Corporate Actions

IPOs on deck:  None of note.

IPOs Filed: None filed after the close.

Secondaries on deck: BIOL SLNO NMFC  of note.

Notes Priced:  None of note.

Common Stock filings: OPK NMFC of note.

Mixed Shelf Offerings filed: None of note.

Convertible Offering Files: None of note.

Senior Notes Filed: None of note.

Courtesy of IPO Financial

Earnings After The Close:

Beat:

 IRBT +0.70, CMG +0.60, HA +0.39, MTH +0.30, USNA +0.22, WRB +0.18, MANH +0.15, CSL +0.11, CSGP +0.09, DFS +0.09, WHR +0.07, TER +0.07, NAVI +0.05, UCBI +0.05, EEFT +0.04, HIW +0.04, NBHC +0.04, CNI +0.04, EQR +0.03, FMBI +0.03, FULT +0.02, MPWR +0.02, TRMK +0.02, SNAP +0.01  of note.

Missed:

SIX (0.21), LRN (0.05), HCSG (0.03), TXN (0.02), SKX (0.02), NTB (0.01)  of note

Flat:

BYD

News After The Close: (In time order after the close)

AngioDynamics (ANGO) CFO leaves and company reaffirms guidance.

Nike (NKE) names John Donahoe as CEO and will leave ServiceNow (NOW) where Bill McDermott named as CEO.  Last week McDermott stepped down from SAP recently.

United Technologies (UTX) CFO Akhil Johri to leave 11/1.

Russia and Turkey to remove Kurdish fighters from Northern Syria. (The Washington Post)

iRobot (IRBT) cuts guidance and stock down -20%.

Index Changes: S&P 600 will add Hanger (HNGR) on 10/28.

Stock Repurchase: 

Dividend Increase:  CJ (Special Dividend of $1) ROL LECO

Early Morning Gap Up/Down: (>4% or <-4%)

Gap Higher: HNGR +10%, MANH +7%, TER +6%, VNE +5%, SENS +5%, MRNA +4%, ABB +4%, SNAP +4%.

Gap Lower: REZI -35%, IRBT -19%, TXN -9%, NOW -9%, OPK -8%, HA -7%, MGNX -6%, WHR -5%, CSGP -4%, MXIM -4%, BYD -4%, ON -4%, MCHP -4%, ADI -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 -4 Dow Jones Industrial Average -23 NASDAQ -28 Russell 2000 +0.13  Fair values are lower. Asia and Europe mixed.

Gold and silver higher with copper lower. WTI Crude Oil 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 is at $130.03 from $129.73 with yields at 1.734% from 1.776%. Prices as of 8:25 a.m. EDT.

Positive Sectors On Wednesday: Materials, Energy, Industrials and Utilities  of note.

Negative Sectors On Wednesday: Technology, Services and Conglomerates  of note.

One Month Winners: Utilities, Consumer Goods and Technology.

Three Month Winners: Utilities, Industrials and Consumer Goods.

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

Twelve Month Winners: Utilities, Technology, Services, Consumer Goods and Financials.

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

Hourly Action This Week:

Updated through Monday’s close. Mixed action.

Courtesy of Quantitative Partners, Inc.

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

Today After The Close:  AMZN V INTC GILD TMUS ILMN COF AFL FE FTV VRSN CERN CINF RMD AJG PFG of note.

Thursday Before The Open: VZ BUD CHTR ITW PSX AON VFC VTR WY BEN PSXP SJR YNDX LEA  of note.

Earnings This Morning Of Note

Beat:

TDY +0.38, ALXN +0.32, LAD +0.30, ALKS +0.17, VNE +0.14, IVZ +0.13, OC +0.13, SLAB +0.12, CLF +0.09, GD +0.08, ABB +0.08, LLY +0.07, CMC +0.06, SCL +0.06, NDAQ +0.06, TMO +0.06, BKU +0.05, SALT +0.05, AVY +0.05, ANTM +0.05, WM +0.04, MKTX +0.04, HLT +0.03, BX +0.03, PNR +0.03, BSX +0.01, WGO +0.01, PB +0.01, TZOO +0.01  of note.

Missed:

BA (0.67), EVR (0.37), BANC (0.26), CAT (0.24), CSTM (0.22), CADE (0.16), HRI (0.15), RCI (0.12), RES (0.08)  of note.

Flat:

SLGN FCFS  of note.

Still to Report: 

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

Top Story: Top Ukraine Diplomat William Taylor said military aid to Ukraine was withheld by President Trump over a “quid pro quo”. (CNBC)

Stocks Making The Biggest Moves. (CNBC)

U.K. Prime Minister Johnson wants an election after a no vote on Brexit. (Bloomberg)

China may seek to replace Hong Kong leader Carrie Lam with a “interim leader”. (Financial Times)

Commerce Secretary Wilbur Ross to hold trade talks with EU instead of imposing trade tariffs. (Financial Times)

Softbank funds We Company and takes ownership to 80%. (CNBC)

Boeing (BA) notes in earnings releases expects 737 Max to return to service in Q4.  (CNBC)

Caterpillar (CAT) miss and guidance will hit Industrials. (CNBC)

Data Points

Stock indexes remain strong. Current through 10/22.

Bold means a change from prior day.

The advance/decline line model moved to a buy  yesterday morning. Updated through 10/22. Year to date model up 9. 01% on the S&P 500. 5 buy signals and 4 cash signals in 2019.

YTD 60% (no change week over week) of stocks are higher and 40% are lower. Updated 10/18/19 close with next update on 10/25/19 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 10/22.

Courtesy of Phil Erlanger Research, Inc.

The Value Lines may be accessed via Bloomberg. For a free trial if you ar a Bloomberg user go to APPS CS:ERLA

Economic & Related:

API Petroleum Institute Data was out at 4:30 p.m. EDT and crude oil built by 4.45  million barrels.

Weekly MBA Mortgage Applications fell -11.9% week over week after rising 0.5% last week.

Weekly Crude Oil Inventories are due out at 10:30 a.m. EDT.

Geopolitical:

President Trump travels to Pittsburgh today to speak before the 9th Annual Shale Insight Conference.

Facebook (FB) CEO Mark Zuckerberg to testify before the House on Libra.

$41 billion of 5 Year Treasury Notes auctioned at 1:00 p.m. EDT.

Conferences & Analyst Meetings:

Company Analyst Meetings and Conference Calls: HPE (Analyst Meeting)  (Business Update Call) RIGL (Investor and Analyst Call)

Sellside Conferences: None of note.

Industry Conferences: Mobile World Congress U.S. (10/22-10/24), BIO Investor Forum (10/22-10/23).

M&A Activity:

Upgrades & Downgrades: