Tuesday, August 06, 2019
The Week Ahead For August 5th to 9th
The NASDAQ 100 was lower, as were the Dow Jones Industrial Average, Russell 2000 and S&P 100 indices.
1. Geopolitical Events. On Monday Federal Reserve Governor Brainard speaks at 1:30 p.m. EDT.
2. Economic Releases. Releases of note this week and next include the weekly chain store sales, oil/gas numbers, mortgage applications and jobless claims as well as ISM Non-Manufacturing and PPI.
3. Earnings Releases. Notable releases this upcoming week include MAR ANSS DIS BDX BKNG CVS UBER AGN TRCO SSP.
Monday, August 5:
July ISM Non-Manufacturing was out at 10:00 a.m. EDT and came in at 53.70 from an estimate of 55.4 against a month ago 5.1.
Tuesday, August 6:
Chinese PMI Manufacturing as well as Services will be out Monday night at 9:00 p.m. EDT, and will impact Tuesday trading.
$38 billion of 3 Year Treasury Notes are due to be auctioned at 1:30 p.m. EDT.
Wednesday, August 7:
$27 billion of 10 Year Treasury Notes are due to be auctioned at 1:30 p.m. EDT.
Thursday, August 8:
$19 billion of 30 Year Treasury Bonds are due to be auctioned at 1:00 p.m. EDT.
The latest China Trade Balance is due out at 1:00 a.m. EDT and will impact Thursday trading.
Friday, August 9:
July PPI is due out at 8:30 a.m. EDT and is expected to rise to 0.2% from 0.1%.
The latest Short Interest Data for NYSE and NASDAQ will be released after the close. It will track data through trade date of July 29th and settlement date of July 31st. During this period, the S&P 500 rose 0.70%. We will be updating related data on our servers later on Saturday.
Futures See A Major Reversal From -40 On S&P 500 To +24
IPOs on deck: 2 IPOs on deck this week.
Secondaries on deck: AEE of note.
Notes Priced: None of note.
Common Stock filings: ALLK AEE FBM of note.
Mixed Shelf Offerings filed: RDVT of note.
Convertible Offering Files: None of note.
Senior Notes Filed: None of note.
Courtesy of IPO Financial
Earnings After The Close:
Beat: ITRI +0.41, ANSS +0.33, HIIQ +0.31, CXW +0.29, PLOW +0.24, CBPO +0.21, SNCR +0.19, SWAV +0.15, AEL +0.14, WWD +0.14, THC +0.12, STE +0.12, FBM +0.11, AEIS +0.10, AWR +0.10, MTSC +0.10, DCO +0.09, NPTN +0.07, EVER +0.07, CAR +0.06, TCMD +0.06, XLRN +0.06, BWXT +0.06, RAMP +0.05, CYH +0.04, ENDP +0.04, HLIO +0.04, ATSG +0.04, SHAK +0.04, MWA +0.04, DIOD +0.03, KLAC +0.03, VECO +0.03, WPX +0.02, DRH +0.01, IPAR +0.01, KRG +0.01, DEI +0.01, IFF +0.01, COHU +0.01, EVBG +0.01, MIME +0.01, NCMI +0.01, O +0.01 of note.
Flat: HPR +0.00, CSOD +0.00, APLE +0.00, CBT +0.00, MAR +0.00 of note.
Missed: CZR (0.42), TTWO (0.38), APU (0.36), RYI (0.35), XEC (0.33), GPRE (0.30), BKH (0.19), AXNX (0.17), OFIX (0.14), RBC (0.10), FRPT (0.09), DOOR (0.08), OTTR (0.07), BHF (0.06), UGI (0.06), OUT (0.06), AVID (0.03), IVC (0.02), STRL (0.02), CLR (0.02), CDEV (0.02), BKD (0.02), KMT (0.01), PODD (0.01), FRTA (0.01), LASR (0.01), PRMW (0.01) of note.
