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Market Matters:

Futures Lower On China Chip News
by Geoff Garbacz & Staff Writers

October 4, 2018

In After Hours Trading

IPOs on deck Guardian Health (GH) Kodiak Services (KOD). Secondaries of note AZRE MLVF SIR.

Filings after close .

data courtesy of IPO Financial

In After Hours Trading: SURPRISES . FLAT: MISSED: .

Lower Guidance: .

Mixed Guidance: .

Positive Guidance: .

What's Happening This Morning

U.S. futures: S&P -10 Dow Jones -82, NDX -39 and Russell 2000 -9 with fair values lower helping to lessen the pain. Asia weaker with Europe mixed.

Gold, silver and copper flat to up modestly. WTI Crude and Brent Oil Futures mixed to lower. Natural Gas is lower. $ is higher vs Euro, lower vs. Pound and higher vs. Yen. US 10 year Treasury price 117.72 with yields higher since Wednesday morning. Prices as of 8:00 a.m. EDT.

Top Sectors Financials, Materials, Industrials and Technology.

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): COST SGH.

Earnings due tomorrow morning: none of note.

Rags & Mags: Inside Wall Street

China puts chips on motherboards to spy on U.S. data centers. (Bloomberg)

Kavanaugh FBI Report out and vote before the weekend. (CNBC and others)

Federal Reserve Chairman Powell says a long way from neutral on interest rates. (CNBC)

Bond bears celebrating as yields rise. (Bloomberg)

U.S. to show China force with naval exercises. (Bloomberg)

NY Times attacks President Trump over wealth transfer 30 years ago. Seriously? (NYT)

Democrats split on future of Medicare. (WSJ)

China to sell $3 billion of U.S. debt. (WSJ)

Hedge fund Highfields to return money and convert to family office. (WSJ)

Reported Earnings This Morning

Reported This Morning: SURPRISES ISCA +.05. FLAT: MISSED: .

Missing: STZ.

Lower Guidance: ISCA.

Current Morning missing: .

Mixed Guidance: .

Positive Guidance: .

Data Points

Yesterday saw 1436 stocks rise and 1517 fall on the NYSE. NASDAQ saw 1899 rise and 1166 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.


Weekly Jobless Claims are due out at 8:30 a.m. EDT.

August Factory Orders is due out at 10:00 a.m. EDT and is expected to rise to 1.80% from -0.80%.

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


Vice President Mike Pence to speak at 11:00 a.m. EDT on Chinese influence on the election process in the U.S.

Federal Reserve Vice Chairman Randall Quarles speaks at 10:00 a.m. EDT.

Conference & Analyst Meetings

Meetings, Conference Calls or Announcements of note, LLY VEEV RIGL TRC HZNP KRNT TRN DRIO CCOI JEF ARNA BB SRPT.

Wolfe Utilities & Power Conference

B. Riley Consumer & Media Conference

Conference of Note

FireEye Cyber Summit

M & A News

Key Upgrades and Downgrades

Firm Upgrades Downgrades
JP Morgan    
Goldman Sachs   AMCX
Morgan Stanley    
Deutsche Bank    
Citigroup CC Merrill Lynchp    
Merrill Lynch    
Wachovia/Wells Fargo   FSIC CCT
Credit Suisse    
Banc of America    
Piper Jaffray CMI  
Jefferies NSA  
Nomura CLDR  
Needham SNX  
Raymond James PFBC  
Loop Capital    
Moffet Nathanson    
Robert W. Baird    
Sun Trust RH    
Sandler O'Neil    
Keefe Bruyette    
Cantor Fitzgerald    
HSBC Securities    
William Blair    
BNP Paribas    
B. Riley    
Brean Murray    
JMP Securities    
Janney Montgomery  
Think Equity    
Cantor Fitzgerlad    
BMO Capital  
Jesup & Lamont    
Canaccord Adams    
Global Hunter    


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