Notable Dates – 50 years ago today Apollo 11 launched. Astronaut Michael Collins remembers.

Corporate Actions

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

Secondaries on deck: MPW

Notes Priced: None of note.

Common Stock filings: RGEN MPW EPRT ATEX

Mixed Shelf Offerings filed: 

Convertible Offering Files: RGEN

Courtesy of IPO Financial

Earnings After The Close:

Beat:  None of note.

Flat: None of note.

Missed: JBHT (0.12) of note.

News After The Close:

Arrow Electronic (ARW) guides lower on revenues and earnings.

Lockheed Martin (LMT) wins $490 million Army contract.

General Dynamics (GD) wins $275  million Army contract.

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 -0.30, Dow Jones -13, NDX +2  and Russell 2000 -2.77 with fair values higher across the board.  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 higher vs Euro, higher versus Pound and higher versus the Yen. US 10 year Treasury price at $127.09 from $127.05 with yields at 2.099% from 2.11% . Prices as of 8:15 a.m. EDT.

Positive Sectors On Monday:  Healthcare, Conglomerates, Consumer Goods and Services.

Negative Sectors On Monday: Materials, Financials and Industrials.

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 Monday close. Mixed day on Monday.

Courtesy of Quantitative Partners, Inc.

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

Today After The Close: CSX CTAS UAL FNF SGEN PNFP HWC FULT HCSG HOPE of note.

Wednesday Before The Open: BAC ABT ASML USB PNC PGR BK KHC ERIC WIT OMC TXT CMA of note.

Earnings This Morning Of Note 

Beat:  GS +0.78, JPM +0.33, DPZ +0.16, JNJ +0.14, WFC +0.14, PACW +0.13, FHN +0.06, CBSH +0.02, PLD +0.01, SNV +0.01 of note.

Flat: None of note.

Missed: WTFC (0.27), FRC (0.03) of note.

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)

House is expected to pass a resolution condemning President Trump’s Sunday tweets on the “squad”  of House Democrats. (CNN)

House Speaker Pelossi rejects Treasury Secretary Mnuchin request to raise the debt ceiling and wants to continue budget talks. (The Washington Post)

Teenagers who spend considerable time on devices have higher levels of depression. (CNN)

Tesla (TSLA) cuts prices on vehicles shipped to China. (Bloomberg)

Chinese debt continues to grow as economy slows. (Bloomberg)

Rio Tinto (RIO) reports Q2 production and lowers 2019 production guidance. (Financial Times)

Amazon (AMZN) sees largest single day of sales on Day 1 of Prime Day. (Benzinga)

President Trump will look at Google (GOOGL) post comments from Peter Thiel that Google has “committed treason” even though no evidence presented. (Twitter)

Data Points

The Russell and Mid Cap moved back below some moving averages on Monday.

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 Monday 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 Retail Sales is due out at 8:30 a.m. EDT and is expected to fall to 0.2% from 0.5%.  Came in at +0.4%.

June Industrial Production is due out at 9:15 a.m. EDT and is expected to fall to 0.2% from 0.4%.

July NAHB Housing Market Index is due out at 10:00 a.m. EDT and are expected to fall to 62 from 64.

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

Geopolitical:

President Trump holds a Cabinet meeting this morning at 11:30 a.m. EDT and then meets with Republican leadership at 4:00 p.m. EDT.

Federal Reserve Chairman Powell speaks at 1:00 p.m. EDT.

Senate to question Facebook (FB) on Libra today at 10:00 a.m. EDT.

Social media and tech companies FB AMZN GOOGL AAPL to testify before the House Judiciary Committee on antitrust issues at 2:00 p.m. EDT.

Conferences & Analyst Meetings:  BHP (Operational Review) TRQ (Conference Call)

Analyst Meetings/Notable Conference Call:   

Sellside Conferences:  Needham 2nd Annual Retail and Global Brands 1X1 Day 2019.

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:

People’s United Financial (PBCT) to buy United Financial (UBNK) for $759 million.

CBS Corp (CBS) and Viacom (VIAB) set 8/8 as deadline to reach a merger  agreement.

Upgrades & Downgrades:

Early Morning Gap Up/Down:

Gap Higher: JBHT +8%.

Gap Lower: ATEX -6%, ARW -5%, QTT -4%, MPW -4%.