GDP Q2 2010 Decelerates

GDP Slowing or Crashing?

Government shenanigans (read adjustments) are making it hard to tell if the economy is slowing or crashing. After clearing away all the man-made fog (or rather changes based on more accurate data), this beaten down old economy still appears to be coming to a stop in my humble view. Q2 2010 GDP was reported up 2.4%, still a marked deceleration in growth pace from Q1, especially after government adjustment. However, the result was about in line with economists' expectations. A look deeper into the government alterations show a significantly lower level of absolute economic activity for 2007, 2008 and 2009, which is why stocks moved lower to start the day.

"The Greek" earned clients a 23% average annual return over five years as a stock analyst on Wall Street. While writing for Wall Street Greek and others, he presciently predicted the financial crisis and housing and banking failures of the Great Recession. Visit the front pages of Wall Street Greek now to see our current coverage of business news, the global economy & financial markets, real estate, shipping, fine art & antiquities and global affairs.

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GDP Growth Decelerates in Q2 2010

Besides the quarterly GDP report released this morning, four other economic reports littered the length of the day. Employment Costs were also reported for the second quarter, along with the monthly index from the Chicago Purchasing Managers and the latest Reuters/University of Michigan Consumer Sentiment reading.

Q2 GDP Report

The first news of second quarter GDP arrived in the "Advance Report" this morning. This highly anticipated proof-to-the-pudding type of release produced the anticipated decline in the pace of economic expansion, to +2.4%. However, that slower pace came against a revised higher first quarter growth rate of +3.7% (revised a point higher after two previous revisions lower to 2.7%). This looks about as shady as it possibly could, but it's misleading in its graying.

A change to first quarter economic activity was not so much to blame as were benchmark revisions to 2007, 2008 and 2009 economic activity. The percent change from the preceding year in real GDP was revised down for all 3 years: from 2.1 percent to 1.9 percent for 2007, from an increase of 0.4 percent to 0.0 percent for 2008, and from a decrease of 2.4 percent to a decrease of 2.6 percent for 2009. The initial legs of economic recover were tempered significantly, bringing down levels of activity to an even more concerning point. Because of these revisions, Q1 only seems stronger than when it was initially reported. Q2 looks about in line, versus the Q1 level of activity.

What troubled investors was that last year's final two quarters, now old news and long forgotten (perhaps the gov't thinks so), have been revised to lower levels that reflect more moderate growth. Likewise, the first quarter of 2009's economic contraction was revised to a more moderate mark.

The "benchmark revisions" are what drove Q1 to look stronger than it initially did. Q1 was hardly changed in fact, but is now being compared to a significantly lower fourth quarter of 2009.

Q2 GDP Detail

The details of the report and anecdotal evidence reinforce our concerns about the second half of 2010. Q2 GDP growth was impacted by factors we see disappearing in the quarters ahead. Firstly, Q2 received a +0.59 percentage point benefit from residential housing, greatly due to the closings of First-Time Homebuyer Tax Credit assisted purchases. The impact of residential fixed investment on the first quarter was -0.32 percentage points. We expect this housing factor will at least offer a net zero impact to Q3, if not negative.

Government spending added 0.88 of a percentage point to Q2 GDP. Political pressure is building against the Administration with regard to its fiscal imprudence. Future spending must be funded by law now. Stimulus is running out, and is being allowed to expire instead of renewed. States are already cash-strapped, as evidenced by highly public troubles in California and New Jersey. Government help is going away, so this positive driver should see further limitation in the quarters ahead.

One positive of the GDP report was apparent business investment, especially in the IT sector. Equipment & Software spending by non-residential investors contributed 1.36 percentage points to quarterly GDP in Q2. This followed a 1.24 point impact in Q1. We continue to view pent-up demand as the key catalyst here; more so than organic growth on economic revival. Therefore, it cannot last for long without economic revival. However, we suspect it can last a bit longer and may still provide support to Q3, though perhaps less of it.

The impact of the change in nonfarm private inventories contributed +0.97 points to Q2, after a 2.57 point contribution to Q1. Inventory restocking looks to therefore be complete, and this driver should be a less significant factor in Q3 (nearing zero perhaps).

The important driver of the economy is Personal Consumption Expenditures, as this is the natural driver behind all things. Without it, we feel comfortable saying, little or nothing else could occur. PCE added 1.15 points to Q2, after a 1.33 contribution to Q1, +0.69 to Q4 09, +1.41 to Q3 09 and -1.12 to Q2 09. Spending is slowing folks, and as long as businesses are not hiring full timers, banks are not lending, and the global market place offers little outside support, this factor looks to moderate further.

Now, exports jumped in Q2, contributing 1.22 to GDP. This follows +1.3 and +2.56 contributions to the preceding two quarters. So, even while Europe struggles, Asian and other demand is holding up. We expect exports to continue to contribute, but we see a real tug of war between European weakness and Asian strength continuing.

Over the last few months, individual data points in key economic segments have offered this columnist enough anecdotal reason to raise alarm, and we continue to see the economic fundamentals pointing toward a double-dip, or at least stagnant state of economic development through the second half of the year. The greatest factor weighing against the prospect of double dip recession (and it's significant), especially now that the aggregate level of activity has been adjusted lower, is mathematics. Each quarter is compared against the previous, and so we would need to drop pretty hard to get back to those panic level lows of activity. That said, anchored unemployment, still conservative corporate spending (for the most part), and a highly uncertain geopolitical and political atmosphere offer a confusing environment for a confounded consumer. Look for the pace of GDP through the second half to at least moderate toward a stagnant state, and renewed recession is certainly possible under these conditions.

The worst case scenario remains highly possible as well. War with Iran could drive oil prices and the cost of energy into noose-tightening heights. Potential terrorism threats would also result here at home and in Europe, perhaps burrowing the consumer deeper into his hole. There is certainly enough reason to give weight to caution in investment decision making.

The Day's Other Data

The Employment Costs Index increased 0.5%, exceeding economist expectations for a 0.4% rise.
The Chicago Purchasing Managers Index (PMI) surprisingly improved to a mark of 62.3 in July, on uplifting new order activity no less; so perhaps all is not lost, at least not in the Midwest just yet. Economists were surprised by this one too, as the consensus forecast was for a reading of 56.0.

The University of Michigan/ Reuters Consumer Sentiment measure edged higher in this latest reading. It had dropped precipitously in the mid-July reading, to a mark of 66.5. Economists surveyed by Bloomberg were looking for a slight improvement to 67.0, but the metric improved to 67.8.

The Department of Agriculture reported on Farm Prices at 3:00 PM ET.

In corporate news, Apache (NYSE: APA) is supposed to pay a $5 billion deposit to BP for assets priced at $7 billion. The day's earnings news includes Honda Motor (NYSE: HMC), Mazda Motor (OTC: MZDAY.PK), Merck (NYSE: MRK), McKesson (NYSE: MCK), Weyerhaeuser (NYSE: WY), Chevron (NYSE: CVX), PSE&G (NYSE: PEG), ITT Corp. (NYSE: ITT), Advanced Semiconductor Engineering (NYSE: ASX), Alcatel-Lucent (NYSE: ALU), American Axle (NYSE: AXL), American Electric Power (NYSE: AEP), Amerigroup (NYSE: AGP), Angiotech Pharmaceuticals (Nasdaq: ANPI), Aon Corp. (NYSE: AON), Apartment Investment & Management (NYSE: AIV), Arch Coal (NYSE: ACI), Beasley Broadcast Group (Nasdaq: BBGI), Bel Fuse (Nasdaq: BELFB), Belo (NYSE: BLC), BioScrip (Nasdaq: BIOS), BorgWarner (NYSE: BWA), Brookfield Homes (NYSE: BHS), Brookfield Properties (NYSE: BPO), Brush Engineered Materials (NYSE: BW), C&F Financial (Nasdaq: CFFI), Calpine Corp. (NYSE: CPN), Capital Bank (Nasdaq: CBKN), CapitalSource (NYSE: CSE), Central Pacific Financial (NYSE: CPF), CGG Veritas (NYSE: CGV), CH Energy (NYSE: CHG), CNA Surety (NYSE: SUR), Coventry Health Care (NYSE: CVH), Digimarc (Nasdaq: DMRC), Domtar (NYSE: UFS), Endo Pharmaceuticals (Nasdaq: ENDP), Federal Signal (NYSE: FSS), Fortune Brands (NYSE: FO), Hitachi (NYSE: HIT), HMS Holdings (Nasdaq: HMSY), Ingles Markets (Nasdaq: IMKTA), Interline Brands (NYSE: IBI), Louisiana-Pacific (NYSE: LPX), MDC Holdings (NYSE: MDC), Moneygram International (NYSE: MGI), Monotype Imaging (Nasdaq: TYPE), Moog (Nasdaq: MOGA), Newell Rubbermaid (NYSE: NWL), OneBeacon Insurance (NYSE: OB), Oppenheimer Holdings (NYSE: OPY), Pilgrim's Pride (NYSE: PPC), Provident Financial (NYSE: PFS), Quality Systems (Nasdaq: QSII), Rentokil Initial (OTC: RTOKY.PK), RRI Energy (NYSE: RRI), Ruth's Hospitality (Nasdaq: RUTH), Sify Ltd. (Nasdaq: SIFY), Simon Property Group (NYSE: SPG), Standard Register (NYSE: SR), T-3 Energy Services (Nasdaq: TTES), Total (NYSE: TOT), Ultra Petroleum (NYSE: UPL), Volcano (Nasdaq: VOLC) and West Bancorporation (Nasdaq: WTBA).



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.

Jobless Claims Continue 07-29-10

Today's Coffee

A quiet day on the economic data front still produced the regular Weekly Jobless Claims Report, but we might have preferred the Labor Department skip the release. After all, it only offers the same story week after week, month after month... Charlie Rangel is still trying to cut a deal, but the charges against him have been read by the House Ethic Panel. The day also produced the EIA's Natural Gas Inventory data and a slew of earnings reports. Catch our summary below.

"The Greek" earned clients a 23% average annual return over five years as a stock analyst on Wall Street. While writing for Wall Street Greek and other major publishers, he presciently predicted the financial crisis and housing and banking failures of the Great Recession. Visit the front pages of Wall Street Greek now to see our current coverage of business news, the global economy & financial markets, real estate, shipping, fine art & antiquities and global affairs.

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Jobless Claims

Thursday's coffee covers the two regular economic reports and more. Weekly Jobless Claims continue around the 450K mark, where they have hovered for as long as we can remember. The month's Labor Market data to-date portends trouble for next week's Employment Situation Report.

Weekly Jobless Claims

The Department of Labor's Weekly Jobless Claims report was published at 8:30 this morning. The data covering the period ended July 24 showed claims at 457K, down 11,000 from last week's count of 468K (revised from 464K). Economists were looking for a reading of 460K, but they never stray too far from the prior week's result. And for good reason!

Weekly Jobless Claims have not strayed far from this level for what seems like forever now. You can see evidence of this in the four-week moving average, which only fell 4,500 to 452,500. We caught a guru on Bloomberg Radio saying 300K would be normal for a growing economy. So, we put a call in to the Department of Labor after hours, and were told to call back tomorrow. Look for an update to this article Friday with some information about what a normal unemployment line looks like.

The coming week offers the Monthly Employment Situation Report. Last month's data had the unemployment rate falling to 9.5%, however, nonfarm payrolls decreased by 125K. As census jobs disappear, and as more folks hit the unemployment line, we think there's a good chance the rate will increase in July. The economists' consensus is not yet available at Bloomberg.

The advance seasonally adjusted insured unemployment rate increased to 3.6% for the reported July 17 period. An apropos topic these days given the debate over unemployment benefit extensions, they were available in Alabama, Alaska, Arizona, California, Colorado, Connecticut, Delaware, the District of Columbia, Georgia, Idaho, Illinois, Indiana, Kansas, Kentucky, Maine, Massachusetts, Michigan, Minnesota, Missouri, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, Ohio, Oregon, Pennsylvania, Puerto Rico, Rhode Island, South Carolina, Tennessee, Texas, Virginia, Washington, West Virginia, and Wisconsin during the week ending July 10.

The highest insured unemployment rates in the week ending July 10 were in Puerto Rico (6.9 percent), Pennsylvania (5.1), Oregon (5.0), New Jersey (4.8), Nevada (4.6), Wisconsin (4.6), California (4.5), Connecticut (4.5), Massachusetts (4.5), and Alaska (4.4).

The largest increases in initial claims for the week ending July 17 were in California (+19,809), South Carolina (+5,115), North Carolina (+4,512), Illinois (+3,183), and Tennessee (+3,066), while the largest decreases were in New York (-19,552), Indiana (-5,146), Michigan (-4,491), Pennsylvania (-3,390), and Florida (-2,138).

Natural Gas Inventory

The EIA reported on Natural Gas stores Thursday. The report for the period ended July 23 showed natural gas inventory increased by 28 Bcf. At the latest level, natural gas storage stood 239 Bcf above the 5-year average mark for this time of year. This latest difference is less than the week before, and inventory was 94 Bcf less than last year. We expect extreme high temperatures for July have increased air conditioner and electricity usage, which is partly powered by natural gas fueled power plants. We expect to see more pressure on nat gas inventory alongside pricing. Coming off a spike in June, prices seem to us on a rising trend since mid-March.

Rangel Cutting a Deal?

Must-see TV was nearly canceled today, as Charlie Rangel almost cut a deal keeping him from appearing before the House Ethics Panel for charges against him. The charges have been read, but word is that Rangel still hopes to avoid the trial by cutting some sort of a deal. Whatever the case, significant damage has been done to Rangel's political career.

