THE HEDGEYE DAILY OUTLOOK
TODAY’S S&P 500 SET-UP – May 7, 2013
As we look at today's setup for the S&P 500, the range is 26 points or 1.39% downside to 1595 and 0.22% upside to 1621.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 1.56 from 1.55
- VIX closed at 12.66 1 day percent change of -1.48%
MACRO DATA POINTS (Bloomberg Estimates):
- 7:45am: ICSC weekly sales
- 8:55am: Johnson/Redbook weekly sales
- 10am: IBD/TIPP Economic Optimism, May, est 47.3 (prior 46.2)
- 10am: JOLTs Job Openings, March (prior 3.925m)
- 11am: Fed to purchase $1.25b-$1.75b debt in 2036-2043 sector
- 11:30am: U.S. to sell 4W bills
- 1pm: U.S. to sell $32b 3Y notes
- 3pm: Consumer Credit, March, est. $16b (prior $18.139b)
- 4:30pm: API energy inventories
GOVERNMENT:
- President Obama meets w/ S. Korean President Park Geun-Hye
- House, Senate in session
- U.S. Court of Appeals for the D.C. Circuit hears arguments in Texas challenge to EPA over federal takeover of state’s carbon-emission rules, 9:30am
- House Science, Space and Technology subcmte holds hearing on Keystone pipeline, 10am
- Bill Clinton, Microsoft’s Bill Gates discuss America’s future at Peterson Foundation Fiscal Summit
- Carlos Edwards, chief of security operations and engineering at the SEC, speaks at Intl Information Systems Security Certification Consortium, 11am
- Special election for vacant House seat in S.C., race pits former Republican Gov. Mark Sanford against Democratic nominee Elizabeth Colbert Busch, sister of political satirist Stephen Colbert; Polls close 7pm
- Pre-trial hearing for Pfc. Bradley Manning, charged w/ aiding enemy, wrongfully causing intelligence to be published on Internet, 3pm
- Dalai Lama gives lecture on peace at Univ. of Maryland
WHAT TO WATCH
- Swap regulators face Congressional pressure to curb Dodd-Frank
- 12 banks sued over claims they restrained credit swap market
- Arrowgrass said to snub Freeport bid after buying Plains stake
- Senate passes WMT-backed bill letting states tax Web sales
- GM wins approval to build $1.3b Cadillac plant in China
- YouTube said to plan $1.99 subscription channels in coming wks
- Pfizer selling Viagra at website to combat fake versions
- Microsoft sells 100m Windows 8 licenses, preparing update
- Pentagon awards drop 52%; U.S. automatic cuts trigger slowdown
- PG&E should pay $2.25b for California blast, agency says
- Hertz holders including CDR, Carlyle to sell 49.8m shrs
- Pandora says 40-hr cap on mobile listening cuts content costs
EARNINGS:
- Cimarex Energy (XEC) 6am, $1.06
- Towers Watson (TW) 6am, $1.49
- Emerson Electric (EMR) 6:30am, $0.78 - Preview
- Nationstar Mortgage Holdings (NSM) 6:30am, $0.73
- NRG Energy (NRG) 6:40am, ($0.29)
- Henry Schein (HSIC) 6:51am, $1.07
- Fossil (FOSL) 6:59am, $0.97
- Husky Energy (HSE CN) 7am, C$0.53
- Discovery Communications (DISCA) 7am, $0.64
- HollyFrontier (HFC) 7am, $1.77
- TransDigm Group (TDG) 7am, $1.73
- Fortis Inc/Canada (FTS CN) 7am, C$0.65
- Hospitality Properties Trust (HPT) 7am, $0.74
- Endo Health Solutions (ENDP) 7am, $1.08
- AECOM Technology (ACM) 7am, $0.51
- Broadridge Financial Solutions (BR) 7am, $0.32
- OfficeMax (OMX) 7am, $0.23
- International Flavors & Fragrances (IFF) 7:02am, $1.13
- DIRECTV (DTV) 7:30am, $1.09
