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Market Matters:

Futures Higher
by Geoff Garbacz & Staff Writers

September 14, 2018

In After Hours Trading

IPOs on deck Principia Biopharma (PRNB) and Qutoutiano (QTT). Secondaries of note COLD DOCU DOOO FOMX FVCB IRIX NNBR PGTI.

Filings after close .

data courtesy of IPO Financial

In After Hours Trading: SURPRISES ADBE +.04. FLAT: MISSED: .

Lower Guidance: .

Mixed Guidance: ADBE.

Positive Guidance: .

What's Happening This Morning

U.S. futures: S&P +5.25, Dow Jones +47, NDX +29.50 and Russell 2000 +1.80 with fair values higher reducing gains. Asia and Europe higher.

Gold higher with cooper and silver lower. 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 119.23 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): None of note.

Earnings due Monday: FDX.

Rags & Mags: Inside Wall Street

Hurricane Florence makes landfall in the Carolinas and moves to a Category 1 but still very dangerous. (CNBC)

Senate Elizabeth Warren sees more Lehman type dangers ahead. (CNBC)

Paul Manafort is near a plea deal. (NYT)

AIG has yet to emerge from its lost decade. (NYT)

Goldman Sachs (GS) shakeup reflects move away from trading. (WSJ)

Reported Earnings This Morning

Reported This Morning: SURPRISES. FLAT: MISSED: .

Missing: PLAY.

Lower Guidance: .

Current Morning missing: .

Mixed Guidance: .

Positive Guidance: .

Data Points

Yesterday saw 1621 stocks rise and 1272 fall on the NYSE. NASDAQ saw 1575 rise and 1449 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 moved to cash this week. 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 Retail Sales is due out at 8:30 a.m. EDT and is expected to fall to 0.4% from 0.5%.

August Industrial Production is due out at 9:15 a.m. EDT and is expected to rise to 0.4% from 0.1%.

September University of Michigan Sentiment is due out at 10:00 a.m. EDT and is expected to rise to 97 from 96.20.

Politico

Federal Reserve Chicago President Charles Evans speaks at 9:00 a.m. EDT.

Conference & Analyst Meetings

Meetings, Conference Calls or Announcements of note, AGN SCAC KPTI.

Bank America Healthcare Conference.

Morgan Stanley Healthcare Conference.

Conference of Note

Newport International Boat Show.

M & A News

Key Upgrades and Downgrades

Firm Upgrades Downgrades
JP Morgan HP  
Goldman Sachs    
Morgan Stanley    
Deutsche Bank    
Citigroup CC Merrill Lynchp REG GLW MRT DDR ESS
Merrill Lynch ZGNX SRPT  
Wachovia/Wells Fargo CCE PRSP COST
Credit Suisse    
Banc of America    
UBS    
Stifel    
RBC   DNKN
Jefferies    
Stephens    
Needham MASI  
Raymond James PYPL  
Stifel    
Piper Jaffray    
Bernstein    
Moffet Nathanson    
Robert W. Baird   TNDM
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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