January 28, 2013
In After Hours Trading
JOSB issued lower guidance on Friday at 8:00 p.m. EST, like they think no one woudl notice? AMGN Phase 3 Study on PAVES study met endpoints.
What’s Happening This Morning
US futures: (S&P +2.50, DJI +17, NDX +5.50 with fair value higher) Asia and Europe mixed to higher with Japan weak. Copper and gold lower with WTI Crude higher & Brent Oil Futures lower. $ is higher vs Euro, higher vs. Pound and lower vs. Yen. US ten-year Treasury Yield +.0072. Prices as of 7:55 a.m. EST.
Earnings Expected
Earnings reports due after the close VNW YHOO STX CE BMC ILMN ZION STLD CR RCII SANM. Due tomorrow morning PFE LLY EMC F DHR NEE ITW PHG VLO CP TROW IP GLW NUE TYC HOG PNR BSX DHI ASH TUP 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
BIIB (-.06), CAT (+.19), ROP (+.02).
Data Points
Yesterday saw 1815 stocks rise and 1155 fall on the NYSE. NASDAQ saw 1312 rise and 1034 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 Durable Goods is due at 8:30 a.m. EST and is expected to come in at 2.0% versus 0.7%. Then at 10:00 a.m. EST Pending Home Sales are due out and expected to be flat.
Politico
A group of Republican and Democratic Senators reach a deal on immigration reform.
Conference & Analyst Meetings
DistribuTECH Conference and Exhibition.
Conference of Note
IBM Connect 2013 with PLCM presenting among others.
M & A News
No Merger Monday so far.
Key Upgrades and Downgrades
| Firm | Upgrades | Downgrades |
|---|---|---|
| JP Morgan | ||
| Goldman Sachs | AKS HEP CENX BBBY | |
| Morgan Stanley | ENR | |
| Deutsche Bank | ||
| Citigroup | SNE ASML | BPO |
| Merrill Lynch | ||
| Wachovia/Wells Fargo | ||
| Credit Suisse | HBHC | |
| Banc of America | ||
| UBS | ||
| Lazard | CMG | |
| Barclays | ||
| Jefferies | NSC |
