If you are having difficulty seeing this email, you can view in your browser or click here to print.

Here's the big week for earnings in the US with 42% of the S&P reporting.  Notable companies reporting, but not limited to, include ( HAL, KMB, GOOGL, KO, LLY, UTX, TXN, AMGN, BA, BSX, CMCSA, GD, TWTR, AMD, FB, F, QCOM, V, COP, GM, PEP, AMZN, MSFT, SBUX). Those highlights in bold will be the most watched.  Elevated expectations have seen a good percentage of beats on both EPS and revenues however there has been quite a few "sell the news" reactions.  Back in February and March the retail stocks and a few tech stocks gave a preview of the sell the news post earnings.  The biggest earnings news last week was the  big miss and guide down at Taiwan Semiconductor.  With Apple as its largest customer as they produce all iPhone processors, analysts have started to make drastic cuts to expectations.  S&P bullish sentiment closed at 33% down from a midweek high of 49%.  When sentiment sticks under 50% the risks in the market will remain.  

On the economic front, the week will be relatively slow with Flash PMI for US an Euro-zone on Monday morning, and US consumer confidence on Tuesday. On Thursday the ECB will hold its policy decision, and on Friday we will see the BoJ policy rate decision as well as first look at US Q1 GDP.

As an update to the negative catalysts that we have been watching - Syria (quiet for now), China (starting to heat up with more rhetoric going back and forth) and Mueller investigation (a steady rate of headline risk continues).  North Korea announcing late Friday they are suspending nuke development and missile launches greatly reduces a past negative catalyst.

Last week's action in bonds emerged again as yields were climbing to new highs for the cycle.  The US 10 year yield is likely to rise above 3% and more discussion of a yield curve flattening being bearish or bearish will continue.  My bigger concern is the pronounced weakness seen in investment grade bonds as this is what has propelled the US equity markets higher.  

Here's a good chart of the earnings in the coming week from Bespoke.  

Monday 23-Apr:
Corporate:
Earnings:
• Pre-open: BOH, HAL, HAS, KMB, LII, ONB, TCF
• Post-close: AMTD, CDNS, CNR.CN, GOOGL, HXL, OI, WHR, ZION,
• Analyst Meeting: CR, INFY
Economic:
• US: Flash PMIs (Apr), Existing home sales (Mar)
• Europe: Euro-zone: Flash PMI (Apr); Germany: Flash PMI (Apr); UK: CIPS manufacturing Flash PMI (Apr)
Tuesday 24-Apr:
Corporate:
Earnings:
• Pre-open: ATI, BIIB, CAT, CNC, FITB, FNB, GLW, HBAN, HOG, KO, LLY, LMT, MAS, MBFI, MMM, MRU.CN, PCAR, PHM, PII, QSR, R, SHW, SLCA, SNV, ST, TRMB, TRV, UTX, WAB, WAT, WFT
• Post-close: AMGN, COF, CREE, DLB, EW, ILMN, MANH, RHI, SIX, SPN, SVU, TER, TSS, TXN, WRB
• Analyst Meeting: AXSM, PSK.CN, SMP,CN, RNST
Economic:
• US: FHFA home price index (Feb), US case-shiller home price index (Feb), New home sales (Mar), Conference Board Confidence (Apr)
• Europe: German IFO business Climate (Apr), UK CBI Industrial Trend order (Apr)
• Asia: Japan: Corporate Services, (Mar), Leading index (Feb)
Wednesday 25-Apr:
Corporate:
Earnings:
• Pre-open: ANTM, AOS, APH, AVY, BA, BKU, BSX, CHKP, CMCSA, CVE.CN, FLIR, GD-M, GT, HES, IR, LAD, LH, NDAQ, NOC, NSC-M, NYCB, OC, PAG, ROK, SIRI, TEL, TMO, TPH, TROW, TRVG, TWTR, USG, VIAB,
• Post-close:
• ALGN, AMD, AR, ATGE, AZPN, BMRN, CAKE, CLB, CMG, CTXS, EBAY, EFX, FB, FFIV, F, KEX, LM, LSTR, MTH, NOW, OII, OIS, ORLY, PLXS, PRAH, PYPL, QCOM, QEP, RE, RRC, T, TRN, UHS, V, VAR, XLNX,
Brokerage Conferences:
• Citi Hong Kong and China Corporate Day
• Analyst Meeting: ANF, CNK, SJW, SMP.CN, ACN
• IPO: CDAY
Thursday 26-Apr:
Corporate:
Earnings:
• Pre-open: AAN, ABBV, ALLE, ALXN, APD, BAX, BC, BEN, BLMN, BMS, BMY, BWA, CFR, CME, COP, DHI, DNKN, DPZ, ESV, GM, GNC, GPI, HLT, HP, HSY, IP, ITW, IVZ, KBR, LAZ, LEA, MGM, MMC, MO, NLSN, PD.CN, PENN, PEP, PH, PTEN, PX, RTN, SAH, SPB, SPGI, TSCO, TWX, UNP, UPS, VET.CN, VLO
• Post-close: AIM.CN, AMZN, ATEN, ATHN, BJRI, BYD, DFS, EHC, EMN, EXAS, EXPE, FBHS, FII, FLEX, HUBG, IMPV, INTC, KLAC, LEG, LOGM, MAT, MHK, MSBI, MSFT, MXIM, NOV, NR, NUS, PFPT, RMD, SBUX, SGEN, SIVB, SWN, SYK, VRSN, VRTX, WDC
• IPO: DOCU, GSHD, LASR, SMAR
Economic:
• US: Advance goods trade balance (Mar) Durable goods reading (Mar), Wholesale inventories (Mar)
• Europe: ECB policy decision; Germany GfK consumer confidence (May)
• Asia: Wednesday night Thursday AM, Japan Trade Balance (Mar)
Friday 27-Apr:
Corporate:
Earnings:
• Pre-open: ALV, CHTR, CL, COG, COL, CVX, DOV, HRC, IPG, LYB, MCO, PSX, TEN, WY, XOM
Economic:
• US: GDP (Q1-1st), Michigan sentiment (Apr), ECI (Q1)
• Europe: Euro-zone; business climate / confidence indicators (Apr); Germany ILO unemployment (Mar); UK GDP (Q1-prelim)
• Asia: Thursday Night / Friday Morning Japan; BoJ policy rate decision, Core CPI (Apr) Industrial production (Mar), Retail Sales (Mar)

Any comments, suggestions, or questions - please email info@hedgefundtelemetry.com
Occasionally, an earnings report date could change, or could be incorrect. We rely on various sources including Street Account, Factset, and Bloomberg to compile this report.    

Unsubscribe me from Hedge Fund Telemetry