IPOs on deck:   None of note.

IPOs Filed:  None of note.

Secondaries Priced: ELAN BPMC SIBN IMGN ZYME XENE AUTL ZLAB  ACRE  of note.

Notes Priced: None of note.

Common Stock filings:  IMGN  XENE MSON ACRE AHCO AUTLof note.

Mixed Shelf Offerings:  CCNE of note.

Convertible Offering Files: None  of note.

Senior Notes Filed:  None of note.

Courtesy of IPO Financial

Earnings After The Close:

Beat:

PTC +0.13, CNS +0.12, TXN +0.09, TER +0.09, PLXS +0.07, BXS +0.05, STLD +0.05, CTXS +0.03, HOPE +0.02, CATY +0.01, CVBF +0.01, STL +0.01, UMPQ +0.01 of note.

Missed:

FUL (0.04), RJF (0.04), KMI (0.01), TCBI (0.01) of note.

Hourly Action This Week: Updated 1/17

News After The Close (In Order of Time)

Ford (F) to take a pre-tax remeasurement loss of $2.2 billion related to pension and OPEB plans.

Paypal (PYPL) enters partnership with UnionPay International.

National Vision (EYE) to add new vision centers at Walmart (WMT).

CoreLogic (CLGX) raises fourth quarter and full year guidance for 2019.

Index Changes: Paycom Software (PAYC) to join S&P 500.

Stock Repurchase Announcements:   None of note.

Dividend Increases:  WAFD FAF  of note.

Gap Higher: SLM +23%, TER +10%, EYE +8%, PTC +8%, STM +7%, PAYC +4%, CTXS +4%, STLD +4%, BANC +4%

Gap Lower: KRTX -12%, AUTL -11%, IMGN -8%, ACRE -4%, PRA -4%, RJF -4%, NK -4%, XENE -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 -6 Dow Jones Industrial Average -68  NASDAQ -4 Russell 2000 -2.36. Fair values are higher. Asia and Europe mixed to lower.

Gold, silver and copper lower. WTI Crude Oil  and Brent Oil Futures lower. Natural Gas is higher. $ is higher vs Euro, higher vs Pound and lower vs Yen. US 10 year Treasury price is at $129.70 from $129.52 with yields at 1.748% from  1.776%.  Prices as of 8:15 a.m. EDT.

Positive Sectors On Wednesday: Conglomerates, Utilities, Technology and Real Estate.

Negative Sectors On Wednesday:  Materials, Energy, Industrials and Services 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:  

INTC ISRG TEAM DFS SWKS SIVB ETFC WAL FFIN AVT ASB NXGN of note.

Friday Before The Open:

NEE AXP APD ERIC SYF NVR HRC SNV IBKC  of note.

Earnings This Morning Of Note

Beat:

 HZO +0.34, BKU +0.18, MTB +0.14, PPBI +0.08, LUV +0.07, STM +0.06, PG +0.05, TRV +0.05, WBS +0.04, BANC +0.03, CMCSA +0.02, VFC +0.02, JBLU +0.01, AIT +0.01, KMB +0.01

of note.

Flat:

KEY +0.00

Missed:   

CADE (0.05), HBAN (0.03), AAL (0.01) of note.

Still To Report:  AVX, COLB, EWBC, FCX, GATX, GWB, ORI, SFNC, UNP

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)

Five Things To Know Before Market Opens Thursday. (CNBC)

ECB holds rates steady. (CNBC)

 A second city in China, Huamggang with a population of 7.5 million, is locked down due to the Corona Virus. (WSJ)

Lebanon ex Foreign Minister takes about unrest in the Middle East. (CNBC)

Impeachment Trial update from yesterday. (NYT)

Trump Administration to lift water pollution controls put in place under Obama Administration. (NYT)

Democratic Presidential Candidate Bernie Sander’s plan for a wealth tax will bring in $1 trillion less than he says it will per a Wharton study. (CNBC)

A whistleblower warned that the FAA lowered standards for Southwest Airlines (LUV). (WSJ)

Stock Index Tracking

All  stock indexes have improved recent weakness. Current through 1/22 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 1/22. 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 1/21.

Economic & Related:

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

Weekly Jobless Claims are due out at 8:30 a.m. EDT.

December Leading Indicators are due out 10:00 a.m. EDT and the estimate is for a drop of -0.2% from 0.0%.

Weekly Natural Gas Inventories are due out at 10:30 a.m. EDT.

Weekly Crude Oil Inventories are due out at 11:00 a.m. EDT.

Geopolitical:      

President Trump  will receive his intelligence briefing at noon and then travel to Miami to deliver remarks the to Republican National Committee Winter Meeting at 6:00 p.m. EDT.

The World Economic Forum continues in Davos, Switzerland.

The European Central Bank (ECB) will announce its latest interest rate decision before the open.

Meetings, Calls & Conferences

Investor/Analyst Days & Conference Calls of Note:  ZEAL (Investor Day)

Sellside Conferences: TD Securities Mining Conference (1/22-1/23).  Barclays Insurance CIO  Conference & Roundtable (1/22-1/24). Stifel Senior Housing and Health Real Estate Conference (1/22).

Industry Conferences: Regenerative Medicine Foundation World Stem Cell Summit (1/21-1/24). American Society of Clinical Oncology Gastrointestinal Cancers Symposium (1/23-1/25). Cell Therapy Analytics and Manufacturing Conference (1/23-1/24). 2020 Crohn’s and Colitis Conference (1/23-1/25).

M&A Activity

RealPage (RP) to buy Modern Message, no terms.

Upgrades & Downgrades