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Market Matters:

Futures Lower With NASDAQ Getting Hit Hard On Facebook Drop
by Geoff Garbacz & Staff Writers

July 26, 2018

In After Hours Trading

IPOs on deck of note Berry Petroleum (BRY) Cango (CANG) Focus Financial Partners (FOCS) Aurora Mobile (JG) Liquidia Technologies (LQDA) Pinduoduo (PDD) Tenable Holdings (TENB). Secondaries of note EYE MMSI SVRA VCYT WSC .

In After Hours Trading: SURPRISES ALGT +.37 GILD +.35 QCOM +.30 ORLY +.23 ALGN +.21 V +.11 CTXS +.08 UHS +.07 FB +.04 ESV +.03. MISSES MHK -.39 EFX -.35 MAT -.26 RJF -.17 HP -.06. FLAT: .

Lower Guidance: FB.

Mixed Guidance: .

Positive Guidance: CR.

What's Happening This Morning

U.S. futures: S&P -4.50, Dow Jones -52, NDX -56 and Russell 2000 -0.30 with fair values flat. Asia lower and Europe higher.

Gold and silver lower with copper higher. WTI Crude and Brent Oil Futures mixed. Natural Gas is higher. $ is lower vs Euro, lower vs. Pound and lower vs. Yen. US 10 year Treasury price 119.44 with yields higher since yesterday. Prices as of 7:55 a.m. EDT.

Top Sectors All sectors higher yesterday.

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): AMZN INTC AMGN SBUX EA AFL EW LRCX FTV DFS DLR WDC RSG.

Earnings due tomorrow morning: XOM CVX MRK ABBV CL PSX AON MCO TWTR IMO WY .

Rags & Mags: Inside Wall Street

Trade pressure falls post U.S. and EU meeting yesterday. (Bloomberg)

Facebook in a free fall (Bloomberg)

Walmart bets on babies after demise of Babies R Us. (CNBC)

Amazon expected to have a blow out quarter after the close. (CNBC)

Reported Earnings This Morning

Reported This Morning: SURPRISES FCN +.51 MLM +.37 ALXN +.35 AGN +.29 MPC +.23 CRI +.22 TREE +.21 LLL +.17 VLO +.17 BMY +.14 MA +.13 APD +.11 (ONLY LOOKING AT BEATS OF .10 OR GREATER). MISSES NLSN -.43 BUD -.17 RDSA -.15 OCN -.13 VC -.10 BC -.05 XRX -.03. FLAT:

Missing: .

Lower Guidance: GM.

Current Morning missing: .

Mixed Guidance: .

Positive Guidance: GD PII IR GLW.

Data Points

Yesterday saw 1806 stocks rise and 1063 fall on the NYSE. NASDAQ saw 1666 rise and 1269 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 now 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 Durable Goods are due out at 8:30 a.m. EDT and are expected to expect to rise by 3.2% from -0.6%.

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

Politico

European Central Bank (ECB) is out with its latest interest rate decision at 7:45 a.m. EDT followed by a press conference at 8:30 a.m. EDT.

Conference & Analyst Meetings

Meetings, Conference Calls or Announcements of note, .

Conference of Note

Alzheimer Association International Conference.

International AIDS Society Conference on HIV Science.

M & A News

Qualcomm (QCOM) to cancel deal to buy NXPI. Will buy back $30 billion of stock.

Key Upgrades and Downgrades

Firm Upgrades Downgrades
JP Morgan    
Goldman Sachs    
Morgan Stanley    
Deutsche Bank    
Citigroup CC Merrill Lynchp CDTX  
Merrill Lynch XLNX OC
Wachovia/Wells Fargo    
Credit Suisse    
Banc of America    
UBS    
Stifel    
William Blair    
Jefferies    
Bernstein    
Needham    
Raymond James    
Stifel    
Piper Jaffray   SNBR DDD
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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