THE HEDGEYE DAILY OUTLOOK

TODAY’S S&P 500 SET-UP – April 29, 2014


As we look at today's setup for the S&P 500, the range is 42 points or 1.25% downside to 1846 and 0.99% upside to 1888.                                                

SECTOR PERFORMANCE

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EQUITY SENTIMENT:

 

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CREDIT/ECONOMIC MARKET LOOK:

  • YIELD CURVE: 2.28 from 2.27
  • VIX closed at 13.97 1 day percent change of -0.64%

MACRO DATA POINTS (Bloomberg Estimates):

  • 7:45am: ICSC weekly sales
  • 8:55am: Redbook weekly sales
  • 9am: S&P Case-Shiller 20 City Home Prices m/m, Feb., est. 0.8% (prior 0.85%)
  • 10am: Consumer Confidence Index, April, est. 83.2 (prior 82.3)
  • 10am: Senate Banking Committee to vote on Fed nominees Fischer, Powell and Brainard

GOVERNMENT:

    • President Obama at Manila’s Fort Bonifacio, returns to U.S.
    • 10am: Supreme Court may release opinions;
    • 10am: Senate Banking Committee to vote on Fed nominees Fischer, Powell and Brainard
    • 11am Supreme court  hears cellphone privacy case arguments
    • Budget hearings/panels/testimony 10am:
    • Treasury Sec Jack Lew, House Appropriations subcmte
    • Education Sec. Arne Duncan, House Education Cmte
    • SEC Chairwoman Mary Jo White, House Financial Services Cmte
    • 1pm: Deputy Treasury Sec. Sarah Bloom Raskin delivers first policy address, on economy, student loans, in Baltimore
    • U.S. ELECTION WRAP: Grimm Re-Election; Keystone Vote; NRA Battle

WHAT TO WATCH:

  • Shire rises after report Allergan is preparing takeover offer
  • French industry minister Montebourg meets Alstom unions today
  • France refers Alstom to AMF financial regulator: Le Monde
  • Netflix to pay Verizon for faster access to broadband network
  • IBM annual meeting; watch for buyback, div. announcements
  • U.S. targets Putin inner circle with new round of sanctions
  • Vevo owners said close to hiring Goldman to explore sale
  • Energy Future board said to vote for bankruptcy w/lender deal
  • Yahoo to debut two video shows to draw more viewers to website
  • TomTom boosts 2014 rev., profit targets; shrs jump
  • Northern Trust reports SEC subpoena over securities lending
  • Global swap regulators said to hold closed-door industry talks
  • Eurozone April Economic Confidence falls to 102; est. 102.9
  • U.K. 1Q GDP rises to 0.8%; est. 0.9%

AM EARNS:

    • 3D Systems (DDD) 8am, $0.15
    • Affiliated Managers Group (AMG) 7:10am, $2.38
    • AGCO (AGCO) 8am, $0.74
    • AGL Resources (GAS) 8am, $1.82
    • Archer-Daniels-Midland Co (ADM) 7am, $0.74
    • Boston Scientific (BSX) 7am, $0.18 - Preview
    • Bristol-Myers Squibb (BMY) 7:30am, $0.43 - Preview
    • Cameco (CCO CN) 8:30am, C$0.11 - Preview
    • CIT Group (CIT) 6am, $0.88
    • Coach (COH) 7am, $0.61 - Preview
    • Consol Energy (CNX) 7am, $0.19
    • Cummins (CMI) 7:30am, $1.67 - Preview
    • Cumulus Media (CMLS) 9am, ($0.01)
    • Diebold (DBD) 8am, $0.24
    • Eaton (ETN) 6:30am, $1.00
    • Forest Laboratories (FRX) 7am, $0.43 - Preview
    • Goodyear Tire & Rubber (GT) 7:30am, $0.60 - Preview
    • Harris (HRS) 6:30am, $1.19
    • HCA Holdings (HCA) 8:29am, $0.85 - Preview
    • Hudson City Bancorp (HCBK) 8am, $0.07
    • Huntsman (HUN) 6am, $0.39
    • Ironwood Pharmaceuticals (IRWD) 7:05am, ($0.44)
    • LKQ (LKQ) 7am, $0.34
    • LyondellBasell Industries (LYB) 7am, $1.74
    • Marriott Vacations Worldwide (VAC) 8am, $0.56
    • Martin Marietta Materials (MLM) 7:01am, ($0.34)
    • McGraw Hill Financial (MHFI) 7:10am, $0.87
    • Merck & Co (MRK) 7am, $0.79 - Preview
    • MGM Resorts (MGM) 8am, $0.09
    • Oshkosh (OSK) 7am, $0.83
    • Paccar (PCAR) 8am, $0.76 - Preview
    • Parker Hannifin (PH) 7:30am, $1.63
    • Rayonier (RYN) 8am, $0.46
    • Rockwell Automation (ROK) 7am, $1.44
    • Sensata (ST) 6am, $0.56
    • Sprint (S) 7am, ($0.08)
    • TransAlta (TA CN) 7:45am, C$0.12
    • TRW Automotive Holdings (TRW) 7am, $1.65
    • UDR (UDR) 8am, $0.00
    • United Therapeutics (UTHR) 6am, $1.60
    • Valero Energy (VLO) 7:49am, $1.39 - Preview
    • Waddell & Reed (WDR) 6:59am, $0.86
    • Xylem (XYL) 7am, $0.32

