TODAY’S S&P 500 SET-UP – February 11, 2014
As we look at today's setup for the S&P 500, the range is 80 points or 3.66% downside to 1734 and 0.79% upside to 1814.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.37 from 2.36
- VIX closed at 15.26 1 day percent change of -0.20%
MACRO DATA POINTS (Bloomberg Estimates):
- 7:30am: NFIB Sm. Biz Optimism, Jan., est. 93.5 (prior 93.9)
- 7:45am/8:55am: ICSC/Redbook weekly retail sales
- 9am: Fed’s Plosser speaks in Del.
- 10am: JOLTs Job Openings, Dec. (prior 4.001m)
- 10am: Wholesale Inventories m/m, Dec., est. 0.5% (pr 0.5%)
- 10am: Fed’s Yellen testifies to House Fin. Services Cmte
- 4:30pm: API weekly oil inventories
- 8pm: Fed’s Lacker speaks at Stanford University
- 8pm: Fed’s Fisher speaks in Dallas
GOVERNMENT:
- 9am: Obama and Hollande hold state arrival ceremony, 9am; State dinner begins 8:30pm
- 10:15am House Ways and Means Committee marks up H.R. 3865 which would delay IRS rules on 501(c)(4) organizations
- 10:30am Senate Budget Cmte hears from CBO Director Douglas Elmendorf on economic outlook through 2024
- House Republicans plan Feb. 12 vote to boost debt limit until March 2015, restore cost-of-living raises for military retirees
WHAT TO WATCH:
- Fed’s Yellen testifies to House Financial Services Cmte
- KKR to close two funds targeting individual investors
- Obamacare delayed until 2016 for businesses w/ <100 workers
- Ackman sells General Growth shrs to exit holding in mall owner
- Barclays to cut up to 12,000 jobs as 4Q profit falls
- L’Oreal to pay $8.2b to buy back 8% of its stock from Nestle
- Blankfein says EMs in better position than during 1998 crisis
- SEC majority wants to review exchanges’ oversight status
- GM’s China sales rise 12% to record in January on Buick demand
- General Motors to invest 1.5b Zloty in Polish plant: Dziennik
- Porsche to exceed 200,000 in deliveries in 2015 on Macan
- Wall St. vets may be removed from arbitration panels: Reuters
- North Carolina agency may delay own deal with Duke Energy: AP
- Virgin America said to pick Barclays, Deutsche for IPO: FT
- Glencore Xstrata’s 4Q copper output increases 32%
- China auditors plan to file appeal of 6-month U.S. ban
AM EARNS:
- CAE (CAE CN) 8:22am, C$0.18
- CVS Caremark (CVS) 7am, $1.11 - Preview
- Dean Foods Co (DF) 7:01am, $0.18
- Entergy (ETR) 7am, $0.83
- HCP (HCP) 8am, $0.56
- Health Net/CA (HNT) 8:15am, $0.29
- Henry Schein (HSIC) 7am, $1.40
- Huntsman (HUN) 6am, $0.37
- Ingersoll-Rand PLC (IR) 7am, $0.61
- IntercontinentalExchange Group (ICE) 7:30am, $1.95
- LPL Financial Holdings (LPLA) 6:05am, $0.59
- Marsh & McLennan Cos (MMC) 7am, $0.56
- Mosaic (MOS) 7am, $0.43
- National Retail Properties (NNN) 8:30am, $0.28
- Omnicom Group (OMC) 7am, $1.14 -
- PG&E (PCG) 9:02am, $0.42
- Regeneron Pharmaceuticals (REGN) 6:30am, $2.09 - Preview
- Reynolds American (RAI) 6:58am, $0.80 - Preview
- Sprint (S) 7am, ($0.36)
- Zoetis (ZTS) 7am, $0.34
PM EARNS:
- Arch Capital Group (ACGL) 4:01pm, $0.96
- Brookfield Residential Properties (BRP CN) 4:09am, C$0.84
- CNO Financial Group (CNO) 4:03pm, $0.29
- Conversant (CNVR) 4:02pm, $0.57
- Covanta Holding (CVA) 4:01pm, $0.22
- DaVita HealthCare Partners (DVA) 4:01pm, $0.98
- Energen (EGN) 4:30pm, $0.82
- FireEye (FEYE) 4:05pm, ($0.37)
- Fossil Group (FOSL) 4:01pm, $2.43
- Packaging of America (PKG) 5pm, $0.89
- PHH (PHH) 4:03pm, $0.08
- Sangamo Biosciences (SGMO) 4pm, ($0.11)
- Seattle Genetics (SGEN) 4:05pm, ($0.24) - Preview
- Service International (SCI) 4:05pm, $0.24
- Trimble Navigation (TRMB) 4:05pm, $0.37
- TripAdvisor (TRIP) 4pm, $0.21
- Western Union Co (WU) 4:01pm, $0.32
- Willis Group Holdings PLC (WSH) 4:41pm, $0.49
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Natural Gas Rebounds From Three-Week Low on U.S. Winter Storm
- Gold Advances to Highest Price Since November as Dollar Weakens
- Rhodium Bust Ending as Car Sales Fuel Mine Deficit: Commodities
- Sugar Traders Split as Brazil Dryness Weighed Against Surpluses
- Aluminum Trades Near a One-Week High Before Yellen Testimony
- Rebar Touches 17-Month Low as Inventory Gains After Holiday
- Soybeans Extend Losses After USDA Raises Global Supply Outlook
- China Eyes Poultry Consolidation as Bird Flu Cuts Consumption
- Wheat Crop Seen Third-Biggest by Australia on Western Supply
- California Wildfires Erupt Early in Risk to Homes and Vineyards
- Transnet Fights BHP to Win Coal Port Access for Black Miners
- Strong Chinese Steel Demand May Fail to Absorb Iron Ore Glut
- Chinese Coal Firms’ Debt Concerns Sink Shares: Chart of the Day
- WTI Trades Near Six-Week High as U.S. Fuel Supplies Seen Falling
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team