7 Minutes of Terror This Week
Posted on August 05, 2012 at 13:42 PM EDT
It will be a busy week for NASA and its famous “7 minutes of terror,” within which its latest Mars destined spacecraft and land rover, Curiosity, go from 13K mph to a dead stop. For the stock market, though, it looks about as boring as a week can get. These days, though, that still keeps most investors checking their stock quotes by the minute.
7 Minutes of Terror
When Bernanke speaks, people listen. So the recorded message the Fed chief sends to the 32nd General Conference of the International Association for Research Income & Wealth could impact the market on an otherwise slow Monday.
NASA attempts to land its Mars rover, Curiosity, Monday morning at 1:31 AM EDT. A chaotic sequence of treacherous events must unfold in what NASA has aptly dubbed, “Seven Minutes of Terror,” as the spacecraft goes from 13,000 mph to a dead stop in that span.
An interestingly titled mining confab, Dealers & Diggers, kicks off in Australia. The American corporate wire is headlined by EPS reports from AES Corp. (NYSE: AES), Chesapeake Energy (NYSE: CHK), Consolidated Edison (NYSE: ED), Boston Properties (NYSE: BXP), Tyson Foods (NYSE: TSN), CF Industries (NYSE: CF), Cognizant Technology (Nasdaq: CTSH), Alliance Healthcare Services (NYSE: AIQ), Alnylam Pharmaceuticals (Nasdaq: ALNY), Black Hills (NYSE: BKH), Brookdale Senior Living (NYSE: BKD), Caesars Entertainment (NYSE: CZR), Caribou Coffee (Nasdaq: CBOU), Changyou.com (Nasdaq: CYOU), China New Borun (Nasdaq: BORN), Chindex (Nasdaq: CHDX), Churchill Downs (Nasdaq: CHDN), Cinemark (NYSE: CNK), Cutera (Nasdaq: CUTR), FreightCar America (Nasdaq: RAIL), Fuel Tech (Nasdaq: FTEK), Goodrich Petroleum (NYSE: GDP), Halozyme Therapeutics (Nasdaq: HALO), Isis Pharmaceuticals (Nasdaq: ISIS), Kosmos Energy (NYSE: KOS), Leap Wireless (Nasdaq: LEAP), McDermott Int’l (NYSE: MDR), Nam Tai Electronics (NYSE: NTE), Nautilus (NYSE: NLS), Plantronics (NYSE: PLT), Quality Distribution (Nasdaq: QLTY), Safe Bulkers (NYSE: SB), Scientific Games (Nasdaq: SGMS), SIGA Technologies (Nasdaq: SIGA), Sohu.com (Nasdaq: SOHU), Taro Pharmaceutical (Nasdaq: TARO), THQ (Nasdaq: THQI), WMS Industries (NYSE: WMS) and Youku (Nasdaq: YOKU).
A second day light of economic news should key the market’s focus on the corporate wire Tuesday. We’ll get just the two regular weekly same-store sales data points from the International Council of Shopping Centers (ICSC) and Redbook Tuesday morning. Last week’s ICSC report showed a 1.7% week-to-week decline in chain store sales, and just a 1.8% increase over the prior year period. That does not even edge inflation. Redbook saw the year-to-year sales change at just 1.1% in the same period ending July 28. Last week, I expressed my concern about a poor consumer spending trend in this detailed report.
Fed Chairman Bernanke is at it again Tuesday, this time addressing educators from across the country via a town hall meeting style event. We’re not expecting any new information to reach the wire, but the market will be paying attention just in case.
At 3:00 PM EDT, look for the monthly Consumer Credit data to reach the wire. Economists expect an increase of $10.3 billion in consumer credit for the month of June. In May, credit expanded by $17.1 billion. The situation has improved dramatically from early 2010, when consumer credit was deeply contracting. Whether we’re getting back to our old ways of giving money away or not is another question.
