January 4, 2013
In After Hours Trading
ANGO (+.01), PRGS (-.10), SHLM (+.01).
What’s Happening This Morning
US futures: (S&P Unchanged, DJI -4, NDX +4 with fair value flat) Asia and Europe mixed. 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 +.0437. Prices as of 7:55 a.m. EST.
Earnings Expected
Next week starts earnings season as AA kicks off earnings on Tuesday after the close followed by notables STZ SVU WFC.
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
FINL (-.10), MOS (+.07).
Data Points
Yesterday saw 1706 stocks rise and 1330 fall on the NYSE. NASDAQ saw 1187 rise and 1287 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. We are back to invested on the Madison Market Timing Indicator.
Economics
December Nonfarm Payrolls and the monthly unemployment rate are due out at 8:30 a.m. EST and is expected to rise to 150,000 from 146,000 and remain at 7.7%. Meanwhile, at 10:00 a.m. EST November Factory Orders is expected to drop to 0.4% from 0.8%.
Politico
President Obama is now basking in the sun of Hawaii until next Monday as the Fiscal Cliff has been “kinda solved”. Next week the debate on the debt ceiling kicks into gear.
Federal Reserve Presidents Plosser and Bullard speak at 1:15 p.m. EST and 5:30 p.m. EST. Federal Reserve Vice Chairman Janet Yellen speaks at 3:30 p.m. EST.
Conference & Analyst Meetings
IEEE International Nanoelectronics Conference 2013 with CSCO and IBM presenting. LLY issued guidance early this morning reaffirming guidance for FY 2012 and raised FY 2013 guidance above estimates.
Conference of Note
M & A News
Key Upgrades and Downgrades
| Firm | Upgrades | Downgrades |
|---|---|---|
| JP Morgan | ||
| Goldman Sachs | STI ZQK | SKT FDS |
| Morgan Stanley | ||
| Deutsche Bank | ||
| Citigroup | ||
| Barclays | ||
| Wachovia/Wells Fargo | ||
| Credit Suisse | ||
| Banc of America | ||
| UBS | ||
| Lazard | ||
| Merrill Lynch | AVP ABBV | EHTH AEC |
| Jefferies | ||
| Cantor Fitzgerlad | ||
| Dahlman Rose | ||
| Sterne Agee | ||
| Stifel Nicolaus | ARUN APKT | |
| Societe Generale | ||
| Keefe Bruyette | BXS | |
| Friedman Billings | ||
| Robert W. Baird | ESE | |
| Needham | MAT | |
| Sun Trust RH | ||
| PiperJaffray | ||
| RBC | ||
| RBS | ||
| Raymond James | FSLR |
