Talk about a climax, the week culminates with the monthly Employment Situation Report. Census Bureau hiring and firing have swished and swayed nonfarm payrolls over the last few months like the waves on the Jersey Shore. The tide is going out now, as economists see an increase to the unemployment rate for July.
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This Week: Unemployment, Auto & Store Sales
A duo of economic reports reached the wire Monday morning at 10:00 AM. The Institute for Supply Management (ISM) posted its Purchasing Managers Index for the month of July, and the US Census Bureau reported on Construction Spending for the month of June.
ISM's PMI Report showed its manufacturing index slipped to 55.5%, from June's mark of 56.2. While a reading above 50 signifies economic expansion, the month's data continued a three-period trend of decrease in the index from April's high of 60.4. Even more troubling, the New Orders Index fell five full points to 53.5%, to depths not seen since the economy first exited recession at this time last year.
The Census Bureau data covering Construction Spending, showed an increase of 0.1% for June. The change compared against a 1.0% drop in May, so it's not so impressive. Economists, however, were looking for a decline of 0.5%.
Federal Reserve Chairman Bernanke spoke this morning on the Challenges for the Economy and State Governments. Treasury Secretary Geithner is speaking on financial reform Monday as well.
The day's corporate news highlights earnings reports from Allergan (NYSE: AGN), Humana (NYSE: HUM), NRG Energy (NYSE: NRG), Loews (NYSE: L), The Principal Financial Group (NYSE: PFG) and Vulcan Materials (NYSE: VMC). Also look for reports from Actuate (Nasdaq: ACTU), Administaff (NYSE: ASF), Alexander's (NYSE: ALX), AllianceBernstein (NYSE: AB), Altra Holdings (Nasdaq: AIMC), American Financial Group (NYSE: AFG), American Physicians Service (Nasdaq: AMPH), Argo Group Int'l (Nasdaq: AGII), Atlas Pipeline (NYSE: AHD), Atlas Pipeline Partners (NYSE: APL), Barnes Group (NYSE: B), BioMarin Pharmaceutical (Nasdaq: BMRN), Brookdale Senior Living (NYSE: BKD), Carmike Cinemas (Nasdaq: CKEC), Celadon (NYSE: CGI), Charles River Labs (NYSE: CRL), CIRCOR Int'l (NYSE: CIR), CNA Financial (NYSE: CNA), Cognex (Nasdaq: CGNX), Comfort Systems (NYSE: FIX), Comstock Resources (NYSE: CRK), Corporate Executive Board (Nasdaq: EXBD), Cutera (Nasdaq: CUTR), DaVita (NYSE: DVA), Developers Diversified Realty (NYSE: DDR), Drew Industries (NYSE: DW), Ducommun (NYSE: DCO), Encore Capital (Nasdaq: ECPG), EnergySolutions (NYSE: ES), Evergreen Solar (Nasdaq: ESLR), Expeditors Int'l (Nasdaq: EXPD), Extreme Networks (Nasdaq: EXTR), First Industrial Realty (NYSE: FR), First Mercury Financial (NYSE: FMR), Flagstone Reinsurance (NYSE: FSR), Forest Oil (NYSE: FST), Franklin Electric (Nasdaq: FELE), General Cable (NYSE: BGC), GFI Group (Nasdaq: GFIG), Gladstone Investment (Nasdaq: GAIN), Gramercy Capital (NYSE: GKK), Granite Construction (NYSE: GVA), Greenlight Capital Re (Nasdaq: GLRE), Griffon (NYSE: GFF), Guidance Software (Nasdaq: GUID), Haemonetics (NYSE: HAE), Healthsouth (NYSE: HLS), Henry Schein (Nasdaq: HSIC), Herbalife (NYSE: HLF), Heritage Financial (Nasdaq: HFWA), HFF Inc. (NYSE: HF), Hologic (Nasdaq: HOLX), HSBC Finance (NYSE: HTB), HSBC Holdings (NYSE: HBC), Information Services (Nasdaq: III), Infospace (Nasdaq: INSP), Integral Systems (Nasdaq: ISYS), Intevac (Nasdaq: IVAC), Investors Title (Nasdaq: ITIC), Kaiser Aluminum (Nasdaq: KALU), Kilroy Realty (NYSE: KRC), Kubota (NYSE: KUB), LifePoint Hospitals (Nasdaq: LPNT), LTC Properties (NYSE: LTC), Lydall (NYSE: LDL), Magic Software (Nasdaq: MGIC), MannKind (Nasdaq: MNKD), Meadowbrook Insurance (NYSE: MIG), Mercury General (NYSE: MCY), Micronetics Wireless (Nasdaq: NOIZ), Momenta Pharma (Nasdaq: MNTA), MSB Financial (Nasdaq: MSBF), Nam Tai Electronics (NYSE: NTE), Nationwide Health Properties (NYSE: NHP), Navarre (Nasdaq: NAVR), NuStar Energy (NYSE: NS), NV Energy (NYSE: NVE), Oplink Communications (Nasdaq: OPLK), Orbotech (Nasdaq: ORBK), Oshkosh (NYSE: OSK), Parkway Properties (NYSE: PKY), Patrick Industries (Nasdaq: PATK), Peapack-Gladstone Fin'l (Nasdaq: PGC), Phoenix Technologies (Nasdaq: PTEC), PolyOne (NYSE: POL), Post Properties (NYSE: PPS), Power Integrations (Nasdaq: POWI), Powerwave Technologies (Nasdaq: PWAV), PS Business Parks (NYSE: PSB), RealD Inc. (NYSE: RLD), Regal Beloit (NYSE: RBC), Resource Capital (NYSE: RSO), Rogers Corp. (NYSE: ROG), Rudolph Technologies (Nasdaq: RTEC), Santarus (Nasdaq: SNTS), Sappi (NYSE: SPP), SBA Communications (Nasdaq: SBAC), Senior Housing Properties Trust (NYSE: SNH), SM Energy (NYSE: SM), Standard Motor (NYSE: SMP), Stereotaxis (Nasdaq: STXS), Summer Infant (Nasdaq: SUMR), SuperGen (Nasdaq: SUPG), Sykes Enterprises (Nasdaq: SYKE), Synchronoss (Nasdaq: SNCR), Syniverse (NYSE: SVR), Tasty Baking (Nasdaq: TSTY), Technitrol (NYSE: TNL), Texas Roadhouse (Nasdaq: TXRH), TGC Industries (Nasdaq: TGE), TIM Participacoes (NYSE: TSU), TNS (NYSE: TNS), Tri-Valley (AMEX: TIV), US Auto Parts (Nasdaq: PRTS), UDR (NYSE: UDR), Unica (Nasdaq: UNCA), Valeant Pharmaceuticals (NYSE: VRX), Vanguard Natural Resources (NYSE: VNR), VeriSign (Nasdaq: VRSN), Virtus Investment (Nasdaq: VRTS), Vivus (Nasdaq: VVIS), Wright Medical (Nasdaq: WMGI) and WuXi Pharmatech (NYSE: WX).