Two separate New York City conferences, at Credit Suisse (NYSE: CS) and Jefferies Group (NYSE: JEF), highlight industrial companies Tuesday. The corporate wire has earnings news from Walt Disney (NYSE: DIS), Boeing (NYSE: BA), Cablevision (NYSE: CVC), CVS Caremark (NYSE: CVS), Express Scripts (Nasdaq: ESRX), Emerson Electric (NYSE: EMR), Marsh & McLennan (NYSE: MMC), Amerigas Partners (NYSE: AMU), Anthera Pharmaceuticals (Nasdaq: ANTH), Asta Funding (Nasdaq: ASFI), Beacon Roofing (Nasdaq: BECN), Breitburn Energy Partners (Nasdaq: BBEP), Buckeye Technologies (NYSE: BKI), Charles River Laboratories (NYSE: CRL), Charter Communications (Nasdaq: CHTR), Chiquita Brands (NYSE: CQB), Church & Dwight (NYSE: CHD), Coeur d’Alene Mines (NYSE: CDE), Compugen (Nasdaq: CGEN), Cree (Nasdaq: CREE), DemandMedia (NYSE: DMD), EMCORE (Nasdaq: EMKR), Expeditors Int’l (Nasdaq: EXPD), Fossil (Nasdaq: FOSL), GSI Group (Nasdaq: GSIG), Hecla Mining (NYSE: HL), Infinity Pharmaceuticals (Nasdaq: INFI), Insmed (Nasdaq: INSM), Molson Coors (NYSE: TAP), Nanosphere (Nasdaq: NSPH), Nordic American Tanker (NYSE: NAT), Office Depot (NYSE: ODP), Orasure Technologies (Nasdaq: OSUR), PC Mall (Nasdaq: MALL), PG&E (NYSE: PCG), Priceline.com (Nasdaq: PCLN), Primerica (NYSE: PRI), Rand Logistics (Nasdaq: RLOG), Renren (Nasdaq: RENN), Rosetta Resources (Nasdaq: ROSE), Sapient (Nasdaq: SAPE), Sirius XM Radio (Nasdaq: SIRI), Sotheby’s (NYSE: BID), Spectrum Brands (NYSE: SPB), Strattec Security (Nasdaq: STRT), Tenet Healthcare (NYSE: THC), TravelCenters (NYSE: TA), Vitamin Shoppe (NYSE: VSI), Vivus (Nasdaq: VVUS), XL Group (NYSE: XL), Zillow (NYSE: Z) and many more.
Sure looks like the right week to vacation, with yet another day of light economic data reaching the wire. The Weekly Mortgage Applications Survey is due in the premarket flow. Record low mortgage rates have done little for home sales, but refinancing activity continues to be robust. You’ll find our latest report on that here.
The Productivity and Costs Report for the second quarter is due for release at 8:30 AM EDT. Economists expect nonfarm productivity rose 1.3% in Q2, versus the -0.9% decline in Q1. Unit labor costs are expected 0.9% higher, against the 1.3% increase in Q1.
New petroleum inventory data reaches the wire at 10:30 AM EDT. Last week’s report from the EIA showed a dramatic draw from crude oil inventory and total motor gasoline stocks, so this week’s report will get a close look.
The state of the Chinese real estate market will have some light shed on it Wednesday when residential real estate developer China Vanke reports its first half results. Also, Ralph Lauren (NYSE: RL), the outfitter of the U.S. Olympic Team’s parade uniforms, which were scandalously produced in China, reports results. Look for more earnings reports from Macy’s (NYSE: M), News Corp. (Nasdaq: NWSA), CenturyLink (NYSE: CTL), Alpha Natural Resources (NYSE: ANR), Apollo Investment (Nasdaq: AINV), Boingo Wireless (Nasdaq: WIFI), Canaccord Financial (CF.TO), Cardiovascular Systems (Nasdaq: CSII), Century Casinos (Nasdaq: CNTY), Cincinnati Bell (NYSE: CBB), Clean Harbors (NYSE: CLH), Computer Sciences (NYSE: CSC), Corrections Corp. of America (NYSE: CXW), Dean Foods (NYSE: DF), DISH Network (Nasdaq: DISH), Dot Hill Systems (Nasdaq: HILL), Dun & Bradstreet (NYSE: DNB), Eagle Bulk Shipping (Nasdaq: EGLE), Echostar (Nasdaq: SATS), Euroseas (Nasdaq: ESEA), Forestar Group (NYSE: FOR), Great Plains Energy (NYSE: GXP), Hansen Medical (Nasdaq: HNSN), HollyFrontier (NYSE: HFC), ING Groep (NYSE: ING), Integrys Energy (NYSE: TEG), International Flavors & Fragrances (NYSE: IFF), Jack in the Box (Nasdaq: JACK), Kinross Gold (NYSE: KGC), Lamar Advertising (Nasdaq: LAMR), Liberty Media (Nasdaq: LMCA), Lionbridge Technologies (Nasdaq: LIOX), LMI Aerospace (Nasdaq: LMIA), Maidenform Brands (NYSE: MFB), MBIA, Inc. (NYSE: MBI), MEMC Electronic Materials (NYSE: WFR), Miller Industries (NYSE: MLR), Molex (Nasdaq: MOLX), Monster Beverage (Nasdaq: MNST), Neenah Paper (NYSE: NP), Orbitz Worldwide (NYSE: OWW), PPL Corp. (NYSE: PPL), Ralcorp (NYSE: RAH), Rio Tinto (NYSE: RIO), Rosetta Stone (NYSE: RST), Satcon Technology (Nasdaq: SATC), Seattle Genetics (Nasdaq: SGEN), Stifel Financial (NYSE: SF), TETRA Technologies (NYSE: TTI), Tidewater (NYSE: TDW), TreeHouse Foods (NYSE: THS), Universal Display (Nasdaq: PANL), XO Group (Nasdaq: XOXO), ZipRealty (Nasdaq: ZIPR) and more.
