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Market Matters:

Futures Lower This Morning
by Geoff Garbacz & Staff Writers

May 17, 2018

In After Hours Trading

IPOs on deck of note Pluralsight (PS). Secondaries of note AAXN ATKR AYR VURO . Check back at 9:00 a.m.

In After Hours Trading: SURPRISES ORIG +.18 TTWO +.14 ACXM +.06 CSCO +.01. MISSES NTES -0.64 JACK -.06 FLO -.01.

Lower Guidance: ACXM.

Mixed Guidance: .

Positive Guidance: SE.

What's Happening This Morning

U.S. futures: S&P -3.25, Dow Jones -10, NDX -20.75 and Russell 2000 -1.00. Asia mixed and Europe higher.

Copper and silver higher and gold lower. WTI Crude and Brent Oil Futures higher. Natural Gas is lower. $ is higher vs Euro, lower vs. Pound and higher vs. Yen. US 10 year Treasury price 118.52, one day change -0.12, so yields higher. Prices as of 7:45 a.m. EDT.

Top Sectors Services, Consumer Goods, Healthcare and Basic Materials.

Weak Sectors Utilities.

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): AMAT JWN.

Earnings due tomorrow morning: AZN DE CPB AINV.

Rags & Mags: Inside Wall Street

China trades talks continue today and Peter Navarro is back in. (Bloomberg)

Brent Crude Oil hit $80 in London today. (Bloomberg)

Emerging Markets in a tougher spot that in 2008. (Bloomberg)

FBI Chief concerned with Chinese companies like ZTE. (EGN)

Vermont to allow prescription drugs to be imported from Canada. (EGN)

Reported Earnings This Morning

Reported Earnings This Morning (Best to Worst absolute beats/misses [+.02 or greater/-.02 or worse]): SURPRISES DDS +.12 JCP +.02 WMT +.02. MISSES SE -.14.

Missing: .

Lower Guidance: JCP.

Current Morning missing: .

Mixed Guidance: .

Positive Guidance: BZUN.

Data Points

Yesterday saw 1893 stocks rise and 990 fall on the NYSE. NASDAQ saw 1858 rise and 972 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 Leading Indicators are reported at 10:00 a.m. EDT and expected to rise to 0.4% from 0.30%.

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

Politico

Thursday sees Federal Reserve Minneapolis President Neel Kashkari speak at 10:45 a.m. EDT. Friday sees Federal Reserve Cleveland President Loretta Mester speak at 3:00 a.m. EDT.

Conference & Analyst Meetings

Meetings, Conference Calls or Announcements of note, Volvo, IMGN, WMB, CHKP, LCA, BCGP, NMRK, SXI, ZEN and CUE. 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    
Morgan Stanley VLO  
Deutsche Bank    
Citigroup CC Merrill Lynchp    
Merrill Lynch ETE CBS
Wachovia/Wells Fargo    
Credit Suisse    
Banc of America    
UBS    
Stifel TDC  
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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