• run with the bulls

    get your first month

    of hedgeye free


What's New Today in Retail (10/29)

Takeaway: Retail sales lackluster for the week. SHLD closes Canadian stores, while TGT opens. Sharp slowdown in UK retail. Classic quote from JCP.



WMT - Investor Meeting (Sao Paulo): Tuesday 10/29

JNY - Earnings Call: Wednesday 10/30 8:30 am

TGT - Financial Community Meeting: Wednesday 10/30 1:00 pm




ICSC - Chain Store Sales Index


Takeaway: After a flash of brilliance last week, retail sales numbers per ICSC (survey of 80 retailers) dipped below the growth rate seen in the prior two years. While we're still not in the holiday spending frenzy, these numbers are getting increasingly important as each week passes. The retail industry better see them pick up in very short order, otherwise the holiday shopping season will start out as highly promotional.


What's New Today in Retail (10/29) - chart1 10 29

What's New Today in Retail (10/29) - chart2 10 29


UK retailers suffer sharp slowdown in sales, says CBI



  • "Retailers suffered a sharp slowdown in sales this month, according to an industry survey that has cast doubt on the pace of the wider UK economic recovery. After a strong run of growth, sales ground to a halt at the start of October and came in well below City forecasts, the CBI business group said."
  • "The main sales balance in its monthly survey came in at +2, down sharply from +34 recorded in September and much lower than +33 forecast by economists in a Reuters poll. The balance, which is the difference between the percentage of retailers reporting an increase and those reporting a decrease in sales, was the weakest since June and breaks a three-month run of strong sales growth."


Takeaway: While CBI has had mixed accuracy in the past. Such a strong directional move can't be ignored. Where there's smoke, there's fire.




JCP - Penney again says sales trends are improving



  • "J.C. Penney Co Inc told investors for the third time in less than five weeks that sales trends are improving and reaffirmed its forecast calling for positive comparable-store sales results coming out of the third quarter."
  • "'I told lenders it would be one thing if we had two things wrong and they couldn't be fixed. We have 30 things wrong and they can all be fixed,' Ullman said on Monday morning."


Takeaway: We're no fan of Ullman. But his quote is classic. He's absolutely right. There's nothing JCP has on its plate that cannot be fixed.


TGT - Target Set to Complete Canadian Store Openings for 2013



  • "...Target is pleased to announce the opening dates for 33 additional Canadian store locations spanning across nine provinces, including its first stores in New Brunswick, Prince Edward Island and Newfoundland. Thirty-one store locations are scheduled to open on November 13, and the remaining two locations will open on November 22, completing Target's Canadian store openings for 2013. Additional stores opening beyond 2013 will be announced at a later date."


Takeaway: Sears closes more Canadian stores on the same day Target announces it's opening 33 stores. Go figure.


KORS - Michael Kors to join S&P 500, replaces NYSE owner



  • "Michael Kors Holdings Ltd.  will join the S&P 500 after the close of trade Friday, S&P Dow Jones Indices said late Monday. The jewelry retailer will replace stock-exchange operator NYSE Euronext, which is being acquired by IntercontinentalExchange Inc.in a deal expected to be completed on or about that date, the index publisher said."


Takeaway: Completely appropriate move. If Coach is in the S&P, KORS definitely should be.


SHLD - Sears Holdings Provides Update On Actions To Transform Business And Third Quarter Performance



  • "Today, we...are announcing a number of actions intended to improve our financial flexibility and accelerate our transformation into a leading Integrated Retailer that fosters relationships with members through our Shop Your Way platform. We also are providing an update on our third quarter operating performance."
  • "First, Sears Canada announced today the sale of five store leases to Cadillac Fairview Corporation Limited for total consideration of $400 million Canadian.  The transaction is expected to close in the next ten business days."
  • "Second...we will continue to evaluate our stores in the context of our Integrated Retail strategy. ...we will review each location, including leased locations that are set to expire, and decide whether or not to renew such leases. We expect to improve our financial performance by removing unprofitable locations, and redeploying the capital tied up in those locations…"
  • "Third...We are evaluating separating both our Lands' End business and Sears Auto Center ('SAC') business.  We believe separating the management of these two businesses from Sears Holdings would allow them to pursue their own strategic opportunities, optimize their capital structures, attract talent, and allocate capital in a more focused manner while bringing our business unit structure to life outside of the Sears Holdings portfolio."
  • "Finally, Sears Holdings announced an update regarding its operating performance for the third quarter ending November 2, 2013.  Comparable store sales for the twelve-week period ended October 26, 2013 declined 3.7%, with a decline of 4.8% for Sears Domestic stores and 2.6% for Kmart stores."


