Morning Review - 110410

8/8/2019 Morning Review - 110410

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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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U.S. EQUITIES

In earnings land, TWX fell 1.1% on quarterly revenue that rose 2% but fell short of analysts expectations, while CVS (+1.1%) cut its full-year outlook andposted a drop in 3rd quarter earnings due to sluggish sales in its pharmacy benefits division. Homebuilder PHM (-7.7%) reported a loss of $2.63 a share,versus a loss of $1.15 per share a year ago, thanks to insurance reserve adjustments and charges to write down land. Meanwhile, health insurer AET gained2.9% after announcing an unexpected jump in Q3 earnings and raising its full-year profit outlook. In auto news, F (+5.2%) reported that October sales rose23.2%, more than forecast, while rivals GM and Chrysler also topped expectations. TM (+0.7%), on the other hand, experienced a 0.9% decline in sales.

Important Conferences/Corporate Meetings Today:BancAnalysts Association of Boston Conference Boston, MADeutsche Bank BRICs Metals & Mining Conference London, GBGoldman Sachs Global Industrials Conference New York, NYSingular Research Best of the Uncovereds Research Conference Los Angeles, CA

Important Earnings Today (with Estimates) From

Source: Thomson ONE

Three Day (High 1197.75; Low 1173.75):Prior Day SPX (High 1198.30; Low 1183.56; Close 1197.96):

S&P Futures

One Day (High 1197.75; Low 1179.50): Y: $4.19 APA: $2.26 AINV: $0.25 AGO: $0.91 CVC: $0.40 CPT: $0.65 CBS: $0.31 DTV: $0.55 FLR: $-0.05

FTO: $0.05 HNT: $0.71 KCP: $0.10 KSWS: $-0.22 KFN: $0.40 KFT: $0.46 LYV: $0.36 LIZ: $-0.02 PCS: $0.22

MF: $0.04 MFA: $0.22 MHK: $0.77 NHI: $0.70 NRP: $0.35 NRG: $0.96 OIS: $0.77 OHI: $0.45 OWW: $0.09

RSG: $0.46 RGLD: $0.26 SD: $0.03 SAPE: $0.09 SNI: $0.51 BID: $-0.42 SEP: $0.45 SUG: $0.44 SBUX: $0.32

TK: $-0.72 TDC: $0.39 TBL: $0.76 TWX: $0.89 WPI: $0.85 WCG: $0.66 WXS: $0.68 WWE: $0.12Source: Bloomberg


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FIXED INCOME

Source: Bloomberg

Todays Important Economic Indicators/Events (with Consensus):Chain Store SalesMonster Employment Index (6:00am EST)Jobless Claims (8:30am EST): 443KProductivity and Costs (8:30am EST)

o Nonfarm productivity: 1.7%o Unit labor costs: 0.2%

EIA Natural Gas Report (10:30am EST)Treasury STRIPS (3:00pm EST)

Source: Bloomberg

Thirty-year Treasuries tumbled Wednesday, falling the most in 2 months and sending yields up 12.5 bps to 4.05%, after the Fed announced it will buy anincremental $600 billion in longer-term debt by the end of the first half of 2011. Planned asset purchases will be roughly $75 billion per month. Thebenchmark 10-year note yield fell 2 bps to 2.57%, while the difference between 10- and 30-year Treasury yields touched 2.74%, the highest since May2008. Also at the conclusion of its FOMC meeting, the central bank left rates unchanged near zero, as expected.


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Morning Review - 110410

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