Futures Weak Again This Morning As We Await Jobs Data
In After Hours Trading
IPOs on deck: Moderna (MRNA) Synthorx (THOR)
Secondaries on deck: INSP MNTA DMACD MVIS VIVE KIDS QTNT GBT common stock.
Filings After The Close: VIVE KIDS ATNT GBT common stock.
Earnings From After the Close: none of note.
Surprises: DOMO +0.32, AVGO +0.27 , SAIC +0.21 , CMTL +0.21, ZUMZ +0.06 , AOBC +0.06 , LULU +0.05 , ULTA +0.02 , DOCU +0.02
Misses: UNFI (0.14), COO (0.10)
Lower Guidance: ULTA COO ZUMZ
Mixed Guidance: DOMO AOBC UNFI
Strong Guidance: CMTL DOCU
News AfterThe Close:
PAR Technology (PAR) CEO steps down and Savneet Singh named Interim CEO.
IBM Corp (IBM) CEO Ginny Rometty discussed White House Technology Innovation Meeting on CNBC after the close.
Northrop Grumman (NOC) picks up $450M Air Force contract through 2025.
General Dynamics (GD) picks up $260M Army contract through 2023.
Huwawei CFO to have bail hearing at 1:00 p.m. EDT.
PFBC EMN AXIS BMY ACA CHRW SOI OC HI DEI
Special Dividend: UHAL
S&P 600: GPOR to replace OCLR prior to trading next Wednesday.
S&P 400: YELP to replace YELP prior to trading next Wednesday.
What’s Happening This Morning:
U.S. futures: S&P -11, Dow Jones -112, NDX -33 and Russell 2000 -5 with fair values HIGHER CUTTING EXTENDING LOSSES. Asia mixed and Europe higher.
Gold, silver and copper higher. WTI Crude and Brent Oil Futures higher. Natural Gas is higher. $ is higher vs Euro, higher vs. Pound and higher vs. Yen. US 10 year Treasury price 120.34 with yields lower since Thursday morning. Prices as of 7:55 a.m. EDT.
Top Sectors Thursday: Technology and Services.
Weakest Sectors Thursday: Materials, Consumer Goods and Industrial Goods.
One Month Winners: Utilities and Healthcare.
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: none of note.
Rags & Mags:
Other electric cars challenging Tesla (TSLA). (USA Today)
A review of the top IPOs of the year. (USA Today)
Five Things To Know Before You Start Your Day. (Bloomberg)
The biggest swing in stocks since 2010. (Bloomberg)
Earnings Reported This Morning:
Misses: MTN (0.23), BIG (0.16)
Lower Guidance: BIG
Yesterday saw 1137 stocks rise and 1838 fall on the NYSE. NASDAQ saw 1196 rise and 1915 fall.
The SP 500 is back below its 50 day simple moving average and 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 (10DMA) moved to cash on 11/21. For a move to cash, the 10DMA needs to have two days in row below -200.
YTD 39% (+3%) of stocks are higher and 60% (+1) are lower. Of the stocks lower for 2018, the average drop is -27%. Updated 11/30/18 close with next update on 12/7/18 close.
Yesterday saw the S&P 500, Dow Jones Industrial Average and the Russell 2000 all close pivot to support. All indexes closed their 5 minute range and above support after being there most of the day.
The Erlanger Value Lines track the intraday range of resistance, pivot and support. Each day we show where we closed within the range.
New short squeezes (Type 1s) and long squeezes (Type 4s) of note that have not been one in last two months.
November Nonfarm Payrolls are due out at 8:30 a.m. EDT and are expected to fall to 189,000 from 250,000. The unemployment rate is expected to stay at 3.7%.
December University of Michigan Sentiment is due out at 10:00 and expected to fall to 96.8 from 97.50.
Weekly Natural Gas Inventories are due out at 10:30 a.m. EDT.
OPEC seeks to conclude its Thursday meeting where no decision was made about the production quota for 2019 as they seek to consult with Russia before making a final decision.
Federal Reserve Governor Lael Brainard to speak at 12:15 p.m. EDT.
Conferences & Analyst Meetings:
Analyst Meetings: SON WWD MGLN ITW
Roth Corporate Access Conference
M&A News & Rumors
Walmart (WMT) to acquire Art.com, no terms.
Altria (MO) makes 45% investment in Cronos (CRON) worth $1.8 billion.
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