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Market Matters:

Futures Rebound
by Geoff Garbacz & Staff Writers

June 20, 2018

In After Hours Trading

IPOs on deck of note Eidos Therapeutics (EIDX). Secondaries of note APEN CATB GLMD KIN OBSV.

In After Hours Trading: SURPRISES FDX +.20 LZB +.08 ORCL +.05. MISSES none of note.

Lower Guidance: ORCL.

Mixed Guidance: FDX.

Positive Guidance: .

What's Happening This Morning

U.S. futures: S&P +6.75, Dow Jones +102, NDX +18 and Russell 2000 +6.50 with fair value a bit lower so the gain is a bit more. Asia and Europe rebounding as well.

Gold and silver lower with copper higher. WTI Crude and Brent Oil Futures higher. Natural Gas is higher. $ is higher vs Euro, higher vs. Pound and higher vs. Yen. US 10 year Treasury price 119.75, yields higher. Prices as of 7:45 a.m. EDT.

Top Sectors Utilities.

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.

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

Rags & Mags: Inside Wall Street

Tariff tit for tat continues. (Bloomberg)

No agreement at OPEC meeting thanks to Iran. (Bloomberg)

Germany and France agree to work on improving Euro area. (Bloomberg)

Verizon (VZ) and Sprint (S) to stop sharing customer locations with data brokers. (WSJ)

General Electric drops out of the Dow. (WSJ)

Michael Cohen wants President Trump to pay his bills. (WSJ)

GOP seeks to end child separation policy. (NYT)

White House bets China has more to lose than the U.S. (NYT)

Reported Earnings This Morning

Reported Earnings This Morning (Best to Worst absolute beats/misses [+.02 or greater/-.02 or worse]): SURPRISES WGO +.09. MISSES none of note.

Missing: .

Lower Guidance: .

Current Morning missing: ATU.

Mixed Guidance: .

Positive Guidance: .

Data Points

Yesterday saw 1221 stocks rise and 1651 fall on the NYSE. NASDAQ saw 1351 rise and 1598 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

The latest weekly mortgage applications rose 5.1%.

May Existing Home Sales are out at 10:00 a.m. EDT and is expected to rise to 5,500,000 from 5,460,000.

Politico

Commerce Secretary Wilbur Ross to testify before the House Finance Committee at 9:00 a.m. EDT.

Federal Reserve Chairman Jerome Powell speaks from Portugal as does ECB Head Draghi and Bank of Japan Governor Haruhiko Kuroda.

Conference & Analyst Meetings

Meetings, Conference Calls or Announcements of note, EQIX HZN SMTC. JP Morgan Energy Equity Conference through Wednesday. Jefferies Global Consumer Conference. JMP Securities Life Sciences Conference.

Conference of Note

M & A News

Disney (DIS) ups bid for Fox (FOXA) to $38 from $28. This should help VIAB in its pending deal with CBS.

Key Upgrades and Downgrades

Firm Upgrades Downgrades
JP Morgan    
Goldman Sachs MIME ANSS  ALRM 
Morgan Stanley    
Deutsche Bank    
Citigroup CC Merrill Lynchp    
Merrill Lynch DUK SGMO   
Wachovia/Wells Fargo    
Credit Suisse    
Banc of America    
UBS    
Stifel    
William Blair    
Jefferies    
RBC    
Needham    
Raymond James   SMG 
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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