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Market Matters:

Futures Higher This Morning
by Geoff Garbacz & Staff Writers

May 9, 2018

In After Hours Trading

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

In After Hours Trading: SURPRISES AMB +6.37 +2.91 ALEX+.42 QDEL +.31 GPOR +.25 JAZZ +.20 DIS +.14 TRIP +.13 SPWR +.13 MAR +.12 LQ +.05. MISSES OSTK -.83 PZZA -.12 AAOI -.05 EXTR -.05.

Lower Guidance: .

Mixed Guidance: .

Positive Guidance: .

What's Happening This Morning

U.S. futures: S&P +12.25, Dow Jones +121, NDX +24.75 and Russell 2000 +5. Asia lower and Europe mixed.

Copper,silver and gold mixed. WTI Crude and Brent Oil Futures higher. Natural Gas is higher. $ is lower vs Euro, lower vs. Pound and higher vs. Yen. US 10 year Treasury price 119.28, one day change -0.42, so yields higher. Prices as of 7:45 a.m. EDT.

Top Sectors Industrial Goods.

Weak Sectors Utilities and Healthcare.

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): FOXA CTRP ETE MELI ALB IAC ETP CTL DNB NUAN.

Earnings due tomorrow morning: DUK BAM ENB WP UBNT NICE CHH AMCX.

Rags & Mags: Inside Wall Street

Japan wages rise the most in 20 years. (Bloomberg)

Treasury Secretary Mnuchin says Boeing (BA) and Airbus (EADSY) will no longer be able to sell planes to Iran. (Reuters)

United may buy wide body jets. (Reuters)

Facebook (FB) to overhaul management team. (WSJ)

Xiaomi IPO will be valued at $70-80 billion.

Reported Earnings This Morning

Reported Earnings This Morning (Best to Worst absolute beats/misses [+.02 or greater/-.02 or worse]): SURPRISES CABO +.27 DLPH +.15 WWW +.13 ADT +.07 PFGC +.03 WB +.03. MISSES MIDD -.18 CEVA -.07 BUD -.04 HZNP -.03.

Missing: .

Lower Guidance: .

Current Morning missing: .

Mixed Guidance: IDXX.

Positive Guidance: .

Data Points

Yesterday saw 1473 stocks rise and 1418 fall on the NYSE. NASDAQ saw 1536 rise and 1295 fall.

The SP 500 is back above its 50 day exponential moving average and above its 200 day exponential moving average. The Russell 2000 is now back 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 last 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 PPI is released at 8:30 a.m. EDT and expected to fall to 0.20% from 0.30%.

The latest short interest from the NYSE and NASDAQ is released after the close of trading. The Data runs through April 30th settlement.

Politico

Federal Reserve Minneapolis President Raphael Bostic speak at 1:15 p.m. EDT.

Conference & Analyst Meetings

Meetings, Conference Calls or Announcements of note, COST and ZUMZ monthly sales released. Jefferies Global Technology Conference. UBS Utilities and Natural Gas Conference.

Conference of Note

Red Hat (RHT) Annual Summit. Watch for news on Red Hat and players with Red Hat.

M & A News

Walmart (WMT) take 77% stake in the Indian company Flipkart.

Key Upgrades and Downgrades

Firm Upgrades Downgrades
JP Morgan    
Goldman Sachs    
Morgan Stanley    
Deutsche Bank    
Citigroup CC Merrill Lynchp HII FTR
Merrill Lynch FLR VSH  
Wachovia/Wells Fargo    
Credit Suisse    
Banc of America    
UBS    
Stifel RRGB AQUA BSM LXP
William Blair    
Jefferies    
CIBX    
Needham    
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    
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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