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Market Matters:

Futures Lower Except NASDAQ Composite Higher Due To Apple Earnings Beat
by Geoff Garbacz & Staff Writers

August 2, 2018

In After Hours Trading

IPOs on deck none of note. Secondaries of note ACER AGNC BXMT VNOM.

In After Hours Trading: SURPRISES MOH +1.99 BIDU +.59 UIS +.21 AAPL +.16 NFX +.12 PAYC +.11. MISSES CAKE -.16 NBR -.16 APC -.04 DVN -.04. FLAT: .

Lower Guidance: .

Mixed Guidance: .

Positive Guidance: CR.

What's Happening This Morning

U.S. futures: S&P -2, Dow Jones -37, NDX +13.75 and Russell 2000 -2.70 with fair values flat. Asia mixed and Europe lower.

Gold, silver and copper lower. WTI Crude and Brent Oil Futures lower. Natural Gas is lower. $ is higher vs Euro, higher vs. Pound and higher vs. Yen. US 10 year Treasury price 119.30 with yields higher since yesterday. Prices as of 7:55 a.m. EDT.

Top Sectors Industrials, Healthcare and Utilities.

Weak Sectors Financials.

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): TMUS TSLA MET ESRX PRU PSA ALL SQ WMB MRO WYNN APA.

Earnings due tomorrow morning: CI ZTS TRP YUM K TEVA RCL GPN CLX MGM DISH CHD BLL CDW.

Rags & Mags: Inside Wall Street

ADP Payroll jumps 219,000 versus estimate of 185,000. (CNBC)

The path to a trillion dollar market cap intact for Apple (AAPL). (CNBC)

China calls U.S. a blackmailer and threatens to fight back on another round of tariff increases. (Bloomberg)

Federal Reserve could announce today that they will take a rest from gradual rate hikes. (Bloomberg)

Facebook (FB) closes fake accounts trying to influence politics. (NYT)

Trump Administration works on reforming capital gains as it indexes gains to inflation. (NYT)

Reported Earnings This Morning

Reported This Morning: SURPRISES UTHR +.94 ETR +.48 SODA +.41 RDC +.33 MT +.29 HUM +.18 GRMN +.12 D +.07 TAP +.05. MISSES BG -.94 WH -.05. FLAT:

Missing: .

Lower Guidance: .

Current Morning missing: .

Mixed Guidance: .

Positive Guidance: .

Data Points

Yesterday saw 1968 stocks rise and 933 fall on the NYSE. NASDAQ saw 1925 rise and 1055 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 (166.13) 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

July ADP Payroll is due out at 8:15 a.m. EDT and is expected to fall to 175,00 from 177,000.

June Construction Spending is due out at 10:00 a.m. EDT and is expected to fall to 0.2% from 0.4%.

July ISM Index is due out at 10:00 a.m. EDT and is expected to fall to 59.4 from 60.20.

Monthly July Car and Truck Sales are due out at 2:00 p.m. EDT.

Politico

The Federal Reserve Open Market Committee (FOMC) concludes a two day meeting with no rate changes expected. The next expected change is at the September meeting.

Conference & Analyst Meetings

Meetings, Conference Calls or Announcements of note, F SGMO. Keefe, Bruyette & Woods Community Bank Conference. Credit Suisse Annual LatAM Conference.

Conference of Note

Intelligent Automation Week 2018

M & A News

.

Key Upgrades and Downgrades

Firm Upgrades Downgrades
JP Morgan    
Goldman Sachs    
Morgan Stanley SRPT  
Deutsche Bank    
Citigroup CC Merrill Lynchp FATE  
Merrill Lynch   VNTR
Wachovia/Wells Fargo    
Credit Suisse    
Banc of America    
UBS    
Stifel LLEX  
William Blair    
Jefferies PZZA DBX  
Bernstein    
Needham    
Raymond James    
Stifel    
Piper Jaffray    
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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