Corporate Actions

IPOs on deck for Today: None of note.

Secondaries on deck for Today:None of note.

Notes Priced: None of note.

Common Stock filings: GEL

Mixed Shelf Offerings filed: ICLK

Convertible Offering Files: 

Courtesy of IPO Financial

Earnings After The Close:

Beat:None of note.

Flat:None of note.

Missed:None of note.

News After The Close:

Pfizer (PFE) announces that Phase III Trial of Revatio in newborns with Persistent Pulomary Hypertension did not meet primary endpoints.

Veracyte (VCYT) CFO Keith Kennefy takes on added role of COO as of today.

Stocks finish best June since 1995.

Boeing (BA) wins $390 million Navy contract.

United Technologies (UTX) wins Navy contract worth $358.5 million.

Oshkosh Defense (OSK) wins $320 million Army contract.

The Russell 2000 reconstitution effective this morning’s open.

What’s Happening This Morning: Going forward the futures value reflects the change with fair value. We will still indicate the fair value direction.

U.S. futures: S&P +32, Dow Jones +258, NDX +1372  and Russell 2000 +18.60 with fair values lower.  Asia  and Europe higher, click through for details by country.

Gold and silver lower with copper higher. 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 $127.18  with yields at 2.09%. Prices as of 8:25 a.m. EDT.

Top Sectors Friday:  Financials, Industrials and Utilities.

Weakest Sectors Friday: None of note.

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:

This week we  have seen selling in 6 hours. A pretty bad start to the week. Should improve from here. Updated through Wednesday close. Will be updated tomorrow morning.

Courtesy of Quantitative Partners, Inc.

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

Today After The Close: None of note.

Tuesday Before The Open: AYI GBX JEF MDXG OMN SMPL.  

Earnings This Morning Of Note 

Beat: None of note.

Flat: None of note.

Missed: None of note.

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

Top News Story:  Presidents Trump and Xi call a truce over trade and agree to go back to the negotiating table.

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

OPEC and it partners have agree to extend reductions until the end of 2019. (Reuters)

J.P. Morgan predicts U.S. & China truce will keep stocks going for several more months. (CNBC)

Warren Buffet is donating $3.6 billion in Bershire Hathaway (BRKA) stock to 5 foundations including The Gates Foundation.

Deutsche Bank (DB) looking to cut 20,000 jobs.  (CNBC)

Iran breaches the 2015 Nuclear Deal stockpile limit. (CNBC)

Hong Kong protesters try to storm the legislature. (Bloomberg)

Chinese Advisor Zhu Ning says no closer to a trade deal after truce. (Bloomberg)

Data Points

All indexes are back above all moving averages.

Bold means a change from prior day.

The advance/decline line has improved dramatically and moved to a buy on 6/13. Updated through 6/28/19. The buy remains intact.

The QPI10 Day Moving Average of Breadth (10DMA) is no longer in cash and moved to invested on 6/13/19.

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. Update through Friday close.

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:

June ISM Manufacturing Index is due out at 10:00 a.m. EDT and is expected to fall to 51.5 from 52.1.

May Construction Spending is also due out at 10:00 a.m. EDT and is expected to remain at 0.00%.

Geopolitical:

President Trump at The White House as he lunches with the Vice President and then signs the Taxpayer First Act at 4:00 p.m. EDT.

Conferences & Analyst Meetings:  

Analyst Meetings/Notable Conference Call:  None of note (investor or analyst day)

Sellside Conferences:  None of note.

Industry Conferences:  

M&A Activity

Applied Materials (AMAT) to acquire Kokusai Electric Corporation for $2.2 billion in cash from KKR.

Genesse & Wyoming (GWR) to be acquired by Brookfield Infrastructure (BIP) for $8.4 billion.

Performance Food Group (PFGC) to buy Reinhart Foodservices from Reyes Holdings for $2.0 billion.

Upgrades & Downgrades:

Early Morning Gap Up/Down:

Gap Higher: NPTN +24%, IPHI +10%, LITE +8%, SWKS +7%, STM +6%, MRVL +6%, MU +6%, XLNX +6%, WYNN +6%, WDC +5%, QCOM +5%, LVS +5%, CHK +5%.

Gap Lower: HMY -6%, AG -5%, AU -5%, KGC -5%.