TODAY’S S&P 500 SET-UP – November 6, 2014
As we look at today's setup for the S&P 500, the range is 73 points or 2.80% downside to 1967 and 0.81% upside to 2040.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 1.81 from 1.82
- VIX closed at 14.17 1 day percent change of -4.84%
MACRO DATA POINTS (Bloomberg Estimates):
- 7:30am: Challenger Job Cuts y/y, Oct. (prior -24.4%)
- 7:30am: RBC Consumer Outlook Index, Nov. (prior 53.2)
- 8:30am: Initial Jobless Claims, Nov. 1, est. 285k (prior 287k)
- Continuing Claims, Oct. 25, est. 2.363m (prior 2.384m)
- 8:30am: Non-farm Productivity, 3Q prelim., est. 1.5% (pr 2.3%)
- 9:45am: Bloomberg Consumer Comfort, Nov. 2 (prior 37.2)
- 10am: Freddie Mac mortgage rates
- 10:30am: EIA natural-gas storage change
- 10:40am: Fed’s Evans speaks in Chicago
- 11am: U.S. to announce auction of 3M/6M bills, 1Y bills
- 1:30pm: Fed’s Powell speaks in Chicago
- 7:05pm: Fed’s Mester speaks in New York
GOVERNMENT:
- Senate, House out of session
- 8:30am: FTC Commissioner Maureen Ohlhausen delivers opening remarks at American Bar Assn’s Fall Forum on antitrust policy
- 4:45pm: FTC Chairwoman Edith Ramirez delivers closing remarks
- 9:30am: FDIC Chairman Martin Gruenberg speaks at Cities for Financial Empowerment Fund’s Bank On Conf.
- 9:30am: Airlines for America releases forecast for Thanksgiving air travel
- 1:15pm: Boehner press conference on results of midterms
WHAT TO WATCH:
- Obama Said to Seek Added $3.2b to Fight Islamic State
- Barclays CEO Sees Fewer Bankers Earning Top Pay on Overhaul
- Banks Get More Flexible Tone From CFTC on Overseas Swap Rule
- Tesla Projects Several Years of 50% Growth; Shares Surge
- GM Asks Bankruptcy Judge to Bar $10b Ignition Claims
- Palo Alto Networks Discovers of iOS, Os X Malware WireLurker
- Costco Said to Weigh U.S. AmEx Breakup After Canada Switch
- Genworth Posts $844 Million Loss on Long-Term Care Shortfall
- EMC Gets Einhorn Investment Amid Pressure From Elliott
- Dell, Silver Lake Said to Reap 90% Gain 1 Yr After Buyout
- AIG Ex-CEO Willumstad Testifies Bailout Was Only Option
- Confident U.S. Shale E&Ps Think They Can Outlast OPEC Moves
- CBS Beats Analysts’ Estimates on Advertising From NFL Games
- Airbus Gets China Aircraft Leasing $10b Order for Planes
- U.S. Starts Money-Laundering Probe Against Timchenko: WSJ
- October U.S. Comp. Sales May Miss Ests. on Weather
AM EARNS:
- Advance Auto Parts (AAP) 8:30am, $1.88
- AES (AES) 6am, $0.34
- Air Canada (AC/B CN) 6am, C$1.45 - Preview
- Akorn (AKRX) 6am, $0.25
- AMC Networks (AMCX) 8:30am, $0.73
- Ameren (AEE) 8am, $1.21
- AOL (AOL) 7am, $0.52
- Apache (APA) 8am, $1.38 - Preview
- Apollo Investment (AINV) 7:30am, $0.23
- BCE (BCE CN) 6am, C$0.77 - Preview
- Broadridge Financial (BR) 7am, $0.29
- Cablevision Systems (CVC) 8:30am, $0.19 - Preview
- Calpine (CPN) 6am, $0.62
- Canadian Tire (CTC/A CN) 7:40am, C$2.00
- Carrizo Oil (CRZO) 6:30am, $0.64
- Cinemark (CNK) 6:30am, $0.36
- Coty (COTY) 6:30am, $0.28
- Crescent Point Energy (CPG CN) 8am, C$0.31
- DirecTV (DTV) 7:30am, $1.30 - Preview
- EchoStar (SATS) 6:02am, $0.39
- Federal Home Loan Mortgage (FMCC) 8am, $0.44
- Flowers Foods (FLO) 6:30am, $0.20
- Gartner (IT) 7am, $0.39
- Generac (GNRC) 5:59am, $1.03
- Hain Celestial (HAIN) 7:30am, $0.67
- Hawaiian Electric (HE) 6am, $0.42
- Henry Schein (HSIC) 7am, $1.30
- Horizon Pharma (HZNP) 6:30am, $0.15
- Hospira (HSP) 7:30am, $0.54
- Houghton Mifflin (HMHC) 7:15am, $1.11
- Huntington Ingalls (HII) 7:15am, $1.84
- Inter Pipeline (IPL CN) 11:16am, C$0.30