Pfizer (NYSE: PFE) had its pediatric hypertension drug reviewed by an FDA panel. Microsoft (Nasdaq: MSFT) hosted its analysts' meeting. The earnings schedule included news from Amgen (Nasdaq: AMGN), Wynn Resorts (Nasdaq: WYNN), Teradyne (NYSE: TER), Express Scripts (Nasdaq: ESRX), Northrop Grumman (NYSE: NOC), The Interpublic Group (NYSE: IPG), 3D Systems (Nasdaq: TDSC), 3Par (NYSE: PAR), Abaxis (Nasdaq: ABAX), ACI Worldwide (Nasdaq: ACIW), Acme Packet (Nasdaq: APKT), Actel (Nasdaq: ACTL), AGL Resources (NYSE: AGL), Alaska Communications (Nasdaq: ALSK), Alexander & Baldwin (Nasdaq: ALEX), Alexandria Real Estate (NYSE: ARE), Altisource Portfolio (Nasdaq: ASPS), America Service Group (Nasdaq: ASGR), American Commercial Lines (Nasdaq: ACLI), AMSC (Nasdaq: AMSC), Anadigics (Nasdaq: ANAD), Anadys Pharmaceuticals (Nasdaq: ANDS), Ancestry.com (Nasdaq: ACOM), Antigenics (Nasdaq: AGEN), AP Capital (Nasdaq: ACAP), Applied Micro Circuits (Nasdaq: AMCC), Arctic Cat (Nasdaq: ACAT), Ariba (Nasdaq: ARBA), Art Technology Group (Nasdaq: ARTG), Artio (NYSE: ART), Asset Acceptance Capital (Nasdaq: AACC), AstraZeneca (NYSE: AZN), Astronics (Nasdaq: ATRO), Authentec (Nasdaq: AUTH), Automatic Data Processing (NYSE: ADP), AVEO Pharmaceuticals (Nasdaq: AVEO), Avon (NYSE: AVP), AXT Inc. (Nasdaq: AXTI), Baldor Electric (NYSE: BEZ), Baldwin & Lyons (Nasdaq: BWINA), Ball Corp. (NYSE: BLL), Ballard Power (Nasdaq: BLDP), Banco Santander (NYSE: STD), Barrick Gold (NYSE: ABX), BASF (OTC: BASFY.PK), Becton Dickinson (NYSE: BDX), Belden (NYSE: BDC), Benchmark Electronics (NYSE: BHE), Boots & Coots (NYSE: WEL), Brasil Telecom (NYSE: BRP), Brunswick (NYSE: BC), Build-A-Bear (NYSE: BBW), Bunge Ltd. (NYSE: BG), Cabela's (NYSE: CAB), Callidus Software (Nasdaq: CALD), Camden Property Trust (NYSE: CPT), CARBO Ceramics (NYSE: CRR), Cardiac Science (Nasdaq: CSCX), Carpenter Technology (NYSE: CRS), Carter's (NYSE: CRI), Cavium Networks (Nasdaq: CAVM), CDC Software (Nasdaq: CDCS), CDI Corp. (NYSE: CDI), CE Franklin (Nasdaq: CFK), Celanese (NYSE: CE), Celgene (Nasdaq: CELG), Cenovus Energy (NYSE: CVE), Center Fin'l (Nasdaq: CLFC), Cerus (Nasdaq: CERS), Chart Industries (Nasdaq: GTLS), Checkpoint Systems (NYSE: CKP), Chembio Diagnostics (Nasdaq: CEMI), China Lodging (Nasdaq: HTHT), Chiquita Brands (NYSE: CQB), Clearwater Paper (NYSE: CLW), Cobra Electronics (Nasdaq: COBR), Coherent (Nasdaq: COHR), Coinstar (Nasdaq: CSTR), Colgate-Palmolive (NYSE: CL), Columbia Banking (Nasdaq: COLB), Computer Programs & Systems (Nasdaq: CPSI), comScore (Nasdaq: SCOR), Comverge (Nasdaq: COMV), Conexant Systems (Nasdaq: CNXT), ConMed (Nasdaq: CNMD), Consol Energy (NYSE: CNX), Constant Contact (Nasdaq: CTCT), Cryolife (NYSE: CRY), Cumulus Media (Nasdaq: CMLS), Curtiss-Wright (NYSE: CW), Dun & Bradstreet (NYSE: DNB), Dana Holding (NYSE: DAN), DDi Corp. (Nasdaq: DDIC), Delcath Systems (Nasdaq: DCTH), Deltek (Nasdaq: PROJ), DENTSPLY (Nasdaq: XRAY), Diebold (NYSE: DBD), Digirad (Nasdaq: DRAD), DineEquity (NYSE: DIN), Dolby Labs (NYSE: DLB), Dover Downs Gaming (NYSE: DDE), Dover Motorsports (NYSE: DVD), DPL (NYSE: DPL), Dr. Pepper Snapple (NYSE: DPS), Dresser-Rand (NYSE: DRC), DSP Group (Nasdaq: DSPG), DTE Energy (NYSE: DTE), Duff & Phelps (NYSE: DUF), Duke Realty (NYSE: DRE), Dynamics Materials (Nasdaq: BOOM), Dynamics Research (Nasdaq: DRCO), Eastman Chemical (NYSE: EMN), Eldorado Gold (NYSE: EGO), EMC Insurance (Nasdaq: EMCI), EMCOR (NYSE: EME), Empire District Electric (NYSE: EDE), Energen (NYSE: EGN), Entertainment Properties Trust (NYSE: EPR), Epicor Software (Nasdaq: EPIC), EQT Corp. (NYSE: EQT), Erie Indemnity (Nasdaq: ERIE), Essex Rent (Nasdaq: ESSX), Evans Bancorp (Nasdaq: EVBN), Exar (Nasdaq: EXAR), Expedia (Nasdaq: EXPE), EZChip Semi (Nasdaq: EZCH), Federal-Mogul (Nasdaq: FDML), First Commonwealth Fin'l (NYSE: FCF), First Potomac Realty (NYSE: FPO), First Security Group (Nasdaq: FSGI), First Solar (Nasdaq: FSLR), First State Bancorp (Nasdaq: FSNM), Flamel (Nasdaq: FLML), Forrester Research (Nasdaq: FORR), France Telecom (NYSE: FTE), Franklin Resources (NYSE: BEN), Genoptix (Nasdaq: GXDX), Genpact (NYSE: G), Gen-Probe (Nasdaq: GPRO), Gentiva Health (Nasdaq: GTIV), Genworth Fin'l (NYSE: GNW), Geron (Nasdaq: GERN), Golfsmith Int'l (Nasdaq: GOLF), Goodrich (NYSE: GR), Goodyear Tire & Rubber (NYSE: GT), GrafTech Int'l (NYSE: GTI), Graham (AMEX: GHM), Green Plains Renewable Energy (Nasdaq: GPRE), GSI Technology (Nasdaq: GSIT), Gulf Island Fabrication (Nasdaq: GIFI), Harmonic (Nasdaq: HLIT), Harsco (NYSE: HSC), Harte-Hanks (NYSE: HHS), HCA (NYSE: HCA), HealthSpring (NYSE: HS), Helmerich & Payne (NYSE: HP), Holly Energy (NYSE: HEP), Honda Motor (NYSE: HMC), Hornbeck Offshore Services (NYSE: HOS), IMAX (Nasdaq: IMAX), Imperial Oil (AMEX: IMO), Ingram Micro (NYSE: IM), Insulet (Nasdaq: PODD), Integra Lifesciences (Nasdaq: IART), Intermec (NYSE: IN), Internet Brands (Nasdaq: INET), Internet Capital Group (Nasdaq: ICGE), Investment Technology Group (NYSE: ITG), Iron Mountain (NYSE: IRM), Ixys (Nasdaq: IXYS), Kaydon (NYSE: KDN), KB Financial (NYSE: KB), KBR (NYSE: KBR), KBW (NYSE: KBW), Kellogg (NYSE: K), Kennametal (NYSE: KMT), Key Technology (Nasdaq: KTEC), KLA-Tencor (Nasdaq: KLAC), KT Corp. (NYSE: KT), LaserCard (Nasdaq: LCRD), Libbey (AMEX: LBY), Life Technologies (Nasdaq: LIFE), Linn Energy (Nasdaq: LINE), Lithia Motors (NYSE: LAD), LKQ Corp. (Nasdaq: LKQX), LodgeNet Interactive (Nasdaq: LNET), Lubrizol (NYSE: LZ), Macatawa Bank (Nasdaq: MCBC), Mack-Cali Realty (NYSE: CLI), Magellan Health (Nasdaq: MGLN), MarineMax (NYSE: HZO), Maxim Integrated (Nasdaq: MXIM), MaxLinear (NYSE: MXL), Maxwell Technologies (Nasdaq: MXWL), McAfee (NYSE: MFE), MDC Partners (Nasdaq: MDCA), Mead Johnson (NYSE: MJN), MEMC Electronic Materials (NYSE: WFR), Meredith Corp. (NYSE: MDP), MetLife (NYSE: MET), Microtune (Nasdaq: TUNE), Minerals Technologies (NYSE: MTX), Mitsubishi UFJ Financial (NYSE: MTU), Modine Manufacturing (NYSE: MOD), Monster World Wide (NYSE: MWW), Moody's (NYSE: MCO), Motorola (NYSE: MOT), MWI Veterinary Supply (Nasdaq: MWIV), National Oilwell Varco (NYSE: NOV), National Penn Bancshares (Nasdaq: NPBC), Natus Medical (Nasdaq: BABY), Navigant Consulting (NYSE: NCI), Navios Maritime Acquisition (NYSE: NNA), NEI (Nasdaq: NENG), Neogenomics (Nasdaq: NGNM), Network Equipment Technologies (Nasdaq: NWK), Neutral Tandem (Nasdaq: TNDM), Nevada Gold & Casinos (AMEX: UWN), Newpark Resources (NYSE: NR), NII Holdings (Nasdaq: NIHD), NMT Medical (Nasdaq: NMTI), Noble Energy (NYSE: NBL), Northwestern (NYSE: NWE), Novamed (Nasdaq: NOVA), NTT DoCoMo (NYSE: DCM), NutriSystem (Nasdaq: NTRI), Occam Networks (Nasdaq: OCNW), Oclaro (Nasdaq: OCLR), On Assignment (Nasdaq: ASGN), Pactiv (NYSE: PTV), Palomar Medical (Nasdaq: PMTI), Panasonic (NYSE: PC), Patterson-UTI Energy (Nasdaq: PTEN), PDF Solutions (Nasdaq: PDFS), Penske Automotive (NYSE: PAG), Pentair (NYSE: PNR), Performance Technologies (Nasdaq: PTIX), Pinnacle Entertainment (NYSE: PNK), Planar Systems (Nasdaq: PLNR), Portfolio Recovery Associates (Nasdaq: PRAA), Potash Corp. (NYSE: POT), Potlatch (NYSE: PCH), Power-One (Nasdaq: PWER), Preferred Bank (Nasdaq: PFBC), Pride Int'l (NYSE: PDE), Provident Financial (Nasdaq: PROV), Quest Software (Nasdaq: QSFT), Quidel (Nasdaq: QDEL), RadioShack (NYSE: RSH), Rayonier (NYSE: RYN), Raytheon (NYSE: RTN), RealNetworks (Nasdaq: RNWK), Rediff.com (Nasdaq: REDF), Reed Elsevier (NYSE: RUK), Regal Entertainment (NYSE: RGC), Reliv Int'l (Nasdaq: RELV), Repsol (NYSE: REP), Republic Services (NYSE: RSG), Revlon (NYSE: REV), Rochester Medical (Nasdaq: ROCM), Rovi (Nasdaq: ROVI), Ruddick (NYSE: RDK), Safeguard Scientifics (NYSE: SFE), Saia (Nasdaq: SAIA), Sally Beauty (NYSE: SBH), Sanofi-Aventis (NYSE: SNY), SCANA (NYSE: SCG), Siemens (NYSE: SI), Sierra Wireless (Nasdaq: SWIR), Silicon Motion Technology (Nasdaq: SIMO), Sonic Automotive (NYSE: SAH), Sony (NYSE: SNE), Southwest Airlines (NYSE: LUV), Stamps.com (Nasdaq: STMP), Standard Pacific (NYSE: SPF), StarTek (NYSE: SRT), State Auto Financial (Nasdaq: STFC), Statoil (NYSE: STO), Steven Madden (Nasdaq: SHOO), Stewart Information Services (NYSE: STC), Strayer Education (Nasdaq: STRA), Sturm Ruger (NYSE: RGR), Sun Healthcare (Nasdaq: SUNH), Suncor Energy (NYSE: SU), Sunoco (NYSE: SUN), Support.com (Nasdaq: SPRT), SureWest Communications (Nasdaq: SURW), Synaptics (Nasdaq: SYNA), Taiwan Semiconductor (NYSE: TSM), TAL International Group (NYSE: TAL), Talecris Biotherapeutics (Nasdaq: TLCR), Taylor Capital (Nasdaq: TAYC), Tele Norte Celular (NYSE: TCN), Telecommuncations Systems (Nasdaq: TSYS), Teledyne (NYSE: TDY), Telefonica SA (NYSE: TEF), Telemar (NYSE: TNE), Telenav (Nasdaq: TNAV), Tennant (NYSE: TNC), Tenneco (NYSE: TEN), Tessera Technologies (Nasdaq: TSRA), The Advisory Board (Nasdaq: ABCO), The Brinks Co. (NYSE: BCO), McClatchy (NYSE: MNI), The PMI Group (NYSE: PMI), Timken (NYSE: TKR), Thermadyne (Nasdaq: THMD), Thomson Reuters (NYSE: TRI), Thoratec (Nasdaq: THOR), TomoTherapy (Nasdaq: TOMO), Town Sports Int'l (Nasdaq: CLUB), TransAlta (NYSE: TAC), TransCanada (NYSE: TRP), Transcend Services (Nasdaq: TRCR), TranSwitch (Nasdaq: TXCCD), Tree.com (Nasdaq: TREE), Trident Microsystems (Nasdaq: TRID), Trinity Biotech (Nasdaq: TRIB), Tyco Int'l (NYSE: TYC), Ultralife (Nasdaq: ULBI), Unifi (NYSE: UFI), United Stationers (Nasdaq: USTR), Valassis Communications (NYSE: VCI), Vale SA (Nasdaq: VALE), Varian Semiconductor (Nasdaq: VSEA), Ventas (NYSE: VTR), Volcom (Nasdaq: VLCM), Washington Real Estate Investment Trust (NYSE: WRE), Waste Management (NYSE: WM), Wayside Technology (Nasdaq: WSTG), Williams Cos. (NYSE: WMB), Williams Partners (NYSE: WPZ), Wisconsin Energy (NYSE: WEC), WPCS Int'l (Nasdaq: WPCS), Xcel Energy (NYSE: XEL) and Zoll Medical (Nasdaq: ZOLL).



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.

Durable Goods Orders Falter in June 2010

Durable Goods Orders Falter

We found no good news in the Durable Goods Orders Report for the month of June. Others pointed to a gain in non-defense capital goods ex-aircraft as reason to cheer, but not here.

"The Greek" earned clients a 23% average annual return over five years as a stock analyst on Wall Street. While writing for Wall Street Greek and others, he presciently predicted the financial crisis and housing and banking failures of the Great Recession. Visit the front pages of Wall Street Greek now to see our current coverage of business news, the global economy & financial markets, real estate, shipping, fine art & antiquities and global affairs.

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Durable Goods Orders Falter in June 2010

Durable Goods Orders were reported on Wednesday morning and contributed no reason for stocks to stabilize (so they didn't). June's Orders fell a full percentage point, where economists expected a one point gain, based on Bloomberg's survey (not the mayor - he's busy raising 2nd Avenue and subway fares). The drop followed a revised worse 0.8% slip in May. Like the headline, there really was not much good news to be found within the details of the data either, except perhaps in autos and a few other segments discussed below.

Report Details & Analysis

Economists and investors often like to pull the big-ticket transportation segment from the measure in order to get to less skewed data. We are sorry to report though, that excluding almost anything did little good this time around. Excluding transportation was useless, as orders still fell by 0.6%. Excluding defense orders did little good as well, as the data mine produced another decline of 0.7%.

Transportation Orders have been horrible of late, and should be a red flag to airline investors (though we hear the companies are reporting profits while paying pilots minimum wage). Transportation orders have declined four of the last five months, and dropped 2.4% in June (that's $1.1 billion worth of orders - no small change). The news came counter to decent airplane orders reported by Boeing (NYSE: BA) that same day. Boeing's shares still took a hit though, on lower revenues, earnings and a warning about defense cutbacks.

Manufacturing saw a 1.3% drop in orders. We have been warning for some time now that manufacturing, the one positive driver of economic revival, was wearing thin. We've now seen workweek hours cut back and regional excitement in New York, Philly and Chicago trimmed. Finally, manufacturing orders confirm there will be one less column holding up the economy in short time.

