TODAY’S S&P 500 SET-UP – April 22, 2014
As we look at today's setup for the S&P 500, the range is 53 points or 2.02% downside to 1834 and 0.81% upside to 1887.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.33 from 2.32
- VIX closed at 13.25 1 day percent change of -0.82%
MACRO DATA POINTS (Bloomberg Estimates):
- 7:45am: ICSC weekly sales
- 8:55am:Redbook weekly sales
- 9am: FHFA House Price Index m/m, Feb., est. 0.5% (prior 0.5%)
- 10am: Richmond Fed, April, est. 2 (prior -7)
- 10am: Existing Home Sales, March, est. 4.56m (prior 4.60m)
- Existing Home Sales m/m, March, est. -0.9% (prior -0.4%)
- 11:45am: Former Fed Chairman Ben Bernanke speaks at Economic Club of Canada on crisis management at Federal Reserve
- 4:30pm: API weekly oil inventories
GOVERNMENT:
- 8:30am: Dow Jones holds the 2014 Global Compliance Symposium
- 11am: Supreme Court hears arguments in copyright case between Aereo, broadcast industry
- House, Senate not in session
- Congressional delegation, Vice President Biden in Ukraine
- President Obama travels to site of Washington mudslide
- Primary for special election to replace Rep. Radel in Fla.
- U.S. ELECTION WRAP: Radel Seat; Billionaires Max Out
WHAT TO WATCH:
- Novartis buys Glaxo cancer unit, sells animal drugs to Lilly
- Valeant, Pershing will bid for drugmaker Allergan
- Allergan says had no talks with Valeant, Pershing Square
- HCA said to consider offer for Australia’s Healthscope
- Samsung says $2b for Apple patents 57 times too much
- Diller goes big in U.S. high court gamble on Aereo’s future
- Pfizer agrees to pay $190m to settle Neurontin case
- LinkedIn said to fully lease Tishman’s SF skyscraper
- Amazon sales take hit in states with online tax, study says
- Icahn, Starboard’s Smith at Active-Passive Investor Conf.
- BlackRock seeks buyers for Malaysian office towers, mall
- JPGoldman Stanley intact as Basel change leaves banks entwined
- Ukraine accord nears collapse as Biden meets leaders in Kiev
- Samaras sees bond yields falling as Greek economy rebounds
AM EARNS:
- AK Steel Holding (AKS) 8:30am, ($0.43)
- Allegheny Technologies (ATI) 7am, ($0.07)
- Arch Coal (ACI) 7:45am, ($0.43) - Preview
- Bank of New York Mellon (BK) 6:30am, $0.54
- Canadian Pacific Railway (CP CN) 7:30am, $1.41 - Preview
- Carlisle Cos (CSL) 6am, $0.51
- Centene (CNC) 6am, $0.41
- Comcast (CMCSA) 7am, $0.64 - Preview
- FirstMerit (FMER) 7:30am, $0.36
- Genuine Parts Co (GPC) 8:34am, $1.02
- Harley-Davidson (HOG) 7am, $1.08
- Hubbell (HUB/B) 7:13am, $1.07
- Illinois Tool Works (ITW) 8am, $0.98
- Interpublic Group (IPG) 7am, ($0.08)
- Janus Capital Group (JNS) 7am, $0.16
- Lexmark International (LXK) 6:30am, $0.87
- Lockheed Martin (LMT) 7:25am, $2.54 - Preview
- McDonald’s (MCD) 7:58am, $1.24 - Preview
- MGIC Investment (MTG) 7am, $0.11
- Omnicom Group (OMC) 7am, $0.79
- Pentair (PNR) 7am, $0.73
- Prologis (PLD) 8am, $0.05
- Regions Financial (RF) 6:51am, $0.20 - Preview
- Simon Property Group (SPG) 6am, $0.96 - Preview
- Synovus Financial (SNV) 7am, $0.05
- TCF Financial (TCB) 8am, $0.23
- Travelers (TRV) 6:57am, $2.16 - Preview
- United Technologies (UTX) 6:59am, $1.27 - Preview
- Xerox (XRX) 6:45am, $0.24
PM EARNS:
- Amgen (AMGN) 4pm, $1.94 - Preview
- AT&T (T) 4:01pm, $0.70 - Preview
- Canadian National Railway Co (CNR CN) 4:01pm, C$0.62 -Preview
- Covanta Holding (CVA) 4:01pm, ($0.15)
- CR Bard (BCR) 4:05pm, $1.86
- Cree (CREE) 4:01pm, $0.38
- Cubist Pharmaceuticals (CBST) 4pm, $0.04
- Discover Financial (DFS) 4:05pm, $1.25
- FMC Technologies (FTI) 4pm, $0.50
- Fulton Financial (FULT) 4:30pm, $0.21
- Gilead Sciences (GILD) 4:05pm, $0.91 - Preview
- Hatteras Financial (HTS) 4:30pm, $0.49
- IDEX (IEX) 4:35pm, $0.84
- Illumina (ILMN) 4:05pm, $0.44
- International Game Technology (IGT) 4:15pm, $0.19
- Intuitive Surgical (ISRG) 4:05pm, $2.70
- Juniper Networks (JNPR) 4:05pm, $0.29 - Preview
- Nabors Industries (NBR) 4:067pm, $0.15
- Packaging of America (PKG) 5pm, $1.00
- Sanmina (SANM) 4:02pm, $0.39
- Skyworks Solutions (SWKS) 4:30pm, $0.59
- Torchmark (TMK) 4pm, $1.51
- Total System Services (TSS) 4pm, $0.43
- Trustmark (TRMK) 4:15pm, $0.42
- VMware (VMW) 4:01pm, $0.79
- Woodward (WWD) 4pm, $0.50
- WR Berkley (WRB) 4:01pm, $0.79
- Yum! Brands (YUM) 4:15pm, $0.84
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- El Nino’s Arrival Is Forecast by All Models Tracked by Australia
- Nickel Rises to 14-Month High as Ukraine Adds to Indonesia Cuts
- Zinc-Output Deficit Widens as China Buys More Stuff: Commodities
- WTI Falls From Seven-Week High Before Supply Data; Brent Slips
- Nickel to Swing to Deficit on Indonesia Ban, Sumitomo Metal Says
- Gold Trades Near 2-Week Low as U.S. Outlook Weighed With Ukraine
- Wheat Rebounds From Biggest Drop in a Year on Ukraine Flare-Up
- Rebar in Shanghai Rises From One-Month Low as Inventory Declines
- Coffee Advances on Brazilian Weather Concerns; Cocoa Also Climbs
- Goa Miners Hoping for Boom After Bust Turn to Guevara Fan
- Keystone Route Ruling Should Be Overturned, Nebraska Tells Court
- Ex-Goldman Banker Emerges as Barrick Dealmaker on Newmont Talks
- Rubber in Tokyo Settles Near Four-Year Low on Oversupply Concern
- Indonesia Seizes Tin Cargo on Ship Heading to Singapore
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team
