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Market Matters:

Futures Flat
by Geoff Garbacz & Staff Writers

August 9, 2018

In After Hours Trading

IPOs on deck Amalgamated Bank (AMAL) and Vaccinex (VCNX). Secondaries of note AGS CENTA CTXR EAF ENBL HCC NVEE SBPH SOLO WKHS.

In After Hours Trading: SURPRISES IAC +.79 NTES +.33 ROKU +.15 JACK +.15 BREW +.10 NKTR .04 FOXA +.04. FLAT: MISSED: UHAL -.50 MELI -.46 ADT -.19 INSY -.17.

Lower Guidance: .

Mixed Guidance: .

Positive Guidance: .

What's Happening This Morning

U.S. futures: S&P +1.50, Dow Jones +9, NDX +4.75 and Russell 2000 -0.20 with fair values lower. Asia and Europe mixed.

Gold, silver and copper higher. WTI Crude and Brent Oil Futures mixed. Natural Gas is lower. $ is higher vs Euro, higher vs. Pound and higher vs. Yen. US 10 year Treasury price 119.55 with yields lower since yesterday. Prices as of 7:45 a.m. EDT.

Top Sectors Conglomerates, Technology and Financials.

Weak Sectors Utilities and Industrials.

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): .

Earnings due tomorrow morning: .

Rags & Mags: Inside Wall Street

Chinese leadership faces backlash over tariff issue with U.S. (CNBC)

Russian market hurt by recent U.S. sanctions. (Bloomberg)

Tesla financing remains a mystery. (Bloomberg)

New York City caps the number of Uber drivers. (NYT)

Reported Earnings This Morning

Reported This Morning: SURPRISES BKNG +2.77 TRCO +.41 BAM +.14 VIAB +.11 GCI +.10. MISSED: LNG-.37 PTLA -.10 MPAA -.10. FLAT:

Missing: .

Lower Guidance: BKNG PRGO.

Current Morning missing: .

Mixed Guidance: .

Positive Guidance: CCE.

Data Points

Yesterday saw 1304 stocks rise and 1499 fall on the NYSE. NASDAQ saw 1533 rise and 1445 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

July PPI came in at 0.2% which is lower from last month at 0.3%.

Weekly Jobless Claims came in at 220,000 against 219,000 prior.

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

Politico

Federal Reserve Chicago President Charles Evans speaks at 9:30 a.m. EDT.yes

Conference & Analyst Meetings

Meetings, Conference Calls or Announcements of note, RICK AZPN LB COST BKE.

Jefferies Global Industrial Conference.

Canaccord Genuity Annual Growth Conference.

Conference of Note

M & A News

United Health (UNH) has tentatively agreed to buy specialty pharmacy operator Genoa Health, per Axios, in a deal rumored to be worth about $2 billion.

Rite Aid (RAD) and Albertsons terminate merger.

Tribune (TRCO) calls off merger with Sinclair Broadcasting (SBGI).

Key Upgrades and Downgrades

Firm Upgrades Downgrades
JP Morgan ORA  
Goldman Sachs   STX
Morgan Stanley GLOG APH ON
Deutsche Bank    
Citigroup CC Merrill Lynchp   ELF
Merrill Lynch WMGI  
Wachovia/Wells Fargo   OUT
Credit Suisse    
Banc of America    
UBS    
Stifel    
William Blair    
Jefferies   ELF
Bernstein    
Needham    
Raymond James    
Stifel    
Piper Jaffray   ELF
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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