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Market Matters:

Futures Modestly Lower
by Geoff Garbacz & Staff Writers

July 18, 2018

In After Hours Trading

IPOs on deck of note Coastal Financial (CCB), Crinetics Pharmaceuticals (CRNX), DERMadoctor (DDOC), Rubius Therapeutics. Secondaries of note GWRS, NSTG and RMBL.

In After Hours Trading: SURPRISES ADTN +.15 CSX +.14 FNF +.03 IBKR +.16 MLNX +.16 UAL +.16. MISSES none of note. FLAT: .

Lower Guidance: .

Mixed Guidance: .

Positive Guidance: MLNX.

What's Happening This Morning

U.S. futures: S&P -0.50, Dow Jones +7, NDX -8 and Russell 2000 -1.70 with fair values modestly positive. Asia mixed and Europe higher.

Gold,silver and copper lower. WTI Crude and Brent Oil Futures lower. Natural Gas is higher. $ is higher vs Euro, higher vs. Pound and higher vs. Yen. US 10 year Treasury price 120.16 with yields flat since yesterday. Prices as of 7:40 a.m. EDT.

Top Sectors All sectors except Conglomerates.

Weak Sectors Conglomerates.

One month winners Utilities, Healthcare and Consumer Goods.

Three Month Winners Utilities Conglomerates, Services and Technology.

Six Month Winners Services, Technology and Conglomerates.

One Year Winners All except for Utilities.

Year To Date Conglomerates, Services and Technology.

Earnings Expected

Earnings due after the close (by avg. trade volume): IBM AXP CCI KMI EBAY CP URI SLG AA.

Earnings due tomorrow morning: TSM SAP PM UNP DHR BK BBT TRV RCI KEY NUE FITB SNA WBC.

Rags & Mags: Inside Wall Street

Google was fine $5 billion by the European Union (EU) and told they had 90 days to fix illegal actions. (Bloomberg)

The Dollar rose after the first day of Federal Reserve Chairman Powell's testimony. Day 2 of testimony starts at 10:00 a.m. EDT. (Bloomberg)

Former Federal Reserve Chairman Bernanke as well as Former Treasury Secretaries Geithner and Paulson are concerned about the "next crisis". (Bloomberg)

President Trump says he misspoke on Russia meddling. (NYT)

Federal Reserve Chairman Powell pushed by Senators on slow wage growth. (NYT)

Are you prepared for financial stress when it returns. (NYT)

Congress may make changes to 401(k) Plans. (WSJ)

Reported Earnings This Morning

Reported Earnings This Morning (Best to Worst absolute beats/misses [+.02 or greater/-.02 or worse]): SURPRISES ABT +.02 ASML +.16 GWW +.63 MTB +.10 MTG +.13 MS +.20 NTRS +.04 NVS +.03 TXT +.17 USB +.02. MISSES ERIC -.33.

Missing: .

Lower Guidance: .

Current Morning missing: .

Mixed Guidance: GWW.

Positive Guidance: .

Data Points

Yesterday saw 1646 stocks rise and 1219 fall on the NYSE. NASDAQ saw 1716 rise and 1246 fall.

The SP 500 is back above its 50 day exponential moving average 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 in cash. The Madison Market Timing Indicator is still invested.

YTD 54% of stocks are higher and 54% are lower. Updated 7/6/18 close.

Economics

June Housing Starts are due out at 8:30 a.m. EDT and are expected to drop to 1,318,000 from 1,350,000.

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

Politico

Federal Reserve Chairman Powell moves on to the House in his second day of Humphrey Hawkins testimony.

June Beige Book is due out at 2:00 p.m. EDT.

Conference & Analyst Meetings

Meetings, Conference Calls or Announcements of note, GSRX NCS .

Conference of Note

Farnborough International Airshow

M & A News

Key Upgrades and Downgrades

Firm Upgrades Downgrades
JP Morgan    
Goldman Sachs CXO NFX CLX AVGO
Morgan Stanley    
Deutsche Bank    
Citigroup CC Merrill Lynchp    
Merrill Lynch PAA  
Wachovia/Wells Fargo    
Credit Suisse    
Banc of America    
UBS    
Stifel    
William Blair    
Jefferies MPLX  
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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