THE HEDGEYE DAILY OUTLOOK

TODAY’S S&P 500 SET-UP – May 7, 2014


As we look at today's setup for the S&P 500, the range is 21 points or 0.63% downside to 1856 and 0.50% upside to 1877.                                                      

                                                                         

SECTOR PERFORMANCE

 

THE HEDGEYE DAILY OUTLOOK - 1

 

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EQUITY SENTIMENT:

 

THE HEDGEYE DAILY OUTLOOK - 10

 

CREDIT/ECONOMIC MARKET LOOK:

  • YIELD CURVE: 2.17 from 2.17
  • VIX closed at 13.8 1 day percent change of 3.84%

MACRO DATA POINTS (Bloomberg Estimates):

  • 7am: MBA Mortgage Applications, May 2 (prior -5.9%)
  • 8:30am: Non-farm Productivity, 1Q prelim, est. -1.2% (pr 1.8%)
  • 10:00am: Fed’s Yellen testifies to Joint Economic Cmte
  • 10:30am: DOE Energy Inventories
  • 3pm: Consumer Credit, March, est. $15.5b (prior $16.5b)

GOVERNMENT:

    • President Obama surveys tornado, storm damage in Ark., then travels to L.A. for DSCC/DCCC fundraiser
    • 9am: U.S. Chamber of Commerce hosts economic briefing, roundtable
    • 10am: House Armed Services Cmte considers Defense Authorization Act
    • 10:30am: House Ways and Means subcmte hears from IRS Commissioner John Koskinen on 2014 tax return filing season
    • 11am: Ukrainian presidential candidate Valery Konovalyuk holds news conf. to discuss affairs in Ukraine
    • 2:30pm: Senate Banking subcmte hearing on job creation

WHAT TO WATCH:

  • Fed Chair Yellen to speak before Joint Economic Committee
  • U.S. said to seek guilty plea from Credit Suisse on taxes
  • Alibaba files for IPO with initial amount $1b; may seek $20b
  • Co.’s partners keep control with U.S. listing over Hong Kong
  • Prospectus shows Alibaba profitability vs Amazon
  • Encana planning to hold conf. call pre-mkt today
  • Alstom cancels div., delays guidance as GE, Siemens vie
  • Education Management must face fraud lawsuit, judge says
  • Siemens buys Rolls Royce gas turbine, compressor business
  • Microsoft said to use Qualcomm chips in smaller tablet
  • Judge won’t clarify Lockheed-Boeing purchase ban: Reuters
  • Liberty Global says EU to likely probe purchase of Ziggo
  • Kraft sees Vermont GMO law as bellwether in food labeling

AM EARNS:

    • Allergan (AGN) 9am, $1.13 - Preview
    • Allete (ALE) 8:30am, $0.85
    • AOL (AOL) 7am, $0.45
    • Aqua America (WTR) 7:30am, $0.25
    • Ariad Pharmaceuticals (ARIA) 7:35am, $(0.32)
    • Brookfield Asset Mgmt (BAM/A CN) 7:01am, $0.38
    • Chesapeake Energy (CHK) 7:01am, $0.48 - Preview
    • Cognizant Technology (CTSH) 6am, $0.59 - Preview
    • Devon Energy (DVN) 8am, $1.26 - Preview
    • Duke Energy (DUK) 7am, $1.12
    • Dynegy (DYN) 7:30am, $(0.15)
    • Enbridge (ENB CN) 7am, C$0.57 - Preview
    • Hertz Global (HTZ) 6am, $0.09
    • Humana (HUM) 6am, $1.96
    • Husky Energy (HSE CN) 7am, C$0.61 - Preview
    • Intact Financial (IFC CN) 6am, C$1.16
    • Lamar Advertising (LAMR) 6am, $0.06
    • Molson Coors Brewing (TAP) 7:30am, $0.35
    • Mondelez Intl (MDLZ) 7am, $0.35 - Preview
    • Pepco (POM) 6:03am, $0.24
    • Perrigo (PRGO) 7:42am, $1.51
    • Rockwood (ROC) 6:30am, $0.44
    • Sinclair Broadcast (SBGI) 7:30am, $0.21
    • Spectra Energy (SE) 6:30am, $0.51
    • Tim Hortons (THI CN) 7:30am, C$0.68
    • Twenty-First Century Fox (FOXA) 8am, $0.35 - Preview

