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Market Matters:

Futures Higher Again, Is This A Dream?
by Geoff Garbacz & Staff Writers

November 1, 2018

In After Hours Trading


IPOs on deck none of note. Secondaries of note none for today.

Filings after close none of note.

data courtesy of IPO Financial Network (ipofinancial.com)

In After Hours Trading: (Looking at beats or misses +/- .10)

SURPRISES: MOH +1.32 , CACI +1.08 , ETR +0.94 , GM +0.62 , UTHR +0.52 , THG +0.48 , TUSK +0.47 , ICPT +0.47 , HES +0.42 , HFC +0.32 , TAP +0.25 , GRMN +0.23 , ATH +0.22 , YUM +0.21 , AUO +0.21 , TMHC +0.19 , AEE +0.18 , EL +0.18 , EPD +0.16 , CLH +0.16 , NFX +0.15 , SNY +0.14 , BG +0.13 , QRVO +0.13 , RYN +0.12 , MTDR +0.11 , ANTM +0.11 , BCOR +0.10 , PBF +0.10.

MISSED: AIG (0.51), DBD (0.45), CVE (0.38), EGL (0.36), ALL (0.32), MAXR (0.30), HCC (0.30), NEWM (0.29), CG (0.24), MUSA (0.24), WD (0.19), LIVN (0.12), LKSD (0.12), APO (0.11), XPO (0.10).

Lower Guidance: AMN HGV.

Mixed Guidance: .

Positive Guidance: STAY MASI KIDS O.

What's Happening This Morning

U.S. futures: S&P +12 Dow Jones +124, NDX +25 and Russell 2000 +8.60 with fair values LOWER helping open. Asia mixed and Europe higher.

Gold, silver and copper higher. WTI Crude and Brent Oil Futures lower. Natural Gas is higher. $ is lower vs Euro, lower vs. Pound and lower vs. Yen. US 10 year Treasury price 118.41 with yields lower since Wednesday. Prices as of 7:55 a.m. EDT.

Top Sectors Technology, Services, Industrials and Financials.

Weak Sectors Utilities.

One month winners Utilities.

Three Month Winners Utilities.

Six Month Winners Healthcare, Conglomerates, Services and Utilities.

One Year Winners Services, Healthcare and Conglomerates.

Year To Date Conglomerates, Healthcare and Services.

Earnings Expected


Earnings due after the close (by avg. trade volume):  AAPL SBUX HNZ EOG MET EQIX ED ES CBS ANET MELI FTNT SYMC WYNN TRMB FLR ATHN.

Earnings due Friday morning: BABA XOM CVX ABBV DUK ENB IMO STX ITT RLGY.

Rags & Mags: Inside Wall Street


Crude Oil is dropping with Stocks and is highly correlated of late, (CNBC)

Tech stocks see worst month since November 2008. (CNBC)

Google (GOOGL GOOG) employees walk out over sexual harrassment handling. (CNBC)

2 views of Angela Merkel leadership in Germany. (NYT)

Apple (AAPL) earnings report tied to new iPhone Sales,earnings after the close. (WSJ)

Health Care sees open enrollment start today. (WSJ)

Dow Dupont (DWDP) earnings hurt by higher costs. (WSJ)

Active Bond Portfolio Managers doing a good job of outperforming. (WSJ)

Reported Earnings This Morning (Looking at beats or misses +/- .10)

Reported This Morning: 

SURPRISES MSG +0.62 , AMAG +0.54 , SPOT +0.53 , OSB +0.43 , CI +0.40 , ABMD +0.36 , OSK +0.35 , GNRC +0.35 , RFP +0.34 , AMCX +0.34 , PH +0.31 , UFS +0.29 , LITE +0.29 , IDA +0.27 , TREE +0.24 , IT +0.23 , STFC +0.20 , BID +0.20 , TRP +0.20 , CNQ +0.19 , RDUS +0.19 , NSP +0.14 , TEVA +0.14 , PGTI +0.12 , EPAM +0.12 , NTCT +0.11 , WRLD +0.10 , TFX +0.10 , GLOG +0.10.

MISSES: MT (0.56), GEL (0.36), USCR (0.32), STAR (0.26), ALE (0.25), CEIX (0.20), W (0.19), TPX (0.16), EGRX (0.15), SN (0.13).

Missing: .

Lower Guidance: CHD D ROCK VSAT.

Current Morning missing: .

Mixed Guidance: .

Positive Guidance: AME CI EEX EPAM GNRC TREE STOR.

Data Points


Yesterday saw 1777 stocks rise and 1176 fall on the NYSE. NASDAQ saw 1908 rise and 1197 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 QPI10 Day Moving Average of breadth is in cash. The Madison Market Timing Indicator is still invested.

YTD 35% of stocks are higher and 65% are lower. Updated 10/26/18 close with next update on 11/5/18.

Economics


September Construction Spending is due out at 10:00 a.m. EDT and is expected to rise to 0.20% from 0.10%.

October ISM Manufacturing Index is due out at 10:00 a.m. EDT and is expected to fall to 59 from 59.80.

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

Politico

The Bank of England (BOE) announced its latest interest rate decision overnight and left rates alone but noted "economy to run hot in late 2019 into 2020".

President Trump goes to Columbia, Missouri to campaign.

Conference & Analyst Meetings


Meetings, Conference Calls or Announcements of note, PGR SANW.

October Car Sales F HMC FCAU TM due out during the day.

M&A Activity

Encana (ECA) to buy Newfield Exploration (NFX) in all stock deal for $5.5 billion.  NFX higher by 13.9%.

Key Upgrades and Downgrades

Firm Upgrades Downgrades
JP Morgan HLNE
Goldman Sachs
Morgan Stanley
Deutsche Bank
Citigroup CC Merrill Lynchp
Merrill Lynch
Wachovia/Wells Fargo DRH
Credit Suisse
Banc of America
UBS
Barclays SNY
Piper Jaffray
Jefferies
Stifel
Needham
Raymond James DIN
Deutsche Bank EDU
Sun Trust RH THR BDC
Nomura
Moffet Nathanson
Robert W. Baird
Cowen
Loop Capital
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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