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Market Matters:

Futures Lower Overnight
by Geoff Garbacz & Staff Writers

November 20, 2018

In After Hours Trading

IPOs on deck: TuanChe (TC)

Secondaries on deck: EAST TLC TLSA VST .

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

Courtesy of IPO Financial

Earnings From After the Close:

Surprises: INTU +0.18 KLIC +0.13 A +0.07 URBN +0.07 NUAN +0.06 PSTG +0.06.

Misses: GH (1.65), BECN (0.28) JACK (0.08).

Flat:

Lower Guidance

Mixed Guidance:

Strong Guidance: 

Monday After The Close News:

LPL Financial (LPLA) sees assets drop -4.7% month over month.

Hormel (HRL) increase quarterly dividend to $021.

YumBrands! (YUM) names Brian Cornell non-executive Chairman.

Becton Dickinson (BDX) increases quarterly dividend to $0.77.

Valvoline (VVV) increases quarterly dividend to $0.106.

What’s Happening This Morning:

U.S. futures: S&P -24, Dow Jones -203, NDX -113 and Russell 2000 -13 with fair values LOWER LESSENING THE PAIN. Asia lower and Europe lower.

Gold and silver up slightly and copper lower. WTI Crude and Brent Oil Futures lower. Natural Gas is lower. $ is higher vs Euro, higher vs. Pound and lower vs. Yen. US 10 year Treasury price 119.34 with yields higher since Monday. Prices as of 7:55 a.m. EDT.

Top Sectors Yesterday: Utilities.

Weak Sectors Yesterday:  Technology, Services, Industrials, Healthcare and Consumer Goods.

One Month Winners Utilities and Financials.

Three Month Winners: Utilities

Six Month Winners: Healthcare and Utilities.

Twelve Month Winners: Healthcare, Services and Conglomerates

Year To Date Winners: Healthcare, Services, Conglomerates and Utilities.

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

Earnings Expected After The Close:  ADSK CPRT KEYS GPS FL ESL BILI SE CAL QADA

Earnings Due Wednesday Morning: DE WB SINA AVYA BZUN QD MOV CMCM DAKT.

Rags & Mags:

Target (TGT) down -9% on earnings miss. (CNBC)

Goldman Sachs (GS) cuts price target on Apple (AAPL), dead money for the next year. (CNBC)

Bitcoin freefalls to $4,200, dropping 15% today and now 30% for the week.(CNBC)

Hedge Fund Manager Ray Dalio compares now to 1930s. (Marketwatch)

FANG stocks driving the market lower. (NYT)

Earnings Reported This Morning:

Surprises:  PPDF +0.77 , NJR +0.11 , BBY +0.08 , CPB +0.08 , DY +0.08 , JEC +0.07 , MDT +0.07 , LOW +0.06 , SFL +0.04 , HRL +0.03 , KSS +0.02

Flat:

Misses: TGT (0.02), MMS (0.01)  

Lower Guidance:    

Mixed Guidance:

Strong Guidance:    

Date Points:

Yesterday saw 776 stocks rise and 2131 fall on the NYSE. NASDAQ saw 788 rise and 2308 fall.

The SP 500 is still below its 50 day simple moving average and 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 39% (-1) of stocks are higher and 61% (+1) are lower. Updated 11/16/18 close with next update on 11/26/18.

Courtesy of Quantitative Partners, Inc

Economics:

October Housing Starts are due out at 8:30 a.m. EDT and are expected to rise to 1,230,000 from 1,20,000.

October Building Permits are also due at 8:30 a.m. EDT and are expected to rise to 1,270,000 from 1,260,000 with September at 1,241,000.

Politico:

President Trump leaves The White House for Palm Beach, FL as he gets ready for Thanksgiving.

Conferences & Analyst Meetings:

Analyst Meetings: CUE ORPN IMNP NERV     

Sellside Conferences:

A quite week due to Thanksgiving.

M&A  Activity And Credible Rumors of Note Overnight:

Boston Scientific (BSX) to buy U.K.’s BTG for $4.2 billion.

Key Upgrades and Downgrades

Firm Upgrades Downgrades
JP Morgan
Goldman Sachs EQT COG
Morgan Stanley
Deutsche Bank
Citigroup CC Merrill Lynchp
Merrill Lynch TER SWKS
Wachovia/Wells Fargo
Credit Suisse QEP
Banc of America
UBS OEC
Needham INGN CIEN
Piper Jaffray KEG
Jefferies
Stifel MATX
Guggenheim
Raymond James XOM SPB BECN
Stephens
Sun Trust RH WWD
Bernstein
Moffet Nathanson
Robert W. Baird UDR MU
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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