Corporate Actions

IPOs on deck for this week: 8 IPOs on track for this week. 

Secondaries on deck for this week: GMAB IFS

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:

Peabody Energy (BTU) names Charles Meintjes as COO.

Evolution Petroleum (EPM) names Jason Brown as CEO.

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 +4, Dow Jones +36, NDX +13  and Russell 2000 +4.45 with fair values higher.  Asia and Europe mixed to higher, 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, higher versus Pound and higher versus the Yen. US 10 year Treasury price at $127.05 from $126.94 with yields at 2.11% from  2.127%. Prices as of 8:40 a.m. EDT.

Positive Sectors On Friday: Industrials, Services and Technology.

Negative Sectors On Friday: Healthcare and Utilities.

One Month Winners: Technology, Services and Materials.

Three Month Winners: Financials, Services, and Utilities.

Six Month Winners: Technology, Services and Consumer Goods.

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

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

Hourly Action This  Week:

Updated through Friday close. A decent week.

Courtesy of Quantitative Partners, Inc.

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

Today After The Close: JBHT WTFC of note.

Tuesday Before The Open: JPM JNJ WFC GS SCHW PLD CP FRC DPZ CBSH SNV FHN PACW WAFD of note.

Earnings This Morning Of Note 

Beat:  C (+0.15) of note.

Flat: None of note.

Missed: OGI (0.11) of note.

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

Top News Story: China GDP grew at 6.2% its lowest growth rate in 30 years. (NY Times)

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

President Trump may fire Commerce Secretary Wilbur Ross. (NBC News)

President Trump Sunday Tweets raise concerns from both sides of the aisle. (NYT)

Commerce Department may grant licenses for U.S. tech companies to begin reselling to Huawei. (Reuters)

Amazon (AMZN) workers in Germany are striking. (Reuters)

Today is Amazon (AMZN) Prime Day and will last two days. (CNBC)

Gilead Sciences (GILD) to invest $5 billion in Galapagos NV (GLPG), combination of immediate investment of $3.95 billion and $1.1 billion in equity. (Bloomberg)

Data Points

The Russell and Mid Cap moved back above their 5 and 10 day 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 7/12/19 close. The buy remains intact. Year to date model up 13.31% 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 Friday 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:

July Empire State Manufacturing Index is due out at 8:30 a.m. EDT and is expected to rise to 5.0 from -8.6.

Geopolitical:

President Trump host the 3rd Annual Made In America Product Showcase at 11:45 a.m. EDT.

Conferences & Analyst Meetings:  

Analyst Meetings/Notable Conference Call:   CYTX (Business Update)

Sellside Conferences:  None of note.

Industry Conferences:  Alzheimer Association International Conference (through 7/18). American Association of Physicists in Medicine Annual Meeting (through 7/18). Microsoft Inspire (through 7/18)

M&A Activity

Crane Co. (CR) will not extend offer to buy CIRCOR (CIR).

Callon (CPE) to Carrizo Oil (CRZO) for $3.2 billion or $13.12 a share.

Gilead Sciences (GILD) to invest $5 billion in Galapagos NV (GLPG), combination of immediate investment of $3.95 billion and $1.1 billion in equity.

Upgrades & Downgrades:

Early Morning Gap Up/Down:

Gap Higher: GLPG +15%, CRZO +9% and CROX +4.2%.

Gap Lower: CIR -16%, TEVA -6%.