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Market Matters:

Futures Mixed On The Back Of The New York Times Op-Ed
by Geoff Garbacz & Staff Writers

September 6, 2018

In After Hours Trading

IPOs on deck none of note. Secondaries of note FHB KALV ZLAB.

Filings after close .

data courtesy of IPO Financial

In After Hours Trading: SURPRISES AVAV +.28 VRNT +.14 CTRP +.09 CLDR +.07 GWRE +.05 OLLI +.04 DOCU +.02 . FLAT: MISSED: .

Lower Guidance: .

Mixed Guidance: VRNT CLDR MDB ZS.

Positive Guidance: DOCU.

What's Happening This Morning

U.S. futures: S&P +1, Dow Jones +26, NDX +2.25 and Russell 2000 +0.70 with fair values lower reducing losses. Asia and Europe up slightly.

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 119.92 with yields higher since last week. Prices as of 8:05 a.m. EDT.

Top Sectors Utilities and Industrials.

Weak Sectors Conglomerates, Technology and Materials.

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): BRCM PANW MRVL DCI FIVE KFY FNSR GME ZUMZ.

Earnings due Friday morning: GCO.

Rags & Mags: Inside Wall Street

CBS Board negotiating the exit of Les Moonves. (CNBC)

Vice President Mike Pence denies he wrote the Op-Ed. (Bloomberg)

Bitcoin falls off a cliff. (Bloomberg)

President Trump lashes back. (NY Times)

Reported Earnings This Morning

Reported This Morning: SURPRISES NAV +.78 GIII +.19 MBUU +.17 SECO +.09. MISSED: BKS -.13 LE -.12 JW.A -.07. FLAT:

Missing: .

Lower Guidance: .

Current Morning missing: .

Mixed Guidance: GIII.

Positive Guidance: NAV.

Data Points

Yesterday saw 1257 stocks rise and 1617 fall on the NYSE. NASDAQ saw 1122 rise and 1837 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 55% of stocks are higher and 45% are lower. Updated 8/31/18 close.

Economics

August ADP Payroll is due out at 8:15 a.m. EDT and are expected to drop to 186,000 from 219,000.

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

July Factory Orders is due out at 10:0 a.m. EDT and is expected to fall to -0.6% from 0.7%.

August ISM Services is due out at 10:0 a.m. EDT and is expected to rise to 56.5 from 55.7.

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

The public comment period end on $200 billion in Chinese tariffs and President Trump is expected to move ahead with tariffs.

Politico

Federal Reserve New York President John Williams to speak at 10:00 a.m. EDT.

Fall out from The New York Times Op-Ed will continue in the White House, expect the unexpected.

Conference & Analyst Meetings

Meetings, Conference Calls or Announcements of note, RH AL NTGR MUX ZAGG.

Barclays CEO Energy Power Conference.

Rodmen & Renshaw and H.C. Wainwright Annual Global Conference.

Credit Suisse Asian Technology Conference.

Robert W. Baird Healthcare Conference.

Wells Fargo Securities Healthcare Conference.

Citi Global Technology Conference.

Dougherty Institutional Conference

Conference of Note

28th Meeting of the Diabetic Neuropathy Study Group of the European Association for the Study of Diabetes (EASD).

M & A News

Key Upgrades and Downgrades

Firm Upgrades Downgrades
JP Morgan BSAC BEN
Goldman Sachs   RAD
Morgan Stanley    
Deutsche Bank    
Citigroup CC Merrill Lynchp VOD  
Merrill Lynch TCF HQY COP CVX
Wachovia/Wells Fargo    
Credit Suisse    
Banc of America    
UBS    
Stifel    
William Blair    
Jefferies    
Bernstein    
Needham    
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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