TODAY’S S&P 500 SET-UP – August 5, 2014
As we look at today's setup for the S&P 500, the range is 44 points or 1.19% downside to 1916 and 1.08% upside to 1960.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.02 from 2.02
- VIX closed at 15.12 1 day percent change of -11.22%
MACRO DATA POINTS (Bloomberg Estimates):
- 7:45am: ICSC weekly sales
- 8:55am: Redbook weekly sales
- 9:45am: Markit US Services PMI, July final, est. 60.8 (pr 61)
- 9:45am: Markit US Composite PMI, July final (prior 60.9)
- 10am: ISM Non-Mfg Composite, July, est. 56.5 (prior 56)
- 10am: Factory Orders, June, est. 0.6% (prior -0.5%)
- 10am: IBD/TIPP Economic Optimism, Aug., est 47.3 (prior 45.6)
- 11:30am: U.S. to sell $40b 4W bills
- 4:30pm: API weekly oil inventories
GOVERNMENT:
- Senate, House on August recess
- Africa Summit Day 2:
- 9am: Commerce Sec. Pritzker, former New York City Mayor Bloomberg deliver opening remarks
- 9:15am Former President Clinton moderates session including CEOs from GE, DOW, WMT, Dangote Group Shanduka Group
- 10:15: African Union Chair Nkosazana Clarice Dlamini Zuma
- 10:20: Treasury Sec. Lew remarks at open of panel featuring African Development Bank President Kaberuka, CEOs or Chairmen from MasterCard, Heirs Holdings, Carlyle Group, Standard Bank
- 11:05am: World Bank President Kim opens session moderated by National Security Advisor Rice; session includes CEOs from: IBM, KO, BX, Harith Fund Managers, Econet Wireless Founder/Chair
- 1:50pm: Secretary of State Kerry remarks at Africa future moderated by Charlie Rose; Presidents of Rwanda, Senegal, South Africa, Tanzania, Tunisia participate
- U.S. ELECTION WRAP: Mich., Kansas Primaries; Defense Donations
WHAT TO WATCH:
- Gannett said to agree to buy rest of Cars.com for $1.8b
- IBM said to have offered Globalfoundries cash to take chip unit
- Toyota posts surprise record profit as U.S. SUV sales surge
- Israel pulls its troops from Gaza as cease-fire under way
- Telefonica offers $9b for Vivendi’s Brazil unit GVT
- Euro-area services grew less than initially estimated in July
- China services expansion stagnates as HSBC gauge drops
- BMW posts best carmaking profitability in 3 yrs on SUVs
- GM subprime auto lending draws attention of U.S. investigators
- Eurozone June retail sales up 0.4% m/m; est. up 0.5% m/m
- U.K. services growth accelerates to fastest in 8 months
- Samsung wins back Apple’s advanced chip order, Maeil says
- Goldman makes changes at hedge fund services unit, WSJ says
AM EARNS:
- Western Refining (WNR) 6am, $1.31
- Actavis (ACT) 7am, $3.38
- Aecom Technology (ACM) 7am, $0.64
- Akorn (AKRX) 7am, $0.20
- Ameren (AEE) 8am, $0.58
- Ametek (AME) 7am, $0.59
- Ansys (ANSS) 7:09am, $0.80
- Archer-Daniels-Midland (ADM) 7am, $0.76
- Arcos Dorados (ARCO) 8:30am, $(0.11)
- Ares Capital (ARCC) 8am, $0.38
- Bloomin’ Brands (BLMN) 7am, $0.29
- Brookfield Infrastructure (BIP) 8am, $0.37
- Cablevision Systems (CVC) 8:30am, $0.17 - Preview
- Carrizo Oil & Gas (CRZO) 6:30am, $0.67