Takeaway: The monetization of Canadian stores, and the exploration of a sale of Land's End and Auto are all massive moves for SHLD. And they're probably the right ones. The only problem with selling such assets, is that the ones that are worth something to someone else are also the ones that are worth keeping.


MW - Men's Wearhouse Outlines Stand-alone Strategy



  • "On Monday, the specialty store retailer released a 39-page investor update that detailed the reasons why 'Men’s Wearhouse’s stand-alone value proposition is superior to Jos. A. Bank’s proposal.'" 
  • "The company reiterated that position Monday, saying its sales of $2.5 billion are more than double those of Jos. A. Bank’s, and it is in a position 'to deliver outsized growth' as an independent business."
  • "It is projecting total comparable-store sales growth of 4 to 5 percent in the core Men’s Wearhouse division, driven by an increasing penetration of its newly acquired and higher-margin Joseph Abboud brand. The retailer also plans to add 100 new Men’s Wearhouse stores to its stable, and anticipates 'sales growth and margin improvement as a result of new and upscale proprietary brand initiatives' such as the introduction of higher-priced Joseph Abboud rental tuxedos, and the opportunity to build the Joseph Abboud brand to a $300 million to $400 million business."


Takeaway: The reality is that MW is probably right. It is evolving itself into a house of high-end brands (recent purchase of Joseph Aboud, and rumors that it is looking to buy Allen Edmonds).  In effect, it is transforming itself into a place where Men actually want to shop. Go figure. It's rare in retail to find a concept that successfully migrates UP the food chain. MW appears to be doing it. That's why JOSB wants it -- and it's trying to buy it on the cheap. Good luck with that...


TGT, RSH, M - Retailers take print ads digital to entice you to shop — at their stores



  • "Starting Monday, you can find online weekly print ads for retailers such as Target Corp.,RadioShack Corp. and Macy’s Inc. not just on their respective websites, but also via a one-stop shop app and website called Retale, which will feature up to 25 major retailers’ weekly circulars by Black Friday."
  • "The digital version will include such features as a web video to provide additional details about a product."
  • "About 290 billion print circulars reportedly are distributed each year."


LVMH - LVMH’s DFS Group Plans To Open First Europe Shop in 2016



  • "DFS Group, an operator of duty-free shops controlled by LVMH...said it plans to open its first stores in Europe to cater to Chinese consumers who travel more frequently to the region."
  • "The company plans to add 'a few' outlets in Europe in 2016 and is looking at prime destinations for Chinese tourists, such as France, Italy and Switzerland, Chief Operating Officer Michael Schriver said. DFS, which gets more than half of its global sales from Chinese shoppers, currently has no outlets in Europe."


Takeaway: Smart. Upwards of 30% of shopping in Western Europe is driven by Chinese tourists. Don't ignore them.




China and Vietnam Remain Clear U.S. Apparel Leaders So Far This Year



  • "Apparel imports from Vietnam have totaled $5.3 billion year-to-date, and have grown 4 times faster than those from China so far this year on a dollar basis, though the total volume is less than one-third the size of China’s."
  • "U.S. apparel imports from China totaled $3.4 billion in August, bringing the year-to-date total to $19 billion. Year-to-date units (on a square meter equivalent basis) rose 5.9%, driving the cost per unit down by a higher-than-average 2.8%."
  • "Total apparel imports have grown 3.8% on a dollar basis through August compared to the same period last year, according to the most recent data published by the US Department of Commerce’s Office of Textiles and Apparel (OTEXA). Total unit volume, measured on a square meter equivalent basis, has increased 5.8% in the year-to-date period, driving the average cost per SME down by almost 2%."


