• HEDGEYE’S MARKET BRIEF
    Our FREE Investing Newsletter
    Get Exclusive Summer Sale Discounts

    By joining our email marketing list you agree to receive marketing emails from Hedgeye. You may unsubscribe at any time by clicking the unsubscribe link in one of the emails. All Hedgeye products and services are subject to Hedgeye’s Terms of Service available at www.hedgeye.com/terms_of_service

TODAY’S S&P 500 SET-UP – October 24, 2013


As we look at today's setup for the S&P 500, the range is 26 points or 1.05% downside to 1728 and 0.44% upside to 1754.                                                 

SECTOR PERFORMANCE

THE HEDGEYE DAILY OUTLOOK - 1

THE HEDGEYE DAILY OUTLOOK - 2

 

EQUITY SENTIMENT:

 

THE HEDGEYE DAILY OUTLOOK - 10                                                                                                                                                                  

 

CREDIT/ECONOMIC MARKET LOOK:

  • YIELD CURVE: 2.18 from 2.20
  • VIX closed at 13.42 1 day percent change of 0.68%

MACRO DATA POINTS (Bloomberg Estimates):

  • 8:30am: Trade Deficit, Aug., est. $39.5b (prior $39.1b)
  • 8:30am: Jobless Claims, Oct. 18, est. 340k (prior 358k)
  • 8:58am: Markit PMI Prelim., Oct., est. 52.5 (prior 52.8)
  • 9:45am: Bloomberg Consumer Comfort Index, 10/20, prior -34.1
  • 10am: Jolts Survey, Sept., est. 3.765m (prior 3.689m)
  • 10am: New Home Sales, Sept., est. 425k (prior 421k)
  • 10am: Freddie Mac mortgage rates
  • 10am: Fed open board meeting on quantitative liquidity rules
  • 10:30am: EIA natural-gas storage change
  • 11am: Kansas City Fed Mfg Index, Oct., est. 2 (prior 2)
  • 11am: Leading Economic Indicators, Sept., postponed (pr. 0.7%)
  • 11am: U.S. announces plans for 2Y, 5Y and 7Y note sales
  • 12:45pm: BoE’s Carney speaks at event in London
  • 1pm: U.S. to sell $7b 30Y TIPS

GOVERNMENT:

    • Senate, House out of session
    • 9am: House Energy and Commerce meets on Patient Protection and Affordable Care Act implementation

WHAT TO WATCH:

  • McKesson to buy drug distributor Celesio for $5.4b
  • BofA’s Countrywide found liable for defrauding Fannie, Freddie
  • RR Donnelley to buy Consolidated Graphics for $620m
  • ING Groep raises $974m selling U.S. unit shares at $29.50
  • Fed set to open proposed bank liquidity demand to public comment
  • Boston Scientific to cut 1,100- 1,500 jobs over next 2 yrs
  • Apple fends off $248m demand by Wi-Lan in patent suit
  • Hewlett-Packard is said to be seeking to sell mobile patents
  • YouTube said to plan subscription music service rivaling Spotify
  • AT&T exceeds earnings ests. after adding more subscribers
  • Symantec rev. forecast falls short as turnaround dents sales
  • China’s manufacturing strengthened more than est. this month
  • Credit Suisse 3Q profit misses ests.
  • Volcker rule hedging exemption said disputed by Gensler, Stein
  • Pinterest funding led by Fidelity values startup at $3.8b
  • Sotheby’s faces shareholder calls to sell property, WSJ reports
  • Google experiments with banner ads in search results: NYT
  • Time Warner in agreement to distribute Al Jazeera America: NYT

AM EARNS:

