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Market Matters:

Futures Modestly Higher This Morning
by Geoff Garbacz & Staff Writers

May 22, 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 NDSN +.13 PSTG +.05 GSM +.03. MISSES IGT -0.12.

Lower Guidance: .

Mixed Guidance: .

Positive Guidance: .

What's Happening This Morning

U.S. futures: S&P +4.75, Dow Jones +51, NDX +23.25 and Russell 2000 +2.10. Asia mixed and Europe higher.

Copper, gold and silver higher. WTI Crude and Brent Oil Futures higher. Natural Gas is higher. $ is lower vs Euro, lower vs. Pound and lower vs. Yen. US 10 year Treasury price 118.75, one day change +0.23, so yields lower. Prices as of 7:45 a.m. EDT.

Top Sectors all higher.

Weak Sectors none of note.

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): INTU HPE CTRP URBN RRGB TCS.

Earnings due tomorrow morning: LOW TGT CM TIF RL CTRN.

Rags & Mags: Inside Wall Street

China cuts tariffs on passenger cars into China from 25% to 15%. (Bloomberg)

Trump to focus on NAFTA and North Korea now that China on the back burner (Bloomberg)

Facebook's (FB) Mark Zuckerberg to appear before European lawmakers in Brussels. (Bloomberg)

U.S. Dollar holds its 4 month high. (Reuters)

Las Vegas casino workers to vote on a city wide strike. (AP)

Oil prices continue higher on Venezuela and Iran supply worries. (Reuters)

Reported Earnings This Morning

Reported Earnings This Morning (Best to Worst absolute beats/misses [+.02 or greater/-.02 or worse]): SURPRISES AZO +.43 AAP +.14 KSS +.14 CBRL +.08 PLAB +.08. MISSES DY -.04 TOL -.04.

Missing: .

Lower Guidance: .

Current Morning missing: .

Mixed Guidance: .

Positive Guidance: .

Data Points

Yesterday saw 2056 stocks rise and 848 fall on the NYSE. NASDAQ saw 1736 rise and 1136 fall.

The SP 500 is above its 50 day exponential moving average and above its 200 day exponential moving average. The Russell 2000 is 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

None of note.

Politico

None of note.

Conference & Analyst Meetings

Meetings, Conference Calls or Announcements of note, XLNX SANM SHW BRKS WBA NEM OKTA. UBS Global Healthcare Conference. Suntrust Robinson Humphrey Financial Services Conference.

Conference of Note

M & A News

Key Upgrades and Downgrades

Firm Upgrades Downgrades
JP Morgan    
Goldman Sachs    
Morgan Stanley    
Deutsche Bank    
Citigroup CC Merrill Lynchp    
Merrill Lynch GSHD  
Wachovia/Wells Fargo    
Credit Suisse   RTN
Banc of America    
UBS    
Stifel MU  
William Blair    
Jefferies SMAR  
CIBX    
Needham    
Raymond James    
Stifel    
Friedman Billings    
Sanford Bernstein    
Nomura    
Robert W. Baird    
Cowen    
Sun Trust RH SMAR  
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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