Wednesday: Market Concerns Appeased, Stocks Continue Run

Investors had two big concerns heading into this week, the Federal Reserve’s FOMC Policy Statement due this afternoon and the second quarter GDP report published this morning. We have gotten through one data point in fantastic fashion, as Q2 GDP growth managed to outpace expectations. We are holding our breath for the FOMC, but nobody expects any tapering to begin before September. If it does, it would send a shockwave through the market today and would be counterproductive in its impact to the economy. For more in-depth analysis and research visit our financial markets blog.

Our founder earned clients a 23% average annual return over five years as a stock analyst on Wall Street. "The Greek" has written for institutional newsletters, Businessweek, Real Money, Seeking Alpha and others, while also appearing across TV and radio. While writing for Wall Street Greek, Mr. Kaminis presciently warned of the financial crisis.

Economic News

Market ETF	July 31, 2013	Year-to-Date
SPDR S&P 500 (SPY)	+0.6%	+19.1%
SPDR Dow Jones (DIA)	+0.6%	+19.4%
PowerShares (QQQ)	+0.4%	+16.5%

Stocks are broadly higher thanks to decent economic data and the high profile earnings wins of the season.

Economic Events

ECONOMIC REPORT SCHEDULE
Economic Data Point	Prior Period	Expected	Actual
WEDNESDAY
Q2 GDP Report	+1.1% (R)	+1.1%	+1.7%
ADP Employment Report	+198K (R)	+179K	+200K
Mortgage Activity	-1.2%	NA	-3.7%
Chicago PMI	51.6	54.0	52.3
Fed FOMC Policy Statement	0% to 0.25%	0% to 0.25%
EIA Petroleum Status – Crude Oil Inv.	-2.8 M	NA	+0.4 M
Farm Prices	NA	NA

GDP was not the only positive data point today. ADP’s estimate for private employment growth in July proved higher than economists’ expectations. Keep in mind that this is just an estimate, and will be replaced by the real data when the government reports it in two days. Mortgage activity continued to dissipate, given higher rates and the summer lull as we approach back-to-school season. The Chicago PMI showed a slight uptick for manufacturing in the Midwest, but not enough to really get behind with some money.

Overseas Markets

EUROPE	10:42 AM	ASIA/PACIFIC	CLOSE
EURO STOXX 50	+0.5%	NIKKEI 225	-1.5%
German DAX	+0.2%	Hang Seng	-0.3%
CAC 40	+0.5%	S&P/ASX 200	+0.1%
FTSE 100	+1.3%	Korean KOSPI	-0.2%
Athens ASE	+2.0%	BSE India SENSEX	-0.0%

I have one important question: Why is Vladimir Putin in Iran today and what is he up to?

Commodity Markets (10:21 AM ET)

WTI Crude	+0.5%
Brent Crude	-0.7%
NYMEX Natural Gas	-0.1%
RBOB Gasoline	-0.7%
Gold Spot	-0.7%
Silver Spot	-0.4%
COMEX Copper	+1.0%
CBOT Corn	-0.2%
CBOT Wheat	+0.5%
CBOT Soybeans	+0.4%
ICE Cocoa	-0.3%
ICE Sugar	-0.8%
ICE Orange Juice Conc.	-0.2%
CME Lumber	+0.3%
CME Live Cattle	-0.0%

The broad decline in commodity prices is a tell-tale about the dollar today. It spiked against all currencies this morning when the GDP result was published. The dollar has since moderated off its highs.

Corporate Events

There are a slew of earnings reports due today, as we continue to find ourselves in the heart of the EPS season. You will note several hospitality companies are reporting today, including Marriott and Hyatt. Perhaps we can glean more insight on the health of the global economy based on bookings in these global hotel chains. I also noted several biotechs and shipping companies reporting earnings today along with many other companies. Find the highlighted list below, but not the complete list. Further down, you’ll see the day’s most active stocks, headed by CardioNet and Meru Networks.

