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Market Matters:

Futures Higher But ECB Makes No Changes
by Geoff Garbacz & Staff Writers

September 13, 2018

In After Hours Trading

IPOs on deck none of note. Secondaries of note CISN FND GLPG HLNE IFF KRNT SEMG XENE .

Filings after close .

data courtesy of IPO Financial

In After Hours Trading: SURPRISES PI +.10 PVTL +.03. FLAT: MISSED: .

Lower Guidance: .

Mixed Guidance: PVTL OXM.

Positive Guidance: PI.

What's Happening This Morning

U.S. futures: S&P +6.75, Dow Jones +70, NDX +28 and Russell 2000 +5.30 with fair values higher reducing gains. Asia higher and Europe higher.

Gold and cooper higher and silver lower. WTI Crude and Brent Oil Futures lower. Natural Gas is lower. $ is higher vs Euro, higher vs. Pound and higher vs. Yen. US 10 year Treasury price 119.28 with yields higher since Wednesday. Prices as of 7:05 a.m. EDT.

Top Sectors Conglomerates, Materials, Consumer Goods, Industrials and Healthcare.

Weak Sectors Financials and Technology.

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): ORCL ADBE.

Earnings due Friday morning: PLAY.

Rags & Mags: Inside Wall Street

Goldman Sachs cuts profit estimates at Apple (AAPL) after Apple product announcements. (CNBC)

Goldman Sachs (GS) has been lower for 11 days in a row which has never happened before. (CNBC)

Turkey raises interest rates to 24%. (Bloomberg)

Hurricane Florence weakened to a 2 from a 3 but will still drop massive rain amounts. (Bloomberg)

Facebook (FB) prepared to fight election interference. (NYT)

Why CBS board turned on its CEO Leslie Moonves. (NYT)

Apple phones are most expensive ever. (WSJ)

China ready to start talking with U.S. again on tariffs. (WSJ)

Reported Earnings This Morning

Reported This Morning: SURPRISES BRC +.14 KR +.03. FLAT: MISSED: .

Missing: .

Lower Guidance: .

Current Morning missing: .

Mixed Guidance: .

Positive Guidance: .

Data Points

Yesterday saw 1562 stocks rise and 1268 fall on the NYSE. NASDAQ saw 1406 rise and 1585 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 moves to cash today. The Madison Market Timing Indicator is still invested.

YTD 55% of stocks are higher and 45% are lower. Updated 9/7/18 close.

Economics

August CPI is due out at 8:30 a.m. EDT and is remain at 0.2%.

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

The latest Treasury Budget update is due out at 2:00 p.m. EDT.

Politico

The European Central Bank (ECB) no change and then hosts a press conference at 8:30 a.m. EDT. It was noted that net purchases could end by December.

The Bank of England (BOE) no change with its latest release before markets open.

Turkish Central Bank raised interest rates to 24%.

Conference & Analyst Meetings

Meetings, Conference Calls or Announcements of note, BE CYDY RHP PSDO AMDA JNJ AJG UPS JE IMNP .

Bank America Healthcare Conference.

Barclays Global Financial ServicesConference.

Credit Suisse Basic Materials Conference.

Morgan Stanley Healthcare Conference.

Deutsche Bank Technology Conference.

Conference of Note

The Annual ECIM International E&P Data and Information Management Conference and User Meeting.

Gartner Security & Risk Conference.

M & A News

Key Upgrades and Downgrades

Firm Upgrades Downgrades
JP Morgan DVA NYOX OBSV  
Goldman Sachs    
Morgan Stanley TRI FNSR CIEN
   
Citigroup CC Merrill Lynchp DRNA FEDU
Merrill Lynch   W HOLX
Wachovia/Wells Fargo    
Credit Suisse    
Banc of America    
UBS    
Stifel    
William Blair    
Jefferies CARA  
Stephens    
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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