Wednesday's market wrap covers the duo of labor market reports that reached the wire, the ADP Private Employment report and the Challenger, Gray & Christmas Announced Corporate Layoffs data. Also find coverage of the MBA's Weekly Applications data, EIA's Petroleum Status Report and ISM's Non-Manufacturing Index.
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Two labor market reports keyed Wednesday's wire, with the ADP and Challenger data points published. This report has been prepared differently than our usual publishing. You will find it purely factual, but continue to look for our value added analysis in future works. That said, we believe this information is important and should be reviewed and understood by readers, and so we are providing it.
Challenger Job-Cuts Report
Challenger, Gray & Christmas reported on Announced Corporate Layoffs Wednesday. Challenger's last report for the month of June showed planned job-cuts numbered 39,358, up from 38,810 in May. July's data was little different, with announced layoffs numbering 41,676. That said, we see August layoffs coming as the average workweek has shrunk of late and manufacturing activity is cooling.
ADP's Private Employment Report
ADP's Private Employment Report came due Wednesday morning, offering a prelude to Friday's DOL labor data point. After the data showed private employment increased by 19K in June (revised up from 13K), the report indicated private employers added 42,000 jobs in July. In June, the Department of Labor's data followed up ADP by showing private payrolls increased by 83K. Economists see the DOL's data showing a 100K increase in private payrolls and a 70K decrease in total nonfarm payrolls, which include public sector activity.
MBA's Weekly Mortgage Applications
The Mortgage Bankers Association reported on Weekly Applications as usual in the premarket Wednesday. In the week ended July 30, the Market Composite of mortgage application activity increased by 1.3%. The Purchase Index improved by 1.5%, and as average contracted mortgage rates eased a bit, the Refinance Index also gained 1.3%. The average contracted rates on 30-year and 15-year fixed rate mortgages moved lower to 4.6% (from 4.69%) and 4.03% (from 4.12%), respectively.
ISM's Non-Manufacturing Index
ISM reported on its Non-Manufacturing Index Wednesday. The index fell to its lowest level since February in June, falling 1.6 points to 53.8%. Economists were looking for a lower reading in July, to 53.0%, but the service sector bounced as ISM's measure showed a gain to 54.3%.
EIA Petroleum Status Report
The EIA reports on Petroleum Status at 10:30 each Wednesday. This week's report covering the period ended July 30 showed crude oil inventory decreased by 2.8 million barrels (increased week before by 7.3 million). Crude levels remain above the upper limit of the average range for this time of year. Gasoline stores increased by 0.7 million barrels and are also above the upper limit of the average range for this time of year.
Corporate News Wire
In corporate news, American Express (NYSE: AXP) held its semi-annual meeting with the financial community. The earnings schedule highlighted reports from Time Warner Inc. (NYSE: TWX), El Paso (NYSE: EP), The Allstate Corp. (NYSE: ALL), Devon Energy (NYSE: DVN), News Corp. (NYSE: NWS), CenturyTel (NYSE: CTL), Transocean (NYSE: RIG), Devon Energy (NYSE: DVN) and Toyota Motor (NYSE: TM).
