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Market Matters:

Futures Lower
by Geoff Garbacz & Staff Writers

October 9, 2018

In After Hours Trading

IPOs on deck 5 due out this week. Secondaries of note .

Filings after close .

data courtesy of IPO Financial

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

Lower Guidance: .

Mixed Guidance: .

Positive Guidance: .

What's Happening This Morning

U.S. futures: S&P -18 Dow Jones -153, NDX -50 and Russell 2000 -9.30 with fair values lower helping to lessen the pain. Asia weaker and Europe lower as well.

Gold, silver and copper flat to up modestly. WTI Crude and Brent Oil Futures higher. Natural Gas is higher. $ is lower vs Euro, lower vs. Pound and lower vs. Yen. US 10 year Treasury price 117.67 with yields higher since Wednesday morning. Prices as of 8:00 a.m. EDT.

Top Sectors Utilities, Financials and Consumer Goods.

Weak Sectors Technology and Healthcare.

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 Wednesday morning: FAST USAT.

Rags & Mags: Inside Wall Street

Treasury yields rise to new highs as market reopens after being closed on Monday. (CNBC)

IMF cuts global forecast from 3.9% to 3.7%. (CNBC)

Michael moves to a Category 2 as it heads to the Florida panhandle. (USA Today)

Dick Bove the ax in financials says to lower exposure. (CNBC)

Mohamed El-Erian says economy looks good for the next couple of year. (CNBC)

Jack in the Box (JACK) CEO in jeopardy. (Bloomberg)

Tencent Holdings has now fallen 38%. (Bloomberg)

Red Sox hand Yankees worst playoff loss ever. (USA Today)

Amazon (AMZN) wage raise cuts total compensation. (NY Times)

When imported steel makes sense. (NY Times)

Google (GOOGL) hid Google+ social network breach for months. (WSJ)

Hedge funds continue to shut down as $4 billion Tourbillon shuts down. (WSJ)

Reported Earnings This Morning

Reported This Morning: SURPRISES HELE +.39. FLAT: MISSED: AZZ -.04.

Missing: none of note.

Lower Guidance: none of note.

Current Morning missing: .

Mixed Guidance: .

Positive Guidance: HELE.

Data Points

Yesterday saw 1464 stocks rise and 1471 fall on the NYSE. NASDAQ saw 1235 rise and 1793 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

The NFIB Small Business Optimism Index came in at 107.9 from 108.80 this morning.

Crude API Petroleum Index due out at 4:30 p.m. EDT.

Politico

Federal Reserve Chicago President Charles Evans to speak at 10:00 a.m. EDT.

President Trump to approve E-15 Gas to be used year round at 7:00 p.m. EDT.

Conference & Analyst Meetings

Meetings, Conference Calls or Announcements of note, OKTA CUTR GOOGL DDR SJM RDCM .

Conference of Note

SDN-NFV World Congress 2018.

2018 IEEE-SA Ethernet & IP @ Automotive Technology Day

M & A News

Key Upgrades and Downgrades

Firm Upgrades Downgrades
JP Morgan CREE   
Goldman Sachs NWSA  SEMG TCP 
Morgan Stanley   MYL 
Deutsche Bank    
Citigroup CC Merrill Lynchp PEG  EXC 
Merrill Lynch HIG   
Wachovia/Wells Fargo ESV   
Credit Suisse    
Banc of America    
UBS    
Stifel    
Piper Jaffray    
Jefferies BHGE   
Nomura    
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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