PM EARNS:

    • American Water Works (AWK) 4:05pm, $0.35
    • AmeriGas Partners (APU) 4:45pm, $2.32
    • Annaly Capital Mgmt (NLY) 4:05pm, $0.27
    • Antero Resources (AR) 4:05pm, $0.34
    • Avis Budget (CAR) 4:15pm, $0.08
    • Caesars Entertainment (CZR) 4pm, $(1.33)
    • CenturyLink (CTL) 4:07pm, $0.61
    • CF Industries (CF) 4:05pm, $4.52 - Preview
    • Continental Resources (CLR) 6:12pm, $1.53
    • Corrections Corp. of America (CXW) 4:15pm, $0.43
    • Envision Healthcare (EVHC) 4:05pm, $0.18
    • Furiex Pharmaceuticals (FURX) 4:05pm, $0.22
    • Globalstar (GSAT) 4:05pm, $(0.04)
    • Gulfport Energy (GPOR) 4:05pm, $0.21
    • Halcon Resources (HK) 4:15pm, $0.02
    • Keurig Green Mountain (GMCR) 4pm, $0.94 - Preview
    • Kimco Realty (KIM) 4:01pm, $0.14
    • Kinross Gold (K CN) 5pm, $0.03 - Preview
    • McDermott Intl (MDR) 4:10pm, $(0.12)
    • Nektar Therapeutics (NKTR) 4:15pm, $(0.38)
    • Novavax (NVAX) 4:10pm, $(0.07)
    • Plains All American Pipeline (PAA) 4:05pm, $0.65
    • Prudential Financial (PRU) 4:07pm, $2.25
    • QEP Resources (QEP) 4:05pm, $0.24
    • Regency Centers (REG) 4:30pm, $0.15
    • Sanchez Energy (SN) 5:44pm, $0.25
    • SandRidge Energy (SD) 4:05pm, $0.03
    • Sotheby’s (BID) 4pm, $(0.17)
    • Sprouts Farmers Market (SFM) 4:05pm, $0.20
    • Tesla Motors (TSLA) 4:01pm, $0.07 - Preview
    • Transocean (RIG) 4:39pm, $1.02
    • TW Telecom (TWTC) 4:46pm, $0.10
    • UGI (UGI) 4:45pm, $1.58
    • Unum (UNM) 4pm, $0.86
    • Zillow (Z) 4:30pm, $(0.08)

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Iron Ore Glut Spurred by Vale, BHP Seen Shuttering China Miners
  • WTI Rises for Second Day as Crude Stockpiles Drop; Brent Climbs
  • De Beers Diamond Prices Rising as Anglo Chases Goal: Commodities
  • Copper Declines as Factory Orders Unexpectedly Slump in Germany
  • Gold Rises on Ukraine as Palladium Near Highest Price Since 2011
  • Soybeans Drop Before USDA Report Set to Show Ample World Supply
  • Cocoa Falls With ‘Good’ West African Crops Seen; Sugar Declines
  • Global Steel Markets Are All Systems Go as Profits Soar
  • Florida’s Fuel Dwindling as State Braces for Hurricanes: Energy
  • Europe Seen Limited in Options to Reduce Russian Gas Reliance
  • Patchy Power Challenges Indonesia Minerals Goal: Southeast Asia
  • Coffee Consumption in Indonesia Seen Climbing to Record in 2016
  • China Copper Imports May Be Subdued as Arbitrage Window Shut
  • Steel Rebar Falls to Record Low in Shanghai as Output Surges

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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