TODAY’S S&P 500 SET-UP – February 6, 2014
As we look at today's setup for the S&P 500, the range is 37 points or 0.84% downside to 1737 and 1.28% upside to 1774.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.36 from 2.36
- VIX closed at 19.95 1 day percent change of 4.40%
MACRO DATA POINTS (Bloomberg Estimates):
- 7am: RBC Consumer Outlook Index, Feb. (prior 51.5)
- 7:30am: Challenger Job Cuts, y/y, Jan. (prior -5.9%)
- 8:30am: Trade Balance, Dec., est. -$36b (prior -$34.3b)
- 8:30am: Nonfarm Productivity, 4Q preliminary, est. 2.8%
- 8:30am: Initial Jobless Claims, Feb. 1, est. 335k (pr 348k)
- 9:45am: Bloomberg Consumer Comfort, Feb. 2 (prior -31.8)
- 10am: Fed’s Tarullo Senate testimony on financial stability
- 10am: Freddie Mac mortgage rates
- 10:30am: DOE Energy Inventories
- 5:30pm: Fed’s Rosengren speaks in Sarasota, Fla.
GOVERNMENT:
- 9:30am House Oversight and Govt Reform Cmte hearing on IRS targeting investigation
- 10am: Fed’s Daniel Tarullo testifies before Senate Banking Cmte’s “Oversight of Financial Stability and Data Security"; w/Treasury Under Sec. Mary Miller; FDIC Chairman Martin Gruenberg; Comptroller of the Currency Tom Curry; SEC Chairwoman Mary Jo White; Acting CFTC Chairman Mark Wetjen
WHAT TO WATCH:
- Coca-Cola to buy 10% stake in Green Mountain for $1.25b
- Twitter’s easy growth stalls as CEO vows to address slowdown
- Jan. retail sales seen hurt by clearance, weather
- Sony sees full-yr loss; plans job cuts, sale of PC business
- Disney’s profit tops ests. as "Frozen" heats up box office
- Apple removes Bitcoin program Blockchain from app store
- SoftBank said to seek decision on T-Mobile bid within wks
- Buyout firms CVC to Carlyle said to weigh bid for Deoleo
- Credit Suisse 4Q profit misses ests. on legal provisions
- GM adds Nissan-built cargo van to take on Ford Transit Connect
- U.S. said near deal with EU on reprieve for swap-trading rules
- IBM to spend $100m to bring Watson technology to Africa
- Ford to cut third of Australia plant jobs as demand declines
- Amazon buys video game developer Double Helix: Re/code
AM EARNS:
- Advance Auto Parts (AAP), 8:30am, $0.81
- Aetna (AET), 6am, $1.36
- AOL (AOL), 7am, $0.61 - Preview
- Apollo Investment (AINV), 7:30am, $0.21
- Carlisle (CSL), 6am, $0.87
- Cummins (CMI), 7:30am, $1.97 - Preview
- Diamond Offshore Drilling (DO), 6am, $0.81 - Preview
- Dunkin’ Brands Group (DNKN), 6am, $0.40
- Exelon (EXC), 7:30am, $0.54
- Flowers Foods (FLO), 6am, $0.19
- Fortis (FTS CN), 7am, C$0.48
- Gartner (IT), 7am, $0.69
- General Motors (GM), 7:30am, $0.87 - Preview
- Graphic Packaging Holding (GPK), 7:30am, $0.10
- Kellogg (K), 8am, $0.82 - Preview
- KKR (KKR), 8am, $0.89
- Monster Worldwide (MWW), 7:30am, $0.11
- New Gold (NGD CN) 7:30am, $0.04 - Preview
- New York Times (NYT), 8:30am, $0.16
- Nu Skin Enterprises (NUS), 7:30am, $2.01
- Och-Ziff Capital Mgmt (OZM), 7:30am, $0.83
- Patterson-UTI Energy (PTEN), 6am, $0.22
- Perrigo (PRGO), 7:42am, $1.60
- Philip Morris International (PM), 6:59am, $1.37 - Preview
- PPL (PPL), 7am, $0.50
- Sally Beauty Holdings (SBH), 7:30am, $0.36
- Saputo (SAP CN) 11:59am, C$0.74
- Sealed Air (SEE), 7:30am, $0.37
- Shoppers Drug Mart (SC CN) 7:45am, C$0.86
- Sigma-Aldrich (SIAL), 7am, $1.01
- Snap-on (SNA), 7am, $1.56
- Spirit Aerosystems Holdings (SPR), 7:30am, $0.65
- Teradata (TDC), 6:55am, $0.85
- Teva Pharmaceutical Industries (TEVA), 7am, $1.40 - Preview
- Towers Watson (TW), 6am, $1.33
- Twenty-First Century Fox (FOXA), 8am, $0.33 - Preview
- USG (USG), 8:30am, $0.10 - Preview
- Wisconsin Energy (WEC), 7am, $0.59
PM EARNS:
- Activision Blizzard (ATVI), 4:05pm, $0.73
- Expedia (EXPE), 4pm, $0.85 - Preview
- Fifth Street Finance (FSC), 4:37pm, $0.25
- FMC Technologies (FTI), 4pm, $0.65
- Genpact(G), 4pm, $0.26
- LinkedIn (LNKD), 4:05pm, $0.38 - Preview
- Lions Gate Entertainment (LGF), 4pm, $0.47
- NCR (NCR), 4:02pm, $0.79
- Neurocrine Biosciences (NBIX), 4:02pm, ($0.17)
- News (NWSA), 4:05pm, $0.19
- Noble Energy (NBL), 5pm, $0.59
- ON Semiconductor (ONNN), 4:05pm, $0.14
- Republic Services (RSG), 4:05pm, $0.46
- Tempur Sealy (TPX), 4:03pm, $0.62
- Ubiquiti Networks (UBNT), 4:05pm, $0.45
- VeriSign (VRSN), 4:05pm, $0.60
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- WTI Crude Rises a Third Day as U.S. Chill Erodes Fuel Stockpiles
- Cotton Crop in Australia Declining to Three-Year Low on Drought
- Virus Killing 5 Million Pigs Spurs Hog-Price Rally: Commodities
- U.S. Natural Gas Rises as Inventories Seen Declining on Weather
- Nickel Rises Amid Speculation Stainless Steel Will Fuel Demand
- Gold Reversal May Signal Lows for U.S. Stocks: Chart of the Day
- Wheat Trades Near Highest in Three Weeks Amid Signs of Demand
- Arabica Coffee Falls First Time in 8 Days; Sugar Little Changed
- Japan Turns to U.S. Wheat Amid Delays in Shipments From Canada
- Rice Farmers in Thailand Urge Stockpile Sales to Meet Payments
- World Food Prices Drop to 19-Month Low as Sugar to Grains Slide
- Tightly Knit Europe Gas Grid Matches Local Need With Global Feed
- Oman’s $3 Billion Railroad Plan to Blunt Iran Oil Risk: Freight
- Gold Holds Below 1-Week High as Silver Extends Best Run in Month
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team