Remember how we keep hearing about the strength in technology orders, again repeated by the Fed Chairman last week? Well, according to the latest durable goods survey, we're not so sure even that is holding up. According to the report, New Orders for Computers & Electronic Products fell 1.9%. Be careful though before selling your Apple (Nasdaq: AAPL), Dell (Nasdaq: DELL) and Microsoft (Nasdaq: MSFT), since this category seems to be skewed this month by semiconductor orders (maybe look for warning signs from Taiwan Semiconductor (NYSE: TSM), which reports this week). Remember, though, that Intel (Nasdaq: INTC) posted strong results recently. Still, we attributed those to pent-up demand, not economic revival. In any event, the subcategory, Computers & Related Products saw orders rise 2.5%; good news for Dell, Sony (NYSE: SNE) and the box maker boys.

Communications Equipment Orders rose 1.5% (Nasdaq: CSCO); Primary Metals fell 2.0% (NYSE: RTP, NYSE: BHP, Nasdaq: VALE); Fabricated Metal Products +1.2% (NYSE: X, NYSE: NUE); and Motor Vehicles and Parts +2.5%. Non-Defense Aircraft & Parts Orders dropped 25.6%! Defense Aircraft & Parts Orders rose 6.5% (NYSE: LMT, NYSE: COL, NYSE: NOC).

Non-Defense Capital Goods Orders Ex-Aircraft is seen as a measure of business investment. Well, it rose 0.6% in June. Woo hoo! No, "boo hoo" is more like it. This category was up 4.6% in May, after a disappointing April decline of 2.8%. The slow down in the pace of growth is disturbing, and complements much of the other data we've cited here of late. This is showing the pace of economic expansion is slowing. We remind that what usually follows deceleration is complete stoppage, and perhaps even reversal. Can you say double-dip boys and girls?



In Wednesday's corporate news, the FDA reviewed AstraZeneca's (NYSE: AZN) heart drug. Charles Schwab (Nasdaq: SCHW) offered its latest business update. The earnings schedule included news from Boeing (NYSE: BA), Symantec (Nasdaq: SYMC), Sprint Nextel (NYSE: S), International Paper (NYSE: IP), Citrix Systems (Nasdaq: CTXS), Eastman Kodak (NYSE: EK), 8x8 Inc. (Nasdaq: EGHT), A.T. Cross (Nasdaq: ATX), ACCO Brands (NYSE: ABD), Acxiom (Nasdaq: ACXM), Advance America, Cash Advance Centers (NYSE: AEA), Advanced Analogic (Nasdaq: AATI), Advantest (NYSE: ATE), Agnico-Eagle Mines (NYSE: AEM), Akamai Technologies (Nasdaq: AKAM), Allegheny Technologies (NYSE: ATI), Alliance Healthcare Services (NYSE: AIQ), Allos Therapeutics (Nasdaq: ALTH), Alvarion (Nasdaq: ALVR), AMAG Pharmaceuticals (Nasdaq: AMAG), American Capital Agency (Nasdaq: AGNC), American Railcar (Nasdaq: ARII), American Safety Insurance (NYSE: ASI), Ameriprise Financial (NYSE: AMP), AMN Healthcare Services (NYSE: AHS), Anworth Mortgage Asset (NYSE: ANH), ArcelorMittal (NYSE: MT), ARRIS Group (Nasdaq: ARRS), Arrow Electronics (NYSE: ARW), AsiaInfo Holdings (Nasdaq: ASIA), Aspen Insurance (NYSE: AHL), Assurant (NYSE: AIZ), AU Optronics (NYSE: AUO), AudioCodes (Nasdaq: AUDC), Avery Dennison (NYSE: AVY), AVX Corp. (NYSE: AVX), Axcelis (Nasdaq: ACLS), Banco Bilbao Vizcaya Argentaria SA (Nasdaq: BBVA), Banco Bradesco SA (NYSE: BBD), Berry Petroleum (NYSE: BRY), BIO-Key Int'l (Nasdaq: BKYI), Biokeys Pharmaceuticals (Nasdaq: BKYS), BioMed Realty Trust (NYSE: BMR), BMC Software (Nasdaq: BMC), BOK Fin'l (Nasdaq: BOKF), Boston Private Fin'l (Nasdaq: BPFH), Brandywine Realty Trust (NYSE: BDN), Broadvision (Nasdaq: BVSN), Bruker (Nasdaq: BRKR), Cabot (NYSE: CBT), Cadence Design Systems (Nasdaq: CDNS), Cal Dive Int'l (NYSE: DVR), California Water Service (NYSE: CWT), Callaway Golf (NYSE: ELY), Canadian Pacific Railway (NYSE: CP), Capstead Mortgage (NYSE: CMO), CardioNet (Nasdaq: BEAT), Cedar Shopping Center (NYSE: CDR), Central European Media (Nasdaq: CETV), Cerner (Nasdaq: CERN), CEVA (Nasdaq: CEVA), Charles & Covard (Nasdaq: CTHR), Chemed (NYSE: CHE), Cincinnati Financial (Nasdaq: CINF), Clarient (Nasdaq: CLRT), Cliff's Natural Resources (NYSE: CLF), CMS Energy (NYSE: CMS), Coca-Cola Enterprises (NYSE: CCE), Colfax (NYSE: CFX), Comcast (Nasdaq: CMCSA), CommScope (NYSE: CTV), Commtouch Software (Nasdaq: CTCH), Community Capital (Nasdaq: CPBK), Community Health Systems (NYSE: CYH), Compellent Technologies (NYSE: CML), Concur Technologies (Nasdaq: CNQR), ConocoPhillips (NYSE: COP), Constellation Energy (NYSE: CEG), Corning (NYSE: GLW), Corporate Office Properties (NYSE: OFC), Covance (NYSE: CVD), Crown Castle Int'l (NYSE: CCI), Cullen/Frost Bankers (NYSE: CFR), CyberOptics (Nasdaq: CYBE), Cytokinetics (Nasdaq: CYTK), Destination Maternity (Nasdaq: DEST), Digital River (Nasdaq: DRIV), Dominion Resources (NYSE: D), DryShips (Nasdaq: DRYS), Dyax (Nasdaq: DYAX), Ecopetrol (NYSE: EC), Electro Scientific (Nasdaq: ESIO), Empresas ICA (NYSE: ICA), Encore Wire (Nasdaq: WIRE), Eni S.p.A. (NYSE: E), Entropic (Nasdaq: ENTR), Equifax (NYSE: EFX), Equinix (Nasdaq: EQIX), Equity Residential (NYSE: EQR), Euronet Services (Nasdaq: EEFT), Everest Re (NYSE: RE), EXACT Sciences (Nasdaq: EXAS), Express Scripts (Nasdaq: ESRX), Extra Space Storage (NYSE: EXR), FalconStor Software (Nasdaq: FALC), Famous Dave's of America (Nasdaq: DAVE), FBR Capital Markets (Nasdaq: FBCM), FICO (Nasdaq: FICO), First Merchants (Nasdaq: FRME), FirstService (Nasdaq: FSRV), Five Star Quality Care (AMEX: FVE), Flowserve (NYSE: FLS), FMC Corp. (NYSE: FMC), General Dynamics (NYSE: GD), General Maritime (NYSE: GMR), GeoMet (Nasdaq: GMET), Goldcorp (NYSE: GG), Greatbatch (NYSE: GB), Green Mountain Coffee (Nasdaq: GMCR), Grupo TMM SA (NYSE: TMM), GSI Commerce (Nasdaq: GSIC), Gulfmark Offshore (NYSE: GLF), Hatteras Fin'l (NYSE: HTS), Headwaters (NYSE: HW), Hecla Mining (NYSE: HL), Helix Energy (NYSE: HLX), Heritage-Crystal Clean (Nasdaq: HCCI), Hess (NYSE: HES), HickoryTech (Nasdaq: HTCO), Highwoods Properties (NYSE: HIW), Hill-Rom Holdings (NYSE: HRC), Horace Mann Educators (NYSE: HMN), Hospira (NYSE: HSP), Hudson Valley Holding (Nasdaq: HUVL), Huron Consulting (Nasdaq: HURN), IAC (Nasdaq: IACI), iCad (Nasdaq: ICAD), Innovative Solutions (Nasdaq: ISSC), Insignia Systems (Nasdaq: ISIG), InterDigital (Nasdaq: IDCC), Interface (Nasdaq: IFSIA), International Coal Group (NYSE: ICO), International Paper (NYSE: IP), International Ship Holding (NYSE: ISH), Investors Bancorp (Nasdaq: ISBC), iRobot (Nasdaq: IRBT), ITC Holdings (NYSE: ITC), Itron (Nasdaq: ITRI), JMP Group (NYSE: JMP), Jones Apparel (NYSE: JNY), Jones Lang LaSalle (NYSE: JLL), Kadant (NYSE: KAI), Keithley Instruments (NYSE: KEI), Kemet (AMEX: KEM), Key Energy (NYSE: KEG), Kirby (NYSE: KEX), Kyocera (NYSE: KYO), L-1 Identity Solutions (NYSE: ID), Lam Research (Nasdaq: LRCX), Las Vegas Sands (NYSE: LVS), Lazard (NYSE: LAZ), LeMaitre Vascular (Nasdaq: LMAT), Lincoln National (NYSE: LNC), Littlefield (Nasdaq: LTFD), Logitech (Nasdaq: LOGI), LogMein (Nasdaq: LOGM), LoopNet (Nasdaq: LOOP), LSI Corp. (NYSE: LSI), M/I Homes (NYSE: MHO), ManTech Int'l (Nasdaq: MANT), Marine Products (NYSE: MPX), MarketAxess (Nasdaq: MKTX), Martha Stewart Living (NYSE: MSO), Mastech (NYSE: MHH), MeadWestVaco (NYSE: MWV), Melco Crown (Nasdaq: MPEL), Merit Medical (Nasdaq: MMSI), MERU Networks (Nasdaq: MERU), Metabolix (Nasdaq: MBLX), Methanex (Nasdaq: MEOH), Mine Safety Appliances (NYSE: MSA), Morningstar (Nasdaq: MORN), Mylan (NYSE: MYL), NBTY (NYSE: NTY), Nektar Therapeutics (Nasdaq: NKTR), Ness Technologies (Nasdaq: NSTC), NetLogic Microsystems (Nasdaq: NETL), Neurocrine Biosciences (Nasdaq: NBIX), NeuStar (NYSE: NSR), New York Community Bancorp (NYSE: NYB), Newmont Mining (NYSE: NEM), Newport (Nasdaq: NEWP), Nissan Motor (Nasdaq: NSANY), Noranda Aluminum (NYSE: NOR), NuSkin (NYSE: NUS), Oceaneering Int'l (NYSE: OII), Odyssey Healthcare (Nasdaq: ODSY), Owens-Illinois (NYSE: OI), Old Dominon Freight (Nasdaq: ODFL), Orchids Paper Products (AMEX: TIS), O'Reilly Automotive (Nasdaq: ORLY), Orthofix (Nasdaq: OFIX), P.F. Chang's (Nasdaq: PFCB), Park-Ohio (Nasdaq: PKOH), Patni Computer (NYSE: PTI), PC Connection (Nasdaq: PCCC), PDL BioPharma (Nasdaq: PDLI), Pinnacle Data Systems (AMEX: PNS), Pioneer Natural Resources (NYSE: PXD), Pioneer Southwest Energy (NYSE: PSE), Praxair (NYSE: PX), PSS World Medical (Nasdaq: PSSI), Pzena Investment Management (NYSE: PZN), Quaker Chemical (NYSE: KWR), Quality Distribution (Nasdaq: QLTY), Quantum (NYSE: QTM), Questcor Pharma (Nasdaq: QCOR), RailAmerica (NYSE: RA), Realty Income (NYSE: O), Rightnow Technologies (Nasdaq: RNOW), Rockwell Automation (NYSE: ROK), Rollins (NYSE: ROL), RPC, Inc. (NYSE: RES), Rurban Financial (Nasdaq: RBNF), Ryland Group (NYSE: RYL), Sangamo Biosciences (Nasdaq: SGMO), Sealed Air (NYSE: SEE), Selective Insurance (Nasdaq: SIGI), Service Corp. (NYSE: SCI), SFN Group (NYSE: SFN), Shinhan Fin'l (NYSE: SHG), Shutterfly (Nasdaq: SFLY), Silgan Holdings (Nasdaq: SLGN), Silicon Laboratories (Nasdaq: SLAB), SJW (NYSE: SJW), SK Telecom (NYSE: SKM), Skechers USA (NYSE: SKX), SourceFire (Nasdaq: FIRE), Southern Co. (NYSE: SO), Span-America Medical (Nasdaq: SPAN), Spartan Stores (Nasdaq: SPTN), Spectranetics (Nasdaq: SPNC), Steiner Leisure (Nasdaq: STNR), Stillwater Mining (NYSE: SWC), Stoneridge (NYSE: SRI), Stratasys (Nasdaq: SSYS), Superior Energy (NYSE: SPN), SurModics (Nasdaq: SRDX), Susquehanna Bancshares (Nasdaq: SUSQ), Symantec (Nasdaq: SYMC), Symetra Fin'l (NYSE: SYA), Taleo (Nasdaq: TLEO), Tata Communications (NYSE: TCL), TC Pipelines (Nasdaq: TCLP), TDK (OTC: TTDKY.PK), Telular (Nasdaq: WRLS), Teradyne (NYSE: TER), Tesoro (NYSE: TSO), Tetra Tech (Nasdaq: TTEK), Dixie (Nasdaq: DXYN), The Medicines Co. (Nasdaq: MDCO), Timberland (NYSE: TBL), Titan Int'l (NYSE: TWI), Torchmark (NYSE: TMK), Tower Bancorp (Nasdaq: TOBC), Trinity Industries (NYSE: TRN), TriQuint Semi (Nasdaq: TQNT), Triumph Group (NYSE: TGI), Tyler Technologies (NYSE: TYL), UGI (NYSE: UGI), UMB Financial (Nasdaq: UMBF), United Therapeutics (Nasdaq: UTHR), Universal American (NYSE: UAM), Universal Stainless & Alloy (Nasdaq: USAP), Univest Corp (Nasdaq: UVSP), USA Mobility (Nasdaq: USMO), Varian Medical (NYSE: VAR), Vertex Pharmaceuticals (Nasdaq: VRTX), Virgin Media (Nasdaq: VMED), ViroPharma (Nasdaq: VPHM), Virtusa (Nasdaq: VRTU), Visa (NYSE: V), VistaPrint (Nasdaq: VPRT), Voltaire (Nasdaq: VOLT), WABCO (NYSE: WBC), Waddell & Reed Fin'l (NYSE: WDR), Walter Energy (NYSE: WLT), Waters (NYSE: WAT), WellPoint (NYSE: WLP), Whiting Petroleum (NYSE: WLL), Willis Group (NYSE: WSH), Wintrust Fin'l (Nasdaq: WTFC), WisdomTree Investments (OTC: WSDT.PK), Woodward (Nasdaq: WGOV) and Wyndham Worldwide (NYSE: WYN).

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.

