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Market Matters:

Futures Modestly Higher
by Geoff Garbacz & Staff Writers

August 29, 2018

In After Hours Trading

IPOs on deck none of note. Secondaries none of note .

Filings after close SYY RLJ WMGI

In After Hours Trading: SURPRISES HEI +.04 PAHC +.04. FLAT: MISSED: .

Lower Guidance: .

Mixed Guidance: PAHC.

Positive Guidance: HEI.

What's Happening This Morning

U.S. futures: S&P +3.25, Dow Jones +35, NDX +15.50 and Russell 2000 +1.30 with fair values lower improving futures. Japan lower and Europe mixed to lower.

Gold,silver and copper higher. WTI Crude and Brent Oil Futures higher. Natural Gas is lower. $ is lower vs Euro, lower vs. Pound and lower vs. Yen. US 10 year Treasury price 120.34 with yields slightly higher since last week. Prices as of 7:50 a.m. EDT.

Top Sectors on Monday Industrials, Materials, Technology and Financials.

Weak Sectors on Monday Utilities.

One month winners Healthcare,Consumer Goods, Services and Technology.

Three Month Winners Healthcare, Consumer Goods, Services and Technology.

Six Month Winners Conglomerates, Services and Technology.

One Year Winners All except for Utilities.

Year To Date Conglomerates, Healthcare and Services.

Earnings Expected

Earnings due after the close (by avg. trade volume): HPE HRB LTRY BOX SCSC NCS SCVL OOMA LCI.

Earnings due Wednesday morning: BFB EV AEO DKS CHS XCRA MOV EXPR.

Rags & Mags: Inside Wall Street

U.S. tries to pressure Canada with auto tariffs. (CNBC)

Trump orders flags re-lowered for Senator John McCain. (CNBC)

Toyota (TM) to invest $500 million in Uber for driverless cars. Values Uber at $72 billion. (Bloomberg)

Trump tax cuts have not hit housing prices. (NYT)

Paul Manafort sought a deal in second trial but talks failed. (WSJ)

Reported Earnings This Morning

Reported This Morning: SURPRISES KLXI +.20 DSW +.16 TIF SFUN +.08 BBY +.08 BMO +.05 BJ +.01 BNS +.01. MISSED: . FLAT:

Missing:.

Lower Guidance: .

Current Morning missing: .

Mixed Guidance: DSW TIF BBY BJ.

Positive Guidance: .

Data Points

Yesterday saw 1774 stocks rise and 1101 fall on the NYSE. NASDAQ saw 1777 rise and 1208 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 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 buy. The Madison Market Timing Indicator is still invested.

YTD 53% of stocks are higher and 47% are lower. Updated 8/24/18 close.

Economics

S&P Case Schiller Home Price Index for June due out at 9:00 a.m. EDT with expectations of 6.4% from 6.5% in May.

August Consumer Confidence due out at 10:00 a.m. EDT and expected to fall to 126.5 from 127.4.

5 Year Note Auction at 1:00 p.m. EDT with $37 billion to be placed.

Politico

Conference & Analyst Meetings

Meetings, Conference Calls or Announcements of note, HSY.

Jefferies Chicago Semiconductor, Hardware & Communications Infrastructre Summit and Conference.

Conference of Note

M & A News

Key Upgrades and Downgrades

Firm Upgrades Downgrades
JP Morgan    
Goldman Sachs    
Morgan Stanley EL COTY  
Deutsche Bank    
Citigroup CC Merrill Lynchp    
Merrill Lynch   LRCX AMAT
Wachovia/Wells Fargo    
Credit Suisse    
Banc of America    
UBS    
Stifel    
William Blair    
Jefferies    
Key Banc    
Needham WMGI  
Raymond James    
Stifel    
Piper Jaffray    
Bernstein    
Moffet Nathanson    
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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