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Market Matters:

Futures Lower As Investors Anxious Into G-20
by Geoff Garbacz & Staff Writers

November 30, 2018

In After Hours Trading

IPOs on deck: none of note.

Secondaries on deck: ABR I IQV VSLR.

Filings After The Close: ABR FANG ARWR common stock.

IPO Filing:.

Courtesy of IPO Financial

Earnings From After the Close: none of note.

Surprises: WDAY +0.17 , AMBA +0.12 , PANW +0.12 , AVAV +0.09 , PVH +0.07 , SPLK +0.06 , VMW +0.05 , ZUO +0.03 , GME +0.03.

Misses:  ASYS (0.44) .

Flat: HPQ YEXT

Lower Guidance: AMBA ASYS GME.

Mixed Guidance:ZUO.

Strong Guidance: PANW SPLK VMW.

News AfterThe Close:

Sprouts Farm Market (SFM) CEO Amin Maredia to leave at year end.

Symantec (SYMC) COO Michael Fey resigns effectively immediately.

Nio (NIO) Chief Development Officer and NIO USA CEO resigns for personal reasons effective 12/17.

What’s Happening This Morning:

U.S. futures: S&P -11.50, Dow Jones -129, NDX -28.50 and Russell 2000 -7.50 with fair values LOWER CUTTING INTO LOSSES. Asia and Europe lower.

Gold, silver and copper lower. WTI Crude 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 119.52 with yields lower since Friday morning. Prices as of 7:55 a.m. EDT.

Top Sectors Thursday: Materials, Healthcare and Industrial Goods.

Weakest Sectors Thursday: Financials, Conglomerates and Technology.

One Month Winners: Healthcare, Services, Financials and Technology.

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: none of note.

Earnings Due Monday Morning: FNSR.

Rags & Mags:

Five Things To Know Before You Start Your Day. (Bloomberg)

Marriott (MAR) admits Starwood database was breached with some passport information taken. (USA Today)

USMCA Signing Ceremony head at G-20. (USA Today)

Why the G-20 Leaders Are Gloating Behind Trump’s Back. (Foreign Policy)

How Canada’s feminist foreign minister cut a trade deal with Trump. (The Washington Post)

Facebook Sheryl Sandberg told employees to look into George Soros when he attacked Google and Facebook. (NYT)

Earnings Reported This Morning:

Surprises

Flat:

Misses: CTRN (0.04), SFUN (0.03) FANG (0.03)

Lower Guidance:

Mixed Guidance: CTRN.

Strong Guidance:

Date Points:

Yesterday saw 1369 stocks rise and 1562 fall on the NYSE. NASDAQ saw 1379 rise and 1698 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 (10DMA) moved to cash last Wednesday morning (11/21). For a move to cash, the 10DMA needs to have two days in row below -200.

YTD 36% (-3%) of stocks are higher and 61% (+1) are lower. Updated 11/23/18 close with next update on 11/26/18.

Courtesy of Quantitative Partners, Inc. 

Trading:

Yesterday saw the S&P 500, Dow Jones Industrial Average and the Russell 2000 close resistance to pivot giving a confidence score of 67%.

The Erlanger Value Lines track the intraday range of resistance, pivot and support. Each day we show where we closed within the range. This morning looks to be  .

Economic:

November Chicago PMI is due out at 9:45 a.m. EDT and is expected to fall to 58 from, 58.4.

Politico:

Federal Reserve New York President John Williams speaks at 9:00 a.m. EDT.

The G-20 Summit begins its first day and continues into the weekend.

President Trump to meet with Japanese Minister Abwe at 11:45 a.m. EDT, Indian Prime Minister Modi at 12:30 p.m. EDT, Australian Prime Minister Morrison at 12:55 p.m. EDT.

Conferences & Analyst Meetings:

Analyst Meetings: ORAN.

Sellside Conferences:

Suntrust Robinson Humphrey Lodging, Gaming & Leisure Conference.

M&A

Callaway Golf (ELY) to buy Jack Wolfskin for $476 million.


Key Upgrades and Downgrades

Firm Upgrades Downgrades
JP Morgan WWE CUB CREE
Goldman Sachs ABT WAT
Morgan Stanley
Deutsche Bank
Citigroup CC Merrill Lynchp NK
Merrill Lynch SFM OFC HIW GS
Wachovia/Wells Fargo UAA
Credit Suisse
Banc of America
UBS HASI
Needham
Piper Jaffray
Jefferies UDR ESS APU
Stifel
Key
Raymond James
Imperial
Sun Trust RH PDM
Bernstein
Moffet Nathanson
Robert W. Baird
Telsey Advisory
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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