Real Estate Market Review 07-28-10

A Real Estate Market Review

We received three real estate reports through the first half of the week, so we thought it made worthy a review of the real estate market. The week's real estate activity offered June's New Home Sales Report, May's Case Shiller Home Price Index, and today's Weekly Mortgage Applications Report.

"The Greek" earned clients a 23% average annual return over five years as a stock analyst on Wall Street. While writing for Wall Street Greek and others, he presciently predicted the financial crisis and housing and banking failures of the Great Recession. Visit the front pages of Wall Street Greek now to see our current coverage of business news, the global economy & financial markets, real estate, shipping, fine art & antiquities and global affairs.

(Tickers: NYSE: BAC, NYSE: JPM, NYSE: GS, NYSE: MS, NYSE: C, NYSE: WFC, NYSE: PNC, NYSE: TD, NYSE: BK, NYSE: USB, Nasdaq: BOKF, NYSE: MTB, NYSE: NVR, NYSE: DHI, NYSE: PHM, NYSE: GFA, NYSE: TOL, NYSE: LEN, NYSE: MDC, NYSE: KBH, NYSE: RYL, NYSE: MTH, NYSE: SPF, NYSE: HOV, NYSE: BZH, NYSE: BHS, Nasdaq: AVTR, NYSE: XIN, NYSE: MHO, Nasdaq: CHCI, NYSE: SNH, NYSE: DMM, NYSE: UMM, Nasdaq: FSHOX, Nasdaq: CHLN, NYSE: EQR, NYSE: AVB, NYSE: UDR, NYSE: ESS, NYSE: CPT, NYSE: BRE, NYSE: AIV, NYSE: HME, NYSE: MAA, NYSE: ELS, NYSE: ACC, NYSE: CLP, Nasdaq: AGNC, NYSE: SUI, NYSE: EDR, NYSE: AEC, NYSE: PMT, NYSE: TWO, NYSE: HD, NYSE: LOW, NYSE: USG, NYSE: EXP, NYSE: DIA, NYSE: SPY, Nasdaq: QQQQ, NYSE: DOG, NYSE: SDS, NYSE: QLD)

Real Estate Market Review

Our real estate market review simply takes a look at the latest data releases, and puts them into context. We see an unfavorable economic environment and lending market combining with the expiration of government stimulus and drop-off of consumer confidence to take the real estate market into double-dip territory.

Weekly Mortgage Applications

The Mortgage Bankers Association today reported its Weekly Mortgage Applications Survey for the period ended July 23. The Market Composite Index took a hit this week, as mortgage rates rose a bit.

The Refinance Index fell 5.9% against the prior week mark, given increases in the average contracted rates on 30-year and 15-year fixed rate mortgages by 10 basis points (to 4.69%) and 7 bps (4.12%) respectively. This led the Market Composite Index down 4.4% on a seasonally adjusted basis. Given home purchase activity is less volatile, the increase in rates did not stop a 2.0% gain here over the prior week mark. Purchase activity was in fact the highest since the end of June. While this may partly reflect a normalization of business, post the pulling forward of activity by the First-Time Homebuyers Tax Credit (since expired), we doubt it signals a housing revival.

New Home Sales

In fact, New Home Sales were reported for June on Monday morning. While the monthly change in activity was impressive, as sales rose 23.6% over the revised annual pace of 267K for May, the absolute pace of sales in June at 330K was simply distressing. Sure, the result exceeded the soft economists' consensus forecast for 310K, but that offers no solace to unhappy homebuilders. Heck, sales were down sharply from the prior year comparable of 396K, and that was a bad number!

On a positive note, sales recovered most in the important South region, where May's 35.9% drop turned the corner to June's 33.1% rise. Activity remained weak in the West and Midwest, and recovered some in the Northeast.

"...based on the New Home Sales data, prices softened in June"

Putting things into perspective, June's sales pace of 330K was only surpassed in its direness over the last 12 months by May's stagnant state. In other words, real estate and stock investors had little reason to put money to work. Inventory improved in June to 7.6 months, from May's 9.6, but recall that this is a direct result of the sales pace change. And, oh by the way, based on the New Home Sales data, prices softened in June... The median price of a new home sold in June fell 1.4%, while the average price fell 9.8%. This contrasts against the mid-single digit increase in prices for existing homes in June.

S&P Case Shiller Home Price Index

Given we have current home price data from within the Existing & New Home Sales Reports for June, why would we give a darn about the lagged S&P Case Shiller information for May? And given who posts this report, and all the mistakes the agency made over the last few years rating mortgage backed securities investment grade (a catalyst for the crisis), why would we trust them to provide accurate data here? For informational purposes, the 10-City seasonally adjusted index recorded a 0.5% price increase in May. You should note, though, that the S&P Case Shiller data is a three-month average that includes March and April, two incentive-lifted periods.

Conclusion

The residential real estate market still stinks.

Perhaps we should expand a bit. Real estate still stinks, and with the anchored unemployment situation and dieing consumer confidence, I expect prices to take a double-dip. Thus, if I were considering an investment, I would reconsider it for a ways down the road.



Relevant Tickers include Bank of America (NYSE: BAC), J.P. Morgan Chase (NYSE: JPM), Goldman Sachs (NYSE: GS), Morgan Stanley (NYSE: MS), Citigroup (NYSE: C), Wells Fargo (NYSE: WFC), PNC Bank (NYSE: PNC), Toronto Dominion (NYSE: TD), Bank of NY Mellon (NYSE: BK), US Bancorp (NYSE: USB), BOK Finanical (Nasdaq: BOKF), M&T Bank (NYSE: MTB), NVR Inc. (NYSE: NVR), D.R. Horton (NYSE: DHI), Pulte Group (NYSE: PHM), Gafisa SA (NYSE: GFA), Toll Brothers (NYSE: TOL), Lennar (NYSE: LEN), MDC Holdings (NYSE: MDC), KB Home (NYSE: KBH), Ryland Group (NYSE: RYL), Meritage Homes (NYSE: MTH), Standard Pacific (NYSE: SPF), Hovnanian Enterprises (NYSE: HOV), Beazer Homes (NYSE: BZH), Brookfield Homes (NYSE: BHS), Avatar Holdings (Nasdaq: AVTR), Xinyuan Real Estate (NYSE: XIN), M/I Homes (NYSE: MHO), Comstock Homebuilding (Nasdaq: CHCI), Senior Housing Properties Trust (NYSE: SNH), NYSE: DMM, NYSE: UMM, Fidelity Select Construction & Housing (Nasdaq: FSHOX), China Housing (Nasdaq: CHLN), Equity Residential (NYSE: EQR), Avalonbay Communities (NYSE: AVB), UDR, Inc. (NYSE: UDR), Essex Property Trust (NYSE: ESS), Camden Property Trust (NYSE: CPT), BRE Properties (NYSE: BRE), Apartment Investment Management (NYSE: AIV), Home Properties (NYSE: HME), Mid-America Apartment (NYSE: MAA), Equity Lifestyle Properties (NYSE: ELS), American Campus Communities (NYSE: ACC), Colonial Properties Trust (NYSE: CLP), American Capital Agency (Nasdaq: AGNC), Sun Communities (NYSE: SUI), Education Realty Trust (NYSE: EDR), Associated Estates Realty (NYSE: AEC), PennyMac Mortgage Investment (NYSE: PMT) and Two Harbors Investment (NYSE: TWO).

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.

Consumer Confidence Symptomatic of Economic Muddle

The latest bout of lost consumer confidence is simply symptomatic of economic muddle and political stalemate. Long-term unemployment, threats to employment benefits and other stimuli souring have injured the mind and mood of America's most important segment, and threaten to lead the economy into double-dip recession.

"The Greek" earned clients a 23% average annual return over five years as a stock analyst on Wall Street. While writing for Wall Street Greek and others, he presciently predicted the financial crisis and housing and banking failures of the Great Recession. Visit the front pages of Wall Street Greek now to see our current coverage of business news, the global economy & financial markets, real estate, shipping, fine art & antiquities and global affairs.

(Tickers: NYSE: M, NYSE: JCP, NYSE: KSS, NYSE: ARO, NYSE: CHS, NYSE: ANN, NYSE: GPS, Nasdaq: WTSLA, Nasdaq: HOTT, NYSE: LTD, Nasdaq: PLCE, NYSE: WMT, NYSE: TGT, Nasdaq: COST, NYSE: FDO, Nasdaq: DLTR, NYSE: DG, Nasdaq: SHLD, NYSE: DIA, NYSE: SPY, Nasdaq: QQQQ, NYSE: DOG, NYSE: SDS, NYSE: QLD, NYSE: NYX, NYSE: ICE, Nasdaq: NDAQ)

Consumer Confidence is Symptomatic of Economic Muddle

The Conference Board published its Consumer Confidence Index for the month of July this week. The Board's latest measurement of the consumer mood showed even further deterioration in July sentiment, to a level of 50.4, from June's revised mark of 54.3 (from 52.9). The Conference Board's late June report produced a near 10 point decline in the index from a May mark of 62.7. That type of a dramatic drop in the index usually coincides with a shock to the market and economy, but not this time. Take note, because this is extremely troubling.

Given that the index saw no rebound off a drastic drop, investors received an important signal Tuesday. Consumers drive the American economy, which has evolved to become services oriented and consumption based. The warning siren on the consumer mood has been wearing out our ears here at Wall Street Greek for some time now, and the batteries must be running low on that horn by now. We first noticed red flags on this metric when the Board's Expectations Index showed its initial cracks. However, we were looking toward those cracks when investors were sure the economic foundation was sound and strengthening; many on the street were instead intoxicated by profit calculations on rising stocks.

We reiterate: President Obama must key on the employment situation and seek to spur business and job growth to lead the USA out of economic trough and anchored unemployment. His plans for an alternative energy manufacturing base must move forward, as this stratagem offers a path to a new industrial revolution. This potential revolution can bring jobs back to the US, and make the country a viable exporter and supplier to a new and important global marketplace.

Consumer Confidence Report Details

Consumers are sour on both the current reality of the economy and future prospects. The Present Situation Index slipped further in July, to a level of 26.1, from 26.8 in June. It looks as if consumers see the current situation as about as bad as can be, and for good reason. Consumer opinions about the state of employment have softened as job seekers lose hope. Consumers claiming that jobs are hard to get increased in July, to 45.8% of those surveyed, from 43.5% in June. Those saying that general conditions are bad also increased to 43.6%, from 41.0% in June.

"The outlook is hopeless, as per the opinion of the most important segment of Americans."

The outlook is hopeless, as per the opinion of the most important segment of Americans. The Expectations Index dropped to 66.6 in July, from 72.7 last month. The percentage of consumers that see an improvement coming over the next six months fell as well, to 15.9%, from 17.1% last month. Those who see things getting worse increased in number, rising to 15.7% of those surveyed, from 13.9% in June. Again the key to concern remains the job situation, with almost 10% of the labor force still unemployed and near 17% working less hours than satisfactory. And the average workweek is decreasing, based on the latest data. Soon, manufacturers may need to again cut workforce, as shifts bleed away. The Conference Board asked consumers about their outlook for the job market, and the unfortunate news is that those who see job opportunities increasing over the next six months fell in number to 14.3%, from 16.2% in June. Those anticipating fewer jobs increased a full percentage point, to 21.1%.

Retail Trouble Ahead

The back to school shopping season is an important catalyst for the retail sector, and a somewhat reliable driver of sales traffic. However, given the high and increasing number of long-term unemployed, spending is under threat to decrease this season. It's sad that the best argument against that statement is that last year's sales were pretty darn bad. That means retailers may have to dig deeper into margins to inspire shoppers to buy goods at their location versus the one down the street. And now that unemployment benefit extensions seem like a less reliable source of income for many Americans who are surviving on them, consumers are very likely to tighten their wallets again this year.

The latest Weekly Same-Store Sales data reported by the International Council of Shopping Centers (ICSC) this morning, is still showing growth. Sales rose 0.6% on a week-over-week basis for the period ending July 24. When compared to last year's soft activity, sales stood 3.8% higher. We have often noted here that as last year's comparables get harder to beat, we'll see this comparison soften dramatically. We're still matching against some of the weakest absolute sales numbers (per person) seen in modern US history.

This means that competition will tighten further for the big box department stores like Macy's (NYSE: M), J.C. Penney (NYSE: JCP), Kohl's (NYSE: KSS) and others, and cost management will remain in focus. Specialists like Aeropostale (NYSE: ARO), Chicos (NYSE: CHS), Ann Taylor (NYSE: ANN), The Gap (NYSE: GPS), Wet Seal (Nasdaq: WTSLA), Hott Topic (Nasdaq: HOTT), The Limited (NYSE: LTD), Children's Place (Nasdaq: PLCE) and others will need to excel in buying and fashion sense to differentiate their wears. And the discounters will continue to steal market share, so good news for Wal-Mart (NYSE: WMT), Target (NYSE: TGT), Costco (Nasdaq: COST), Family Dollar (NYSE: FDO), Dollar Tree (Nasdaq: DLTR), Dollar General (NYSE: DG) and Sears' (Nasdaq: SHLD) K-Mart stores.

Conclusion

In summary, seeing Consumer Confidence wane further in July, after a precipitous drop in June, should be of highest concern to the Administration, Congress, investors and all Americans. Our national economic driver, consumer spending - or rather the consumer, is losing confidence in economic recovery and in government supports. We must continue to prioritize stimulus over budgetary controls, as this economic trough will be impossible to climb out of otherwise. The budget is a long-term issue that is worthy of concern, but we cannot let political purposes now clutter sound decision making. We need to restore business and job growth to renew consumer spending. We can address the budget in due time, or now (somewhat), but in a manner that does not threaten economic recovery nor confidence.



