TODAY’S S&P 500 SET-UP – May 9, 2013
As we look at today's setup for the S&P 500, the range is 34 points or 1.70% downside to 1605 and 0.39% upside to 1639.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 1.57 from 1.55
- VIX closed at 12.66 1 day percent change of -1.33%
MACRO DATA POINTS (Bloomberg Estimates):
- 7am: Bank of England monetary policy cmte decision
- 8am: Fed’s Lacker speaks on financial stability in New York
- 8:30am: Initial Jobless Claims, May 4, est. 335k (prior 324k)
- 8:45am: Bloomberg U.S. Economic Survey, May
- 9:45am: Bloomberg Consumer Comfort, May 5
- 10am: Wholesale Inventories, March, est. 0.4% (prior -0.3%)
- 10am: Wholesale Sales, March. est. 0.1% (prior 1.7%)
- 10am: Freddie Mac mortgage rates
- 10:30am: EIA natural-gas storage change
- 11am: Fed to purchase $1b-$1.5b TIPS in 2017-2043 sector
- 1pm: U.S. to sell $16b 30Y bonds
- 1:15pm: Fed’s Plosser speaks on monetary policy in New York
GOVERNMENT:
- 9am: House Homeland Security hears from Boston Police
- Commissioner Edward Davis on Boston bombings
- 9:15am: Senate Environment Cmte hears from EPA administrator nominee Gina McCarthy at confirmation hearing
- 10:30am: FCC holds open meeting to consider proposed rules to improve broadband access on airplanes and on access to spectrum for commercial space launch operators
- 11am: Congressional-Executive Commission on China holds discussion on re-education through labor with Sen. Sherrod Brown, D-Ohio, Rep. Chris Smith, R-N.J.
WHAT TO WATCH
- Buffett’s MidAmerican plans $1.9b of wind farms in Iowa
- Boeing supplier resumes 787 cell output, forecasts profit jump
- JPMorgan says watchdog may seek to punish units, workers
- BlackRock vote on Dimon’s future highlights links to JPMorgan
- Rambus fined $250m in Hynix patent-infringement case
- CFTC said to weigh lower price-quote in Dodd-Frank swap rule
- Facebook in talks to buy Waze for up to $1b: Calcalist
- Microsoft offering $1b for Nook’s digital assets: TechCrunch
- Hess said to seek $1.5b for Thailand, Indonesia assets
- Eni sells as much as $2b stake in gas network Snam
- Highfields’ Jacobson: Digital Realty is stock to sell short
- Gundlach says short Chipotle on unimpressive earnings growth
- Softbank says deal can save Sprint $3b a year by 2017
- Disney said to tell advertisers of live ABC app in mobile push
- Sony says weak yen, games to drive sales; TVs to turn profit
- Vestia asks court to void $924m of Credit Suisse swaps
- China passenger-vehicle sales rise 13% in April, beat ests.
- Bangladesh plant fire kills 8; Rana Plaza death toll hits 921
- Millennial Media CEO says now not time to sell co.
EARNINGS:
- Precision Castparts (PCP) 6am, $2.75
- AES (AES) 6am, $0.28
- Bombardier (BBD/B CN) 6am, $0.08
- TELUS (T CN) 6am, $0.54 - Preview
- MEMC Electronic Materials (WFR) 6am, $(0.14)
- DISH Network (DISH) 6am, $0.53
- EchoStar (SATS) 6am, $(0.06)
- Visteon (VC) 6am, $0.88
- Windstream (WIN) 6:15am, $0.11
- Cineplex (CGX CN) 6:15am, C$0.24
- Paladin Labs (PLB CN) 6:30am, C$0.53
- Carlyle Group (CG) 6:30am, $0.96
- MAXIMUS (MMS) 6:30am, $0.70
- Manitoba Telecom Services (MBT CN) 6:30am, C$0.54
- Starz-Liberty Capital (STRZA) 6:45am, $0.49
- BCE (BCE CN) 7am, C$0.71 - Preview
- Harsco (HSC) 7am, $0.05
- Dean Foods (DF) 7am, $0.27
- Walter Investment Management (WAC) 7am, $0.41
- DENTSPLY International (XRAY) 7am, $0.56
- WhiteWave Foods (WWAV) 7am, $0.15
- Laredo Petroleum Holdings (LPI) 7am, $0.12
