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Market Matters:

Futures Higher This Morning Thanks To Fair Value
by Geoff Garbacz & Staff Writers

September 21, 2018

In After Hours Trading

IPOs on deck Farfetch (FTCH) Y-mAbs Therap (YMAB). Secondaries of note ASM AZRE CRSP EVOP FATE FPAY MTEM SKY TWIN URG VKTX VRTV WMC.

Filings after close .

data courtesy of IPO Financial

In After Hours Trading: SURPRISES . FLAT: MISSED: none.

Lower Guidance: .

Mixed Guidance: .

Positive Guidance: .

What's Happening This Morning

U.S. futures: S&P -1 Dow Jones +25, NDX -1 and Russell 2000 -1 with fair values lower creating gains. Asia mixed and Europe mixed.

Gold lower with silver and copper higher. WTI Crude and Brent Oil Futures higher. Natural Gas is lower. $ is higher vs Euro, higher vs. Pound and higher vs. Yen. US 10 year Treasury price 118.61 with yields lower overnight. Prices as of 8:00 a.m. EDT.

Top Sectors All higher.

Weak Sectors none.

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 tomorrow morning: none of note.

Rags & Mags: Inside Wall Street

UBS upgrades AT&T (T) to a buy on "low valuations". We have open recommendation on the name. (CNBC)

New Apple (AAPL) phones XS XS Max go on sale globally. (CNBC)

Today is quadrupple witching as futures, options, indexes and stocks. (Bloomberg)

9/28 close is second largest revision to the GIC Classification since 1999. (Bloomeberg)

Technology from driverless cars used to build the "virtual wall". (NYT)

Airlines fight move to regulate ticket changes. (WSJ)

Reported Earnings This Morning

Reported This Morning: SURPRISES . FLAT: MISSED: .

Missing: .

Lower Guidance: .

Current Morning missing: .

Mixed Guidance: DRI.

Positive Guidance: .

Data Points

Yesterday saw 1954 stocks rise and 937 fall on the NYSE. NASDAQ saw 2211 rise and 821 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 last week. The Madison Market Timing Indicator is still invested.

YTD 53% of stocks are higher and 47% are lower. Updated 9/14/18 close.

Economics

None of note

Politico

The European Union continues meetings today in Austria and main topic will be Brexit.

Conference & Analyst Meetings

Meetings, Conference Calls or Announcements of note, AVP BX.

Janney Montgomery Scott Healthcare Conference.

Conference of Note

IBC 2018.

M & A News

Fox (FOXA) and Comcast (CMCSA) holding one day auction for Sky assets with results known over the weekend.

Key Upgrades and Downgrades

Firm Upgrades Downgrades
JP Morgan NVAX LGIH UAA IR MDC BZH CCS VNTR MTH JBT WSO PHM ROP JCI
Goldman Sachs    
Morgan Stanley ATO XEL
Deutsche Bank    
Citigroup CC Merrill Lynchp    
Merrill Lynch    
Wachovia/Wells Fargo AYI  
Credit Suisse  
Banc of America    
UBS    
Stifel    
RBC    
Jefferies    
Stephens    
Needham    
Raymond James LASR IPGP  
Stifel    
Piper Jaffray ACAD  
Nomura    
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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