TODAY’S S&P 500 SET-UP - November 19, 2010
As we look at today’s set up for the S&P 500, the range is 11 points or -0.48% downside to 1191 and 0.44% upside to 1202. Equity futures are lower as easing worries about Ireland’s debt is offset by concern about tightening measures in China. No important economic data is expected today.
- Autodesk (ADSK) sees 4Q non-GAAP EPS 30c-33c vs est. 34c
- Blue Coat Systems (BCSI) forecast 3Q adj. EPS 33c-39c vs est. 40c
- Dell (DELL) reported 3Q EPS 45c vs est. 32c
- Foot Locker (FL) reported 3Q rev. $1.28b vs est. $1.2b
- Gap (GPS) reported 3Q EPS in line, said expects “choppy” sales in 4Q
- Intuit (INTU) forecast 2Q adj. EPS 36c-40c vs est. 45c
- KeyCorp (KEY) said CEO Henry L. Meyer will retire in May; Beth Mooney, currently vice chair, will replace him
- Salesforce.com (CRM) raised year adj. EPS forecast to $1.18-$1.19 from $1.15-$1.17, vs est. $1.17
- One day: Dow +1.57%, S&P +1.54%, Nasdaq +1.55%, Russell 2000 +1.85%
- Month-to-date: Dow +0.56%, S&P +1.13%, Nasdaq +0.28%, Russell +2.49%
- Quarter-to-date: Dow +3.79%, S&P +4.86%, Nasdaq +6.14%, Russell +6.61%
- Year-to-date: Dow +7.22%, S&P +7.32%, Nasdaq +10.81%, Russell +15.26%
- Sector Performance: Energy +2.20%, Materials +1.89%, Tech +1.68%, Industrials +2.03%, Financials +1.40%, Healthcare +1.41%, Consumer Spls +1.34%, Consumer Disc +0.87%, Utilities +0.60%
- ADVANCE/DECLINE LINE: 1894 (+1283)
- VOLUME: NYSE: 1198.94 (+27.13%)
- VIX: 18.75 -13.83% - YTD PERFORMANCE: (-13.51%)
- SPX PUT/CALL RATIO: 1.19 from 1.60 -25.29%
CREDIT/ECONOMIC MARKET LOOK:
- TED SPREAD: 15.35 0.203 (1.340%)
- 3-MONTH T-BILL YIELD: 0.15% +0.01%
- YIELD CURVE: 2.38 from 2.39
- CRB: 302.51 +2.40%
- Oil: 81.85 +1.75% - NEUTRAL
- COPPER: 383.85 +2.80% - BEARISH
- GOLD: 1,351.85 +1.09 - BEARISH
- EURO: 1.3615 +0.62% - NEUTRAL
- DOLLAR: 78.617 -0.59% - BULLISH
- FTSE 100: (0.54%); DAX +0.02%; CAC 40 (0.08%)
- Indices in the region trade flat to lower following a good show yesterday.
- Investors cautiously watch the progress in the Irish debt talks. Chemicals and Media are among the best performing sectors, while Basic Resources and Banks are in the red.
- Tech stocks are higher boosted by good Dell figures.
- Germany Oct PPI +4.3% y/y vs consensus +4.2% and prior +3.9%
- Germany Oct PPI +0.4% m/m vs consensus +0.2% and prior +0.3%
- Nikkei +0.1%; Hang Seng (0.1%); Shanghai Composite +0.8%
- Asian markets were mixed in a fairly tight range today.
- Worries about Ireland’s debt began to ease, and sentiment was boosted by a positive reaction to General Motors’s IPO.
- South Korea rose on expectations of a resolution of Ireland’s debt crisis. Tech issues supported the market, but shippers fell on a lower Baltic Dry Index.
- Tech stocks and carmakers gave Taiwan a slight rise after the island’s Q3 GDP growth beat estimates.
- Japan rose early, but shed most of its gains as the day went on, as concern rose about declines in China and Hong Kong.
- Australia slipped, with sentiment harmed when the QR National IPO was priced at the low end of its expected range.
- Coal, metals, and banking shares paced morning falls in Hong Kong and China, but the markets rebounded in the afternoon.