If you have to come to work for just one day this week, make it Thursday. That will be the day a couple data points have a chance at moving stocks.
The Bank of Japan leads off the wire, with its latest monetary policy. The BOJ just can’t do much with its already low rates, but an increasing number of market mavens are starting to think that the Fed is not in much better of a position.
A few weeks ago, our founder suggested investors consider selling stocks on Wednesday afternoons in anticipation of bad news some Thursday soon. That potential market moving news would theoretically be found in the Weekly Initial Jobless Claims Report. We’re looking for the data point to one day soon spike over 400K, and drive stocks down like lightning. Last week, claims edged higher by 8K to 365K.
New International Trade data will be reported for the month of June at 8:30 AM EDT. The trade deficit is expected to have narrowed in June, to $47.5 billion, from $48.7 billion in May. Both imports and exports are easing, though, which is a bad sign for the global economy.
Bloomberg’s Consumer Comfort Index is up for report at 9:45 AM EDT. Last week, the consumer sentiment measure deteriorated 1.2 points to negative 39.7. It’s hard to say what this weekly measure will do from report to report, but over time, the trend should be getting worse.
Wholesale Trade data is due at 10:00 AM EDT for the month of June. Economists expect wholesale inventories grew 0.3%, just like they did in May, however, the range of views runs from no change to +0.4%. Also, it will be more important to note the change in the inventory-to-sales ratio, because it puts wholesale conditions into better perspective. The ratio rose last month to 1.18 from 1.17, which is bad news, because wholesale sales decreased by 0.8% as inventories rose.
EIA’s Natural Gas Report will show the latest change in stores of the commodity at 10:30 AM Thursday. Last week’s data showed the natural gas store increased by 28 Bcf to a level 407 Bcf above the five-year average for this time of year. The gas glut continues…
Look for the latest earnings news from the likes of Kohl’s (NYSE: KSS), NVIDIA (Nasdaq: NVDA), Nordstrom (NYSE: JWN), CareFusion (NYSE: CFN), DeVry (NYSE: DV), ACCO Brands (Nasdaq: ACCO), 21st Century Holding (Nasdaq: TCHC), Abraxas Petroleum (Nasdaq: AXAS), Advance Auto Parts (NYSE: AAP), Alliant Techsystems (NYSE: ATK), Amtech Systems (Nasdaq: ASYS), Arena Pharmaceuticals (Nasdaq: ARNA), Assured Guaranty (NYSE: AGO), Bacterin Int’l (Nasdaq: BONE), Bombardier (BBD-B.TO), Briggs & Stratton (NYSE: BGG), Brinker Int’l (NYSE: EAT), Brooks Automation (Nasdaq: BRKS), Capstone Turbine (Nasdaq: CPST), CECO Environmental (Nasdaq: CECE), China Lodging (Nasdaq: HTHT), Chyron (Nasdaq: CHYR), Clean Diesel Technologies (Nasdaq: CDTI), Cooper Tire & Rubber (NYSE: CTB), Craft Brew Alliance (Nasdaq: BREW), Edelman Financial (NYSE: EF), Elizabeth Arden (Nasdaq: RDEN), Full House Resort (NYSE: FLL), Gramercy Capital (NYSE: GKK), Hillshire Brands (NYSE: HSH), Information Services (NYSE: III), Inuvo (Nasdaq: INUV), Investment Technology Group (NYSE: ITG), James River Coal (Nasdaq: JRCC), Jones Soda (Nasdaq: JSDA), KCAP Financial (Nasdaq: KCAP), Koppers (NYSE: KOP), Kronos Worldwide (NYSE: KRO), Local.com (Nasdaq: LOCM), Markel (NYSE: MKL), Michael Baker (NYSE: BKR), Mobile Mini (Nasdaq: MINI), MTR Gaming (Nasdaq: MNTG), Nektar Therapeutics (Nasdaq: NKTR), Olympic Steel (Nasdaq: ZEUS), OM Group (NYSE: OMG), OSI Systems (Nasdaq: OSIS), Progenics Pharmaceuticals (Nasdaq: PGNX), Rentrak (Nasdaq: RENT), Royal Gold (Nasdaq: RGLD), Scott’s Miracle-Gro (NYSE: SMG), Superconductor Technologies (Nasdaq: SCON), Teekay (NYSE: TK), Wendy’s (NYSE: WEN), Tim Horton’s (NYSE: THI), U.S. Physical Therapy (Nasdaq: USPH), U.S. Concrete (Nasdaq: USCR), Wave Systems (Nasdaq: WAVX), Windstream (NYSE: WIN), Zhongpin (Nasdaq: HOGS) and more.
