Corporate Actions

IPOs on deck for This Week:  We now head into summer trading for IPOs.

IPOs on deck for Today: Chewy (CHWY)   

Secondaries on deck:   KRNT MCRB 

Notes Priced:  

Common Stock filings: ITI SRT 

Mixed Shelf Offerings filed: STXB

Convertible Offerings filed: None of note.

Senior Notes Files: None of note.

Courtesy of IPO Financial

Earnings After The Close:

Beat:  AVGO +0.03 

Flat: None of note.

Missed:  None of note.

News After The Close:

3M (MMM) settles patent infringement action with Tovis and Scientific Games.

Louisiana Pacific (LPX) to stop production of oriented stand board at its Peace Valley facility in Q3.

President Trump announces that Press Secretary Sarah Huckabee Sanders will be leaving.

Blue Apron (APRN) to hold a reverse split of 1-15.

Stock Repurchase:  

Dividend Increase: WPC.

Dividend Decrease: ANH NLY.

What’s Happening This Morning: 

U.S. futures: S&P -9, Dow Jones -51 NDX -61  and Russell 2000 -3.40 with fair values MIXED. Asia mixed and Europe lower, click through for details by country.

Gold and silver higher with copper lower. WTI Crude and Brent Oil Futures mixedr. Natural Gas is higher. $ is lower vs Euro, lower vs. Pound and lower vs. Yen. US 10 year Treasury price $127.55 from $127.14 with yields lower since Thursday morning with the yield at 2.077% from 2.11%. Prices as of 8:25 a.m. EDT.

Top Sectors Thursday:  Materials, Industrials and Services.

Weakest Sectors Thursday:  Healthcare.

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:

This week so far 1 hour  positive and 6 were negative. 2:00-3:00 higher for week.

Courtesy of Quantitative Partners, Inc.

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

Today After The Close:  None of note.

Monday Before The Open:  None of note.

Earnings This Morning Of Note 

Beat: .

Flat: 

Missed: CMCM -0.16  

Guides Lower: CMCM

Still To Report: MPAA

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

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

President Trump interviewed on Fox this morning.

Boris Johnson likely to become the next Prime Minister of Great Britain. (BBC Report)

President Trump hears from 600 companies who want China trade resolved now. (Reuters)

Apple (AAPL) CEO Tim Cook met with President Trump on trade with China. (Reuters)

Data Points

S&P 100 back above its 50 day moving average.

Bold means a change from prior day.

The advance/decline line has improved dramatically and moved to a buy yesterday.

The QPI10 Day Moving Average of Breadth (10DMA) is no longer in cash and moves to invested this morning. For a move to cash from buy, the 10DMA needed to have two days in row above +200.

Courtesy of Quantitative Partners, Inc.

YTD  70% (+6% week over week) of stocks are higher and 30% are lower. Updated 6/7/19 close with next update on 6/14/19 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. A mixed week.

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:

May Retail Sales is due out at 8:30 a.m. EDT and expected to improve to 0.7% from -0.2%. Came in at 0.5%.

May Industrial Production is due out at 9:15 a.m. EDT and expected to improve to 0.2% from -0.5%.

June University of Michigan Sentiment is due out at 10:00 a.m. EDT and is expected to fall to 98.1 from 100.00.

Geopolitical:

President Trump speaks at 3:30 p.m. EDT about expanding healthcare coverage for small business.

Conferences & Analyst Meetings:  

Analyst Meetings/Notable Conference Call:  CNC GLW AMSF (investor day)   (conference call)   

Sellside Conferences:  J.P. Morgan European Capital Goods Conference.

Industry Conferences:  Society For Vascular Surgery Vascular Annual Meeting.

M&A Activity

Upgrades & Downgrades

Early Morning Gap Up/Down:

Gap Higher: ARQL +36%, ETON +9%, VNCE +8%, JNUG +7%, FVRR +7%, VRS +5%, NUGT +5%, AU +4%.

Gap Lower:  MCRB -17%, AVGO -9%, SOXL -8%, ITI -7%, NIO -5%, APRN -5%, STM -5%.