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Market Matters:

Futures Lower But Tesla Beats
by Geoff Garbacz & Staff Writers

August 3, 2018

In After Hours Trading

IPOs on deck BioNano Genomics (BNGO) Cushman & Wakefield (CWK) Forum Merger II (FMCIU) Sonos (SONO). Secondaries of note ADMP BCRX DFRG MC TXMD.

In After Hours Trading: SURPRISES ALL +.40 X +.34 KLIC +.23 QRVO +.20 CF +.16 MET +.13 APA +.11. MISSES WYNN -.44 RRD -.13 PRU -.06 VVVV -.03. FLAT: .

Lower Guidance: .

Mixed Guidance: .

Positive Guidance: TSLA.

What's Happening This Morning

U.S. futures: S&P -15.25, Dow Jones -154, NDX -54.25 and Russell 2000 -8 with fair values flat. Asia and Europe lower.

Gold, silver and copper lower. WTI Crude and Brent Oil Futures lower. Natural Gas is higher. $ is higher vs Euro, higher vs. Pound and higher vs. Yen. US 10 year Treasury price 119.34 with yields lower since yesterday. Prices as of 7:55 a.m. EDT.

Top Sectors Consumer Goods and Healthcare.

Weak Sectors Industrial Goods and Basic Materials.

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): EOG ATVI AIG ED CBS CERN ANET CA BMRN RMD TTWO.

Earnings due tomorrow morning: TM KHC ENB LYB NBL AEE CNP CBOE PNW BPL ITT TDS GRPN.

Rags & Mags: Inside Wall Street

Markets set to fall on latest trader threats. (CNBC)

Elon Musk of Tesla (TSLA) apologizes and stock rips. (CNBC)

Apple (AAPL) close to hitting a trillion dollar market cap. (CNBC)

Bank of England (BOE) raises interest rates (Bloomberg)

Starbucks (SBUX) partners with Alibaba (BABA) in China. (NYT)

Federal Reserve says economy is strong. (WSJ)

Reported Earnings This Morning

Reported This Morning: SURPRISES CI +0.59 AET +.39 PH +.31 TEVA +.14 CDW +.10 K +.09 YUM +.08 CLX +.07 GPN +.07. MISSED: AMAG -1.68 BLUE -.45 PCRX -.25 YRCW -.11 DUK -.08 AMCX -.07. FLAT:

Missing: .

Lower Guidance: .

Current Morning missing: .

Mixed Guidance: .

Positive Guidance: .

Data Points

Yesterday saw 1076 stocks rise and 1813 fall on the NYSE. NASDAQ saw 1434 rise and 1535 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

June Factory Orders are due out at 10:00 a.m. EDT and are expected to rise to 0.6% from 0.4%.

Weekly Jobless Claims are due out at 8:30 a.m. EDT.

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

Politico

The Federal Reserve Open Market Committee (FOMC) concluded a two day meeting with no rate change. The next rate change will be at the September meeting.

The Bank of England (BOE) meets and is expected raise interest rates for the second time.

Conference & Analyst Meetings

Meetings, Conference Calls or Announcements of note, ETP ETE RXN.

Keefe, Bruyette & Woods Community Bank Conference.

Credit Suisse Annual LatAM Conference.

Conference of Note

Intelligent Automation Week 2018

M & A News

Cisco (CSCO) buys private company Duo Security for $2.5 billion in cash and stock.

Key Upgrades and Downgrades

Firm Upgrades Downgrades
JP Morgan   CRTO BG
Goldman Sachs   IQ
Morgan Stanley RACE  
Deutsche Bank    
Citigroup CC Merrill Lynchp    
Merrill Lynch MDC  
Wachovia/Wells Fargo    
Credit Suisse    
Banc of America    
UBS    
Stifel    
William Blair    
Jefferies    
Bernstein    
Needham    
Raymond James DIN  
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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