THE HEDGEYE DAILY OUTLOOK

TODAY’S S&P 500 SET-UP – February 20, 2014


As we look at today's setup for the S&P 500, the range is 39 points or 1.08% downside to 1809 and 1.05% upside to 1848.                                    

                                                                                           

SECTOR PERFORMANCE

 

THE HEDGEYE DAILY OUTLOOK - 1

 

THE HEDGEYE DAILY OUTLOOK - 2

 

EQUITY SENTIMENT:

 

THE HEDGEYE DAILY OUTLOOK - 10                                                                                                                                                                  

 

CREDIT/ECONOMIC MARKET LOOK:

  • YIELD CURVE: 2.41 from 2.43
  • VIX closed at 15.5 1 day percent change of 11.75%

MACRO DATA POINTS (Bloomberg Estimates):

  • 8:30am: CPI m/m, Jan., est. 0.1% (prior 0.3%)
  • 8:30am: Init Jobless Claims, Feb. 15, est. 335k (pr 339k)
  • 8:58am: Markit US PMI Preliminary, Feb., est. 53.6
  • 9:45am: Bloomberg Economic Expectations, Feb. (prior -5)
  • Bloomberg Consumer Comfort, Feb. 16 (prior -30.7)
  • 10am: Philadelphia Fed Bus Outlk, Feb., est. 8.0 (pr 9.4)
  • 10am: Leading Econ Indicators, Jan., est. 0.4% (pr 0.1%)
  • 10:00am: Mortgage Delinquencies, 4Q (prior 6.41%)
  • 10am: Freddie Mac Mortgage Rates
  • 10:30am: EIA natural gas
  • 11am: DOE Energy Inventories

GOVERNMENT:

    • 8am, USDA begins 2-day 2014 Agricultural Outlook Forum, with remarks from Ag. Sec. Tom Vilsack
    • 2pm, SEC holds closed mtg on enforcement matters

WHAT TO WATCH:

  • Facebook agrees to buy mobile-messaging app WhatsApp for $19b
  • WhatsApp deal seen avoiding U.S. antitrust challenge
  • Sequoia Capital said to make $3.5b backing WhatsApp
  • China manufacturing index slides to lowest level in 7 months
  • Safeway said in talks with firms including CVC, Leonard Green
  • Peltz still seeks PepsiCo split, to lobby shareholders: WSJ
  • Citigroup appoints Mahmud to succeed Prasad as currencies chief
  • Wall Street girds for China bribery probe as share sales beckon
  • Ukraine truce crumbles as fights erupt with talks set to resume
  • BofA said to increase CEO Moynihan’s compensation 17% to $14m
  • Danone earns drop for first time in decade on baby-food scare
  • Sbarro closing 155 North American locations in comeback effort
  • Merck & Co. unit eyed by cos. incl. Bayer, Novartis: Reuters
  • Ardagh Glass may get bids for U.S. unit this week: FT
  • SEC’s Stein calls for short-term lending rules reform: Reuters
  • PBOC drains cash as overnight rate slides to lowest in 10 mos.
  • Japan trade deficit widens to record as import costs jump

AM EARNS:

    • Actavis (ACT) 7am, $3.05
    • AerCap Holdings (AER) 6:57am, $0.65
    • Altisource Residential (RESI) 7:30am, $0.40
    • CVR Energy (CVI) 8:30am, $0.39
    • Dana Holding (DAN) 7am, $0.44
    • Denbury Resources (DNR) 7:30am, $0.30
    • DirecTV (DTV) 7am, $1.29 - Preview
    • Hormel Foods (HRL) 6:30am, $0.58
    • InterDigital (IDCC) 8:30am, $0.30
    • Lexington Realty Trust (LXP) 7:30am, $0.05
    • Loblaw Cos (L CN) 6am, C$0.55
    • Patterson (PDCO) 7am, $0.57
    • Public Service Enterprise (PEG) 7:30am, $0.45
    • Quanta Services (PWR) 6:07am, $0.43
    • Reliance Steel & Aluminum (RS) 8:50am, $0.98
    • Scana (SCG) 7:30am, $0.78
    • Sonus Networks (SONS) 6am, $0.02
    • Teekay (TK) 8am, $(0.04)
    • Teekay LNG Partners (TGP) 8am, $0.55
    • Teekay Offshore Partners (TOO) 8am, $0.39
    • Teekay Tankers (TNK) 8am, $(0.04)
    • Tim Hortons (THI CN) 7:30am, C$0.76
    • Toro (TTC) 8:30am, $0.37
    • TransAlta (TA CN) 7:45am, C$0.20
    • TransCanada (TRP CN) 8:32am, C$0.60 - Preview
    • Ultra Petroleum (UPL) 8am, $0.38
    • Wal-Mart Stores (WMT) 7am, $1.59 - Preview
    • Walter Energy (WLT) 7:38am, $(0.83)
    • Westlake Chemical (WLK) 6am, $2.23
    • Yandex (YNDX) 6am, $11.38