    • 3M (MMM) 7:30am, $1.75 - Preview
    • Alaska Air (ALK) 6:01am, $2.14 - Preview
    • Alexion Pharmaceuticals (ALXN) 6:30am, $0.79 - Preview
    • AllianceBernstein  (AB) 7:02am, $0.39
    • Altria (MO) 6:58am, $0.64 - Preview
    • Autoliv (ALV) 6am, $1.34
    • AutoNation (AN) 6:15am, $0.77
    • Avnet (AVT) 8am, $0.88
    • Ball (BLL) 6am, $0.93
    • Boston Scientific (BSX) 7am, $0.09 - Preview
    • Bunge (BG) 6:30am, $2.23
    • Cameron Intl (CAM) 7:30am, $0.83
    • Celgene (CELG) 7:20am, $1.54 - Preview
    • Cenovus Energy (CVE CN) 6am, $0.48 - Preview
    • Coca-Cola Enterprises (CCE) 7am, $0.80
    • Colfax (CFX) 6am, $0.53
    • Colgate-Palmolive (CL) 7am, $0.73 - Preview
    • Diamond Offshore Drilling (DO) 6am, $1.16 - Preview
    • Domtar (UFS) 7:30am, $1.24
    • Dow Chemical (DOW) 7am, $0.54
    • Dunkin’ Brands (DNKN) 6am, $0.43 - Preview
    • EQT (EQT) 7am, $0.49
    • FLIR Systems (FLIR) 7:30am, $0.32
    • Ford Motor (F) 7am, $0.38 - Preview
    • Franklin Resources (BEN) 8:30am, $0.87
    • GNC (GNC) 8am, $0.76
    • Goldcorp (G CN) 8am, $0.20 - Preview
    • Hercules Offshore (HERO) 7am, $0.07 - Preview
    • Hershey (HSY) 6:58am, $1.01
    • Husky Energy (HSE CN) 7am, $0.54 - Preview
    • International Paper (IP) 7am, $0.93
    • Janus Capital (JNS) 7am, $0.17
    • KKR (KKR) 8am, $0.58
    • Lazard (LAZ) 7am, $0.36
    • McKesson (MCK) 7:31am, $2.04 - Preview
    • Mead Johnson Nutrition (MJN) 7:30am, $0.80 - Preview
    • Noble Energy (NBL) 7:23am, $0.96
    • Patterson-UTI Energy (PTEN) 6am, $0.28
    • Potash of Saskatchewan (POT CN) 6am, $0.41
    • Precision Castparts (PCP) 6am, $2.83
    • Precision Drilling (PD CN) 6am, $0.16 - Preview
    • PulteGroup (PHM) 6:30am, $0.37 - Preview
    • Rayonier (RYN) 8am, $0.46
    • Raytheon (RTN) 7am, $1.33 - Preview
    • Reliance Steel & Aluminum (RS) 8:50am, $1.20
    • Rogers Communications (RCI/B CN) 6:45am, $0.97 - Preview
    • Royal Caribbean Cruises (RCL) 8:31am, $1.64 - Preview
    • Shaw Communications (SJR/B CN) 8:15am, $0.33 - Preview
    • Sirius XM Radio (SIRI) 7am, $0.02
    • Southwest Airlines (LUV) 6:25am, $0.34 - Preview
    • Starwood Hotels & Resorts (HOT) 6am, $0.64 - Preview
    • Timken (TKR) 7:30am, $0.88
    • TRowe Price (TROW) 7:29am, $0.97
    • Under Armour (UA) 7am, $0.66 - Preview
    • United Continental (UAL) 7:30am, $1.55
    • USG (USG) 8:30am, $0.24
    • Valley National Bancorp (VLY) 8am, $0.15
    • Vantiv (VNTV) 7am, $0.41
    • Wabtec (WAB) 8:06am, $0.76
    • Xcel Energy (XEL) 7am, $0.77
    • Xerox (XRX) 6:49am, $0.25
    • Yandex (YNDX) 6am, $8.89
    • Zimmer Holdings (ZMH) 7am, $1.24 - Preview

PM EARNS:

