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Market Matters:

Futures Down More Than -1%.
by Geoff Garbacz & Staff Writers

June 19, 2018

In After Hours Trading

IPOs on deck of note Thunder Bridge Acquisition - Unit (TBRGU). Secondaries of note DEA TELL.

In After Hours Trading: SURPRISES none of note. MISSES none of note.

Lower Guidance: .

Mixed Guidance: .

Positive Guidance: .

What's Happening This Morning

U.S. futures: S&P -29.50, Dow Jones -323, NDX -92 and Russell 2000 -13.60 with fair value a bit lower so the overall loss is a bit less. Asia and Europe lower.

Gold, Copper and silver lower. WTI Crude and Brent Oil Futures lower. Natural Gas is lower. $ is higher vs Euro, higher vs. Pound and lower vs. Yen. US 10 year Treasury price 120.03, yields lower. Prices as of 8:45 a.m. EDT.

Top Sectors Basic Materials.

Weak Sectors all others.

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): MU SCS AOBC BNED.

Earnings due tomorrow morning: CCL KR DRI CMC PDCO MEI BKS.

Rags & Mags: Inside Wall Street

The Senate looks to make OPEC subject to the Sherman Antitrust Law. (Bloomberg)

ZTE falling again on the Senate 85-10 vote to enact severe penalties on the company. (Bloomberg)

Are tax cuts working? (WSJ)

Trump not listening to anger over splitting of migrant families. (NYT)

Google (GOOGL) invests in JD.com (JD)

Reported Earnings This Morning

Reported Earnings This Morning (Best to Worst absolute beats/misses [+.02 or greater/-.02 or worse]): SURPRISES none of note. MISSES none of note.

Missing: .

Lower Guidance: .

Current Morning missing: .

Mixed Guidance: .

Positive Guidance: .

Data Points

Yesterday saw 1645 stocks rise and 1261 fall on the NYSE. NASDAQ saw 1446 rise and 1498 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 is invested. 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 Housing Starts are out at 8:30 a.m. EDT and is expected to rise to 1,323,000 from 1,287,000.

Politico

The Reserve Bank of Australia (RBA) is out with its latest meeting minutes.

Conference & Analyst Meetings

Meetings, Conference Calls or Announcements of note, SRPT HSGX MKSI. JP Morgan Energy Equity Conference through Wednesday. Jefferies Global Consumer Conference. JMP Securities Annual Financial Services Conference.

Conference of Note

M & A News

Roche (RHBBY) to buy Foundation Medicine for $2.4 billion.

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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