- Coach (COH) 7am, $0.53 - Preview
- Cobalt Intl Energy (CIE) 7am, $(0.19)
- CVS Caremark (CVS) 7am, $1.10 - Preview
- Emerson Electric (EMR) 7am, $1.06
- FirstEnergy (FE) 8:30am, $0.44
- Gartner (IT) 7am, $0.59
- Intl Flavors & Fragrances (IFF) 7am, $1.35
- Liberty Interactive (LINTA) 7:47am, $0.27
- Liberty Media (LMCA) 7:30am, $0.22
- Louisiana-Pacific (LPX) 8am, $0.01
- Magellan Midstream Partners (MMP) 8:30am, $0.71
- MGM Resorts Intl (MGM) 8am, $0.10
- Monster Worldwide (MWW) 7:30am, $0.09
- Motorola Solutions (MSI) 7am, $0.62
- Northwest Natural Gas (NWN) 6:30am, $0.09
- Och-Ziff Capital Mgmt (OZM) 7:30am, $0.18
- Office Depot (ODP) 7am, $(0.02)
- Quicksilver Resources (KWK) 7am, $(0.06)
- Regeneron Pharmaceuticals (REGN) 6:30am, $2.31 - Preview
- TransDigm Group (TDG) 7:30am, $1.98
- Vantage Drilling (VTG) 6am, $0.05
- Vulcan Materials (VMC) 8am, $0.38
- Westlake Chemical (WLK) 6am, $1.47
- WP Carey (WPC) 7:30am, $0.63
- Zoetis (ZTS) 7am, $0.38 - Preview
PM EARNS:
- Acadia Pharmaceuticals (ACAD) 4:01pm, $(0.13)
- Activision Blizzard (ATVI) 4:07pm, $0.02
- Cimarex Energy (XEC) 4:45pm, $1.71
- Continental Resources (CLR) 6:12pm, $1.70
- Diamondback Energy (FANG) 4:20pm, $0.68
- DryShips (DRYS) 4:02pm, $(0.06)
- EOG Resources (EOG) 4:11pm, $1.38
- Expeditors Intl (EXPD) 4:30pm, $0.47
- FireEye (FEYE) 4:05pm, $(0.60)
- First Solar (FSLR) 4:01pm, $0.33 - Preview
- Frontier Communications (FTR) 4:01pm, $0.05
- Groupon (GRPN) 4:04pm, $0.01
- Jazz Pharmaceuticals (JAZZ) 4:05pm, $1.92
- KAR Auction Services (KAR) 4:15pm, $0.37
- Liberty Global (LBTYA) 5:12pm, $0.03
- Oasis Petroleum (OAS) 8:24pm, $0.74
- Oneok (OKE) 4:10pm, $0.37
- Saputo (SAP CN) 12:11pm, C$0.77
- Scientific Games (SGMS) 4:01pm, $(0.28)
- Take-Two Interactive Software (TTWO) 4:05pm, $(0.27)
- Trimble Navigation (TRMB) 4:05pm, $0.40
- Walt Disney (DIS) 4:15pm, $1.16 - Preview
- WebMD Health (WBMD) 4pm, $0.19
- WPX Energy (WPX) 4:20pm, $(0.06)
- Zillow (Z) 4:30pm, $(0.04)
- Zogenix (ZGNX) 4:01pm, $(0.16)
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- WTI Trades Near 3-Day High Before U.S. Supply Data; Brent Steady
- Baconholics Undeterred by 30-Year High Pig Prices: Commodities
- Money Managers Were Net-Long Copper on Aug. 1 in LME Report
- Gold Rebounds on Speculation of Demand With Prices Below $1,300
- Soybeans Drop as Rains Forecast for Midwest Seen Easing Dryness
- Lead Declines as Gauge of Chinese Services Misses Projections
- BullionVault’s Gold Buyer Index Rebounds as Holdings at Record
- Coffee Rebounds on Speculation Prices Fell Too Far; Cocoa Rises
- China Said to Add 10,000 Metric Tons to Rare Earths Stockpiles
- CME to Start European Gas Futures as Trayport Stays Independent
- Parnon, Arcadia to Pay $13 Million in Oil Price-Rigging Suit
- Sugar Researcher Kingsman Retiring After 37 Years in Industry
- Citi Bearish on Aluminum as Chinese Product Exports Damp Demand
- Colorado Fracking Opponents Poised to Lose Local Control Battle
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team