Elon Musk Lovefest

With hardly a peep from the economic wire, and nary a note of news from anywhere else, the focus of free market traders is solely on stocks. Of the slew of stocks reporting results today, we find two of Elon Musk’s favorite projects. Both Tesla Motors (Nasdaq: TSLA) and SolarCity (Nasdaq: SCTY) are coming to the wire with operating results today. The charts don’t lie either; the market loves this guy, and has already celebrated his endeavors this year. For more in-depth analysis and research visit our stock market blog.

Chart at Yahoo Finance

Elon Musk Love

Market ETF	August 7, 2013	Year-to-Date
SPDR S&P 500 (NYSE: SPY)	-0.4%	+18.8%
SPDR Dow Jones (NYSE: DIA)	-0.3%	+18.3%
PowerShares QQQ (Nasdaq: QQQ)	-0.3%	+17.2%

The market is now down two days this week, perhaps heeding our warning published in our weekly copy, within which we said that the summer lull probably marked a good sell point.

Economic Events

ECONOMIC REPORT SCHEDULE
Economic Data Point	Prior	Expected	Actual
WEDNESDAY
Consumer Credit (Mo. Change)	$19.6 B	$15.0 B
Gallup US Job Creation Index	22		21
Mortgage Activity	-3.7%		+0.2%
EIA Petroleum Status
–Crude Oil Inventory	+0.4 M		-1.3 M
-Gasoline Inventory	+0.8 M		+0.1 M
Bank of England August Report

It’s another slow day economically speaking, with consumer credit data to come later this afternoon. Mortgage activity steadied, after falling sharply the week before, but the meager activity should still keep concern boiling about the impact of higher mortgage rates on the real estate market. Mortgage rates only edged higher in the last reported period, and refinance activity was unchanged. As we approach back to school, housing activity will soon stop, but in the latest period mortgage applications around the purchase of homes improved by 1.0%.

I want to offer one final note for econo-watchers. According to Gallup, US job creation was less robust in the most recently measured period. Job creation is an important stick to measure, as changes to it should later also be reflected in layoff activity. However, it is the middle of summer, the season which we cannot read much into. Americans are far too busy with leisurely activities to worry about anything else, including hiring and firing, or at least to a lesser degree.

Overseas Markets

EUROPE	CLOSE	ASIA/PACIFIC	CLOSE
EURO STOXX 50	+0.1%	NIKKEI 225	-4.0%
German DAX	-0.5%	Hang Seng	-1.5%
CAC 40	+0.1%	S&P/ASX 200	-1.8%
FTSE 100	-1.4%	Korean KOSPI	-1.5%
Bloomberg GCC 200	+0.1%	BSE India SENSEX	-0.4%

Asian markets took a hit today on yesterday’s American driver. The Fed scare spread eastward today. It was brought on by the big mouths of two regional Fed presidents who intimated that Fed tapering would indeed likely begin in September. Asia had closed before the Fed men spoke yesterday, so we had the delayed reaction today in Asia.

Commodity Markets (12:38 PM ET)

WTI Crude	-0.4%
Brent Crude	-0.4%
NYMEX Natural Gas	-1.7%
RBOB Gasoline	-1.3%
Gold Spot	+0.2%
Silver Spot	+0.2%
COMEX Copper	+0.0%
CBOT Corn	+0.4%
CBOT Wheat	-1.0%
CBOT Soybeans	+0.5%
ICE Cocoa	+3.2%
ICE Sugar	+0.9%
ICE Orange Juice Conc.	-1.8%
CME Live Cattle	-0.1%

Despite the crude oil inventory draw reported this morning, oil prices declined into the early afternoon. Perhaps it was the news that Yemen is claiming to have thwarted a terror attack plan against energy facilities. Taking the geopolitical risk premium out of the equation would be deflating to energy if energy producing nations are the target of al Qaeda, as has been reported.