What's New Today in Retail (10/29) - chart3 10 29

What's New Today in Retail (10/29) - chart4 10 29


Altagamma Study Points to Slowdown in Luxury



  • "The luxury goods sector is expected to log only a 2 percent gain in 2013 revenues to 217 billion euros, or $299.5 billion at current exchange, hurt by second- and third-quarter results that are 'close to stagnation' and by currency headwinds, according to the most recent study by Bain & Co. and Fondazione Altagamma, the Italian luxury goods association, presented on Monday morning... "
  • "Upturning a recent trend in the past few years, the Americas grew faster than Mainland China, showing a 4 percent gain, compared with the latter’s 2.5 percent increase. This reflects the increasing number of Chinese tourists visiting cities such as Las Vegas and Los Angeles. A number of stores that opened in secondary U.S. cities also helped drive the growth. In 2013, the Americas are expected to post sales of 69 billion euros, or $95.2 billion, in 2013."


Retailers adds 15,200 jobs in September – NRF



  • "The National Retail Federation calculated retail industry job gains at 15,200 in September, and 289,000 jobs year-over-year, a 2.4 percent increase over the same month last year and 2.0 percent higher than total private sector jobs over the past year."









Are You on Twitter?

This note was originally published at 8am on October 15, 2013 for Hedgeye subscribers.

“The most dangerous leadership myth is that leaders are born - that there is a genetic factor to leadership.  That’s nonsense; in fact, the opposite is true.  Leaders are made rather than born.”

-Warren Bennis


We’ve started our work for our October 31st IPO Blackbook on Twitter and digging into a company that was founded in 2006 and already has 215 million monthly users. Talking about going viral in a hurry!


Similar to Facebook, Twitter has that little problem of how to make money.   That attribute aside, the companies are very different, even if much of the conventional media puts them in the same category.   Facebook is a true social network and, as such, is largely closed and limited in terms of how large a network it can become.  On the other hand, Twitter is open, transparent, real-time and has scale.


Twitter is actually a true network in that it creates the network effect.  As an example, when President Obama announce his victory in the 2012 election on Twitter, that Tweet was re-tweeted more than 25 million times.  The most I’ve ever had a tweet re-tweeted was a couple of hundred times, but even there you get the point.  Twitter amplifies your communication.


Analyzing Twitter has also made me consider the importance of leadership in corporate America.  This weekend The New York Times Magazine had an article written by Nick Bilton that was titled, “All Is Fair in Love and Twitter.”  It is one version of the power and leadership struggles that have occurred within Twitter.


Twitter is also a little bit about the American dream.  Take this excerpt from the article for example:


“In 2005, Jack Dorsey was a 29-year-old New York University dropout who sometimes wore a T-shirt with his phone number on the front and a nose ring. After a three-month stint writing code for an Alcatraz boat-tour outfit, he was living in a tiny San Francisco apartment. He had recently been turned down for a job at Camper, the shoe store.”


Dorsey and his co-founders have been largely pushed out of Twitter, though many of them will obviously profit handsomely on the IPO.  Time will tell whether current CEO Dick Costolo is the right man to monetize the Twitter network, but his experience at Andersen Consulting, founding and running Feed Burner (among other start-ups), and working at Google have allowed him to acquire learned leadership assets, to Bennis’ point, that will be critical for Twitter’s future.


Now, from Silicon Valley back to the global macro grind . . .


Front and center this morning is once again the U.S. debt ceiling.  Thankfully, Bloomberg is no longer alluding to a Nazi Germany like default this morning and the reality is, as we’ve been predicting, that a deal gets done is becoming increasingly accepted.  If the deal that is purportedly on the table gets done, then the government will get funded through January 15th and the debt ceiling will get pushed to early February.


Setting aside an actual default, which was of course always highly unlikely, a short term deal is actually one of the worse scenarios.  As we show in the Chart of the Day today, economic confidence, according to the Gallup Daily tracking poll has fallen off a cliff in the last month due to the government shutdown and looming debt ceiling.  Delaying an outcome by three or four months is unlikely to be much of a catalyst to improve confidence in the short run.


We are certainly seeing these trends reflected in the real economy.  One example is the casual dining sector where weakness has been pervasive.  While certainly there are some sector specific trends at play, with the majority of the stocks missing estimates and comparable same-store-sales declining -1.9% in September according to Black Box, the decline in consumer confidence is having its impact.


