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Market Matters:

Futures Rebounding Off Overnight Lows
by Geoff Garbacz & Staff Writers

October 24, 2018

In After Hours Trading

IPOs on deck Alberton Acquisition (ALACU) Alzheon (ALZH). Secondaries of note PTI.

Filings after close .

data courtesy of IPO Financial

In After Hours Trading: SURPRISES IRBT +.65 WRB +.42 AMP +.37 ILMN +.26 COF +.25 LRN +.20 JNPR +.10 TER +.08 TSS +.07 TXN +.05 EW +.04 CNI +.03. FLAT: MISSED: SIX -.16 CSL -.05 VAR -.04.

Lower Guidance: TXN .

Mixed Guidance: IRBT JNPR TSS EW.

Positive Guidance: LRN ILMN TER.

What's Happening This Morning

U.S. futures: S&P -3 Dow Jones +73, NDX +2 and Russell 2000 -1.50 with fair values LOWER helping open. Asia lower and Europe higher.

Gold and silver lower with copper higher. WTI Crude higher and Brent Oil Futures lower. Natural Gas is lower. $ is higher vs Euro, higher vs. Pound and higher vs. Yen. US 10 year Treasury price 118.45 with yields slightly higher since yesterday. Prices as of 8:15 a.m. EDT.

Top Sectors Consumer Goods.

Weak Sectors Materials, Industrials and Conglomerates.

One month winners Utilities and Conglomerates.

Three Month Winners Utilities and Healthcare.

Six Month Winners Healthcare, Conglomerates, Services and Utilities.

One Year Winners Services, Healthcare and Materials.

Year To Date Conglomerates, Healthcare and Services.

Earnings Expected

Earnings due after the close (by avg. trade volume):MSFT V VRTX LVS AFL F SRE NOW ORLY ALGN AMD XLNX ABX EFX CTXS UNM of note.

Earnings due Thursday morning: MRK BUD CMCSA MO UNP BMY COP SPG CME CELG SPGI PX MMC VLO SHW WMLUV MCK of note.

Rags & Mags: Inside Wall Street

Apple (AAPL) pushes for strong privacy laws like in Europe. (CNBC)

President Trump in an interview with The Wall Street Journal attacked the Federal Reserve and its Chairman Jerome Powell. (WSJ)

Winning Mega Million Ticket for $1.6 Billion sold in South Carolina. (USA Today)

Wells Fargo Mike Mayo says time to be all in on banks and upgrades Morgan Stanley (MS).

Social Security taxes may rise in 2019. (USA Today)

The European Union (EU) told Italy to rewrite budget or face stiff fines. Was out yesterday after our production and needs to be followed closely.(NYT)

Reported Earnings This Morning

Reported This Morning: SURPRISES NOC +2.08 SCHN +1.11 DTE +.39 ALXN +.28 GD +.12 BA +.11 TUP +.09 GRA +.09 NSC +.08 IR +.04 FCX +.03. FLAT: MISSED: LH -.15 ITW -.12 OC -.11 CRS -.09 UMC -.07.

Missing: .

Lower Guidance: HLT STM.

Current Morning missing: .

Mixed Guidance: LAD ALXN SLAB BSX BABY LH.

Positive Guidance: BA GRA IR.

Data Points

Yesterday saw 877 stocks rise and 2070 fall on the NYSE. NASDAQ saw 987 rise and 2105 fall.

The SP 500 is now well below its 50 day exponential moving average and is now below 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 10/19/18 close.

Economics

September New Homes Sales are due out at 10:00 a.m. EDT and are expected to fall to 625,000 from 629,000.

Weekly Crude Oil Inventories are due out at 10:30 a.m. EDT. API released yesterday at 4:30 p.m. EDT and showed a build.

The latest NYSE and NASDAQ Short Interest Data is due out after the close and covers the period from September 26th through October 11th. During that period, the S&P 500 fell -6.11%. It is likely that shorts added to positions.

Politico

Federal Reserve Cleveland President Loretta Mester speaks at 12:30 p.m. EDT.

Federal Reserve Atlanta President Raphael Bostic speaks at 10:00 a.m. EDT and again at 2:00 p.m. EDT.

Federal Reserve St. Louis President James Bullard to speak at 11:30 a.m. EDT

Conference & Analyst Meetings

Meetings, Conference Calls or Announcements of note, HLG HPE.

Conference of Note

American College of Rheumotology Annual Meeting.

M & A News

Key Upgrades and Downgrades

Firm Upgrades Downgrades
JP Morgan ATI AVY LADR ABR
Goldman Sachs    
Morgan Stanley    
Deutsche Bank    
Citigroup CC Merrill Lynchp    
Merrill Lynch LAD AN SMG ADSW RSG
Wachovia/Wells Fargo MRO MS GPOR
Credit Suisse    
Banc of America    
UBS    
Deutsche Bank    
Piper Jaffray PCAR NAV
Jefferies   SBH
Stifel    
Needham    
Raymond James    
Stephens    
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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