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The Wall Street Greek blog is the sexy & syndicated financial securities markets publication of former Senior Equity Analyst Markos N. Kaminis. Our stock market blog reaches reputable publishers & private networks and is an unbiased, independent Wall Street research resource on the economy, stocks, gold & currency, energy & oil, real estate and more. Wall Street & Greece should be as honest, dependable and passionate as The Greek.


Seeking Alpha

Wednesday, July 31, 2013

Wednesday: Market Concerns Appeased, Stocks Continue Run

concerned traders
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.

financial blogger
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



+1.1% (R)
+1.1%
+1.7%
+198K (R)
+179K
+200K
-1.2%
NA
-3.7%
51.6
54.0
52.3
0% to 0.25%
0% to 0.25%

– 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%

Other Reports for Your Review:
Consider Annaly Capital (NYSE: NLY) Here for 17% to 33% Capital Appreciation

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.

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