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Market Matters:

Futures Lower Overnight
by Geoff Garbacz & Staff Writers

November 16, 2018

In After Hours Trading

IPOs on deck: AMCI Acquisition Unit (AMCIU) Boxwood Merger (BWMC) Fintech Acquisition III Unit (FTACU)

Secondaries on deck: EQH LAUR TLC.

Filings After The Close:  MCF RLH PWR HCLP CCLP (secondaries) HRB (mixed shelf) GOGO (convertible offering)(shareholder selling) (convertibles).

Courtesy of IPO Financial

Earnings From After the Close:

Surprises:SCVL +0.17 SONO +.08 NVDA +.05 JWN +.02.

Misses: POST -.11

Flat: AMAT

Lower Guidance: AMAT NVDA POST

Mixed Guidance:

Strong Guidance: 

What’s Happening This Morning:

U.S. futures: S&P -17 Dow Jones -131, NDX -77 and Russell 2000 -13 with fair values LOWER cutting losses. Asia higher and Europe mixed. 

Gold and copper higher but silver lower. WTI Crude and Brent Oil Futures higher. Natural Gas is higher. $ is lower vs Euro, lower vs. Pound and lower vs. Yen. US 10 year Treasury price 118.89 with yields slightly lower since Tuesday. Prices as of 8:20 a.m. EDT.

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

Weakest Sectors Yesterday: Conglomerates and Utilities.

One Month Winners Utilities: Conglomerates and Financials.

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: none of note.

Earnings Due Monday Morning: JD SPB.

Rags & Mags:

Carl Icahn to end proxy contest and litigation against Dell Technologies (DVMT) (Business Wire)

Wilbur Ross notes that trade wars may continue for a while longer. (Bloomberg)

Nvidia (NVDA) off -17% as misses numbers. (CNBC)

Federal Reserve Clarida says bank should be close to neutral and data dependent on more hikes. (Bloomberg)

Nordstrom (JWN) drops on $72 million charge for customer credit card refunds. (CNBC)

Earnings Reported This Morning:

Surprises: FRO +.06 VIAB +.04

Flat:

Misses:

Lower Guidance:    

Mixed Guidance:

Strong Guidance:   

Date Points:

Yesterday saw 1713 stocks rise and 1289 fall on the NYSE. NASDAQ saw 2084 rise and 1007 fall.

The SP 500 is still below its 50 day simple moving average and remains BACK BELOW its 200 day simple moving average (2762.39). 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 invested and went there on November 8th at 2806.38.

YTD 40% of stocks are higher and 60% are lower. Updated 11/9/18 close with next update on 11/19/18.

Courtesy of Quantitative Partners, Inc and Phil Erlanger Research, Inc.

Economics:

October Industrial Production is due out at 9:15 a.m. EDT and is expected to rise to 0.4% from 0.3%.

Politico:

Federal Reserve Chicago President Charles Evans speaks at 11:30 a.m. EDT.

Conferences & Analyst Meetings:

Analyst Meetings: FLR ADES CTSH

Sellside Conferences:

Bank of America Global Energy Conference

Morgan Stanley European TMT Conference

Industry Conferences:

CEO Life Sciences and Pharmaceuticals Symposium

M&A  Activity And Credible Rumors of Note Overnight:

 Oracle (ORCL) to buy Talari Network.

Blackberry (BB) to buy Cylance for $1.4 billion.

Upgrades & Downgrades


Key Upgrades and Downgrades

Firm Upgrades Downgrades
JP Morgan
Goldman Sachs
Morgan Stanley
Deutsche Bank
Citigroup CC Merrill Lynchp PCG
Merrill Lynch OHI HD ENR
Wachovia/Wells Fargo
Credit Suisse
Banc of America
UBS
Needham CUB
Piper Jaffray
Jefferies SNH
Stifel
Guggenheim
Raymond James OHI ACBI
Stephens
Sun Trust RH
Bernstein
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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