Corporate Actions

IPOs on deck for This Week:  We now head into summer trading for IPOs and several hot deals this week.

IPOs on deck for Today:  None of note.

Secondaries on deck: None of note.

Notes Priced: None of note.

Common Stock filings: GNCA . Mixed Shelf Offerings filed: MHO .

Courtesy of IPO Financial

Earnings After The Close:

Beat:  None of note.

Flat: None of note.

Missed:  None of note.

News After The Close:

Quanex (NX) names Scott Zuehle as Interim CEO.

Alliance Data (ADS) names Melisa Miller as CEO and Tim King as CFO as of June 5th.

Uber (UBER) COO Barney Hartford and CMO Rebecca Messina are leaving the company.

Lockheed Martin (LMT) wins a $1.8 billion Navy contract.

Northrup Grumman (NOC) wins a $958 million Navy contract.

President Trump ends potential tariffs against Mexico after the close.

Stock Repurchase: TRST 

Dividend Increase: 

What’s Happening This Morning: Futures on the S&P 500 

U.S. futures: S&P +13.50, Dow Jones +131 NDX +45  and Russell 2000 +6 with fair values MIXED. Asia and Europe higher, click through for details by country.

Gold and silver lower with copper higher. WTI Crude and Brent Oil Futures higher. Natural Gas is lower. $ is higher vs Euro, higher vs. Pound and higher vs. Yen. US 10 year Treasury price $126.80  from $126.98 with yields lower since Friday morning with the yield at 2.141% from 2.12%. Prices as of 8:25 a.m. EDT.

Top Sectors Friday:  Conglomerates,Technology, and Healthcare.

Weakest Sectors Friday:  Utilities.

One Month Winners: Utilities and Healthcare.

Three Month Winners:  Consumer Goods, Conglomerates, Services and Financials.

Six Month Winners: Industrials, Technology, Conglomerates and Services.

Twelve Month Winners: Utilities, Healthcare and Services.

Year to Date: All higher led by Conglomerates, Services, Industrials, Technology and Consumer Goods.

Hourly Action This  Week:

Through Thursday 5 hours are positive and 2 are negative. 3:00-4:00 higher for week.

Courtesy of Quantitative Partners, Inc.

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

Today After The Close:  CASY AGX ASNA of note.

Tuesday Before The Open: HDS HRB CHS.  

Earnings This Morning Of Note 

Beat:  UXIN +0.50 of note.

Flat: None of note.

Missed: THO (0.01)  of note.

Still To Report: LOVE  of note.

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

Top Story: President Trump kills the tariffs that could have taken effect today.

Five Things You Need To Know To Start Your Day (Bloomberg)

U.K. economy falls -0.4% in April. (Reuters)

China Trade in May exceeds expectations. (CNBC)

Salesforce (CRM) seeks to expand in Japan. (Nikkei Asian Review)

Treasury Secretary Mnuchin notes that the president is happy to hit China with more tariffs. (CNBC)

Data Points

Tuesday we noted “darkest before the dawn?” and it appears that way right now as moving average continue to be retaken.

Bold means a change from prior day.

The adline/decline line saw NASDAQ put in a negative day AGAIN which is troubling.

The QPI10 Day Moving Average of Breadth (10DMA) is no longer invested  and moved to cash on May 8th close. For a move to cash from buy, the 10DMA needed to have two days in row below -200.A change may be in the offing as the 10 DMA is now at +194.

Courtesy of Quantitative Partners, Inc.

YTD 64% (-12% week over week) of stocks are higher and 36% are lower. Updated 5/31/19 close with next update on 6/7/19 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. Strong week post Monday.

Courtesy of Phil Erlanger Research

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

Economic & Related:

April JOLTS – Job Openings is out at 10:00 a.m. and last month came in at 7.488 million.

Geopolitical:

President Trump has a quiet day with his intelligence briefing, lunch with the Vice President and a meeting with Major League Baseball.

Conferences & Analyst Meetings:  

Analyst Meetings/Notable Conference Call:  DD RTN UTX PRVB (conference call) TXMD (investor day)

Sellside Conferences:  Stifel Inaugural Cross Sector Insight Conference.  Deutsche Bank db Access Berlin Conference. 

Industry Conferences:  American Diabetes Association Scientific Session (through Tuesday). Cisco Live 2019. CES Asia 2019.

M&A Activity

Salesforce (CRM) to buy Tableau (DATA) in an all stock deal for $15.7 million in stock. Tableau up +42%.

United Technologies (UTX) and Raytheon (RTN) all stock merger of equals. Both Higher.

Comstock Resources (CRK) to buy Covey Park Energy in a cash and stock deal at $2.2 billion.

Upgrades & Downgrades

Early Morning Gap Up/Down:

Gap Higher: DATA +43%, TLRY +21%, MNKD +20%, RTN +10%, GRPN +5%, CVA +4%, UTX +4%.

Gap Lower: ONCE -15%, DRD -5%, CRK -4%, CRM -3%.