Tuesday's earnings included news from Cephalon (Nasdaq: CEPH), C.H. Robinson Worldwide (Nasdaq: CHRW), AmerisourceBergen (NYSE: ABC), Office Depot (NYSE: ODP), International Game Technology (NYSE: IGT), Norfolk Southern (NYSE: NFK), AM Castle (NYSE: CAS), Acadia Realty Trust (NYSE: AKR), ACE Limited (NYSE: ACE), Active Power (Nasdaq: ACPW), Aetna (NYSE: AET), Affiliated Managers Group (NYSE: AMG), Aflac (NYSE: AFL), Agco (Nasdaq: AGCO), AK Steel (NYSE: AKS), American Campus Communities (NYSE: ACC), Ametek (NYSE: AME), Anixter Int'l (NYSE: AXE), Arthur J. Gallagher (NYSE: AJG), Asbury Automotive Group (NYSE: ABG), ATC Technology (Nasdaq: ATAC), B&G Foods (NYSE: BGS), Barrett Business Services (Nasdaq: BBSI), Basic Energy Services (NYSE: BAS), BE Aerospace (Nasdaq: BEAV), Bemis (NYSE: BMS), Blackbaud (Nasdaq: BLKB), Boston Properties (NYSE: BXP), BP (NYSE: BP), Broadcom (Nasdaq: BRCM), Canon (NYSE: CAJ), Capella Education (Nasdaq: CPLA), Capital Trust (NYSE: CT), Capitol Federal Fin'l (Nasdaq: CFFN), Carlisle Cos. (NYSE: CSL), Cathay General Bancorp (Nasdaq: CATY), CB Richard Ellis (NYSE: CBG), CBiz (NYSE: CBZ), Centene (NYSE: CNC), Century Aluminum (Nasdaq: CENX), Ceradyne (Nasdaq: CRDN), CGI Group (NYSE: GIB), Charm Communications (Nasdaq: CHRM), Chelsea Therapeutics (Nasdaq: CHTP), Chicago Bridge & Iron (NYSE: CBI), Choice Hotels International (NYSE: CHH), CIT Group (NYSE: CIT), Cobalt Int'l Energy (NYSE: CIE), Companhia Brasileira de Distribuicao (NYSE: CBD), Compass Minerals (NYSE: CMP), Compugen (Nasdaq: CGEN), Computer Task Group (Nasdaq: CTGX), Corn Products Int'l (NYSE: CPO), CSG Systems (Nasdaq: CSGS), Cummins (NYSE: CMI), Cynosure (Nasdaq: CYNO), Delphi Fin'l (NYSE: DFG), Deltic Timber (NYSE: DEL), Deutsche Bank (NYSE: DB), DiamondRock Hospitality (NYSE: DRH), Dice Holdings (NYSE: DHX), Dominos Pizza (NYSE: DPZ), Dorman Products (Nasdaq: DORM), Dreamworks Animation (NYSE: DWA), DST Systems (NYSE: DST), DuPont (NYSE: DD), Dynex Capital (NYSE: DX), EarthLink (Nasdaq: ELNK), East West Bancorp (Nasdaq: EWBC), EastGroup Properties (NYSE: EGP), Ecolab (NYSE: ECL), Edac Technologies (Nasdaq: EDAC), eHealth (Nasdaq: EHTH), Empressa Nacional de Electricidad SA - Endessa Chile (NYSE: EOC), Endurance Specialty (NYSE: ENH), Endwave (Nasdaq: ENWV), Energizer (NYSE: ENR), Enersis SA (NYSE: ENI), Entegris (Nasdaq: ENTG), Entercom (NYSE: ETM), EPIQ Systems (Nasdaq: EPIQ), Ferro (NYSE: FOE), First Community Bancshares (Nasdaq: FCBC), FirstMerit (Nasdaq: FMER), Fiserv (Nasdaq: FISV), Flagstar Bancorp (NYSE: FBC), FormFactor (Nasdaq: FORM), Global Payments (NYSE: GPN), Group 1 Automotive (NYSE: GPI), Grupo Radio Centro (NYSE: RC), GTC Biotherapeutics (Nasdaq: GTCB), Hanger Orthopedic (NYSE: HGR), Hanmi Fin'l (Nasdaq: HAFC), Hawaiian Holdings (Nasdaq: HA), Heidrick & Struggles (Nasdaq: HSII), Hutchinson Tech (Nasdaq: HTCH), ICON (Nasdaq: ICLR), Iconix Brand (Nasdaq: ICON), Illumina (Nasdaq: ILMN), Imation (NYSE: IMN), Imergent (AMEX: IIG), Innodata Isogen (Nasdaq: INOD), IntegraMed America (Nasdaq: INMD), Integrated Silicon Solution (Nasdaq: ISSI), InterMune (Nasdaq: ITMN), Intricon (Nasdaq: IIN), Inventure Foods (Nasdaq: SNAK), Invesco (NYSE: IVZ), IRIS Int'l (Nasdaq: IRIS), Jacob's Engineering (NYSE: JEC), JDA Software (Nasdaq: JDAS), Kansas City Southern (NYSE: KSU), Keynote Systems (Nasdaq: KEYN), Kimco Realty (NYSE: KIM), Kinetic Concepts (NYSE: KCI), Kona Grill (Nasdaq: KONA), LB Foster (Nasdaq: FSTR), L-3 Communications (NYSE: LLL), LAN Airlines (NYSE: LFL), Lawson Products (Nasdaq: LAWS), LCA-Vision (Nasdaq: LCAV), Lennox Int'l (NYSE: LII), Level 3 Communications (Nasdaq: LVLT), Lexmark (NYSE: LXK), Lincoln Electric (Nasdaq: LECO), Lockheed Martin (NYSE: LMT), Manitowoc (NYSE: MTW), Massey Energy (NYSE: MEE), MBT Financial (Nasdaq: MBTF), Meritage Homes (NYSE: MTH), Nabors Industries (NYSE: NBR), Nalco Holding (NYSE: NLC), National Instruments (Nasdaq: NATI), New Alliance Bancshares (NYSE: NAL), Numerex (Nasdaq: NMRX), NuVasive (Nasdaq: NUVA), Occidental Petroleum (NYSE: OXY), optionsXpress (Nasdaq: OXPS), PAM Transportation (Nasdaq: PTSI), PACCAR (Nasdaq: PCAR), Pacific Capital (Nasdaq: PCBC), Panera Bread (Nasdaq: PNRA), PAR Tech (NYSE: PTC), Parametric Technology (Nasdaq: PMTC), Patriot Coal (NYSE: PCX), Penn Virginia (NYSE: PVG), Penn Virginia Resources (NYSE: PVR), Pervasive Software (Nasdaq: PVSW), Pharmaceutical Product Development (Nasdaq: PPDI), Pixelworks (Nasdaq: PXLW), PrivateBancorp (Nasdaq: PVTB), QLT Inc. (Nasdaq: QLTI), Questar (NYSE: STR), RadiSys (Nasdaq: RSYS), Radware (Nasdaq: RDWR), Ramco-Gershenson Properties Trust (NYSE: RPT), Ramtron (Nasdaq: RMTR), ReachLocal (Nasdaq: RLOC), Regions Fin'l (NYSE: RF), Renaissance Re (NYSE: RNR), RF Micro Devices (Nasdaq: RFMD), Rimage (Nasdaq: RIMG), Rockwood Holdings (NYSE: ROC), Rocky Brands (Nasdaq: RCKY), Rogers Communications (NYSE: RCI), SAP AG (NYSE: SAP), SeaBright (NYSE: SBX), Seattle Genetics (Nasdaq: SGEN), Signature Bank of NY (Nasdaq: SBNY), Silicon Image (Nasdaq: SIMG), Stepan (NYSE: SCL), Sterling Fin'l (Nasdaq: STSA), Sun Communities (NYSE: SUI), Sunoco Logistics (NYSE: SXL), SuperMedia (Nasdaq: SPMD), Supertex (Nasdaq: SUPX), Supervalu (NYSE: SVU), Tanger Factory Outlet (NYSE: SKT), Taser (Nasdaq: TASR), Taubman Centers (NYSE: TCO), Teck Resources (NYSE: TCK), Tellabs (Nasdaq: TLAB), Temple-Inland (NYSE: TIN), Tennessee Commerce (Nasdaq: TNCC), Teva Pharmaceutical (Nasdaq: TEVA), Nasdaq OMX (Nasdaq: NDAQ), Thermo Fisher Scientific (NYSE: TMO), Trimble Navigation (Nasdaq: TRMB), Trustmark (Nasdaq: TRMK), US Lime & Minerals (Nasdaq: USLM), UBS (NYSE: UBS), Ultimate Software (Nasdaq: ULTI), Umpqua Holdings (Nasdaq: UMPQ), UnderArmour (NYSE: UA), Unisys (NYSE: UIS), United States Steel (NYSE: X), Unitil (NYSE: UTL), US Ecology (Nasdaq: ECOL), USANA Health (Nasdaq: USNA), Valero (NYSE: VLO), VASCO Data Security (Nasdaq: VDSI), VisionChina Media (Nasdaq: VISN), Vocus (Nasdaq: VOCS), Washington Banking (Nasdaq: WBCO), Websense (Nasdaq: WBSN), Western Union (NYSE: WU), Whitney Holding (Nasdaq: WTNY), Wilshire Bancorp (Nasdaq: WIBC), World Acceptance (Nasdaq: WRLD), Wright Express (NYSE: WXS) and Zix Corp. (Nasdaq: ZIXI).

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.

This Week: GDP & Consumer Confidence Rangel

This Week

The week offers an important new reading of the economy, the second quarter GDP report. Economists are looking for slower growth than the twice revised lower first quarter pace of 2.7%. Consumer Confidence gets two new inspections on Tuesday and again on Friday, and we are not expecting good news. Finally, Must-See TV returns, as CSPAN will very likely cover the Congressional Ethics Panel trial of one NY Representative Charlie Rangel.

(Tickers: NYSE: DIA, NYSE: SPY, Nasdaq: QQQQ, NYSE: DOG, NYSE: SDS, NYSE: QLD, NYSE: NYX, NYSE: ICE, Nasdaq: NDAQ)

This Week: GDP & Consumer Confidence Rangel

Monday

Two economic reports highlighted Monday's schedule. We covered the first, the Chicago Fed National Activity Index, in a special report.

New Home Sales were reported for the month of June at 10:00 AM Monday morning. The annual pace of sales ran at 330K through the month, better than economists' expectations for 310K. June's 23.6% rebound followed May's 36.7% drop on the conclusion of the tax incentive program for first-time buyers. Inventory improved on the increase in sales pace, but prices fell 1.4% on the median home sale. June's sales pace still marks one of the slowest on record.

EU, IMF and ECB officials arrived in Greece this week to begin a review of the troubled nation's implementation of austerity measures. Greece's capital-backers want to see their money going toward effective cause. Greece may face ouster from the European Monetary Union if it fails to follow through on its promises, though you will not hear EU representatives say as much.

Besides an extensive earnings list, Monday offers a good amount of corporate events. The ITC will rule Monday on a patent dispute between Rambus (Nasdaq: RMBS) and Nvidia (Nasdaq: NVDA). An examiner will be named in Washington Mutual's bankruptcy case; he will be charged with investigating a settlement in the sale of the thrift to J.P. Morgan Chase (NYSE: JPM). Also, a report will be filed with regard to Sam Zell's led buyout of the Tribune. The IPO lockup curbs expire on Invesco Mortgage Capital (NYSE: IVR) and Southwest Bancorp (Nasdaq: OKSB).

The day's earnings schedule includes news from A.H. Belo (NYSE: AHC), Advent Software (Nasdaq: ADVS), Albemarle (NYSE: ALB), Alberto Culver (NYSE: ACV), Alcon (NYSE: ACL), Alexza Pharmaceuticals (Nasdaq: ALXA), Alliance Holdings (Nasdaq: AHGP), Alliance Resource Partners (Nasdaq: ARLP), Arch Capital (Nasdaq: ACGL), Associated Estates Realty (NYSE: AEC), Aware (Nasdaq: AWRE), Bank of Hawaii (NYSE: BOH), Boardwalk Pipeline Partners (NYSE: BWP), Bridge Capital (Nasdaq: BBNK), Cal-Maine Foods (Nasdaq: CALM), CEMEX (NYSE: CX), Ceragon Networks (Nasdaq: CRNT), Changyou Com (Nasdaq: CYOU), Chemical Financial (Nasdaq: CHFC), China Security & Surveillance (NYSE: CSR), Citizens South Banking (Nasdaq: CSBC), Community Partners Bancorp (Nasdaq: CPBC), Crane (NYSE: CR), CTS Corp. (NYSE: CTS), Duncan Energy Partners (NYSE: DEP), Eagle Bancorp (Nasdaq: EGBN), Emirates NBD (Nasdaq: ENBD), Enterprise Products Partners (NYSE: EPD), FNB Corp. (NYSE: FNB), Financial Institutions (Nasdaq: FISI), First Capital (Nasdaq: FCAP), First Fin'l Holdings (Nasdaq: FFCH), Fluor (NYSE: FLR), FMC Technologies (NYSE: FTI), Fomento Economico Mexicano (NYSE: FMX), Frischs Restaurant (AMEX: FRS), Grupo Aeroportuario Del Pacifico SA (NYSE: PAC), Health Management Associates (NYSE: HMA), HealthStream (Nasdaq: HSTM), Heartland Fin'l USA (Nasdaq: HTLF), Hexcel (NYSE: HXL), Hopfed Bancorp (Nasdaq: HFBC), Idenix Pharmaceuticals (Nasdaq: IDIX), Industrias Bachoco SAB (NYSE: IBA), Insituform Technologies (Nasdaq: INSU), Integrated Device Technology (Nasdaq: IDTI), Interactive Intelligence (Nasdaq: ININ), IPC The Hospitalist (Nasdaq: IPCM), KVH Industries (Nasdaq: KVHI), Lakeland Financial (Nasdaq: LKFN), Leapfrog (NYSE: LF), Legacy Bancorp (Nasdaq: LEGC), Legg Mason (NYSE: LM), Liberty Property Trust (NYSE: LRY), Local.com (Nasdaq: LOCM), Lorillard (NYSE: LO), Luxottica (NYSE: LUX), Masco (NYSE: MAS), Merchants Bancshares (Nasdaq: MBVT), Mindspeed Technologies (Nasdaq: MSPD), Montpelier Re (NYSE: MRH), Nara Bancorp (Nasdaq: NARA), Navios Maritime Partners (NYSE: NMM), Noah Education (NYSE: NED), Northwest Bancorp (Nasdaq: NWBI), Old National Bancorp (NYSE: ONB), Owens & Minor (NYSE: OMI), PC-Tel (Nasdaq: PCTI), Peoples Bancorp of North Carolina (Nasdaq: PEBK), Plantronics (NYSE: PLT), Plum Creek Timber (NYSE: PCL), PLX Technology (Nasdaq: PLXT), PRGX Global (Nasdaq: PRGX), Provident Bancorp (Nasdaq: PBNY), Radcom (Nasdaq: RDCM), Range Resources (NYSE: RRC), Reinsurance Group of America (NYSE: RGA), Rent-A-Center (Nasdaq: RCII), Rock-Tenn (NYSE: RKT), Roper Industries (NYSE: ROP), RPM International (NYSE: RPM), Sanmina-SCI (Nasdaq: SANM), Savvis (Nasdaq: SVVS), Silicom (Nasdaq: SILC), SL Green Realty (NYSE: SLG), SOHU.com (Nasdaq: SOHU), Solutia (NYSE: SOA), SonoSite (Nasdaq: SONO), Sterling Bancorp (NYSE: STL), SuccessFactors Inc. (Nasdaq: SFSF), Synalloy (Nasdaq: SYNL), Transatlantic Holdings (NYSE: TRH), Ultra Clean Holdings (Nasdaq: UCTT), United Fire (Nasdaq: UFCS), Universal Health Services (NYSE: UHS), Veeco Instruments (Nasdaq: VECO), Viewpoint Fin'l Group (Nasdaq: VPFGD), Volterra Semiconductor (Nasdaq: VLTR), W.R. Berkley (NYSE: WRB), Wausau Paper (NYSE: WPP), Wesbanco (Nasdaq: WSBC), WSFS Financial (Nasdaq: WSFS) and Zoran (Nasdaq: ZRAN).

Tuesday

Five economic reports are on tap for Tuesday, but only one will garner the market's attention. Consumer Confidence will be reported by the Conference Board at 10:00 AM. Confidence dropped nearly 10 points in June, when the index fell to a level of 52.9. Normally it would take some sort of event to cause such a shock inspired decline. Surprisingly, economists forecast confidence will slip further in this July reading, to a mark of 51.0. The conclusion of certain stimulus efforts, and the threatened conclusion of unemployment benefit extensions likely inspired the sharp drop-off in confidence in June.

