IPOs on deck:  None of note.

IPOs Filed: None filed after the close.

Secondaries Priced:  None of note.

Notes Priced: None of note.

Common Stock filings:  DMTK of note.

Mixed Shelf Offerings:  VEC of note.

Convertible Offering Files:  None of note.

Senior Notes Filed:  None of note.

Courtesy of IPO Financial

Earnings After The Close:

Beat:

RECN +0.06  of note.

Missed:

LNDC -0.10 of note.

Hourly Action This Week: Updated 1/2

News After The Close (In Order of Time)

NuVasive (NUVA) names Matthew Harbaugh as CFO.

Pacific Biosciences (PACB) and Illumina (ILMN) cancel merger agreement.

Incyte (INCY) GRAVITAS -301 results with itacitinib did not improve response rate.

U.S. air strike kills Iranian Major-General Qassem Soleimani head of the elite Quds Force and Iraqi militia commander Abu Mahdi al Muhandis.

Stock Repurchase Announcements: CS of note.

Dividend Increase: OZK ALG LSI of note.

Gap Higher:   ACOR +13% HMY +5% PACB +5% USO +4% AUY +4%.

Gap Lower: INCY -11% BNTX -4% LNDC -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 -35 Dow Jones Industrial Average -278 NASDAQ -117 Russell 2000 -19. Fair values are lower. Asia mixed and Europe lower.

Gold and silver higher with copper lower. WTI Crude Oil and Brent Oil Futures higher. Natural Gas is higher. $ is higher vs Euro, higher vs Pound and lower vs Yen. US 10 year Treasury price is at $129.14 from $128.44 with yields at 1.825% from 1.91%. Prices as of 8:30 a.m. EDT.

Positive Sectors On Thursday: Industrials, Technology and Services of note.

Negative Sectors On Thursday: Utilities of note.

One Month Winners: Healthcare, Materials, Energy, Consumer Goods and Technology.

Three Month Winners: Healthcare, Consumer Goods and Technology.

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

Twelve Month Winners: Technology, Industrials and Services.

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

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

Today After The Close:  

None of note.

Monday Before The Open:

 CALM CMC of note.

Earnings This Morning Of Note

Beat:

None of note.

Missed:   

None of note.

Still to Report:

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

Top News Story:  President Trump ordered the drone strike that killed Iranian Major-General Qassim Suleimani, Iran to retaliate.

President Trump warns Turkey not to interfer in Libya. (FT)

Anixter (AXE) sees WESCO (WCC) up bid to $97.00 a share.

Tesla (TSLA) lowers the cost of Model 3 in China by 16%.

There are no links this morning due to travel. They will return on Monday.

Stock Index Tracking

All  stock indexes remain strong but the 5 day moving averages have failed. Current through 1/2.

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 1/2. In 2019, the model up 16.48% on the S&P 500. 5 buy signals and 4 cash signals in 2019. Current signal is a buy and is up 9.88%.

YTD 65% (+1% change week over week) of stocks are higher and 35% are lower. Updated  through 12/27 close.

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 1/2. Notice the strength.

Economic & Related:

November Construction Sales are due out at 10:00 a.m. EDT and are expected to improve to 0.3% from -0.8%.

December ISM Manufacturing is also due out at 10:00 a.m. EDT and is expected to rise to 49 from 48.1.

Weekly Crude Oil and Natural Gas Inventories are due out at 11:00 a.m. EDT and 10:30 a.m. EDT respectively.

The latest Federal Reserve Open Market Committee (FOMC) minutes due out at 2:00 p.m. EDT.

Geopolitical:      

President Trump will speak in Miami at 5:00 p.m. EDT. Watch for impromptu press conference due to airstrike.

Conferences & Analyst Meetings: 

Investor/Analyst Days & Conference Calls of Note:  None of note.

Sellside Conferences: None of note.

Industry Conferences: None of note.

M&A Activity

Pacific Biosciences (PACB) and Illumina (ILMN) cancel merger agreement.