January 14, 2013
In After Hours Trading
ORCL submits a secruity patch to Java. Apple slows component orders for iPhone 5. JPM may blame CEO Dimon on the “Whale” trading error.
What’s Happening This Morning
US futures: (S&P -2, DJI -20, NDX -16.80 with fair value lower) Asia and Europe higher. Copper and gold lower with WTI Crude & Brent Oil Futures higher. $ is lower vs Euro, higher vs. Pound and higher vs. Yen. US ten-year Treasury Yield -.0317. Prices as of 7:55 a.m. EST.
Earnings Expected
None of note due after the close. Due tomorrow morning CBSH FRX LEN.
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
LEDS (-.02).
Data Points
Friday saw 1562 stocks rise and 1434 fall on the NYSE. NASDAQ saw 1226 rise and 1222 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
Releases of note this week include weekly chain store sales, oil/gas numbers, mortgage applications and jobless claims along with monthly numbers for PPI, CPI , retail sales, industrial production, housing starts and Michigan Sentiment. None of note today.
Politico
Federal Reserve Chairman Bernanke speaks at 4:00 p.m. EST about monetary policy. Federal Reserve San Francisco President Williams (11:55 a.m. EST) and Atlanta President Lockhart (12:40 p.m. EST) speak as well.
Conference & Analyst Meetings
TD Securities London Energy Conference, UBS Greater China Conference, Raymond James Internet Outlook and Deutsche Bank China Conference. Analyst meetings RTEC ACU.
Conference of Note
The North American Auto Show begins in Detroit. National Retail Federation Annual Convention.
M & A News
Swatch buys HWD for $1 billion, $750 million in cash and $250 million of debt assumption.
Key Upgrades and Downgrades
| Firm | Upgrades | Downgrades |
|---|---|---|
| JP Morgan | ||
| Goldman Sachs | COF CVD CTCM | |
| Morgan Stanley | ||
| Deutsche Bank | FB NSC | |
| Citigroup | ||
| Barclays | ||
| Wachovia/Wells Fargo | ||
| Credit Suisse | ||
| Banc of America | ||
| UBS | ||
| Lazard | ISRG INCY | |
| Merrill Lynch | ||
| Jefferies | ||
| Raymond James | MDRX | |
| Dahlman Rose | ||
| Sterne Agee | ||
| Stifel Nicolaus | ||
| Societe Generale | ECA |
