THE HEDGEYE DAILY OUTLOOK

TODAY’S S&P 500 SET-UP – April 30, 2014


As we look at today's setup for the S&P 500, the range is 27 points or 1.08% downside to 1858 and 0.36% upside to 1885.                                            

SECTOR PERFORMANCE

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EQUITY SENTIMENT:

 

THE HEDGEYE DAILY OUTLOOK - 10

 

CREDIT/ECONOMIC MARKET LOOK:

  • YIELD CURVE: 2.27 from 2.25
  • VIX closed at 13.71 1 day percent change of -1.86%

MACRO DATA POINTS (Bloomberg Estimates):

  • 7am: MBA Mortgage Applications, April 25 (prior -3.3%)
  • 8:15am: ADP Employment Change, April, est. 210k (prior 191k)
  • 8:30am: Employment Cost Index, 1Q, est. 0.5% (prior 0.5%)
  • 8:30am: GDP Annualized, 1Q, est. 1.2% (prior 2.6%)
  • 8:30am: Former Fed Chairman Bernanke speaks in Washington
  • 9am: ISM Milwaukee, April, est. 56 (prior 56.03)
  • 9:45am: Chicago Purchasing Managers, April, est. 57 (pr 55.9)
  • 10am: Retail Sales annual benchmark revisions
  • 10:30am: DOE Energy Inventories
  • 2pm: FOMC seen holding benchmark interest rates in range from 0% to 0.25%, trimming QE to $45b from $55b
  • 3pm: New York Fed to issue QE schedule for May

GOVERNMENT:

    • President Obama holds event on the economy at White House
    • 10am: Supreme Court hears arguments in Limelight patent case
    • 10am: House Oversight Cmte hearing on effect of liquefied natural gas exports on U.S. foreign policy
    • Budget hearings/panels/testimony:
    • 10am: Education Sec. Duncan at Sen. Appropriations subcmte
    • 10am: Army Sec. McHugh, Chief of Staff Odierno at Sen. Appropriations defense subcmte
    • 2pm: Treasury Sec. Lew, IRS Commmissioner Koskinen, IRS IG George at Sen. Appropriations panel
    • 2pm: House Ways and Means health subcmte hearing on improving Medicare oversight

WHAT TO WATCH:

  • GE offers $17b for Alstom assets as Siemens plans bid
  • Exelon said to agree to buy Pepco for more than $5.4b
  • What to watch in the FOMC meeting: steady taper, green shoots
  • Bayer said to offer assets to compete for Merck OTC w/Reckitt
  • Sanofi said to explore $7b-$8b drug portfolio sale: Reuters
  • Energy Future sponsors KKR, TPG, Goldman to get 1% equity
  • Credit Suisse, BNP Paribas U.S. charges said to be weighed
  • Philip Morris light-tobacco case’s $10.1b award alive
  • Microsoft Xbox One game console rolls out in China in Sept.
  • Qatar’s Al Mirqab makes $1.55b cash offer for Heritage Oil
  • Deutsche Bank among 15 Europe lenders cut to negative by S&P
  • Deutsche Bank to Credit Suisse attack Basel repo-mkt measures
  • Putin says sanctions threaten U.S., EU role in Russia energy
  • Tesla plans at least 2 battery sites as Musk says speed is key

AM EARNS:

    • Actavis (ACT) 7am, $3.23 - Preview
    • ADT (ADT) 6am, $0.43
    • AllianceBernstein  (AB) 7:15am, $0.41
    • Automatic Data Processing (ADP) 7:30am, $1.08
    • Barrick Gold (ABX CN) 6:30am, $0.19 - Preview
    • Bell Aliant (BA CN) 6am, C$0.39
    • Carlyle (CG) 6:30am, $1.04
    • Cenovus Energy (CVE CN) 6am, C$0.48 - Preview
    • CGI (GIB/A CN) 6:30am, C$0.69 - Preview
    • Dominion Resources (D) 7:30am, $0.97
    • Energizer (ENR) 7:30am, $1.71
    • Energy XXI (EXXI) 6:15am, $0.28
    • Exelon (EXC) 7:30am, $0.68
    • Garmin (GRMN) 7am, $0.44
    • Hess (HES) 7:30am, $1.01 - Preview
    • Hospira (HSP) 7:30am, $0.49 - Preview
    • Hyatt Hotels (H) 7:30am, $0.11
    • IAC/InterActiveCorp (IACI) 7:30am, $0.55
    • International Paper (IP) 7am, $0.54
    • Jean Coutu (PJC/A CN) 7am, $0.30
    • Level 3 Communications (LVLT) 8am, $0.28
    • MeadWestvaco (MWV) 7:25am, $0.23
    • New York Community Bancorp (NYCB) 8am, $0.26
    • NextEra Energy (NEE) 7:30am, $1.07
    • PBF Energy (PBF) 7am, $1.00 - Preview
    • Phillips 66 (PSX) 8am, $1.35 - Preview
    • Pinnacle Entertainment (PNK) 8am, $0.42
    • Pitney Bowes (PBI) 6:30am, $0.40
    • Revlon (REV) 6:30am, $0.28 - Preview
    • Sealed Air (SEE) 7:30am, $0.25
    • Southern Co (SO) 7:30am, $0.56
    • SPX (SPW) 6:30am, $0.21
    • Taser Intl (TASR) 7:30am, $0.07
    • Thomson Reuters (TRI CN) 7am, $0.38
    • Time Warner (TWX) 7am, $0.88 - Preview
    • Vantiv (VNTV) 7am, $0.37
    • WellPoint (WLP) 6am, $2.08 - Preview
    • Wisconsin Energy (WEC) 7am, $0.85

