The market review for March 18

Technical Perspective: The upside momentum has been very impressive over the last month — S&P 500 higher 12 of last 14 sessions, up 7.7% off late-February low (1086); higher 21 of last 28 sessions, up 12% off February low (1044.50). While this kind of run has created an extended technical posture with some upper tails (NASDAQ 100/QQQQ possible inverted hammer/shooting star), the minor seven point afternoon dip in the S&P inflicted no damage. A failure to take out the high (1169.84), along with a breach and close under the low (1160), would be needed to argue for further short-term corrective trade. Resistance above the high is at 1172/1173, with a secondary zone at 1175/1177. Initial resistance under the low is at 1157, followed by the 1153/1150 area.

CALENDARS
Key economic data:
-Initial Jobless Claims for the week ended March 13 (consensus 455,000; prior 462,000) and Continuing Claims for the week ended March 6 (consensus 4.522 mln; prior 4.558 mln) at 8:30 a.m. ET
-February CPI m/m (consensus 0.1%; prior 0.2%) and y/y (consensus 2.3%; prior 2.6%) at 8:30 a.m. ET
-February core CPI, which excludes food and energy, m/m (consensus 0.1%; prior -0.1%) and y/y (consensus 1.4%; prior 1.6%) at 8:30 a.m. ET
-Q4 2009 Current Account Balance at 8:30 a.m. ET (consensus -$119.0 bln; -$108.0 bln)
-March Philadelphia Fed business outlook survey at 10:00 a.m. ET (consensus 18.0; prior 17.6)
-February Leading Indicators at 10:00 a.m. ET (consensus 0.1%; prior 0.3%)

Federal Reserve/Treasury:
(Note: Governor Duke already spoke this morning at 7:30 a.m. ET)
-Kansas City President Hoenig, Richmond President Lacker and Cleveland President Pianalto speak on banking at 9:00 a.m. ET

Key Note/Bond auction results:
-None

Key industry conferences:
-None

Earnings:
-CTAS, ICXT, PALM and SPWRA are confirmed to report today after the close

Advanced Micro Devices Inc. (AMD:US): The maker of personal-computer processors was removed from Goldman Sachs Group Inc.’s “conviction sell” list. Goldman still rates the shares “sell.”

Blackstone Group LP (BX:US): The world’s largest private- equity firm is in preliminary talks to raise $1 billion to buy failed banks, according to a person with knowledge of the discussions.

Broadcom Corp. (BRCM:US): The maker of semiconductors for wireless headsets and television set-top boxes was raised to “buy” from “neutral” at Goldman Sachs.

Burger King Holdings Inc. (BKC:US) advanced 2.2 percent to $20.59. The second-largest U.S. hamburger seller was raised to “buy” from “hold” at Deutsche Bank AG.

Cardinal Health Inc. (CAH:US): The second-biggest U.S. drug distributor won a contract valued as much as $206.4 million from the U.S. Defense Department, according to a statement posted on the agency’s Web site.

Clarcor Inc. (CLC:US): The maker of Baldwin air filters reported first-quarter profit excluding some items of 30 cents a share, trailing the average analyst estimate by 4.8 percent.

Cliffs Natural Resources Inc. (CLF:US): North America’s biggest iron-ore producer had its share-price estimate increased to $81 from $54 by FBR Capital Markets Corp. on higher iron ore and coal prices.

Comerica Inc. (CMA:US): The Dallas-based lender repaid $2.25 billion to the Troubled Asset Relief Program after raising capital in a share sale last week.

Continental Airlines Inc. (CAL:US): The fourth-largest U.S. carrier said it offered its pilots union a contract similar to Delta Air Lines Inc.’s (DAL:US), with an additional $1 per hour in pay, after more than two years of negotiations.

Energizer Holdings Inc. (ENR:US): The alkaline battery and consumer product maker was raised to “overweight” from “neutral” at JPMorgan Chase & Co.

FedEx Corp. (FDX:US) fell 3.5 percent to $86.69. The world’s largest cargo airline said it will earn $3.60 to $3.80 a share in fiscal 2010. The company earlier had forecast profit of $3.45 to $3.75 a share.

Guess? Inc. (GES:US) increased 1.9 percent to $47.56. The clothing maker reported fourth-quarter profit that topped analysts’ estimates and said it will boost its dividend by 28 percent to 16 cents a share.

Hartford Financial Services Group Inc. (HIG:US): The bailed-out insurer said it plans to raise as much as $2.25 billion by selling shares to repay the U.S. government rescue. Hartford said in a statement it will sell about 52.3 million common shares at $27.75 apiece and 20 million preferred shares at $25.

Herman Miller Inc. (MLHR:US): The maker of ergonomically designed furniture posted third-quarter profit excluding some items of 15 cents a share, missing the average analyst estimate by 14 percent.

IHS Inc. (IHS:US): The data provider said it acquired CSM Worldwide, the automotive forecasting firm, for $27 million. The company also reported first-quarter sales that missed estimates by 3 percent.

LSI Corp. (LSI:US) lost 2.2 percent to $6.20. The maker of chips that control hard disks and computer networks was cut to “neutral” from “buy” at Goldman Sachs. Kaufman Bros. and Raymond James raised their ratings on the shares in separate notes.

MedCath Corp. (MDTH:US) surged 36 percent to $12.84. The operator of cardiovascular-care hospitals was upgraded to “buy” from “hold” at Deutsche Bank.

Nike Inc. (NKE:US) rose 4.2 percent to $73.88. The world’s largest maker of athletic shoes said third-quarter profit more than doubled, beating analysts’ estimates, as North America posted a sales increase for the first time in a year.

Pfizer Inc. (PFE:US): Israel-based Teva Pharmaceutical Industries Ltd. said it will buy Ratiopharm GmbH for about 3.6 billion euros ($5 billion), ending a nine-month battle for Germany’s second-biggest maker of generic medicines. Pfizer was among other drugmakers that competed in the auction, two people familiar with the sale said.

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