Corporate Actions

IPOs on deck for This Week:  Another busy one for IPOs with 9 on deck.

IPOs on deck for Today:  Cambium Networks (CMBM) 

Secondaries on deck for Today:  MDCO VICI

Notes Priced: NRZ CHTR

Common Stock filings: ODT GBT INXN

Mixed Shelf Offerings filed: INXN

Convertible Offering Files: LILA UNIT

Courtesy of IPO Financial

Earnings After The Close:

Beat: MU +0.26, FDX +0.18, AVAV +0.02 

Flat: None of note.

Missed: SNX of note.

News After The Close:

Shutterstock (SSTK) Co-COO and CFO will leave and the CAO will become the SFO.

PDL BioPharma (PDLI) CFO to leave 8/15.

Target (TGT) counters Amazon (AMZN) Prime Day with Target Deal Day on July 15-16.

San Francisco banned e-cigarettes in vote yesterday as we noted would happen.

Dividend Increase: GBCI

What’s Happening This Morning: 

U.S. futures: S&P +11.25, Dow Jones +94, NDX +48.25  and Russell 2000 +6.50 with fair values LOWER TO FLAT HELPING THE OPEN.  Asia  and Europe mixed click through for details by country.

Gold, silver and copper lower. WTI Crude Oil 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 $127.86 from $128.02 with yields lower since Tuesday morning with the yield at 2.02% from 2.00%. Prices as of 8:25 a.m. EDT.

Top Sectors Tuesday:  None of note.

Weakest Sectors Tuesday:  Technology, Conglomerates, Services and Materials lower.

One Month Winners: Healthcare, Industrials and Materials.

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

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

Twelve Month Winners: Utilities, Healthcare, Industrials and Services.

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

Hourly Action This  Week:

Monday and Tuesday have seen selling in 6 hours. A pretty bad start to the week. Should improve from here.

Courtesy of Quantitative Partners, Inc.

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

Today After The Close:  KBH MLHR FUL FIZZ WOR 

Thursday Before The Open:  ACN WBA MKC CAG SJR JEF PDCO APOG GMS 

Earnings This Morning Of Note 

Beat: GIS +0.07, INFO +0.06, BB +0.01 

Flat: None of note.

Missing This Morning:   ATU, PAYX, SCHN, UNF   

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

Top News Story: Treasury Secretary Steven Mnuchin says now 90% of the way there. (CNBC)

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

House Judiciary & Intelligence Committee calls Robert Mueller to testify in July. (NYT)

Several U.S. Tech companies are still selling to Huawei. (NYT)

Tesla (TSLA) should have record Q2 deliveries. (Bloomberg)

Bitcoin up 30% for the week and it is only Wednesday. (Bloomberg)

Data Points

The Dow and NASDAQ 100 joined the Russell 2000 and S&P 400 in giving up some ground.

Bold means a change from prior day.

The advance/decline line has improved dramatically and moved to a buy on 6/13.

The QPI10 Day Moving Average of Breadth (10DMA) is no longer in cash and moved to invested on .

Courtesy of Quantitative Partners, Inc.

YTD  69% (-1% week over week) of stocks are higher and 31% are lower. Updated 6/21/19 close with next update on 6/28/19 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. Yesterday was the first day in June where all indexes closed below support.

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:

The latest NYSE and NASDAQ Short Interest out after the close saw NYSE rise by 0.86% and NASDAQ also rise by 0.58%.

API Petroleum Institute released its latest data yesterday at 4:30 p.m. EDT and Crude Oil had a draw of 7.54 million barrels and Gasoline had a draw of 3.172 million barrels.

Weekly MBA Mortgage Applications rose 1.3%.

May Durable Goods are due out at 8:30 a.m. EDT and are expected to improve to a drop of -0.3% from -2.10%.

Treasury 5 Year Auction at 1:00 p.m. EDT.

Geopolitical:

President Trump speaks this morning to the Faith & Freedom Coalition and then heads to Osaka, Japan for the G-20.

The Democratic Party begins two days of nightly debates with all candidates. 

House passes $4.5 billion spending bill to deal with issues at the border.

Conferences & Analyst Meetings:  

Analyst Meetings/Notable Conference Call:  GEF HOTH SBGSY SNY (investor or analyst day) 

Sellside Conferences:  Suntrust Robinson Humphrey 2nd Annual Clinical Day. Piper Jaffray Diagnostic & Life Sciences Tools One On One Day.

Industry Conferences:  Mobile World Congress Shanghai (through 6/28). Bitcoin 2019 Conference ( through 6/26).

M&A Activity

Extreme Networks (EXTR) to buy Aerohive Networks for $272 million.

Upgrades & Downgrades

Early Morning Gap Up/Down:

Gap Higher: MU +9%, SNX +5%, HIVE +5%, WDC + 4%, CFMS +4%

Gap Lower: AVAV -9%, NBRV -5%