- Rentech Nitrogen Partners (RNF) 7am, $0.54
- Agrium (AGU CN) 7:15am, $1.08 - Preview
- FTI Consulting (FCN) 7:30am, $0.50
- Kosmos Energy (KOS) 7:30am, $0.07
- Suburban Propane Partners (SPH) 7:30am, $2.50
- Cominar REIT (CUF-U CN) 7:30am, C$0.44
- Alere (ALR) 7:30am, $0.52
- Cooper Tire & Rubber (CTB) 7:35am, $0.66
- Teekay (TK) 8am, $(0.20)
- Baytex Energy (BTE CN) 8am, C$0.22
- Teekay LNG Partners (TGP) 8am, $0.46
- TreeHouse Foods (THS) 8am, $0.70
- Teekay Offshore Partners (TOO) 8am, $0.26
- Apache (APA) 8am, $2.21 - Preview
- NPS Pharmaceuticals (NPSP) 8am, $(0.13)
- Brookfield Asset Management (BAM/A CN) 8am, $0.31
- Crescent Point Energy (CPG CN) 8am, C$0.20
- Canadian Tire (CTC/A CN) 8:07am, C$0.89
- Dorel Industries (DII/B CN) 8:27am, $0.86
- Coeur d’Alene Mines (CDE) 8:28am, $0.14
- Cablevision Systems (CVC) 8:30am, $0.04
- Granite Construction (GVA) 8:30am, $(0.22)
- AMC Networks (AMCX) 8:30am, $0.79
- Industrial Alliance Insurance (IAG CN) 9am, C$0.79
- Stantec (STN CN) 9am, C$0.63
- Inland Real Estate (IRC) 9:30am, $0.22
- Inter Pipeline Fund (IPL-U CN) 11:19am, C$0.26
- Diodes (DIOD) 4pm, $0.02
- Assured Guaranty (AGO) 4pm, $0.71
- Sotheby’s (BID) 4pm, $(0.12)
- Salix Pharmaceuticals (SLXP) 4pm, $0.66
- MannKind (MNKD) 4pm, $(0.13)
- Air Lease (AL) 4pm, $0.38
- Amarin (AMRN) 4pm, $(0.40)
- Stifel Financial (SF) 4:01pm, $0.57
- Air Methods (AIRM) 4:01pm, $(0.15)
- priceline.com (PCLN) 4:01pm, $5.27
- Allscripts Healthcare Solutions (MDRX) 4:01pm, $0.14
- Molycorp (MCP) 4:01pm, $(0.30) - Preview
- PDL BioPharma (PDLI) 4:02pm, $0.36
- CareFusion (CFN) 4:02pm, $0.53
- Sapient (SAPE) 4:05pm, $0.13
- ExactTarget (ET) 4:05pm, $(0.10)
- Ubiquiti Networks (UBNT) 4:05pm, $0.22
- Osisko Mining (OSK CN) 4:05 pm , C$0.06
- Medivation (MDVN) 4:09pm, $(0.40)
- Advisory Board (ABCO) 4:10pm, $0.16
- Universal Display (PANL) 4:11pm, $(0.10)
- Nektar Therapeutics (NKTR) 4:15pm, $(0.43)
- Nortek (NTK) 4:15pm, no est.
- Bonanza Creek Energy (BCEI) 4:15pm, $0.41
- NVIDIA (NVDA) 4:19pm, $0.15
- Pembina Pipeline (PPL CN) 4:21pm, C$0.28
- Darling International (DAR) 4:30pm, $0.27
- Nelnet (NNI) 4:35pm, $1.27
- Public Storage (PSA) 5:09pm, $1.62
- Great Plains Energy (GXP) 5:15pm, $0.12
- AuRico Gold (AUQ CN) Aft-mkt, $0.05
- Bright Horizons Family Solutions (BFAM) Aft-mkt, $0.22
- Algonquin Power & Utilities (AQN CN) Aft-mkt, C$0.12
- Dundee International REIT(DI-U CN) Aft-mkt, C$0.21
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Egypt’s Wheat Farmers Hobbled by Fuel Shortages as Silos Run Low
- Corn Drought Easing Boosts Reserves Most Since 1960: Commodities
- Gold Declines as ETF Withdrawals Continue and Commodities Fall
- Brent Declines for Third Day as U.S. Crude Stockpiles Increase
- Copper Slides Most in a Week as China Inflation Misses Estimates
- Corn Swings Before USDA Report Predicted to Show Higher Supply
- Iraq Resumes Northern Crude Exports via Turkey After Sabotage
- Carbon Market Champions Undeterred by Kyoto Dead-End, EU Says
- Sugar Falls to 3-Month Low on Sales From Thailand; Cocoa Drops
- China Steel Production Rose to Record 89.6 Mt in March: BI Chart
- Gasoline Imports Shrink in Mideast on Refineries: Energy Markets
- China Dowry Filled With Gold Signals Gains for Jewelers: Retail
- Rebar Drops as Producer Price Decline Boosts Concern on Economy
- World Food Prices Rise as Drought Hurts New Zealand Dairies
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team
