will split its shares 2 for 1 today.

This afternoon, the Federal Reserve will release the minutes of the minutes from their June Open Market Committee meeting. It’s always an interesting read, especially if you normally read the Internal Revenue Code for pleasure.

For the most part, Asian markets followed us lower overnight. Europe is starting to perk up a bit. The stock market is closed in Argentina today, and they may as well close everything in Brazil after that soccer game yesterday. Yikes.

Looks like a rebound is coming to Wall Street. At this point, adjusted for fair value, the S&P 500 futures are higher by about 6½ points, the Dow futures are up more than 51 points, and the NASDAQ futures are just about 13 points above fair value.

July 8, 2014

Second quarter earnings reports have started to trickle out. The so-called “official” start of the second quarter reporting season comes after the market closes this afternoon when Alcoa reports their results. Expect 12 cents of operating profit, which would be a nickel better than the same quarter in 2013.

This morning, the National Federation of Independent Businesses reported a 1.6 point drop in their small-business confidence index to a reading of 95. The biggest decline within the survey was small business’ outlook for business conditions over the next six months, which is a component of the survey, suffered a sizable decline.

Abbvie has raised its offer to buy Shire, and Groupon shares are trending higher on an analyst upgrade.

At 10 o’clock, the Labor Department will issue some Jobs data to round out the Unemployment Report that gave stocks a big boost last Thursday. It’s known as the JOLTS report and consists of data regarding job openings and labor turnover. And from the look of the futures, stock prices will need a little boost in the early going.

Once again today, Asian markets are mixed but Europe is lower. At this point, adjusted for fair value, the S&P 500 futures are lower by about 2 points, the Dow futures are down 16, and the NASDAQ futures are just about a point below fair value.

July 7, 2014

There weren’t a lot of traders around on Thursday. But the ones that spent the day on the trading floor instead of at the beach were in a buying mood. A much stronger-than-expected Employment Report (which happened to be right in line with Wednesday’s ADP survey) gave hope that MAYBE the Job Market and economy are turning the corner.

Starting this week, the attention turns to corporate earnings, when Alcoa kicks off the 2ndquarter earnings season after the close tomorrow. So far, 133 of the S&P 500 companies have issued earnings pre-announcements. Of those, there have been about 4 companies warning about their earnings for every company boosting earnings guidance. While that sounds bad, the ratio was 5½ to 1 a year ago and almost 6 to 1 in the first quarter of this year. The average forward Price/Earnings ratio for the S&P 500 stands at 15.6 times. That’s exactly the average ratio of the past 25 years. It stands to reason that if prices are to move higher, those earnings have to hold up.

There’s nothing much on the economic calendar until later in the week. Asian markets were mixed, but Europe has turned mostly lower. We’ll likely give up a big chunk of Friday’s gains at 9:30.

At this point, adjusted for fair value, the S&P 500 futures are lower by about 6 points, the Dow futures are down 51, and the NASDAQ futures are more than 9 points below fair value.

July 3, 2014

If there are to be stock market fireworks this 3rdof July, they’ll have to come early in the day. Stocks will only trade until 1 o’clock and the bond market closes at 2. But in the meantime, we’ll get a couple of reports on the health of the jobs market.

This morning, the June Layoff Report from Challenger, Gray and Christmas reported the lowest monthly announced level of Job cuts of the year. Only about 31,000 layoffs were announced in June. At 8:30 the Labor Department’s June Employment Report is expected to report 215,000 new non-farm jobs, but after yesterday’s surprisingly strong ADP Report, don’t be too surprised if we get a stronger than expected number. The Unemployment Rate is expected to hold steady at 6.3 percent.

Within the past half-hour, the European Central Bank held monetary policy steady.

May Retail Sales in the Eurozone were flat month-over-month, and only up seven-tenths of a percent from the prior year. The Eurozone PMI Report actually reported a second straight month of slower economic expansion. Strength in Italy was offset by slowdowns in Germany and Spain and economic contraction in France.

Asian markets were mixed overnight, but most of Europe is higher. Our futures look a whole lot like they did 24 hours ago. At this point, adjusted for fair value, the S&P 500 futures are higher by about a point and a half, the Dow futures are up about 13, and the NASDAQ futures are about 2½ points above fair value.

July 2, 2014

 

We started the third quarter with a bang yesterday, as the Dow Jones Industrials flirted with the 17,000 level mid-day, before settling down a bit by the close of trading. But today is another day, as they say.

And that day will start with shares of cloud-storage firm Rackspace higher by about 9 percent on a report that they may be in talks to go private. On the famous other hand, shares of GoPro, which has been a post-IPO darling for the past week, are in rewind this morning, with shares indicated about 5 percent lower pre-market.

Shares of adult-beverage purveyor Constellation are about 6 percent higher pre-market on a good earnings report. Lots of people evidently applying liberal amounts of Corona to their summertime blues.

The ADP Private payroll report was released just 2 minutes ago and reported 281,000 new private sector jobs were created in June. That was well above the expected 220,000 and gives hope that tomorrow’s Report from the Labor Department may also give us some good news.

Major markets overseas followed us higher overnight, and our futures have been trending higher over the past couple of hours.

At this point, adjusted for fair value, the S&P 500 futures are higher by about 2 points, the Dow futures are up about 27, and the NASDAQ futures are almost 3 points above fair value.

July 1, 2014

It’s a new month and a new quarter. As we dive into the second half of the year, June auto sales figures will be rolling out all through the trading day. Hopefully the number of vehicles leaving dealer showrooms will exceed that number that are coming back on recall. Yesterday, GM’s latest recall covered an additional 8.2 million vehicles. This morning, Chrysler is expanding its ignition switch recall by about 700,000 vehicles.

Speaking of Chrysler, they just reported a June sales increase of 9.2 percent, which was much better than the expected 6.3 percent increase, and is pretty impressive given that this June had two fewer selling days than June of 2013.

At 10 this morning, the June ISM Manufacturing Purchasing Managers’ Index is expected to print at 55.6. That would be a slight increase from May’s 55.4 and would reflect another slight improvement in the manufacturing sector of the economy. 

Retail store sales are higher by 4.6 percent, compared with a year ago, or so says the ICSC-Goldman Store Sales Report released this morning.

Asian markets were mixed overnight, but Europe is mostly higher as are our futures. Adjusted for fair value, the S&P 500 futures are higher by 4 points, the Dow futures are up 36, and the NASDAQ futures are almost 11 points above fair value.


WJR August 2014 Reports
WJR June 2014 Reports

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