TODAY’S S&P 500 SET-UP - August 27, 2010
As we look at today’s set up for the S&P 500, the range is 32 points or 0.88% (1,038) downside and 2.18% (1,070) upside.
Equity futures are trading mixed to fair value as markets wait for the first revision to the Q2 GDP reading and Fed Chairman Bernanke’s speech in Jackson Hole. He is set to speak on "The Economic Outlook and the Federal Reserve's Policy Response"
After the close, Hewlett Packard (HPQ) raised its bid for 3PAR (PAR) to $27 a share.
Eli Lilly (LLY) got another court order temporarily blocking generic versions of Strattera drug while it appeals patent ruling J.Crew Group (JCG) cut FY EPS forecast to $2.25-$2.35, vs. est. $2.46
Netezza (NZ) boosted FY sales growth forecast to 30% from 20%
OmniVision Technologies (OVTI) reported 1Q rev. $193.1m vs. est. $204.1m
- PERFORMANCE ONE DAY: Dow (0.74%), S&P (0.77%), Nasdaq (1.07%), Russell 2000 (0.84%)
- PERFORMANCE MONTH-TO-DATE: Dow (4.59%), S&P (4.94%), NASDAQ (6.03%), Russell (7.86%)
- PERFORMANCE QUARTER-TO-DATE: Dow +2.17%, S&P +1.60%, NASDAQ +0.45%, Russell (1.60%)
- PERFORMANCE YEAR-TO-DATE: Dow (4.24%), S&P (6.09%), NASDAQ (6.63%), Russell (4.10%)
- NCE/DECLINE LINE: -867 (-1516)
- VOLUME: NYSE - 1045 (-6.2%) - Waiting on Bernanke today
- SECTOR PERFORMANCE: Every sector traded down yesterday
- MARKET LEADING/LOOSING STOCKS YESTERDAY: Teradata +5.80%, Monster WW +4.70% and Red Hat +3.88%/Sandisk -5.24%, Ralph Lauren -5.18% and Pattersao -4.91%
- VIX - 27.37 +2.51%
- SPX PUT/CALL RATIO - 1.47 down from 1.97
CREDIT/ECONOMIC MARKET LOOK:
- TED SPREAD - 15.74 0.305 (1.974%)
- 3-MONTH T-BILL YIELD .16% unchanged
- YIELD CURVE - 1.985 from 2.01
- CRB: 264.04 +0.865% - first up day in 6
- Oil: 73.36 +1.16% - a 2 day rally
- COPPER: 332.55 +2.91%
- GOLD: 1,236 -0.24%
- EURO: 1.2707 +0.04%
- DOLLAR: 82.934 +0.39%
- ASIA - Most markets ended mixed although Japan closed higher on a report that Prime Minister Naoto Kan would speak about steps to fight the rise in the yen.
- Australian shares were lower on the back of banks and resources
- Japan July seasonally adjusted jobless rate 5.2% vs. prior 5.3%. July core CPI (1.1%) y/y, matching expectations.
- EUROPE - Major indices have drifted lower after a flat open with investors largely sidelined ahead of US GDP and Bernanke's speech at the Jackson Hole symposium.
- Weighing on indices were Oil & Gas, Basic Resources, Financials and Technology, while Construction and Media were trending higher
- UK Q2 GDP (first revision) +1.7% y/y vs. cons +1.6%
- France 12M Industrial Investment 5% vs. prior 6%
- Germany July Import Prices +9.9% y/y vs. cons +9.8%
- LATIN AMERICA - Mostly lower - Argentina, Brazil and Mexico are trading down