THE HEDGEYE DAILY OUTLOOK

TODAY’S S&P 500 SET-UP – April 24, 2013


As we look at today's setup for the S&P 500, the range is 46 points or 1.38% downside to 1557 and 1.53% upside to 1603. 

                                                                                                                              

SECTOR PERFORMANCE


THE HEDGEYE DAILY OUTLOOK - one

 

THE HEDGEYE DAILY OUTLOOK - 2A

 

EQUITY SENTIMENT:


THE HEDGEYE DAILY OUTLOOK - ten


CREDIT/ECONOMIC MARKET LOOK:

  • YIELD CURVE: 1.49 from 1.48
  • VIX closed at 13.48 1 day percent change of -6.32%

MACRO DATA POINTS (Bloomberg Estimates):

  • 7am: MBA Mortgage Applications, April 19 (prior 4.8%)
  • 8:30am: Durable Goods Orders, March, est. -3% (prior 5.6%)
  • 8:30am: Durables Ex-Trans, March, est. 0.5% (prior -0.7%)
  • 8:30am: Cap Goods Orders Nondef Ex Air, March est. 0.3%
  • 8:30am: Cap Goods Shipments Nondef Ex Air, March, est. 1%
  • 10:30am: DOE Energy Inventories
  • 11am: Fed to buy $1.25b-$1.75b notes in 2036-2043 sector
  • 1pm: U.S. to sell $35b 5Y notes

GOVERNMENT:

    • VP Joe Biden attends service for MIT police officer killed during Boston Marathon bomber manhunt
    • 9am: NTSB concludes meeting on how Boeing, FAA approved the 787’s lithium-ion batteries
    • 10am: House Transportation, Infrastructure Cmte hearing on freight transportation system
    • 10am: Full cmte markup of H.R. 807, which would require gov. to prioritize obligations on debt held by public in event the debt limit is reached
    • 10am: House Natural Resources Cmte marks up H.R. 3, “Northern Route Approval Act,” to approve construction, operation, maintenance of Keystone XL pipeline
    • 10am: House Fin. Svcs panel hearing on Sallie Mae wind-down as government-sponsored enterprise
    • 10:30am: Joint Economic Cmte hearing on long-term unemployment
    • 12:30pm: Sen. Sherrod Brown, D-Ohio, Sen. David Vitter, R-La., to disclose details of their “too big to fail” banking measure, including “exact” capital requirements
    • 2pm: House Oversight and Government Reform Cmte hearing on Fisker Automotive’s DoE loan, witnesses incl. founder Henrik Fisker

WHAT TO WATCH

  • Apple to return $55b more to investors as growth slows
  • Apple says to have new products in the fall, in all 2014
  • Boeing faces 2nd day of Dreamliner U.S. safety investigation
  • United sends first 787 for installation of new battery system
  • Too-big-to-fail bill due today faces opposition in Senate
  • Patriot Coal wins court permission to probe Peabody spinoff
  • Anadarko seeks dismissal of investor suit over 2010 gulf spill
  • BMC said to get separate bids from KKR, Bain buyout groups
  • Dell approves retention bonuses for execs amid buyout talks
  • Clearwire sets May 21 date for vote on Sprint’s takeover offer
  • Toyota outsells GM for 5th quarter amid yen-led recovery
  • Billabong extends talks with Sycamore for A$287m bid
  • FedEx shuts out UPS to win $10.5b in Postal Service work
  • ZTE signs patent-licensing deal w/Microsoft over smartphones
  • Payday loan restrictions said considered by 3 U.S. agencies

EARNINGS:

    • Ashland (ASH) 6am, $1.54
    • Carlisles (CSL) 6am, $0.84
    • Thermo Fisher Scientific (TMO) 6am, $1.29
    • Whirlpool (WHR) 6am, $1.90
    • WR Grace (GRA) 6am, $0.80
    • WellPoint (WLP) 6am, $2.38
    • Evercore Partners (EVR) 6am, $0.45
    • Cenovus Energy (CVE CN) 6am, C$0.46 - Preview
    • Praxair (PX) 6:05am, $1.39
    • Prosperity Bancshares (PB) 6:05am, $0.84
    • Timken (TKR) 6:30am, $0.80
    • MarketAxess Holdings (MKTX) 6:30am, $0.37
    • Wyndham Worldwide (WYN) 6:30am, $0.67
    • Eli Lilly (LLY) 6:30am, $1.05 - Preview
    • Barrick Gold (ABX CN) 6:31am, $0.86 - Preview
    • Procter & Gamble (PG) 6:58am, $0.96 - Preview
    • Meritage Homes (MTH) 7am, $0.25
    • Northrop Grumman (NOC) 7am, $1.73 - Preview
    • Omnicare (OCR) 7am, $0.87
    • Valley National Bancorp (VLY) 7am, $0.18
    • Lorillard (LO) 7am, $0.64 - Preview
    • Tupperware Brands (TUP) 7am, $1.13
    • Asbury Automotive (ABG) 7am, $0.67
    • Teledyne Technologies (TDY) 7am, $0.97
    • EMC/MA (EMC) 7am, $0.40
    • Ford Motor (F) 7am, $0.37 - Preview
    • Motorola Solutions (MSI) 7am, $0.67
    • Sprint Nextel (S) 7am, $(0.34) - Preview
    • Metro (MRU CN) 7am, C$1.01
    • Rockwell Automation (ROK) 7am, $1.29
    • NASDAQ OMX Group (NDAQ) 7am, $0.62
    • General Dynamics (GD) 7am, $1.50 - Preview
    • Lumber Liquidators Holdings (LL) 7am, $0.42
    • Corning (GLW) 7:10am, $0.24
    • RPC (RES) 7:15am, $0.25
    • Rollins (ROL) 7:15am, $0.16
    • Owens Corning (OC) 7:28am, $0.19
    • Hess (HES) 7:30am, $1.59 - Preview
    • T Rowe Price (TROW) 7:30am, $0.89
    • Waste Management (WM) 7:30am, $0.41
    • Lithia Motors (LAD) 7:30am, $0.71
    • Silicon Laboratories (SLAB) 7:30am, $0.55
    • BankUnited (BKU) 7:30am, $0.45
    • Boeing (BA) 7:30am, $1.49 - Preview
    • Southern (SO) 7:30am, $0.50
    • Canadian Pacific Railway (CP CN) 7:30am, C$1.22
    • Allegheny Technologies (ATI) 7:30am, $0.12
    • Sherritt International (S CN) 7:46am, C$0.05
    • Iconix Brand (ICON) 8am, $0.52
    • Silgan Holdings (SLGN) 8am, $0.47
    • Wabtec (WAB) 8am, $1.41
    • Dr Pepper Snapple (DPS) 8am, $0.46
    • New York Community Bancorp (NYCB) 8am, $0.26
    • SUPERVALU (SVU) 8am, $0.11
    • Prologis (PLD) 8am, $0.40
    • Medicines (MDCO) 8am, $(0.27)
    • TC Pipelines (TCP) 8am, $0.64
    • Mine Safety Appliances (MSA) 8:30am, $0.63
    • SEI Investments (SEIC) 8:30am, $0.34
    • AVX (AVX) 8:30am, $0.15
    • Avery Dennison (AVY) 8:30am, $0.58
    • USG (USG) 8:30am, $0.08
    • OSI Systems (OSIS) 8:30am, $0.74
    • NuStar Energy (NS) 8:55am, $0.43
    • Cullen/Frost Bankers (CFR) 9am, $0.96
    • NuStar GP Holdings (NSH) 9:05am, $0.38
    • Toromont Industries (TIH CN) 11:15am, C$0.25
    • Euronet Worldwide (EEFT) Bef-mkt, $0.37
    • Stryker (SYK) 4pm, $1.01
    • QUALCOMM (QCOM) 4pm, $1.17
    • Sterling Financial (STSA) 4pm, $0.35
    • Open Text (OTC CN) 4pm, $1.30
    • Texas Capital Bancshares (TCBI) 4pm, $0.83
    • Crocs (CROX) 4pm, $0.34
    • Coherent (COHR) 4pm, $0.84
    • Interface (TILE) 4pm, $0.14
    • ARRIS Group (ARRS) 4pm, $0.24
    • Knight Transportation (KNX) 4pm, $0.18
    • Whiting Petroleum (WLL) 4pm, $0.91
    • Varian Medical Systems (VAR) 4pm, $1.02
    • Cliffs Natural Resources (CLF) 4:01pm, $0.33
    • LSI (LSI) 4:01pm, $0.12
    • On Assignment (ASGN) 4:01pm, $0.18
    • Bally Technologies (BYI) 4:01pm, $0.85
    • Tractor Supply (TSCO) 4:01pm, $0.62
    • Crown Castle International (CCI) 4:01pm, $0.04
    • Montpelier Re Holdings (MRH) 4:01pm, $0.90
    • Akamai Technologies (AKAM) 4:01pm, $0.46
    • Equinix (EQIX) 4:01pm, $0.76
    • Stericycle (SRCL) 4:02pm, $0.88
    • Service International (SCI) 4:03pm, $0.22
    • CNO Financial (CNO) 4:03pm, $0.20
    • Lender Processing Services (LPS) 4:03pm, $0.65
    • Zynga (ZNGA) 4:03pm, $(0.04)
    • Morningstar (MORN) 4:03pm, $0.58
    • Glimcher Realty Trust (GRT) 4:04pm, $0.14
    • Citrix Systems (CTXS) 4:05pm, $0.63
    • F5 Networks (FFIV) 4:05pm, $1.06
    • Cadence Design Systems (CDNS) 4:05pm, $0.20
    • Flowserve (FLS) 4:05pm, $1.95
    • Fair Isaac (FICO) 4:05pm, $0.63
    • Jarden (JAH) 4:05pm, $0.23
    • Waste Connections (WCN) 4:05pm, $0.33
    • Clearwater Paper (CLW) 4:05pm, $0.52
    • Fusion-io (FIO) 4:05pm, $(0.07)
    • Angie’s List (ANGI) 4:05pm, $(0.17)
    • PetroLogistics (PDH) 4:05pm, $0.68
    • ServiceNow (NOW) 4:06pm, $(0.03)
    • Aflac (AFL) 4:07pm, $1.62
    • Tyler Technologies (TYL) 4:07pm, $0.30
    • Equifax (EFX) 4:09pm, $0.87
    • Symetra Financial (SYA) 4:10pm, $0.34
    • Cheesecake Factory (CAKE) 4:15pm, $0.42
    • Ryland Group (RYL) 4:15pm, $0.28 - Preview
    • Western Digital (WDC) 4:15pm, $1.77
    • CoreLogic (CLGX) 4:15pm, $0.37
    • Brandywine Realty Trust (BDN) 4:15pm, $0.34
    • Lam Research (LRCX) 4:15pm, $0.37
    • Selective Insurance (SIGI) 4:15pm, $0.38
    • CoStar Group (CSGP) 4:15pm, $0.44
    • Oil States International (OIS) 4:15pm, $1.82
    • Aspen Insurance Holdings (AHL) 4:15pm, $1.10
    • Assurant (AIZ) 4:15pm, $1.55
    • Raymond James Financial (RJF) 4:19pm, $0.78
    • Xilinx (XLNX) 4:20pm, $0.45
    • Churchill Downs (CHDN) 4:30pm, $0.11
    • Graco (GGG) 4:30pm, $0.73
    • Susquehanna Bancshares (SUSQ) 4:30pm, $0.23
    • MKS Instruments (MKSI) 4:30pm, $0.03
    • Duke Realty (DRE) 4:37pm, $0.26
    • PTC (PMTC) 4:58pm, $0.36
    • Mullen Group (MTL CN) 5pm, C$0.50
    • Hill-Rom Holdings (HRC) 5pm, $0.50
    • EverBank Financial (EVER) 5pm, $0.29
    • NewMarket (NEU) 5:01pm, $4.82
    • TAL International (TAL) 5:01pm, $1.05
    • Capstead Mortgage (CMO) 5:15pm, $0.32
    • Terex (TEX) 5:27pm, $0.28
    • Lundin Mining (LUN CN) 5:35pm, $0.09
    • Teradyne (TER) 6pm, $0.03
    • Kirby (KEX) 6pm, $0.91
    • Cabot Oil & Gas (COG) 6:02pm, $0.24
    • O’Reilly Automotive (ORLY) 6:30pm, $1.35
    • Methanex (MX CN) Aft-mkt, $0.73

