TODAY’S S&P 500 SET-UP – August 7, 2014
As we look at today's setup for the S&P 500, the range is 30 points or 1.11% downside to 1899 and 0.46% upside to 1929.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.00 from 2.01
- VIX closed at 16.37 1 day percent change of -2.96%
MACRO DATA POINTS (Bloomberg Estimates):
- 7am: BOE rate decision
- 7:45am: ECB rate decision
- 8:30am: Draghi press conference
- 8:30am: Initial Jobless Claims, Aug. 2, est. 304k (prior 302k)
- Continuing Claims, July 26, est. 2.512m (prior 2.539m)
- 9:45am: Bloomberg Consumer Comfort, Aug. 3
- 10am: Freddie Mac mortgage rates
- 10:30am: EIA natural-gas storage change
- 3pm: Consumer Credit, June, est. $18.650b (prior $19.602b)
GOVERNMENT
- President Obama signs VA bill, speaks in Fort Belvoir, Va.
- 2pm: House Foreign Affairs panel hearing on Ebola outbreak with CDC Director Tom Frieden among the witnesses
- 2pm: Treasury Dept’s Federal Advisory Cmte on Insurance mtg w/Federal Insurance Office Director Michael McRaith
- Africa Summit:
- 8am Discussion w/ E. African community presidents including Rwanda, Kenya, Tanzania, Uganda, Burundi hosted by U.S. Chamber
- 8am: Guinea, Kenya, Congo, Ghana presidents at seminar on growth models
- 9am: CSIS Mali/regional security forum w/ Mali president
- 5pm: Burkina Faso president at news conf. on his role as regional mediator
- U.S. ELECTION WRAP: Tenn. Primary Tmrw; Walsh Weighs Future
WHAT TO WATCH:
- BofA said to near mortgage-probe settlement of up to $17b
- July U.S. comp. sales may gain as retailers discount summer merchandise
- Russia bans array of U.S., EU food in retaliation for sanctions
- Fox tops earnings ests. with film, cable units spurring gain
- Symantec 1Q rev. tops estimates on security demand
- Draghi outlook menaced by Putin as Ukraine hurts recovery
- Germany’s bond advance sends note yield below zero before ECB
- German industry output grows less than forecast on Ukraine
- Boeing weighs buying parts recycler to profit from junkyard jets
- Nestle plans share buyback as sales beat analysts’ estimates
- Rio to bolster returns after first-half profit advances 21%
- Iliad doesn’t plan to increase T-Mobile US bid: Les Echos
- Google to boost encrypted websites in rankings, WSJ says
- Range Resources faces Pennsylvania fracking water fine: Reuters
- Google, Barnes & Noble in online shopping pact, NYTimes says
AM EARNS:
- AES (AES) 6am, $0.28
- Air Canada (AC/A CN) 6am, C$0.47 - Preview
- AMC Networks (AMCX) 7am, $0.86
- AmTrust Financial (AFSI) 7am, $1.00
- Apollo Investment (AINV) 7:30am, $0.22
- Auxilium Pharmaceuticals (AUXL) 6am, $(0.21) - Preview
- Brinker Intl (EAT) 7:45am, $0.87
- Broadridge Financial (BR) 7am, $1.16
- Canadian Tire (CTC/A CN) 7:40am, C$2.01
- Chiquita Brands Intl (CQB) 8:03am, $0.62
- CI Financial (CIX CN) 9:40am, C$0.46
- Cooper Tire & Rubber (CTB) 7:30am, $0.80
- Duke Energy (DUK) 7am, $0.98
- EchoStar (SATS) 6am, $0.17
- Fifth Street Finance (FSC) 6:45am, $0.26
- Finning Intl (FTT CN) 8am, C$0.47
- Foster Wheeler (FWLT) 6:45am, $0.47
- Harman Intl (HAR) 8am, $1.21
- Horizon Pharma (HZNP) 6:30am, $0.07
