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Market Matters:

Futures Up For A Fourth Day In A Row
by Geoff Garbacz & Staff Writers

June 6, 2018

In After Hours Trading

IPOs on deck of note . Secondaries of note .

In After Hours Trading: SURPRISES LAYN +.25 YY +.18 GWRE +.06 AMBA +.04 NCS +.04 OLLI +.04. MISSES .

Lower Guidance: AMBA.

Mixed Guidance: OLLI.

Positive Guidance: NCS.

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 higher and Europe mixed.

Gold lower with Copper higher and silver lower. WTI Crude and Brent Oil Futures mixed. Natural Gas is higher. $ is lower vs Euro, lower vs. Pound and higher vs. Yen. US 10 year Treasury price 119.44, change since last update -0.25, so yields higher. Prices as of 7:45 a.m. EDT.

Top Sectors Technology, Services and Industrial Goods.

Weak Sectors Financials 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): THO UNFI CLDR AMSC.

Earnings due tomorrow morning: SJM MTN GOOS HOV.

Rags & Mags: Inside Wall Street

European Central Bank (ECB) to discuss ending the bank's quantitative easing program at next week's meeting. (Bloomberg)

Italian bonds started selling off again. (Bloomberg)

Few hedge funds in oil space left to profit on rise. (WSJ)

Farmers getting hit by tariffs in other markets besides China(WSJ)

Many Greeks remain skeptical as it exits financial bailouts. (NYT)

Mexico hits U.S. with tariffs. (NYT)

How Kate Spade grew into a $2.4 billion brand. (NYT)

Reported Earnings This Morning

Reported Earnings This Morning (Best to Worst absolute beats/misses [+.02 or greater/-.02 or worse]): SURPRISES SIG +.20 VRA +.06 SCWX +.01. MISSES .

Missing: .

Lower Guidance: .

Current Morning missing: .

Mixed Guidance: SIG VRA.

Positive Guidance: .

Data Points

Yesterday saw 1735 stocks rise and 1184 fall on the NYSE. NASDAQ saw 1889 rise and 1054 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.


Weekly Crude Oil Inventories are due out at 10:30 a.m. EDT.


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, A BAH COST LB. 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

Key Upgrades and Downgrades

Firm Upgrades Downgrades
JP Morgan    
Goldman Sachs CI  
Morgan Stanley    
Deutsche Bank    
Citigroup CC Merrill Lynchp    
Merrill Lynch    
Wachovia/Wells Fargo    
Credit Suisse    
Banc of America    
William Blair HCSG  
Raymond James    
Friedman Billings    
Robert W. Baird    
Sun Trust RH MTW  
Sandler O'Neil    
Keefe Bruyette    
Cantor Fitzgerald    
HSBC Securities    
William Blair    
BNP Paribas    
B. Riley    
Brean Murray    
JMP Securities    
Janney Montgomery  
Think Equity    
Cantor Fitzgerlad    
BMO Capital  
Jesup & Lamont    
Canaccord Adams    
Global Hunter    


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