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Market Matters:

Futures Modestly Lower
by Geoff Garbacz & Staff Writers

May 3, 2018

In After Hours Trading

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

In After Hours Trading: SURPRISES EQIX 1.46 CACI .76 CAR .28 FMC .21 MET .19 TSLA .18 PXD .16 PRU .10 MRO .05 S .04. MISSES SPOT -.72 AIG -.22 HGV -.10 CRUS -.07 DDD -.05 WMB -.04.

Lower Guidance: .

Mixed Guidance: .

Positive Guidance: .

What's Happening This Morning

U.S. futures: S&P -1.25, Dow Jones -29, NDX -4.25 and Russell 2000 -2.00. Asia and Europe lower.

Copper,silver and gold higher. WTI Crude and Brent Oil Futures lower. Natural Gas is lower. $ is higher vs Euro, higher vs. Pound and lower vs. Yen. US 10 year Treasury price 119.75, one day change +0.27. Prices as of 7:55 a.m. EDT.

Top Sectors Basic Materials.

Weak Sectors All others.

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):EOG ATVI MNST XRX CBS ED ANET MSI SWKS among others.

Due Friday morning (by avg. trade volume descending):BABA CELG AON IDXX NWL LNG CNP CBOE LPNT of note.

Rags & Mags: Inside Wall Street

President Trump's lawyer admitted that the president paid back his then lawyer the $130,000 that was paid to Stormy Daniels.

The Federal Reserve stated in their release that inflation is getting close to its 2% target.

Tesla CEO Elon Musk is unhinged in the company's earnings call.

Reported Earnings This Morning

Reported Earnings This Morning (Best to Worst absolute beats/misses [+.02 or greater/-.02 or worse]): SURPRISES CI .72 REGN .33 TEVA .27 VMC .21 PPL .08 APRN .07 CNX .06 BLL .05. MISSES CAH -.12 RLGY -.09 PBF -.08 TPX -.06

Missing: .

Lower Guidance: .

Current Morning missing: .

Mixed Guidance: .

Positive Guidance: .

Data Points

Yesterday saw 1375 stocks rise and 1483 fall on the NYSE. NASDAQ saw 1504 rise and 1282 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 moved to cash yesterday. 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 Factory Orders are reported at 10:00 a.m. EDT and are expected to rise to 1.30% from 1.20%.

Weekly Natural Gas Inventories are due out at 10:30 a.m. EDT.

Politico

Conference & Analyst Meetings

Meetings, Conference Calls or Announcements of note, MBTF. William Blair Late Stage Therapeutics Conference.

Conference of Note

None of note as earnings have slowed the conference schedule.

M & A News

No M&A news of note this morning.

Key Upgrades and Downgrades

Firm Upgrades Downgrades
JP Morgan   ESPR
Goldman Sachs    
Morgan Stanley    
Deutsche Bank    
Citigroup CC Merrill Lynchp    
Merrill Lynch DE CMI CAT
Wachovia/Wells Fargo    
Credit Suisse    
Banc of America    
UBS    
Stifel SQ  
William Blair    
Jefferies MPC ANDV  
CIBX    
Needham HOLX GMED  
Raymond James    
Stifel    
Friedman Billings    
Sanford Bernstein    
Nomura    
Robert W. Baird    
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    
MKM    
Bernstein    
CLSN    
Guggenheim    
Auriga    
Stephens    
BTIG    
Global Hunter    

 

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