TODAY’S S&P 500 SET-UP – February 13, 2014
As we look at today's setup for the S&P 500, the range is 108 points or 5.02% downside to 1728 and 0.92% upside to 1836.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.43 from 2.39
- VIX closed at 14.3 1 day percent change of -1.45%
MACRO DATA POINTS (Bloomberg Estimates):
- 8:30am: Retail Sales Advance m/m, Jan., est. 0.0% (pr 0.2%)
- 8:30am: Initial Jobless Claims, Feb. 8, est. 330k (pr 331k)
- 8:45am: Bloomberg Feb. U.S. Economic Survey
- 9:45am: Bloomberg Consumer Comfort, Feb. 9 (prior -33.1)
- 10am: Business Inventories, Dec., est, 0.4% (prior 0.4%)
- 10am: Freddie Mac mortgage rates
- 10:30am: EIA natural-gas storage change
GOVERNMENT:
- POSTPONED:Fed Chairman Janet Yellen’s testimony before the Senate Banking Cmte
- POSTPONED: Senate Health, Education and Labor Cmte hearing on proposals to raise minimum wage
WHAT TO WATCH:
- Comcast said to agree to buy Time Warner Cable for about $44b
- Charter said unlikely to match Comcast’s Time Warner Cable bid
- U.S. to shut Washington offices as snowstorm hits Northeast
- POSTPONED: Fed Chair Yellen’s testimony to Senate Banking Cmte
- Royal Mail, Asos, Inter Pipeline, Seiko Epson join MSCI World
- China said to target export growth at slower pace than 2013
- Volcker Rule bankers’ lawsuit dropped as regulations revised
- Merck & Co.’s sale of consumer unit may top $10b, WSJ reports
- Buffett in talks to exit stake in former Washington Post owner
- Apple adds Macs assembled in Texas by Flextronics in U.S. push
- Lenovo projects end to Motorola losses With China phone plan
- ITC to review Avago decision in Mellanox patent case
- BNP Paribas profit drops on $1.1b U.S. legal provision
- Lloyds posts fourth consecutive loss on costs of redress
- Nestle forecasts sales growth in 2014 near low end of target
- Rolls-Royce falls after forecasting unchanged profit growth
- Oil inventories fell most since 1999 on demand in IEA estimate
- China January auto sales miss estimates as economy slows
- China Trust assets surge to $1.8 trillion amid default risks
- Storm causes havoc on U.K. rail as flooding forecast to worsen
AM EARNS:
- Amtrust Financial Services (AFSI) 7am, $0.78
- Apache (APA) 8am, $1.80 - Preview
- Avon Products (AVP) 7:01am, $0.30
- Barrick Gold (ABX CN) 6:30am, $0.41 - Preview
- Bombardier (BBD/B CN) 6am, $0.11 - Preview
- BorgWarner (BWA) 8am, $0.71
- Bunge (BG) 6:30am, $2.12
- Burger King Worldwide (BKW) 7am, $0.23
- Calpine (CPN) 6am, ($0.09)
- Canadian Tire (CTC/A CN) 7:46am, $2.26
- Cenovus Energy (CVE CN) 6am, $0.33
- Diebold (DBD) 8am, $0.58
- Discovery Communications (DISCA) 7am, $0.90
- Encana (ECA CN) 6am, $0.18 - Preview
- EQT (EQT) 7am, $0.68
- Generac Holdings (GNRC) 5:59am, $0.90
- GNC Holdings (GNC) 8am, $0.64
- Goldcorp (G CN) 8am, $0.23 - Preview
- Goodyear Tire & Rubber (GT) 7:30am, $0.63
- Great-West Lifeco (GWO CN) 12:44pm, $0.61 - Preview
- International Flavors & Fragrances (IFF) 7am, $0.91
- Jarden (JAH) 6:50am, $1.30
- Louisiana-Pacific (LPX) 8am, $0.05
- Manulife Financial (MFC CN) 6am, $0.43 - Preview
- Molson Coors Brewing Co (TAP) 7:30am, $0.72
- Nielsen Holdings NV (NLSN) 7am, $0.71
- PBF Energy (PBF) 7am, $0.56 - Preview
- PepsiCo (PEP) 7am, $1.00 - Preview
- Precision Drilling (PD CN) 6am, $0.17
- Realty Income (O) 9:15am, $0.21
- RioCan Real Estate Investment (REI-U CN) 7am,
- Sonoco Products Co (SON) 7:30am, $0.58
- Starwood Hotels & Resorts (HOT) 6am, $0.70
- Teck Resources (TCK/B CN) 5am, $0.43 - Preview
- TELUS (T CN) 8:30am, $0.48 - Preview
- Vantiv (VNTV) 7am, $0.44
- WhiteWave Foods (WWAV) 6am, $0.20 - Preview
PM EARNS:
- Agilent Technologies (A) 4:05pm, $0.66
- Allison Transmission Holdings (ALSN) 4:01pm, $0.37
- American International Group (AIG) 4pm, $0.97
- Brocade Communications Systems (BRCD) 4pm, $0.20
- Cliffs Natural Resources (CLF) 4:22pm, $0.79
- Cloud Peak Energy (CLD) 4:10pm, $0.23
- Ingram Micro (IM) 4:05pm, $0.79
- Key Energy Services (KEG) 6:18pm, ($0.06)
- Kraft Foods Group (KRFT) 4pm, $0.61 - Preview
- Liberty Global PLC (LBTYA) 5:40pm, $0.25
- Regal Entertainment Group (RGC) 4pm, $0.25
- Trulia (TRLA) 4:05pm, $0.07 - Preview
- Weight Watchers International (WTW) 4:05pm, $0.61
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Oil Inventories Fell Most Since 1999 on Demand in IEA Estimate
- Rice Exports From India Rising to Record as Iran Boosts Reserves
- WTI Crude Declines From Four-Month High as Gains Seen Excessive
- Gold Falls in New York After Gains Seen Encouraging Metal Sales
- Copper Drops as China Said to Target Slower Growth in Exports
- Rubber Falls a 2nd Day as Stronger Yen, Falling Oil Cut Appeal
- Soybeans Rise as Supply May Tighten Before South America Harvest
- Shree Renuka to Buy More Indian Raw Sugar as Exports Subsidized
- New Smelter Pipeline Threatens Any End to Aluminum Overcapacity
- Washington Offices to Close as Winter Storm Approaches Northeast
- Barrick Gold Earnings Trail Estimates as Production Declines
- U.K. Farmers Contend With Floods as Wheat to Pasture Submerged
- Coal Burns Bright as Utilities Switch From Gas: Carbon & Climate
- Palm Rises to Highest This Year on Exports Amid Brazil Dryness
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team
