TODAY’S S&P 500 SET-UP - August 30, 2010
As we look at today’s set up for the S&P 500, the range is 31 points or 2.59% (1,037) downside and 0.32% (1,068) upside. Though off their earlier highs, equity futures are still trading above fair value in what has been a quiet pre-market session highlighted by news that Intel will acquire Infineon's wireless unit, and Sanofi-Aventis will acquire Genzyme.
Anheuser-Busch InBev (BUD) may rise as the company boosts earnings with higher sales and reduced costs, Barron’s reported.
Benihana Inc. (BNHNA) posted 1Q EPS of $0.08, trailing the estimate of $0.11.
Intel (INTC) agreed to purchase Infineon’s wireless unit for $1.4b
Kensington Leasing (KNSL) agreed to buy WealthMakers for $15.7m
Level 3 Communications (LVLT) CEO James Crowe sold 2m shares of the network operator to certain board members for $1.05 each.
Unica (UNCA): Mario Gabelli’s Gamco Investors Inc. reported an 8.2% stake as of June 30.
- PERFORMANCE ONE DAY: Dow +1.65%, S&P +1.66%, Nasdaq +1.65%, Russell +2.83%
- PERFORMANCE MONTH-TO-DATE: Dow (3.01%), S&P (3.36%), Nasdaq (4.48%), Russell (5.24%)
- PERFORMANCE QUARTER-TO-DATE: Dow +3.85%, S&P +3.29%, Nasdaq +2.1%, Russell +1.19%
- PERFORMANCE YEAR-TO-DATE: Dow (2.66%), S&P (4.53%), Nasdaq (5.09%), Russell (1.38%)
- NCE/DECLINE LINE: +2161 (+3018)
- VOLUME: NYSE - 1097.83 (-5.02%) - Volume acceleration
- SECTOR PERFORMANCE: Every sector traded up on Friday
- MARKET LEADING/LAGGING STOCKS LAST WEEK: Lincoln National +10.27%, Western Digital +6.82% and Hartford Fin +6.44%/Sandisk -4.44%, Tiffany -3.16% and Urban Outfitter -1.49%
- VIX:- 24.45 -10.67%
- SPX PUT/CALL RATIO: 1.11 down from 1.47
CREDIT/ECONOMIC MARKET LOOK:
- TED SPREAD: 14.98 -0.913 (-5.744%)
- 3-MONTH T-BILL YIELD: .15% -0.01%
- YIELD CURVE: 2.10 from 1.99
- CRB: 267.27 +1.22% - moved higher last week
- Oil: 75.17 +2.47% -
- COPPER: 338.45 +1.77% - Two week move higher
- GOLD: 1,235 -0.08% - up 4 straight weeks
- EURO: 1.2763 +0.48% - moved higher last week
- DOLLAR: 82.918 -0.02% - moved lower last week
- ASIA - Nikkei +1.76%; Hang Seng +0.68%; Shanghai Composite +1.61% - Asian markets followed last Fridays move, though some of the optimism was muted when the Bank of Japan disappointed investors in the country with its lunchtime announcement of tepid measures to weaken the yen.
- EUROPE - FTSE 100: closed; DAX: +0.11%; CAC 40: (0.29%) - With London closed for the Summer Bank Holiday and the Continent enjoying the last week of August, Europe is quiet this morning. While M&A news and the BOJ's announcement that it will keep the overnight call rate target unchanged at 0.1% originally buoyed markets marginally higher, the CAC is now down on the day
- Eurozone August economic sentiment 101.8 vs. consensus 101.7 and prior revised 101.1