REPORTING EARNINGS
Company	Ticker
WEDNESDAY
Invesco	NYSE: IVZ
Southern	NYSE: SO
Ally Financial	OTC: GMSPZ.PK
Phillips 66	NYSE: PSX
CEVA	Nasdaq: CEVA
Energen	NYSE: EGN
Booz Allen Hamilton	NYSE: BAH
Hyatt Hotels	NYSE: H
Hess	NYSE: HES
Huntsman	NYSE: HUN
MasterCard	NYSE: MA
Speedway Motorsports	NYSE: TRK
Jones Group	NYSE: JNY
LPL Financial	Nasdaq: LPLA
Burger King Worldwide	NYSE: BKW
Hospira	NYSE: HSP
Marriott International	NYSE: MAR
Hudson City Bancorp	Nasdaq: HCBK
Level 3 Communications	Nasdaq: LVLT
Comcast	Nasdaq: CMCSA
AllianceBernstein	NYSE: AB
Hercules Offshore	Nasdaq: HERO
PG&E	NYSE: PCG
AGCO	Nasdaq: AGCO
Vanda Pharmaceuticals	Nasdaq: VNDA
Cadence Pharmaceuticals	Nasdaq: CADX
Eagle Rock Energy Partners	Nasdaq: EROC
Pioneer Natural Resources	NYSE: PXD
Whole Foods Market	NYSE: WFM
PHH Corp.	NYSE: PHH
Allstate	NYSE: ALL
Seattle Genetics	Nasdaq: SGEN
Metlife	NYSE: MET
Hornbeck Offshore	NYSE: HOS
Lam Research	Nasdaq: LCRX
Sturm Ruger	NYSE: RGR
DreamWorks	NYSE: DWA
Cabot	NYSE: CBT
Intrepid Potash	NYSE: IPI
Yelp	Nasdaq: YELP
WebMD	Nasdaq: WBMD
Williams Cos.	NYSE: WMB
CBS	NYSE: CBS
Cell Therapeutics	Nasdaq: CTIC
Cardtronics	Nasdaq: CATM
Genomic Health	Nasdaq: GHDX
International Shipholding	NYSE: ISH
Atmel	Nasdaq: ATML
Genco Shipping	NYSE: GNK
Nanophase Technologies	Nasdaq: NANX
Cohu	Nasdaq: COHU
Trulia	Nasdaq: TRLA
Boston Beer	NYSE: SAM
SunPower	Nasdaq: SPWR
BroadVision	Nasdaq: BVSN

MOST ACTIVE STOCKS
BIGGEST GAINERS	% Gain
CardioNet (Nasdaq: BEAT)	+28%
Questcor (Nasdaq: QCOR)	+25%
Edgewater Technology (Nasdaq: EDGW)	+21%
eHealth (Nasdaq: EHTH)	+20%
Marketo (Nasdaq: MKTO)	+19%
China Recycling Energy (Nasdaq: CREG)	+15%
Trius Therapeutics (Nasdaq: TSRX)	+16%
Inovio Pharmaceuticals (NYSE: INO)	+13%
MAKO Surgical (Nasdaq: MAKO)	+16%
MagnaChip Semiconductor (NYSE: MX)	+16%
BIGGEST LOSERS	% Drop
Meru Networks (Nasdaq: MERU)	-22%
Jive Software (Nasdaq: JIVE)	-20%
Big 5 Sporting Goods (Nasdaq: BGFV)	-18%
TOP Ships (Nasdaq: TOPS)	-4%
Vitran (Nasdaq: VTNC)	-18%
Hudson Technologies (Nasdaq: HDSN)	-13%
Riverbed Technology (Nasdaq: RVBD)	-15%
InfuSystems (Nasdaq: INFU)	-12%
Repros Therapeutics (Nasdaq: RPRXW)	-14%
Ignite Restaurant (NYSE: IRG)	-13%

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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.