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Market Matters:

Futures Higher
by Geoff Garbacz & Staff Writers

July 24, 2018

In After Hours Trading

IPOs on deck of note none today. Secondaries of note BBGI MTLS.

In After Hours Trading: SURPRISES GOOGL +2.05 AMTD +.10 KALU +.08 CR +.06 STLS +.04 BRO +.03 OI +.03. MISSES none of note . FLAT: .

Lower Guidance: .

Mixed Guidance: .

Positive Guidance: CR.

What's Happening This Morning

U.S. futures: S&P +6.50, Dow Jones +106, NDX +14 and Russell 2000 +3.50 with fair values lower. Asia and Europe higher.

Gold,silver and copper higher. WTI Crude and Brent Oil Futures higher. Natural Gas is higher. $ is lower vs Euro, lower vs. Pound and lower vs. Yen. US 10 year Treasury price 119.50 with yields higher since yesterday. Prices as of 7:55 a.m. EDT.

Top Sectors Financials and Technology.

Weak Sectors Utilities and Industrial 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): T TXN SYK CNI CB EQR WCN AMP RHI CSL.

Earnings due tomorrow morning: BA KO UPS TMO NEE ANTM GD NOC GM BSX NSC HCA.

Rags & Mags: Inside Wall Street

China enacts stimulus with its monetary policy. (Bloomberg)

Food Stamp use remains above recession periods. (Bloomberg)

Nike (NKE) raises salaries for 7,000 employees or 10%. (CNBC)

U.S. meat in oversupply situation. (CNBC)

China may stop buying U.S. Oil which was 20% of production. (WSJ)

Apple (AAPL) is vulnerable if trade war accelerates. (WSJ)

Bond fund managers not buying into emerging markets rebound. (WSJ)

Hedge Fund Billionaire Leon Cooperman to shut Omega Advisors and convert to a family office by year end. (NYT)

Reported Earnings This Morning

Reported Earnings This Morning (Best to Worst absolute beats/misses [+.02 or greater/-.02 or worse]): SURPRISES BIIB +.71 LMT +.39 LLY +.20 HUBB +.19 ATI +.16 PCAR +.16 AVY +.11 UTX +.11 SHW +.09 HOG +.09 VZ +.05 JBLU +.02. MISSES MMM -.01.

Missing: .

Lower Guidance: .

Current Morning missing: .

Mixed Guidance: .

Positive Guidance: BIIB LMT LLY.

Data Points

Yesterday saw 1228 stocks rise and 1658 fall on the NYSE. NASDAQ saw 1433 rise and 1518 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

FHFA Housing Price Index is out at 9:00 a.m. EDT and is expected to rise 0.4% from 0.1%.

Treasury 2 Year Auction will price $35 billion.

Politico

Conference & Analyst Meetings

Meetings, Conference Calls or Announcements of note, ALNY .

Conference of Note

Alzheimer Association International Conference.

International AIDS Society Conference on HIV Science.

M & A News

Key Upgrades and Downgrades

Firm Upgrades Downgrades
JP Morgan    
Goldman Sachs    
Morgan Stanley    
Deutsche Bank    
Citigroup CC Merrill Lynchp    
Merrill Lynch MOS  GIL 
Wachovia/Wells Fargo    
Credit Suisse    
Banc of America    
UBS    
Stifel    
William Blair    
Jefferies    
Bernstein    
Needham    
Raymond James    
Stifel    
Friedman Billings    
Bernstein    
Nomura    
Robert W. Baird    
Cowen    
Sun Trust RH BHGE   
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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