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Market Matters:

Futures Flat This Morning
by Geoff Garbacz & Staff Writers

May 16, 2018

In After Hours Trading

IPOs on deck of note . Secondaries of note . Check back at 9:00 a.m.

In After Hours Trading: SURPRISES BOOT +.08 PETQ +.04. MISSES none.

Lower Guidance: .

Mixed Guidance: BOOT.

Positive Guidance: SE.

What's Happening This Morning

U.S. futures: S&P -1.5, Dow Jones -17, NDX -0.50 and Russell 2000 0.30. Asia lower 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 lower vs. Yen. US 10 year Treasury price 118.64, one day change -0.39, so yields higher. Prices as of 7:45 a.m. EDT.

Top Sectors None of note.

Weak Sectors Healthcare and Technology.

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): CSCO NTES TTWO FLO ENS JACK ACXM ATEN.

Earnings due tomorrow morning: WMT MANH PLCE DDS JCP KEM TK PERY TNK.

Rags & Mags: Inside Wall Street

IEA Cuts Oil Forecast (Bloomberg)

Italy is starting to make investors nervous (Bloomberg)

North Korea threatens to cancel summit. (Articles That Matter, Bloomberg)

Dollar strength begins to worry markets. (Bloomberg)

No sign of peace on opening of U.S. Embassay in Jerusalem. (NY Times)

CIA Pick to be confirmed today (NY Times)

White House eliminates Cybersecurity Coordinator. (NY Times)

Facebook (FB) says it deleted 865 million posts due to spam. (NY Times)

Novartis (NVS) General Counsel to retire over hiring of Michael Cohen. (NY Times)

Credit card boom may have peaked. (WSJ)

Global oil supply at lowest level in three years. (WSJ)

Companies ramp up capital spending and investors worried. (WSJ)

U.N. top nuclear inspector resigns. (EGN)

China's ZTE paid $2.3 billion to U.S. exporters last year. (EGN)

Tesla (TSLA) former head of Model 3 production takes a break. EGN)

EGN = Early Global News

WSJ = Wall Street Journal

NYT = New York Times

Reported Earnings This Morning

Reported Earnings This Morning (Best to Worst absolute beats/misses [+.02 or greater/-.02 or worse]): SURPRISES M +.13 CSIQ +.30. MISSES SE -.14.

Missing: .

Lower Guidance: CSIQ.

Current Morning missing: .

Mixed Guidance: .

Positive Guidance: SE.

Data Points

Yesterday saw 1065 stocks rise and 1830 fall on the NYSE. NASDAQ saw 1359 rise and 1488 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 invested last week. 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 Housing Starts are released at 8:30 a.m. EDT and expected to rise to 132,500 from 131,900.

April Industrial Production is released and expected to rise to 0.6% from 0.5%.

Politico

U.S. China Trade Talks continue all week long.

Federal Reserve Minneapolis President Raphael Bostic speak at 8:30 a.m. EDT and then St. Louis President Bullard speaks at 6:30 p.m. EDT.

Conference & Analyst Meetings

Meetings, Conference Calls or Announcements of note, OHI WYN HON FLIR ODP SBUX. MoffetNathanson AnnualMedia Conference. JP Morgan Homebuilding & Building Products Conference. Piper Jaffray Financials Conference. JP Morgan Telecom Media and Technology Conference. Needham Emerging Technology Conference. Bank of America Healthcare Conference.

Conference of Note

M & A News

Key Upgrades and Downgrades

Firm Upgrades Downgrades
JP Morgan    
Goldman Sachs RJF  
Morgan Stanley    
Deutsche Bank    
Citigroup CC Merrill Lynchp ALKS KKR  
Merrill Lynch   AES
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    
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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