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Thursday December 9, 2010 - 16:39:27 GMT
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TradeTheNews US Market Update

Thursday, December 09, 2010 11:34:58 AM

 TradeTheNews US Market Update

Dow -28 S&P +0.65 NASDAQ +2.3

***Economic Data***
- (UK) BOE left its Interest rates unchanged at 0.50% and maintained the Asset Purchase Target (APT) at £200B; as expected
- (CA) Canada Oct New Housing Price Index M/M: 0.1% v 0.1%e
- (US) Initial Jobless Claims: 421K v 425Ke; Continuing Claims: 4.09M v 4.24Me
- (US) Oct Wholesale Inventories: 1.9% v 0.8%e
- (MX) Mexico Nov Consumer Prices M/M: 0.8% v 0.8%e; Y/Y: 4.3% v 4.3%e; Core CPI M/M: 0.3% v 0.3%e
- (CA) Bank of Canada published its Financial System Review
- (US) Weekly EIA Natural Gas Inventories: -89 bcf v -80 to -90 bcf estimated range

- Traders seized on the better US weekly payrolls report - in which initial claims fell to their lowest level of 2010 - and sent equity futures higher before the NY open. But the sentiment hasn't really lasted and all three major
US equity indices have traded down from the open. Bond markets remain jittery as Treasuries try and find some support ahead of the weeks final coupon auction. The 10-year is holding near 3.25% while the long bond offers 4.45% ahead of the $13B reopening.

- In take-under news, Dell said that it is in advanced talks to buy network storage provider Compellent Technologies for $876M in cash, at $27.50 a share, a sizable discount to Compellent's closing price on Wednesday. The deal reflects a more than 18% discount to CML's closing price Wednesday of $33.65, and shares of CML are down 12%. Note that Compellent plays in the same space as 3Par, which Dell lost to HP in a protracted bidding war this fall. In other news, MasterCard announced that it would acquire Travelex's prepaid card assets for $458M in cash.

- On the guidance front, DuPont offered an initial view at the firm's FY11 forecast, with earnings in line and revenue a bit ahead of expectations. Leading semi name ASML raised its Q4 bookings guidance to €2B from €1.3B prior on stronger demand for lithography equipment from most semiconductor market segments. However, a range of analysts offered cautious comments on the company's assertions. ConAgra said its Q2 earnings would miss expectations. ASML is up nearly 8%, DD is down 2% and CAG is around flat.

- In earnings, engineering firm
SAIC's third quarter profit topped expectations and the company reaffirmed its 2011 outlook. Networking hardware maker Ciena Corp's fourth quarter loss was slightly larger than expected, although revenue was also higher than estimated. Food processing name Smithfield crushed earnings expectations, although revenue was a bit soft. Executives said that the outlook for proteins in 2011 was very bright, due to supply and cost-side improvements. Apparel name Lululemon also widely exceeded the Street's targets in its third quarter.

- With risk on trades boosted by the better weekly jobless claims, the greenback gave back some gains earlier in the New York session, although very public parliamentary haggling among Irish MPs plus the three-notch sovereign downgrade of Ireland by Fitch sent EUR/USD back below 1.3170. Note that the pair had found support around 1.32 with
Far East names using the any weakness for reserve diversification purposes. Dealers also circulated comments that another sovereign downgrade could occur at any time, with Italy again mentioned as a possible suspect helping send the Euro below 1.32 in the mid NY morning (despite the fact that all three rating agencies affirmed their stable outlook on Italy just last month).

***Looking Ahead***
11:00 (US) Fed to Purchase $7-9B in Notes/Bonds
13:00 (US) Treasury to sell $13B in 30-Year bonds reopening
- (CH) China Nov Trade Balance: $21.0Be v $27.2B prior
- On Friday: (US) Oct Trade Balance: -$44.0Be v -$44.0B prior




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