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
EQUITY SENTIMENT:
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
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team