TODAY’S S&P 500 SET-UP – May 8, 2013
As we look at today's setup for the S&P 500, the range is 71 points or 4.12% downside to 1559 and 0.25% upside to 1630.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 1.57 from 1.56
- VIX closed at 12.83 1 day percent change of 1.34%
MACRO DATA POINTS (Bloomberg Estimates)
- 7am: MBA Mortgage Applications, May 3 (prior 1.8%)
- 8:30am: Fed’s Stein speaks at Chicago Fed conference
- 10:30am: DOE Energy Inventories
- 11am: Fed to purchase $3b-$3.75b debt in 2019-2020 sector
- 1pm: U.S. to sell $24b 10Y notes
GOVERNMENT:
- 9am: Congressional Progressive Caucus event w/ low wage workers employed under federal contracts, w/ Reps. Raul Grijalva, D-Ariz.; Keith Ellison, D-Minn.; Barbara Lee, D-Calif.; Rep. Jan Schakowsky, D-Ill.
- 9am: Mandiant CEO Kevin Mandia, Symentec cyber VP Cheri McGuire testify on Senate Judiciary Cmte panel on law enforcement, private sector responses to cyber threats
- 10am: Senate Health, Education and Labor Cmte votes on nomination of Thomas Perez to Labor sec
- 10am: House Natural Resources Cmte hearing on hydraulic fracturing
- 11:30am: House Oversight holds Benghazi hearing
- 11:30am: Sen. Chris Murphy, D-Conn., Rep. Mo Brooks, R-Ala., Rep. Tim Ryan, D-Ohio, participate in Alliance for American Manufacturing news conf. on supply chain vulnerabilities, natl security risks in defense industrial base
- Sanford defeats Colbert’s sister in South Carolina
WHAT TO WATCH
- Yahoo CEO Mayer said to seek ways to end Microsoft search deal
- Microsoft CFO search said to pit Windows’ Reller against Hood
- Sprint said to press Dish for details before its due diligence
- Fannie Mae settles investor accounting lawsuit for $153m
- Whole Foods raises annual forecast as same-store sales improve
- “Bullish” about acquiring regional food stores
- J.C. Penney reports 1Q prelim. sales drop below ests.
- Walt Disney 2Q adj. EPS, revenue beat estimates
- Electronic Arts projects annual profit exceeding analyst ests.
- WebMD’s CEO Redmond steps down as co. raises sales forecast
- Toyota forecasts profit will rise to 6-yr high on weaker yen
- China export gains spur doubts as U.S., Europe shipments fall
- Berkshire agrees to limit DaVita stake after weighing increase
- China’s CNPC said in talks to buy Brazil’s Barra for $2b
- Apple seeks documents on Android source code in Samsung lawsuit
- Bristol-Myers sues Genentech claiming “Cabilly” patents invalid
- Tom Mockridge is named CEO of Virgin Media on Liberty deal
- Ackman, Einhorn, Eisman to speak at Ira Sohn conference
EARNINGS:
- Calfrac Well Services (CFW CN) 6am, C$0.50
- Susser Holdings (SUSS) 6am, $(0.05)
- Lamar Advertising (LAMR) 6am, $(0.03)
- Cognizant Technology Solutions (CTSH) 6am, $0.93
- Calumet Specialty Products (CLMT) 6:30am, $1.03
- Franco-Nevada (FNV CN) 6:30am, $0.27
- Starwood Property Trust (STWD) 6:45am, $0.46
- Intact Financial (IFC CN) 6:55am, $1.32
- CommonWealth REIT (CWH) 7am, $0.73
- Wendy’s (WEN) 7am, $0.03
- Enbridge (ENB CN) 7am, C$0.52
- AOL (AOL) 7am, $0.45
- Genivar (GNV CN) 7am, C$0.35
- Huntington Ingalls Industries (HII) 7:15am, $0.85
- Sodastream (SODA) 7:30am, $0.65
- Geo Group (GEO) 7:30am, $0.38
- Tim Hortons (THI CN) 7:30am, C$0.61
- Cedar Fair (FUN) 7:35am, $(1.20
- Brookfield Renewable Energy (BEP-U CN) 8am, $0.17
- Vivus (VVUS) 8:15am, $(0.52)
- Allete (ALE) 8:25am, $0.75
- Liberty Interactive (LINTA) 11:45am, $0.19
