TODAY’S S&P 500 SET-UP – February 18, 2014
As we look at today's setup for the S&P 500, the range is 43 points or 1.83% downside to 1805 and 0.51% upside to 1848.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.42 from 2.43
- VIX closed at 13.57 1 day percent change of -4.03%
MACRO DATA POINTS (Bloomberg Estimates):
- 8:30am: Empire Manufacturing, Feb., est. 9.00 (prior 12.51)
- 8:30am: CPI benchmark revisions
- 9am: Net Long-term TIC Flows, Dec. (prior -$29.3b)
- 10am: NAHB Housing Market Index, Feb., est. 56 (prior 56)
- 3:15pm: Fed holds open board meeting on bank supervision
GOVERNMENT:
- President Obama scheduled to give remarks on the economy
- Washington Week Ahead
WHAT TO WATCH:
- Actavis said to near $25b deal to buy Forest Laboratories
- Starr, Partners buy MultiPlan in purchase said at $4.4b
- German investor sentiment falls a 2nd month on growth caution
- China said to plan tighter rules for direct-sales cos.
- Yahoo seeks to focus on mobile, contextual search
- Apple to introduce iPhone 6 in 3rd quarter: Economic Daily
- BOJ boost to lending programs signals room for further easing
- Car sales in Europe rose a fifth consecutive month in January
- Shanghai Fosun, TPG to buy hospitals operator Chindex
- Tyson Foods said to buy Goldman Sachs’s Michael Foods
- Novartis buys CoStim to boost immunotherapy capability
- Philip Falcone’s Lightsquared files new reorganization plan
- Google buys Israeli login-security firm SlickLogin
- Total, Hellman & Friedman may raise $1b in cryogenics IPO
- Blackstone said in talks to buy some Encana assets: NY Post
- Starwood Capital Group said to consider IPO, WSJ reports
- Fed district chief expects tapering to continue: L.A. Times
- HP got Autonomy audit reports showing hardware sales: FT
- Banks review rules on FX traders making bets with own cash: FT
- Auto union regrouping after losing vote at Volkswagen plant
- Wanxiang wins Fisker Automotive asset auction with $149m bid
- China provinces/natl data gap narrows as Xi changes metrics
- China’s Goldleaf Jewelry to pay $665m for ERG Resources
AM EARNS:
- Coca-Cola (KO) 7:30am, $0.46 - Preview
- Cumulus Media (CMLS) 9am, $0.08
- Dentsply Intl (XRAY) 6:31am, $0.61
- Diana Shipping (DSX) 7:45am, $(0.06)
- Duke Energy (DUK) 7am, $0.95
- Genuine Parts (GPC) 8:49am, $0.91
- Medtronic (MDT) 7:15am, $0.91
- NiSource (NI) 6:30am, $0.47
- Norwegian Cruise Line (NCLH) 6am, $0.18
- Rona (RON CN) 7am, C$0.10
- Waste Management (WM) 7:30am, $0.61
- Wolverine World Wide (WWW) 6:30am, $0.20
PM EARNS:
- Access Midstream Partners (ACMP) 4:15pm, $0.54
- Analog Devices (ADI) 4:01pm, $0.49
- CF Industries (CF) 4:01pm, $4.41
- Community Health Systems (CYH) 4:15pm, $0.56
- Fluor (FLR) 4:05pm, $0.98
- Healthcare Trust of America (HTA) 5:19pm, $0.04
- Herbalife (HLF) 4:10pm, $1.28
- KAR Auction Services (KAR) 4:15pm, $0.27
- La-Z-Boy (LZB) 4:05pm, $0.35
- MannKind (MNKD) 4pm, $(0.13)
- Nabors Industries (NBR) 4:01pm, $0.20
- NPS Pharmaceuticals (NPSP) 4:01pm, $0.03
- Oceaneering Intl (OII) 5pm, $0.84
- Panera Bread (PNRA) 4pm, $1.94
- Photronics (PLAB) 4:30pm, $0.05
- Retail Properties of America (RPAI) 4:17pm, $0.03
- SM Energy (SM) 5pm, $1.45
- Terex (TEX) 4:15pm, $0.49
- Yamana Gold (YRI CN) 4:20pm, $0.07
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Arabica Coffee Jumps Most Since 2004 After Brazil’s Dry Weather
- Vitol Says Brent Oil Benchmark Needs African Fix as Output Drops
- Top Gold Forecasters Still Bearish After 2014 Rally: Commodities
- BHP Joins Rio Tinto in Seeing Iron Ore Price Dropping on Supply
- Gold Drops From 3-Month High as Buying Seen Deterred After Rally
- WTI Oil Rises Amid Speculation U.S. Snowfall Will Bolster Demand
- Copper Declines as Top User China’s Central Bank Drains Funds
- Corn Rises to 4-Month High as Brazil’s Dry Weather May Hurt Crop
- Iraq Grain Board to Meet Thai Officials Soon on Rice Import Ban
- China Steel Demand Poised to Plunge as PMIs, Indexes Show Slump
- Gold Demand in Japan Tripled Amid Abenomics as Prices Slumped
- Snow Snarls Travel as Another Storm Strikes U.S. Northeast
- Iron Ore Bests Metals as Prices Have Gone Nowhere Since 1913
- Rusal Sees Least Output in at Least 8 Years as Smelters Shut
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team