THE HEDGEYE DAILY OUTLOOK

TODAY’S S&P 500 SET-UP – February 27, 2014


As we look at today's setup for the S&P 500, the range is 27 points or 1.09% downside to 1825 and 0.37% upside to 1852.                           

                                                                                                    

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: 2.33 from 2.34
  • VIX closed at 14.35 1 day percent change of 4.97%

MACRO DATA POINTS (Bloomberg Estimates):

  • 8:30am: Durable Goods, Jan., est -1.6% (pr -4.3%, rev -4.2%)
  • 8:30am: Init Jobless Claims, Feb. 22, est. 335k (prior 336k)
  • 9:45am: Bloomberg Consumer Comfort, Feb. 23 (prior -30.6)
  • 10am: Fed’s Yellen testifies to Senate Banking Committee
  • 10am: Freddie Mac mortgage rates
  • 10:30am: EIA natural-gas storage change
  • 10:30am: Fed’s Fisher speaks in Frankfurt
  • 11am: Kansas City Fed Mfg Activity, Feb., est. 2 (prior 5)
  • 1:30pm: ECB’s Draghi speaks in Frankfurt
  • 3:15pm: Fed’s Lockhart and George speak in Atlanta

GOVERNMENT:

    • 9:30am: House Oversight panel holds hearing on IRS examinations of political speech by tax-exempt groups
    • 10am: Senate Banking Cmte hears from Fed Chair Yellen on semiannual monetary report to Congress
    • 10am: House Transportation and Infrastructure panel meets on “Improving the Nation’s Highway Freight Network”

WHAT TO WATCH:

  • Janet Yellen to testify before Senate Banking Committee
  • Sony job cuts to include a third of electronics unit workers
  • Baidu 1Q revenue forecast tops estimate as 4Q beats
  • Williams Partners to buy Williams Canada assets for $1.2b
  • JPMorgan sees March bid for Global Special Opportunities: WSJ
  • J.C. Penney gains as sales forecast signals turnaround momentum
  • KKR said to seek Abril Educacao deal avoiding $1b buyout
  • Imerys tops Minerals Technologies bid for clay-supplier Amcol
  • Bitcoin Foundation aided New York prosecutor’s Mt. Gox probe
  • U.S. cos. seen making exchange plans to trade Bitcoin: WSJ
  • Google fights e-mail privacy group lawsuit calling it too big
  • Musk’s $5b Tesla gigafactory may unleash incentive fray
  • Gunmen take Ukraine’s Crimea parliament, raise Russian flag
  • German unemployment falls for 3rd month as growth picks up
  • Eurozone Feb. economic confidence rises to 101.2; est. 100.7
  • RBS posts biggest loss since 2008 as McEwan details overhaul
  • WPP falls most in 4 yrs as exchange rates hurt margins
  • Financing for Jos. A. Bank’s Bauer deal delayed by Goldman: WSJ

AM EARNS:

    • American Realty Capital (ARCP) 6am, $0.27
    • Best Buy (BBY) 7am, $1.01 - Preview
    • Chico’s (CHS) 7:15am, $0.16
    • Cobalt International Energy (CIE) 7am, $(0.16)
    • Federal Home Loan Mortgage (FMCC) 8am, $0.73
    • Fortress Investment Group (FIG) 7am, $0.19
    • GrafTech Intl (GTI) 7:10am, $0.03
    • Hilton (HLT) Bef-Mkt, $0.16
    • Kohl’s (KSS) 7am, $1.54 - Preview
    • Lamar Advertising (LAMR) 6am, $0.16
    • Linn Energy (LINE) 6:50am, $0.26
    • LinnCo (LNCO) 6:50am, $0.50
    • LKQ (LKQ) 7am, $0.28
    • Mylan (MYL) 6:30am, $0.75 - Preview
    • Nationstar Mortgage (NSM) 6am, $(0.19)
    • NorthStar Realty Finance (NRF) 7:30am, $0.29
    • Ocwen Financial (OCN) 7:30am, $1
    • Pall (PLL) 7am, $0.80
    • Rowan Cos (RDC) 8am, $0.41
    • Sarepta Therapeutics (SRPT) 7am, $(0.70)
    • Sears Holdings (SHLD) 6am, $(1.82)
    • Sempra Energy (SRE) 9am, $0.97
    • Toronto-Dominion (TD CN) 6:30am, C$1.04 - Preview
    • Valeant Pharaceuticals (VRX) 6am, $2.06 - Preview
    • Wendy’s (WEN) 7:30am, $0.10
    • Western Refining (WNR) 6am, $0.56
    • Windstream (WIN) 6:15am, $0.09
    • WPX Energy (WPX) 7am, $(0.35)
    • Zale (ZLC) 7:30am, $1.04

PM EARNS:

    • ACADIA Pharmaceuticals (ACAD) 4:01pm, $(0.13)
    • Arena Pharmaceuticals (ARNA) 4:03pm, $0.15 - Preview
    • Deckers Outdoor (DECK) 4pm, $3.79
    • Gap (GPS) 4pm, $0.65
    • KBR (KBR) 4:08pm, $0.91
    • Kodiak Oil & Gas (KOG) 4:01pm, $0.18
    • Medivation (MDVN) 4:10pm, $(0.09)
    • Mentor Graphics (MENT) 4:05pm, $0.91
    • Monster Beverage (MNST) 4:05pm, $0.46
    • New Gold (NGD CN) 4:04pm, $0.03
    • OmniVision Technologies (OVTI) 4:18pm, $0.35
    • Ross Stores (ROST) 4pm, $1.01 - Preview
    • Salesforce.com (CRM) 4:05pm, $0.06
    • Salix Pharmaceuticals (SLXP) 4:01pm, $0.93
    • SandRidge Energy (SD) 4:05pm, $0.00
    • Sotheby’s (BID) 4pm, $1.41
    • Splunk (SPLK) 4:02pm, $0.05
    • Sprouts Farmers Market (SFM) 4:05pm, $0.06
    • Universal Health Services (UHS) 5:01pm, $1.08
    • Youku Tudou (YOKU) 4:30pm, $0.02

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Copper Trades Near December Low With Production Set to Expand
  • Japan No Country for Old Farmers as 7-Eleven Takes Up the Plow
  • EU Fines No Bar to Milk Output Gain as Price Surges: Commodities
  • Brent Crude Declines to One-Week Low; Premium to WTI Narrows
  • Gold Rally Restores Luster to ETFs After Slide: Chart of the Day
  • Wheat Extends Loss as Demand Seen Easing Amid Argentina Exports
  • Arabica Coffee Drops Following Surge on Brazil Crop-Forecast Cut
  • China Copper Premium Slumps to Eight-Month Low as Yuan Weakens
  • Palm Oil Climbing for Merchant’s Coleman on Dry Weather Risk
  • Cattle Poised to Extend Rally With Hogs as U.S. Meat Supply Ebbs
  • Oil Giants Sell Pipelines as Shale Strength Drives Deals: Energy
  • Shale Boom Brings Rethinking of U.S. Crude Export Ban: QuickTake
  • Europe Refiner Bull & Bear Pits New Markets vs. Tax: BI Outlook
  • Gold Erases Drop in London, Is Little Changed at $1,332.07/Oz

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

 

 

 

 

 

 

 

 

 

 

 

 

 


Who's Right? The Stock Market or the Bond Market?

"As I see it, bonds look like they have further to fall, while stocks look tenuous at these levels," writes Peter Atwater, founder of Financial Insyghts.

read more

Poll of the Day: If You Could Have Lunch with One Fed Chair...

What do you think? Cast your vote. Let us know.

read more

Are Millennials Actually Lazy, Narcissists? An Interview with Neil Howe (Part 2)

An interview with Neil Howe on why Boomers and Xers get it all wrong.

read more

6 Charts: The French Election, Nasdaq All-Time Highs & An Earnings Scorecard

We've been telling investors for some time that global growth is picking up, get long stocks.

read more

Another French Revolution?

"Don't be complacent," writes Hedgeye Managing Director Neil Howe. "Tectonic shifts are underway in France. Is there the prospect of the new Sixth Republic? C'est vraiment possible."

read more

Cartoon of the Day: The Trend is Your Friend

"All of the key trending macro data suggests the U.S. economy is accelerating," Hedgeye CEO Keith McCullough says.

read more

A Sneak Peek At Hedgeye's 2017 GDP Estimates

Here's an inside look at our GDP estimates versus Wall Street consensus.

read more

Cartoon of the Day: Green Thumb

So far, 64 of 498 companies in the S&P 500 have reported aggregate sales and earnings growth of 6.1% and 16.8% respectively.

read more

Europe's Battles Against Apple, Google, Innovation & Jobs

"“I am very concerned the E.U. maintains a battle against the American giants while doing everything possible to sustain so-called national champions," writes economist Daniel Lacalle. "Attacking innovation doesn’t create jobs.”

read more

An Open Letter to Pandora Management...

"Please stop leaking information to the press," writes Hedgeye Internet & Media analyst Hesham Shaaban. "You are getting in your own way, and blowing up your shareholders in the process."

read more

A 'Toxic Cocktail' Brewing for A Best Idea Short

The first quarter earnings pre-announcement today is not the end of the story for Mednax (MD). Rising labor costs and slowing volume is a toxic cocktail...

read more

Energy Stocks: Time to Buy? Here's What You Need to Know

If you're heavily-invested in Energy stocks it's been a heck of a year. Energy is the worst-performing sector in the S&P 500 year-to-date and value investors are now hunting for bargains in the oil patch. Before you buy, here's what you need to know.

read more