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TODAY’S S&P 500 SET-UP – April 25, 2013


As we look at today's setup for the S&P 500, the range is 31 points or 0.94% downside to 1564 and 1.03% upside to 1595.                 

SECTOR PERFORMANCE


THE HEDGEYE DAILY OUTLOOK - 1

THE HEDGEYE DAILY OUTLOOK - 2

EQUITY SENTIMENT:


THE HEDGEYE DAILY OUTLOOK - 10


CREDIT/ECONOMIC MARKET LOOK:

  • YIELD CURVE: 1.48 from 1.48
  • VIX VIX closed at 13.61 1 day percent change of 0.96%

MACRO DATA POINTS (Bloomberg Estimates):

  • 8:30am: Init Jobless Claims, April 20, est. 350k (prior 352k)
  • 8:30am: Cont Claims, April 13, est. 3.060m (prior 3.068m)
  • 9:45am: Bloomberg Consumer Comfort, April 21 (prior -29.2)
  • 10am: Freddie Mac mortgage rates
  • 10:30am: EIA natural-gas storage change
  • 11am: Kansas City Fed Manf. Acti, April, est. -1 (prior -5)
  • 1pm: U.S. to sell $29b 7Y notes

GOVERNMENT:

    • Senate may hold final vote on legislation allowing states to collect taxes on out-of-state sellers, including online and catalog retailers
    • 8:30am: House Nuclear Cleanup Caucus briefing on Energy Dept’s 2013 cleanup program
    • 10am: Senate Health, Education and Labor Cmte votes on nomination of Thomas Perez for Labor sec
    • 10am: House Armed Svcs Cmte hears from Army Sec. John McHugh and Army Chief of Staff Raymond Odierno on the Army budget request
    • 2:30pm: Treasury Sec. Jack Lew will hold open session of FSOC to vote on annual report; Fed Chairman Ben Bernanke, CFPB Dir. Richard Cordray, CFTC Chairman Gary Gensler, FDIC Chairman Martin Gruenberg, SEC Chairman Mary Jo White, others to attend
    • 2:30pm: House Ways and Means panel hears from acting IRS Commissioner Steve Miller on 2013 tax filing season

WHAT TO WATCH

  • Boeing 787 battery tests didn’t ensure against fire, NTSB says
  • Samsung says demand for new Galaxy S4 more than anticipated
  • Lockheed may win orders for up to 71 F-35s, Pentagon says
  • Twitter said to plan bolstering user security after AP hacking
  • Netflix will raise capital as needed to fund original programs
  • Fiat said to target N.Y. primary listing in Italy retreat
  • Verizon may bid $100b for Verizon Wireless: Reuters
  • U.K. avoids triple-dip recession as economy expands 0.3%
  • Spain jobless rate breaches 27% as recession crimps economy
  • Lansdowne exits Prudential short after “meaningful” losses
  • Criteo said to name JPMorgan for its U.S. IPO

