December 10, 2012
In After Hours Trading
Italian Prime Minister Mario Monti will step down.
What’s Happening This Morning
US futures: (S&P -3.20, DJI -23, NDX -6.50 with fair value higher) Asia higher and Europe lower. Copper and gold higher with WTI Crude Futures higher. $ is higher vs Euro, lower vs. Pound and lower vs. Yen. US ten-year Treasury Yield -.0205. Prices as of 7:50 a.m. EDT.
Earnings Expected
CASY ABM IRET TEA LDR PPHM SURG due after the close. Due Tuesday morning before the open DG PTRY.
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
FGP (+.04) AND CIS ( ).
Data Points
Yesterday saw 1642 stocks rise and 1347 fall on the NYSE. NASDAQ saw 1091 rise and 1241 fall. The S&P 500 is still below its 50 day moving average but back above the 200 day moving average. The 10 day spread moving average of breadth is positive and is now back to a buy signal. We are back to invested on the Madison Market Timing Indicator.
Economics
None of note today. Due this week PPI, CPI, retail sales and industrial production.
Politico
President Obama gives a speech on the fiscal cliff in Detroit today.
Conference & Analyst Meetings
Analyst Meetings LFUS TXN. Conferences of note Wells Fargo MLP & Energy Conference, Goldman Sachs Financial Services Conference and NASDAQ/OMX Morgan Stanley Investor Conference.
Conference of Note
American Society of Hematology Annual Meeting.
M & A News
AIG to sell its airplane leasing business to Chinese investors for $5.28 billion. Wanxiang wins auction for AONE in bankruptcy matter.
Key Upgrades and Downgrades
| Firm | Upgrades | Downgrades |
|---|---|---|
| JP Morgan | ||
| Goldman Sachs | CME | |
| Morgan Stanley | ||
| Deutsche Bank | ||
| Citigroup | MDU | FBR |
| Barclays | ||
| Wachovia/Wells Fargo | ||
| Credit Suisse | ||
| Banc of America | ||
| UBS | ||
| Lazard | ||
| Merrill Lynch | BBY |
