January 10, 2013
In After Hours Trading
DRWI (-.05), PSMT (+.05), RELL (-.01), RT (-.01), TXI (-.04), VOXX (+.19).
What’s Happening This Morning
US futures: (S&P +4.50, DJI +30, NDX +7.20 with fair value a bit lower) Asia higher and Europe mixed. Copper higher and gold higher with WTI Crude & Brent Oil Futures higher. $ is lower vs Euro, lower vs. Pound and higher vs. Yen. US ten-year Treasury Yield +.023. Prices as of 7:45 a.m. EST.
Earnings Expected
Earnings due after the close SNX XRTX. Due out tomorrow morning 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
None out yet. MSM and SVU due.
Data Points
Yesterday saw 2049 stocks rise and 956 fall on the NYSE. NASDAQ saw 1602 rise and 858 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
Weekly Jobless Claims Due Out At 8:30 EST a.m. Natural Gas Inventories due out at 10:30 a.m. EST.
Politico
The European Central Bank is expected to cut interest rates while Bank of England is expected to hold rates steady. Federal Reserve Esther George speaks at 1:10 p.m. EST and Federal Reserve St. Louis President Bullard at 2:00 p.m. EST.
Conference & Analyst Meetings
JP Morgan Healthcare Conference, Goldman Sachs Global Energy Conference and Merrill Lynch China Gaming & Lodging. CVX holds mid quarter update at the close.
Conference of Note
HLF holds their analyst meeting as they counter Pershing Square’s Bill Ackman.
M & A News
Key Upgrades and Downgrades
| Firm | Upgrades | Downgrades |
|---|---|---|
| JP Morgan | ||
| Goldman Sachs | EVR DAL R | |
| Morgan Stanley | HTZ | |
| Deutsche Bank | ||
| Citigroup | PRU HIG AFL | |
| Barclays | ||
| Wachovia/Wells Fargo | ||
| Credit Suisse | ||
| Banc of America | ||
| UBS | ||
| Lazard | WYNN | |
| Merrill Lynch | ||
| Jefferies | ||
| Cantor Fitzgerlad | ||
| Dahlman Rose | ||
| Sterne Agee | ||
| Stifel Nicolaus | ||
| Societe Generale | NE ESV |