Still to Report:
News After The Close:
U.S. Treasury declared China a "currency manipulator causing equity futures to plunge at 6:00 p.m. EDT and now they have recovered.
Synaptics (SYNA) names Michael Hurlston as CEO on 8/19. Hurlston was the former CEO of Finisar (FNSR).
Guidewire (GWRE) names Michael Rosenbaum as CEO. Marcus Ryu moves to the Chairman suite.
Orthofix (OFIX) names Jon Serbousek as CEO on 11/1.
L Brands (LB) Chief Marketing Officer to step down per The Wall Street Journal.
Stock Repurchase: ORBC.
Dividend Increase: None of note.
What’s Happening This Morning: Futures value reflects the change with fair value. We will still indicate the fair value direction. FUTURES WERE AS LOW AS -50 ON THE S&P 500 AND ARE NOW +13
U.S. futures: S&P +13, Dow Jones +133, NDX +48 and Russell 2000 -25.71 with fair values higher. Asia lower and Europe higher, click through for details by country.
Gold lower with silver and copper higher. WTI Crude Oil and Brent Oil Futures higher. Natural Gas is higher. $ is higher vs Euro, lower vs Pound and higher vs Yen. US 10 year Treasury price is at $129.59 from $129.55 with yields at 1.755% from 1.767%. Prices as of 8:25 a.m. EDT.
Positive Sectors On Monday: None.
Negative Sectors On Monday: Technology, Services and Financials.
One Month Winners: Technology, Services and Consumer Goods.
Three Month Winners: Healthcare, Utilities and Consumer Goods.
Six Month Winners: Technology, Services and Consumer Goods.
Twelve Month Winners: Utilities, Services and Technology.
Year to Date: All higher led by Conglomerates, Services, Industrials, Technology and Consumer Goods.
Hourly Action This Week:
Updated through Monday close. Several hours turned negative this week.
Courtesy of Quantitative Partners, Inc.
Upcoming Earnings Of Note (sorted by market cap, highest to lowest)
Today After The Close: DIS FLT PXD MTCH MCHP PAA FANG WYNN HST DVN Y WTR AFG GH JAZZ OHI VOYA HUBS AIZ PLNT PEN LOPE NEWR of note.
Wednesday Before The Open: CVS CNP ATHM NRG IONS VER TEVA LAMR MDD STWD NYT CYBR CPRI WB HZNP NXST SBGI WEN DOC FUN SNA WWW SPB LXP of note.
Earnings This Morning Of Note
Beat:OCN +0.96, TDG +0.63, DISCA +0.62, JLL +0.61, REGN +0.60, APRN +0.49, MNK +0.45, CEIX +0.42, TEN +0.27, IMOS +0.25, LCII +0.22, AFI +0.21, LGIH +0.19, HAE +0.17, VCEL +0.17, EPC +0.16, DUK +0.14, NWN +0.11, SEAS +0.09, ZTS +0.08, WLK +0.08, SAGE +0.07, PRIM +0.06, IPHS +0.06, BMCH +0.06, OXFD +0.05, SYNH +0.04, AGN +0.04, VG +0.04, PBI +0.04, ADNT +0.04, ALNY +0.03, AVNS +0.03, SERV +0.03, CFX +0.03, USAC +0.03, WBT +0.03, TGNA +0.03, SSTK +0.02, BDX +0.02, TLRA +0.02, ARMK +0.02, ENBL +0.01, BKI +0.01, USFD +0.01, HSIC +0.01, BHC +0.01, FIS +0.01, CRCM +0.01 of note.
Flat: IPI +0.00, CAMT +0.00, NOVT +0.00, EMR +0.00 of note.
