February 1, 2013
In After Hours Trading
AFFX (+.01) BYI (+.04) BEBE (-.05) BCR (+.03) MTW (+.03) MCK (-.21) SCCO (+.01) TLAB (+.01) WYNN (-.11).
What’s Happening This Morning
US futures: (S&P +5.25, DJI +63, NDX +12.50 with fair value higher) Asia and Europe higher. Copper and gold higher with WTI Crude lower and Brent Oil Futures higher. $ is lower vs Euro, higher vs. Pound and higher vs. Yen. US ten-year Treasury Yield +.0201. Prices as of 7:55 a.m. EST.
Earnings Expected
Earnings flood continues next week.
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
AON +.02 BEAM -.01 BPO -.01 IR +.05 LEA +.11 LM -.23 MAT -.03 MRK +.02 NOV +.05 NWL +.01 PRGO +.05 TDW +.25 TSN +.07 XOM +.21
Data Points
Yesterday saw 1556 stocks rise and 1420 fall on the NYSE. NASDAQ saw 1521 rise and 945 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
January Nonfarm Payrolls and the Unemployment Rate are due out at 8:30 a.m. EST and is expected to rise to 160,000 from 155,000 in the last report.
Then at 10:00 a.m. EST December Construction Spending is due out and is expected to improve to 0.6% versus -0.3%.
Also, at the same time the latest ISM Manufacturing Index is due out and is expected to fall to 50.5 versus 50.7.
Politico
The President’s Jobs Council was not renewed. Federal Reserve New York President Dudley speaks at 8:30 a.m. EST.
Conference & Analyst Meetings
Analyst meetings STJ. African Mining Congress and SEMICON Korea meet.
Conference of Note
None of note.
M & A News
Key Upgrades and Downgrades
| Firm | Upgrades | Downgrades |
|---|---|---|
| JP Morgan | ||
| Goldman Sachs | ||
| Morgan Stanley | ||
| Deutsche Bank | ||
| Citigroup | DB | |
| Merrill Lynch | RDS.A | |
| Wachovia/Wells Fargo | ||
| Credit Suisse | NBR | |
| Banc of America | ||
| UBS | ||
| Lazard | ||
| Barclays | ||
| Jefferies | IFNNY | |
| Raymond James | ||
| KeyBanc | BWLD | |
| Janney Montgomery | WYNN | |
| Credit Agricole | BCR | |
| Societe Generale | BNPQY |