News from overseas might set the pace Friday, when Greece provides the details of its auction of 26-week T-bills, scheduled for August 14. Greeks and other Christians celebrate a high religious holiday on the 15th, so perhaps they’ll be hoping for some divine help with the auction date.
We’ll get the latest import and export price data Friday morning at 8:30 AM EDT. Economists see a 0.1% decline in export prices in July, according to Bloomberg’s survey. This follows June’s 1.7% drop in export prices. The forecast for import prices sees a 0.2% increase, versus the 2.7% decrease in June.
At 2:00 PM, catch the latest monthly treasury budget data for July. The consensus view is for a deficit of $103 billion for the month. While July regularly produces a deficit, in June, the deficit ran at a smaller $59.7 billion. However, nine months into the government’s fiscal year, the deficit is down 6.8%.
The corporate earnings wire has news from J.C. Penney (NYSE: JCP), Harman (NYSE: HAR), Celldex Therapeutics (Nasdaq: CLDX), Chesapeake Granite Wash Trust (Nasdaq: CHKR), China XD Plastics (Nasdaq: CXDC), China Yuchai International (NYSE: CYD), Heska Corp. (Nasdaq: HSKA), Highpower Int’l (NYSE: HPJ), HiSoft Technology (Nasdaq: HSFT), Hooper Holmes (NYSE: HH), Horizon Pharma (Nasdaq: HZNP), Houston American Energy (Nasdaq: HUSA), Merrimack Pharmaceuticals (Nasdaq: MACK), Recovery Energy (Nasdaq: RECV), Rentech (NYSE: RTK), Simcere Pharmaceutical (NYSE: SCR), Syntroleum (Nasdaq: SYNM), Unico American (Nasdaq: UNAM), Uranium Resources (Nasdaq: URRE), Warwick Valley Telephone (Nasdaq: WWVY), Xinyuan Real Estate (NYSE: XIN) and a few more.
Please see our disclosures at the Wall Street Greek website and author bio pages found there. This article and website in no way offers or represents financial or investment advice. Information is provided for entertainment purposes only.
Inquiries about Wall Street Greek advertising services can be made by phone to 347.746.3415.