All is not bad for the consumer, though, and one positive to highlight is the price of gasoline.  Even as oil remains stubbornly above the $100 bound for WTI and $110 for Brent, the price of gasoline in the U.S. is actually down. According to the Energy Information Administration, a government agency that is still open, the price of gas in the U.S. is $3.37 per gallon, which is down $0.48 from a year ago and down $0.06 from last week.  Maybe consumers are spending more time on Twitter and less time driving?


Speaking of Twitter, for those of you that answered no to the question in the title, one great reason to join Twitter is the intellectual exchange that comes from meeting new people in your expanded network.  One example of a person that I’ve met on Twitter is a gentleman named Doug Kass, who is a financial blogger for the Street.com and works out of his basement in Florida.


Even if not always correct, Kass certainly makes us think.  One example was that last night he went old school on us and sent an email indicating that based on his analysis over the long run of twenty years, the U.S. dollar has no identifiable correlation to U.S. equities.   While an interesting point, we would certainly caution any of you to invest on 20-year historical correlations.  But if you want to, we also have a bridge in Brooklyn for sale . . .


The fact is correlations influence our intermediate term view of markets.  Correlations aren’t perpetual, and correlation strength builds and decays.  At times and price levels they matter and at others they do not.  We get that.  But over the last three years the correlation between the U.S. dollar and SP500 has been 0.60.  But as Maynard Keynes said, when the facts change, we will.


Our immediate-term Risk Ranges are now:


UST 10yr yield 2.66-2.73%

SPX 1685-1725

VIX 15.21-17.63

USD 80.11-80.67

Brent 110.01-112.05

Gold 1265-1303


Keep your head up and stick on the ice,


Daryl G. Jones

Director of Research


Are You on Twitter? - Gallup Confidence


Are You on Twitter? - zz. vp 10 15






The new Tourism Law has started to see impact on the tourism and hotel industries of Hong Kong and Macau.  As the number of package tours from mainland China decreased by 50% in October, hotel occupancy rate has also seen a decline.  Though a decrease in both package tours and occupancy rate, hotels do not have the intentions to cut prices as they are optimistic that the number of tourists will go up in November and December with different big events are happening in those two months.



With the new tourism law launched in October 1st, outbound tourism market has started changing.  Custom Tours has become popular where tourists can design their own itineraries and have their own choice of traveling partners. China has become the world’s largest tourist country in 2012 with 83.18 million Chinese traveling abroad.

get free cartoon of the day!

Start receiving Hedgeye's Cartoon of the Day, an exclusive and humourous take on the market and the economy, delivered every morning to your inbox

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.

Indian Givers

“The new coins helped to wash away the old aristocratic order.”

-Jack Weatherford


That, of course, is not what the 16th century European aristocracy had in mind. As my man Jack Weatherford explains in an excellent chapter of Indian Givers, “Silver and Money Capitalism”, “the silver coins at first promised to strengthen the feudal order…” (pg 19). Never blindly believe what the government promises you.


Weatherford first penned Indian Givers in 1988 (then updated it in 2010) after writing about the history of porn in Japan in 1986. His writings are some of my favorites in economic history because his narratives are fully loaded with the inconvenient truths about government plans versus outcomes.


You can only lie to The People about policies that aren’t working for so long. In the end, the history of markets, money, and businesses are marked-to-market. And even though it may take a long-time for bad policy (like burning your currency) to fail, I thoroughly enjoy the thought of my son or daughter reading about how the 2013 Fed sucked in so many group-thinkers.


Back to the Global Macro Grind


There’s another Indian Giver making headlines this morning:


BREAKING: Rajan Raises Key Rate to Fight Inflation –Bloomberg


Booyah! That’s right, yo. India’s got a new central banker in the house- and he goes both ways (on rates). This is the 2nd interest rate HIKE in 2 months for Governor Raghuram Rajan. And the Indian stock market absolutely loved it, closing up +1.65%!


Huh? I thought that the other 90% of Bloomberg/CNBC headlines have been implying that if the US, Europe, or any country were to raise rates that the world as we know it would end?


Newsflash: it would.


