Morning Review - 092110

8/8/2019 Morning Review - 092110

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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]

-12.7%-11.8%-11.7%

-8.1%-7.1%

-6.6%-6.5%-6.3%-6.2%-5.1%

-3.3%

-1.1%-1.0%

0.2%

1.6%

-14.0%

-12.0%

-10.0%

-8.0%-6.0%

-4.0%

-2.0%

0.0%

2.0%

4.0%% Change f rom 2010 H igh

-78.8%

-66.0%-65.6%-64.6%

-60.8%

-39.4%

-29.6%-28.5%-27.0%-25.6%

-17.6%-17.4%-14.4%

-5.6%

0.2%

-90.0%

-80.0%

-70.0%

-60.0%

-50.0%

-40.0%

-30.0%

-20.0%

-10.0%

0.0%

10.0%

% Change f rom Al l-Time High

-60.8%

-38.2%

-32.0%-29.6%-27.0%

-25.6%-24.9%

-21.6%-19.5%

-17.6%-17.4%

-14.4%-11.3%

-5.6%

50.4%

-80.0%

-60.0%

-40.0%

-20.0%

0.0%

20.0%

40.0%

60.0%

% Change f rom 2007 H igh



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U.S. EQUITIES

Retailer ODP soared 10.2% even as Janney Capital Markets reaffirmed its “Neutral” rating, only noting that the company is well-poised to benefit from aneconomic recovery. Oppenheimer lifted BBY (+3.1%) to “Outperform” from “Perform” and increased its price target to $45 from $38, citing potentialbenefits from new products during the holiday shopping season. On the earnings front, shares of LEN jumped 8.2% after the homebuilder reportedbetter-than-expected quarterly profit, while DFS (+3.8%) rose after an earnings beat due to lower charge-offs and rising credit card transactions.

Important Conferences/Corporate Meetings Today:Goldman Sachs Communacopia XIX Conference

Macquarie Securities Bermuda in Boston Conference – Boston, MAUBS Global Life Sciences Conference – New York, NY

Important Earnings Today (with Estimates) From…

Source: Thomson ONE

Three Day (High – 1140.25; Low – 1117.00): Prior Day SPX (High – 1144.86; Low – 1126.57; Close – 1142.71):

S&P Futures

One Day (High –1140.25; Low – 1117.00):

ADBE: $0.41 AZO: $5.42 CCL: $1.47 CTAS: $0.38 CAG: $0.39

DRI: $0.77 FDS: $0.80 PRGS: $0.47Source: Bloomberg



5



FIXED INCOME

Source: Bloomberg

Today’s Important Economic Indicators/Events (with Consensus): Housing Starts (8:30am EST): 550 K FOMC Meeting Announcement (2:15pm EST)

Source: Bloomberg

Treasuries advanced Monday ahead of the Fed’s FOMC meeting announcement on Tuesday, with investors speculating the central bank may signal morequantitative easing. It is widely expected the Fed will leave rates unchanged near zero, as unemployment remains high and inflation low. The yield onthe long bond dropped 3 bps to 3.87%, while benchmark 10-year note yields fell 4 bps to 2.71%. After declining 10 bps last week in its biggest 5-daydecrease since May, the 2-year note yield gave up less than 1 bp, and close the day at 0.46%.









Morning Review - 092110

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