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Market Matters:

Futures Lower As We End The Quarter
by Geoff Garbacz & Staff Writers

September 28, 2018

In After Hours Trading

IPOs on deck CooTek (CTK) Gritstone Oncology (GRTS) Yayyo (YAYO). Secondaries of note ALDX NITE ROSE.

Filings after close .

data courtesy of IPO Financial

In After Hours Trading: SURPRISES CAMP +.03 PRGS +.02. FLAT: MISSED: .

Lower Guidance: PRGS.

Mixed Guidance: .

Positive Guidance: .

What's Happening This Morning

U.S. futures: S&P -9.25 Dow Jones -101, NDX -31.25 and Russell 2000 -6.70 with fair values flat. Asia higher and Europe lower.

Gold, silver and copper mixed. WTI Crude and Brent Oil Futures flat. Natural Gas is lower. $ is higher vs Euro, higher vs. Pound and lower vs. Yen. US 10 year Treasury price 118.98 with yields lower since Thursday. Prices as of 8:00 a.m. EDT.

Top Sectors Utilities, Technology and Healthcare.

Weak Sectors Financials, Utilities 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): none of note.

Earnings due Monday morning: CALM.

Rags & Mags: Inside Wall Street

Telsa (TSLA) CEO Elon Musk charged by the SEC with fraud over buyout statements, cancelled a last minute settlement. (CNBC)

Stocks put up a strong third quarter gaining 7%. (CNBC)

Italian stocks tumble as Progressives win and vow to fund agenda. (Bloomberg)

ABA which backed Judge Kavanaugh urges FBI to investigate. (NYT)

Minimum wage for New York City airport workers raised to $19. (NYT)

Reported Earnings This Morning

Reported This Morning: SURPRISES MTN +.19 BB +.03. FLAT: MISSED: .

Missing: .

Lower Guidance: .

Current Morning missing: .

Mixed Guidance: ACN MCK ANGO CAG RAD.

Positive Guidance: .

Data Points

Yesterday saw 1569 stocks rise and 1282 fall on the NYSE. NASDAQ saw 1492 rise and 1477 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 below its 50 day moving exponential average but is above 200 day exponential moving average.

The 10 day spread moving average of breadth is in cash. The Madison Market Timing Indicator is still invested.

YTD 53% of stocks are higher and 47% are lower. Updated 9/21/18 close.

Economics

August Personal Income is due out at 8:30 a.m. EDT and is expected to rise to 0.4% from 0.3%.

University of Michigan Consumer Sentiment is due out at 10:00 a.m. EDT and is expected to fall to 100.50 from 100.80.

Politico

Supreme Court Nominee Brett Kavanaugh's confirmation vote will take place today.

President Trump meeting with Deputy Attorney General Rod Rosenstein pushed to next week.

Conference & Analyst Meetings

Meetings, Conference Calls or Announcements of note, .

Sidoti Fall Conference.

Barrington Research Fall Conference.

Wells Fargo Consumer Conference & Beauty Forum.

Conference of Note

Denver Gold Forum

European Conference on Optical Communication

M & A News

Key Upgrades and Downgrades

Firm Upgrades Downgrades
JP Morgan BCOR  
Goldman Sachs    
Morgan Stanley   PSXP
Deutsche Bank    
Citigroup CC Merrill Lynchp   TSLA
Merrill Lynch    
Wachovia/Wells Fargo   SSW TGH
Credit Suisse    
Banc of America    
UBS    
Stifel    
Cowen    
Jefferies    
Stephens    
Needham    
Raymond James    
Northland    
Loop Capital    
Nomura    
Moffet Nathanson    
Robert W. Baird    
Cowen    
Sun Trust RH LOW  
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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