Morning Review - 092310
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Transcript of Morning Review - 092310
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Nicholas Colas (Chief Market Strategist): 212 448 6095 or [email protected] Clark: 212 448 6085 or [email protected]
Beth Reed: 212 448 6096 or [email protected]
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Jan
-85
Jun
-86
Nov
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Apr-89
Sep
-90
Feb
-92
Jul-93
Nov
-94
Apr-96
Se
-97
Feb
-99
Jul-00
Nov-01
Apr-03
Sep
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Jul-07
Nov
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Apr-10 S&
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EqyFows
Domestic Equity M utual Fund Flows: Rolling 12-M onth Average
Domestic Equity Flows S&P 500
Source: Investment Company InstituteNote: Inflation-adjusted with CPI data
-10,000
-8,000
-6,000
-4,000
-2,000
0
2,000
4,000
6,000
8,000
10,000
Jan-85
Feb-86
Mar-87
Apr-88
May-89
Jun-90
Jul-91
Aug-92
Se
-93
Oct-94
Nov-95
Nov-96
Nov-97
Nov-98
Nov-99
Nov-00
Nov-01
Nov-02
Nov-03
Nov-04
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Nov-06
Nov-07
Nov-08
Hybrid Mutual Fund Flows: Roll ing 12-M onth Average
Source: Investment Company InstituteNote: Inflation-adjusted with CPI data
-30,000
-20,000
-10,000
0
10,000
20,000
30,000
Jan-85
Feb-86
Mar-87
Apr-88
May-89
Jun-90
Jul-91
Aug-92
Sep-93
Oct-94
Nov-95
Nov-96
Nov-97
Nov-98
Nov-99
Nov-00
Nov-01
Nov-02
Nov-03
Nov-04
Nov-05
Nov-06
Nov-07
Nov-08
Taxable Bond Mut ual Fund Flows: Roll ing 12-M onth Average
Source: Investment Company InstituteNote: Inflation-adjusted with CPI data
-70,000
-50,000
-30,000
-10,000
10,000
30,000
50,000
70,000
Jan-85
Feb-86
Mar-87
Apr-88
May-89
Jun-90
Jul-91
Aug-92
Sep-93
Oct-94
Nov-95
Nov-96
Nov-97
Nov-98
Nov-99
Nov-00
Nov-01
Nov-02
Nov-03
Nov-04
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Total Mutual Fund Flows: Roll ing 12-M onth Average
Source: Investment Company InstituteNote: Inflation-adjusted with CPI data
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Nicholas Colas (Chief Market Strategist): 212 448 6095 or [email protected] Clark: 212 448 6085 or [email protected]
Beth Reed: 212 448 6096 or [email protected]
-30,000
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10,000
20,000
30,000
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Jan-85
Feb-86
Mar-87
Apr-88
May-89
Jun-90
Jul-91
Aug-92
Sep-93
Oct-94
Nov-95
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Nov-97
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Nov-99
Nov-00
Nov-01
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Nov-08
Total Equity M utual Fund Flows: Rolling 12-M onth Average
Source: Investment Company InstituteNote: Inflation-adjusted with CPI data -20,000
-15,000
-10,000
-5,000
0
5,000
10,000
15,000
20,000
Jan-85
Feb-86
Mar-87
Apr-88
May-89
Jun-90
Jul-91
Au
-92
Sep-93
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Nov-01
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Nov-04
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Foreign Equity Mut ual Fund Flows: Roll ing 12-M onth Average
Source: Investment Company InstituteNote: Inflation-adjusted with CPI data
-40,000
-30,000
-20,000
-10,000
0
10,000
20,000
30,000
40,000
Jan-85
Feb-86
Mar-87
Apr-88
May-89
Jun-90
Jul-91
Au
-92
Sep-93
Oct-94
Nov-95
Nov-96
Nov-97
Nov-98
Nov-99
Nov-00
Nov-01
Nov-02
Nov-03
Nov-04
Nov-05
Nov-06
Nov-07
Nov-08
Total Bond Mut ual Fund Flows: Roll ing 12-M onth Average
Source: Investment Company InstituteNote: Inflation-adjusted with CPI data
-10,000
-8,000
-6,000
-4,000
-2,000
0
2,000
4,000
6,000
8,000
10,000
Jan-85
Feb-86
Mar-87
Apr-88
May-89
Jun-90
Jul-91
Aug-92
Sep-93
Oct-94
Nov-95
Nov-96
Nov-97
Nov-98
Nov-99
Nov-00
Nov-01
Nov-02
Nov-03
Nov-04
Nov-05
Nov-06
Nov-07
Nov-08
Municipal Bond M utual Fund Flows: Rolling 12-M onth Average
Source: Investment Company InstituteNote: Inflation-adjusted with CPI data
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Nicholas Colas (Chief Market Strategist): 212 448 6095 or [email protected] Clark: 212 448 6085 or [email protected]
Beth Reed: 212 448 6096 or [email protected]
U.S. EQUITIES
The tech sector was under pressure, with shares of ADBE plunging 19.0% after the companys 4th quarter outlook fell far short of expectations. RIMMadded 1.0% on news the BlackBerry maker may debut a tablet computer to compete with AAPLs (+1.4%) iPad. Also, MSFT was down 2.2% afterannouncing that it raised its dividend by 25% to $0.16 a share. Many financials struggled, led by JEF (-5.2%), which posted quarterly profit 46% below theyear-ago quarter as trading volume slowed significantly. Lastly, BLOKA sank 31.3% on speculation it will file for bankruptcy in the next few days.
Important Conferences/Corporate Meetings Today:CIBC World Markets Eastern Institutional Investor Conference Montreal, QC
Goldman Sachs Communacopia XIX ConferenceMorgan Stanley Business & Education Services ConferenceUBS Global Life Sciences Conference New York, NY
Important Earnings Today (with Estimates) From
Source: Thomson ONE
Three Day (High 1144.00; Low 1117.00):Prior Day SPX (High 1144.38; Low 1131.50; Close 1134.28):
S&P Futures
One Day (High 1140.25; Low 1126.50):
FINL: $0.35 NKE: $1.01 RAD: $-0.16 SCHL: $-0.57 TXI: $-0.30Source: Bloomber
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Nicholas Colas (Chief Market Strategist): 212 448 6095 or [email protected] Clark: 212 448 6085 or [email protected]
Beth Reed: 212 448 6096 or [email protected]
FIXED INCOME
Source: Bloomberg
Todays Important Economic Indicators/Events (with Consensus):Jobless Claims (8:30am EST): 450KExisting Home Sales (10:00am EST): 4.05M SAARLeading Indicators (10:00am EST): 0.1%EIA Natural Gas Report (10:30am EST)Charles Evans Speaks (10:40am EST)
Paul Volcker Speaks (1:00pm EST)
Source: Bloomberg
In the longest win streak since June, 10-year Treasuries rose for a 4th consecutive day Wednesday as investors digested news the Fed may be preparing toincrease its U.S. debt purchases. The yield on the 2-year note touched a record low (0.41%) for a 2nd straight day, before settling at 0.43%. Thebenchmark 10-year note yield gave up 2 bps, falling to 2.55%, while the 30-year yield dropped 5 bps to 3.74%. European bonds also advanced, pushingthe 10-year bund yield down the most in a month on concern about the global impact of a slowing U.S. recovery.
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