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Market Matters:

Futures Lower
by Geoff Garbacz & Staff Writers

July 19, 2018

In After Hours Trading

IPOs on deck of note Allakos (ALLK), Constellation Pharmaceuticals (CNST), Establishment Labs (ESTA), First Western Financial (MYFW)and Tilray (TLRY). Secondaries of note ACIU CARA CARB EOLS PLYM RDFN SPWH .

In After Hours Trading: SURPRISES URI +.32 AA +.20 IBM +.04 AXP +.03 EBAY +.02 KMI +.02. MISSES none of note UMPQ -.04 PLXS -.03 CNS -.02. FLAT: .

Lower Guidance: .

Mixed Guidance: .

Positive Guidance: MLNX.

What's Happening This Morning

U.S. futures: S&P -8.00, Dow Jones -68, NDX -25 and Russell 2000 -5.20 with fair values flat. Asia and Europe lower.

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 119.94 with yields higher since yesterday. Prices as of 7:55 a.m. EDT.

Top Sectors Financials and Industrial Goods.

Weak Sectors Utilities and Consumer Goods.

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): MSFT ISRG COF CTAS SWKS ETFC CE SEIC.

Earnings due tomorrow morning: GE HON SLB BHGE STT.

Rags & Mags: Inside Wall Street

Yuan drops to new lows today as dollar continues higher. (Bloomberg)

President Trump struggles to explain meeting with Putin.(Bloomberg)

EU fine of Google (GOOGL) shakes up mobile industry. (WSJ)

Trump may move ahead with auto tariffs. (WSJ)

LIBOR to go away in 2012. (NYT)

Reported Earnings This Morning

Reported Earnings This Morning (Best to Worst absolute beats/misses [+.02 or greater/-.02 or worse]): SURPRISES ADS +.37 FITB +.23 SNA +.19 PM +.18 BX +.16 DOV +.09 DHR +.06 TSM +.04 UNP +.03. MISSES TRV -.58 SAP -.40 POOL -.08.

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 Leading Indicators are due out at 10:00 a.m. EDT and are expected to improve to 0.4% from 0.2%.

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

Politico

Conference & Analyst Meetings

Meetings, Conference Calls or Announcements of note, .

Conference of Note

Farnborough International Airshow

M & A News

Comcast (CMCSA) drops bid for Fox (FOXA) assets. Walt Disney (DIS) wins contest for Fox.

Wendy's (WEN) and Papa John's (PZZA) held merger talks.

Key Upgrades and Downgrades

Firm Upgrades Downgrades
JP Morgan    
Goldman Sachs    
Morgan Stanley   FFIV
Deutsche Bank    
Citigroup CC Merrill Lynchp    
Merrill Lynch    
Wachovia/Wells Fargo    
Credit Suisse SQ  
Banc of America    
UBS    
Stifel    
William Blair    
Jefferies    
Bernstein MS  
Needham   TSLA
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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