But like during the 17th century enlightenment, it would end for the better! #EndofBackwardness


Indian Giver giveth to The People of India the following via a rate hike:


1.   #StrongerCurrency

2.   Lower currency adjusted inflation

3.   Breakout in Indian stock market




And yes, everything in the land of causal currency policy action is relative, but consider the alternative model (which Bernanke, Yellen, and most French Bureaucrats are begging for – Down Currency, Down Rates):

  1. India’s Rupee was in freefall in Q2 of 2013, having its biggest down days ever (yes, ever is still a long time)
  2. India’s Consumer Price Inflation (yes, calculated in Rupees!) hit new highs as the Rupee crashed
  3. India’s real-inflation-adjusted economic growth slowed and its stock market hit its YTD lows in AUG 2013

Then, Rajan raised rates (twice) and:

  1. India’s Rupee stabilized
  2. India’s Inflation slowed
  3. India’s growth stabilized

The Keynesian-anti-dog-eat-dog-currency-debauchery-department at Dartmouth better get on this. This Indian Giver is going off the reservation versus what they’re teaching undergrads for $63,282/yr.


It’s hockey season, so it’s a good time to take a shot at Dartmouth’s Big Green Keynesian mouthpiece-in-chief, dogmatic Danny Blanchflower. He’s the guy you may have seen recently on Twitter with his jersey yanked over his head by @HedgeyeSnakeye and @DanHannanMEP (Todd Jordan and Hedgeye fav Daniel Hannan).


Blanchflower was the guy who warned that British austerity was going to mean #EOW (end of the world) for the UK economy a few years back. He’s also of the ideology that a #StrongEuro and #StrongPound is bad for “exports”, or something like that.


In other news…


The slope of UK economic growth just clocked a 3-year high and both the British Pound and British stock market (FTSE) are breaking out to new highs as the world comes to realize that ending Mervyn King’s QE Pound Getting Pounded experiment hath ended.


Sound familiar?

  1. Currency Up (Pound has ripped from $1.49 vs USD to $1.61 in the last 3 months)
  2. Rates Up (10yr British Gilt Yield of 2.59% are up +81 basis points year-over-year)
  3. UK GDP #GrowthAccelerating to a 3yr high

No, I’m not saying that India and the UK are seeing economic growth booms. I’m simply reminding you that this is the only way out of a Down Currency, Rate Repression government policy.


No, the aristocratic order of Big Government Intervention doesn’t like paying The People instead of plundering them via currency devaluation taxes. And I for one like that very much.


Our immediate-term Risk Ranges are now as follows (we have 12 Big Macro Risk Ranges in our new Daily Trading Range product):


UST 10yr Yield 2.40-2.57%


BSE Sensex 20132-21279

VIX 12.46-14.92

USD 78.38-79.58

Pound 1.60-1.62


Best of luck out there today,



Keith R. McCullough
Chief Executive Officer


Indian Givers - Chart of the Day


Indian Givers - Virtual Portfolio


TODAY’S S&P 500 SET-UP – October 29, 2013

As we look at today's setup for the S&P 500, the range is 24 points or 0.91% downside to 1746 and 0.45% upside to 1770.                       










THE HEDGEYE DAILY OUTLOOK - 10                                                                                                                                                                  



  • YIELD CURVE: 2.20 from 2.22
  • VIX closed at 13.31 1 day percent change of 1.68%

MACRO DATA POINTS (Bloomberg Estimates):

  • 7:45am: ICSC weekly sales
  • 8:30am: Producer Prices Index, Sept., est. 0.2% (prior 0.3%)
  • 8:30am: Retail Sales, Sept., est. 0.0% (prior 0.2%)
  • 8:55am: Johnson/Redbook weekly sales
  • 9am: S&P/Case Shiller 20 City m/m, Aug., est. 0.65%
  • 10am: Business Inventories, Aug., est. 0.3% (prior 0.4%)
  • 10am: Consumer Conf. Index, Oct., est. 75 (prior 79.7)
  • 4:30pm: API weekly oil inventories
  • NOTE: FOMC meets on interest rates; decision announced Oct. 30


