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Market Matters:

Futures Up As Reverse Overnight Losses
by Geoff Garbacz & Staff Writers

May 1, 2018

In After Hours Trading

IPOs on deck none of note. Secondaries AZRX FR.

In After Hours Trading: SURPRISES WLL +.67 THC +.61 VNO +.39 MTZ +.14 AKAM +.09 BLKB +.07 NTRI +.03. MISSES RCII -.21 RIG -.11 JJSF -.05.

Lower Guidance: .

Mixed Guidance: .

Positive Guidance: .

What's Happening This Morning

U.S. futures: S&P +1.25, Dow Jones +3, NDX +1.75 and Russell 2000 -2.50. Asia and Europe higher.

Copper,silver and gold lower. WTI Crude and Brent Oil Futures lower. Natural Gas is higher. $ is higher vs Euro, higher vs. Pound and higher vs. Yen. US 10 year Treasury price 119.52, one day change -0.09%. Prices as of 7:55 a.m. EDT.

Top Sectors Conglomerates.

Weak Sectors Healthcare, Industrials, Technology and Financials.

One month winners Basic Materials, Utilities, Services and Healthcare.

Three Month Winners Utilites.

Six Month Winners Services, Basic Materials, Technology and Conglomerates.

One Year Winners All except for Conglomerates.

Year To Date Basic Materials, Services and Technology.

Earnings Expected

Earnings due after the close (by avg. trade volume): AAPL GILD MDLZ SU TMUS APC ALL FISV CXO EIX among others.

Due Wednesday morning (by avg. trade volume descending): MA CVS EL ADP SO ZTS HUM EXC YUM HRS ABC of note.

Rags & Mags: Inside Wall Street

President Trump extends quota for European trading partners.

President Trump confirms a delegation heading to China to review trade agreements.

Reported Earnings This Morning

Reported Earnings This Morning (Best to Worst absolute beats/misses [+.02 or greater/-.02 or worse]): SURPRISES WCG +.49 CMI +.36 LLL +.33 AET +.18 ADM +.16 USM +.15 AMT +.13 NBL +.11 IMAX +.10 UA +.05. MISSES SMG -.43 INCY -.10 RDC -.09 VSTO -.07 GLT -.07 IRWD -.06 GWR -.03 LL -.03.

Missing: .

Lower Guidance: .

Current Morning missing: .

Mixed Guidance: .

Positive Guidance: ASML.

Data Points

Yesterday saw 1071 stocks rise and 1830 fall on the NYSE. NASDAQ saw 953 rise and 1897 fall.

The SP 500 is below its 50 day exponential moving average and above its 200 day exponential moving average. The Russell 2000 is below its 50 day moving exponential average and is above 200 day exponential moving average.

The 10 day spread moving average of breadth is invested. The Madison Market Timing Indicator is still invested.

YTD 45.66% of stocks are higher and 53.80% are lower. Updated 4/27/18 close.

Economics

March Construction Spending is released at 10:00 a.m. EDT and expected to rise to 0.50% from 0.07%. At the same time, March New Home Sales are due out and expected to rise to 630,000 from 618,000.

Politico

The Federal Reserve Open Market Committee (FOMC) begins its latest two day meeting that leads up to the interest rate decision at 2:00 p.m. EDT on Wednesday.

Conference & Analyst Meetings

Meetings, Conference Calls or Announcements of note, F CE.

Conference of Note

None of note as earnings have slowed the conference schedule.

M & A News

Blackbaud (BLKB) acquires Reeher, no terms.

Key Upgrades and Downgrades

Firm Upgrades Downgrades
JP Morgan    
Goldman Sachs    
Morgan Stanley    
Deutsche Bank    
Citigroup CC Merrill Lynchp    
Merrill Lynch FOXF PSXP DRE  
Wachovia/Wells Fargo    
Credit Suisse    
Banc of America    
UBS    
Stifel SAIA  
William Blair    
Jefferies    
RBC    
Needham    
Raymond James    
Stifel    
Friedman Billings    
Sanford Bernstein    
Nomura OC  
Robert W. Baird    
Cowen    
Sun Trust RH APPN  
MKM    
Sandler O'Neil    
Keefe Bruyette    
Cantor Fitzgerald    
CIBC    
Dresnder    
Nomura    
HSBC Securities    
Cowen  
William Blair    
BNP Paribas    
Nomura    
Kaufman  
Brean Murray    
JMP Securities    
Wedbush    
Argus    
CLSA    
BB&T    
ING    
Roth    
Janney Montgomery  
Susquehanna    
Think Equity    
Merriman    
Cantor Fitzgerlad    
BMO Capital  
Benchmark    
Jesup & Lamont    
Macquarie    
Canaccord Adams    
Evercore    
MKM    
Bernstein    
CLSN    
Guggenheim    
Auriga    
Stephens    
BTIG    
Global Hunter    

 

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