January 17, 2013
In After Hours Trading
Earnings of note after the close CLC (+.02), CVBF (-.01), EBAY (+.01), EPB (+.07), FUL (+.08), KMP (-.06), PLXS (-.01), SLM (+.01). Secondaries due today ALNY ATRC CIE ITMN ONXX STAG VR. Secondaries announced AVEO NTI. IPOs none on deck. IPO Financial Network provided secondary and IPO overview.
What’s Happening This Morning
US futures: (S&P +2.75, DJI +13, NDX +7.50 with fair value higher) Asia and Europe mixed. Copper higher and gold lower with WTI Crude & Brent Oil Futures higher. $ is lower vs Euro, lower vs. Pound and higher vs. Yen. US ten-year Treasury Yield +.0283. Prices as of 7:55 a.m. EST.
Earnings Expected
INTC AXP COF ED XLNX PBCT ASBC due after the close. Due tomorrow morning GE SLB STT JCI PGR PH COL MMR FHN WBS 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
ASML (+.30), BAC (+.01), BLK (+.26), FITB (+.01), HBAN (+.02), IGTE (+.07), IIN (+.09), NTCT (+.01), PNC (-.06), UNH (+.01), VCBI (+.01).
Data Points
Friday saw 1354 stocks rise and 1608 fall on the NYSE. NASDAQ saw 983 rise and 1470 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 Housing Starts are due out at 8:30 a.m. EST and are expected to improve to 890,000 from 861,000.
Politico
Fed speaker Lockhart (12:05 p.m. EST). President Obama pens an op-ed in The Connecticut Post.
Conference & Analyst Meetings
Needham Growth Conference and Deutsche Bank China Conference. Analyst meetings SLH PMTI GPN CERN PATH ROC.
Conference of Note
The North American Auto Show continues in Detroit.
M & A News
Key Upgrades and Downgrades
| Firm | Upgrades | Downgrades |
|---|---|---|
| JP Morgan | CSCO | |
| Goldman Sachs | ||
| Morgan Stanley | ||
| Deutsche Bank | ||
| Citigroup | RIO | |
| Barclays | ||
| Wachovia/Wells Fargo | ||
| Credit Suisse | CMP | |
| Banc of America | ||
| UBS | ||
| Lazard | ||
| Merrill Lynch | ASML TAL TGH DCI | COLM |
| Jefferies | LEAP | |
| Raymond James | ||
| Dahlman Rose | ||
| Sterne Agee | ||
| Stifel Nicolaus | ||
| Societe Generale | ||
| Keefe Bruyette | ||
| Friedman Billings | ||
| Robert W. Baird | ||
| Needham | ||
| Sun Trust RH | ||
| Credit Agricole | PKI | LLY |
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