State Street (NYSE: STT) will report on Investor Confidence at 10:00 AM. State Street's measurement of investors' portfolio risk held managed a 1.3 point gain in June. The index rose to 89.7, as improvement in Europe and Asia offset a sharp decline in the US. Still, the reading below the 100 mark signifies risk aversion.

The Case Shiller Home Price Index is due for release at 9:00 AM. This follows last week's price data seen in the Existing Home Sales Report and the FHFA House Price Index. Both those reports noted increased prices, but Monday's New Home Sales Report stated prices of new homes had fallen, based on the median price of new homes sold. Last month's report for April showed a 0.3% price increase in Case Shiller's 10-City Index, after seasonal adjustment. The Greek sees new price declines on the way, and would not be surprised to see a drop as early as within the May data.

The International Council of Shopping Centers (ICSC) reports on Weekly Same-Store Sales again Tuesday morning. Last week's report covering the period ended July 17 showed week-over-week sales increase of 1.4% and a year-on-year gain of 4.2%. The ICSC attributed the jump in sales to a parallel increase in temperatures across the country.

A Senate panel will take up the deepwater-drilling moratorium, perhaps by no coincidence, on the same day BP (NYSE: BP) is scheduled to report its second quarter results. BP is also expected to declare its estimates on its Gulf of Mexico clean-up costs and well repair work.

In regulator matters, an FDA panel will review Medtronic's (NYSE: MDT) Matrix device for disc disease. Also, a New York court will hear arguments on the Galleon Group insider trading case.

The earnings schedule includes news from Cephalon (Nasdaq: CEPH), C.H. Robinson Worldwide (Nasdaq: CHRW), AmerisourceBergen (NYSE: ABC), Office Depot (NYSE: ODP), International Game Technology (NYSE: IGT), Norfolk Southern (NYSE: NFK), AM Castle (NYSE: CAS), Acadia Realty Trust (NYSE: AKR), ACE Limited (NYSE: ACE), Active Power (Nasdaq: ACPW), Aetna (NYSE: AET), Affiliated Managers Group (NYSE: AMG), Aflac (NYSE: AFL), Agco (Nasdaq: AGCO), AK Steel (NYSE: AKS), American Campus Communities (NYSE: ACC), Ametek (NYSE: AME), Anixter Int'l (NYSE: AXE), Arthur J. Gallagher (NYSE: AJG), Asbury Automotive Group (NYSE: ABG), ATC Technology (Nasdaq: ATAC), B&G Foods (NYSE: BGS), Barrett Business Services (Nasdaq: BBSI), Basic Energy Services (NYSE: BAS), BE Aerospace (Nasdaq: BEAV), Bemis (NYSE: BMS), Blackbaud (Nasdaq: BLKB), Boston Properties (NYSE: BXP), BP (NYSE: BP), Broadcom (Nasdaq: BRCM), Canon (NYSE: CAJ), Capella Education (Nasdaq: CPLA), Capital Trust (NYSE: CT), Capitol Federal Fin'l (Nasdaq: CFFN), Carlisle Cos. (NYSE: CSL), Cathay General Bancorp (Nasdaq: CATY), CB Richard Ellis (NYSE: CBG), CBiz (NYSE: CBZ), Centene (NYSE: CNC), Century Aluminum (Nasdaq: CENX), Ceradyne (Nasdaq: CRDN), CGI Group (NYSE: GIB), Charm Communications (Nasdaq: CHRM), Chelsea Therapeutics (Nasdaq: CHTP), Chicago Bridge & Iron (NYSE: CBI), Choice Hotels International (NYSE: CHH), CIT Group (NYSE: CIT), Cobalt Int'l Energy (NYSE: CIE), Companhia Brasileira de Distribuicao (NYSE: CBD), Compass Minerals (NYSE: CMP), Compugen (Nasdaq: CGEN), Computer Task Group (Nasdaq: CTGX), Corn Products Int'l (NYSE: CPO), CSG Systems (Nasdaq: CSGS), Cummins (NYSE: CMI), Cynosure (Nasdaq: CYNO), Delphi Fin'l (NYSE: DFG), Deltic Timber (NYSE: DEL), Deutsche Bank (NYSE: DB), DiamondRock Hospitality (NYSE: DRH), Dice Holdings (NYSE: DHX), Dominos Pizza (NYSE: DPZ), Dorman Products (Nasdaq: DORM), Dreamworks Animation (NYSE: DWA), DST Systems (NYSE: DST), DuPont (NYSE: DD), Dynex Capital (NYSE: DX), EarthLink (Nasdaq: ELNK), East West Bancorp (Nasdaq: EWBC), EastGroup Properties (NYSE: EGP), Ecolab (NYSE: ECL), Edac Technologies (Nasdaq: EDAC), eHealth (Nasdaq: EHTH), Empressa Nacional de Electricidad SA - Endessa Chile (NYSE: EOC), Endurance Specialty (NYSE: ENH), Endwave (Nasdaq: ENWV), Energizer (NYSE: ENR), Enersis SA (NYSE: ENI), Entegris (Nasdaq: ENTG), Entercom (NYSE: ETM), EPIQ Systems (Nasdaq: EPIQ), Ferro (NYSE: FOE), First Community Bancshares (Nasdaq: FCBC), FirstMerit (Nasdaq: FMER), Fiserv (Nasdaq: FISV), Flagstar Bancorp (NYSE: FBC), FormFactor (Nasdaq: FORM), Global Payments (NYSE: GPN), Group 1 Automotive (NYSE: GPI), Grupo Radio Centro (NYSE: RC), GTC Biotherapeutics (Nasdaq: GTCB), Hanger Orthopedic (NYSE: HGR), Hanmi Fin'l (Nasdaq: HAFC), Hawaiian Holdings (Nasdaq: HA), Heidrick & Struggles (Nasdaq: HSII), Hutchinson Tech (Nasdaq: HTCH), ICON (Nasdaq: ICLR), Iconix Brand (Nasdaq: ICON), Illumina (Nasdaq: ILMN), Imation (NYSE: IMN), Imergent (AMEX: IIG), Innodata Isogen (Nasdaq: INOD), IntegraMed America (Nasdaq: INMD), Integrated Silicon Solution (Nasdaq: ISSI), InterMune (Nasdaq: ITMN), Intricon (Nasdaq: IIN), Inventure Foods (Nasdaq: SNAK), Invesco (NYSE: IVZ), IRIS Int'l (Nasdaq: IRIS), Jacob's Engineering (NYSE: JEC), JDA Software (Nasdaq: JDAS), Kansas City Southern (NYSE: KSU), Keynote Systems (Nasdaq: KEYN), Kimco Realty (NYSE: KIM), Kinetic Concepts (NYSE: KCI), Kona Grill (Nasdaq: KONA), LB Foster (Nasdaq: FSTR), L-3 Communications (NYSE: LLL), LAN Airlines (NYSE: LFL), Lawson Products (Nasdaq: LAWS), LCA-Vision (Nasdaq: LCAV), Lennox Int'l (NYSE: LII), Level 3 Communications (Nasdaq: LVLT), Lexmark (NYSE: LXK), Lincoln Electric (Nasdaq: LECO), Lockheed Martin (NYSE: LMT), Manitowoc (NYSE: MTW), Massey Energy (NYSE: MEE), MBT Financial (Nasdaq: MBTF), Meritage Homes (NYSE: MTH), Nabors Industries (NYSE: NBR), Nalco Holding (NYSE: NLC), National Instruments (Nasdaq: NATI), New Alliance Bancshares (NYSE: NAL), Numerex (Nasdaq: NMRX), NuVasive (Nasdaq: NUVA), Occidental Petroleum (NYSE: OXY), optionsXpress (Nasdaq: OXPS), PAM Transportation (Nasdaq: PTSI), PACCAR (Nasdaq: PCAR), Pacific Capital (Nasdaq: PCBC), Panera Bread (Nasdaq: PNRA), PAR Tech (NYSE: PTC), Parametric Technology (Nasdaq: PMTC), Patriot Coal (NYSE: PCX), Penn Virginia (NYSE: PVG), Penn Virginia Resources (NYSE: PVR), Pervasive Software (Nasdaq: PVSW), Pharmaceutical Product Development (Nasdaq: PPDI), Pixelworks (Nasdaq: PXLW), PrivateBancorp (Nasdaq: PVTB), QLT Inc. (Nasdaq: QLTI), Questar (NYSE: STR), RadiSys (Nasdaq: RSYS), Radware (Nasdaq: RDWR), Ramco-Gershenson Properties Trust (NYSE: RPT), Ramtron (Nasdaq: RMTR), ReachLocal (Nasdaq: RLOC), Regions Fin'l (NYSE: RF), Renaissance Re (NYSE: RNR), RF Micro Devices (Nasdaq: RFMD), Rimage (Nasdaq: RIMG), Rockwood Holdings (NYSE: ROC), Rocky Brands (Nasdaq: RCKY), Rogers Communications (NYSE: RCI), SAP AG (NYSE: SAP), SeaBright (NYSE: SBX), Seattle Genetics (Nasdaq: SGEN), Signature Bank of NY (Nasdaq: SBNY), Silicon Image (Nasdaq: SIMG), Stepan (NYSE: SCL), Sterling Fin'l (Nasdaq: STSA), Sun Communities (NYSE: SUI), Sunoco Logistics (NYSE: SXL), SuperMedia (Nasdaq: SPMD), Supertex (Nasdaq: SUPX), Supervalu (NYSE: SVU), Tanger Factory Outlet (NYSE: SKT), Taser (Nasdaq: TASR), Taubman Centers (NYSE: TCO), Teck Resources (NYSE: TCK), Tellabs (Nasdaq: TLAB), Temple-Inland (NYSE: TIN), Tennessee Commerce (Nasdaq: TNCC), Teva Pharmaceutical (Nasdaq: TEVA), Nasdaq OMX (Nasdaq: NDAQ), Thermo Fisher Scientific (NYSE: TMO), Trimble Navigation (Nasdaq: TRMB), Trustmark (Nasdaq: TRMK), US Lime & Minerals (Nasdaq: USLM), UBS (NYSE: UBS), Ultimate Software (Nasdaq: ULTI), Umpqua Holdings (Nasdaq: UMPQ), UnderArmour (NYSE: UA), Unisys (NYSE: UIS), United States Steel (NYSE: X), Unitil (NYSE: UTL), US Ecology (Nasdaq: ECOL), USANA Health (Nasdaq: USNA), Valero (NYSE: VLO), VASCO Data Security (Nasdaq: VDSI), VisionChina Media (Nasdaq: VISN), Vocus (Nasdaq: VOCS), Washington Banking (Nasdaq: WBCO), Websense (Nasdaq: WBSN), Western Union (NYSE: WU), Whitney Holding (Nasdaq: WTNY), Wilshire Bancorp (Nasdaq: WIBC), World Acceptance (Nasdaq: WRLD), Wright Express (NYSE: WXS) and Zix Corp. (Nasdaq: ZIXI).

Wednesday

Durable Goods Orders headlines Wednesday's morning wire. June's Orders are seen increasing 1.0% after slipping 0.6% in May. Excluding transportation, orders actually rose 0.6% in May. Durable Goods Orders often fluctuate wildly due to the hefty price tag attached the segment's goods. Survey our "Economic Reports" thread to find our coverage of last month's data.

The Mortgage Bankers Association publishes its Weekly Applications Survey again in the pre-market Wednesday. Last week's report covering the period ended July 16 showed the Market Composite Index gained 7.6% week-to-week. Mortgage rates dropped to the lowest marks on record, driving activity in both refinancings and new purchase mortgage origination.

For the week ended July 16, the EIA reported crude oil inventory increased by 0.4 million barrels, while gasoline stores increased by 1.1 million barrels. Both crude and gas stocks were above the upper limit of the average range for this time of year.

The Federal Reserve will publish its Beige Book of economic activity Wednesday at 2:00 PM. The Fed's last Beige Book can be viewed here.

In corporate news, the FDA will review AstraZeneca's (NYSE: AZN) heart drug. Charles Schwab (Nasdaq: SCHW) will offer its latest business update. Molycorp is expected to price its IPO for $17 a share, raising approximately $476 million.

