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Market Matters:

Futures Higher Again, Is This A Dream (Part II)?
by Geoff Garbacz & Staff Writers

November 2, 2018

In After Hours Trading


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

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: MSG+0.62 , AMAG+0.54 , SPOT+0.53 , OSB+0.43 , CI+0.40 , IDCC+0.37 , 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 , ACIA+0.25 , TREE+0.24 , IT+0.23 , PCRX+0.23 , CZR+0.21 , STFC+0.20 , BID+0.20 , TRP+0.20 , CNQ+0.19 , RDUS+0.19 , VSAT+0.16 , AAWW+0.14 , NSP+0.14 , TEVA+0.14 , ITGR+0.13 , PGTI+0.12 , EPAM+0.12 , NTCT+0.11 , WRLD+0.10 , TFX+0.10 , GLOG+0.10.

MISSED: MT (0.56), YRCW (0.48), 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), GLPI (0.12).

Lower Guidance: .

Mixed Guidance: .

Positive Guidance: .

What's Happening This Morning

U.S. futures: S&P +26 Dow Jones +345, NDX +26 and Russell 2000 +17 with fair values HIGHER hurting open. Asia and Europe higher.

Gold lower, silver and copper higher. WTI Crude lower and Brent Oil Futures higher. Natural Gas is lower. $ is lower vs Euro, lower vs. Pound and higher vs. Yen. US 10 year Treasury price 118.36 with yields lower since Thursday. Prices as of 7:55 a.m. EDT.

Top Sectors Technology, Services, Industrials and Healthcare.

Weak Sectors none.

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):  none of note.

Earnings due Monday morning: SYY PCG L CNA WRK OHI KMPR SHO DO SOHU CYOU.

Rags & Mags: Inside Wall Street


Japan to put forth sales tax increase unless global crisis.

Bloomberg reports that the White House and cabinet drafting a trade deal. (Bloomberg)

CNBC Eamon Javers refutes Bloomberg U.S. China story. (CNBC)

Alibaba (BABA) cut sales forecast on U.S. and China trade issues. (Bloomberg)

Apple (AAPL) removes unit sales guidance and hits at weaker holiday sales for iPhone. (CNET)

Starbucks (SBUX) wants to open 2,100 stores in 2019. (CNN)

Oil to hit $80 by year end says Goldman Sachs. (Oilprice.com)

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

Reported This Morning: 

SURPRISES WLTW + 0.49 , WPC + 0.23 , FTS + 0.17 , DUK + 0.14 , HRC + 0.12 , HMSY + 0.10 , CNK + 0.07 , NPTN + 0.06 , CBOE + 0.05 , ENB + 0.05 , TWI + 0.05 , EXTR + 0.05 , TRTN + 0.05.

MISSES: BPL  (5.58), VST  (0.18), NWL  (0.10), ASIX  (0.09), RLGY  (0.08).

Missing: .

Lower Guidance: .

Current Morning missing: .

Mixed Guidance: .

Positive Guidance:.

Data Points


Yesterday saw 2247 stocks rise and 699 fall on the NYSE. NASDAQ saw 2406 rise and 691 fall.

The SP 500 is now well below its 50 day simple moving average and is below its 200 day simple moving average BUT COULD MOVE ABOVE TODAY, 2765.09. The Russell 2000 is below its 50 day simple moving exponential average and 200 day simple moving average.

The QPI10 Day Moving Average of breadth is in cash and went there on . 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


Eurozone PMI was out at 4 a.m. EDT and came in at 52 versus estimates of 52.1.

October Nonfarm Payrolls are due out at 8:30 a.m. EDT and is expected to rise to 185,000 from 121,000.

September Factory Orders are due out at 10:00 a.m. EDT and are expected to fall to 0.4% from 2.3%.

Politico

Final weekend of campaigning before the Mid Term Elections on Tuesday.

Conference & Analyst Meetings


Meetings, Conference Calls or Announcements of note, ADXS RTIX WAAS EFSC CHDN Dansk Bank in Copenhagen.

M&A Activity

McClatchy (MNI) considereing bid for Tribune Publishing (TPCO).

Key Upgrades and Downgrades

Firm Upgrades Downgrades
JP Morgan PBYI
Goldman Sachs EBS
Morgan Stanley
Deutsche Bank
Citigroup CC Merrill Lynchp CF EEX CC AMRN AAPL
Merrill Lynch OKE FND
Wachovia/Wells Fargo WFC
Credit Suisse
Banc of America
UBS SCCO GTX
Deutsche Bank AMT
Piper Jaffray
Jefferies
Stifel
Needham
Raymond James
Stephens
Sun Trust RH
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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