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