Domestic Motor Vehicle Sales will be reported by the major automakers for the month of July throughout the day Tuesday. Economists surveyed by Bloomberg seen the annual rate of sales 8.8 million, which would mark a decent increase from June's sales levels of 8.3 million. May's sales, however, ran at a rate of 8.9 million.
The International Council of Shopping Centers (ICSC) reports on same-store sales for the period ended July 31. The premarket release will compare against prior week growth of 0.6%, and year-over-year growth of 3.8%. We would continue to expect to find sales within a range of -0.5% to +0.5% week-over-week in the near-term.
Personal Income & Outlays will be reported for the month of June at 8:30 AM. Investors will key on Personal Spending, which is seen increasing 0.1% in June. The result will compare against May's 0.2% rise and April's stagnant state. The Fed's favored gauge of inflation is found in this report. The Core PCE Price Index is expected to post a 0.1% increase, versus May's 0.2% increase. Personal income is forecast to increase 0.1%, versus May's 0.4% increase.
Factory Orders are due at 10:00 AM. The report covering June activity is seen showing a 0.5% decline. This will compare against May's 1.4% decline. Nondurable goods orders played a significant role last time around, due to energy price decline. However, both durable and nondurable orders fell.
Pending Home Sales will be reported for the month of June at 10:00 AM. May's sales activity was more than just notable, as sales activity dropped 30% on the expiration of the home purchase tax incentive.
In DC news, the Senate Budget Committee will hear testimony from Morgan Stanley's (NYSE: MS) Richard Berner, who will discuss his economic expectations. The New York Society of Security Analysts will hold a forum on the economy as well Tuesday.
The corporate news wire offers the introduction of Research in Motion's (NYSE: RIMM) new smartphone. Rumor has it that RIM also has a product in development to compete against Apple's (Nasdaq: AAPL) iPad. Abbott (NYSE: ABT) will present at the Wedbush Morgan Securities Life Sciences Best Ideas Conference. Corning (NYSE: GLW) and National Instruments (Nasdaq: NATI) meet with investos Tuesday. The earnings schedule highlights news from Anadarko Petroleum (NYSE: APC), Chesapeake Energy (NYSE: CHK), Baker Hughes (NYSE: BHI), Pfizer (NYSE: PFE), Procter & Gamble (NYSE: PG), Duke Energy (NYSE: DUK), Emerson Electric (NYSE: EMR), The Dow Chemical Co. (NYSE: DOW), Marsh McLennan (NYSE: MMC) and Mastercard (NYSE: MA).
The remainder of the schedule includes news from Accuride (Nasdaq: ACUZ), Acorda Therapeutics (Nasdaq: ACOR), Actions Semiconductor (Nasdaq: ACTS), AGA Medical (Nasdaq: AGAM), Akorn (Nasdaq: AKRX), Allied Healthcare (Nasdaq: AHCI), Allis-Chalmers Energy (NYSE: ALY), Alterra Capital (Nasdaq: ALTE), American Capital (Nasdaq: ACAS), American DG Energy (Nasdaq: ADGE), American Medical Systems (Nasdaq: AMMD), American Reprographics (NYSE: ARP), American Tower (NYSE: AMT), AmeriCredit (NYSE: ACF), AmTrust Financial (Nasdaq: AFSI), Approach Resources (Nasdaq: AREX), Archer Daniels Midland (NYSE: ADM), Arena Pharmaceuticals (Nasdaq: ARNA), AthroCare (Nasdaq: ARTC), ArvenMeritor (NYSE: ARM), Atlas Air (Nasdaq: AAWW), Atlas Energy (Nasdaq: ATLS), ATS Corp. (Nasdaq: ATSC), Avalonbay Communities (NYSE: AVB), Axis Capital (NYSE: AXS), B Communications (Nasdaq: BCOM), Balchem (Nasdaq: BCPC), Banco de Chile (NYSE: BCH), Bill Barrett (NYSE: BBG), Bio-Rad Laboratories (NYSE: BIO), Black Box (Nasdaq: BBOX), Blonder Tongue Labs (AMEX: BDR), Boise (NYSE: BZ), Boston Beer (NYSE: SAM), Boyd Gaming (NYSE: BYD), BRE Properties (NYSE: BRE), Bridgepoint Education (NYSE: BPI), Brigham Exploration (Nasdaq: BEXP), BTU International (Nasdaq: BTUI), Buckeye Technologies (NYSE: BKI), CAI Int'l (NYSE: CAP), Calgon Carbon (NYSE: CCC), Caliper Life Sciences (Nasdaq: CALP), Cambrex (NYSE: CBM), Cape Bancorp (Nasdaq: CBNJ), Cascade Microtech (Nasdaq: CSCD), CBL & Associates (NYSE: CBL), CBS Corp. (NYSE: CBS), Cedar Fair (NYSE: FUN), Celera (Nasdaq: CRA), Celsion (Nasdaq: CLSN), Clorox (NYSE: CLX), Coach (NYSE: COH), Cognizant Technology (Nasdaq: CTSH), Cohen & Co. (Nasdaq: COHN), CommVault (Nasdaq: CVLT), CNO Fin'l (NYSE: CNO), CorVel (Nasdaq: CRVL), Credit Acceptance (Nasdaq: CACC), CTC Media (Nasdaq: CTCM), Curis (Nasdaq: CRIS), D.R. Horton (NYSE: DHI), Dean Foods (NYSE: DF), Dendreon (Nasdaq: DNDN), Denny's (Nasdaq: DENN), DexCom (Nasdaq: DXCM), DigitalGlobe (NYSE: DGI), Discovery Communications (Nasdaq: DISCK), Dole Food (Nasdaq: DOLE), Dollar Thrifty Automotive (NYSE: DTG), Douglass Emmitt (NYSE: DEI), drugstore.com (Nasdaq: DSCM), Dupont Fabros Tech (NYSE: DFT), DUSA Pharma (Nasdaq: DUSA), Echelon (Nasdaq: ELON), Echo Global (Nasdaq: ECHO), Electronic Arts (Nasdaq: ERTS), Emergency Medical Services (NYSE: EMS), Emerson Electric (NYSE: EMR), Entergy (NYSE: ETR), Enzon Pharma (Nasdaq: ENZN), ESCO Technologies (NYSE: ESE), Evercore Partners (NYSE: EVR), Exactech (Nasdaq: EXAC), EXCO Resources (NYSE: XCO), FelCor Lodging Trust (NYSE: FCH), First American Financial (NYSE: FAF), First Fin'l Bancorp Ohio (Nasdaq: FFBC), FirstEnergy (NYSE: FE), Force Protection (Nasdaq: FRPT), Forestar Group (NYSE: FOR), Franklin Street Properties (AMEX: FSP), Fresh Del Monte (NYSE: FDP), Gafisa SA (NYSE: GSA), Gaylord Entertainment (NYSE: GET), Genesee & Wyoming (NYSE: GWR), Getty Realty (NYSE: GTY), Gladstone Commercial (Nasdaq: GOOD), Glatfelter (NYSE: GLT), Global Indemnity (Nasdaq: GBLI), GLU Mobile (Nasdaq: GLUU), Government Properties (NYSE: GOV), Graham Packaging (NYSE: GRM), Great Lakes Dredge & Dock (Nasdaq: GLDD), Great Wolf Resorts (Nasdaq: WOLF), Harris (NYSE: HRS), HCC Insurance (NYSE: HCC), HCP, Inc. (NYSE: HCP), Headwaters (NYSE: HW), Health Net (NYSE: HNT), Hercules Offshore (Nasdaq: HERO), Hertz Global (NYSE: HTZ), Hudson Highland (Nasdaq: HHGP), Impax Laboratories (Nasdaq: IPXL), Inland Real Estate (NYSE: IRC), Innospec (Nasdaq: IOSP), InSite Vision (Nasdaq: INSV), Internet Gold (Nasdaq: IGLD), Inuvo (Nasdaq: INUV), IPG Photonics (IPGP), iStar Fin'l (NYSE: SFI), Itau Unibanco SA (Nasdaq: ITUB), j2 Global Communications (Nasdaq: JCOM), Jarden (NYSE: JAH), John Bean Technologies (NYSE: JBT), KAR Auction Services (NYSE: KAR), Kenexa (Nasdaq: KNXA), Kforce (Nasdaq: KFRC), Kopin (Nasdaq: KOPN), Landauer (NYSE: LDR), Landec (Nasdaq: LNDC), Leap Wireless (Nasdaq: LEAP), Lear (NYSE: LEA), LECG (Nasdaq: XPRT), Lexington Realty (NYSE: LXP), Liberty Global (Nasdaq: LBTYA), Liquidity Services (Nasdaq: LQDT), LookSmart (Nasdaq: LOOK), Magellan Midstream (NYSE: MMP), MAKO Surgical (Nasdaq: MAKO), Marathon Oil (NYSE: MRO), Market Leader (Nasdaq: LEDR), Martin Marietta Materials (NYSE: MLM), Masimo (Nasdaq: MASI), Matrixx Initiatives (Nasdaq: MTXX), McCormick & Schmick's (Nasdaq: MSSR), MDU Resources (NYSE: MDU), MEDNAX (NYSE: MD), Mercer Int'l (Nasdaq: MERC), Mercury Computer (Nasdaq: MRCY), MFA Financial (NYSE: MFA), MGM Resorts (NYSE: MGM), Mitsui (Nasdaq: MITSY), Molex (Nasdaq: MOLX), Molson Coors (NYSE: TAP), Morton's Restaurant (NYSE: MRT), Motricity (Nasdaq: MOTR), Mueller Water Products (NYSE: MWA), National CineMedia (Nasdaq: NCMI), National Financial (NYSE: NFP), National Interstate (Nasdaq: NATL), National Research (Nasdaq: NRCI), New York Mortgage Trust (Nasdaq: NYMT), NewMarket (NYSE: NEU), NICE Systems (Nasdaq: NICE), Nicor (NYSE: GAS), NiSource (NYSE: NI), Nova Measuring (Nasdaq: NVMI), Novatel (Nasdaq: NVTL), NYSE Euronext (NYSE: NYX), Och-Ziff Capital (NYSE: OZM), Ocwen Financial (NYSE: OCN), OfficeMax (NYSE: OMX), Oil States Int'l (NYSE: OIS), ONEOK (NYSE: OKE), OpenTable (Nasdaq: OPEN), Oriental Financial Group (NYSE: OFG), Orient Express Hotels (NYSE: OEH), Otelco (Nasdaq: OTT), Overseas Shipholding (NYSE: OSG), Papa John's (Nasdaq: PZZA), Parker Hannifin (NYSE: PH), Peet's Coffee & Tea (Nasdaq: PEET), Pennsylvania Real Estate Investment Trust (NYSE: PEI), PHH Corp. (NYSE: PHH), Philippine Long Distance (NYSE: PHI), Pinnacle Airlines (Nasdaq: PNCL), Pinnacle West Capital (NYSE: PNW), Pitney Bowes (NYSE: PBI), POZEN (Nasdaq: POZN), Priceline.com (Nasdaq: PCLN), Primerica (NYSE: PRI), QuickLogic (Nasdaq: QUIK), Radian (NYSE: RDN), RAM Energy (Nasdaq: RAME), RehabCare (NYSE: RHB), Rentrak (Nasdaq: RENT), Republic Airways (Nasdaq: RJET), REX Energy (Nasdaq: REXX), Rodman & Renshaw (Nasdaq: RODM), Rowan (NYSE: RDC), RTI Int'l Metals (NYSE: RTI), Savient Pharmaceuticals (Nasdaq: SVNT), Sempra Energy (NYSE: SRE), Sirona Dental (Nasdaq: SIRO), Smith Int'l (NYSE: SII), Smurfit-Stone (Nasdaq: SSCC), Solar Capital (Nasdaq: SLRC), Solarfun Power (Nasdaq: SOLF), Solta Medical (Nasdaq: SLTM), Sonic Foundry (Nasdaq: SOFO), Sonus Networks (Nasdaq: SONS), Spirit AeroSystems (NYSE: SPR), SS&C Technologies (Nasdaq: SSNC), STAAR Surgical (Nasdaq: STAA), Star Gas (NYSE: SGU), STEC (Nasdaq: STEC), Steris (NYSE: STE), Stone Energy (NYSE: SGY), Super Micro (Nasdaq: SMCI), Superconductor Tech (Nasdaq: SCON), Tandy Leather (Nasdaq: TLF), Team (Nasdaq: TISI), Techne (Nasdaq: TECH), Tenet Healthcare (NYSE: THC), Ternium (NYSE: TX), Dow Chemical (NYSE: DOW), The Pantry (Nasdaq: PTRY), Tollgrade Communications (Nasdaq: TLGD), TOR Minerals (Nasdaq: TORM), Trex Co. (Nasdaq: TREX), TriMas (Nasdaq: TRS), True Religion (Nasdaq: TRLG), Twin Disc (Nasdaq: TWIN), Unisource Energy (NYSE: UNS), Unit (NYSE: UNT), Universal (NYSE: UVV), Universal Technical Institute (NYSE: UTI), Unim Group (NYSE: UNM), USEC (NYSE: USU), Venoco (NYSE: VQ), Vical (Nasdaq: VICL), Vishay Intertechnology (NYSE: VSH), W&T Offshore (NYSE: WTI), Wabash National (NYSE: WNC), Watts Water (NYSE: WTS), Web.com (Nasdaq: WWWW), WebMD (Nasdaq: WBMD), West Pharmaceuticals (NYSE: WST), Westlake Chemical (NYSE: WLK), Weyco Group (Nasdaq: WEYS), Whole Foods (Nasdaq: WFMI), WMS Industries (NYSE: WMS), World Fuel Services (NYSE: INT), XL Group (NYSE: XL), YRC Worldwide (Nasdaq: YRCW), ZipRealty (Nasdaq: ZIPR) and ZymoGenetics (Nasdaq: ZGEN).
Two labor market reports key Wednesday's wire, with ADP and Challenger datapoints due. Challenger, Gray & Christmas report on Announced Corporate Layoffs at 7:30 AM. Challenger's last report for the month of June showed planned job-cuts numbered 39,358 in June, up from 38,810 in May. We are not sure where July will rank, but we see August layoffs coming as the average workweek has shrunk of late and manufacturing activity is cooling. There's no readily available consensus estimate for this datapoint.
ADP's Private Employment Report is due up at 8:15 AM. ADP's data showed private employment increased by 13K in June. A day later, the Department of Labor's data showed private payrolls increased by 83K in June. Again there is no readily available forecast for the datapoint.
The Mortgage Bankers Association reports on Weekly Applications as usual in the premarket Wednesday. Last week's report covering the period ended July 23 showed the Market Composite Index fell by 4.4%. The change was driven by a 5.9% decrease in the Refinance Index on a slight increase in mortgage rates. The Purchase Index improved by 2.0% in the period.
ISM reports on its Non-Manufacturing Index at 10:00 AM Wednesday. The index fell to its lowest level since February, falling 1.6 points to 53.8% in June. Economists are looking for a lower reading in July, to 53.0%.
The EIA reports on Petroleum Status at 10:30 each Wednesday. Last week's report covering the period ended July 23 showed crude oil inventory increased by 7.3 million barrels. Crude levels remain above the upper limit of the average range for this time of year. Gasoline stores increased by 0.1 million barrels and are also above the upper limit of the average range for this time of year.
In corporate news, American Express (NYSE: AXP) holds its semi-annual meeting with the financial community. The earnings schedule highlights reports from Time Warner Inc. (NYSE: TWX), El Paso (NYSE: EP), The Allstate Corp. (NYSE: ALL), Devon Energy (NYSE: DVN), News Corp. (NYSE: NWS), CenturyTel (NYSE: CTL), Transocean (NYSE: RIG), Devon Energy (NYSE: DVN) and Toyota Motor (NYSE: TM).