    • Obama attends memorial service for late speaker Tom Foley
    • House Energy and Technology Cmte on EPA power plant regulations, 10am
    • House Energy and Commerce Cmte hearings on requiring approval of Keystone XL 10am; EPA coal regulations 2pm
    • House Financial Services Cmte hears from Federal Housing Administration Commissioner Carol Galante on agency bailout 10am
    • CMS Administrator Marilyn Tavenner to testify at House Ways and Means Cmte on agency’s oversight of health-care exchanges 10am
    • Executives from EMC, YHOO, LLY and USPTO Director testify on patent bill H.R. 3309 before House Judiciary Cmte 10am


  • AMR, US Airways, U.S. agree to mediation in antitrust case
  • Apple forecasts margins that miss ests. as costs gain
  • Food stamp benefits to contract 5% as stimulus ends
  • Tech, media cos. lobbying for bill to allow data disclosures
  • Michael Kors to replace NYSE Euronext on S&P 500 Index
  • CVSL said to offer $268m for direct seller Blyth
  • Chrysler amends IPO filing to update language
  • News Corp. employees to stand trial in U.K. for phone hacking
  • Obama to meet with CEOs today on cybersecurity
  • Glass Lewis advocates nay vote on Microsoft director Thompson
  • Ford to stop production at Romanian factory, ZF says
  • Boeing may give non-union plant more jet work, WSJ says


    • 3D Systems (DDD) 8am, $0.26
    • Actavis (ACT) 6:30am, $2.09 - Preview
    • Aetna (AET) 6am, $1.53 - Preview
    • AGCO (AGCO) 8am, $1.28
    • Air Products & Chemicals (APD) 6am, $1.47
    • Allergan (AGN) 9am, $1.21 - Preview
    • Ametek (AME) 7am, $0.52
    • Arch Coal (ACI) 7:30am, ($0.31) - Preview
    • Archer-Daniels-Midland (ADM) 7am, $0.48
    • Cobalt International Energy (CIE) 7am, ($0.17)
    • Cummins (CMI) 7:30am, $2.11 - Preview
    • Cumulus Media (CMLS) 9am, $0.09
    • Dana Holding (DAN) 7am, $0.55
    • DENTSPLY International (XRAY) 7am, $0.55
    • Ecolab (ECL) 8:25am, $1.03
    • Entergy (ETR) 7am, $2.33
    • Exact Sciences (EXAS) 7:30am, ($0.18)
    • Fidelity National Information Services (FIS) 7am, $0.71
    • Goodyear Tire & Rubber (GT) 7am, $0.67
    • Harris (HRS) 6:30am, $1.13
    • HCP (HCP) 8am, $0.77
    • Huntsman (HUN) 6am, $0.54
    • JetBlue Airways (JBLU) 7:30am, $0.22
    • Johnson Controls (JCI) 7am, $0.95
    • L-3 Communications Holdings (LLL) 7am, $1.95
    • LyondellBasell Industries (LYB) 7am, $1.59
    • MDC Holdings (MDC) 6am, $0.66
    • MeadWestvaco (MWV) 7:25am, $0.50
    • New Gold (NGD CN) 7:30am, $0.04
    • Occidental Petroleum (OXY) 7:30am, $1.90 - Preview
    • Paccar (PCAR) 8am, $0.85 - Preview
    • Penske Automotive Group (PAG) 7:30am, $0.70
    • Pfizer (PFE) 7am, $0.56 - Preview
    • Pitney Bowes (PBI) 7am, $0.41
    • Senior Housing Properties Trust (SNH) 7am, $0.43
    • Sensata Technologies Holding (ST) 6am, $0.55
    • TD Ameritrade Holding (AMTD) 7:30am, $0.37
    • Thomson Reuters (TRI CN) 7am, $0.44
    • TRW Automotive Holdings (TRW) 7am, $1.48
    • UDR (UDR) 8am, $0.35
    • United States Steel (X) 7:45am, ($0.43)
    • United Therapeutics (UTHR) 6am, $1.59
    • Valero Energy (VLO) 7:43am, $0.43 - Preview
    • Vertex Pharmaceuticals (VRTX) Bef-mkt, ($0.35)
    • Vishay Intertechnology (VSH) 7:30am, $0.23
    • Waddell & Reed Financial (WDR) 6:59am, $0.72
    • Waste Management (WM) 7:30am, $0.62
    • Xylem (XYL) 7am, $0.35 - Preview


