TODAY’S S&P 500 SET-UP – July 31, 2014
As we look at today's setup for the S&P 500, the range is 18 points or 0.51% downside to 1960 and 0.40% upside to 1978.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.00 from 2.00
- VIX closed at 13.33 1 day percent change of 0.38%
MACRO DATA POINTS (Bloomberg Estimates):
- 7:30am: Challenger Job Cuts y/y, July (prior -20.2%)
- 7:30am: RBC Consumer Outlook Index, Aug. (prior 50.5)
- 8:30am: Employment Cost Index, 2Q, est. 0.5% (prior 0.3%)
- 8:30am: Initial Jobless Claims, July 26, est. 300k (284k)
- 9:00am: ISM Milwaukee, July, est. 61 (prior 60.57)
- 9:45am: Chicago Purchasing Manager, July, est. 63 (prior 62.6)
- 9:45am: Bloomberg Consumer Comfort, July 27 (prior 37.6)
- 10am: Freddie Mac mortgage rates
- 10:30am: EIA natural-gas storage change
GOVERNMENT:
- President Obama at HUD, hosts celebration for Special Olympics
- Rep. Eric Cantor’s last day as House majority leader
- Sec. of State John Kerry in New Delhi for strategic dialogue
- 10am: RNC Chairman Reince Priebus at Natl Assn of Black Journalists convention in Boston
- 10am: Center for Global Development energy price discussion w/IMF’s Lagarde, World Resources Institute’s Steer
- 10am: Senate Banking Cmte student financial products hearing
- U.S. ELECTION WRAP: Big Money From Small Donor Base; Ernst & Oil
WHAT TO WATCH:
- BNP Paribas posts record $5.8b 2Q loss after U.S. fine
- Argentina declared in default by S&P as negotiations fail
- Shell beats estimates amid $1.9b writedown on U.S. gas
- Sony posts surprise profit on PlayStation, Hollywood movies
- BlueCrest said to urge RadioShack to repay secured creditors
- Apple said to cut ~200 jobs at Beats following acquisition
- Suncor profit shrinks on costs of scaling back Joslyn project
- Microsoft names former wireless executive Stanton to board
- Ex-Goldman Vice Chair Evans joins Thornton on Barrick’s board
- Target chooses PepsiCo executive as its next CEO: WSJ
- Euro-area inflation unexpectedly slows to lowest since 2009
- Adidas cuts profit forecast and 2015 targets on Russia, golf
- Siemens profit beats estimates as revamp starts to pay off
- Volkswagen confirms forecast, 2Q profit, rev. in line
- Sanofi 2Q sales, EPS beat ests.; raises 2014 EPS forecast
- Meda agrees to buy Rottapharm in $3.1b cash, stock deal
- BofA raises cash portion in toxic-mortgage settlement: NYT
- E.W. Scripps, Journal Communications to merge, spin off papers
- Blackstone to invest as much as $800m in Tamarind Energy: WSJ
- EU court orders Russia to pay EU1.87b for Yukos seizure
- J&J planning voluntary recall of morcellators: WSJ
- Treasury’s Financial Stability Oversight Council meets
- U.S. House of Representatives votes on border plan
- Israel calls more reservists as UN condemns attack on shelter
AM EARNS:
- 3D Systems (DDD) 8am, $0.18 - Preview
- Apache (APA) 8am, $1.64 - Preview
- Automatic Data Processing (ADP) 7:30am, $0.63
- Avon Products (AVP) 7:01am, $0.21 - Preview
- Ball (BLL) 6am, $1.02
- Baytex Energy (BTE CN) 8am, C$0.61 - Preview
- Becton Dickinson (BDX) 6am, $1.67
- BGC Partners (BGCP) 8am, $0.13
- Bombardier (BBD/B CN) 6am, $0.09 - Preview
- BorgWarner (BWA) 8am, $0.87
- Bunge (BG) 6:30am, $1.37 - Preview
- Cameco (CCO CN) 8:31am, C$0.16 - Preview
- Charter Communications (CHTR) 8am, $0.29 - Preview
- Cigna (CI) 6am, $1.84
- CME Group (CME) 7am, $0.79
- Colgate-Palmolive (CL) 7am, $0.73 - Preview
- CommScope (COMM) 7am, $0.65
- ConocoPhillips (COP) 7am, $1.61 - Preview
- Delphi Automotive (DLPH) 7am, $1.33
- Dentsply Intl (XRAY) 7am, $0.68
- DirecTV (DTV) 7:30am, $1.53 - Preview
- Discovery Communications (DISCA) 7am, $0.97
- Endo International (ENDP) 6:32am, $0.89
- Enterprise Products (EPD) 6am, $0.75
- Exelon (EXC) 7:30am, $0.50
- Exxon Mobil (XOM) 8am, $1.86 - Preview
- Fortress Investment Group (FIG) 7am, $0.30
- Generac Holdings (GNRC) 5:59am, $0.80
- Gildan Activewear (GIL CN) 7am, $0.96