Missed: CWEN (0.85), NJR (0.32), INAP (0.30), ERI (0.23), FLOW (0.21), DF (0.19), MOS (0.17), RCM (0.13), GEL (0.12), PEGI (0.11), AQUA (0.11), TECH (0.09), ENR (0.09), LPX (0.09), VPG (0.07), ACM (0.06), AYR (0.05), VNTR (0.05), HLNE (0.04), CHK (0.03), AVTR (0.03), GSKY (0.03), AES (0.02), FI (0.02), PLUG (0.02), EYE (0.01) of note.
Yet to Report: CJ, CBM, CHH, EXPD, GWR, NSIT, JCOM, MDGL, MGP, PAYS, PPL, RHP, UNT, VRTV, VSM.
Rags & Mags: Highlighted Stories may be clicked through to the original story.
Top News Story: China's Peoples Bank of China (PBOC) tells foreign firms that "yuan will not keep falling". (CNBC)
Five Things You Need To Know To Start Your Day (Bloomberg)
Four former Federal Reserve Chairman wrote a letter stating that the Federal Reserve needs to remain independent. (CNBC)
Trump Administration declares total economic embargo against Venezuela. (WSJ)
Democratic Senators Warner and Reed question delay in the Pentagon cloud computing contract. (Reuters)
Tencent (TCEHY) in discussion to buy 10% stake in Universal Music Group. (WSJ)
Advanced Micro Devices (AMD) Lisa Su may leave AMD for number 2 spot at IBM Corp (IBM). (wssftech report)
More indexes saw more moving averages broken on Monday.
Bold means a change from prior day.
The advance/decline line fell apart yesterday and moved to cash last night. Updated through 8/5/19 close. The buy is history as we noted last week it was beginning to fade. Year to date model up 7.48% on the S&P 500. 3 buy signals and 3 cash signals in 2019. The current buy lost -1.23%.
Courtesy of Quantitative Partners, Inc.
YTD 66% (-3% week over week) of stocks are higher and 34% are lower. Updated 8/2/19 close with next update on 8/9/19 close.
Courtesy of Phil Erlanger Research, Inc.
Algo/HFT Trading Levels:
The Erlanger Value Lines track the intraday range of resistance, pivot and support used by Algo/HFT Traders. Each day we show where we closed within the range. Update through Monday close.
Courtesy of Phil Erlanger Research
The Value Lines may be accessed via Bloomberg. For a free trial if you are a Bloomberg user go to APPS CS:ERLA
Economic & Related:
June JOLTS Openings due out at 10:00 a.m. EDT and the May number was 7.32 million.
Weekly API Petroleum Data due out at 4:30 p.m. EDT.
$38 billion of 3 Year Notes will be priced at 1:30 p.m. EDT.
China PMI (both Services and Manufacturing) due out at 9:00 p.m. EDT.
President Trump has no public events scheduled.
Conferences & Analyst Meetings:
Company Analyst Meetings and Conference Calls: LPTX (conference call) ORLY (analyst day)
Sellside Conferences: Cantor Fitzgerald 2nd Innovation Summit. Canaccord Genuity Annual Conference. Oppenheimer Annual Technology, Internet & Communications Conference. Jefferies Global Industrials Conference. UBS Genomics 2.0 Summit.
Industry Conferences: None of note.
SurveyMonkey (SVMK) buys GetFeedback for $68 million.
Cisco (CSCO) to buy Voicea, no terms.
Mastercard (MA) to buy Nets for $3.19 billion. Will hit earnings the next two years.
Upgrades & Downgrades:
Early Morning Gap Up/Down: (>5% or <-5%)
Gap Higher: EVER +20%, NPTN +17%, HPR +12%, PODD +10%, WPX +9%, TTWO +8%, SWAV +8%, AVTR +8%, HIIQ +7%, APPS +5%.
Gap Lower: AVID -16%, EVBG -16%, IFF -11%, STRL -11%, CAR -6%, IPAR -5%, WWD -5%, ALLK -5%.
Casey's General Stores, Inc. (CASY)
by Superstock Investor
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