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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]
1/11/1973 8/25/1987 7/17/1998 3/24/2000 10/9/2007 4/23/2010 TotalAutobio/Bio/History 4 7 11 12 8 3 45Finance/Money 1 1 2 1 0 3 8
Humor 0 0 0 1 0 2 3Inspirational/Self Help 5 2 1 1 2 4 15Policy/Politics 0 1 0 0 4 3 8Other 0 4 1 0 1 0 6
10/3/1974 8/12/1982 12/4/1987 12/8/1994 10/9/2002 3/9/2009 TotalAutobio/Bio/History 4 5 6 5 11 5 36Finance/Money 2 0 2 0 1 2 7
Humor 0 1 1 2 0 1 5Inspirational/Self Help 2 7 4 2 1 2 18Policy/Politics 1 1 1 2 2 3 10Other 1 1 1 4 0 2 9
Lows
HighsGENRE OF BESTSELLERS DURING S&P 500 HIGHS AND LOWS SINCE 1970
6/23/2010 Avg Lows Avg Highs
Autobio/Bio/History 7 6.0 7.5
Finance/Money 1 1.2 1.3Humor 1 0.8 0.5
Inspirational/Self Help 3 3.0 2.5Policy/Politics 2 1.7 1.3
Other 1 1.5 1.0
Current B estsellers vs . Av erage f rom Lows/Highs
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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
ADBE dropped 7.3% after forecasting third quarter revenue as low as $950 million, versus analysts’ estimates for $962 million in sales. PM (+3.3%)increased its 2010 profit forecast by as much as 17 percent, citing improving markets and price increases. RAD (+5.0%) posted a first quarter loss of 9cents a share, beating the average analyst estimate of 14 cents a share. Telecom shares advanced after Credit Suisse raised the sector to “MarketWeight” from “Underweight,” with S (+4.6%) as its top pick.
Important Conferences/Corporate Meetings Today:Deutsche Bank Industrials Conference – Chicago, ILWells Fargo Securities Healthcare Conference – Boston, MADell, Inc. Analyst Meeting – Austin, TX
Important Earnings Today (with Estimates) From…
Source: Thomson ONE
Three Day (High – 1129.50; Low – 1080.25): Prior Day SPX (High – 1099.64; Low – 1085.31; Close – 1092.02):
S&P Futures
One Day (High – 1097.75; Low – 1080.25): ACN: $0.69 CAG: $0.40 DFS: $0.11 FINL: $0.15 HRB: $2.04
MLHR: $0.18 LEN: $-0.01 MKC: $0.44 ORCL: $0.52Source: Bloomberg
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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
Today’s Important Economic Indicators/Events: Durable Goods Orders: -0.5% Jobless Claims: 465K EIA Natural Gas Report
Source: Bloomberg
Treasuries rose Wednesday, pushing 2-year note yields to the lowest this year and 10-year yields to a 52-week low, as new home sales plunged and theFed indicated the European debt disaster could harm America’s economic recovery. The Treasury’s $38 billion auction of 5-year securities drew a higher-than-forecast yield of 1.995 percent. Coverage was 2.58 times – lower than the average of 2.65 times over the past 10 offerings. Indirect bidderspurchased 34.6 percent of the notes in what was the lowest level since April 2009.
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