December 19, 2012
In After Hours Trading
AIR (+.04), APOG (+.05), HEI (+.01), ORCL (+.03).
What’s Happening This Morning
US futures: (S&P +3.50, DJI +35, NDX +10.80 with fair value lower) Asia higher and Europe higher. Copper and gold higher with WTI Crude Futures higher. $ is lower vs Euro, lower vs. Pound and flat vs. Yen. US ten-year Treasury Yield +.007. Prices as of 7:55 a.m. EST.
Earnings Expected
Earnings due after the close NKE RHT RIMM MU CTAS TIBX RECN FCEL. Due tomorrow morning before the open CCL DFS CAG KMX DRI KBH NEOG RAD SCHL WGO.
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
FDX (+.09), GIS (+.07), NAV (-10.46).
Data Points
Yesterday saw 2272 stocks rise and 793 fall on the NYSE. NASDAQ saw 1795 rise and 700 fall. The S&P 500 now back below its 50 day moving average and above the 200 day moving average. The 10 day spread moving average of breadth is now positive again, barely, and we remain with the buy signal but a turn may be forthcoming. We are back to invested on the Madison Market Timing Indicator.
Economics
November Housing Starts are due out at 8:30 a.m. EST and are expected to drop to 873,000 from 894,000.
Politico
Bank of England releases latest minutes. President Obama to appoint Vice President Biden to review gun control changes.
Conference & Analyst Meetings
Analyst Meetings JCI CBI.
Conference of Note
None of note.
M & A News
KCG receives a bid for $3.75 from GETCO.
Key Upgrades and Downgrades
| Firm | Upgrades | Downgrades |
|---|---|---|
| JP Morgan | ||
| Goldman Sachs | ||
| Morgan Stanley | ||
| Deutsche Bank | ||
| Citigroup | ||
| Barclays | ||
| Wachovia/Wells Fargo | ||
| Credit Suisse | ||
| Banc of America | ||
| UBS | ||
| Lazard | ||
| Merrill Lynch | ||
| Jefferies | ATRS | |
| Cantor Fitzgerlad | FB | |
| Dahlman Rose | ||
| Sterne Agee | ||
| Stifel Nicolaus | ||
| Societe Generale | ||
| Keefe Bruyette | ||
| Friedman Billings | ||
| Robert W. Baird | ||
| Needham | VTSS |
