In After Hours Trading
MCP fell in after hours after its CEO Mark Smith resigned.
What’s Happening This Morning
US futures: (S&P +3.70, DJI +24, NDX +6.50 with fair value lower) Asia and Europe higher. Copper and gold higher with WTI Crude Futures higher. $ is lower vs Euro, lower vs. Pound and higher vs. Yen. US ten-year Treasury Yield +.01. Prices as of 8:00 a.m. EST.
Earnings Expected
RSTO AVNR due after the close. Due Thursday morning before the open none of note.
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
COST (+.02), JOY (+.01).
Data Points
Yesterday saw 2045 stocks rise and 971 fall on the NYSE. NASDAQ saw 1762 rise and 713 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 and is now back to a buy signal. We are back to invested on the Madison Market Timing Indicator.
Economics
None of note.
Politico
The Federal Reserve is expected to announce its follow-up action to Operation Twist. Decision due at 12:30 p.m. EST. Federal Reserve Chairman Bernanke to speak at 2:15 p.m. EST.
Conference & Analyst Meetings
Analyst Meetings AKAM TSO ENR AET EMN BFO. Conferences of note Dell World, Wedbush Securities Consumer Conference, Macquarie Global Metals & Mining Conference and the Annual Alzheimers Drug Development Summit.
Conference of Note
Power-Gen International Conference.
M & A News
No deals of note overnight.
Key Upgrades and Downgrades
| Firm | Upgrades | Downgrades |
|---|---|---|
| JP Morgan | DDD | STX |
| Goldman Sachs | ||
| Morgan Stanley | ||
| Deutsche Bank | ||
| Citigroup | ||
| Barclays | ||
| Wachovia/Wells Fargo | SF | |
| Credit Suisse | ||
| Banc of America | ||
| UBS | ||
| Lazard | ||
| Merrill Lynch | CPLP | |
| Jefferies | ||
| Oppenheimer | ||
| RBC | ||
| Bernstein | ||
| Stifel Nicolaus | ||
| CLSA | ||
| Keefe Bruyette | ||
| Friedman Billings | ||
| Robert W. Baird | TW PB | |
| Needham | ||
| Cowen | ||
| PiperJaffray | ALNY TTWO | |
| Dahlman Rose | ||
| RBS | ||
| Raymond James | ||
| CIBC | ||
| Dresnder | ||
| Key Banc | ABM |
