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Market Matters:

Futures Up As Apple Delivers
by Geoff Garbacz & Staff Writers

May 2, 2018

In After Hours Trading

IPOs on deck none of note. Secondaries none of note yet.

In After Hours Trading: SURPRISES MUSA +.83 ALL +.32 PLT +.24 SFLY +.18 NCR +.11 APC +.11 SU +.07. MISSES GILD .-19 NBR -.15 EIX -.12 EIX .-12 WIRE .-11.

Lower Guidance: .

Mixed Guidance: .

Positive Guidance: .

What's Happening This Morning

U.S. futures: S&P +2, Dow Jones +9, NDX +19 and Russell 2000 -0.60. Asia mixed and Europe higher.

Copper,silver and gold higher. WTI Crude and Brent Oil Futures higher. Natural Gas is lower. $ is lower vs Euro, lower vs. Pound and lower vs. Yen. US 10 year Treasury price 119.48, one day change -0.04. Prices as of 7:55 a.m. EDT.

Top Sectors Conglomerates and Technolgy.

Weak Sectors Basic Materials and Industrials.

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

Three Month Winners Utilities.

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): KHC MET AIG TSLA ESRX PRU NXPI MFC PXD among others.

Due Thursday morning (by avg. trade volume descending):DWDP CI BDX ICE CNQ BCE REGN K S of note.

Rags & Mags: Inside Wall Street

President Trump is feeling the heat of Robert Mueller.

The Federal Reserve take the lead stage as it is out with its latest decision.

Euro area growth came in at 0.04 against estimates of 0.07.

Tesla earnings will be focus after the close.

Xerox CEO resigns.

Alliance Bernstein to move from NYC to Nashville.

Reported Earnings This Morning

Reported Earnings This Morning (Best to Worst absolute beats/misses [+.02 or greater/-.02 or worse]): SURPRISES MSG +.64 HFC +.38 YUM +.21 OCN +.19 HUM +.16 CDW +.13 GRMN +.11 EL +.10. MISSES TAP -.30 SPR -.26 UTHR -.24 DBD -.13 W -.02.

Missing: .

Lower Guidance: .

Current Morning missing: .

Mixed Guidance: .

Positive Guidance: .

Data Points

Yesterday saw 1534 stocks rise and 1340 fall on the NYSE. NASDAQ saw 1676 rise and 1136 fall.

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

Weekly Mortgage Applications fell -2.5% this morning.

The latest ADP Payroll is due out at 8:15 a.m. EDT and is expected to come in at 225,000.

Weekly Crude Oil Inventories are due out at 10:30 a.m. EDT.

Politico

The Federal Reserve Open Market Committee (FOMC) concludes its latest two day meeting that leads up to the interest rate decision at 2:00 p.m. EDT on Wednesday. No change is expected.

Conference & Analyst Meetings

Meetings, Conference Calls or Announcements of note, .

Conference of Note

None of note as earnings have slowed the conference schedule.

M & A News

Cisco (CSCO) acquires Accompany for $270 million.

Key Upgrades and Downgrades

Firm Upgrades Downgrades
JP Morgan   ECL
Goldman Sachs    
Morgan Stanley    
Deutsche Bank    
Citigroup CC Merrill Lynchp    
Merrill Lynch EV JNPR MLM VMC SMG
Wachovia/Wells Fargo    
Credit Suisse    
Banc of America    
UBS    
Stifel    
William Blair    
Jefferies AA  
CIBX FCX  
Needham    
Raymond James USM TDS  
Stifel   CSU
Friedman Billings    
Sanford Bernstein    
Nomura    
Robert W. Baird SWKS  
Cowen    
Sun Trust RH    
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   SNAP
MKM    
Bernstein    
CLSN    
Guggenheim    
Auriga    
Stephens    
BTIG    
Global Hunter    

 

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