Market Outlook July 19th - July 23rd Print
 

July 19th - July 23rd

Market Round up

 

Weekly chg (%)

Last

Dow Jones

-1

10097.9

Nasdaq 100

-.6

1803.5

Dax Xetra

-.4

6040.3

Cac 40

-1.5

3500.2

Foreign Exchange

Euro/dollar : The pair has broken above its ket MT declining trend line and should accelerate on the upside. LONG above 1.2450 towards 1.30 & 1.3250.

Dollar/yen : The pair is pulling back on its new resistance, the RSI is mixed to bearish. SHORT @ 89.80 with 85 or even 83 in sight.

Company preview

Apple (USD 249.9 ; -3.74% ; AAPL ; AAPL.O)
On Tuesday, Apple is expected to deliver 3Q EPS of $3.16 compared to $2.01 a year earlier on revenues of $14.7bln vs $9.7bln. Recently, CEO Steve Jobs said the company sold over 3m units of the iPhone 4 and would launch the sales in 17 new countries at end of July. Technically, the stock continues to consolidate below its 20D and 50D MAs. We expect a test of the $242 support at first before a further decline to $231.

Goldman Sachs (USD 146.17 ; 5.87% ; GS ; GS.N)
The same day, Goldman Sachs may announce 2Q EPS of around $2 compared with $5.71 a year ago. Last week, the SEC announced that the Co would pay $550m and reform its business practices to settle US regulatory claims. The Co's price target was raised to $182 from $160 at BofA-ML. Graphically, the stock penetrated on the upside from a bearish channel but is still under pressure below the key level at $160. As long as this threshold remains as a resistance, we expect a limited rebound before a new leg down to $140 and then to $130.

American Express (USD 41.38 ; -2.82% ; AXP ; AXP.N)
On Thursday, American Express, a global payment and travel company could publish 2Q EPS of $0.77 compared with $0.26 a year ago on revenues of $6.8bln vs $6.6bln. Earlier, the Co said June net charge-offs in the US were 5.7% on an annualized basis, down from 6.3% in May. From a technical view, the share price is currently trading within a range between $45 and $37 and may test the lower boundary in the forthcoming days.

3M (USD 80.95 ; -1.47% ; MMM ; MMM.N)
On the same day, 3M Co. is expected to release 2Q EPS of $1.46 compared to $1.21 last year on sales of $6.6bln vs $5.7bln. Earlier, HP signed a 3-year multi-million dollar contract with the Co over developing, managing portion of 3M applications portfolio. From a technical point of view, the shares failed to surpass the $85 threshold and retreat last Friday. Nevertheless, the price still holds above a rising trend line. Hence, a ST consolidation around $78-$80 is more likely now before any decisive moves.

Ford Motor (USD 11.34 ; 4.52% ; F ; F.N)
Friday, Ford Motor may post 2Q ːS of $0.41 compared with $1.52 a year earlier on sales of $29.4bln vs appx. $27.2bln. A week ago, the Co teamed up with Jiangling Motor to build a $300m assembly plant in Nanchang, China. Earlier, the Co's price target was cut to $14 from $16 at Goldman Sachs with a "buy" rating unchanged. Technically, the stock reversed up following an upside breakout of a declining trend line. Above $10.5, look for a further rise to $12 and $12.9 in extension.

Selection of those events which may affect the stock prices of international Large Caps


Corporate Calendar July 19th - July 23rd

Date

Market

Company

Event

Monday, July 19th

 

NE

Philips Electronics

2nd-Quarter results

 

SW

Electrolux (B)

2nd-Quarter results

 

US

Halliburton

2nd-Quarter results

 

US

Texas Instruments

2nd-Quarter results

 

US

Hasbro

2nd-Quarter results

 

US

IBM

3rd-Quarter results

Tuesday, July 20th

 

US

Yahoo

2nd-Quarter results

 

US

State Street

2nd-Quarter results

 

US

Apple

3rd-Quarter results

 

US

Johnson & Johnson

4th-Quarter results

 

US

Pepsico

2nd-Quarter results

 

US

Goldman Sachs

2nd-Quarter results

Wednesday, July 21st

 

US

Abbott Laboratories

2nd-Quarter results

 

US

Ebay

2nd-Quarter results

 

US

Coca Cola

2nd-Quarter results

 

US

Wells Fargo & Co

2nd-Quarter results

 

US

Morgan Stanley

4th-Quarter results

 

US

Xilinx

2nd-Quarter results

Thursday, July 22nd

 

US

Microsoft

2nd-Quarter results

 

US

American Express

2nd-Quarter results

 

US

UPS

2nd-Quarter results

 

US

Eli Lilly

2nd-Quarter results

 

US

Amazon.com

2nd-Quarter results

 

US

3M

2nd-Quarter results

Friday, July 23rd

 

SW

Scania B

2nd-Quarter results

 

US

McDonald's

1st-Quarter results

 

US

Honeywell

1st-Quarter results

 

US

Schlumberger

2nd-Quarter results

 

US

Ford Motor

2nd-Quarter results

 

US

Johnson Controls

2nd-Quarter results


Economic Calendar (CET) July 19th - July 23rd

Date

Market

Economic data

Period

Expected

Last

Monday, July 19th

10:00:00

EC

Euro-Zone: Current Account (Bln) (MoM)

MAY

NA

-6.9

16:00:00

US

NAHB Housing Market

JUL

16

17

Tuesday, July 20th

08:00:00

GE

Producer Price Index (MoM)

JUN

0.2%

0.3%

10:30:00

UK

Public Sector Net Borrowing (Bln)

JUN

NA

16.023

10:30:00

UK

M4 Money Supply (MoM)

JUN

NA

0%

10:30:00

UK

Public Finances (PSNCR) (Bln)

JUN

NA

11.963

14:30:00

US

Housing Starts (Thsd)

JUN

577

593

14:30:00

US

Bulding Permits (Thsd)

JUN

565

574

Wednesday, July 21st

16:30:00

US

Crude Oil Inventories (WoW chg)

W28

NA

-5058

Thursday, July 22nd

08:45:00

FR

Consumer Confidence

JUL

-40

-39

10:30:00

UK

Retail Sales (MoM)

JUN

NA

0.5%

14:30:00

US

Initial Jobless Claims (Thsd)

W28

NA

429

16:00:00

EC

Euro-Zone: Consumer Confidence

JUN

-17

-17

16:00:00

US

Existing Home Sales (Mln)

JUN

5.24

5.66

16:00:00

US

Leading Indicators

JUN

-0.3%

0.4%

Friday, July 23rd

08:45:00

FR

Consumer Spending (MoM)

JUN

0%

0.7%

10:00:00

GE

IFO - Business Climate

JUL

101.5

101.8

10:00:00

GE

IFO - Current Assessment

JUL

101.8

101.1

10:00:00

GE

IFO - Expectations

JUL

101.6

102.4

10:30:00

UK

GDP (QoQ)

2Q

0.6%

0.3%

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