PM EARNS:

    • Agrium (AGU CN) 5:30pm, $0.85
    • Allscripts Healthcare Solution (MDRX) 4:01pm, $0.08
    • Aruba Networks (ARUN) 4:05pm, $0.17
    • Bill Barrett (BBG) 4pm, $(0.03)
    • Cabot Oil & Gas (COG) 5:01pm, $0.17
    • Capstone Mining (CS CN) 5:37pm, $0.07
    • Exelixis (EXEL) 4:12pm, $(0.38)
    • Express Scripts Holding (ESRX) 4:01pm, $1.12 - Preview
    • First Quantum Minerals (FM CN) 5pm, $0.22
    • Groupon (GRPN) 4pm, $0.02
    • Hewlett-Packard (HPQ) 4:04pm, $0.84 - Preview
    • Intuit (INTU) 4pm, $0.02
    • Lundin Mining (LUN CN) 5:56pm, $0.07
    • Marvell Technology Group (MRVL) 4:03pm, $0.25
    • Mohawk Industries (MHK) 4:01pm, $1.75
    • MRC Global (MRC) 4:05pm, $0.42
    • Newmont Mining (NEM) 4:15pm, $0.44
    • Nordstrom (JWN) 4:04pm, $1.34 - Preview
    • Pharmacyclics (PCYC) 4:01pm, $0.88
    • Priceline.com (PCLN) 4:01pm, $8.30 - Preview
    • Qlik Technologies (QLIK) 4:05pm, $0.30
    • Tile Shop Holdings (TTS) 4:01pm, $0.04
    • WebMD Health (WBMD) 4pm, $0.24

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Gold Losing Stigma for UBS as Tully Increases Forecasts for 2014
  • WTI Oil Falls From Four-Month High as China Manufacturing Slows
  • Coffee Exports From Indonesia to Drop on World Cup; Prices Jump
  • Rarest of Rare Iridium Gains as Growth Spurs Demand: Commodities
  • Gold Advances as Investors Weigh Fed Outlook Against U.S. Data
  • Ivorian Cocoa Crop Seen by Ecobank Rising to Highest in 3 Years
  • Soybean Futures Climb as Drought in Brazil May Cut Production
  • Cocoa Rebounds on Slowing Ivory Coast Deliveries Before Mid-Crop
  • China Iron Ore Mining Decline May Be Global Producer Bonanza
  • Switzerland Sent 80% of Bullion Exports to Asia in January
  • Shale Gas Halted in U.K. by Six-Month Wait for Permits: Energy
  • U.S. Aluminum Premiums Falling as Metal Released From Financings
  • Key Potash Demand Driver at Risk as India Mulls Subsidy Freeze
  • Palm Oil Advances to 17-Month High as Malaysian Exports Expand

THE HEDGEYE DAILY OUTLOOK - 5

 

CURRENCIES

 

THE HEDGEYE DAILY OUTLOOK - 6

 

GLOBAL PERFORMANCE

 

THE HEDGEYE DAILY OUTLOOK - 3

 

THE HEDGEYE DAILY OUTLOOK - 4

 

EUROPEAN MARKETS

 

THE HEDGEYE DAILY OUTLOOK - 7

 

ASIAN MARKETS

 

THE HEDGEYE DAILY OUTLOOK - 8

 

MIDDLE EAST

 

THE HEDGEYE DAILY OUTLOOK - 9

 

 

The Hedgeye Macro Team

 

 

 

 

 

 

 

 

 

 

 

 

 


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