TODAY’S S&P 500 SET-UP – October 23, 2013
As we look at today's setup for the S&P 500, the range is 42 points or 1.80% downside to 1723 and 0.59% upside to 1765.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.20 from 2.22
- VIX closed at 13.33 1 day percent change of 1.29%
MACRO DATA POINTS (Bloomberg Estimates):
- 7am: Mortgage Applications Index, Oct. 18 (prior 0.3%)
- 8:30am: Import Price Index M/m, Sept., est. 0.2% (prior 0.0%)
- 9am: House Price Index, Aug., est. 0.8% (prior 1.0%)
- 10:30am: DOE Energy Inventories
- 11am: Fed to purchase $2.75b-$3.5b notes in 2020-2023 sector
GOVERNMENT:
- President Barack Obama meets with Pakistani Prime Minister Nawaz Sharif to discuss security concerns
- 8:30am: CSIS, Finl Svcs Roundtable discussion on cybersecurity
- 10am: SEC meets on proposed rules, forms on offer and sale of securities through crowdfunding
- 10:30am: House Education and the Workforce ranking member Rep. George Miller, D-Calif., Reps. Jan Schakowsky, D-Ill., Alan Grayson, D-Fla., host forum on Wal-Mart wages
- 11am: House Judiciary Chairman Bob Goodlatte, R-Va. to announce introduction of bill “to address ever increasing problem of abusive patent litigation.”
- 2pm: House Financial Services panel hearing on reducing impediments to capital formation
- 2pm: House Armed Services Cmte hearing on Navy’s 30-year shipbuilding plan
- 3:30pm: House Armed Services hears from Pentagon officials on spending cuts, effect on acquisition, modernization
WHAT TO WATCH:
- Icahn’s Netflix sale shows differences with son over value
- JPMorgan close to $6b settlement with institutional investors: FT
- Men’s Wearhouse said to mull bid for shoemaker Allen Edmonds
- ECB stress test to use stricter capital definition than review
- Peugeot reviews GM alliance as savings goal proves tough to meet
- Rabobank said to agree to $1b settlement over Libor claims
- Biggest Chinese banks triple debt write-offs
- Twitter secures $1b credit line before initial share sale
- Carlyle, KKR, CVC join initial bid for Woori F&I: Maeil
- Amgen boosts 2013 forecast after third-quarter sales rise
- Buffett praises IBM profit prospects, says cos. have blips
- Spanish GDP rises 0.1% in 3Q, ending nine-quarter recession
- Heineken cuts profit outlook as central European sales slide
AM EARNS:
- Airgas (ARG) 7:30am, $1.23
- Allegheny Technologies (ATI) 7am, $(0.28)
- American Electric Power (AEP) 6:57am, $1.08
- Boeing (BA) 7:30am, $1.52 - Preview
- Brinker Intl (EAT) 7:45am, $0.45 - Preview
- Bristol-Myers Squibb (BMY) 7:30am, $0.44
- Canadian Pacific Railway (CP CN) 7:30am, $1.71 - Preview
- CapitalSource (CSE) 8am, $0.15
- Caterpillar (CAT) 7:30am, $1.67 - Preview
- Commercial Metals (CMC) 7am, $0.17
- Dr Pepper Snapple (DPS) 7am, $0.83
- Eli Lilly (LLY) 6:30am, $1.04 - Preview
- Encana (ECA CN) 6am, $0.16 - Preview
- General Dynamics (GD) 7am, $1.68 - Preview
- Hudson City Bancorp (HCBK) 8am, $0.08
- Lorillard (LO) 7am, $0.81 - Preview
- Medicines (MDCO) 8am, $0.16 - Preview
- Molex (MOLX) 7:30am, $0.37
- Motorola Solutions (MSI) 7am, $1.02
- NASDAQ OMX (NDAQ) 7am, $0.62
- New York Community Bancorp (NYCB) 8am, $0.26
