TODAY’S S&P 500 SET-UP – April 23, 2013
As we look at today's setup for the S&P 500, the range is 72 points or 2.02% downside to 1531 and 2.59% upside to 1603.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 1.44 from 1.47
- VIX closed at 14.39 1 day percent change of -3.87%
MACRO DATA POINTS (Bloomberg Estimates):
- 7:45am: ICSC weekly sales
- 8:55am: Johnson/Redbook weekly sales
- 8:58am: Markit US PMI Preliminary, April, est. 53.5
- 9am: House Price Index, Feb., est. 0.7% (prior 0.6%)
- 10am: Richmond Fed Manuf Index, April, est. 2 (prior 3)
- 10am: New Home Sales, March, est. 416k (prior 411k)
- 10am: New Home Sales, March, est. 1.2% (prior -4.6%)
- 11am: Fed to purchase $750m-$1b notes in 2023-2031 sector
- 11:30am: U.S. to sell 4W bills
- 1pm: U.S. to sell $35b 2Y notes
- 4:30pm: API energy inventories
GOVERNMENT:
- President Obama hosts Qatari Emir Sheikh Hamad bin Khalifa al Thani at White House
- NRC holds meeting on lessons learned from Fukishima nuclear reactor accident, 9am
- Sens. Sherrod Brown, D-Ohio, and David Vitter, R-La., speak at NPC discussion on efforts to prevent banks from becoming “too big to fail.” 14th and F St., NW. 8:30am
- Sens. Amy Klobuchar, D-Minn. and Sherrod Brown, D-Ohio., Export-Import Bank Chairman Fred Hochberg, Airbus American Chairman Allan McArtor, participate in Washington Post forum on trends in manufacturing sector, 8:30am
- American Bar Assn.’s Section of Intl Law holds session on restrictions on investing across borders, 9:30am
- Senate Banking, Housing and Urban Affairs Cmte hears from CFPB Dir. Richard Cordray on agency’s semi-annual report, 10am
- ASCE President Gregory DiLoreto holds news conf. to discuss findings of quadrennial report on U.S. infrastructure, 10am
- NTSB holds hearing on design, certification of lithium-ion batteries used in Boeing Co.’s 787 Dreamliner; Agency Chairman Deborah Hersman joins, 9am
- Homeland Security Sec. Janet Napolitano testifies before Senate Judiciary Cmte on proposed immigration laws, 9:30am
- TSA delays plan to allow pocket knives onto U.S. flights
- Fisker misses first loan payment to U.S. Energy Department
WHAT TO WATCH
- Apple averts iPhone import ban in patent win vs Google
- Apple, UTX among 35 S&P 500 cos. to report earnings
- AIG wins dismissal of whistle-blower’s false claims lawsuit
- Blackstone to buy Credit Suisse’s strategic partners unit
- AB InBev, U.S. settlement process wins U.S. judge’s approval
- China manufacturing grows at slower pace as recovery falters
- U.S. banks cut max. bonus on regulators’ concerns: WSJ
- Texas Instruments forecasts profit that may exceed ests.
- EU decision on Google search probe to take months: L’Echo
- Fisker said to miss first payment on Dept. of Energy loan
- Samsung, Philips sent EU complaints over chips for smart cards
- Japan won’t allow restart of 787 flights before U.S. hearing
- Netflix subscriber gains top ests. on “House of Cards”
- Chesapeake trial with BNY Mellon will look at 2019 note issue
- Templeton’s Mobius buys Macau stocks in bet on family growth
- Drug industry deals forecast to pick up in 2013, Moody’s says
EARNINGS
- CIT Group (CIT) 6am, $0.88
- DuPont (DD) 6am, $1.53
- Centene (CNC) 6am, $0.38
- Encana (ECA CN) 6am, $0.07
- Air Products & Chemicals (APD) 6am, $1.36
- Polaris Industries (PII) 6am, $1.01
- Lockheed Martin (LMT) 6:26am, $2.04 - Preview
- United Technologies (UTX) 6:28am, $1.29 - Preview
- Potlatch (PCH) 6:45am, $0.27
- II-VI (IIVI) 6:55am, $0.26
- Lexmark International (LXK) 6:59am, $0.87
- Waddell & Reed Financial (WDR) 6:59am, $0.61
- Celestica (CLS CN) 7am, $0.15
- Reynolds American (RAI) 7am, $0.69 - Preview