    • Access Midstream Partners (ACMP) 4:15pm, $0.33
    • Aflac (AFL) 4:09pm, $1.48
    • Ameriprise Financial (AMP) 4:05pm, $1.73
    • Arthur J Gallagher (AJG) 4:10pm, $0.61
    • Baidu (BIDU) 4:01pm, $8.88
    • Boston Properties (BXP) 5:59pm, $1.28
    • Buffalo Wild Wings (BWLD) 4:01pm, $0.8
    • Caesars Entertainment Corp (CZR) 4pm, ($1.28)
    • CBRE Group (CBG) 4:05pm, $0.33
    • Chicago Bridge & Iron (CBI) 4:22pm, $1.10
    • Cirrus (CRUS) 4pm, $0.60 - Preview
    • Dolby Laboratories (DLB) 4:05pm, $0.46
    • DreamWorks Animation SKG (DWA) 4:02pm, $0.00 - Preview
    • Edison International (EIX) 4pm, $1.25
    • Electronic Arts (EA) 4:01pm, $0.12
    • Enbridge Energy Partners (EEP) 4:01pm, $0.25
    • EXCO Resources (XCO) 4:22pm, $0.09
    • Fiserv (FISV) 4:01pm, $1.49
    • Flextronics International (FLEX) 4:01pm, $0.21
    • Genworth Financial (GNW) 4:45pm, $0.26
    • Gilead (GILD) 4:01pm, $0.48
    • IAC/InterActiveCorp (IACI) 4:10pm, $0.94
    • Kimco Realty (KIM) 4:01pm, $0.33
    • LifeLock (LOCK) 4:05pm, $0.10
    • LinkedIn (LNKD) 4:05pm, $0.32 - Preview
    • Mueller Water Products (MWA) 4:20pm, $0.07
    • Plantronics Inc (PLT) 4pm, $0.65
    • Questcor Pharmaceuticals (QCOR) 4:01pm, $1.28
    • Range Resources (RRC) 5:02pm, $0.30
    • Ryland Group (RYL) 4:15pm, $0.90
    • Shutterfly (SFLY) 4:02pm, ($0.24)
    • SM Energy (SM) 7:07pm, $1.11
    • SolarWinds (SWI) 4:01pm, $0.36
    • Sonus Networks (SONS) 4:01pm, $0.01
    • Take-Two Interactive Software (TTWO) 4:05pm, $1.68
    • Tanger Factory Outlet Centers (SKT) 4:05pm, $0.46
    • Trulia (TRLA) 4:05pm, $0.08
    • Universal Health Services (UHS) 5:01pm, $1.02
    • WebMD (WBMD) 4pm, $0.09
    • Western Union (WU) 4pm, $0.36
    • Willis Group Holdings (WSH) 4:30pm, $0.20
    • Yamana Gold (YRI CN) Aft-mkt, $0.08 - Preview
    • Yelp (YELP) 4:03pm, ($0.01)


  • Corn Reaches Three-Year Low as Harvesting in U.S. Accelerates
  • Sugar Falling as Brazil Blaze Seen No Bar to Glut: Commodities
  • WTI Drops From One-Week High; Goldman Cuts OPEC Outlook on Libya
  • Gold Falls From 5-Week High as Dollar Gains Before Fed Meeting
  • Copper Rises as Withdrawal Orders Jump the Most in Four Months
  • Rubber Advances in Tokyo Amid Optimism for Chinese Demand
  • MORE: Copper Mine Capacity to Grow to 27.7m Tons in 2016: ICSG
  • Libyan Oil Production Sinks 50% as Nomads Halt Sharara Field
  • U.S. Pump Prices Drop to 2013 Low on Record Gasoline Production
  • Impala Workers Vote to Strike at World’s Biggest Platinum Mine
  • Phantom Ships Expose Weakness in Vessel-Tracking System: Freight
  • Paris Wheat May Drop 4.1% in Retracement: Technical Analysis
  • U.S. Shale May Be Dwarfed by Rosneft, Exxon Russian Shale Play
  • Rebar Advances in Shanghai as China Central Bank Adds Liquidity


























The Hedgeye Macro Team














the macro show

what smart investors watch to win

Hosted by Hedgeye CEO Keith McCullough at 9:00am ET, this special online broadcast offers smart investors and traders of all stripes the sharpest insights and clearest market analysis available on Wall Street.