Corporate Actions

IPOs on deck for today:  MDLA AFYA IFS

Secondaries on deck:  

Notes Priced: TMHC

Common Stock filings: ATRA AMRN FLWPF 

Mixed Shelf Offerings filed: GOGL IEP

Convertible Offering Files: 

Courtesy of IPO Financial

Earnings After The Close:

Beat: ISRG +0.38, MSFT +0.16, SKX +0.16, COF +0.16, EXPO +0.06, RECN +0.04, FFIN +0.02, ETFC +0.02, CRWD +0.01, MRTN +0.01, FFBC +0.01, OZK +0.01.

Flat: PBCT.

Missed: BEDU (0.30), CHWY (0.01). 

News After The Close:

Chico’s (CHS) names Bonnie Brooks as CEO and reaffirms guidance and full year outlook.

The Wall Street Journal, reports that Gannett (GCI) and GateHouse Media continue M&A talks.

Gulfport Energy (GPOR) sees Q2 production was 1,359 MMcfe per day +8%.

Boeing (BA) takes a $4.9 bilion after tax charge for Q2 related to 737 MAX groundings.

Stock Repurchase: DFS

Dividend Increase: AUB HEP DFS TAP

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 +68, NDX +27  and Russell 2000 -0.82 with fair values higher across the board   Asia lower 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, Pound and Yen. US 10 year Treasury price at $127.58 from $127.42 with yields at 2.05% from 2.055%. Prices as of 8:25 a.m. EDT.

Positive Sectors On Thursday:  Healthcare, Consumer Goods, Utilities and Financials.

Negative Sectors On Thursday: Industrials, Services and Conglomerates.

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 Thursday 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: None of note.

Monday Before The Open: HAL LII RPM BOH CBU ONB CADE CALM SALT PETS GNC NWBI.

Earnings This Morning Of Note 

Beat: CLF +0.11, MAN +0.11, STT +0.05, IBKC +0.05, AXP +0.05, CFG +0.02, SYF +0.01.

Flat: SLB of note.

Missed: BLK (0.18), ALV (0.06), RF (0.02), SXT (0.02).

Yet To Report: GNTX, KSU, NVR.

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)

President Trump nominates Gene Scalia as new Secretary of Labor. (CNN)

Trump Administration sent House Speaker Pelosi spending cuts for budget deal. (Bloomberg)

U.S. Trade Representative Robert Lighthizer spoke with Chinese officials yesterday, but no progress reported. (Bloomberg)

CNET reports that more consumers are turning in Apple (AAPL) iPhones for Android phones (GOOGL). (CNET)

Data Points

There were a couple changes today as the S&P 500 and S&P 400 retook their 10 and 20 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 7/18/19 close. The buy remains intact. Year to date model up 12.67% 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.

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:

University of Michigan Consumer Sentiment is due out at 10:00 a.m. EDT and are expected to rise to 98.9 from 98.2.

Geopolitical:

President Trump has nothing on his schedule other than hanging at the White House.

Federal Reserve St. Louis President James Bullard will speak at 11:00 a.m. EDT.

Federal Reserve Boston President Eric Rosengren will speak at 4:30 p.m. EDT.

Conferences & Analyst Meetings:   (Conference Call)

Analyst Meetings/Notable Conference Call: EBIX YTRA (conference call).

Sellside Conferences:  None of note.

Industry Conferences:  American Association of Cancer Research’s Immune Cell Therapies for Cancer 2019.

M&A Activity:

Vintage Capital offers $40.00 per share for Red Robin Gourmet (RRGB).

VMware (VMW) to buy Bitfusion, no terms.

Anheuser-Busch InBev (BUD) to sell Carlton & United Breweries to Asahi Group Holdings, Ltd.

PepsiC0 (PEP) to buy Pioneer Foods Group for $1.7 billion.

Upgrades & Downgrades:

Early Morning Gap Up/Down:

Gap Higher: CRWD +17%, RRGB +13%, SKX +12%, EXPO +10%, GCI +10%, CFG +4%, BUD +4%, MSFT +4%

Gap Lower: RICK -11%, QEP -7%.