Joined Dec 4, 2012
319 Blog Posts

Daily Playbook. Goldman Puts A Buy on SIRI

December 18, 2012

In After Hours Trading

President Obama proposed raising the cap on tax increase to above $400,000 from $250,000 and to accept certain spending cuts. Both the President and House Speaker Boehner are getting closer to a deal. The new number for tax revenues to be raised is $1.20 billion the exact middle of where President Obama and House Speaker wanted to be, $1.6 billion and $800 million.


DMND (-.03), SHFL (-.02), STEI (+.02).

What’s Happening This Morning

US futures: (S&P +6.00, DJI +43, NDX +17.80 with fair value lower) Asia higher ex Hong Kong and Europe higher. Copper and gold higher with WTI Crude Futures higher. $ is lower vs Euro, lower vs. Pound and flat vs. Yen. US ten-year Treasury Yield +.0105. Prices as of 7:55 a.m. EST.

Earnings Expected

Earnings due after the close ORCL HEI APOG AIR. Due tomorrow morning before the open FDS JEF SAFM.

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

FDS ( ), JEF ( ), SAFM (+.13).

Data Points

Yesterday saw 2036 stocks rise and 1003 fall on the NYSE. NASDAQ saw 1717 rise and 766 fall. The S&P 500 now back below its 50 day moving average and above the 200 day moving average. The 10 day spread moving average of breadth is now positive again, barely, and we remain with the buy signal but a turn may be forthcoming. We are back to invested on the Madison Market Timing Indicator.



Due out this week housing starts, Q3 GDP, existing home sales, leading indicators, personal income and Michigan Confidence.


Dallas Federal Reserve President Fisher speaks on the economy at 1:15 p.m. EST.

Conference & Analyst Meetings

Analyst Meetings OREX MED.

Conference of Note

Lazard Capital Med Tech Conference.

M & A News

ARB to be acquired NLSN for $48 a share.

Key Upgrades and Downgrades

Firm Upgrades Downgrades
JP Morgan
Goldman Sachs SIRI CJES
Morgan Stanley
Deutsche Bank
Wachovia/Wells Fargo HRZN
Credit Suisse
Banc of America
Merrill Lynch
Cantor Fitzgerlad UNIS IRWD
Dahlman Rose
Sterne Agee
Stifel Nicolaus
Societe Generale
Keefe Bruyette
Friedman Billings
Robert W. Baird
Needham CUB
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