- Kate Spade (KATE) 7:40am, $0.02 - Preview
- Keryx Biopharmaceuticals (KERX) 7am, ($0.26)
- Laredo Petroleum (LPI) 6:59am, $0.17
- Molson Coors (TAP) 7:30am, $1.48
- Nationstar Mortgage (NSM) 7am, $1.11
- NorthStar Realty (NRF) 7:30am, $0.36
- Orbitz Worldwide (OWW) 8:03am, $0.13
- Pacific Rubiales (PRE CN) 6am, $0.40
- Perrigo (PRGO) 8am, $1.45
- Pinnacle Entertainment (PNK) 8am, $0.47
- Quebecor (QBR/B CN) 6am, C$0.50 - Preview
- Saputo (SAP CN) 10am, C$0.39
- Sarepta Therapeutics (SRPT) 7am, ($0.99)
- Scripps Networks (SNI) 7am, $0.84
- SNC-Lavalin (SNC CN) 8:43am, C$0.81
- Solera (SLH) 7am, $0.73
- Synta Pharmaceuticals (SNTA) 7am, ($0.24)
- Telus (T CN) 6am, C$0.61 - Preview
- Teradata (TDC) 6:55am, $0.66
- Tri Pointe Homes (TPH) 6:30am, $0.16
- Visteon (VC) 7am, $0.71
- Wendy’s (WEN) 7am, $0.09
- Windstream (WIN) 7am, $0.04
PM EARNS:
- Alliant Energy (LNT) 6pm, $1.38
- Allscripts Healthcare (MDRX) 4:01pm, $0.10
- American Equity Investment (AEL) 4pm, $0.50
- Bonanza Creek Energy (BCEI) 4:18pm, $0.52
- Bruker (BRKR) 4:01pm, $0.15
- Computer Sciences (CSC) 4:15pm, $1.01
- Concur Technologies (CNQR) 4:15pm, $0.22
- Consolidated Edison (ED) Aft-Mkt, $1.45
- Credicorp (BAP) 7pm, $8.13
- Darling Ingredients (DAR) 4:30pm, $0.19
- DaVita HealthCare (DVA) 4:32pm, $0.90
- First Solar (FSLR) 4:05pm, $0.64 - Preview
- Globalstar (GSAT) 4pm, ($0.03)
- Great Plains Energy (GXP) 5:12pm, $0.97
- Great-West Lifeco (GWO CN) 4:10pm, C$0.63 - Preview
- International Game (IGT) 4:05pm, $0.30
- King Digital (KING) 4:01pm, $0.47
- Kodiak Oil (KOG) 4:05pm, $0.20
- Lions Gate Entertainment (LGF) 4:06pm, $0.15
- Medivation (MDVN) 4:10pm, $0.83 - Preview
- Monster Beverage (MNST) 4:05pm, $0.67
- MRC Global (MRC) 4:35pm, $0.46
- National Fuel Gas (NFG) 5:05pm, $0.58
- Nektar Therapeutics (NKTR) 4:10pm, $0.41
- Northeast Utilities (NU) 4:15pm, $0.75
- Northern Oil (NOG) 4:01pm, $0.26
- Nvidia (NVDA) 4:20pm, $0.35
- Prospect Capital (PSEC) 5pm, $0.28
- Rovi (ROVI) 4:01pm, $0.40
- Salix Pharmaceuticals (SLXP) 4:01pm, $1.55 - Preview
- Sapient (SAPE) 4:20pm, $0.22
- Skyworks Solutions (SWKS) 4:15pm, $1.07
- Spectrum Pharmaceuticals (SPPI) 4pm, ($0.05)
- Sprouts Farmers Market (SFM) 4:05pm, $0.16
- Stifel Financial (SF) Aft-Mkt, $0.66
- TMX (X CN) Aft-Mkt, C$0.97
- Transocean (RIG) 4:15pm, $0.81
- Ubiquiti Networks (UBNT) 4pm, $0.52
- Walt Disney (DIS) 4:15pm, $0.88 - Preview
- Zogenix (ZGNX) 4:05pm, ($0.15)
- Zynga (ZNGA) 4:04pm, ($0.01)
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- World Food Prices Drop a 7th Month in Longest Slide Since 2009
- Gold Most Expensive to Silver Since 2009 Shows More Pain Coming
- China’s Parched Plains End Run of Record Corn Crops: Commodities
- Brent Oil Falls With WTI as Libya Says Sharara Field to Restart
- Gold Advances After Biggest Retreat This Year as Dollar Weakens
- Nickel Advances for Second Day as U.S. Job Growth Strengthens
- Port Hedland Engineers to Strike, Risking Iron Ore Export Delays
- OPEC’s Weakest Links Feeling Pain That U.S. Shale Producers Seek
- Corn Falls With Soybeans as USDA May Boost U.S. Crop Forecast
- Copper Premium in Europe Said to Fall to Lowest Since March 2013
- Rebar Rebounds From Record Low as Traders See Buying Opportunity
- American Eagle Silver Coins Sold Out at U.S. Mint on Demand Jump
- Tepco Has Secured Enough Lean LNG ‘For Now,’ Co. President Says
- Libya’s Biggest Oilfield to Resume Output Soon, Official Says
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team