PM EARNS:

    • Amdocs (DOX) 4:01pm, $0.78
    • American Equity Investment (AEL) 4pm, $0.47
    • Ashland (ASH) 5pm, $1.54
    • Atmel (ATML) 4:05pm, $0.05
    • Boyd Gaming (BYD) 4pm, $0.01
    • Brandywine Realty Trust (BDN) 4:12pm, $0.33
    • Canadian Oil Sands (COS CN) 5:01pm, C$0.57 - Preview
    • CBRE (CBG) 4:05pm, $0.17
    • Constellation Software (CSU CN) 4:30pm, $2.83
    • Duke Realty (DRE) 4:11pm, $(0.06)
    • Enbridge Energy Partners (EEP) 4:01pm, $0.18
    • Equity Residential (EQR) 4:29pm, $0.23
    • Fidelity National Financial (FNF) 4:03pm, $0.18
    • Flextronics Intl (FLEX) 4:01pm, $0.20
    • Fortune Brands (FBHS) 4:01pm, $0.31
    • Hologic (HOLX) 4:01pm, $0.33
    • Intersil (ISIL) 4:05pm, $0.14
    • JDS Uniphase (JDSU) 4:05pm, $0.11
    • Key Energy Services (KEG) 6:18pm, $(0.07)
    • Lincoln National (LNC) 4:10pm, $1.30
    • MetLife (MET) 4:05pm, $1.40
    • Murphy Oil (MUR) 5:01pm, $0.97
    • Neurocrine Biosciences (NBIX) 4:02pm, $(0.20)
    • New Gold (NGD CN) 4:04pm, $0.02 - Preview
    • Newfield Exploration (NFX) 4:01pm, $0.42
    • Rovi (ROVI) 4:05pm, $0.43
    • Ruckus Wireless (RKUS) 4:05pm, $0.04
    • Tesoro (TSO) 4:30pm, $0.39 - Preview
    • WebMD Health (WBMD) 4pm, $0.10
    • Weight Watchers Intl (WTW) 4:05pm, $0.09 - Preview
    • Western Digital (WDC) 4:15pm, $1.88
    • Whiting Petroleum (WLL) 4pm, $0.97
    • Williams Cos (WMB) 4:05pm, $0.24
    • Yelp (YELP) 4pm, $(0.06)

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Diamonds to Oil Bring Modern Gold Rush Dreams to Melting Arctic
  • WTI Set for Biggest Monthly Loss in Five on Supply; Brent Slides
  • China Fuels Highest Solar Silicon Demand Since 2011: Commodities
  • Gold Buying by China Seen Lower by StanChart as India Flows Rise
  • Wheat Snaps Rally as Global Supply Outlook Counters U.S. Woes
  • Gold Extends Drop Below $1,300 Before Conclusion of Fed Meeting
  • Copper Climbs as German Revival Signs Bolster Demand Prospects
  • Sugar Advances Supported by Weather Risks; Arabica Coffee Falls
  • Rebar in Shanghai Set for Monthly Drop as Iron Ore Price Slides
  • Drillers Hooked on Oil Bolster Goldman $6 Gas Outlook: Energy
  • Barclays Said to Create Bad Bank Overseen by Eric Bommensath
  • Saudi Oil Output Faces Summer Heat Challenge: Chart of the Day
  • Australia’s $40 Billion LNG Overruns Endanger Asian Supplies
  • Barrick Gold Profit Tops Estimates as Costs Beat Expectations

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CURRENCIES


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GLOBAL PERFORMANCE

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EUROPEAN MARKETS

 

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ASIAN MARKETS

 

THE HEDGEYE DAILY OUTLOOK - 8

MIDDLE EAST

 

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The Hedgeye Macro Team