EARNINGS

    • Potash Corp of Saskatchewan (POT CN) 6am, $0.60
    • Colfax (CFX) 6am, $0.24
    • Ball (BLL) 6am, $0.65
    • Helmerich & Payne (HP) 6am, $1.29
    • Stanley Black & Decker (SWK) 6am, $0.96
    • Precision Drilling (PD CN) 6am, C$0.29
    • Patterson-UTI Energy (PTEN) 6am, $0.36
    • Diamond Offshore Drilling (DO) 6am, $1.16
    • United Therapeutics (UTHR) 6am, $1.46
    • Time Warner Cable (TWC) 6am, $1.37
    • Alamos Gold (AGI CN) 6am, $0.20
    • NorthWestern (NWE) 6am, $0.94
    • Proto Labs (PRLB) 6am, $0.31
    • LPL Financial Holdings (LPLA) 6am, $0.55
    • Dunkin’ Brands (DNKN) 6am, $0.29
    • Cash America International (CSH) 6am, $1.36
    • Chart Industries (GTLS) 6am, $0.66
    • Southwest Airlines (LUV) 6:30am, $0.02
    • Alexion Pharmaceuticals (ALXN) 6:30am, $0.60
    • Bunge (BG) 6:30am, $0.91
    • RR Donnelley (RRD) 6:30am, $0.33
    • PulteGroup (PHM) 6:30am, $0.15
    • Carter’s (CRI) 6:30am, $0.69
    • World Acceptance (WRLD) 6:30am, $3.06
    • WABCO Holdings (WBC) 6:30am, $1.07
    • Colgate-Palmolive (CL) 7am, $1.32
    • Altria Group (MO) 7am, $0.53
    • Raytheon (RTN) 7am, $1.28
    • AmerisourceBergen (ABC) 7am, $0.88
    • DST Systems (DST) 7am, $1.08
    • CONSOL Energy (CNX) 7am, $0.21
    • Zimmer Holdings (ZMH) 7am, $1.40
    • Dana Holding (DAN) 7am, $0.42
    • First American Financial (FAF) 7am, $0.42
    • Bemis (BMS) 7am, $0.54
    • Boston Scientific (BSX) 7am, $0.09
    • Dow Chemical (DOW) 7am, $0.61
    • Entergy (ETR) 7am, $0.83
    • EQT (EQT) 7am, $0.53
    • Harley-Davidson (HOG) 7am, $0.99
    • Hershey (HSY) 7am, $1.04
    • Sigma-Aldrich (SIAL) 7am, $1.00
    • Biogen Idec (BIIB) 7am, $1.63
    • Old Dominion Freight Line (ODFL) 7am, $0.42
    • Colonial Properties Trust (CLP) 7am, $0.34
    • AMETEK (AME) 7am, $0.51
    • L-3 Communications (LLL) 7am, $1.93
    • Linn Energy (LINE) 7am, $0.24
    • Lear (LEA) 7am, $1.10
    • Nielsen Holdings (NLSN) 7am, $0.36
    • EQT Midstream Partners (EQM) 7am, $0.48
    • LinnCo LLC (LNCO) 7am, $0.32
    • Lancaster Colony (LANC) 7:05am, $0.80
    • Mack-Cali Realty (CLI) 7:10am, $0.64
    • Noble Energy (NBL) 7:24am, $1.25
    • Bristol-Myers Squibb (BMY) 7:30am, $0.42
    • Dominion Resources (D) 7:30am, $0.89
    • Domtar (UFS) 7:30am, $1.46
    • 3M (MMM) 7:30am, $1.65
    • Cameron International (CAM) 7:30am, $0.75
    • CMS Energy (CMS) 7:30am, $0.51
    • Coca-Cola Enterprises (CCE) 7:30am, $0.38
    • Occidental Petroleum (OXY) 7:30am, $1.54
    • Parker Hannifin (PH) 7:30am, $1.67
    • SCANA (SCG) 7:30am, $1.04
    • Celgene (CELG) 7:30am, $1.35
    • Level 3 Communications (LVLT) 7:30am, $(0.17)
    • Graphic Packaging Holding (GPK) 7:30am, $0.08
    • JetBlue Airways (JBLU) 7:30am, $0.10
    • LKQ (LKQ) 7:30am, $0.29
    • Hercules Offshore (HERO) 7:30am, $(0.04)
    • United Continental (UAL) 7:30am, $(1.09)
    • Mead Johnson Nutrition (MJN) 7:30am, $0.86
    • Revlon (REV) 7:30am, $0.26
    • EMCOR Group (EME) 7:30am, $0.44
    • Brunswick (BC) 7:35am, $0.63
    • United Parcel Service (UPS) 7:45am, $1.01
    • AltaGas (ALA CN) 7:45am, C$0.53
    • United Bankshares (UBSI) 7:50am, $0.43
    • Landstar System (LSTR) 7:50am, $0.57
    • Avnet (AVT) 8am, $0.87
    • Trimas (TRS) 8am, $0.41
    • Meredith (MDP) 8am, $0.68
    • ConocoPhillips (COP) 8am, $1.42
    • Imperial Oil (IMO CN) 8am, C$0.95
    • BorgWarner (BWA) 8am, $1.24
    • Rayonier (RYN) 8am, $0.60
    • KKR (KKR) 8am, $0.80
    • Cabela’s (CAB) 8am, $0.59
    • SunCoke Energy (SXC) 8am, $0.05
    • Marriott Vacations Worldwide (VAC) 8am, $0.44
    • Alaska Air Group (ALK) 8am, $0.56