AES Corp. ANTHERA PHARMA Abraxas Petroleum Corporation Advance Auto Parts, Inc. Alliant Techsystems, Inc. Alnylam Pharmaceuticals, Inc. Alpha Natural Resources, Inc. Amtech Systems, Inc. Apollo Investment Corporation Arena Pharmaceuticals, Inc. Assured Guaranty Ltd. Asta Funding, Inc. BOINGO WIRELESS Beacon Roofing Supply, Inc. Black Hills Corp. Boeing Co. Boston Properties, Inc. BreitBurn Energy Partners, L.P. Briggs & Stratton Corp. Brinker International, Inc. Brookdale Senior Living Brooks Automation, Inc. Buckeye Technologies, Inc. CELLDEX THERAPEUTICS, Inc. CF Industries Holdings CHARTER COMM-A CHINA LODGE SP ADR CHYRON CORPORATION CLEAN DIESEL TECH CNGYOU.COM SPADR-A CVS Caremark Cablevision Systems Corp. Capstone Turbine Corp Cardiovascular Systems, Inc. CareFusion Corporation Ceco Environmental Corp Century Casinos, Inc. CenturyLink Charles River Laboratories International, Inc. Chesapeake Energy Corp. China XD Plastics Company Limited China Yuchai International Ltd. Chindex International, Inc. Chiquita Brands International, Inc. Church & Dwight Co. Churchill Downs, Inc. Cincinnati Bell Cinemark Holdings, Inc. Clean Harbors, Inc. Coeur Mining, Inc. Cognizant Technology Solutions Compugen Ltd Computer Sciences Corp. Consolidated Edison, Inc. Cooper Tire & Rubber Co. Corrections Corp of America Craft Brewers Alliance, Inc. Credit Suisse Group ADS Cree, Inc. Cutera, Inc. DISH Network Corp. DeVry, Inc. Dean Foods Co. Demand Media Dot Hill Systems Corp. Dun & Bradstreet Corp. EAGLE BULK SHIPP EMCORE EXPRESS SCRPTS HLDG EchoStar Corporation Elizabeth Arden, Inc. Emerson Electric Co. Euroseas Ltd. Expeditors International Washi Forestar Group Fossil, Inc. FreightCar America, Inc. Fuel Tech, Inc. Full House Resorts Inc., GSI GROUP Goodrich Petroleum Corp. Gramercy Capital Great Plains Energy HESKA HORIZON PHARMA Halozyme Therapeutics, Inc. Hansen Medical, Inc. Harman International Industries, Inc. Hecla Mining Co. Hillshire Brands HollyFrontier Hooper Holmes, Inc. ING Groep N.V. ADS INSMED Infinity Pharmaceuticals, Inc. Integrys Energy Group International Flavors & Fragrances, Inc. Investment Technology Group, Inc. Isis Pharmaceuticals, Inc. J.C. Penney Co., Inc. Jack in the Box, Inc. James River Coal Company Jefferies Group, Inc. KCAP FINANCIAL Kinross Gold Corp. Kohls Corp. Koppers Holdings Kosmos Energy Kronos Worldwide, Inc. LMI Aerospace, Inc. Lamar Advertising Co Leap Wireless International, Inc. Lionbridge Technologies MBIA, Inc. MEMC Electronic Materials, Inc. MERRIMACK PHARM MONSTER BEVERAGE MTR Gaming Group, Inc. Macys Maidenform Brands, Inc. Markel Corp. Marsh & McLennan Cos. McDermott International, Inc. Michael Baker Corp. Miller Industries, Inc. Mobile Mini, Inc. Molex, Inc. Molson Coors Brewing Co. Cl B Nam Tai Electronics, Inc. Nanosphere, Inc. Nautilus Neenah Paper, Inc. Nektar Therapeutics News Corporation - Class A Shares Nordic American Tanker Nordstrom, Inc. Nvidia Corp OM Group, Inc. OSI Systems, Inc. Office Depot, Inc. Olympic Steel, Inc. OraSure Technologies, Inc. Orbitz Worldwide, Inc. PC Mall, Inc. PG&E Corp. PPL Corp. Plantronics, Inc. Priceline.com, Inc. Primerica Progenics Pharmaceuticals, Inc. Quality Distribution, Inc. RECOVERY ENERGY Ralph Lauren Corp Rand Logistics, Inc. Rentech, Inc. Rentrak Corp Rio Tinto PLC ADS Rosetta Resources, Inc. Rosetta Stone Royal Gold, Inc. SIGA Technologies, Inc. Safe Bulkers Sapient Corp Scientific Games Corp Scotts Co. Cl A Seattle Genetics Inc /wa Simcere Pharmaceutical Group Sirius XM Radio, Inc. Sohu.com, Inc. Sothebys Spectrum Brands Holdings Stifel Financial Corp. Strattec Security Corp Superconductor Technologies, Inc. Syntroleum Corp TETRA Technologies Teekay Tidewater, Inc. Tim Hortons TravelCenters of America TreeHouse Foods Tyson Foods Inc. Cl A UBS AG US CONCRETE Unico American Corp Universal Display Corp Vitamin Shoppe Vivus, Inc. WMS Industries, Inc. Walt Disney Wave Systems Corp XL Group Xinyuan Real Estate Co. Ltd. ADS Zhongpin, Inc. ZipRealty, Inc.
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