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Monday, January 13, 2014, Hacks and Leaks

Hacks and Leaks by Sinclair Noe DOW – 179 = 16,257SPX – 23 = 1819NAS – 61 = 411310 YR YLD – .03 = 2.83%OIL – 1.14 = 91.58GOLD + 3.80 = 1253.40SILV + .23 = 20.51 This week’s economic calendar includes retail sales report and business inventories tomorrow; reports on wholesale inflation and the Fed Beige Book on Wednesday; Thursday we’ll see the inflation numbers on the retail level; Friday brings an update on housing starts, industrial production, and an options expiration Friday. We are smack dab in earnings reporting season. This week, the big banks report. Tomorrow we’ll hear from JPMorgan and Wells Fargo; Bank of America on Wednesday; Goldman Sachs and Citigroup on Thursday; Morgan Stanley on Friday. The banks’ reports will provide insight into how much activity there has been in both consumer and commercial lending and portfolios. Another area of interest is changes in the banks’ trading portfolios, which are expected to decline. Financial companies announced more job cuts last year than any other corporate sector; those cuts can’t continue indefinitely. Litigation costs will be the wild card in earnings reports as some of the big banks have been trying to clean out the skeletons from the closets. Fourth-quarter earnings expectations are highest for health-care stocks, financials and consumer-discretionary names, as well as Industrial companies. Much like in the third-quarter, the financial sector is expected to have the best earnings growth in the fourth quarter, with an estimated growth rate of 22.6%. S&P 500 earnings …

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