Corporate Events

America’s hottest stock story of 2013, Tesla Motors (Nasdaq: TSLA) reports results after the close today. Elon Musk’s other interest, or one of them, SolarCity (Nasdaq: SCTY) also reports results today. It’s a great day to be Elon.

REPORTING EARNINGS
Company	Ticker
WEDNESDAY
Duke Energy	NYSE: DUK
EOG Resources	NYSE: EOG
Time Warner	NYSE: TWX
Aqua America	NYSE: WTR
Demand Media	NYSE: DMD
Eagle Bulk Shipping	Nasdaq: EGLE
Tesla Motors	Nasdaq: TSLA
Green Mountain Coffee	Nasdaq: GMTR
MBIA	NYSE: MBI
St. Joe	NYSE: JOE
Air T	Nasdaq: AIRT
Amerco	Nasdaq: UHAL
American Water Works	NYSE: AWK
AOL	NYSE: AOL
Array Biopharma	Nasdaq: ARRY
Banc of California	Nasdaq: BANC
Brookdale Senior Living	NYSE: BKD
Cal Dive International	NYSE: DVR
Career Education	Nasdaq: CECO
Clean Harbors	NYSE: CLH
Corrections Corp. of America	NYSE: CXW
Devon Energy	NYSE: DVN
DryShips	Nasdaq: DRYS
GAIN Capital	Nasdaq: GCAP
Groupon	Nasdaq: GRPN
GSV Capital	Nasdaq: GSVC
Halozyme Therapeutics	Nasdaq: HALO
Hansen Medical	Nasdaq: HNSN
Icahn Enterprises	NYSE: IEP
Jack in the Box	Nasdaq: JACK
Maidenform Brands	NYSE: MFB
MakeMyTrip	Nasdaq: MMYT
Markel	NYSE: MKL
Marsh McLennan	NYSE: MMC
Miller Industries	NYSE: MLR
NACCO Industries	NYSE: NC
Neenah Paper	NYSE: NP
Novatel Wireless	Nasdaq: NVTL
Pokertek	Nasdaq: PTEK
Ralph Lauren	NYSE: RL
Rand Logistics	Nasdaq: RLOG
Rentrak	Nasdaq: RENT
Shutterstock	Nasdaq: SSTK
Sinclair Broadcast Group	Nasdaq: SBGI
SolarCity	Nasdaq: SCTY
Solazyme	Nasdaq: SZYM
Star Gas Partners	NYSE: SGU
StemCells	Nasdaq: STEM
Tetra Tech	Nasdaq: TTEK
Tetra Technologies	NYSE: TTI
Wellcare Health Plans	NYSE: WCG
Westar Energy	NYSE: WR
Willbros Group	NYSE: WG

MOST ACTIVE STOCKS
BIGGEST GAINERS	% Gain
Opexa Therapeutics (Nasdaq: OPXA)	+142%
LGL Group (NYSE: LGL)	+49%
Pixelworks (Nasdaq: PXLW)	+34%
Oxygen Biotherapeutics (Nasdaq: OXBT)	+30%
Digital Generation (Nasdaq: DGIT)	+27%
China Yida (Nasdaq: CNYD)	+26%
Marchex (Nasdaq: MCHX)	+25%
Tornier (Nasdaq: TRNX)	+20%
Ku6 Media (Nasdaq: KUTV)	+18%
Sapient (Nasdaq: SAPE)	+14%
BIGGEST LOSERS	% Drop
SunEdison (Nasdaq: SUNE)	-24%
Nanosphere (Nasdaq: NSPH)	-26%
Inovio Pharmaceuticals (NYSE: INO)	-24%
B.O.S. Better Online Solutions (Nasdaq: BOSC)	-19%
CSP Inc. (Nasdaq: CSPI)	-20%
Pulse Electronics (Nasdaq: PULS)	-20%
Helios and Matheson Analytics (Nasdaq: HMNY)	-20%
Spherix Inc. (Nasdaq: SPEX)	-14%
Cyan (Nasdaq: CYNI)	-16%
YRC Worldwide (Nasdaq: YRCW)	-15%

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.