Hedgeye - THE HEDGEYE DAILY OUTLOOK

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