PM EARNS:

    • ACE (ACE) 4:01pm, $2.15
    • Aflac (AFL) 4:12pm, $1.58
    • Axis Capital Holdings (AXS) 4:05pm, $1.33
    • CH Robinson Worldwide (CHRW) 4:15pm, $0.61
    • Cloud Peak Energy (CLD) 4:10pm, ($0.04)
    • Concur Technologies (CNQR) 4:10pm, $0.09
    • DreamWorks Animation (DWA) 4:02pm, ($0.14)
    • Dun & Bradstreet (DNB) 4:15pm, $1.31
    • eBay (EBAY) 4:15pm, $0.67 - Preview
    • Edison International (EIX) 4pm, $0.82
    • EXCO Resources (XCO) 4:01pm, $0.03
    • Express Scripts (ESRX) 4:01pm, $1.01 - Preview
    • Fiserv (FISV) 4:01pm, $0.74
    • Genworth Financial (GNW) 4:30pm, $0.36
    • Macerich (MAC) 4:30pm, $0.13
    • Marriott International (MAR) 4:30pm, $0.51
    • MB Financial (MBFI) Aft-Mkt, $0.41
    • Methanex (MX CN) 10pm, $1.90
    • Mueller Water Products (MWA) 4:20pm, $0.07
    • NCR (NCR) 4:02pm, $0.48
    • Owens-Illinois (OI) 4:04pm, $0.61
    • Panera Bread (PNRA) 4:05pm, $1.52
    • Questar (STR) 4:24pm, $0.47
    • RenaissanceRe Holdings (RNR) 4:23pm, $2.91
    • RF Micro Devices (RFMD) 4pm, $0.09
    • Riverbed Technology (RVBD) 4:05pm, $0.23
    • Seagate Technology PLC (STX) 4:01pm, $1.25
    • SolarWinds (SWI) 4pm, $0.36
    • TECO Energy (TE) 4:15pm, $0.23
    • Trulia (TRLA) 4:24pm, ($0.13) - Preview
    • Twitter (TWTR) 4:12pm, ($0.03)
    • United States Steel (X) 6:29pm, $0.30
    • US Silica Holdings (SLCA) 4:30pm, $0.35
    • Verisk Analytics (VRSK) 4:10pm, $0.55
    • Yamana Gold (YRI CN) Aft-Mkt, $0.04

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Norilsk CEO Says Nickel Supply Concerns on Sanctions Overstated
  • Brent Rebounds on Ukraine After Biggest Loss in Month; WTI Gains
  • Oil Used in Twix Threatened by Drought on Palm Crop: Commodities
  • Corn Rises for Third Day as U.S. Planting Behind Five-Year Pace
  • Gold Declines Before Fed’s Meeting as Ukraine Crisis Assessed
  • Copper Trades Near Seven-Week High Before Fed Meeting Starts
  • Coffee Gains While Sugar Drops as Soft Traders Await Fed Meeting
  • Kansas Wheat Turning Brown Shows Drought Damage for Winter Crops
  • Copper Deficit May Come Early If Price Plunge Sticks: Bull Case
  • Indian Imports, Currency Crises, Fed Taper Drive Demand For Gold
  • Gunvor Opens Unit in Shanghai Zone to Target Commodities Growth
  • Exxon’s $900 Billion Arctic Prize at Risk After Ukraine: Energy
  • Crops to Livestock Outpace MOO ETF on Drought: Chart of the Day
  • Iron Ore Drops to Seven-Week Low Amid China-Financing Concern

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CURRENCIES


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GLOBAL PERFORMANCE

 

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EUROPEAN MARKETS

 

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ASIAN MARKETS

 

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MIDDLE EAST

 

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The Hedgeye Macro Team