The earnings schedule includes news from Boeing (NYSE: BA), Symantec (Nasdaq: SYMC), Sprint Nextel (NYSE: S), International Paper (NYSE: IP), Citrix Systems (Nasdaq: CTXS), Eastman Kodak (NYSE: EK), 8x8 Inc. (Nasdaq: EGHT), A.T. Cross (Nasdaq: ATX), ACCO Brands (NYSE: ABD), Acxiom (Nasdaq: ACXM), Advance America, Cash Advance Centers (NYSE: AEA), Advanced Analogic (Nasdaq: AATI), Advantest (NYSE: ATE), Agnico-Eagle Mines (NYSE: AEM), Akamai Technologies (Nasdaq: AKAM), Allegheny Technologies (NYSE: ATI), Alliance Healthcare Services (NYSE: AIQ), Allos Therapeutics (Nasdaq: ALTH), Alvarion (Nasdaq: ALVR), AMAG Pharmaceuticals (Nasdaq: AMAG), American Capital Agency (Nasdaq: AGNC), American Railcar (Nasdaq: ARII), American Safety Insurance (NYSE: ASI), Ameriprise Financial (NYSE: AMP), AMN Healthcare Services (NYSE: AHS), Anworth Mortgage Asset (NYSE: ANH), ArcelorMittal (NYSE: MT), ARRIS Group (Nasdaq: ARRS), Arrow Electronics (NYSE: ARW), AsiaInfo Holdings (Nasdaq: ASIA), Aspen Insurance (NYSE: AHL), Assurant (NYSE: AIZ), AU Optronics (NYSE: AUO), AudioCodes (Nasdaq: AUDC), Avery Dennison (NYSE: AVY), AVX Corp. (NYSE: AVX), Axcelis (Nasdaq: ACLS), Banco Bilbao Vizcaya Argentaria SA (Nasdaq: BBVA), Banco Bradesco SA (NYSE: BBD), Berry Petroleum (NYSE: BRY), BIO-Key Int'l (Nasdaq: BKYI), Biokeys Pharmaceuticals (Nasdaq: BKYS), BioMed Realty Trust (NYSE: BMR), BMC Software (Nasdaq: BMC), BOK Fin'l (Nasdaq: BOKF), Boston Private Fin'l (Nasdaq: BPFH), Brandywine Realty Trust (NYSE: BDN), Broadvision (Nasdaq: BVSN), Bruker (Nasdaq: BRKR), Cabot (NYSE: CBT), Cadence Design Systems (Nasdaq: CDNS), Cal Dive Int'l (NYSE: DVR), California Water Service (NYSE: CWT), Callaway Golf (NYSE: ELY), Canadian Pacific Railway (NYSE: CP), Capstead Mortgage (NYSE: CMO), CardioNet (Nasdaq: BEAT), Cedar Shopping Center (NYSE: CDR), Central European Media (Nasdaq: CETV), Cerner (Nasdaq: CERN), CEVA (Nasdaq: CEVA), Charles & Covard (Nasdaq: CTHR), Chemed (NYSE: CHE), Cincinnati Financial (Nasdaq: CINF), Clarient (Nasdaq: CLRT), Cliff's Natural Resources (NYSE: CLF), CMS Energy (NYSE: CMS), Coca-Cola Enterprises (NYSE: CCE), Colfax (NYSE: CFX), Comcast (Nasdaq: CMCSA), CommScope (NYSE: CTV), Commtouch Software (Nasdaq: CTCH), Community Capital (Nasdaq: CPBK), Community Health Systems (NYSE: CYH), Compellent Technologies (NYSE: CML), Concur Technologies (Nasdaq: CNQR), ConocoPhillips (NYSE: COP), Constellation Energy (NYSE: CEG), Corning (NYSE: GLW), Corporate Office Properties (NYSE: OFC), Covance (NYSE: CVD), Crown Castle Int'l (NYSE: CCI), Cullen/Frost Bankers (NYSE: CFR), CyberOptics (Nasdaq: CYBE), Cytokinetics (Nasdaq: CYTK), Destination Maternity (Nasdaq: DEST), Digital River (Nasdaq: DRIV), Dominion Resources (NYSE: D), DryShips (Nasdaq: DRYS), Dyax (Nasdaq: DYAX), Ecopetrol (NYSE: EC), Electro Scientific (Nasdaq: ESIO), Empresas ICA (NYSE: ICA), Encore Wire (Nasdaq: WIRE), Eni S.p.A. (NYSE: E), Entropic (Nasdaq: ENTR), Equifax (NYSE: EFX), Equinix (Nasdaq: EQIX), Equity Residential (NYSE: EQR), Euronet Services (Nasdaq: EEFT), Everest Re (NYSE: RE), EXACT Sciences (Nasdaq: EXAS), Express Scripts (Nasdaq: ESRX), Extra Space Storage (NYSE: EXR), FalconStor Software (Nasdaq: FALC), Famous Dave's of America (Nasdaq: DAVE), FBR Capital Markets (Nasdaq: FBCM), FICO (Nasdaq: FICO), First Merchants (Nasdaq: FRME), FirstService (Nasdaq: FSRV), Five Star Quality Care (AMEX: FVE), Flowserve (NYSE: FLS), FMC Corp. (NYSE: FMC), General Dynamics (NYSE: GD), General Maritime (NYSE: GMR), GeoMet (Nasdaq: GMET), Goldcorp (NYSE: GG), Greatbatch (NYSE: GB), Green Mountain Coffee (Nasdaq: GMCR), Grupo TMM SA (NYSE: TMM), GSI Commerce (Nasdaq: GSIC), Gulfmark Offshore (NYSE: GLF), Hatteras Fin'l (NYSE: HTS), Headwaters (NYSE: HW), Hecla Mining (NYSE: HL), Helix Energy (NYSE: HLX), Heritage-Crystal Clean (Nasdaq: HCCI), Hess (NYSE: HES), HickoryTech (Nasdaq: HTCO), Highwoods Properties (NYSE: HIW), Hill-Rom Holdings (NYSE: HRC), Horace Mann Educators (NYSE: HMN), Hospira (NYSE: HSP), Hudson Valley Holding (Nasdaq: HUVL), Huron Consulting (Nasdaq: HURN), IAC (Nasdaq: IACI), iCad (Nasdaq: ICAD), Innovative Solutions (Nasdaq: ISSC), Insignia Systems (Nasdaq: ISIG), InterDigital (Nasdaq: IDCC), Interface (Nasdaq: IFSIA), International Coal Group (NYSE: ICO), International Paper (NYSE: IP), International Ship Holding (NYSE: ISH), Investors Bancorp (Nasdaq: ISBC), iRobot (Nasdaq: IRBT), ITC Holdings (NYSE: ITC), Itron (Nasdaq: ITRI), JMP Group (NYSE: JMP), Jones Apparel (NYSE: JNY), Jones Lang LaSalle (NYSE: JLL), Kadant (NYSE: KAI), Keithley Instruments (NYSE: KEI), Kemet (AMEX: KEM), Key Energy (NYSE: KEG), Kirby (NYSE: KEX), Kyocera (NYSE: KYO), L-1 Identity Solutions (NYSE: ID), Lam Research (Nasdaq: LRCX), Las Vegas Sands (NYSE: LVS), Lazard (NYSE: LAZ), LeMaitre Vascular (Nasdaq: LMAT), Lincoln National (NYSE: LNC), Littlefield (Nasdaq: LTFD), Logitech (Nasdaq: LOGI), LogMein (Nasdaq: LOGM), LoopNet (Nasdaq: LOOP), LSI Corp. (NYSE: LSI), M/I Homes (NYSE: MHO), ManTech Int'l (Nasdaq: MANT), Marine Products (NYSE: MPX), MarketAxess (Nasdaq: MKTX), Martha Stewart Living (NYSE: MSO), Mastech (NYSE: MHH), MeadWestVaco (NYSE: MWV), Melco Crown (Nasdaq: MPEL), Merit Medical (Nasdaq: MMSI), MERU Networks (Nasdaq: MERU), Metabolix (Nasdaq: MBLX), Methanex (Nasdaq: MEOH), Mine Safety Appliances (NYSE: MSA), Morningstar (Nasdaq: MORN), Mylan (NYSE: MYL), NBTY (NYSE: NTY), Nektar Therapeutics (Nasdaq: NKTR), Ness Technologies (Nasdaq: NSTC), NetLogic Microsystems (Nasdaq: NETL), Neurocrine Biosciences (Nasdaq: NBIX), NeuStar (NYSE: NSR), New York Community Bancorp (NYSE: NYB), Newmont Mining (NYSE: NEM), Newport (Nasdaq: NEWP), Nissan Motor (Nasdaq: NSANY), Noranda Aluminum (NYSE: NOR), NuSkin (NYSE: NUS), Oceaneering Int'l (NYSE: OII), Odyssey Healthcare (Nasdaq: ODSY), Owens-Illinois (NYSE: OI), Old Dominon Freight (Nasdaq: ODFL), Orchids Paper Products (AMEX: TIS), O'Reilly Automotive (Nasdaq: ORLY), Orthofix (Nasdaq: OFIX), P.F. Chang's (Nasdaq: PFCB), Park-Ohio (Nasdaq: PKOH), Patni Computer (NYSE: PTI), PC Connection (Nasdaq: PCCC), PDL BioPharma (Nasdaq: PDLI), Pinnacle Data Systems (AMEX: PNS), Pioneer Natural Resources (NYSE: PXD), Pioneer Southwest Energy (NYSE: PSE), Praxair (NYSE: PX), PSS World Medical (Nasdaq: PSSI), Pzena Investment Management (NYSE: PZN), Quaker Chemical (NYSE: KWR), Quality Distribution (Nasdaq: QLTY), Quantum (NYSE: QTM), Questcor Pharma (Nasdaq: QCOR), RailAmerica (NYSE: RA), Realty Income (NYSE: O), Rightnow Technologies (Nasdaq: RNOW), Rockwell Automation (NYSE: ROK), Rollins (NYSE: ROL), RPC, Inc. (NYSE: RES), Rurban Financial (Nasdaq: RBNF), Ryland Group (NYSE: RYL), Sangamo Biosciences (Nasdaq: SGMO), Sealed Air (NYSE: SEE), Selective Insurance (Nasdaq: SIGI), Service Corp. (NYSE: SCI), SFN Group (NYSE: SFN), Shinhan Fin'l (NYSE: SHG), Shutterfly (Nasdaq: SFLY), Silgan Holdings (Nasdaq: SLGN), Silicon Laboratories (Nasdaq: SLAB), SJW (NYSE: SJW), SK Telecom (NYSE: SKM), Skechers USA (NYSE: SKX), SourceFire (Nasdaq: FIRE), Southern Co. (NYSE: SO), Span-America Medical (Nasdaq: SPAN), Spartan Stores (Nasdaq: SPTN), Spectranetics (Nasdaq: SPNC), Steiner Leisure (Nasdaq: STNR), Stillwater Mining (NYSE: SWC), Stoneridge (NYSE: SRI), Stratasys (Nasdaq: SSYS), Superior Energy (NYSE: SPN), SurModics (Nasdaq: SRDX), Susquehanna Bancshares (Nasdaq: SUSQ), Symantec (Nasdaq: SYMC), Symetra Fin'l (NYSE: SYA), Taleo (Nasdaq: TLEO), Tata Communications (NYSE: TCL), TC Pipelines (Nasdaq: TCLP), TDK (OTC: TTDKY.PK), Telular (Nasdaq: WRLS), Teradyne (NYSE: TER), Tesoro (NYSE: TSO), Tetra Tech (Nasdaq: TTEK), Dixie (Nasdaq: DXYN), The Medicines Co. (Nasdaq: MDCO), Timberland (NYSE: TBL), Titan Int'l (NYSE: TWI), Torchmark (NYSE: TMK), Tower Bancorp (Nasdaq: TOBC), Trinity Industries (NYSE: TRN), TriQuint Semi (Nasdaq: TQNT), Triumph Group (NYSE: TGI), Tyler Technologies (NYSE: TYL), UGI (NYSE: UGI), UMB Financial (Nasdaq: UMBF), United Therapeutics (Nasdaq: UTHR), Universal American (NYSE: UAM), Universal Stainless & Alloy (Nasdaq: USAP), Univest Corp (Nasdaq: UVSP), USA Mobility (Nasdaq: USMO), Varian Medical (NYSE: VAR), Vertex Pharmaceuticals (Nasdaq: VRTX), Virgin Media (Nasdaq: VMED), ViroPharma (Nasdaq: VPHM), Virtusa (Nasdaq: VRTU), Visa (NYSE: V), VistaPrint (Nasdaq: VPRT), Voltaire (Nasdaq: VOLT), WABCO (NYSE: WBC), Waddell & Reed Fin'l (NYSE: WDR), Walter Energy (NYSE: WLT), Waters (NYSE: WAT), WellPoint (NYSE: WLP), Whiting Petroleum (NYSE: WLL), Willis Group (NYSE: WSH), Wintrust Fin'l (Nasdaq: WTFC), WisdomTree Investments (OTC: WSDT.PK), Woodward (Nasdaq: WGOV) and Wyndham Worldwide (NYSE: WYN).

Thursday

Just the two regulars Thursday, as far as economic reports are concerned. Look for the Department of Labor's Weekly Jobless Claims data at 8:30 AM. Last week's report covering the period ended July 17 produced a 37K increase in new benefits filers, to 464K. This week, economists see a reading of 460K, but remember, with this weekly data, economists will forecast close to the prior result.

The EIA reports on Natural Gas at 10:30 AM ET. The report for the period ended July 16 showed natural gas inventory increased 51 Bcf. At the latest level, natural gas storage stood 261 Bcf above the average mark for this time of year. High temperatures for July has increased air conditioner and electricity usage, which is partly powered by natural gas fueled power plants. Perhaps, if temperatures continue this torrid trend, we might start to see more pressure on nat gas inventory along with pricing. Coming off a spike in June, prices seem to us on a rising trend since mid-March.

Must-see TV schedules the House Ethics Panel trial on charges against Rep. Charles Rangel, who happens to represent my neighboring region here in NYC. The Senate Foreign Relations Committee will examine BP's role in the release of the Lockerbie bomber, who by the way is surviving his mortal illness thus far.

