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Market Matters:

Futures Fail To Continue Higher
by Geoff Garbacz & Staff Writers

November 9, 2018

In After Hours Trading

IPOs on deck: Alzheon (ALZH)

Secondaries on deck: ACRX AR NBEV  OMP SRPT.

Filings After The Close:  (mixed shelf), (common stock), (debt)

Courtesy of IPO Financial

Earnings From After the Close:

Surprises:

WIN +3.55 , HII +1.15 , HRI +0.67 , VIVO +0.58 , BAM +0.43 , ZEUS +0.36 , ICUI +0.34 , AL +0.33 , LOXO +0.32 , LGND +0.29 , GTS +0.25 , STRA +0.24 , CAH +0.22 , FLY +0.17 , ATVI +0.16 , TTD +0.15 , HMHC +0.15 , AZUL +0.14 , GTT +0.13 , DIS +0.13 , NXST +0.12 , RDFN +0.12 , ENDP +0.12 , ACIW +0.11 , LGF.A +0.11 , SGMS +0.10.

Misses:

OSTK (0.84), KOP (0.38), JAG (0.27), CNNE (0.26), ZGNX (0.22), HZN (0.21), XON (0.21), MLCO (0.20), VRAY (0.19), PRAA (0.15), UEPS (0.13), ERI (0.12), LAUR (0.12), DESP (0.12).

Flat:

Lower Guidance: ATVI AMBR YELP ECOM SWIR TSE UEPS

Mixed Guidance:

Strong Guidance:  GMED MRAM TTD (STILL LOWER DESPITE THIS & EARNINGS BEAT!!)

What’s Happening This Morning:

U.S. futures: S&P -13.75 Dow Jones -114, NDX -56 and Russell 2000 -12.70 with fair values LOWER helping open. Asia and Europe lower. 

Gold, silver and copper lower. WTI Crude flat to slightly lower and Brent Oil Futures lower. Natural Gas is higher. $ is higher vs Euro, higher vs. Pound and lower vs. Yen. US 10 year Treasury price 117.98 with yields higher since Thursday. Prices as of 7:55 a.m. EDT.

Top Sectors Yesterday: Financials.

Weak Sectors Yesterday  Conglomerates, Materials, Technology and Consumer Goods.

One Month Winners: Services, Healthcare, Industrials, Utilities and Technology.

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: ATHN GNC.

Earnings Due Monday Morning: BGNE ACM.

Rags & Mags:

J.P. Morgan slashes General Electric (GE) price target to $6. (CNBC).

Microsoft (MSFT) wins cloud business from Gap (GPS) as they punt Amazon (AMZN). (CNBC)

Proctor & Gamble CEO (PG) CEO being interviewed on CNBC at 10:00 a.m. (CNBC)

Judge blocks Keystone Pipeline, negative for TRP. (USA Today)

TSA sees busiest Thanksgiving ever at airports. (USA Today)

China Internet Conference shows darker side of tech. (NYT)

FDA to restrict flavored e-cigaretes. (WSJ)

Earnings Reported This Morning:

Surprises: REV +0.54 , ADNT +0.16 , TRCO +0.16 , UBNT +0.16

Flat:

Misses: BRS (0.24), OXFD (0.14)

Lower Guidance:  MGI PBPB

Mixed Guidance:

Strong Guidance:  

Date Points:

Yesterday saw 1357 stocks rise and 1536 fall on the NYSE. NASDAQ saw 1407 rise and 1653 fall.

The SP 500 is still below its 50 day simple moving average and is now 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.

Courtesy of Phil Erlanger Research

The QPI10 Day Moving Average of breadth is invested and went there on November 8th at 2806.38.

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

Courtesy of Quantitative Partners, Inc

IMG1%

Economics:

October PPI is due out at 8:30 a.m. EDT and is expected to remain at 0.2%.

November Michigan Sentiment is due out at 10:00 a.m. EDT and are expected to fall to 98 from 98.6. 

Politico:

Federal Reserve Open Market Committee (FOMC) announced latest interest rate update at 2:00 p.m yesterday. No change. Federal Reserve Speakers now free to talk again. They start today.

Federal Reserve New York President John Williams speaks at 8:30 a.m. EDT.

Federal Reserve Philadelphia President Patrick Harker speaks at 8:50 a.m. EDT.

Conferences & Analyst Meetings:

Analyst Meetings: DCO JNPR GTXO ADRO (after close data review at 6:30 p.m. EDT)   

Monthly Sales Numbers:

Sellside Conferences:

Industry Conferences:

NAREIT Conference

Society of Immunotherapy of Cancer Annual Meeting

M&A  Activity And Credible Rumors of Note Overnight:

II-VI (IIVI) will buy Finisar (FNSR) for $15.60 in cash and 0.22 of IIVI stock.

Upgrades & Downgrades

 

Key Upgrades and Downgrades

Firm Upgrades Downgrades
JP Morgan YELP
Goldman Sachs CREE
Morgan Stanley GDI
Deutsche Bank
Citigroup CC Merrill Lynchp
Merrill Lynch CCK SWKS
Wachovia/Wells Fargo
Credit Suisse BAM MKC
Banc of America
UBS TRIP
Deutsche Bank
Piper Jaffray NDLS CNNE
Jefferies SB INFN EQGP
Stifel YRCW KRP
Keefe Bruyette TCF STBZ SNV FCB COLB CADE AMNB
Raymond James YELP
Stephens
Sun Trust RH
Nomura
Moffet Nathanson
Robert W. Baird AAXN
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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