Before the Open (Jul 30)

Good morning. Happy Tuesday.
The Asian/Pacific markets closed mixed and with an upward slant. India dropped 1.3%; China, Japan, South Korea and Taiwan did well. Europe is currently mixed. Greece and Austria are leading to the downside; Stockholm and Italy are doing well. Futures here in the States point towards a positive open for the cash market.

The dollar is flat. Oil and copper are down. Gold and silver are down.
The market remains in consolidation mode. Yesterday the S&P’s entire price movement was contained within the high and low of last Thursday and Friday, so short term pressure may be building a little. But overall, the index is unchanged over the last two weeks.
Tomorrow is an FOMC day. It definitely has the ability to move the market. Tapering is coming, we know this. At first we were told tapering would likely start this fall, but when the market reacted negatively, the doves came out and reminded us the economy still needed to improve, and the unemployment rate still needed to drop. Essentially the Fed was giving themselves a way out in case they changed their mind. So here we are, the last FOMC meeting before the fall. Will the Fed sound hawkish or dovish. Will they hint at tapering coming soon or continue to give themselves wiggle room? We’ll find out tomorrow. Until then, the market’s movement is likely to depend and rumors, guesses and anticipations.
Here are stock headlines from barchart.com. There are many more. This is, after all, earnings season.
Merk (MRK -0.31%) reported Q2 EPS of 84 cents, higher than consensus of 82 cents.
Aetna (AET -2.01%) reported Q2 EPS of $1.52, stronger than consensus of $1.40.
Pfizer (PFE +0.58%) reported Q2 EPS of 56 cents, higher than consensus of 55 cents.
NYSE Euronext (NYX +0.24%) reported Q2 EPS of 63 cents, better than expectations of 59 cents.
Masco (MAS -0.50%) reported Q2 EPS of 23 cents, stronger than consensus of 20 cents.
Manitowoc (MTW +0.05%) reported Q2 adjusted EPS of 45 cents, better than consensus of 35 cents.
PartnerRe (PRE +1.37%) reported Q2 EPS of 90 cents, lower than consensus of 94 cents.
Community Health (CYH +5.90%) reported Q2 EPS of 32 cents, weaker than consensus of 33 cents.
Superior Energy (SPN -3.60%) reported Q2 EPS of 43 cents, lower than consensus of 45 cents.
Enbridge Energy Partners (EEP -0.46%) reported Q2 adjusted EPS of 13 cents, weaker than consensus of 23 cents.
Herbalife (HLF +3.63%) rose nearly 6% in after-hours trading after it reported Q2 adjusted EPS $1.41, stronger than consensus of $1.18 and raised its fiscal 2013 adjusted EPS view to $4.83-$4.95 from $4.60-$4.80, stronger than consensus of $4.80.
R.R. Donnelley (RRD +3.17%) rose over 2% in after-hours trading after it reported Q2 EPS of 45 cents, higher than consensus of 42 cents.
Anadarko (APC +0.16%) reported Q2 adjusted EPS of $1.05, well ahead of consensus of 91 cents.
Express Scripts (ESRX -1.08%) reported Q2 EPS of $1.12, better than consensus of $1.10 and raised its fiscal 2013 EPS view to $4.26-$4.34 from $4.23-$4.33, higher than consensus of $4.30.
Caesar’s Entertainment (CZR +0.65%) reported a Q2 EPS loss of -$1.69, larger than consensus of a -$1.57 loss.
Texas Roadhouse (TXRH -0.17%) reported Q2 EPS of 28 cents, weaker than consensus of 29 cents.
this week’s Earnings
this week’s Economic Numbers
today’s upgrades/downgrades