Pfizer (NYSE: PFE) sees its pediatric hypertension drug reviewed by an FDA panel Wednesday. Microsoft (Nasdaq: MSFT) has an analysts' meeting scheduled. The earnings schedule includes news from Amgen (Nasdaq: AMGN), Wynn Resorts (Nasdaq: WYNN), Teradyne (NYSE: TER), Express Scripts (Nasdaq: ESRX), Northrop Grumman (NYSE: NOC), The Interpublic Group (NYSE: IPG), 3D Systems (Nasdaq: TDSC), 3Par (NYSE: PAR), Abaxis (Nasdaq: ABAX), ACI Worldwide (Nasdaq: ACIW), Acme Packet (Nasdaq: APKT), Actel (Nasdaq: ACTL), AGL Resources (NYSE: AGL), Alaska Communications (Nasdaq: ALSK), Alexander & Baldwin (Nasdaq: ALEX), Alexandria Real Estate (NYSE: ARE), Altisource Portfolio (Nasdaq: ASPS), America Service Group (Nasdaq: ASGR), American Commercial Lines (Nasdaq: ACLI), AMSC (Nasdaq: AMSC), Anadigics (Nasdaq: ANAD), Anadys Pharmaceuticals (Nasdaq: ANDS), Ancestry.com (Nasdaq: ACOM), Antigenics (Nasdaq: AGEN), AP Capital (Nasdaq: ACAP), Applied Micro Circuits (Nasdaq: AMCC), Arctic Cat (Nasdaq: ACAT), Ariba (Nasdaq: ARBA), Art Technology Group (Nasdaq: ARTG), Artio (NYSE: ART), Asset Acceptance Capital (Nasdaq: AACC), AstraZeneca (NYSE: AZN), Astronics (Nasdaq: ATRO), Authentec (Nasdaq: AUTH), Automatic Data Processing (NYSE: ADP), AVEO Pharmaceuticals (Nasdaq: AVEO), Avon (NYSE: AVP), AXT Inc. (Nasdaq: AXTI), Baldor Electric (NYSE: BEZ), Baldwin & Lyons (Nasdaq: BWINA), Ball Corp. (NYSE: BLL), Ballard Power (Nasdaq: BLDP), Banco Santander (NYSE: STD), Barrick Gold (NYSE: ABX), BASF (OTC: BASFY.PK), Becton Dickinson (NYSE: BDX), Belden (NYSE: BDC), Benchmark Electronics (NYSE: BHE), Boots & Coots (NYSE: WEL), Brasil Telecom (NYSE: BRP), Brunswick (NYSE: BC), Build-A-Bear (NYSE: BBW), Bunge Ltd. (NYSE: BG), Cabela's (NYSE: CAB), Callidus Software (Nasdaq: CALD), Camden Property Trust (NYSE: CPT), CARBO Ceramics (NYSE: CRR), Cardiac Science (Nasdaq: CSCX), Carpenter Technology (NYSE: CRS), Carter's (NYSE: CRI), Cavium Networks (Nasdaq: CAVM), CDC Software (Nasdaq: CDCS), CDI Corp. (NYSE: CDI), CE Franklin (Nasdaq: CFK), Celanese (NYSE: CE), Celgene (Nasdaq: CELG), Cenovus Energy (NYSE: CVE), Center Fin'l (Nasdaq: CLFC), Cerus (Nasdaq: CERS), Chart Industries (Nasdaq: GTLS), Checkpoint Systems (NYSE: CKP), Chembio Diagnostics (Nasdaq: CEMI), China Lodging (Nasdaq: HTHT), Chiquita Brands (NYSE: CQB), Clearwater Paper (NYSE: CLW), Cobra Electronics (Nasdaq: COBR), Coherent (Nasdaq: COHR), Coinstar (Nasdaq: CSTR), Colgate-Palmolive (NYSE: CL), Columbia Banking (Nasdaq: COLB), Computer Programs & Systems (Nasdaq: CPSI), comScore (Nasdaq: SCOR), Comverge (Nasdaq: COMV), Conexant Systems (Nasdaq: CNXT), ConMed (Nasdaq: CNMD), Consol Energy (NYSE: CNX), Constant Contact (Nasdaq: CTCT), Cryolife (NYSE: CRY), Cumulus Media (Nasdaq: CMLS), Curtiss-Wright (NYSE: CW), Dun & Bradstreet (NYSE: DNB), Dana Holding (NYSE: DAN), DDi Corp. (Nasdaq: DDIC), Delcath Systems (Nasdaq: DCTH), Deltek (Nasdaq: PROJ), DENTSPLY (Nasdaq: XRAY), Diebold (NYSE: DBD), Digirad (Nasdaq: DRAD), DineEquity (NYSE: DIN), Dolby Labs (NYSE: DLB), Dover Downs Gaming (NYSE: DDE), Dover Motorsports (NYSE: DVD), DPL (NYSE: DPL), Dr. Pepper Snapple (NYSE: DPS), Dresser-Rand (NYSE: DRC), DSP Group (Nasdaq: DSPG), DTE Energy (NYSE: DTE), Duff & Phelps (NYSE: DUF), Duke Realty (NYSE: DRE), Dynamics Materials (Nasdaq: BOOM), Dynamics Research (Nasdaq: DRCO), Eastman Chemical (NYSE: EMN), Eldorado Gold (NYSE: EGO), EMC Insurance (Nasdaq: EMCI), EMCOR (NYSE: EME), Empire District Electric (NYSE: EDE), Energen (NYSE: EGN), Entertainment Properties Trust (NYSE: EPR), Epicor Software (Nasdaq: EPIC), EQT Corp. (NYSE: EQT), Erie Indemnity (Nasdaq: ERIE), Essex Rent (Nasdaq: ESSX), Evans Bancorp (Nasdaq: EVBN), Exar (Nasdaq: EXAR), Expedia (Nasdaq: EXPE), EZChip Semi (Nasdaq: EZCH), Federal-Mogul (Nasdaq: FDML), First Commonwealth Fin'l (NYSE: FCF), First Potomac Realty (NYSE: FPO), First Security Group (Nasdaq: FSGI), First Solar (Nasdaq: FSLR), First State Bancorp (Nasdaq: FSNM), Flamel (Nasdaq: FLML), Forrester Research (Nasdaq: FORR), France Telecom (NYSE: FTE), Franklin Resources (NYSE: BEN), Genoptix (Nasdaq: GXDX), Genpact (NYSE: G), Gen-Probe (Nasdaq: GPRO), Gentiva Health (Nasdaq: GTIV), Genworth Fin'l (NYSE: GNW), Geron (Nasdaq: GERN), Golfsmith Int'l (Nasdaq: GOLF), Goodrich (NYSE: GR), Goodyear Tire & Rubber (NYSE: GT), GrafTech Int'l (NYSE: GTI), Graham (AMEX: GHM), Green Plains Renewable Energy (Nasdaq: GPRE), GSI Technology (Nasdaq: GSIT), Gulf Island Fabrication (Nasdaq: GIFI), Harmonic (Nasdaq: HLIT), Harsco (NYSE: HSC), Harte-Hanks (NYSE: HHS), HCA (NYSE: HCA), HealthSpring (NYSE: HS), Helmerich & Payne (NYSE: HP), Holly Energy (NYSE: HEP), Honda Motor (NYSE: HMC), Hornbeck Offshore Services (NYSE: HOS), IMAX (Nasdaq: IMAX), Imperial Oil (AMEX: IMO), Ingram Micro (NYSE: IM), Insulet (Nasdaq: PODD), Integra Lifesciences (Nasdaq: IART), Intermec (NYSE: IN), Internet Brands (Nasdaq: INET), Internet Capital Group (Nasdaq: ICGE), Investment Technology Group (NYSE: ITG), Iron Mountain (NYSE: IRM), Ixys (Nasdaq: IXYS), Kaydon (NYSE: KDN), KB Financial (NYSE: KB), KBR (NYSE: KBR), KBW (NYSE: KBW), Kellogg (NYSE: K), Kennametal (NYSE: KMT), Key Technology (Nasdaq: KTEC), KLA-Tencor (Nasdaq: KLAC), KT Corp. (NYSE: KT), LaserCard (Nasdaq: LCRD), Libbey (AMEX: LBY), Life Technologies (Nasdaq: LIFE), Linn Energy (Nasdaq: LINE), Lithia Motors (NYSE: LAD), LKQ Corp. (Nasdaq: LKQX), LodgeNet Interactive (Nasdaq: LNET), Lubrizol (NYSE: LZ), Macatawa Bank (Nasdaq: MCBC), Mack-Cali Realty (NYSE: CLI), Magellan Health (Nasdaq: MGLN), MarineMax (NYSE: HZO), Maxim Integrated (Nasdaq: MXIM), MaxLinear (NYSE: MXL), Maxwell Technologies (Nasdaq: MXWL), McAfee (NYSE: MFE), MDC Partners (Nasdaq: MDCA), Mead Johnson (NYSE: MJN), MEMC Electronic Materials (NYSE: WFR), Meredith Corp. (NYSE: MDP), MetLife (NYSE: MET), Microtune (Nasdaq: TUNE), Minerals Technologies (NYSE: MTX), Mitsubishi UFJ Financial (NYSE: MTU), Modine Manufacturing (NYSE: MOD), Monster World Wide (NYSE: MWW), Moody's (NYSE: MCO), Motorola (NYSE: MOT), MWI Veterinary Supply (Nasdaq: MWIV), National Oilwell Varco (NYSE: NOV), National Penn Bancshares (Nasdaq: NPBC), Natus Medical (Nasdaq: BABY), Navigant Consulting (NYSE: NCI), Navios Maritime Acquisition (NYSE: NNA), NEI (Nasdaq: NENG), Neogenomics (Nasdaq: NGNM), Network Equipment Technologies (Nasdaq: NWK), Neutral Tandem (Nasdaq: TNDM), Nevada Gold & Casinos (AMEX: UWN), Newpark Resources (NYSE: NR), NII Holdings (Nasdaq: NIHD), NMT Medical (Nasdaq: NMTI), Noble Energy (NYSE: NBL), Northwestern (NYSE: NWE), Novamed (Nasdaq: NOVA), NTT DoCoMo (NYSE: DCM), NutriSystem (Nasdaq: NTRI), Occam Networks (Nasdaq: OCNW), Oclaro (Nasdaq: OCLR), On Assignment (Nasdaq: ASGN), Pactiv (NYSE: PTV), Palomar Medical (Nasdaq: PMTI), Panasonic (NYSE: PC), Patterson-UTI Energy (Nasdaq: PTEN), PDF Solutions (Nasdaq: PDFS), Penske Automotive (NYSE: PAG), Pentair (NYSE: PNR), Performance Technologies (Nasdaq: PTIX), Pinnacle Entertainment (NYSE: PNK), Planar Systems (Nasdaq: PLNR), Portfolio Recovery Associates (Nasdaq: PRAA), Potash Corp. (NYSE: POT), Potlatch (NYSE: PCH), Power-One (Nasdaq: PWER), Preferred Bank (Nasdaq: PFBC), Pride Int'l (NYSE: PDE), Provident Financial (Nasdaq: PROV), Quest Software (Nasdaq: QSFT), Quidel (Nasdaq: QDEL), RadioShack (NYSE: RSH), Rayonier (NYSE: RYN), Raytheon (NYSE: RTN), RealNetworks (Nasdaq: RNWK), Rediff.com (Nasdaq: REDF), Reed Elsevier (NYSE: RUK), Regal Entertainment (NYSE: RGC), Reliv Int'l (Nasdaq: RELV), Repsol (NYSE: REP), Republic Services (NYSE: RSG), Revlon (NYSE: REV), Rochester Medical (Nasdaq: ROCM), Rovi (Nasdaq: ROVI), Ruddick (NYSE: RDK), Safeguard Scientifics (NYSE: SFE), Saia (Nasdaq: SAIA), Sally Beauty (NYSE: SBH), Sanofi-Aventis (NYSE: SNY), SCANA (NYSE: SCG), Siemens (NYSE: SI), Sierra Wireless (Nasdaq: SWIR), Silicon Motion Technology (Nasdaq: SIMO), Sonic Automotive (NYSE: SAH), Sony (NYSE: SNE), Southwest Airlines (NYSE: LUV), Stamps.com (Nasdaq: STMP), Standard Pacific (NYSE: SPF), StarTek (NYSE: SRT), State Auto Financial (Nasdaq: STFC), Statoil (NYSE: STO), Steven Madden (Nasdaq: SHOO), Stewart Information Services (NYSE: STC), Strayer Education (Nasdaq: STRA), Sturm Ruger (NYSE: RGR), Sun Healthcare (Nasdaq: SUNH), Suncor Energy (NYSE: SU), Sunoco (NYSE: SUN), Support.com (Nasdaq: SPRT), SureWest Communications (Nasdaq: SURW), Synaptics (Nasdaq: SYNA), Taiwan Semiconductor (NYSE: TSM), TAL International Group (NYSE: TAL), Talecris Biotherapeutics (Nasdaq: TLCR), Taylor Capital (Nasdaq: TAYC), Tele Norte Celular (NYSE: TCN), Telecommuncations Systems (Nasdaq: TSYS), Teledyne (NYSE: TDY), Telefonica SA (NYSE: TEF), Telemar (NYSE: TNE), Telenav (Nasdaq: TNAV), Tennant (NYSE: TNC), Tenneco (NYSE: TEN), Tessera Technologies (Nasdaq: TSRA), The Advisory Board (Nasdaq: ABCO), The Brinks Co. (NYSE: BCO), McClatchy (NYSE: MNI), The PMI Group (NYSE: PMI), Timken (NYSE: TKR), Thermadyne (Nasdaq: THMD), Thomson Reuters (NYSE: TRI), Thoratec (Nasdaq: THOR), TomoTherapy (Nasdaq: TOMO), Town Sports Int'l (Nasdaq: CLUB), TransAlta (NYSE: TAC), TransCanada (NYSE: TRP), Transcend Services (Nasdaq: TRCR), TranSwitch (Nasdaq: TXCCD), Tree.com (Nasdaq: TREE), Trident Microsystems (Nasdaq: TRID), Trinity Biotech (Nasdaq: TRIB), Tyco Int'l (NYSE: TYC), Ultralife (Nasdaq: ULBI), Unifi (NYSE: UFI), United Stationers (Nasdaq: USTR), Valassis Communications (NYSE: VCI), Vale SA (Nasdaq: VALE), Varian Semiconductor (Nasdaq: VSEA), Ventas (NYSE: VTR), Volcom (Nasdaq: VLCM), Washington Real Estate Investment Trust (NYSE: WRE), Waste Management (NYSE: WM), Wayside Technology (Nasdaq: WSTG), Williams Cos. (NYSE: WMB), Williams Partners (NYSE: WPZ), Wisconsin Energy (NYSE: WEC), WPCS Int'l (Nasdaq: WPCS), Xcel Energy (NYSE: XEL) and Zoll Medical (Nasdaq: ZOLL).

Friday

Your worst nightmare meets your Friday, so plan for a late departure to the beach house. Five economic reports are set to run through the length of the day. First and foremost, look for the Advance Report on Q2 GDP. Q1's growth was revised down from 3.2%, to 3.0% and finally to 2.7%. We've mostly seen economic data slipping over the last three months, and so the economists' forecast for Q2 GDP growth of 2.5% seems a bit high. However, economists' forecasts range from +1.0% to +3.4%. Look for the GDP data at 8:30 ET. The Price Index is expected to increase by 1.0%.

The Employment Costs Index is also due for 8:30 report. After increasing 0.6% in Q1, economists expect Q2 costs to rise 0.4%.

The Chicago Purchasing Managers Index (PMI) is due for reporting at 9:45 ET. All signs point toward moderation in the Chicago PMI reading. It slipped slightly at last check, to a still strong 59.1. We expect July's reading to drop further, and economists forecast the metric to hit 56.0 when reported Friday morning. Of course, that still marks economic expansion for the Midwest region's manufacturing segment. Look for the slip to take it lower than economists expect, in my view.

The University of Michigan/ Reuters Consumer Sentiment reading is due at 9:55 AM. It dropped precipitously in the mid-July reading, to a mark of 66.5. Economists surveyed by Bloomberg are looking for a slight improvement to 67.0 in this last monthly read. Again, the odds seem skewed towared a lower reading than that.

The Department of Agriculture is scheduled to report on Farm Prices at 3:00 PM ET.

In corporate news, Apache (NYSE: APA) is supposed to pay a $5 billion deposit to BP for assets priced at $7 billion. The day's earnings news includes Honda Motor (NYSE: HMC), Mazda Motor (OTC: MZDAY.PK), Merck (NYSE: MRK), McKesson (NYSE: MCK), Weyerhaeuser (NYSE: WY), Chevron (NYSE: CVX), PSE&G (NYSE: PEG), ITT Corp. (NYSE: ITT), Advanced Semiconductor Engineering (NYSE: ASX), Alcatel-Lucent (NYSE: ALU), American Axle (NYSE: AXL), American Electric Power (NYSE: AEP), Amerigroup (NYSE: AGP), Angiotech Pharmaceuticals (Nasdaq: ANPI), Aon Corp. (NYSE: AON), Apartment Investment & Management (NYSE: AIV), Arch Coal (NYSE: ACI), Beasley Broadcast Group (Nasdaq: BBGI), Bel Fuse (Nasdaq: BELFB), Belo (NYSE: BLC), BioScrip (Nasdaq: BIOS), BorgWarner (NYSE: BWA), Brookfield Homes (NYSE: BHS), Brookfield Properties (NYSE: BPO), Brush Engineered Materials (NYSE: BW), C&F Financial (Nasdaq: CFFI), Calpine Corp. (NYSE: CPN), Capital Bank (Nasdaq: CBKN), CapitalSource (NYSE: CSE), Central Pacific Financial (NYSE: CPF), CGG Veritas (NYSE: CGV), CH Energy (NYSE: CHG), CNA Surety (NYSE: SUR), Coventry Health Care (NYSE: CVH), Digimarc (Nasdaq: DMRC), Domtar (NYSE: UFS), Endo Pharmaceuticals (Nasdaq: ENDP), Federal Signal (NYSE: FSS), Fortune Brands (NYSE: FO), Hitachi (NYSE: HIT), HMS Holdings (Nasdaq: HMSY), Ingles Markets (Nasdaq: IMKTA), Interline Brands (NYSE: IBI), Louisiana-Pacific (NYSE: LPX), MDC Holdings (NYSE: MDC), Moneygram International (NYSE: MGI), Monotype Imaging (Nasdaq: TYPE), Moog (Nasdaq: MOGA), Newell Rubbermaid (NYSE: NWL), OneBeacon Insurance (NYSE: OB), Oppenheimer Holdings (NYSE: OPY), Pilgrim's Pride (NYSE: PPC), Provident Financial (NYSE: PFS), Quality Systems (Nasdaq: QSII), Rentokil Initial (OTC: RTOKY.PK), RRI Energy (NYSE: RRI), Ruth's Hospitality (Nasdaq: RUTH), Sify Ltd. (Nasdaq: SIFY), Simon Property Group (NYSE: SPG), Standard Register (NYSE: SR), T-3 Energy Services (Nasdaq: TTES), Total (NYSE: TOT), Ultra Petroleum (NYSE: UPL), Volcano (Nasdaq: VOLC) and West Bancorporation (Nasdaq: WTBA).

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