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Market Matters:

Futures Bouncing After Three Days Of Weakness
by Geoff Garbacz & Staff Writers

August 1, 2018

In After Hours Trading

IPOs on deck of note . Secondaries of note .

In After Hours Trading: SURPRISES ILMN +.32 SPWR +.29 RCII +.23 RIG +.14 KLAC +.10 SF +.07 UNM +.04. MISSES JJSF -.12 VNO -.10 TXRK -.05 EFII -.03. FLAT: .

Lower Guidance: SPWR AMKR DENN.

Mixed Guidance: .

Positive Guidance: CR.

What's Happening This Morning

U.S. futures: S&P +7.50, Dow Jones +31, NDX +25.25 and Russell 2000 +1.90 with fair values flat. Asia higher and Europe mixed.

Gold, silver and copper lower. WTI Crude lower and Brent Oil Futures higher. Natural Gas is lower. $ is lower vs Euro, lower vs. Pound and higher vs. Yen. US 10 year Treasury price 119.52 with yields lower since yesterday. Prices as of 7:55 a.m. EDT.

Top Sectors Basic Materials.

Weak Sectors All others.

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): AAPL BIDU APC FISV OKE DVN IQ ES BXP VRSK FE AKAM.

Earnings due tomorrow morning: EPD ADP D HUM EXC S TAP GRMN SPR BG HBI AN CHK.

Rags & Mags: Inside Wall Street

Morgan Stanley saw biggest sell off since February on the way. (CNBC)

President Trump tells Koch brothers he does not need their money. (CNBC)

Apple (AAPL) earnings are the stop gap to control the bleeding of tech stocks. (Bloomberg)

Employment costs rise the most since 2008. (Bloomberg)

Chinese economy feeling the heat of tariffs. (WSJ)

President Trump willing to meet with the supreme leader of Iran. (WSJ)

Pension deficit for U.S. cities the size of Japan economy. (WSJ)

Reported Earnings This Morning

Reported This Morning: SURPRISES SNE +100.24 +HMC +22.49 WCG +.65 CMI +.48 CHTR +.32 ADM +.25 RL +.18 OSK +.17 AMT +.10 WDR +.08 PFE +.07 SHOP +.04 PG +.04. MISSES LL -.28 VMC -.12 IGT -.08 GLT -.04 MAS -.02. FLAT:

Missing: .

Lower Guidance: .

Current Morning missing: .

Mixed Guidance: SNE WCG PG.

Positive Guidance: GD PII IR GLW.

Data Points

Yesterday saw 1324 stocks rise and 1550 fall on the NYSE. NASDAQ saw 1049 rise and 1937 fall.

The SP 500 is above its 50 day exponential moving average and is above its 200 day exponential moving average. The Russell 2000 is now below 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.


June Personal Income is due out at 8:30 a.m. EDT and is expected to remain at 0.4%.

July Chicago PMI is due out at 9:45 a.m. EDT and is expected to fall to 62 from 64.1.

July Consumer Confidence is due out at 10:00 a.m. EDT and is expected to rise to 126.6 from 126.4.


The Bank of Japan (BOJ) announces its latest interest rate decision.

The Federal Reserve Open Market Committee (FOMC) begins a two day meeting.

Conference & Analyst Meetings

Meetings, Conference Calls or Announcements of note, LNGG CSII.

Conference of Note

Intelligent Automation Week 2018

M & A News


Key Upgrades and Downgrades

Firm Upgrades Downgrades
JP Morgan    
Goldman Sachs    
Morgan Stanley    
Deutsche Bank    
Citigroup CC Merrill Lynchp    
Merrill Lynch    
Wachovia/Wells Fargo    
Credit Suisse    
Banc of America    
William Blair    
Raymond James    
Piper Jaffray    
Robert W. Baird    
Sun Trust RH    
Sandler O'Neil    
Keefe Bruyette    
Cantor Fitzgerald    
HSBC Securities    
William Blair    
BNP Paribas    
B. Riley    
Brean Murray    
JMP Securities    
Janney Montgomery  
Think Equity    
Cantor Fitzgerlad    
BMO Capital  
Jesup & Lamont    
Canaccord Adams    
Global Hunter    


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