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Market Matters:

Futures -8.75 on the S&P 500
by Geoff Garbacz & Staff Writers

January 21, 2020

IPOs on deck:   None of note.

IPOs Filed:  None of note.

Secondaries Priced: None of note.

Notes Priced: None of note.

Common Stock filings: SRNE IMVT  of note.

Mixed Shelf Offerings:  None of note.

Convertible Offering Files: None  of note.

Senior Notes Filed:  None of note.

Courtesy of IPO Financial

Earnings After The Close:

Beat:

EDU +0.15 of note.

Missed:

 None of note.

Hourly Action This Week: Updated 1/17

News After The Close (In Order of Time)

Best Buy (BBY) CEO Corie Barry under investigation by the board for inappropriate romantic relationship with another employee.

U.S. & France agree to delay a digital tax on U.S. and a wine tax on France.

Hong Kong fails to reach agreement with protestors.

Senate Republicans want a quick trial but Senators Collins and Romney indicate they want witnesses.

Barron’s + on DIS TSLA BBBY RDFN  and – on AAPL.

Stock Repurchase Announcements:   of note.

Dividend Increases:  IBCP of note.

Gap Higher: MTL +10%, OMI +6%, 

Gap Lower: THT -10%, TAL -10%, CEA -10%, IMBI -8%, EDU -6%, TEDU -5%, LVS -5%, UBS -5%, LFC -4%.

What’s Happening This Morning: Futures value reflects the change with fair value. We will still indicate the fair value direction. 

S&P 500 -14 Dow Jones Industrial Average -85  NASDAQ -44 Russell 2000 -5.44. Fair values are lower. Asia and Europe higher.

Gold, silver and copper lower. WTI Crude Oil  and Brent Oil Futures lower. Natural Gas is lower. $ is lower vs Euro, lower vs Pound and lower vs Yen. US 10 year Treasury price is at $129.31 from $129.19 with yields at 1.795% from 1.786%. Prices as of 8:25 a.m. EDT.

Positive Sectors On Friday: Utilities, Technology and Consumer Goods of note.

Negative Sectors On Friday:  None of note.

One Month Winners: Technology, Conglomerates, Consumer Goods and Services.

Three Month Winners: Healthcare, Consumer Goods and Technology.

Six Month Winners: Consumer Goods, Healthcare, Technology, Industrials and Financials.

Twelve Month Winners: Consumer Goods,Technology, Industrials and Services.

Year to Date:  Technology,Conglomerates, Industrials, Consumer Goods and Services.

Upcoming Earnings Of Note (sorted by market cap, highest to lowest)

Today After The Close:  

NFLX IBM COF AMTD UAL ZION PNFP WFC NAVI FULT FMBI UCBI RNST TBK of note.

Wednesday Before The Open:

 JNJ ABT ASML PLD APH RCI NTRS FITB BKR TDY ALLY CBSH BOKF CBU HTLD HZO of note.

Earnings This Morning Of Note

Beat:

CMA +0.10, SBNY +0.09, HAL +0.03, UBS +0.03, FNB +0.01 of note.

Missed:   

TAL (0.08), ONB (0.06) of note.

Still to Report: PETS

Rags & Mags: Highlighted Stories may be clicked through to the original story.

Top News Story:  

Stocks making the biggest moves. (CNBC)

5 Things To Know To Start Your Day. (Bloomberg)

Coronavirus is becoming a bigger concern of spreading. (South China Morning Post)

Senate Impeachment Trial begins today. (Apple News)

President Trump opening remarks at Davos. (CNBC)

IMF lowers slightly their global economic forecast. (CNBC)

Hedge Fund Manager Paul Tudor Jones notes that current stock market environment reminds him of early 1999. (CNBC)

Boeing (BA) seeks $10 billion from banks to shore up cash issue.  (Reuters)

Boeing (BA) will launch its first flight of the 777x. (Reuters)

**CNBC interviews today include Cisco (CSCO) CEO Chuck Robbins, Citigroup (C) CEO Michael Corbat, Hedge Fund Managers Ray Dalio and Paul Tudor Jones along with White House Economic Advisor Larry Kudlow of note.**

Stock Index Tracking

All  stock indexes have improved recent weakness. Current through 1/17 close.

Bold means a change from prior day.

The advance/decline line model is now a buy though it is struggling with the recent action. Updated through 1/17. In 2019, the model up 16.48% on the S&P 500 and this year is up 2.28%. 5 buy signals and 4 cash signals in 2019. Current signal is a buy and is up 10.3%.

Courtesy of Phil Erlanger Research, Inc.

Algo/HFT Trading Levels:

The Erlanger Value Lines track the intraday range of resistance, pivot and support used by Algo/HFT Traders. Each day we show where we closed within the range. Update through 1/17. Volatility is starting to rise.

Economic & Related:

API Petroleum Institute Data is due out at 4:30 p.m. EDT.

Geopolitical:      

President Trump delivered the opening remarks at Davos this morning and will now have a series of organizational and country meetings.

The Bank of Japan is out with its latest interest rate decision before the market opens.

The World Economic Forum begins in Davos, Switzerland.

Meetings, Calls & Conferences

Investor/Analyst Days & Conference Calls of Note: AG (Conference Call)

Sellside Conferences: Jefferies Winter Restaurant, Food Services, Game, Lodging & Leisure Summit (1/21-1/22).

Industry Conferences: Winter Clinical Dermatology Conference (1/17-1/122). Regenerative Medicine Foundation World Stem Cell Summit (1/21-1/24).

M&A Activity

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