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Market Matters:

Futures Up Slightly This Morning
by Geoff Garbacz & Staff Writers

June 5, 2018

In After Hours Trading

IPOs on deck of note GS Acquisition (GSAH/U). Secondaries of note BSFT COOL SABR.

In After Hours Trading: SURPRISES COUP +.10 HQY +.09 SMAT +.06 NX +.03. MISSES .

Lower Guidance: .

Mixed Guidance: .

Positive Guidance: .

What's Happening This Morning

U.S. futures: S&P +3.25, Dow Jones +29, NDX +14.75 and Russell 2000 -1.40 with fair value higher so the overall gain is a bit less. Asia mixed and Europe higher.

Gold lower with Copper higher and silver lower. WTI Crude and Brent Oil Futures lower. Natural Gas is lower. $ is higher vs Euro, lower vs. Pound and higher vs. Yen. US 10 year Treasury price 119.69, change since last update -0.36, so yields higher. Prices as of 7:45 a.m. EDT.

Top Sectors Consumer Goods, Services and Technology.

Weak Sectors Basic Materials and 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): GWRE YY RH OLLI AMBA NCS ALOG LAYN.

Earnings due tomorrow morning: BFB SIG SCWX VRA.

Rags & Mags: Inside Wall Street

Trump Trade War does not worry economists yet. (Bloomberg)

China pushes to take the Yuan global. (Bloomberg)

OPEC supply will be dictated by China demand and reserves. (WSJ)

China to expand overseas steel activity to avoid tariffs. (WSJ)

China Trade Set To Soar With North Korea. (NYT)

Reported Earnings This Morning

Reported Earnings This Morning (Best to Worst absolute beats/misses [+.02 or greater/-.02 or worse]): SURPRISES GIII +.27 NAV +.21 HDS +.07. MISSES GCO -.03.

Missing: .

Lower Guidance: .

Current Morning missing: .

Mixed Guidance: .

Positive Guidance: GIII NAV .

Data Points

Yesterday saw 1891 stocks rise and 1006 fall on the NYSE. NASDAQ saw 1663 rise and 1253 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

May ISM Services is due out at 10:00 a.m. EDT and is expected to rise to 58 from 56.6.

Politico

The big news for the week will be the G-7 Meeting at the end of the week.

Conference & Analyst Meetings

Meetings, Conference Calls or Announcements of note, BLK MDT WIX PAA PAGP. Roth Capital Partners Annual LD Micro Invitational takes place. Baird Annual Global Consumer, Technology & Services Conference. Credit Suisse Global Energy Conference. Jefferies Global Healthcare Conference. Bank of America Merrill Lynch Global Technology Conference.

Conference of Note

American Society of Clinical Oncology (ASCO) meets this week in Chicago. NAREIT REITWeek Investor Forum.

M & A News

Microsoft (MSFT) to buy GitHub for $7.5 billion.

Key Upgrades and Downgrades

Firm Upgrades Downgrades
JP Morgan   PK
Goldman Sachs    
Morgan Stanley    
Deutsche Bank    
Citigroup CC Merrill Lynchp OXY  
Merrill Lynch   NJR
Wachovia/Wells Fargo    
Credit Suisse    
Banc of America    
UBS    
Stifel    
William Blair    
Jefferies    
RBC    
Needham    
Raymond James    
Stifel    
Friedman Billings    
Bernstein NE  
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    
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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