- Entegris (ENTG) 7am, $0.10
- Travelers (TRV) 7am, $2.02
- Xerox (XRX) 7am, $0.24
- IDEXX Laboratories (IDXX) 7am, $0.82
- Waters (WAT) 7am, $1.09
- Regions Financial (RF) 7am, $0.20
- Coach (COH) 7am, $0.80 - Preview
- Synovus Financial (SNV) 7am, $0.02
- AO Smith (AOS) 7am, $0.77
- Ironwood Pharmaceuticals (IRWD) 7am, $(0.64)
- Forest Laboratories (FRX) 7am, $0.15
- Johnson Controls (JCI) 7am, $0.42
- AT&T (T) 7:25am, $0.64 - Preview
- Molex (MOLX) 7:30am, $0.36
- FirstMerit (FMER) 7:30am, $0.31
- Delta Air Lines (DAL) 7:30am, $0.06
- Anixter International (AXE) 7:30am, $1.33
- Sonic Automotive (SAH) 7:30am, $0.41
- Arch Coal (ACI) 7:45am, $(0.33)
- Brinker International (EAT) 7:45am, $0.69
- Lincoln Electric Holdings (LECO) 7:47am, $0.78
- Ryder System (R) 7:55am, $0.77
- Illinois Tool Works (ITW) 8am, $0.96
- PACCAR (PCAR) 8am, $0.68
- Janus Capital Group (JNS) 8am, $0.15
- Liberty Property Trust (LRY) 8am, $0.63
- US Airways Group (LCC) 8am, $0.28
- Gentex Corp/MI (GNTX) 8am, $0.30
- Gannett (GCI) 8:30am, $0.35
- Discover Financial Services (DFS) 8:30am, $1.13
- PennyMac Mortgage Investment Trust (PMT) 8:30am, $0.79
- UMB Financial (UMBF) Bef-mkt, $0.64
- TransAlta (TA CN) Bef-mkt, $0.21
- Manhattan Associates (MANH) 4pm, $0.68
- Amsurg (AMSG) 4pm, $0.52
- Robert Half International (RHI) 4pm, $0.41
- Total System Services (TSS) 4pm, $0.34
- Edwards Lifesciences (EW) 4pm, $0.76
- FMC Technologies (FTI) 4pm, $0.46
- Torchmark (TMK) 4pm, $1.37
- HomeAway (AWAY) 4pm, $0.12
- RF Micro Devices (RFMD) 4pm, $0.05
- Panera Bread (PNRA) 4pm, $1.65
- Cree (CREE) 4pm, $0.34
- WR Berkley (WRB) 4:01pm, $0.74
- Nabors Industries (NBR) 4:01pm, $0.28
- VMware (VMW) 4:01pm, $0.70
- DeVry (DV) 4:01pm, $0.82
- American Campus Communities (ACC) 4:01pm, $0.64
- Hanesbrands (HBI) 4:01pm, $0.50
- Amgen (AMGN) 4:02pm, $1.84
- Thoratec (THOR) 4:02pm, $0.46
- Owens-Illinois (OI) 4:04pm, $0.57
- Broadcom (BRCM) 4:05pm, $0.56
- StanCorp Financial Group (SFG) 4:05pm, $0.80
- Juniper Networks (JNPR) 4:05pm, $0.22
- CR Bard (BCR) 4:05pm, $1.42
- Norfolk Southern (NSC) 4:05pm, $1.17
- Everest Re Group (RE) 4:05pm, $4.37
- Polycom (PLCM) 4:05pm, $0.11
- Yum! Brands (YUM) 4:10pm, $0.60 - Preview
- Trustmark (TRMK) 4:30pm, $0.41
- Kaiser Aluminum (KALU) 4:30pm, $0.86
- Apple (AAPL) 4:30pm, $9.97 - Preview
- Oceaneering International (OII) 5pm, $0.60
- Owens & Minor (OMI) 5pm, $0.43
- Community Bank System (CBU) Aft-mkt, $0.50
- FNB (FNB) Aft-mkt, $0.21
- Acadia Realty Trust (AKR) Aft-mkt, $0.30
- SL Green Realty (SLG) Aft-mkt, $1.21
- ITC Holdings (ITC) Aft-mkt, $1.16
- Rock Tenn (RKT) Aft-mkt, $1.02
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Silver Leads Commodity Retreat as Chinese Manufacturing Slows
- Record Freeze in U.S. Extending Wheat Crop Damage: Commodities
- Copper Slumps a Third Day on Weaker-Than-Estimated Manufacturing
- Gold Drops on China Data, Ending Year’s Best Run; Silver Slumps
- Brent Crude Drops for First Time in Four Days on European Woes
- Soybeans Advance on Signs China Import Demand Will Be Sustained
- Coffee Workers Unemployed as Fungus Hits Central America: Jobs
- Rebar Falls for Second Day on Supply Concern, China Flash PMI
- Barrick Gold at 20-Year Low Turns to Thornton: Corporate Canada
- North America Seen Sending Record Wood to Europe for Use as Fuel
- Shanghai Gold Exchange Benchmark Volume Tops 100 Tons in 3 Days
- Tanker Rates Pain Prolonged as China Imports Pass U.S.: Freight
- Crude Supplies Climb to 22-Year High in Survey: Energy Markets
- Cocoa Rebounds in London as Producer Sales May Ease; Sugar Falls
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team