- News Corp (NWSA) 4pm, $0.35 - Preview
- Linamar (LNR CN) 4pm, C$0.60
- Cousins Properties (CUZ) 4pm, $0.12
- Green Mountain Coffee Roasters (GMCR) 4pm, $0.73
- Tower Group International (TWGP) 4pm, $0.53
- Groupon (GRPN) 4pm, $0.03
- Quebecor (QBR/B CN) 4pm, C$0.61
- Rackspace Hosting (RAX) 4pm, $0.20
- Quantum (QTM) 4:01pm, ($0.01)
- St Joe (JOE) 4:01pm, $(0.01)
- Sunoco Logistics Partners (SXL) 4:01pm, $0.82
- MarkWest Energy (MWE) 4:01pm, $0.26
- Polypore International (PPO) 4:01pm, $0.41
- Tumi (TUMI) 4:01pm, $0.15
- MBIA (MBI) 4:01pm, $0.15
- Andersons (ANDE) 4:01pm, $0.87
- J2 Global (JCOM) 4:03pm, $0.65
- Tesla Motors (TSLA) 4:03pm, $0.04 - Preview
- CenturyLink (CTL) 4:04pm, $0.68
- Activision Blizzard (ATVI) 4:05pm, $0.11 - Preview
- Monster Beverage (MNST) 4:05pm, $0.46
- Dealertrack Technologies (TRAK) 4:05pm, $0.26
- Clean Energy Fuels (CLNE) 4:05pm, $(0.06)
- SemGroup (SEMG) 4:05pm, $0.36
- Shutterstock (SSTK) 4:05pm, $0.16
- McDermott International (MDR) 4:10pm, $0.14
- Corrections of America (CXW) 4:10pm, $0.48
- Finning International (FTT CN) 4:14pm, C$0.47
- Veresen (VSN CN) 4:14pm, C$0.05
- Schweitzer-Mauduit International (SWM) 4:15pm, $0.92
- CF Industries Holdings (CF) 4:15pm, $6.00
- Oiltanking Partners (OILT) 4:15pm, $0.41
- Hawaiian Electric Industries (HE) 4:15pm, $0.38
- RLJ Lodging Trust (RLJ) 4:25pm, $0.37
- Fifth Street Finance (FSC) 4:41pm, $0.28
- Regency Energy Partners (RGP) 4:45pm, $0.03
- Liberty Media (LMCA) 4:45pm, $0.41
- Energy Transfer Partners (ETP) 4:53pm, $0.46
- Transocean (RIG) 4:56pm, $0.99 - Preview
- Ctrip.com (CTRP) 5pm, $0.24
- American Financial (AFG) 5pm, $0.83
- Home Capital Group (HCG CN) 5pm, C$1.67
- Atlas Energy (ATLS) 5pm, $(0.01)
- Atlas Resource Partners (ARP) 5pm, $0.23
- Sun Life Financial (SLF CN) 5:10pm, C$0.66
- Energy Transfer Equity (ETE) 5:10pm, $0.53
- EPAM Systems (EPAM) 5:40pm, $0.34
- Alon USA Energy (ALJ) 5:45pm, $0.55
- Continental Resources (CLR) 5:48pm, $1.14
- Granite REIT (GRT-U CN) 5:51pm, $0.69
- Tronox (TROX) 5:56pm, $(0.21)
- Quad/Graphics (QUAD) 6:30pm, $0.15
- Crosstex Energy (XTEX) 7pm, $(0.25)
- Delek US Holdings (DK) 11pm, $1.18
- Middleby (MIDD) Aft-mkt, $1.31
- Trican Well Service (TCW CN) Aft-mkt, C$0.18
- Northland Power (NPI CN) Aft-mkt, $0.06
- Alon USA Partners (ALDW) Aft-mkt, $1.44
- Calloway REIT (CWT-U CN) Aft-mkt, C$0.45
- Northern Property REIT (NPR-U CN) Aft-mkt, C$0.50
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Iron Ore Seen Dropping by BHP as Supply Growth Tops Demand
- KKR to Goldman Breach Decade-Long Water Deal Dam: Commodities
- Gold Rises in New York Amid Signs of Physical Demand in China
- Copper Rises in New York After Gains in China Signal More Demand
- Gold Assets in Fund Paulson Holds Decline to Four-Year Low
- China’s Gold Purchases From Hong Kong Expand to Record in March
- Sugar Declines on Brazilian Harvest Progress; Coffee Retreats
- Rebar Advances After China’s Trade Performance Beats Estimates
- Gold Eroding Farmer Collateral May Boost Defaults: India Credit
- Carbon Rout Roiling Australia as Polluters Win: Energy Markets
- China Copper Imports Drop 21.1% Yoy as Demand Slows: BI Chart
- Copper Consumers Seen by Boliden Holding Very Low Stockpiles
- Fed Panel Warned of Farmland Bubble Amid Increasing Credit Risk
- Gold Imports by India Seen Topping 100 Tons for a Second Month
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team
