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Market Matters:

Futures Higher
by Geoff Garbacz & Staff Writers

August 7, 2018

In After Hours Trading

IPOs on deck . Secondaries of note CHTR PRAH SYNH TPVG.

In After Hours Trading: SURPRISES MAR +.37 THC +.26 ANSS +.24 MTW +.16 WTW +.13 TWLO +>09 HTZ +.06 ZG +.03. FLAT: MISSED: BHF -.72 BKD -.68 CA -.14 ETSY -.02.

Lower Guidance: ZG.

Mixed Guidance: WTW.

Positive Guidance: TWLO ETSY.

What's Happening This Morning

U.S. futures: S&P +5.75, Dow Jones +83, NDX +19.25 and Russell 2000 +2.50 with fair values flat. Asia and Europe higher.

Gold, silver and copper higher. WTI Crude and Brent Oil Futures higher. Natural Gas is higher. $ is lower vs Euro, lower vs. Pound and lower vs. Yen. US 10 year Treasury price 119.64 with yields higher since yesterday. Prices as of 7:55 a.m. EDT.

Top Sectors Conglomerates, Technology and Services.

Weak Sectors Consumer Goods.

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): DIS PXD CLR SNAP IFF PRI WEN.

Earnings due tomorrow morning: CVS SO MYL KORS JLL CRL WYND CHH NYT.

Rags & Mags: Inside Wall Street

Chinese State Media warns that Apple (AAPL) may be pulled into trade war. (CNBC)

Trump is facing dinner with business leaders while on vacation. (CNBC)

In six weeks, tech weightings will change in the S&P 500 as Telecommunications ETF named XLC will own FB GOOGL as they are removed from XLK ETF as will DIS CMCSA NFLX removed from XLY. (CNBC)

Crisis in Turkey gets worse. (Bloomberg)

California wildfires continue to grow. (Bloomberg)

Tariffs will not pay down national debt. (NYT)

Alcoa (AA) requests relief from aluminum tariffs. (NYT)

Pepsi CEO Indra Nooyi to step down after 12 years in control. (NYT)

Facebook (FB) asks big banks to share customer data. (WSJ)

U.S. refiners are making big money as production soars. (WSJ)

Reported Earnings This Morning

Reported This Morning: SURPRISES ONCE +2.24 SAGE +1.45 RDUS +.5 ZBRA +.25 AFI +.17 LPX +.13 EMR +.02. MISSED: TDG -48 USCR -.23 OMI -.14 JELD -.12. FLAT:

Missing: .

Lower Guidance: OMI XRAY.

Current Morning missing: .

Mixed Guidance: .

Positive Guidance: .

Data Points

Yesterday saw 1702 stocks rise and 1150 fall on the NYSE. NASDAQ saw 1821 rise and 1128 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 back 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 JOLTS Survey is due out at 10:00 a.m. EDT. The prior number was 6.68 million.

Politico

Rick Gates admitted he was involved in criminal activity with Paul Manafort.

Conference & Analyst Meetings

Meetings, Conference Calls or Announcements of note, ORLY PSMT URG.

Jefferies Global Industrial Conference.

UBS Financial Services Conference.

Oppenheimer Technolgy Conference.

Needham MedTech 1X1 Conference.

Conference of Note

M & A News

Key Upgrades and Downgrades

Firm Upgrades Downgrades
JP Morgan  
Goldman Sachs  
Morgan Stanley ILMN  
Deutsche Bank    
Citigroup    
Merrill Lynch ZG 
Wachovia/Wells Fargo    
Credit Suisse    
Banc of America    
UBS    
Stifel ALNY  ALXN 
William Blair    
Jefferies    
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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