- Goldcorp (G CN) 8am, C$0.14 - Preview
- Hecla Mining (HL) 8am, $0.01
- Helmerich & Payne (HP) 6am, $1.63
- Host Hotels & Resorts (HST) 6am, $0.21
- Hyatt Hotels (H) 7:30am, $0.45
- Incyte (INCY) 7am, ($0.01)
- Invesco (IVZ) 7:30am, $0.59
- Iron Mountain (IRM) 6am, $0.42
- ITT (ITT) 7am, $0.52
- KBR (KBR) 6:01am, $0.27
- Kellogg (K) 8am, $1.02 - Preview
- L-3 Communications (LLL) 7am, $2.02
- Legg Mason (LM) 7am, $0.55
- LKQ (LKQ) 7am, $0.34
- Maple Leaf Foods (MFI CN) 7am, (C$0.12)
- Marathon Petroleum (MPC) 7:06am, $2.20 - Preview
- MasterCard (MA) 8am, $0.77
- McKesson (MCK) 7:30am, $2.33 - Preview
- Mosaic (MOS) 7am, $0.74 - Preview
- New Gold (NGD CN) 7:30am, $0.02 - Preview
- Newell Rubbermaid (NWL) 6:30am, $0.54 - Preview
- NiSource (NI) 6:30am, $0.24
- Occidental Petroleum (OXY) 7am, $1.76
- Ocwen Financial (OCN) 7:30am, $0.82
- Pentair (PNR) 7am, $1.03
- PG&E (PCG) 9:02am, $0.75 - Preview
- Pharmacyclics (PCYC) 8am, ($0.19)
- Pinnacle West (PNW) 8:30am, $1.15
- PPL (PPL) 6:57am, $0.45
- Quanta Services (PWR) 6:07am, $0.41
- Quebecor (QBR/B CN) 6am, C$0.47 - Preview
- RioCan Real Estate Investment (REI-U CN) 7am, C$0.41
- Sally Beauty Holdings (SBH) 7:30am, $0.43
- Scana (SCG) 7:30am, $0.62 - Preview
- Starz (STRZA) 7:30am, $0.50
- Stillwater Mining (SWC) 8am, $0.16
- Teco Energy (TE) 7:30am, $0.27
- Teva Pharmaceutical (TEVA) 7am, $1.22 - Preview
- Time Warner Cable (TWC) 6am, $1.90 - Preview
- Timken (TKR) 7:30am, $0.66
- TransCanada (TRP CN) 8:30am, C$0.48
- Ultra Petroleum (UPL) 7:30am, $0.53
- Valeant Pharmaceuticals (VRX CN) 6am, $1.90 - Preview
- Vantiv (VNTV) 7am, $0.46
- Vonage (VG) 8am, $0.03
- Xcel Energy (XEL) 6am, $0.41
PM EARNS:
- Arch Capital (ACGL) 4:01pm, $0.98
- Arris Group (ARRS) 4:01pm, $0.68
- Ashland (ASH) 5pm, $1.57
- Boyd Gaming (BYD) 4pm, $0.08
- Canadian Oil Sands (COS CN) 5:01pm, C$0.28
- CNH Industrial (CNHI) 4:44pm, $0.21
- Community Health Systems (CYH) 5pm, $0.35
- Constellation Software (CSU CN) 4:30pm, $2.93
- DaVita HealthCare (DVA) 4:01pm, $0.89
- Edison Intl (EIX) 4pm, $0.82
- Eldorado Gold (ELD CN) 5:48pm, $0.05 - Preview
- Expedia (EXPE) 4pm, $0.76
- FleetCor Technologies (FLT) 4:01pm, $1.25
- Fluor (FLR) 4:05pm, $0.99
- Genpact (G) 4pm, $0.26
- Kodiak Oil & Gas (KOG) 4:01pm, $0.18
- LinkedIn (LNKD) 4:05pm, $0.39 - Preview
- Live Nation (LYV) 4:01pm, $0.15
- Microchip Technology (MCHP) 4:15pm, $0.67
- Mohawk Industries (MHK) 4:01pm, $2.20
- Nektar Therapeutics (NKTR) 4:15pm, ($0.37)
- Northeast Utilities (NU) 4:15pm, $0.51
- ON Semiconductor (ONNN) 4:05pm, $0.19
- PerkinElmer (PKI) 4:05pm, $0.58
- PMC-Sierra (PMCS) 4:05pm, $0.08
- ResMed (RMD) 4:05pm, $0.66
- Seattle Genetics (SGEN) 4:05pm, ($0.22)
- Standard Pacific (SPF) 4:02pm, $0.13
- SunPower (SPWR) 4:05pm, $0.27
- Synaptics (SYNA) 4:05pm, $1.40
- Tesla Motors (TSLA) 4:11pm, $0.04
- Trulia (TRLA) 4:05pm, ($0.16)
- Western Union (WU) 4:01pm, $0.36
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Zinc Declines as Aluminum Nears Longest Winning Run in a Decade
- Platinum to Palladium Fixings to Join Precious Metals Revamps
- Gold ETPs Halt Outflows as Buyers Return Amid Slump: Commodities
- Oilseed Sowing in India Seen Lowest in 12 Years on Monsoon Delay
- Thai Rice Output Threatened by Drought, State Forecaster Says
- Gold Trades Near Week’s Low as Investors Weigh U.S. Economy
- Ukraine Supply Concerns Push EU Gas to First Monthly Gain of ‘14
- Japan Rice Sold for Animal Feed Eats Into 11-Year High Surplus
- Corn Heads for Third Monthly Decline on Bumper U.S. Crop Outlook
- Palm Oil Poised for Monthly Drop as Malaysian Exports Decline
- Vale Profit Misses Estimates as Iron Supply Growth Sinks Prices
- Commonwealth Bank of Australia Cuts Iron Ore Prices Through ‘17
- U.K. Energy Import Dependency Rises to Highest in 39 Years: DECC
- Iron Ore to Cap Biggest Monthly Gain in 2014 as Demand Increases
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team