Other corporate reporters included 99 Cents Only (NYSE: NDN), Abiomed (Nasdaq: ABMD), ADC (Nasdaq: ADCT), adidas AG (Nasdaq: ADDDF), Agilysys (Nasdaq: AGYS), Agrium (NYSE: AGU), Air T (Nasdaq: AIRT), Albany International (NYSE: AIN), Albany Molecular (Nasdaq: AMRI), Allegheny Energy (NYSE: AYE), Allete (NYSE: ALE), Allied Irish Banks (NYSE: AIB), Almost Family (Nasdaq: AFAM), Alnylam (Nasdaq: ALNY), Alpha Natural Resources (NYSE: ANR), Amerco (Nasdaq: UHAL), American Equity Investment (NYSE: AEL), American Pacific (Nasdaq: APFC), American Water Works (NYSE: AWK), Amerigon (Nasdaq: ARGN), Amerisafe (Nasdaq: AMSF), Ameristar Casinos (Nasdaq: ASCA), Amkor Technology (Nasdaq: AMKR), Analysts Int'l (Nasdaq: ANLY), Anaren (Nasdaq: ANEN), Andersons (Nasdaq: ANDE), Anthera Pharmaceuticals (Nasdaq: ANTH), AOL (NYSE: AOL), Apollo Investment (Nasdaq: AINV), Aqua America (NYSE: WTR), Arch Chemicals (NYSE: ARJ), ARIAD Pharmaceuticals (Nasdaq: ARIA), ArQule (Nasdaq: ARQL), Ashford Hospitality Trust (NYSE: AHT), Asta Funding (Nasdaq: ASFI), Atmel (Nasdaq: ATML), Atmos Energy (NYSE: ATO), Atricure (Nasdaq: ATRC), Atwood Oceanics (NYSE: ATW), Avis Budget (NYSE: CAR), FLY Leasing (NYSE: FLY), Bancolombia (NYSE: CIB), BankAtlantic Bancorp (NYSE: BBX), BGC Partners (Nasdaq: BGCP), BigBand Networks (Nasdaq: BBND), BioClinica (Nasdaq: BIOC), Bionovo (Nasdaq: BNVI), Breitburn Energy (Nasdaq: BBEP), Brightpoint (Nasdaq: CELL), Bristow Group (NYSE: BRS), Cameron (NYSE: CAM), Capital Senior Living (NYSE: CSU), CapLease (NYSE: LSE), Cardiogenesis (Nasdaq: CGCP), Cardtronics (Nasdaq: CATM), Career Education (Nasdaq: CECO), Caribou Coffee (Nasdaq: CBOU), Carriage Services (NYSE: CSV), CAS Medical Systems (Nasdaq: CASM), Catalyst Health (Nasdaq: CHSI), Celldex Therapeutics (Nasdaq: CLDX), CenterPoint Energy (NYSE: CNP), Chesapeake Lodging Trust (Nasdaq: CHSP), China Information Security (Nasdaq: CPBY), China Integrated Energy (Nasdaq: CBEH), Churchill Downs (Nasdaq: CHDN), Cimarex Energy (NYSE: XEC), Cincinnati Bell (NYSE: CBB), Clarus (Nasdaq: BDE), Clean Harbors (NYSE: CLH), Clearwire (Nasdaq: CLWR), Cleco (NYSE: CNL), CloudPeak Energy (NYSE: CLD), Commercial Vehicle Group (Nasdaq: CVGI), CommonWealth REIT (NYSE: CWH), Concho Resources (NYSE: CXO), Consolidated Graphics (NYSE: CGX), Continental Resources (NYSE: CLR), Con-Way (NYSE: CNW), Corrections Corp. of America (NYSE: CXW), Cott Corp. (NYSE: COT), Cross Country Healthcare (Nasdaq: CCRN), CSP (Nasdaq: CSPI), CTI Industries (Nasdaq: CTIB), CVR Energy (NYSE: CVI), Dawson Geophysical (Nasdaq: DWSN), DG FastChannel (Nasdaq: DGIT), Diamond Management & Technology (Nasdaq: DTPI), Discovery Labs (Nasdaq: DSCO), DIVX (Nasdaq: DIVX), DURECT (Nasdaq: DRRX), Eagle Bulk Shipping (Nasdaq: EGLE), Eagle Rock Energy (Nasdaq: EROC), Edgewater Technology (Nasdaq: EDGW), El Paso Electric (NYSE: EE), El Paso Pipeline (NYSE: EPB), eLoyalty (Nasdaq: ELOY), Employers Holdings (NYSE: EIG), EMS Technologies (Nasdaq: ELMG), Enernoc (Nasdaq: ENOC), Equity One (NYSE: EQY), Essex Property Trust (NYSE: ESS), Excel Maritime Carriers (NYSE: EXM), ExlService (Nasdaq: EXLS), FARO Technologies (Nasdaq: FARO), Federal Realty Investment Trust (NYSE: FRT), FPIC Insurance (Nasdaq: FPIC), Frontier Communications (NYSE: FTR), Fundtech (Nasdaq: FNDT), Fushi Copperweld (Nasdaq: FSIN), Gaiam (Nasdaq: GAIA), Garmin (Nasdaq: GRMN), Gasco Energy (AMEX: GSX), Geeknet (Nasdaq: LNUX), Genomic Health (Nasdaq: GHDX), Gibraltar Industries (Nasdaq: ROCK), Giga-tronics (Nasdaq: GIGA), Global Cash Access (NYSE: GCA), Global Industries (Nasdaq: GLBL), GMX Resources (Nasdaq: GMXR), Goodrich Petroleum (NYSE: GDP), GT Solar (Nasdaq: SOLR), Hansen Medical (Nasdaq: HNSN), Hartford Financial (NYSE: HIG), Haverty Furniture (NYSE: HVT), Health Care REIT (NYSE: HCN), Heartland Payment (NYSE: HPY), Heritage Oaks (Nasdaq: HEOP), Hersha Hospitality (NYSE: HT), Hill Int'l (NYSE: HIL), Hillenbrand (NYSE: HI), HSN (Nasdaq: HSNI), Hudson Techologies (Nasdaq: HDSN), Hughes Communications (Nasdaq: HUGH), Hypercom (NYSE: HYC), Ikanos (Nasdaq: IKAN), Image Sensing (Nasdaq: ISNS), Immunogen (Nasdaq: IMGN), Infinity Pharmaceuticals (Nasdaq: INFI), Insight Enterprises (Nasdaq: NSIT), Insmed (Nasdaq: INSM), Integrys Energy (NYSE: TEG), Interclick (Nasdaq: ICLK), Intercontinental Exchange (NYSE: ICE), Internap (Nasdaq: INAP), Intrepid Potash (NYSE: IPI), Invesco Mortgage (NYSE: IVR), ION Geophysical (NYSE: IO), ISTA Pharmaceuticals (Nasdaq: ISTA), Jack in the Box (Nasdaq: JACK), KapStone Paper (NYSE: KS), Kendle (Nasdaq: KNDL), Kenneth Cole (NYSE: KCP), Kindred Healthcare (NYSE: KND), Kinross Gold (NYSE: KGC), KKR Financial (NYSE: KFN), Knology (Nasdaq: KNOL), Kraton Performance (NYSE: KRA), Legacy Reserves (Nasdaq: LGCY), LHC Group (Nasdaq: LHCG), Lionbridge Tech (Nasdaq: LIOX), LivePerson (Nasdaq: LPSN), LoJack (Nasdaq: LOJN), Lumber Liquidators (NYSE: LL), Macquarie Infrastructure (NYSE: MIC), Maiden Holdings (Nasdaq: MHLD), MakeMusic (Nasdaq: MMUS), Mannatech (Nasdaq: MTEX), Martin Midstream (Nasdaq: MMLP), MasTec (NYSE: MTZ), Measurement Specialties (Nasdaq: MEAS), MedAssets (Nasdaq: MDAS), MEMSIC (Nasdaq: MEMS), Mercadolibre (Nasdaq: MELI), Metropolitan Health (AMEX: MDF), Miller Industries (NYSE: MLR), MIND CTI (Nasdaq: MNDO), Minefinders (AMEX: MFN), MIPS Technologies (Nasdaq: MIPS), MOD PAC (Nasdaq: MPAC), Molina Healthcare (NYSE: MOH), Murphy Oil (NYSE: MUR), Nacco (NYSE: NC), Nanophase (Nasdaq: NANX), National Health Investors (NYSE: NHI), Natural Resource Partners (NYSE: NRP), NCI (Nasdaq: NCIT), New Jersey Resources (NYSE: NJR), NewStar Financial (Nasdaq: NEWS), NEXSTAR (Nasdaq: NXST), Nippon Telegraph & Telephone (NYSE: NTT), Northeast