February 6, 2013
In After Hours Trading
CERN (+.03) CMG (-.01) GNW (+.06) MYGN (+.04) PNRA (+.01) SFLY (+.39) USNA (+06).
What’s Happening This Morning
US futures: (S&P -2.50, DJI -10, NDX -8.20 with fair value higher) Asia lower ex Shanghai and Europe higher. Copper lower and gold higher with WTI Crude and Brent Oil Futures lower. $ is higher vs Euro, lower vs. Pound and lower vs. Yen. US ten-year Treasury Yield -.0179. Prices as of 8:00 a.m. EST.
Earnings Expected
Due after the close today V PRU ALL PAA ORLY FMC AKAM EFX CINF GMCE among others and due tomorrow morning CS BCE TEVA MFC EXC NBL S SNE HOT BG TDC SIAL 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
CMI(+.25) CVS (+.04) ELN(+.11) MSG (+.00) MRO (-.12) SMG (+.01) TWX (+.07) WYN (+.03)
Data Points
Yesterday saw 2185 stocks rise and 807 fall on the NYSE. NASDAQ saw 1806 rise and 683 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.
Markets in Taiwan are closed both today and Thursday.
Economics
None of note today other than weekly MBA Mortgage Applications that came in at +3.4% versus -8.1% and Crude Inventories due at 10:30 a.m. EST.
Politico
Sequester seems to be moving forward as House GOP and President Obama hold firm on their positions.
Conference & Analyst Meetings
Analyst meetings TRI MWV IPCI UTX NOC. Grocery Manufacturers Food Marketing Institute Supply Chain Conference, Stifel Technology & Telecom Conference, Credit Suisse Energy Summit, Canadian Oil Sands Summit and the Cowen Group 34th Annual Aerospace/Defense Conference.
Conference of Note
Cowen Group 34th Annual Aerospace/Defense Conference as news on BA issues could be discussed.
M & A News
Key Upgrades and Downgrades
| Firm | Upgrades | Downgrades |
|---|---|---|
| JP Morgan | ||
| Goldman Sachs | MMC | |
| Morgan Stanley | ||
| Deutsche Bank | ||
| Citigroup | GCI CG WFR FSLR AEIS | STP |
| Merrill Lynch | CHRW | |
| Wachovia/Wells Fargo | ||
| Credit Suisse | ||
| Banc of America | ||
| UBS | ||
| Lazard | ||
| Barclays | ||
| Jefferies | ||
| Raymond James | MHP |