- Health Care REIT (HCN) 7:30am, $0.90
- Molson Coors Brewing (TAP) 7:30am, $0.34
- Westjet Airlines (WJA CN) 7:30am, C$0.64
- Quicksilver Resources (KWK) 7:30am, ($0.01)
- Ariad Pharmaceuticals (ARIA) 7:35am, ($0.37)
- Cinemark Holdings (CNK) 7:37am, $0.24
- CommVault Systems (CVLT) 7:40am, $0.34
- Perrigo (PRGO) 7:45am, $1.44
- Inergy Midstream (NRGM) 7:45am, $0.13
- Inergy (NRGY) 7:46am, $0.05
- Charter Communications (CHTR) 8am, ($0.46)
- George Weston (WN CN) 8am, C$0.92
- Ares Capital (ARCC) 8am, $0.40
- Louisiana-Pacific (LPX) 8am, $0.45
- FirstEnergy (FE) 8:25am, $0.69
- Oaktree Capital Group LLC (OAK) 8:30am, $1.53
- Isis Pharmaceuticals (ISIS) 8:30am, ($0.06)
- Emera (EMA CN) 9:52am, $0.67
- CI Financial (CIX CN) 11:27am, $0.36
- Mondelez International (MDLZ) 4pm, $0.33 - Preview
- Onyx Pharmaceuticals (ONXX) 4pm, ($0.48)
- Plantronics (PLT) 4pm, $0.71
- WebMD Health (WBMD) 4pm, ($0.15)
- Williams (WMB) 4:01pm, $0.24
- Williams Partners (WPZ) 4:01pm, $0.50
- DaVita HealthCare Partners (DVA) 4:01pm, $1.80
- Electronic Arts (EA) 4:01pm, $0.58 - Preview
- DigitalGlobe (DGI) 4:01pm, ($0.46)
- ACADIA Pharmaceuticals (ACAD) 4:01pm, ($0.08)
- TripAdvisor (TRIP) 4:02pm, $0.47
- Two Harbors Investment Corp (TWO) 4:02pm, $0.32
- Zillow (Z) 4:02pm, ($0.05)
- Whole Foods Market (WFM) 4:03pm, $0.73 - Preview
- Live Nation Entertainment (LYV) 4:03pm, ($0.36)
- Symantec Corp (SYMC) 4:05pm, $0.38
- CA (CA) 4:05pm, $0.55
- Seattle Genetics (SGEN) 4:05pm, ($0.19)
- Gulfport Energy (GPOR) 4:05pm, $0.14
- URS Corp (URS) 4:05pm, $1.12
- Jazz Pharmaceuticals (JAZZ) 4:05pm, $1.29
- SandRidge Energy (SD) 4:05pm, ($0.05)
- ValueClick (VCLK) 4:05pm, $0.39
- Myriad Genetics (MYGN) 4:05pm, $0.39
- Babcock & Wilcox (BWC) 4:09pm, $0.48
- McKesson Corp (MCK) 4:10pm, $2.31
- Douglas Emmett (DEI) 4:13pm, $0.35
- Walt Disney (DIS) 4:15pm, $0.77 - Preview
- CH Robinson Worldwide (CHRW) 4:15pm, $0.69
- American Water Works (AWK) 4:15pm, $0.32
- Exelixis (EXEL) 4:16pm, ($0.28)
- Oasis Petroleum (OAS) 4:30pm, $0.51
- Regency Centers Corp (REG) 4:48pm, $0.62
- Kinross Gold Corp (K CN) 5pm, $0.13
- Axiall Corp (AXLL) 5pm, $1.17
- Giant Interactive Group (GA) 5pm, $0.22
- IAMGOLD Corp (IMG CN) 6:10pm, $0.14
- Marathon Oil (MRO) Aft-mkt, $0.72
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Gold Purchases by China From Hong Kong Double to Record in March
- Tin Bear Market Slump Seen Curbing Record Exports: Commodities
- China’s Gold Consumption Jumps 26% in First Quarter Before Rout
- WTI Crude Drops First Day in Four as U.S. Stockpiles Seen Rising
- Wheat Rises as U.S. Winter Crop Worsens and Ukraine Remains Dry
- Copper Advances in New York After Jump in Germany Factory Orders
- Gold Retreats in New York on Slowing Demand; Silver Declines
- North Sea Brent Crude Exports Drop to Five Cargoes in June
- Money Managers Boost Net Long on London Cocoa to 42,972 Lots
- Crude Supplies Climb From 82-Year High in Survey: Energy Markets
- Rio Said to Pursue $5 Billion Iron-Ore Project as Glut Looms
- Cocoa Falls as Technical Signals Turn Bearish; Raw Sugar Drops
- Tanker Rates Rallying on Record U.S. Gasoline Cargoes: Freight
- BullionVault Demand Gauge Jumps to 16-Month High After Bear Drop
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team