In After Hours TradingNegative story on 60 Minutes about Chinese real estate hits those markets hard this morning.
What’s Happening This Morning
US futures: (S&P -1.05, Dow Jones -17, NDX -6.25 with fair value a bit lower) Asia lower ex Japan and Europe lower. Copper lower and gold higher with WTI Crude and Brent Oil Futures higher. $ is higher vs Euro, lower vs. Pound and lower vs. Yen. US ten-year Treasury Yield +.0094. Prices as of 7:45 a.m. EST.
Earnings Expected
Earnings due after the close ASNA ABM QUAD SHFL SNTS TUMI. Due tomorrow morning BNS KRO HEES RIGL BKR OXF.
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
ARNA (-.05) BYD (-.18) CEL (+.30) SSYS (+.02) TECD (-.28).
Data Points
Yesterday saw 1664 stocks rise and 1305 fall on the NYSE. NASDAQ saw 1393 rise and 1051 fall. The S&P 500 is above its 50 day moving average and above the 200 day moving average. The 10 day spread moving average of breadth is now negative but our buy has not been concluded yet. We moved to cash on the Madison Market Timing Indicator last week which can be found on www.superstockinvestor.com.
Bank Stress Tests due out after the close and will impact a myriad of bank shares.
Economics
Releases of note this week include weekly chain store sales, oil/gas numbers, mortgage applications and jobless claims along with factory orders, Q4 productivity, nonfarm payrolls and the unemployment rate as well as the ADP Jobs Report and the Challenger Gray & Christmas Jobs Cut Report.
Politico
President Obama spent the weekend canvassing both parties to get votes for changes to Sequester. Federal Reserve Vice Chairman Yellen speaks at 8:00 a.m. EST. Eurozone Finance Ministers meet to discuss the current state of the economy while the G-20 meets ahead of an April IMF Meeting. The Reserve Bank of Australia will announce any changes to its interest rate policy before the market opens Tuesday.
Conference & Analyst Meetings
Analyst meetings D. Raymond James Conference, Deutsche Bank Media & Telecom Conference, Cowen Health Care Conference, Morgan Stanley Asia Technology, Media, Telcoms and Internet Conference and Citigroup Global Property Conference.
Conference of Note
American Academy of Dermatology Annual Meeting.
M & A News
Key Upgrades and Downgrades
| Firm | Upgrades | Downgrades |
|---|---|---|
| JP Morgan | TEF | |
| Goldman Sachs | CLD | LHO |
| Morgan Stanley | FTE | |
| Deutsche Bank | ||
| Citigroup | ||
| Merrill Lynch | MRK PNK | RJET |
| Wachovia/Wells Fargo | ||
| Credit Suisse | ||
| Banc of America | ||
| UBS | ||
| Lazard | ||
| Piper Jaffray | ONCY | |
| Jefferies | ||
| Raymond James | ||
| Sun Trust Robinson Humphrey | ||
| Cantor Fitzgerald | ||
| Credit Agricole | ||
| Dahlman Rose | ||
| Keefe Bruyette | ||
| Friedman Billings | ||
| Robert W. Baird | ||
| Needham | MDVN |
