TODAY’S S&P 500 SET-UP - October 22, 2010
As we look at today’s set up for the S&P 500, the range is 13 points or -0.53% downside to 1174 and 0.57% upside to 1187. Equity futures are lower tracking European equities. Little movement ahead of the outcome of the G20 meeting in South Korea.
No major economic data is expected today.
- Align Technology (ALGN) 4Q EPS, rev. forecasts trailed est.
- Amazon.com Inc. (AMZN) 4Q op. income forecast missed est.
- American Express (AXP) 3Q EPS beat est.
- Barnes & Noble (BKS) may face trial in lawsuit over bookstore buyout
- Boeing (BA) considering boosting 737 production rate to 40/month vs current 31.5 now
- Cephalon (CEPH) xercised its options to acquire BioAssets Development for $12.5m
- Cheesecake Factory (CAKE) 3Q EPS beat est.
- Chipotle Mexican Grill (CMG) sees 2010 comp sales up in the high single digits
- Citrix Systems (CTXS) sees 4Q rev. ahead of estimates
- H&R Block (HRB US): CDS traders paid more to protect H&R Block’s debt against near-term losses than for longer-dated contracts
- Lattice Semiconductor (LSCC) 4Q rev. forecast below est.
- Manpower(MAN) 3Q EPS beat est.
- NCR (NCR) raised 2010 adj. EPS forecast
- News Corp. (NWSA) will reassign employees working on Project Alesia after failing to attract enough interest from other news organizations, the Post Chronicle, citing a person familiar.
- Playboy Enterprises (PLA) expects to record charge >$20 m charge in 3Q on writing down TV programming inventory
- Polycom (PLCM) 3Q EPS beat est.
- Riverbed Technology (RVBD) 3Q adj. EPS, rev. beat est.
- SanDisk (SNDK) sees 4Q rev inline, gross margins lower
- One day: Dow +0.35%, S&P +0.18%, Nasdaq +0.09%, Russell 2000 (0.57%)
- Month/Quarter-to-date: Dow +3.32%, S&P +3.42%, Nasdaq +3.84%, Russell +3.25%
- Year-to-date: Dow +6.89%, S&P +5.84%, Nasdaq +8.40%, Russell +11.63%
- Sector Performance: Consumer Disc +0.58%, Industrials +0.81%, Consumer Spls +0.35%, Healthcare +0.26%, Tech +0.08%, Energy (0.03%), Financials (0.03%), Materials (0.03%), Utilities (0.43%)
- ADVANCE/DECLINE LINE: -59 (-1625)
- VOLUME: NYSE - 1055.91 (-4.09%)
- MARKET LEADING/LAGGING STOCKS YESTERDAY: Flir +6.37%, Ebay +5.96% and Suntrust +4.48%/Janus Capital -5.90%, Tesoro -5.60% and E*Trade -4.14%.
- VIX: - 19.27 -2.63% - YTD PERFORMANCE - (-11.12%)
- SPX PUT/CALL RATIO: - 1.70 from 1.93 -11.57%
CREDIT/ECONOMIC MARKET LOOK:
- TED SPREAD - 16.88 0.203 (1.217%)
- 3-MONTH T-BILL YIELD 0.13% -.01%
- YIELD CURVE - 2.20 from 2.16
- CRB: 295.00 -1.15%
- Oil: 82.56 -2.40% - BULLISH
- COPPER: 378.15 -0.32% - OVERBOUGHT
- GOLD: 1,324.35 -1.63%% - BULLISH
- EURO: 1.3938 -0.16% - BULLISH
- DOLLAR: 77.418 +0.32% - BEARISH
- FTSE 100: (0.44%); DAX (0.13%); CAC 40 (0.14%)
- European markets are lower in morning trade ahead however good earnings figures have limited the downside.
- Ericsson is the standout gainer on the back of good Q3 figures. The numbers also boost the Technology sector.
- Basic Resources is the worst performing sector tracking weak metals prices.
- Construction sector crumbles after Investec downgrades all major UK house-building stocks.
- Germany Oct IFO Business Climate index +107.6 vs consensus +106.5
- Nikkei +0.54%; Hang Seng (0.56%); Shanghai Composite (0.28%)
- Asian markets ended the day mixed as investors remained on the sidelines and chose to wait and see what happens at today’s G20 meeting in South Korea.
- Japan September supermarket sales (0.3%) y/y vs prior (0.8%)