December 13, 2012
In After Hours Trading
AVNR (-.01), RH (+.03).
What’s Happening This Morning
US futures: (S&P -1.20, DJI +5, NDX unchanged with fair value flat) Asia lower ex Japan and Europe lower. Copper and gold lower with WTI Crude Futures lower. $ is higher vs Euro, higher vs. Pound and higher vs. Yen. US ten-year Treasury Yield +.0035. Prices as of 7:55 a.m. EST.
Earnings Expected
ADBE NDSN PAY ZQK due after the close. No earnings due Friday morning before the open none of note.
Rags & Mags: Inside Wall Street
We are big fans of www.247wallst.com summary of the newspapers each day. Going forward we will link to their website so you can read their summary, Media Digest
Reported Earnings This Morning
CIEN (-.01), HOV ( ), PIR (+.01).
Data Points
Yesterday saw 1473 stocks rise and 1559 fall on the NYSE. NASDAQ saw 982 rise and 1502 fall. The S&P 500 now back above its 50 day moving average and above the 200 day moving average. The 10 day spread moving average of breadth is positive and is now back to a buy signal. We are back to invested on the Madison Market Timing Indicator.
Economics
November PPI and Retail Sales are due out at 8:30 a.m. EST and is expected to drop to -0.5% from -0.2% and improve to 0.5% from -0.3%. Weekly Jobless Claims due out at 8:30 a.m. EST.
Politico
Fiscal Cliff discussions continue and sound bites will impact markets.
Conference & Analyst Meetings
Analyst Meetings PSX HI UTX. Conferences of note Gabelli Annual Best Ideas Conference, Bank of America Merrill Lynch 2012 Denver Health Care One on One Conference, Desjardins Capital Markets Materials Conference and Montreal Energy Conference.
Conference of Note
M & A News
Former head of Best Buy (BBY) may bid for the company.
Key Upgrades and Downgrades
| Firm | Upgrades | Downgrades |
|---|---|---|
| JP Morgan | ||
| Goldman Sachs | YUM AVGO AXS | UTHR IRF |
| Morgan Stanley | ||
| Deutsche Bank | ||
| Citigroup | BKW EAT | LLTC |
| Barclays | ||
| Wachovia/Wells Fargo | ||
| Credit Suisse | ||
| Banc of America | ||
| UBS | ||
| Lazard | ||
| Merrill Lynch | ||
| Jefferies | VRA | NBR |
| Oppenheimer | ||
| RBC | ||
| Bernstein | ||
| Stifel Nicolaus | ||
| CLSA | ||
| Keefe Bruyette | ||
| Friedman Billings | ||
| Robert W. Baird | ||
| Needham | PPLXS |