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Gold ETPs Head for Record Monthly Drop as $20 Billion Wiped Out
  • Mysterious Lake Threatens Ethiopian Sugar Ambitions: Commodities
  • WTI Crude Climbs to One-Week High on ECB Rate Cut Speculation
  • Gold Resumes Climb as Physical Purchases Temper Drop in Holdings
  • Copper Rises as Commodities Advance Amid Stimulus Speculation
  • Corn Drops for Third Day as Drier U.S. Weather May Speed Sowing
  • Arabica Coffee Rebounds as Prices Fell Too Far; Sugar Advances
  • Lead Premium in Europe Said to Extend Drop on Battery Slump
  • Rebar Jumps Most in Five Weeks After Drop Spurs Investor Demand
  • Barrick Profit Tops Estimates as Costs Rise Less Than Expected
  • Kansas-Wheat Premium to Chicago Grain May Jump: Chart of the Day
  • Rubber Climbs to One-Week High as Weakening Yen Boosts Appeal
  • Midwest Diesel Gains as Farmers Sow Record Crop: Energy Markets
  • Record Carbon Plunge Means Pain for Europe’s Utilities: Energy
  • Mint Runs Out of Smallest American Eagle Gold Coin on Sales

THE HEDGEYE DAILY OUTLOOK - five

 

CURRENCIES


THE HEDGEYE DAILY OUTLOOK - six

 

GLOBAL PERFORMANCE

 

THE HEDGEYE DAILY OUTLOOK - three

 

THE HEDGEYE DAILY OUTLOOK - four

 

EUROPEAN MARKETS


THE HEDGEYE DAILY OUTLOOK - seven

 

ASIAN MARKETS


THE HEDGEYE DAILY OUTLOOK - eight

 

MIDDLE EAST


THE HEDGEYE DAILY OUTLOOK - nine

 

 

The Hedgeye Macro Team

 

 

 

 

 

 

 

 

 

 


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