TODAY’S S&P 500 SET-UP – April 28, 2014
As we look at today's setup for the S&P 500, the range is 53 points or 1.42% downside to 1837 and 1.43% upside to 1890.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.25 from 2.23
- VIX closed at 14.06 1 day percent change of 5.56%
MACRO DATA POINTS (Bloomberg Estimates):
- Employment Cost Index revisions released
- 10am: Pending Home Sales m/m, March, est. 0.7% (prior -0.8%)
- 10:30am: Dallas Fed Mfg Activity, April, est. 6 (prior 4.9)
GOVERNMENT:
- U.S., Philippines to sign defense pact amid China tensions
- House, Senate return from 2-wk recess
- Agriculture Sec. Tom Vilsack speaks at Bloomberg Government breakfast, 8:30am
- Supreme Court Court releases list of cases it plans to consider, 9:30am; hears arguments in Nautilus patent case; 10am
WHAT TO WATCH:
- Siemens pitches Alstom asset swap, wins France’s support
- French President Hollande meeting w/GE CEO today; Siemens CEO and chairman also set to meet Hollande
- ALSTOM STREETWRAP: GE success “better evil” for Siemens
- Pfizer confirms proposing $98.7b AstraZeneca deal
- Mylan’s 2nd offer for Swedish drugmaker Meda rejected
- Merck said near consumer unit sale for $14b: Reuters
- Bayer said to weigh sale of plastics unit amid health focus
- Wall Street swap-trading shift abroad draws CFTC scrutiny
- Apple-Samsung $2b patent case over Google hits last round
- Charter said to finalize Comcast deal for subscribers: NYT
- Hartford to sell Japan operation to Orix in $895m deal
- Och-Ziff African Oil, mining deals probed by SEC, DOJ: WSJ
- Pimco to BlackRock protest expansion of too-big-to-fail rules
- Toyota said to plan to shift U.S. sales operations to Texas
- Putin’s inner circle targeted as U.S., EU prepare sanctions
- Goodman Fielder rejects $1.2b takeover offer from Wilmar
- WR Grace said to weigh bid for PQ; Blackstone, KKR drop out
- Appeals court to weigh Apple bid to delay e-book damages trial
- General Electric, Metlife strike $1.8b Malaysia deals
- American Airlines-US Airways merger settlement wins approval
- China’s largest Bitcoin exchange halts merchants bank deposits
AM EARNS:
- Armstrong World Industries (AWI) 7am, $0.44
- Capitol Federal Financial (CFFN) 9am, $0.13
- Charter Communications (CHTR) 8am, $(0.09)
- CNA Financial (CNA) 6am, $0.83
- CNO Financial (CNO) 7am, $0.27
- Corning (GLW) 7am, $0.30
- Ecolab (ECL) 8:30am, $0.74
- Franklin Resources (BEN) 8:30am, $0.89
- Laboratory of America (LH) 6:34am, $1.58
- Loews (L) 6am, $0.70
- National Oilwell Varco (NOV) 7am, $1.38 - Preview
- Old National Bancorp (ONB) 9am, $0.26
- Precision Drilling (PD CN) 6am, C$0.36 - Preview
- Roper Industries (ROP) 7am, $1.35
- Tenneco (TEN) 7am, $0.86
PM EARNS:
- American Capital Agency (AGNC) 4:01pm, $0.68
- Ameriprise Financial (AMP) 4:05pm, $1.88
- Amkor Technology (AMKR) 4:06pm, $0.03
- CoreLogic (CLGX) 4:10pm, $0.16
- Crane (CR) 5:48pm, $1.05
- General Growth Properties (GGP) 4:01pm, $0.05 - Preview
- Hartford Financial (HIG) 4:15pm, $0.93
- HealthSouth (HLS) 4:30pm, $0.49
- Herbalife (HLF) 4:10pm, $1.29
- Jacobs Engineering (JEC) 8:28pm, $0.89
- NetSuite (N) 4:05pm, $0.02
- Norwegian Cruise Line (NCLH) 4pm, $0.22
- PartnerRe (PRE) 4:15pm, $2.52
- Plum Creek Timber (PCL) 4:01pm, $0.15
- Questcor Pharmaceuticals (QCOR) 4:01pm, $1.61
- Range Resources (RRC) 5:01pm, $0.51
- Rock-Tenn (RKT) 5pm, $1.53
- STMicroelectronics (STM IM) 4:46pm, $(0.03)
- Suncor Energy (SU CN) 10pm, C$0.96 - Preview
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Nickel at Highest in Almost 15 Months as Sanctions Threat Looms
- Brent Rises on Ukraine Risk With WTI After Worst Loss in 3 Weeks
- Gold Bulls Return in Time for Rally on Haven Demand: Commodities
- Gold Jewelers in India Betting on Festival Rush to Halt Slowdown
- Crop Futures Climb as Rainy U.S. Weather May Slow Planting Pace
- Gold Trades Near 1-Week High on Ukraine Crisis as Dollar Slips
- Arabica Falls for 2nd Session on Profit Taking; Sugar Also Drops
- Rebar Falls as Iron Ore Drops Amid Reports of Financing Curbs
- Chavez Food Utopia Withers as Development Plans Left Unfulfilled
- Hedge Funds Wager on U.S. Gasoline Gains as Exports Rise: Energy
- Dairy Prices Seen Declining by Rabobank as Chinese Demand Slows
- Egypt Shariah Loans Rise on Record Sugar Deal: Islamic Finance
- China Metals Tied Up in Financing Is Mystery Written By Traders
- China March Gold Imports Drop as Local Discount Curbs Shipments
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team