Utilities (NYSE: NU), Northwest Natural Gas (NYSE: NWN), O2 Micro (Nasdaq: OIIM), ON Semi (Nasdaq: ONNN), Onyx Pharma (Nasdaq: ONXX), Orasure (Nasdaq: OSUR), Orckit (Nasdaq: ORCT), Ormat (NYSE: ORA), Owens Corning (NYSE: OC), Pacer (Nasdaq: PACR), Par Pharma (NYSE: PRX), PartnerRe (NYSE: PRE), Patriot Transportation (Nasdaq: PATR), PDI (Nasdaq: PDII), Penn Virginia (NYSE: PVA), PennantPark (Nasdaq: PNNT), Pennymac Mortgage (NYSE: PMT), Penwest Pharma (Nasdaq: PPCO), PG&E (NYSE: PCG), PGT, Inc. (Nasdaq: PGTI), Plains All American (NYSE: PAA), Polo Ralph Lauren (NYSE: RL), Polypore (NYSE: PPO), Powell (Nasdaq: POWL), ProAssurance (NYSE: PRA), Protective Life (NYSE: PL), Providence Service (Nasdaq: PRSC), Prudential Financial (NYSE: PRU), Psychiatric Solutions (Nasdaq: PSYS), Pulte (NYSE: PHM), Quanta Services (NYSE: PWR), Qwest Communications (NYSE: Q), Radvision (Nasdaq: RVSN), RAE Systems (AMEX: RAE), Real Goods Solar (Nasdaq: RSOL), Red Lion Hotels (NYSE: RLH), Regency Centers (NYSE: REG), Resource America (Nasdaq: REXI), Roadrunner Transportation (Nasdaq: RRTS), RR Donnelley (NYSE: RRD), RTI Biologics (Nasdaq: RTIX), S1 Corp. (Nasdaq: SONE), SandRidge Energy (NYSE: SD), Sauer-Danfoss (NYSE: SHS), Saul Centers (NYSE: BFS), Schawk (NYSE: SGK), Schweitzer-Mauduit (NYSE: SWM), Seahawk Drilling (Nasdaq: HAWK), Shenandoah Telecommunications (Nasdaq: SHEN), Sina Corp. (Nasdaq: SINA), Sinclair Broadcast (Nasdaq: SBGI), Sirius Satellite (Nasdaq: SIRI), SkyWest (Nasdaq: SKYW), Smith Micro (Nasdaq: SMSI), Sonic Solutions (Nasdaq: SNIC), SoundBite (Nasdaq: SDBT), Sovran Self Storage (NYSE: SSS), Spectra Energy (NYSE: SE), Speedway Motorsports (NYSE: TRK), SPX Corp. (NYSE: SPW), Standard Parking (Nasdaq: STAN), Strategic Diagnostics (Nasdaq: SDIX), Strategic Hotels (NYSE: BEE), Stream Global (AMEX: SGS), Sun Life Financial (NYSE: SLF), Targacept (Nasdaq: TRGT), TeleTech (Nasdaq: TTEC), Tenaris (NYSE: TS), Terremark (Nasdaq: TMRK), Allstate (NYSE: ALL), Hanover Insurance Group (NYSE: THG), The Management Network (Nasdaq: TMNG), The Navigators Group (Nasdaq: NAVG), TheStreet.com (Nasdaq: TSCM), Top Image (Nasdaq: TISA), Towerstream (Nasdaq: TWER), Transact Tech (Nasdaq: TACT), Triple-S Management (NYSE: GTS), TRW (NYSE: TRW), Turkcell (Nasdaq: TCELL), UIL Holdings (NYSE: UIL), Union Drilling (Nasdaq: UDRL), United Microelectronics (NYSE: UMC), United Online (Nasdaq: UNTD), United Western (Nasdaq: UWBK), UTStarcom (Nasdaq: UTSI), Valence Technology (Nasdaq: VLNC), Vectren (NYSE: VVC), Verisk Analytics (Nasdaq: VRSK, NYSE: VS), Vital Images (Nasdaq: VTAL), Vonage (NYSE: VG), Warren Resources (Nasdaq: WRES), WCA Waste (Nasdaq: WCAA), Westar (NYSE: WR), Westport Innovations (Nasdaq: WPRT), Willbros (NYSE: WG), Williams Controls (Nasdaq: WMCO) and Yamana Gold (NYSE: AUY).
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