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Market Matters:

Futures Up Modestly
by Geoff Garbacz & Staff Writers

June 28, 2018

In After Hours Trading

IPOs on deck of note BJ BV EVER FTSV HCCHU NFC/U. Secondaries of note AZUL IZEA KURA LNG.

In After Hours Trading: SURPRISES BBBY +.06 CAMP +.01 FUL +.04 PIR +.03. MISSES WOR -.09.

Lower Guidance: .

Mixed Guidance: .

Positive Guidance: .

What's Happening This Morning

U.S. futures: S&P +3.25, Dow Jones +21, NDX +12.25 and Russell 2000 +1.30 with fair value flat. Asia higher and Europe lower.

Gold, silver and copper lower. WTI Crude and Brent Oil Futures mixed. Natural Gas is lower. $ is lower vs Euro, lower vs. Pound and higher vs. Yen. US 10 year Treasury price 120.39 with yields lower since yesterday. Prices as of 7:40 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): KBH NKE SNX.

Earnings due tomorrow morning: STZ GBX.

Rags & Mags: Inside Wall Street

The European Union (EU) begins a two day meeting, issues include Brexit and immigration. (Bloomberg)

Elon Musk seeks to exit "production hell" for Telsa (TSLA). (WSJ)

Reported Earnings This Morning

Reported Earnings This Morning (Best to Worst absolute beats/misses [+.02 or greater/-.02 or worse]): SURPRISES ACN +.07 APOG +.09 LNN +.23 MKC +.09 OMN +.01. MISSES GMS -.10 SJR -0.53.

Missing: .

Lower Guidance: .

Current Morning missing: .

Mixed Guidance: .

Positive Guidance: .

Data Points

Yesterday saw 805 stocks rise and 2102 fall on the NYSE. NASDAQ saw 584 rise and 2407 fall.

The SP 500 broke its 50 day exponential moving average yesterday and is 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 Durable Goods are out at 8:30 a.m. EDT and are expected to weaken to -1.0% from -1.7%.

Politico

Federal Reserve will release at 4:30 p.m. EDT the Stress Test Part II.

Conference & Analyst Meetings

Meetings, Conference Calls or Announcements of note, MCK BIIB TDG SRE SMBK. JMP Securities Boston Real Estate Forum 2016.

Conference of Note

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 ATSG AVAV
William Blair    
Jefferies MSG  
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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