Breaking News –Ford (F) and Volkswagen (VWAGY) to invest billions in autonomous vehicles.

Corporate Actions

IPOs on deck for Today: Pivotal Investment – Unit (PIC.U), SC Health – Unit (SCH.U), Tuscan Holding – Unit (THCAU)

Secondaries on deck for Today: BIP IIPR SNES.

Notes Priced: None of note.

Common Stock filings: 

Mixed Shelf Offerings filed: 

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:

Alaska Air (ALK) saw June Traffic rise 1.7%.

Illumina (ILMN) guides lower as does Emcore (EMKR).

Accenture (ACN) names Julie Sweet as new CEO.

Boeing (BA) 737 Max program manager to retire after 34 years at the company.

Intuitive Surgical (ISRG) COO  Sal Brogna to transition out of the company by the end of 2019.

Spirit Airlines (SAVE) updates guidance and calls for 19% revenue growth.

Brazil Central Bank Economic Policy Director Carlos Viana to step down between October and November.

Families feel cheated by Boeing (BA) on crash compensation. (BBC)

People’s Bank of China (PBOC) may revamp benchmark and move to deposit rate. (Bloomberg)

Dividend Increases: TGE R

Stock Repurchases: 

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 +6.49, Dow Jones +72, NDX +14  and Russell 2000 +2.38 with fair values mixed.  Asia and Europe mixed, click through for details by country.

Gold, silver and copper higher. WTI Crude Oil and Brent Oil Futures higher . Natural Gas is lower. $ is lower vs Euro,Pound and the Yen. US 10 year Treasury price at $126,94 from $127.41 with yields at 2.127% from  2.096%. Prices as of 8:40 a.m. EDT.

Positive Sectors On Thursday: Industrials, Services and Financials.

Negative Sectors On Thursday: Healthcare and Consumer Goods.

One Month Winners: Technology, Services and Consumer Goods.

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

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

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

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

Hourly Action This  Week:

Updated through Thursday close. Some more weakness takes hold.

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: C OGI.     

Earnings This Morning Of Note 

Beat:  INFY +0.33 of note.

Flat: None of note.

Missed: 

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

Top News Story:

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

Stocks making the biggest moves today – ILMN ZM BA DB WFC MO. (CNBC)

Economic Advisor Peter Navarro interviewed on CNBC this morning. (CNBC)

President Trump goes after Facebook (FB) on its move into crypto and Libra. (CNBC/Twitter)

Turkey receives Russian missile system. (Bloomberg)

Chinese exports fall in June as trade war takes toll. (Reuters)

Long Short funds struggle. (NYT)

IEA sticks to lower global oil demand. (Market Watch)

AB InBev delays Hong Kong IPO. (CNBC)

Former Hedge Fund Manager Milton Berg who called the 1987 when at Oppenheimer is out of stocks and bonds. (Market Watch)

Data Points

The Dow moved back above its 5 day moving averages. The Russell and Mid Cap dropped under their 10 day moving average.

Bold means a change from prior day.

The advance/decline line has improved dramatically and moved to a buy on 6/13. Updated through 7/10/19 close. The buy remains intact. Year to date model up 12.83% on the S&P 500. 3 buy signals and 3 cash signals in 2019.

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  71% (+2% week over week) of stocks are higher and 29% are lower. Updated 7/5/19 close with next update on 7/12/19 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 Thursday close. This week has seen intraday action mixed.

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:

Geopolitical:

President Trump heads to Wisconsin and Ohio for fundraising efforts. Delivers comments on USMCA Agreement from Derco Aerospace at 2:25 p.m. EDT.

Conferences & Analyst Meetings:  

Analyst Meetings/Notable Conference Call:  ACN  F (Conference Call)

Sellside Conferences:  None of note.

Industry Conferences:  None of note.

M&A Activity

Invitae (NVTA) to buy Jungla for $50 million.

Colgate (CL) to buy Laboratoires Filorga Cosmetiques Skin Care Business for  $1.69 billion.

Upgrades & Downgrades:

Early Morning Gap Up/Down:

Gap Higher: HOOK +38%, MNKD +6%, CDE +5%, 

Gap Lower: EMKR -18%, ILMN -17%, USX -6%, IIPR -5%, NVTA -4%