Other corporate reporters include 99 Cents Only (NYSE: NDN), Abiomed (Nasdaq: ABMD), ADC (Nasdaq: ADCT), adidas AG (Nasdaq: ADDDF), Agilysys (Nasdaq: AGYS), Agrium (NYSE: AGU), Air T (Nasdaq: AIRT), Albany International (NYSE: AIN), Albany Molecular (Nasdaq: AMRI), Allegheny Energy (NYSE: AYE), Allete (NYSE: ALE), Allied Irish Banks (NYSE: AIB), Almost Family (Nasdaq: AFAM), Alnylam (Nasdaq: ALNY), Alpha Natural Resources (NYSE: ANR), Amerco (Nasdaq: UHAL), American Equity Investment (NYSE: AEL), American Pacific (Nasdaq: APFC), American Water Works (NYSE: AWK), Amerigon (Nasdaq: ARGN), Amerisafe (Nasdaq: AMSF), Ameristar Casinos (Nasdaq: ASCA), Amkor Technology (Nasdaq: AMKR), Analysts Int'l (Nasdaq: ANLY), Anaren (Nasdaq: ANEN), Andersons (Nasdaq: ANDE), Anthera Pharmaceuticals (Nasdaq: ANTH), AOL (NYSE: AOL), Apollo Investment (Nasdaq: AINV), Aqua America (NYSE: WTR), Arch Chemicals (NYSE: ARJ), ARIAD Pharmaceuticals (Nasdaq: ARIA), ArQule (Nasdaq: ARQL), Ashford Hospitality Trust (NYSE: AHT), Asta Funding (Nasdaq: ASFI), Atmel (Nasdaq: ATML), Atmos Energy (NYSE: ATO), Atricure (Nasdaq: ATRC), Atwood Oceanics (NYSE: ATW), Avis Budget (NYSE: CAR), FLY Leasing (NYSE: FLY), Bancolombia (NYSE: CIB), BankAtlantic Bancorp (NYSE: BBX), BGC Partners (Nasdaq: BGCP), BigBand Networks (Nasdaq: BBND), BioClinica (Nasdaq: BIOC), Bionovo (Nasdaq: BNVI), Breitburn Energy (Nasdaq: BBEP), Brightpoint (Nasdaq: CELL), Bristow Group (NYSE: BRS), Cameron (NYSE: CAM), Capital Senior Living (NYSE: CSU), CapLease (NYSE: LSE), Cardiogenesis (Nasdaq: CGCP), Cardtronics (Nasdaq: CATM), Career Education (Nasdaq: CECO), Caribou Coffee (Nasdaq: CBOU), Carriage Services (NYSE: CSV), CAS Medical Systems (Nasdaq: CASM), Catalyst Health (Nasdaq: CHSI), Celldex Therapeutics (Nasdaq: CLDX), CenterPoint Energy (NYSE: CNP), Chesapeake Lodging Trust (Nasdaq: CHSP), China Information Security (Nasdaq: CPBY), China Integrated Energy (Nasdaq: CBEH), Churchill Downs (Nasdaq: CHDN), Cimarex Energy (NYSE: XEC), Cincinnati Bell (NYSE: CBB), Clarus (Nasdaq: BDE), Clean Harbors (NYSE: CLH), Clearwire (Nasdaq: CLWR), Cleco (NYSE: CNL), CloudPeak Energy (NYSE: CLD), Commercial Vehicle Group (Nasdaq: CVGI), CommonWealth REIT (NYSE: CWH), Concho Resources (NYSE: CXO), Consolidated Graphics (NYSE: CGX), Continental Resources (NYSE: CLR), Con-Way (NYSE: CNW), Corrections Corp. of America (NYSE: CXW), Cott Corp. (NYSE: COT), Cross Country Healthcare (Nasdaq: CCRN), CSP (Nasdaq: CSPI), CTI Industries (Nasdaq: CTIB), CVR Energy (NYSE: CVI), Dawson Geophysical (Nasdaq: DWSN), DG FastChannel (Nasdaq: DGIT), Diamond Management & Technology (Nasdaq: DTPI), Discovery Labs (Nasdaq: DSCO), DIVX (Nasdaq: DIVX), DURECT (Nasdaq: DRRX), Eagle Bulk Shipping (Nasdaq: EGLE), Eagle Rock Energy (Nasdaq: EROC), Edgewater Technology (Nasdaq: EDGW), El Paso Electric (NYSE: EE), El Paso Pipeline (NYSE: EPB), eLoyalty (Nasdaq: ELOY), Employers Holdings (NYSE: EIG), EMS Technologies (Nasdaq: ELMG), Enernoc (Nasdaq: ENOC), Equity One (NYSE: EQY), Essex Property Trust (NYSE: ESS), Excel Maritime Carriers (NYSE: EXM), ExlService (Nasdaq: EXLS), FARO Technologies (Nasdaq: FARO), Federal Realty Investment Trust (NYSE: FRT), FPIC Insurance (Nasdaq: FPIC), Frontier Communications (NYSE: FTR), Fundtech (Nasdaq: FNDT), Fushi Copperweld (Nasdaq: FSIN), Gaiam (Nasdaq: GAIA), Garmin (Nasdaq: GRMN), Gasco Energy (AMEX: GSX), Geeknet (Nasdaq: LNUX), Genomic Health (Nasdaq: GHDX), Gibraltar Industries (Nasdaq: ROCK), Giga-tronics (Nasdaq: GIGA), Global Cash Access (NYSE: GCA), Global Industries (Nasdaq: GLBL), GMX Resources (Nasdaq: GMXR), Goodrich Petroleum (NYSE: GDP), GT Solar (Nasdaq: SOLR), Hansen Medical (Nasdaq: HNSN), Hartford Financial (NYSE: HIG), Haverty Furniture (NYSE: HVT), Health Care REIT (NYSE: HCN), Heartland Payment (NYSE: HPY), Heritage Oaks (Nasdaq: HEOP), Hersha Hospitality (NYSE: HT), Hill Int'l (NYSE: HIL), Hillenbrand (NYSE: HI), HSN (Nasdaq: HSNI), Hudson Techologies (Nasdaq: HDSN), Hughes Communications (Nasdaq: HUGH), Hypercom (NYSE: HYC), Ikanos (Nasdaq: IKAN), Image Sensing (Nasdaq: ISNS), Immunogen (Nasdaq: IMGN), Infinity Pharmaceuticals (Nasdaq: INFI), Insight Enterprises (Nasdaq: NSIT), Insmed (Nasdaq: INSM), Integrys Energy (NYSE: TEG), Interclick (Nasdaq: ICLK), Intercontinental Exchange (NYSE: ICE), Internap (Nasdaq: INAP), Intrepid Potash (NYSE: IPI), Invesco Mortgage (NYSE: IVR), ION Geophysical (NYSE: IO), ISTA Pharmaceuticals (Nasdaq: ISTA), Jack in the Box (Nasdaq: JACK), KapStone Paper (NYSE: KS), Kendle (Nasdaq: KNDL), Kenneth Cole (NYSE: KCP), Kindred Healthcare (NYSE: KND), Kinross Gold (NYSE: KGC), KKR Financial (NYSE: KFN), Knology (Nasdaq: KNOL), Kraton Performance (NYSE: KRA), Legacy Reserves (Nasdaq: LGCY), LHC Group (Nasdaq: LHCG), Lionbridge Tech (Nasdaq: LIOX), LivePerson (Nasdaq: LPSN), LoJack (Nasdaq: LOJN), Lumber Liquidators (NYSE: LL), Macquarie Infrastructure (NYSE: MIC), Maiden Holdings (Nasdaq: MHLD), MakeMusic (Nasdaq: MMUS), Mannatech (Nasdaq: MTEX), Martin Midstream (Nasdaq: MMLP), MasTec (NYSE: MTZ), Measurement Specialties (Nasdaq: MEAS), MedAssets (Nasdaq: MDAS), MEMSIC (Nasdaq: MEMS), Mercadolibre (Nasdaq: MELI), Metropolitan Health (AMEX: MDF), Miller Industries (NYSE: MLR), MIND CTI (Nasdaq: MNDO), Minefinders (AMEX: MFN), MIPS Technologies (Nasdaq: MIPS), MOD PAC (Nasdaq: MPAC), Molina Healthcare (NYSE: MOH), Murphy Oil (NYSE: MUR), Nacco (NYSE: NC), Nanophase (Nasdaq: NANX), National Health Investors (NYSE: NHI), Natural Resource Partners (NYSE: NRP), NCI (Nasdaq: NCIT), New Jersey Resources (NYSE: NJR), NewStar Financial (Nasdaq: NEWS), NEXSTAR (Nasdaq: NXST), Nippon Telegraph & Telephone (NYSE: NTT), Northeast Utilities (NYSE: NU), Northwest Natural Gas (NYSE: NWN), O2 Micro (Nasdaq: OIIM), ON Semi (Nasdaq: ONNN), Onyx Pharma (Nasdaq: ONXX), Orasure (Nasdaq: OSUR), Orckit (Nasdaq: ORCT), Ormat (NYSE: ORA), Owens Corning (NYSE: OC), Pacer (Nasdaq: PACR), Par Pharma (NYSE: PRX), PartnerRe (NYSE: PRE), Patriot Transportation (Nasdaq: PATR), PDI (Nasdaq: PDII), Penn Virginia (NYSE: PVA), PennantPark (Nasdaq: PNNT), Pennymac Mortgage (NYSE: PMT), Penwest Pharma (Nasdaq: PPCO), PG&E (NYSE: PCG), PGT, Inc. (Nasdaq: PGTI), Plains All American (NYSE: PAA), Polo Ralph Lauren (NYSE: RL), Polypore (NYSE: PPO), Powell (Nasdaq: POWL), ProAssurance (NYSE: PRA), Protective Life (NYSE: PL), Providence Service (Nasdaq: PRSC), Prudential Financial (NYSE: PRU), Psychiatric Solutions (Nasdaq: PSYS), Pulte (NYSE: PHM), Quanta Services (NYSE: PWR), Qwest Communications (NYSE: Q), Radvision (Nasdaq: RVSN), RAE Systems (AMEX: RAE), Real Goods Solar (Nasdaq: RSOL), Red Lion Hotels (NYSE: RLH), Regency Centers (NYSE: REG), Resource America (Nasdaq: REXI), Roadrunner Transportation (Nasdaq: RRTS), RR Donnelley (NYSE: RRD), RTI Biologics (Nasdaq: RTIX), S1 Corp. (Nasdaq: SONE), SandRidge Energy (NYSE: SD), Sauer-Danfoss (NYSE: SHS), Saul Centers (NYSE: BFS), Schawk (NYSE: SGK), Schweitzer-Mauduit (NYSE: SWM), Seahawk Drilling (Nasdaq: HAWK), Shenandoah Telecommunications (Nasdaq: SHEN), Sina Corp. (Nasdaq: SINA), Sinclair Broadcast (Nasdaq: SBGI), Sirius Satellite (Nasdaq: SIRI), SkyWest (Nasdaq: SKYW), Smith Micro (Nasdaq: SMSI), Sonic Solutions (Nasdaq: SNIC), SoundBite (Nasdaq: SDBT), Sovran Self Storage (NYSE: SSS), Spectra Energy (NYSE: SE), Speedway Motorsports (NYSE: TRK), SPX Corp. (NYSE: SPW), Standard Parking (Nasdaq: STAN), Strategic Diagnostics (Nasdaq: SDIX), Strategic Hotels (NYSE: BEE), Stream Global (AMEX: SGS), Sun Life Financial (NYSE: SLF), Targacept (Nasdaq: TRGT), TeleTech (Nasdaq: TTEC), Tenaris (NYSE: TS), Terremark (Nasdaq: TMRK), Allstate (NYSE: ALL), Hanover Insurance Group (NYSE: THG), The Management Network (Nasdaq: TMNG), The Navigators Group (Nasdaq: NAVG), TheStreet.com (Nasdaq: TSCM), Top Image (Nasdaq: TISA), Towerstream (Nasdaq: TWER), Transact Tech (Nasdaq: TACT), Triple-S Management (NYSE: GTS), TRW (NYSE: TRW), Turkcell (Nasdaq: TCELL), UIL Holdings (NYSE: UIL), Union Drilling (Nasdaq: UDRL), United Microelectronics (NYSE: UMC), United Online (Nasdaq: UNTD), United Western (Nasdaq: UWBK), UTStarcom (Nasdaq: UTSI), Valence Technology (Nasdaq: VLNC), Vectren (NYSE: VVC), Verisk Analytics (Nasdaq: VRSK, NYSE: VS), Vital Images (Nasdaq: VTAL), Vonage (NYSE: VG), Warren Resources (Nasdaq: WRES), WCA Waste (Nasdaq: WCAA), Westar (NYSE: WR), Westport Innovations (Nasdaq: WPRT), Willbros (NYSE: WG), Williams Controls (Nasdaq: WMCO) and Yamana Gold (NYSE: AUY).
