Hedgeye - 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

EQUITY SENTIMENT:

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

CURRENCIES

GLOBAL PERFORMANCE

EUROPEAN MARKETS

ASIAN MARKETS

MIDDLE EAST

The Hedgeye Macro Team