Corporate Actions

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

IPOs on deck for Today:  Gig Capital2 (GIX/U) of note, could be tomorrow.

Secondaries on deck:   VTR of note.

Notes Priced: None of note.

Other Filings of Note:  EPR KNSA SRRK files mixed shelf offering.  SIEN VTR ORTX IIIV VRRM EVOP KNSA files common stock offering.  NMFC files senior notes.  files convertible offering.

Courtesy of IPO Financial

Earnings After The Close:

Beat:  COUP +0.07, BOX +0.02, CAL +0.01 of note.

Flat: 

Missed: GSM (0.02)

Still To Report: 

News After The Close:

Avalon Bay (AVB) saw April and May rose 3.4%.

Stock Repurchase: CLR of note.

Dividend Increase: None of note.

Index Changes: Bemis (BMS) moves to the S&P 500. Mattel (MAT) moves to the S&P 400 Mid Cap.

What’s Happening This Morning: Futures on the S&P 500 have been dropped since yesterday’s close.

U.S. futures: S&P +14.50, Dow Jones +136 NDX +43   and Russell 2000 +11.60 with fair values LOWER ADDING TO GAINS. Asia mixed and Europe mixed, click through for details by country.

Gold higher with silver lower and copper lower. WTI Crude higher and Brent Oil Futures lower. Natural Gas is higher. $ is lower vs Euro, lower vs. Pound and lower vs. Yen. US 10 year Treasury price $127.11 from $125.38 with yields lower since last Thursday morning with the yield at 2.11% since our last update on Thursday when the yield was 2.26%. Prices as of 8:25 a.m. EDT.

Top Sectors Monday:  Materials, Utilities and Materials.

Weakest Sectors Monday:  Technology, Services and Conglomerates.

One Month Winners: Utilities.

Three Month Winners:  Utilities and Consumer Goods.

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

Twelve Month Winners: Utilities, Healthcare and Services.

Year to Date: All higher led by Conglomerates, Services, Industrials, Utilities, Technology and Financials.

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

Today After The Close:   CRM GWRE HQY PVTL AMBA GME NX of note.

Wednesday Before The Open:  BFB CPB AEO CVGW GII UXIN VRA SCWX of note.

Earnings This Morning Of Note 

Beat:  LE +0.10, TIF +0.02 of note.

Flat: of note.

Missed: NAV (1.34)*, DCI (0.04) of note. * May not be comparable to consensus.

Still To Report:  CMB CBRL of note.

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

Top Story: President Trump continues his visit to the U.K.

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

Iran against delaying OPEC meeting to July. (Reuters)

U.S. House passes Disaster Aid Package giving some money for The Wall, so Democrats lose in preventing this passage. (WSJ)

China issues travel advisory telling Americans not to come. (Bloomberg)

SEC looking into General Electric (GE) over China business and medical equipment schemes. (Reuters)

Federal Reserve Chicago President Charles Evans feels good about policy but nervous on inflation. (CNBC)

Uber (UBER) announces under investigation by IRS over 2013 and 2014.

Data Points

All indexes are below all indexes that we track. Darkest before the dawn?

The adline/decline line remains 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. For now, the best offense is a good defense. Ample notice of the current weakness was given.

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.

All indexes struggled again.

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 Factory Orders are due out at 10:00 a.m. EDT and are expected to fall to -0.9% from 1.9%.

API Petroleum Institute Weekly Data due out at 4:30 p.m. EDT.

Geopolitical: 

President Trump continues his trip to the United Kingdom meeting with Prime Minister Theresa May.

Federal Reserve Chairman Jerome Powell and Federal Reserve New York President John Williams speak at the Federal Reserve Inflation Conference.

CNBC will interview both Federal Reserve Vice Chairman Richard Clarida and Federal Reserve St. Louis President Charles Evans.

Conferences & Analyst Meetings:  

Analyst Meetings/Notable Conference Call: CVS GPC AGR CSOD  (investor day) 

Sellside Conferences:  Goldman Sachs Gaming, Lodging, Restaurant and Leisure Conference.  UBS Global Hedge Fund Conference. Credit Suisse Annual Communications Conference. Needham Annual Automotive Tech Day.  Jefferies Global Healthcare Conference. Baird Global Consumer, Technology and Services Conference. Bank of America Merrill Lynch Global Technology Conference.

Industry Conferences: American Society of Clinical Oncologist (ASCO) continues through today. Apple Worldwide Developers Conference. NAREIT Investor Conference.  LD Micro Invitational Conference.

M&A Activity

Upgrades & Downgrades

Laughable Upgrade: UBER gets multiple upgrades as IRS begins investigation.

Early Morning Gap Up/Down:

Gap Higher: APPS +9%, INS +8%, CAL +5%, CVNA +5%, COUP +4%.

Gap Lower: BOX -18%, AXU -17%, SIEN -7%, TIF -4%.