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Market Matters:

Futures Flat
by Geoff Garbacz & Staff Writers

October 10, 2018

In After Hours Trading

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

Filings after close .

data courtesy of IPO Financial

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

Lower Guidance: .

Mixed Guidance: .

Positive Guidance: .

What's Happening This Morning

U.S. futures: S&P -3 Dow Jones -17, NDX -20 and Russell 2000 -2.70 with fair values lower helping to lessen the pain. Asia higher and Europe lower as well.

Gold, silver and copper down slightly. WTI Crude and Brent Oil Futures down slightly. Natural Gas is higher. $ is lower vs Euro, lower vs. Pound and higher vs. Yen. US 10 year Treasury price 117.70 with yields lower since Tuesday morning. Prices as of 8:00 a.m. EDT.

Top Sectors Utilities and Materials.

Weak Sectors Industrials and Consumer Goods.

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 Thursday morning: WBA DAL CBSH LNN.

Rags & Mags: Inside Wall Street

Treasury Secretary Mnuchin warns Chinese not to devalue currency. (CNBC)

Hurricane Michael to be a monster. (CNN)

Sears sets up bankruptcy filing. (WSJ)

Michael Bloomberg moves back to the Democratic Party. (CNBC)

Tesla (TSLA) debt comes due in 143 days. (Bloomberg)

Trump's trade victories not helping businesses and farmers. (NYT)

Slack CEO interviewed on how he moves away from email. (WSJ)

Reported Earnings This Morning

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

Missing: none of note.

Lower Guidance: none of note.

Current Morning missing: .

Mixed Guidance: .

Positive Guidance: .

Data Points

Yesterday saw 1408 stocks rise and 1505 fall on the NYSE. NASDAQ saw 1309 rise and 1729 fall.

The SP 500 is barely 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

Weekly Mortgage Applications came out at 7:00 p.m. EDT and fell -1.7%.

September PPI is due out at 8:30 a.m. EDT and is expected to rise to 0.2% from -0.1%.

The API Petroleum Institute Weekly Update will be out after the close at 4:30 p.m. as we reported it yesterday being out Tuesday but was moved due to the holiday.

Politico

Federal Reserve New York President John Williams speaks at 10:35 a.m. EDT.

Federal Reserve Chicago President Charles Evans speaks at 12:15 p.m. EDT.

Federal Reserve Minneapolis President Raphael Bostic and New York President John Williams to speak at 6:00 and 7:15 p.m. EDT.

President Trump t.

Conference & Analyst Meetings

Meetings, Conference Calls or Announcements of note, COST NGTF ICLR GVA REZI HON SAFM .

Conference of Note

M & A News

TransDigm (TDG) to buy Esterline (ESL) for $4 billion or $122.50 in cash.

Key Upgrades and Downgrades

Firm Upgrades Downgrades
JP Morgan    
Goldman Sachs   IP
Morgan Stanley    
Deutsche Bank    
Citigroup CC Merrill Lynchp FND TTS  
Merrill Lynch SO MLNX  
Wachovia/Wells Fargo    
Credit Suisse DISCA  
Banc of America    
UBS    
Stifel    
Piper Jaffray MYGN  
Jefferies    
Nomura    
Needham    
Raymond James RARX AM
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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