February 12, 2013
In After Hours Trading
Reported Friday after the close CCJ (+.17) MTGE (+.53). GOOG Vice Chairman Eric Schmidt to sell $2.5 billion of stock.
What’s Happening This Morning
US futures: (S&P +3.50, DJI +33, NDX +4.50 with fair value higher) Japan lower and China closed through Thursday, Europe higher. Copper and gold lower with WTI Crude and Brent Oil Futures lower. $ is lower vs Euro, higher vs. Pound and higher vs. Yen. US ten-year Treasury Yield +.0271. Prices as of 7:50 a.m. EST.
Earnings Expected
Due after the close and tomorrow morning.
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
BWP(+.01) CNA (-.25) L(-.46) RDN (-.82)
Data Points
Yesterday saw 2001 stocks rise and 946 fall on the NYSE. NASDAQ saw 1494 rise and 838 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 are closed in China through Thursday.
Economics
Releases of note this week include weekly chain store sales, oil/gas numbers, mortgage applications and jobless claims along with retail sales (Wednesday), industrial production and Michigan Sentiment (both Friday).
Politico
Federal Reserve Vice Chairman Janet Yellen speaks at 13:00 p.m. EST. EU Finance Ministers meet on Monday as well.
Conference & Analyst Meetings
Analyst meetings SNCR SQI. Barclay Big Data Conference. KBW Cards, Payments & Financial Technology Symposium.
Conference of Note
Molecular Medicine Tri-Conference 2013.
M & A News
Key Upgrades and Downgrades
| Firm | Upgrades | Downgrades |
|---|---|---|
| JP Morgan | ||
| Goldman Sachs | USAC | |
| Morgan Stanley | ||
| Deutsche Bank | ||
| Citigroup | SCHW | |
| Merrill Lynch | TSO | |
| Wachovia/Wells Fargo | ||
| Credit Suisse | ||
| Banc of America | ||
| UBS | ||
| Lazard | AEGR |
