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Market Matters:

Futures Fail To Continue Higher
by Geoff Garbacz & Staff Writers

November 8, 2018

In After Hours Trading

IPOs on deck: none of note

Secondaries on deck: HSY NRDA NYMT XEL .

Filings After The Close:  DERM (mixed shelf), NYMT SRPT (common stock) MSFT BIDU (debt)

Courtesy of IPO Financial

Earnings From After the Close:

Surprises: PTLA +0.53 , EDIT +0.49 , BGNE +0.44 , TPIC +0.34 , HUM +0.34 , TRIP +0.24 , MDP +0.22 , QEP +0.21 , CYBR +0.21 , KELYA +0.18 , KORS +0.17 , GDOT +0.16 , CRL +0.15 , DISH +0.15 , HZNP +0.14 , GEO +0.13 , AYX +0.13 , HUBS +0.12 , VNDA +0.12 , CSWI +0.12 , ALRM +0.11 , WAAS +0.11 , SRE +0.10

Misses: AMBC (0.86), ALNY (0.64), TTWO (0.37), VAC (0.37), DVA (0.32), ADT (0.28), RUN (0.22), DF (0.22), SNCR (0.19), RCM (0.17), QUOT (0.13), BREW (0.13), MNTA (0.10), SGRY (0.10)

Flat:

Lower Guidance: SAIL MCHP AAOI OSUR ENS TTGT TPC

Mixed Guidance:

Strong Guidance: GDOT AYX HUBS WK AVLR NVTA UPWK CVNA

What’s Happening This Morning:

U.S. futures: S&P -9.50 Dow Jones -61, NDX -34 and Russell 2000 -6.70 with fair values LOWER helping open. Asia and Europe higher. 

Gold, silver and copper lower. WTI Crude flat to slightly lower 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 117.94 with yields higher since Wednesday. Prices as of 7:55 a.m. EDT.

Top Sectors Yesterday: Healthcare, Technology, Services and Industrials.

Weak Sectors Yesterday  None lower.

One Month Winners: Conglomerates and Utilities

Three Month Winners: Healthcare and Utilities

Six Month Winners: Healthcare, Utilities and Services

Twelve Month Winners: Healthcare, Services and Conglomerates

Year To Date Winners: Healthcare, Services and Conglomerates

Earnings Ahead: (sorted by Market Cap and only most impactful and notables listed)

Earnings Expected After The Close: DIS AVTI CTL SWKS DOX XRAY LOPE TTD YELP RBA ESL JJSF DBX EPAY HDP SGMO PRAA UIS.

Earnings Due Tomorrow Morning: STWD ESNT TRCO ERF SSP RDNT PBPB SUP MGI.

Rags & Mags:

Wynn (WYNN) sees a slowdown in Macau. (CNBC)

Chinese imports and exports grow more than expected. (CNBC)

Bar shooting in Thousand Oaks, CA kills 12. (USA Today)

Walmart (WMT) starts Black Friday deals now. (USA Today)

Facebook (FB) had a good election day, but needs to keep momentum going. (NYT)

Tesla (TSLA) replaces Elon Musk as Chairman with Robyn Denholm (WSJ)

IBD stock of the day is Tableau (DATA) (IBD)

Earnings Reported This Morning:

Surprises: HII +1.15 , HRI +0.67 , VIVO +0.58 , BAM +0.43 , ZEUS +0.36 , LOXO +0.32 , GTS +0.25 , STRA +0.24 , CAH +0.22 , FLY +0.17 , HMHC +0.15 , AZUL +0.14 , NXST +0.12 , ENDP +0.12 , ACIW +0.11 , OGE +0.08 , MGA +0.06 , NCLH +0.06 , CRCM +0.06 , PRGO +0.05 , CBB +0.05 , AZN +0.05

Flat:

Misses: CNNE (0.26), HZN (0.21), DESP (0.12), DISCA (0.09), PRTY (0.09), EBIX (0.07), COMM (0.07), COT (0.06), CBM (0.06), NRG (0.06), MDCO (0.05), TTI (0.05)

Lower Guidance: ACIW PRGO GCI NOMD COMM PRTY

Mixed Guidance:

Strong Guidance: LGND ENDP OGE

Date Points:

Yesterday saw 2250 stocks rise and 708 fall on the NYSE. NASDAQ saw 2157 rise and 929 fall.

The SP 500 is now below its 50 day simple moving average and is YESTERDAY MOVED ABOVE its 200 day simple moving average. The Russell 2000 is STILL below its 50 day simple moving exponential average and 200 day simple moving average.

The QPI10 Day Moving Average of breadth is BACK TO INVESTED TODAY and went there on September.

YTD 40% of stocks are higher and 60% are lower. Updated 11/2/18 close with next update on 11/12/18.

Economics:

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

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

WasDe Crop Report at 1:00 p.m. EDT.

Politico:

Federal Reserve Open Market Committee (FOMC) to announce latest interest rate update at 2:00 p.m.. No change expected. Last meeting without a press conference.

Conferences & Analyst Meetings:

Analyst Meetings: SYK PG ULTA MDC DXC ATI ERIC DWDP Y LXU  QNST ASML  

Monthly Sales Numbers: LB BKE CATO

Sellside Conferences:

Baird Global Industrial Conference

Stephens Fall New York City Investment Conference

Industry Conferences:

NAREIT Conference

M&A  Activity And Credible Rumors of Note Overnight:

Commscope (COMM) to buy Arris (ARRS) for $31.75 in cash and the assumption of debt.

 

Key Upgrades and Downgrades

Firm Upgrades Downgrades
JP Morgan AAXN
Goldman Sachs KNX LSTR
Morgan Stanley GSKY MNST
Deutsche Bank
Citigroup CC Merrill Lynchp RARE RNR CTRP
Merrill Lynch SPR
Wachovia/Wells Fargo CDK
Credit Suisse
Banc of America
UBS ZAYO
Deutsche Bank
Piper Jaffray
Jefferies VNE DF
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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