January 8, 2013
In After Hours Trading
TEAM (+.06). SHLD CEO to leave due to family health issues and SHLD Chairman Lampert to become CEO as well. CAG INN announce secondary offering. YUM lowers China guidance, again. KND PLXS lower guidance.
What’s Happening This Morning
US futures: (S&P +1, DJI +2, NDX +0.2 with fair value a bit higher) Asia lower and Europe higher. Copper and gold higher with WTI Crude & Brent Oil Futures higher. $ is higher vs Euro, higher vs. Pound and lower vs. Yen. US ten-year Treasury Yield +.0078. Prices as of 7:35 a.m. EST.
Earnings Expected
Earnings due after the close AA APOL GPN MG WDFC. Due out tomorrow morning AZZ GBX HELE LEDS SJR STZ.
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
IHS (+.10) LNN (+.40).
Data Points
Yesterday saw 1372 stocks rise and 1635 fall on the NYSE. NASDAQ saw 1066 rise and 1436 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
A minor release today. Consumer Credit is out at 3:00 p.m. EST.
Politico
Federal Reserve Richmond President Lacker speaks at 1:30 p.m. EST.
Conference & Analyst Meetings
JP Morgan Healthcare Conference, Citibank Global Internet, Media and Telecom Conference, Goldman Sachs Global Energy Conference and RBC Canadian Bank CEO Conference.
Conference of Note
Consumer Electronics Show (CES) continues today in Las Vegas.
M & A News
Key Upgrades and Downgrades
| Firm | Upgrades | Downgrades |
|---|---|---|
| JP Morgan | ITW NOC HRS ERJ | |
| Goldman Sachs | KKR | HITT |
| Morgan Stanley | AZO ROK | |
| Deutsche Bank | ||
| Citigroup | ||
| Barclays | ||
| Wachovia/Wells Fargo | ||
| Credit Suisse | ||
| Banc of America | ||
| UBS | ||
| Lazard | ||
| Merrill Lynch | MFC MKSI pky | |
| Jefferies | EQR HIW |
