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Market Matters:

Futures Flat
by Geoff Garbacz & Staff Writers

August 8, 2018

In After Hours Trading

IPOs on deck none of note. Secondaries of note KHC KREF MEDP MXWL PGNX RSLS SABR STAA TRTX WCG ZGNX.

In After Hours Trading: SURPRISES SFLY +0.77 FOSL +.71 JAZZ+0.28 AAOI +0.20. FLAT: MISSED: .

Lower Guidance: .

Mixed Guidance: .

Positive Guidance: .

What's Happening This Morning

U.S. futures: S&P +1.25, Dow Jones +22, NDX +2.75 and Russell 2000 -0.80 with fair values lower. Asia and Europe mixed.

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

Top Sectors Industrials, Technology and Materials.

Weak Sectors Utilities.

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): FOXA BKNG OXY EQIX NTES MNST ETP CTL ETE MELI IAC.

Earnings due tomorrow morning: BAM CCE LNG PRGO VIAB MMS CABO ARRY PLCE GOOS MDP DDS.

Rags & Mags: Inside Wall Street

Tesla (TSLA)Board looks at going private. (CNBC)

China announces 25% tariffs on $16 billion worth of goods. (WSJ)

Ohio special election too close to call. A negative for Trump. (NYT)

China trade surplus was $28.05 billion. (Bloomberg)

Reported Earnings This Morning

Reported This Morning: SURPRISES KDP +1.01 KORS +0.37 GOGO +0.35 LITE +0.30 SBGI +0.23 CRL +0.16 SO +0.11 CVS +0.08 WWW +.08 TRI +.06 DLPH +.05 NYT +.05. MISSED: . FLAT:

Missing: .

Lower Guidance: SBGI .

Current Morning missing: .

Mixed Guidance: .

Positive Guidance: CRL SUP.

Data Points

Yesterday saw 1527 stocks rise and 1336 fall on the NYSE. NASDAQ saw 1660 rise and 11287 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

MBA Mortgage Applications fell -3.0% versus -2.6% last week.

Weekly Crude Oil Inventories due out at 10:30 a.m. EDT with last week rising +3.8 million barrels.

Politico

Federal Reserve Richmond President Thomas Barkin speaks at 8:45 a.m. EDT.

Conference & Analyst Meetings

Meetings, Conference Calls or Announcements of note, COST FRPT CMPR .

Jefferies Global Industrial Conference.

Oppenheimer Technolgy Conference.

Canaccord Genuity Annual Growth Conference.

Conference of Note

M & A News

Key Upgrades and Downgrades

Firm Upgrades Downgrades
JP Morgan CYBR  
Goldman Sachs    
Morgan Stanley    
Deutsche Bank    
Citigroup CC Merrill Lynchp MGP  
Merrill Lynch   KMT
Wachovia/Wells Fargo   BECN
Credit Suisse    
Banc of America    
UBS    
Stifel    
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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