January 15, 2013
In After Hours Trading
No earnings of note after the close. LULU lowered guidance and stock lower. GCOM to explore possible sale. Secondaries announced by GGC ITMN ADC SUNS GBDC CHUY.
What’s Happening This Morning
US futures: (S&P -5.25, DJI -32, NDX -7.75 with fair value lower) Asia and Europe higher. Copper lower and gold higher with WTI Crude & Brent Oil Futures lower. $ is higher vs Euro, higher vs. Pound and lower vs. Yen. US ten-year Treasury Yield -.0211. Prices as of 7:35 a.m. EST.
Earnings Expected
LLTC FULT ADTN IBJR PNFP RNST due after the close. Due tomorrow morning JPM GS USB SCHW MTB NTRS CMA FRC WEN among others.
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
LEN (+.11).
Data Points
Friday saw 1486 stocks rise and 1486 fall on the NYSE. NASDAQ saw 1152 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 PPI and Retail Sales are due out at 8:30 a.m. EST and are expected to improve to -0.1% from -0.8% and drop to 0.2% from 0.3%.
Politico
Federal Reserve Presidents speak at various times today Rosengren (8:00 a.m. EST), Kocherlakota (8:50 a.m. EST) and Plosser (12:30 p.m. EST).
Conference & Analyst Meetings
TD Securities London Energy Conference, UBS Greater China Conference, Needham Growth Conference, Deutsche Bank Global Auto Conference and Deutsche Bank China Conference. Analyst meetings HPQ and the meeting of the day FB (1:00 p.m. EST).
Conference of Note
The North American Auto Show begins in Detroit. National Retail Federation Annual Convention.
M & A News
Key Upgrades and Downgrades
| Firm | Upgrades | Downgrades |
|---|---|---|
| JP Morgan | ||
| Goldman Sachs | PDCO | |
| Morgan Stanley | ||
| Deutsche Bank | ||
| Citigroup | PDH | |
| Barclays | ||
| Wachovia/Wells Fargo | ||
| Credit Suisse | LOGI | |
| Banc of America | ||
| UBS | ||
| Lazard | NKTR | |
| Merrill Lynch | VPHM CELG | |
| Jefferies | ||
| Raymond James | ||
| Dahlman Rose | CLF |
