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
EQUITY SENTIMENT:
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
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team
