Wednesday, March 05, 2014

Night Trading
  • Asian equity indices are unch. to +.75% on average.
  • Asia Ex-Japan Investment Grade CDS Index 130.0 +1.0 basis point.
  • Asia Pacific Sovereign CDS Index 97.0 -2.5 basis points.
  • FTSE-100 futures +.30%.
  • S&P 500 futures +.14%.
  • NASDAQ 100 futures  +.11%.
Morning Preview Links

Earnings of Note

  • (SPLS)/.39
  • (COST)/1.17
  • (KR)/.72
  • (JOY)/.65
  • (CIEN)/.06
  • (SSI)/.99
  • (COO)/1.46
  • (FNSR)/.44
  • (HRB)/-.11
  • (PF)/.58
  • (TFM)/.42
  • (PLCE)/.95 
  • (KFY)/.34
Economic Releases
8:30 am EST
  • Final 4Q Non-Farm Productivity is estimated to rise +2.2% versus a prior estimate of a +3.2% gain.
  • Final 4Q Unit Labor Costs are estimated to fall -.5% versus a prior estimate of a -1.6% decline.
  • Initial Jobless Claims are estimated at 336K versus 348K the prior week.
  • Continuing Claims are estimated at 2970K versus 2964K the prior week.
10:00 am EST
  • Factory Orders  for January are estimated to fall -.5% versus a -1.5% decline in December.
Upcoming Splits
  • None of note
Other Potential Market Movers
  • The Fed's Dudley speaking, Fed's Plosser speaking, Fed's Lockhart speaking, ECB rate decision, BoE rate decision, Draghi press conference, 4Q Household Net Worth Change, RBC Consumer Outlook Index for March, Challenger Job Cuts report for February, BofA Refining Conference, weekly Bloomberg Consumer Comfort Index, weekly EIA natural gas inventory report, (HUN) investor day, (COL) investor conference, (A) analyst meeting and the (TRLA) analyst day could also impact trading today.
BOTTOM LINE: Asian indices are mostly higher, boosted by technology and industrial shares in the region. I expect US stocks to open modestly higher and to weaken into the afternoon, finishing mixed. The Portfolio is 50% net long heading into the day.

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