    • Carpenter Technology (CRS) 8am, $0.74
    • Kennametal (KMT) 8am, $0.71
    • Brink’s (BCO) 8am, $0.31
    • Life Time Fitness (LTM) 8am, $0.65
    • Exxon Mobil (XOM) 8:04am, $2.05
    • Belo (BLC) 8:30am, $0.15
    • Deluxe (DLX) 8:30am, $0.87
    • GATX (GMT) 8:30am, $0.70
    • Valassis Communications (VCI) 8:30am, $0.73
    • New York Times (NYT) 8:30am, $0.04
    • Royal Caribbean Cruises  (RCL) 8:30am, $0.19
    • Sun Communities (SUI) 8:30am, $0.91
    • PVR Partners  (PVR) 8:30am, $0.06
    • Reliance Steel & Aluminum (RS) 8:50am, $1.14
    • Old Republic International (ORI) 9am, $(0.04)
    • Safeway (SWY) 9am, $0.35
    • Realty Income (O) 9:15am, $0.58
    • InterDigital (IDCC) Bef-mkt, $(0.19)
    • Tessera Technologies (TSRA) Bef-mkt, $(0.63)
    • Shoppers Drug Mart (SC CN) Bef-mkt, C$0.59
    • Baidu (BIDU) 4pm, $6.52
    • Cirrus Logic (CRUS) 4pm, $0.58
    • Maxim Integrated Products (MXIM) 4pm, $0.41
    • ResMed (RMD) 4pm, $0.56
    • Columbia Sportswear (COLM) 4pm, $0.14
    • TFS Financial (TFSL) 4pm, $0.02
    • CBRE Group (CBG) 4pm, $0.17
    • VCA Antech (WOOF) 4pm, $0.37
    • Clearwire (CLWR) 4pm, $(0.27)
    • Freescale Semiconductor  (FSL) 4pm, $(0.10)
    • Chubb (CB) 4pm, $1.74
    • Cincinnati Financial (CINF) 4pm, $0.67
    • Deckers Outdoor (DECK) 4pm, $(0.10)
    • Simpson Manufacturing (SSD) 4pm, $0.18
    • Principal Financial (PFG) 4pm, $0.74
    • Informatica (INFA) 4pm, $0.31
    • Amazon.com (AMZN) 4pm, $0.10
    • NETGEAR (NTGR) 4pm, $0.52
    • Molina Healthcare (MOH) 4pm, $0.25
    • Expedia (EXPE) 4pm, $0.23
    • Hittite Microwave (HITT) 4pm, $0.56
    • Microsemi (MSCC) 4pm, $0.40
    • BioMarin Pharmaceutical (BMRN) 4pm, $(0.31)
    • Cerner (CERN) 4:01pm, $0.63
    • Coinstar (CSTR) 4:01pm, $0.86
    • National Instruments (NATI) 4:01pm, $0.19
    • Pebblebrook Hotel Trust (PEB) 4:01pm, $0.17
    • Federated Investors (FII) 4:02pm, $0.42
    • Wynn Resorts (WYNN) 4:02pm, $1.55
    • Starbucks (SBUX) 4:03pm, $0.48
    • VeriSign (VRSN) 4:05pm, $0.54
    • PerkinElmer (PKI) 4:05pm, $0.48
    • Leggett & Platt (LEG) 4:05pm, $0.38
    • Superior Energy Services (SPN) 4:05pm, $0.40
    • PMC-Sierra (PMCS) 4:05pm, $0.08
    • Ingram Micro (IM) 4:05pm, $0.43
    • Theravance (THRX) 4:05pm, $(0.38)
    • Dolby Laboratories (DLB) 4:05pm, $0.71
    • Axis Capital Holdings  (AXS) 4:05pm, $1.19
    • NetSuite (N) 4:05pm, $0.03
    • QLIK Technologies (QLIK) 4:05pm, $(0.12)
    • Republic Services (RSG) 4:05pm, $0.41
    • KBR (KBR) 4:10pm, $0.47
    • KLA-Tencor (KLAC) 4:15pm, $0.86
    • Altera (ALTR) 4:15pm, $0.33
    • MICROS Systems (MCRS) 4:15pm, $0.61
    • SVB Financial Group (SIVB) 4:15pm, $0.88
    • Synaptics (SYNA) 4:15pm, $0.57
    • Validus Holdings (VR) 4:15pm, $1.42
    • International Game Technology (IGT) 4:15pm, $0.30
    • Eastman Chemical (EMN) 4:30pm, $1.57
    • HealthSouth (HLS) 4:30pm, $0.40
    • Skyworks Solutions (SWKS) 4:30pm, $0.47
    • West (WSTC) 4:45pm, no est.
    • Reinsurance Group of America (RGA) 5pm, $1.61
    • Hancock Holding (HBHC) 5pm, $0.60
    • Agnico-Eagle Mines (AEM CN) 5pm, $0.31
    • Taubman Centers (TCO) 5pm, $0.85
    • Aptargroup (ATR) 5pm, $0.66
    • West Fraser Timber (WFT CN) 5pm, C$2.15
    • Universal Health Services (UHS) 5:01pm, $1.17
    • Minerals Technologies (MTX) 5:01pm, $0.51
    • Range Resources (RRC) 5:15pm, $0.30
    • First Industrial Realty Trust (FR) 7:50pm, $0.26
    • Olin (OLN) Aft-mkt, $0.46
    • Key Energy Services (KEG) Aft-mkt, $0.04
    • Washington REIT (WRE) Aft-mkt, $0.46
    • Iberiabank (IBKC) Aft-mkt, $0.68 

