January 16, 2013
In After Hours Trading
Earnings of note after the close ADTN (+.02), IBKR (-.03), LLTC (-.02), RNST (+.01). Secondaries due today ITMN ALNY. Secondaries announced ATRC STAG VR FIVE CIE ONXX. IPOs none on deck. IPO Financial Network provided secondary and IPO overview.
What’s Happening This Morning
US futures: (S&P -4.50, DJI -69, NDX -0.20 with fair value higher) Asia and Europe lower. Copper and gold lower with WTI Crude Futures lower & Brent Oil Futures higher. $ is higher vs Euro, higher vs. Pound and lower vs. Yen. US ten-year Treasury Yield -.0299. Prices as of 7:55 a.m. EST.
Earnings Expected
EBAY KMP EPB SLM CLC FUL WTFC OZRK CVBF SANM PLXS due after the close. Due tomorrow morning C BAC TSM UNH MS BLK FCX PNC ASML BBT FITB FAST APH HBAN FCS NTCT HOMB IGTE HLSS 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
CMA (+.02), FRC (+.11), GS (1.96), JPM (+.20), NTRS (-.04), USN (+.01), WEN (+.04).
Data Points
Friday saw 1733 stocks rise and 1257 fall on the NYSE. NASDAQ saw 1312 rise and 1139 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
At 8:30 a.m. EST, December CPI is due out and expected to rise to 0% from -0.3%. Then at 9:15 a.m. EST December Industrial Production is due out and expected to drop to 0.3% from 1.1%.
Politico
Federal Reserve Beige Book is released at 2:00 p.m. EST. Iran holds talks with the U.N. nuclear watchdog commission. Fed speakers Kocherlakota (10:00 a.m. EST) and after the close Fisher and Kocherlakota, again.
Conference & Analyst Meetings
UBS Greater China Conference, Needham Growth Conference, Deutsche Bank Global Auto Conference and Deutsche Bank China Conference. Analyst meetings SLH SE.
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 | BPO | |
| Goldman Sachs | ||
| Morgan Stanley | ||
| Deutsche Bank | ||
| Citigroup | SEE | |
| Barclays | ||
| Wachovia/Wells Fargo | ||
| Credit Suisse | K | |
| Banc of America | ||
| UBS | ITMN | IRWD |
| Lazard | ||
| Merrill Lynch | ||
| Jefferies | ED ABBV | |
| Raymond James | ||
| Dahlman Rose | ||
| Sterne Agee | ||
| Stifel Nicolaus | ||
| Societe Generale | AAUKY | |
| Keefe Bruyette | ||
| Friedman Billings | ||
| Robert W. Baird | ||
| Needham | ||
| Sun Trust RH | GXP NVE |