    • Amazon.com (AMZN) 4pm, $(0.10) - Preview
    • Applied Micro Circuits (AMCC) 4:05pm, $0.03
    • BioMarin Pharmaceutical (BMRN) 4:01pm, $(0.31) - Preview
    • CA (CA) 4:05pm, $0.72
    • Cabot Oil & Gas (COG) 5:59pm, $0.17
    • Cerner (CERN) 4:01pm, $0.36 - Preview
    • Chubb (CB) 4pm, $1.90
    • Cincinnati Financial (CINF) 4pm, $0.63
    • Cliffs Natural Resources (CLF) 4:22pm, $0.75 - Preview
    • Compuware (CPWR) 4:13pm, $0.09
    • Deckers Outdoor (DECK) 4pm, $0.72
    • Eastman Chemical (EMN) 4:30pm, $1.64
    • Express Scripts  (ESRX) 4:01pm, $1.08
    • Flowserve (FLS) 4:04pm, $0.84
    • Informatica (INFA) 4:05pm, $0.32
    • Ingram Micro (IM) 4:05pm, $0.53
    • KBR (KBR) 4:09pm, $0.70
    • KLA-Tencor (KLAC) 4:15pm, $0.65
    • Manitowoc (MTW) 4:27pm, $0.32
    • Maxim Integrated (MXIM) 4pm, $0.40
    • Microsoft (MSFT) 4:01pm, $0.54
    • NCR (NCR) 4:02pm, $0.68
    • NetSuite (N) 4:05pm, $0.08
    • Outerwall (OUTR) 4:01pm, $0.88
    • Principal Financial (PFG) 4pm, $0.87
    • Qlik Technologies (QLIK) 4:05pm, $0.03
    • ResMed (RMD) 4:05pm, $0.58
    • Superior Energy Services (SPN) 4:15pm, $0.42
    • Synaptics (SYNA) 4:15pm, $1.23
    • Theravance (THRX) 4:05pm, $(0.79)
    • VeriSign (VRSN) 4:05pm, $0.57
    • Western Digital (WDC) 4:15pm, $2.05 - Preview
    • Wynn Resorts (WYNN) 4:02pm, $1.67
    • Zynga (ZNGA) 4:03pm, $(0.04)

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • WTI Oil Rises for First Time in Four Days on China Manufacturing
  • Platinum Shortages Extending as Car Sales Quicken: Commodities
  • Gold Climbs on Bets Federal Reserve Stimulus Will Boost Demand
  • Copper Swings Between Gains and Drops on Chinese Interest Rates
  • Wheat Climbs in Chicago as Demand Gains for Supplies Out of U.S.
  • Rubber Advances From Two-Week Low on China Manufacturing Data
  • Potash Corp. Reports 28% Price Slump as Uralkali Raises Output
  • Raw Sugar Near Erasing Brazil Santos Fire Gains; Coffee Advances
  • Asia Boosts West African Crude Oil Imports to 21-Month High
  • Rebar Falls Amid Concern China to Introduce New Property Curbs
  • Fukushima Radiation Prompts Uranium Price Cuts: Energy Markets
  • Singh Spends $2.2 Billion to Triple Oil Reserve: Corporate India
  • China Thermal Coal Imports May Wane in 4Q as Spreads Narrow
  • World Rubber Consumption Seen Climbing as Tire Demand Gains

THE HEDGEYE DAILY OUTLOOK - 5

 

CURRENCIES

 

THE HEDGEYE DAILY OUTLOOK - 6

GLOBAL PERFORMANCE

 

THE HEDGEYE DAILY OUTLOOK - 3

THE HEDGEYE DAILY OUTLOOK - 4

EUROPEAN MARKETS

 

THE HEDGEYE DAILY OUTLOOK - 7

ASIAN MARKETS

 

THE HEDGEYE DAILY OUTLOOK - 8

MIDDLE EAST

 

THE HEDGEYE DAILY OUTLOOK - 9

The Hedgeye Macro Team