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Gold Advances to 10-Day High as Central Banks Join Other Buyers
  • Gold Rout for Central Banks Buying Most Since 1964: Commodities
  • WTI Trades Near Two-Week High; Discount to Brent Shrinks to $10
  • U.S. Mint Sales of Gold Coins at Three-Year High on Prices
  • Shanghai Copper Trade Jumps as Bear Market Brings Volatility
  • Soybeans Rebound on Speculation China Is Buying U.S. Supplies
  • Texas University Fund Sold $375 Million in Gold-Bar Holdings
  • Palm Oil Climbs a Third Day as Rising Exports May Trim Reserves
  • No End to Power Rout as Carbon Market Vote Fails: Energy Markets
  • Olam to Cut Spending, Sell Assets After Muddy Waters Attack
  • Gold Seen Plunging to $1,300 on Bear Flag: Technical Analysis
  • Oil’s Big Five Squeezed by Crude Drop as Spending Soars: Energy
  • Asia Copper Premiums Set to Gain on China Buying, Warehouse Fees
  • Russia, Kazakhstan Boost Gold Reserves for Sixth Straight Month

THE HEDGEYE DAILY OUTLOOK - 5

 

CURRENCIES


THE HEDGEYE DAILY OUTLOOK - 6

GLOBAL PERFORMANCE

THE HEDGEYE DAILY OUTLOOK - 3

THE HEDGEYE DAILY OUTLOOK - 4

EUROPEAN MARKETS


THE HEDGEYE DAILY OUTLOOK - 7

ASIAN MARKETS


THE HEDGEYE DAILY OUTLOOK - 8

MIDDLE EAST


THE HEDGEYE DAILY OUTLOOK - 9

The Hedgeye Macro Team