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Market Matters:

Futures Weak For A Second Day
by Geoff Garbacz & Staff Writers

October 18, 2018

In After Hours Trading

IPOs on deck Osmotica Pharmaceuticals (OSMT), PhasBio Pharmaceuticals (PHAS) and Studio City International (MSC). Secondaries of note ACRS GMO VJET.

Filings after close .

data courtesy of IPO Financial

In After Hours Trading: SURPRISES AA +.29 URI +.19 CCK +.06 UMPQ +.04 TBK +.04 CCI +.04 STLD +.03 CNS +.02. FLAT: MISSED: KALU -.12 TCBI -.03.

Lower Guidance: CCK.

Mixed Guidance: CCI URI.

Positive Guidance: UAL CSX.

What's Happening This Morning

U.S. futures: S&P -10 Dow Jones -76, NDX -35 and Russell 2000 -6 with fair values LOWER hurting open. Asia and Europe lower as well.

Gold,silver and copper lower. WTI Crude and Brent Oil Futures lower. Natural Gas is lower. $ is lower vs Euro, higher vs. Pound and lower vs. Yen. US 10 year Treasury price 117.89 with yields flat since last yesterday. Prices as of 8:15 a.m. EDT.

Top Sectors Financials and Healthcare.

Weak Sectors Basic Materials and Industrials along with Technology.

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): PYPL AXP ISRG CE ETFC ATHN OZK SKX.

Earnings due Friday morning: PG HON SLB VFC STT STI RCI SYF CFG KSU IPG GNTX MAN IBKC CLF.

Rags & Mags: Inside Wall Street

Uber raised $2 billion in a sale of bonds as it looks to IPO in 2019. (Financial Times)

Constellation Brands (STZ) to step down in March. (CNBC)

Housing stocks having worst year since 2008. (CNBC)

Treasury stops short of calling China a currency manipulator. (NYT)

Trump stresses to stay aligned with Saudis despite Khashoggi incident. (WSJ)

Reported Earnings This Morning

Reported This Morning: SURPRISES ERIC +.54 TRV +.28 PM +.15 DOV +.07 POOL +.07 ADS +.07 SAP +.05 DHR +.03 EWBC +.03 BK +.02 TSM +.02 SNA +.02. FLAT: MISSED: .

Missing: .

Lower Guidance: none of note.

Current Morning missing: .

Mixed Guidance: WBC DHR .

Positive Guidance: POOL.

Data Points

Yesterday saw 1069 stocks rise and 1815 fall on the NYSE. NASDAQ saw 1260 rise and 1749 fall.

The SP 500 is now well below its 50 day exponential moving average and is back above its 200 day exponential moving average. The Russell 2000 is below its 50 day moving exponential average and 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 41% of stocks are higher and 59% are lower. Updated 10/12/18 close.

Economics

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

September Leading Indicators are due out at 10:00 a.m. EDT and are expected to rise to 0.5% from 0.4%.

The Philadelphia Fed Manufacturing Business Outlook Survey is due out and is expected to fall to 20 from 22.90.

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

Politico

Federal Reserve St. Louis President James Bullard speaks on monetary policy today (no specific time yet, check my Twitter handle Bullet86).

Federal Reserve Vice Chairman Randal Quarles speaks at 12:00 p.m EDT to the New York Economics Club.

Conference & Analyst Meetings

Meetings, Conference Calls or Announcements of note, NSRGY AXSM NEWR.

BIO Investor Forum.

Conference of Note

North American Cycstic Fibrosis Conference.

M & A News

Key Upgrades and Downgrades

Firm Upgrades Downgrades
JP Morgan    
Goldman Sachs FLR MXIM ADI
Morgan Stanley   WING
Deutsche Bank    
Citigroup CC Merrill Lynchp    
Merrill Lynch   SEE
Wachovia/Wells Fargo    
Credit Suisse    
Banc of America    
UBS    
Deutsche Bank NTRS  
Piper Jaffray    
Jefferies    
Nomura    
Needham    
Raymond James    
Stephens UAL  
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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