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Market Matters:

Futures Flatish Into Job's Friday
by Geoff Garbacz & Staff Writers

May 4, 2018

In After Hours Trading

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

In After Hours Trading: SURPRISES Y +2.93 AGO +.67 STMP +.62 CENX +.44 HLF +.31 BID +.30 ANET +.28 MSI +.23 EOG +.19 CBS +.16 CYBR +.11 FTNT +.09 P +.08. MISSES TSRO -.48 FLR -.18 DVA -.17.

Lower Guidance: .

Mixed Guidance: .

Positive Guidance: .

What's Happening This Morning

U.S. futures: S&P -6.25, Dow Jones -49, NDX -14.75 and Russell 2000 -2.70. Asia lower and Europe higher.

Copper,silver and gold lower. WTI Crude and Brent Oil Futures higher. Natural Gas is lower. $ is higher vs Euro, higher vs. Pound and lower vs. Yen. US 10 year Treasury price 119.80, one day change +0.05, so yields lower. Prices as of 7:55 a.m. EDT.

Top Sectors Industrial Goods.

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): none of note among others.

Rags & Mags: Inside Wall Street

Reported Earnings This Morning

Reported Earnings This Morning (Best to Worst absolute beats/misses [+.02 or greater/-.02 or worse]): SURPRISES BCC +.47 AON +.15 CNP +.11 ACAD +.15 CELG +.09 NWL +.08 ITT +.04 BABA +.03. MISSES .

Missing: .

Lower Guidance: .

Current Morning missing: .

Mixed Guidance: IDXX.

Positive Guidance: .

Data Points

Yesterday saw 1190 stocks rise and 1671 fall on the NYSE. NASDAQ saw 1013 rise and 1816 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 back below 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 Wednesday. 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

April Nonfarm Payrolls are released at 8:30 a.m. EDT and are expected to come in at 187,500 from 103,000. The unemployment rate is expected to fall to 4.0% from 4.1%.

Politico

Federal Reserve New York President William Dudley speaks at 12:45 p.m. EDT. Several Fed speakers wax poetic tonight after markets are closed.

Conference & Analyst Meetings

Meetings, Conference Calls or Announcements of note, QUIK AGIO. William Blair Late Stage Therapeutics Conference. Gabelli & Co Roadtrip Meeting at the Berkshire Hathaway Meeting in Omaha, Nebraska.

Fastenal (FAST) is out with April sales.

Berkshire Hathaway Chairman Warren Buffet holds his annual shareholder meeting over the weekend.

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    
Goldman Sachs    
Morgan Stanley    
Deutsche Bank    
Citigroup CC Merrill Lynchp    
Merrill Lynch    
Wachovia/Wells Fargo    
Credit Suisse    
Banc of America    
UBS    
Stifel    
William Blair    
Jefferies    
CIBX    
Needham    
Raymond James    
Stifel    
Friedman Billings    
Sanford Bernstein    
Nomura    
Robert W. Baird    
Cowen    
Sun Trust RH MDRX P  
MKM    
Sandler O'Neil    
Keefe Bruyette    
Cantor Fitzgerald    
CIBC    
Dresnder    
Nomura    
HSBC Securities    
Cowen  
William Blair    
BNP Paribas    
B. Riley P  
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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