Corporate Actions

IPOs on deck for today: DoYou (DOYU). 

Secondaries on deck: AVRO ATEX BRKR  BYSI HYRE IMRN RGEN  

Notes Priced: RGEN.

Common Stock filings: FTSV AVRO SENS

Mixed Shelf Offerings filed: 

Convertible Offering Files: SENS

Courtesy of IPO Financial

Earnings After The Close:

Beat:  CTAS +0.14, UAL +0.11, FNF +0.06, FULT +0.01, HWC +0.01 

Flat: HOPE 

Missed: SGEN (0.06), CSX (0.03) 

News After The Close:

House votes on Resolution to condemn President Trump’s language.

Whiting Petroleum (WLL) names Correne S. Loeffler as CFO as of August 1st.

Regional Mgmt (RM) names Robert Beck as CFO effective July 22nd.

Department of Justice requests that Appeals Court pause on Qualcomm (QCOM) Antitrust Ruling.

Stock Repurchase: HOPE MFGP

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 -1, Dow Jones -2, NDX -2  and Russell 2000 -1.45 with fair values higher across the board.  Asia and Europe mixed, click through for details by country.

Gold and silver lower with copper higher. WTI Crude Oil and Brent Oil Futures higher. Natural Gas is higher. $ is lower vs Euro, Pound and Yen. US 10 year Treasury price at $127.16 from $127.09 with yields at 2.09% from 2.099%. Prices as of 8:15 a.m. EDT.

Positive Sectors On Tuesday:  Industrials, Conglomerates and Services.

Negative Sectors On Tuesday: Materials, Technology, Utilities and Healthcare.

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 week so far.

Courtesy of Quantitative Partners, Inc.

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

Today After The Close:  NFLX IBM CCI KMI EBAY URI SEIC CCK SLG AA UMPQ TCBI BXS CATY CNS PLXS TBK ADTN NDLS LLNW 

Thursday Before The Open:  UNH TSM NVS SAP HON PM UNP DHR MS BBT BX STI PPG MTB NUE GPC DOV ALLY SNA ADS POOL SBNY EWBC SON WBS  HOMB GATX GTLS BMI HTLD SASR IIN 

Earnings This Morning Of Note 

Beat:  ASML +0.18, OMC +0.08, TXT +0.07, PNC +0.06, BK +0.05, BAC +0.03, ABT +0.02 

Flat: None of note.

Missed: ERIC (0.21), USB (0.07), CMA (0.06) 

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

Top News Story: European Union opens investigation into Amazon and anti-competitive actions. (CNBC)

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

U.S. and Japan aim to have trade deal by September. (Reuters)

World Trade Organization (WTO) rules that some U.S. tariffs against China are not valid. (Financial Times)

Apple (AAPL) tests AirPod production in Vietnam as a potential move away from China. (Nikkei Report)

Data Points

There were a couple negative changes today.

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 12.97% 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 Tuesday 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:

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

MBA Mortgage Applications came out at 7:00 a.m. EDT and fell -1.1%.

June Housing Starts are due out at 8:30 a.m. EDT and are expected to improve to 1,270,000 from 1,269,000.

Weekly Crude Oil Inventories are due out at 10:30 a.m. EDT.

Geopolitical:

President Trump holds  a Make America Great Again (MAGA) rally in North Carolina at 7:00 p.m. EDT.

Housing Hearing on Facebook (FB) at 10:00 a.m. EDT.

Federal Reserve Kansas City President Esther George speaks at 12:30 p.m. EDT.

The latest Federal Reserve Beige Book is due out at 2:00 p.m. EDT.

Conferences & Analyst Meetings:   (Conference Call)

Analyst Meetings/Notable Conference Call:   INFN (webcast) AIR (investor day) INO (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:

Visa (V) buys Munich based Payworks, no terms.

Upgrades & Downgrades:

Early Morning Gap Up/Down:

Gap Higher: ORN +14%, SGEN +9%, QCOM +6%, CTAS +6%, ASML +5%. 

Gap Lower: NUS -20%, INO -13%, SENS -11%, CSX -7%, HLF -7%, ERIC -6%, BYSI -6%.