- Huntington Ingalls (HII) 7:15am, $1.81
- IGM Financial (IGM CN) 10:08am, C$0.8
- Inter Pipeline (IPL CN) 11:26am, C$0.24
- Intercontinental Exchange (ICE) 7:30am, $2.02
- Lamar Advertising (LAMR) 6am, $0.37
- Laredo Petroleum (LPI) 7am, $0.18
- Linn Energy (LINE) 6:45am, $0.42
- Mallinckrodt (MNK) 6am, $0.87
- Manulife Financial (MFC CN) 6am, C$0.40 - Preview
- Mylan (MYL) 7am, $0.72 - Preview
- NorthStar Realty Finance (NRF) 8am, $0.35
- NRG Energy (NRG) 6:56am, $0.18
- OGE Energy (OGE) 7am, $0.52
- Orbitz Worldwide (OWW) 8:03am, $0.15
- Radian Group (RDN) 7am, $0.28
- Sarepta Therapeutics (SRPT) 7am, $(0.77)
- Scripps Networks (SNI) 7am, $1.13
- Semafo (SMF CN) 8:23am, $0.03
- Sempra Energy (SRE) 9am, $1.13
- Springleaf Holdings (LEAF) 8am, $0.45
- Stratasys (SSYS) 6:30am, $0.45 - Preview
- SunEdison (SUNE) 6am, $(0.26)
- Telus (T CN) 8:45am, C$0.58
- Teradata (TDC) 6:55am, $0.65
- TMX Group (X CN) 6am, C$1.01
- TRI Pointe Homes (TPH) 6:45am, $0.16
- Wendy’s (WEN) 7am, $0.10
- WhiteWave Foods (WWAV) 6:30am, $0.22
- Windstream Holdings (WIN) 7am, $0.08
PM EARNS:
- Allscripts Healthcare (MDRX) 4:01pm, $0.09
- Alnylam Pharmaceuticals (ALNY) 4pm, $(0.52)
- Alona Energy (ALJ) 5:19pm, $(0.01)
- Assured Guaranty (AGO) 4pm, $0.41
- AuRico Gold (AUQ CN) 4:37pm, $(0.04)
- CareFusion (CFN) 4:02pm, $0.72
- CBS (CBS) 4:01pm, $0.72 - Preview
- Computer Sciences (CSC) 4:22pm, $0.94
- Consolidated Edison (ED) Aft-Mkt, $0.54
- Credicorp (BAP) 7pm, $7.45
- Great Plains Energy (GXP) 5:10pm, $0.41
- Linamar (LNR CN) 4pm, C$1.28
- Lions Gate Entertainment (LGF) 4:05pm, $0.21
- Medivation (MDVN) 4:10pm, $0.23
- MercadoLibre (MELI) 4:03pm, $0.26
- Monster Beverage (MNST) 4:05pm, $0.75
- Nvidia (NVDA) 4:20pm, $0.26
- Pengrowth Energy (PGF CN) 7:41pm, C$0.00
- Salix Pharmaceuticals (SLXP) 4:01pm, $1.69
- SolarCity (SCTY) 4:05pm, $(0.99)
- Spectrum Pharmaceuticals (SPPI) 4pm, $(0.09)
- Sprouts Farmers Market (SFM) 4:05pm, $0.18
- Ubiquiti Networks (UBNT) 4:05pm, $0.51
- Vivus (VVUS) 4pm, $(0.30) - Preview
- Zynga (ZNGA) 4:04pm, Break-even - Preview
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- World Food Prices Drop to Six-Month Low as Grain Costs Decline
- Russia Accounts for Less Than 10% of EU’s Agriculture Exports
- Female Lumberjacks in Japan Boost Abe Growth Plan: Commodities
- Nickel Rises Most in Four Weeks Amid Deficit View as Mine Halts
- Japan Buys 154,245 Metric Tons of Milling Wheat Via Tender
- Wheat Declines in Chicago as Traders Focus on Russia Outlook
- Raw Sugar Climbs as China Seen Buying From Brazil; Coffee Drops
- Rubber Rises From One-Week Low as Crude’s Advance Boosts Appeal
- China Bonded Copper Stocks Fall Further on Qingdao: Macquarie
- Thailand to Cut Down More Rubber Trees to Reduce Supply
- Oil Traders Flee Brent as Prices Signal Glut: Chart of the Day
- Steel Rebar Closes Near 3-Week High Before China Trade Data
- Noble Says Second-Quarter Profit Gains 5% on Bigger Volumes
- Freeport Indonesia Ops. Back to Normal; To Finish Loadings 3pm
- Russia’s Food Ban Seen by UN’s FAO as Tending to Depress Prices
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team