The Monster Employment Index, produced by Monster World Wide (NYSE: MWW), meets investors in the early AM. The MEI improved dramatically in June, rising seven points to 141. Perhaps seasonal drivers led the index to perform better than all other employment metrics, as accomodation and food services led all sectors. Retail Trade and Finance posted declines, and should prove more reliable for a good measure of online job demand.
Weekly Initial Jobless Claims will be reported at 8:30 as always. For the week ended July 24, new benefits filers declined by 11K, to 457K. The four-week moving average of claims filers numbered 452,500, an decrease of just 4,500.
Chain Store Sales will be reported for the month of July throughout the day. Store sales softened in June, and we expect more of the same for July and August, excluding the typical back-to-school boost.
The EIA's Natural Gas Report is due at 10:30. Last week's report covering the period ended July 23 showed an increase in nat gas inventory of 28 Bcf. Inventory stood 94 Bcf below last year's levels, we believe on increased demand for electricity on a hotter July. Stocks still stood 239 Bcf above the 5-year average for this time of year.
Both the Bank of England and the European Central Bank meet and offer monetary policy on Thursday.
Corporate news keys on Merck (NYSE: MRK), which presents at the BMO Capital Markets Focus on Healthcare Conference. The earnings schedule highlights data from Viacom (NYSE: VIA), Cardinal Health (NYSE: CAH), Kraft Foods (NYSE: KFT), CIGNA (NYSE: CI), Watson Pharmaceuticals (NYSE: WPI) and The Progressive (NYSE: PGR).
Look for other earnings data from 51 Job Inc. (Nasdaq: JOBS), Accelrys (Nasdaq: ACCL), ActivIdentity (Nasdaq: ACTI), Activision Blizzard (Nasdaq: ATVI), Addus Homecare (Nasdaq: ADUS), AECOM Tech (NYSE: ACM), AerCap (NYSE: AER), Air Methods (Nasdaq: AIRM), Alkermes (Nasdaq: ALKS), Alliant Energy (NYSE: LNT), Alliant Techsystems (NYSE: ATK), Allied World Assurance (NYSE: AWH), Alon USA Energy (NYSE: ALJ), Alphatec (Nasdaq: ATEC), Ameren (NYSE: AEE), American Public Education (Nasdaq: APEI), American States Water (NYSE: AWR), Assured Guaranty (NYSE: AGO), Auxilium Pharma (Nasdaq: AUXL), AVANIR Pharma (Nasdaq: AVNR), Avista Corp. (NYSE: AVA), Bakbone Software (Nasdaq: BKBO), Barclays (NYSE: BCS), Beacon Roofing (Nasdaq: BECN), Beazer Homes (NYSE: BZH), Big 5 Sporting Goods (Nasdaq: BGFV), BioCryst Pharma (Nasdaq: BCRX), Biodel (Nasdaq: BIOD), Biovail (NYSE: BVF), Black Hills (NYSE: BKH), Blue Nile (Nasdaq: NILE), BlueLynx (NYSE: BXC), Brooks Automation (Nasdaq: BRKS), Cablevision (NYSE: CVC), Cadence Pharma (Nasdaq: CADX), Calamos Asset Management (Nasdaq: CLMS), California Pizza Kitchen (Nasdaq: CPKI), Camtek (Nasdaq: CAMT), CEC Entertainment (NYSE: CEC), CF Industries (NYSE: CF), China New Buron (Nasdaq: BORN), Church & Dwight (NYSE: CHD), Chyron (Nasdaq: CHYR), CIBER (NYSE: CBR), CIGNA (NYSE: CI), Cinemark (NYSE: CNK), Codexis (Nasdaq: CDXS), Commerzbank AG (OTC: CRZBY.PK), Consolidated Edison (NYSE: ED), Copano Energy (Nasdaq: CPNO), Crocs (Nasdaq: CROX), Deutsche Telekom (OTC: DTEGY.PK), Diana Shipping (NYSE: DSX), DirecTV (NYSE: DTV), Einstein Noah (Nasdaq: BAGL), Emulex (NYSE: ELX), EnergySolutions (NYSE: ES), EOG Resources (NYSE: EOG), Ethan Allen (NYSE: ETH), FEI Co. (Nasdaq: FEIC), Fortress Investment Group (NYSE: FIG), Foster Wheeler (Nasdaq: FWLT), FreeSeas (Nasdaq: FREE), Freightcar America (Nasdaq: RAIL), FTI Consulting (NYSE: FCN), Fuel Systems Solutions (Nasdaq: FSYS), FTI Consulting (NYSE: FCN), Gold Fields (NYSE: GFI), Great Plains Energy (NYSE: GXP), Hansen Natural (Nasdaq: HANS), Harman Int'l (NYSE: HAR), Hellenic Telecommunications (NYSE: OTE), Hoku Scientific (Nasdaq: HOKU), Holly (NYSE: HOC), Hyatt Hotels (NYSE: H), Kaman (Nasdaq: KAMN), Kid Brands (NYSE: KID), Koppers (NYSE: KOP), Kraft Foods (NYSE: KFT), Kratos Defense (Nasdaq: KTOS), Kulicke & Soffa (Nasdaq: KLIC), Lamar Advertising (Nasdaq: LAMR), Lifetime Brands (Nasdaq: LCUT), Live Nation (NYSE: LYV), Liz Claiborne (NYSE: LIZ), Main Street Capital (Nasdaq: