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Market Matters:

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

June 7, 2018

In After Hours Trading

IPOs on deck of note . Secondaries of note .

In After Hours Trading: SURPRISES CMTL +.22 UNFI +.11 AMSC +.06 . MISSES THO -.07.

Lower Guidance: .

Mixed Guidance: CMTL UNFI AMSC.

Positive Guidance: .

What's Happening This Morning

U.S. futures: S&P +5.75, Dow Jones +66, NDX +19.50 and Russell 2000 -0.80 with fair value higher so the overall gain is a bit less. Asia mixed and Europe higher.

Gold, Copper and silver higher. WTI Crude and Brent Oil Futures higher. Natural Gas is higher. $ is lower vs Euro, higher vs. Pound and lower vs. Yen. US 10 year Treasury price 119.22, change since last update -0.22, so yields higher. Prices as of 7:45 a.m. EDT.

Top Sectors All except for Utilities.

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): AVGO COO PAY HOME SFIX.

Earnings due tomorrow morning: None of note.

Rags & Mags: Inside Wall Street

European leaders set to beat up President Trump at the G-7. (Bloomberg)

Emerging Markets struggle as Brazil's trucking strike has hurt the country. Bloomberg)

China wants U.S. to meet half way on trade. (Bloomberg)

Chinese company ZTE settles issues with the Commerce Department (WSJ)

Airlines to raise ticket prices as fuel costs rise. (WSJ)

Hedge funds increase bets on shorting Italian bonds. (NYT)

Amazon (AMZN) wins rights to broadcast the premier league. (NYT)

Reported Earnings This Morning

Reported Earnings This Morning (Best to Worst absolute beats/misses [+.02 or greater/-.02 or worse]): SURPRISES CONN +.12 MTN +.07. MISSES SJM -.25.

Missing: .

Lower Guidance: .

Current Morning missing: .

Mixed Guidance: SJM.

Positive Guidance: .

Data Points

Yesterday saw 1816 stocks rise and 1177 fall on the NYSE. NASDAQ saw 1855 rise and 1039 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

Weekly Jobless Claims due out at 8:30 a.m. EDT.

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

Politico

The big news for the week will be the G-7 Meeting that sees guests arrive today.

Conference & Analyst Meetings

Meetings, Conference Calls or Announcements of note, LBY RGA PNFP TRUP GTLS AIG MPWR HTHIY. Baird Annual Global Consumer, Technology & Services Conference. Jefferies Global Healthcare 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    
Morgan Stanley    
Deutsche Bank    
Citigroup CC Merrill Lynchp    
Merrill Lynch    
Wachovia/Wells Fargo    
Credit Suisse    
Banc of America    
UBS    
Stifel    
William Blair    
Jefferies    
RBC    
Needham    
Raymond James    
Stifel    
Friedman Billings    
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    
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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