- Nielsen (NLSN) 6am, $0.48
- Norfolk Southern (NSC) 8am, $1.39 - Preview
- Northrop Grumman (NOC) 7am, $1.82 - Preview
- Omnicare (OCR) 7am, $0.90
- Owens Corning (OC) 7:28am, $0.64
- Popular (BPOP) 8am, $0.70
- Prologis (PLD) 8am, $0.41
- Six Flags Entertainment (SIX) 8am, $1.66
- Thermo Fisher Scientific (TMO) 6am, $1.28
- Tupperware Brands (TUP) 7am, $1.04
- US Airways Group (LCC) 8am, $1.14 - Preview
- WellPoint (WLP) 6am, $1.82 - Preview
- WR Grace (GRA) 6am, $1.03
- Wyndham Worldwide (WYN) 6:29am, $1.36
PM EARNS:
- Agnico Eagle Mines (AEM CN) 5pm, $0.09 - Preview
- Akamai Technologies (AKAM) 4:01pm, $0.46
- Angie’s List (ANGI) 4:05pm, $(0.20)
- Assurant (AIZ) 4:05pm, $1.50
- AT&T (T) 4:01pm, $0.65 - Preview
- AvalonBay Communities (AVB) 4:01pm, $1.18
- Brandywine Realty Trust (BDN) 4:15pm, $0.40
- Cadence Design Systems (CDNS) 4:05pm, $0.21
- Citrix Systems (CTXS) 4:05pm, $0.69
- CoreLogic (CLGX) 4:15pm, $0.42
- E*TRADE Financial (ETFC) 4:05pm, $0.16
- Equifax (EFX) 4:11pm, $0.88
- Equinix (EQIX) 4:01pm, $0.60
- Everest Re Group (RE) 4:05pm, $4.76
- F5 Networks (FFIV) 4:04pm, $1.19 - Preview
- Fortinet (FTNT) 4:15pm, $0.11
- Fortune Brands Home & Security (FBHS) 4:01pm, $0.41
- Fusion-io (FIO) 4:05pm, $(0.11)
- Infinera (INFN) 4:15pm, $0.04
- KKR Financial Holdings (KFN) 4:21pm, $0.38
- Lam Research (LRCX) 4:05pm, $0.70
- Leggett & Platt (LEG) 4:05pm, $0.44
- LSI (LSI) 4:01pm, $0.16
- NXP Semiconductor (NXPI) 8pm, $0.83
- O’Reilly Automotive (ORLY) 6:30pm, $1.65
- Polycom (PLCM) 4:05pm, $0.11
- Raymond James Financial (RJF) 4:13pm, $0.63
- Service Corp (SCI) 4:03pm, $0.20
- ServiceNow (NOW) 4:01pm, $(0.02)
- SL Green Realty (SLG) 5pm, $1.28
- Stericycle (SRCL) 4:02pm, $0.94
- Susquehanna Bancshares (SUSQ) 4:30pm, $0.23
- Swift Transportation (SWFT) 4pm, $0.29
- Symantec (SYMC) 4:01pm, $0.44
- Teradyne (TER) 6pm, $0.44
- Terex (TEX) 4:46pm, $0.59
- Torchmark (TMK) 4pm, $1.43
- Tractor Supply (TSCO) 4:01pm, $0.41
- TripAdvisor (TRIP) 4:04pm, $0.44 - Preview
- TriQuint Semiconductor (TQNT) 4:02pm, $0.10
- Varian Medical Systems (VAR) 4pm, $1.11
- Whiting Petroleum (WLL) 4pm, $1.06
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- JPMorgan Said to Draw BTG Bid for All of Commodities Business
- Tyson Chases Hormel by Targeting Moms With Burritos: Commodities
- WTI Drops to 5-Month Low; Discount to Brent Widest Since April
- Copper Slumps From One-Month High as Chinese Interest Rates Rise
- Gold Declines as Investors Sell After Rally to Three-Week High
- Wheat Nears Fourth-Month High as South American Demand May Climb
- Robusta Coffee Halts Decline After Falling 8.3% in Past Six Days
- Petroineos to Decide on Future of Grangemouth Oil Refinery
- U.S. Pump Prices Seen Dropping to Three-Year Low: Energy Markets
- Rebar Falls, Erasing Earlier Gains, After China Money Rates Jump
- Natural Gas Consumption Likely Sluggish Into 2014: Bear Case
- Pig Iron Cost Structure May Put Floor Under Nickel as 4Q Evolves
- Japan Mulls Plan for One Operator to Run All Reactors: Energy
- Ineos Will Keep Grangemouth Refinery Open, U.K. Minister Says
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team
