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Market Matters:

Futures Lower As We Begin The Last Quarter Of The Year
by Geoff Garbacz & Staff Writers

October 2, 2018

In After Hours Trading

IPOs on deck 6 on deck for this week. Secondaries of note none of note.

Filings after close .

data courtesy of IPO Financial

In After Hours Trading: SURPRISES SFIX +.14. FLAT: MISSED: .

Lower Guidance: .

Mixed Guidance: SFIX.

Positive Guidance: .

What's Happening This Morning

U.S. futures: S&P -6.25 Dow Jones -76, NDX -28.75 and Russell 2000 -2.40 with fair values lower helping to lessen the pain. Asia hand Europe lower.

Gold, silver and copper higher. WTI Crude and Brent Oil Futures mixed. Natural Gas is higher. $ is lower vs Euro, lower vs. Pound and higher vs. Yen. US 10 year Treasury price 118.81 with yields lower since Friday. Prices as of 8:00 a.m. EDT.

Top Sectors Materials, Industrials and Consumer Goods.

Weak Sectors Utilities.

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): LNDC.

Earnings due tomorrow morning: AYI LEN RPM.

Rags & Mags: Inside Wall Street

Tesla (TSLA) could be a $1 trillion in market cap by 2030 says Baron Fund's Ron Baron.(CNBC)

Pot Stock Mania not close to dying out. (Bloomberg)

Amazon (AMZN) raises minimum wage to $15 starting in November. (Bloomberg)

Kavanaugh Bar Fight makes it to front and center. (NYT)

Trumps hails revision to NAFTA and to focus on China. (NYT)

Corporations not passing tax cuts to the wages of employees. (WSJ)

Reported Earnings This Morning

Reported This Morning: SURPRISES PEP +.02. FLAT: MISSED: .

Missing: .

Lower Guidance: PEP.

Current Morning missing: .

Mixed Guidance: .

Positive Guidance: .

Data Points

Yesterday saw 1184 stocks rise and 1780 fall on the NYSE. NASDAQ saw 1081 rise and 1971 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 51% of stocks are higher and 49% are lower. Updated 9/28/18 close.

Economics

Auto and Truck Sales are due out at 2:00 p.m. EDT.

Politico

Federal Reserve Board of Governors Randall Quarles speaks at 10:00 a.m. EDT.

Federal Reserve Chairman Jerome Powell speaks at 12:00 p.m. EDT.

Conference & Analyst Meetings

Meetings, Conference Calls or Announcements of note, GM F WDAY ELGX MSFT BLL JBLU.

Cantor Fitzgerald Healthcare Conference.

Deutsche Bank dbAccess Leveraged Finance Conference.

Ladenburg Thalman Healthcare Conference.

Leerink Partners Rare Disease & Oncology Roundtable.

Conference of Note

MicroCap Conference.

M & A News

Key Upgrades and Downgrades

Firm Upgrades Downgrades
JP Morgan DFS  
Goldman Sachs HOME COP
Morgan Stanley   SERV
Deutsche Bank    
Citigroup CC Merrill Lynchp   SKX
Merrill Lynch PLCE  
Wachovia/Wells Fargo    
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    
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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