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Market Matters:

Futures Lower
by Geoff Garbacz & Staff Writers

July 25, 2018

In After Hours Trading

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

In After Hours Trading: SURPRISES RNR +.2.29 WRB +.57 USNA +.25 CSL +.25 HA +.13 TER +.10 CB +.06 TSS +.04. MISSES UMBF -.02. FLAT: .

Lower Guidance: .

Mixed Guidance: .

Positive Guidance: CR.

What's Happening This Morning

U.S. futures: S&P -4.50, Dow Jones -85, NDX -3.50 and Russell 2000 -1.30 with fair values flat. Asia and Europe lower.

Gold,silver and copper higher. WTI Crude and Brent Oil Futures mixed. Natural Gas is flat. $ is lower vs Euro, lower vs. Pound and lower vs. Yen. US 10 year Treasury price 119.58 with yields lower since yesterday. Prices as of 7:55 a.m. EDT.

Top Sectors Basic Materials and Industrial Goods.

Weak Sectors Services and 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): FB V PYPL GILD QCOM SU MDLZ LVS VRTX F XLNX MHK AMD EFX.

Earnings due tomorrow morning: BMY COP CELG AGN RTN CME PX VLO MMC BAX APD.

Rags & Mags: Inside Wall Street

Reported Earnings This Morning

Reported This Morning: SURPRISES GD +.34 DTE +.23 NSC +.17 SC +.17 PII +.16 R +.12 ROK +.12 TMO +.12 NOC +.09 BABY +.09 BA +.08 FCX +.08. MISSES DAN -.04 SIX -.05 TZOO -.05 WSO -.07 USG -.11 FCAU -.22 OC -.28. FLAT:

Missing: .

Lower Guidance: GM.

Current Morning missing: .

Mixed Guidance: .

Positive Guidance: GD PII IR GLW.

Data Points

Yesterday saw 1331 stocks rise and 1559 fall on the NYSE. NASDAQ saw 967 rise and 2009 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 moves below -200 for second day and now we move to a sell. The Madison Market Timing Indicator is still invested.

YTD 55% of stocks are higher and 45% are lower. Updated 7/20/18 close.

Economics

June New Home Sales are due out at 10:00 a.m. EDT and are expected to fall to 670,000 from 689,000.

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

$36 Billion in 5 Year Notes to be auctioned at 1:00 p.m. EDT.

Politico

President Trump meets with European Commissioner Jean-Claude Juncker and European Union Trade Chief Cecilia Malmstrom on tariff issues.

Conference & Analyst Meetings

Meetings, Conference Calls or Announcements of note, BIIB INST MDT.

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 PPG  
Morgan Stanley    
Deutsche Bank    
Citigroup CC Merrill Lynchp    
Merrill Lynch IQV VMC
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    
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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