MAIN), Marchex (Nasdaq: MCHX), Medical Properties Trust (NYSE: MPW), Medical Properties (NYSE: MPW), Medicis (NYSE: MRX), MetroPCS (NYSE: PCS), MF Global (NYSE: MF), Michael Baker (NYSE: BKR), Microchip Tech (Nasdaq: MCHP), Microvision (Nasdaq: MVIS), National Fuel Gas (NYSE: NFG), NetSuite (NYSE: N), Novo Nordisk (NYSE: NVO), Olympic Steel (Nasdaq: ZEUS), Omnicare (NYSE: OCR), Openwave (Nasdaq: OPWV), Orbitz Worldwide (NYSE: OWW), Outdoor Channel (Nasdaq: OUTD), PerkinElmer (NYSE: PKI), Pioneer Drilling (NYSE: PDC), Playboy (NYSE: PLA), PPL (NYSE: PPL), Public Storage (NYSE: PSA), Randgold Resources (Nasdaq: GOLD), ResCare (Nasdaq: RSCR), ResMed (NYSE: RMD), Rio Tinto (NYSE: RTP), Rosetta Stone (NYSE: RST), Rubicon (Nasdaq: RBCN), Sapient (Nasdaq: SAPE), Scientific Games (Nasdaq: SGMS), Sotheby's (NYSE: BID), Sunrise Senior Living (NYSE: SRZ), TECO Energy (NYSE: TE), Teradata (NYSE: TDC), TETRA Tech (NYSE: TTI), The Knot (Nasdaq: KNOT), Tidewater (NYSE: TDW), TreeHouse Foods (NYSE: THS), Tsakos Energy Navigation (NYSE: TNP), Unilever (NYSE: UN), Unilever PLC (NYSE: UL), Warner Music (NYSE: WMG), World Wrestling Entertainment (NYSE: WWE), and more.
The Employment Situation Report headlines Friday's newswire. July's report is expected to show a slight increase in unemployment to 9.6%. We think 9.7% is possible here, so a hedge might play well ahead of the data. Nonfarm Payrolls are seen falling by 70K this month, though after exclusion of the census jobs and other public jobs, private payrolls are expected to increase by 100K. The average workweek is seen holding at 34.1 hours, after dropping a tenth of a point in June.
Look toward the Consumer Credit Report at 3:00 PM. June's report is expected to show a $5.0 billion contraction in credit. The contraction follows even sharper tightening in May and April of $9.1 and $14.9 billion, respectively.
The Senate goes on recess starting Friday. The corporate news schedule highlights earnings from AIG (NYSE: AIG), Progress Energy (NYSE: PGN), The Washington Post (NYSE: WPO), Pepco Holdings (NYSE: POM), Southwestern Energy (NYSE: SWN) and AboveNet Inc. (Nasdaq: ABVT).
The remainder of the EPS schedule includes news from AAON (Nasdaq: AAON), Abovenet (Nasdaq: ABVT), Allied Nevada Gold (AMEX: ANV), Arbor Realty Trust (NYSE: ABR), Ardea Biosciences (Nasdaq: RDEA), Armstrong World Industries (NYSE: AWI), Biospecifics Technologies (Nasdaq: BSTC), Bronco Drilling (Nasdaq: BRNC), Brookfield Asset Management (NYSE: BAM), Buckeye Partners (NYSE: BPL), Central European Distribution (Nasdaq: CEDC), Central Vermont Public Service (NYSE: CV), China Sunergy (Nasdaq: CSUN), Citizens (NYSE: CIA), Constellation Energy (PCX: CEP), Crosstex Energy (Nasdaq: XTXI), Crosstex Energy LP (Nasdaq: XTEX), Cytori Therapeutics (Nasdaq: CYTX), Diamond Hill Investment (Nasdaq: DHIL), Dynegy (NYSE: DYN), Enerplus Resources (NYSE: ERF), Eurand NV (Nasdaq: EURX), Ever-Glory Int'l (AMEX: EVK), Exide (Nasdaq: XIDE), Female Health (Nasdaq: FHCO), Generac Holdings (Nasdaq: GNRC), General Steel (NYSE: GSI), Halozyme (Nasdaq: HALO), Hardinge (Nasdaq: HDNG), Harleysville (Nasdaq: HGIC), Hooper Holmes (NYSE: HH), Imperial Sugar (Nasdaq: IPSU), James River Coal (Nasdaq: JRCC), Jinpan (Nasdaq: JST), Johnson Outdoors (Nasdaq: JOUT), LMI Aerospace (Nasdaq: LMIA), LSB Industries (NYSE: LXU), Madison Square Garden (NYSE: MSG), Magna Int'l (NYSE: MGA), Marlin Business Services (Nasdaq: MRLN), Mediacom Communications (Nasdaq: MCCC), Mirant (NYSE: MIR), New Frontier Media (Nasdaq: NOOF), New Gold (AMEX: NGD), Nordic American Tanker (NYSE: NAT), Novavax (Nasdaq: NVAX), Omega Protein (NYSE: OME), Onvia.com (Nasdaq: ONVI), Osiris Therapeutics (Nasdaq: OSIR), Pepeco Holdings (NYSE: POM), Plug Power (Nasdaq: PLUG), PNM Resources (NYSE: PNM), Progress Energy (NYSE: PGN), Ritchie Bros. Auctioneers (NYSE: RBA), Silver Standard Resources (Nasdaq: SSRI), Sunstone Hotel Investors (NYSE: SHO), TELUS (NYSE: TU), Telvent (Nasdaq: TLVT), Tomkins (NYSE: TKS) and Veolia Environnement (NYSE: VE).
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