Corporate Actions 

IPOs on deck: None of note.

Secondaries on deck: None of note.

Notes Priced:

Common Stock filings: CCO RARX

Mixed Shelf Offerings filed: TTEC

Convertible Offering Files: 

Courtesy of IPO Financial

Earnings After The Close:

Beat: WHR +0.29, AMTD +0.07, HXL +0.05, AKR +0.04, CDNS +0.04, BRO +0.4, NBTB +0.03, ELS +0.03, CE +0.03, CR +0.02, LOGI +0.02, ACC +0.02 of note.

Flat: HSTM, BDN.

Missed: HMST (0.21), ZION (0.11), IBTX (0.05), NWBI (0.03), STLD (0.02) of note.

News After The Close:

ACADIA Pharmaceuticals (ACAD) Phase 3 ENHANCE Trial did not meet end points.

Huntington Ingalls (HII) picks up Navy contract worth $2.45 billion.

Moody’s takes Boeing (BA) outlook to negative.

Intel (INTC) may sell its modem business to Apple (AAPL).

AutoNation (AN) named CFO Cheryl Miller as CEO & President replacing Carl Liebert. CNBC interviewed her and Chairman Mike Jackson this morning.

Stock Repurchase: 

Dividend Increase: HXL WAFD

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 +13, Dow Jones +124, NDX +42  and Russell 2000 +6.82 with fair values lower across the board   Asia  and Europe higher, click through for details by country.

Gold lower, silver flat with copper flat. WTI Crude Oil and Brent Oil Futures lower. Natural Gas is higher. $ is higher vs Euro, Pound and Yen. US 10 year Treasury price at $127.47 from $127.52  with yields at 2.053% from 2.045%. Prices as of 8:25 a.m. EDT.

Positive Sectors On Monday: Conglomerates, Technology, Consumer Goods and Materials.

Negative Sectors On Monday: Utilities and Industrials.

One Month Winners: Technology, Services and Consumer Services.

Three Month Winners: Healthcare, Utilities and Consumer Goods.

Six Month Winners: Technology, Services and Consumer Goods.

Twelve Month Winners: Utilities, Services and Technology.

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

Hourly Action This  Week:

Updated through Friday close. Worst week since May.

Courtesy of Quantitative Partners, Inc.

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

Today After The Close:   V TXN CB CNI EW DFS FE CSGP CMG SNAP AGR WRB EEFT RNR TER CSL RHI MANH HIW VMI of  note.

Wednesday Before The Open:  T BA TMO NEE UPS CAT ANTM BSX NOC GD NSC VFC IQV TEL APH HLT ALXN TROW DTE NTRS  CHKP NDAQ FCX of note.

Earnings This Morning Of Note 

Beat: BIIB +1.61, CIT +0.61, UBS +0.38, HAS +0.28, LMT +0.25, SHW +0.21, UTX +0.15, IPG +0.13, SWK +0.11, CNC +0.10, PII +0.08, HOG +0.07, MLI +0.07, ATI +0.06, DGX +0.05, FITB +0.05, KMB +0.05, MTG +0.04, PHM +0.04, AVY +0.04, PNR +0.04, TRU +0.04, JBLU +0.03, GPK +0.03, KO +0.02, IRDM +0.01, FBC +0.01 of note.

Flat:  FNB, KEY, LECO of note.

Missed: TRV (0.28), TTS (0.08), EDU (0.06), ASTE (0.05), FBP (0.01), PPBI (0.01), RCI (0.01) of note.

Yet To Report: FELE, LW, NEOG, PCAR, SFNC

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

Top News Story:  Washington reaches a two year budget deal before they go on recess.  (CNN)

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

Boris Johnson names the next Prime Minister of Great Britain. (Bloomberg)

Venezuela had another countrywide blackout, fourth of the year and claim electromagnetic attack. (CNN)

Malaria spreading through Southeast Asia that is drug resistant potentially raising a global health risk. (CNN)

UBS CEO warns of bubbles created by Central Banks. (Bloomberg)

Trump Administration may end food stamps for 3 million people as they cap income at $32,640. (Bloomberg)

President Trump to grant U.S. tech companies licenses to sell to Huawei. (Reuters)

Realogy (RLGY) announce collaboration with Amazon (AMZN) and stock jumps 45% in pre market.  (PR Newswire)

Data Points

The NASDAQ saw improvement.

Bold means a change from prior day.

The advance/decline line improved dramatically and moved to a buy on 6/13. Updated through 7/19/19 close. The buy remains intact but is starting to fade. Year to date model up 12.32% 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.

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 Existing Home Sales is due out at 10:00 a.m. EDT and is expected to fall to 5.30 million from 5.34 million.

$40 billion of 2 Year Treasury Notes to be sold at 1:30 p.m. EDT.

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

Geopolitical:

President Trump will deliver a speech to Turning Point USA’s Teen Student Action Summit and then at 4:00 p.m. EDT meet with Republican leaders.

The Federal Reserve Open Market Committee (FOMC) begins a two day meeting.

The International Monetary Fund releases its latest World Economic Outlook.

Conferences & Analyst Meetings:   

Company Analyst Meetings and Conference Calls: None of note.

Sellside Conferences:  None of note.

Industry Conferences:  10th International AIDS Society Conference on HIV Science (through 7/24). American Society of Virology Annual Meeting (through 7/24). 10th Orphan Drug & Rare Disease 2019 (through 7/24)

M&A Activity:

LSC Communications (LKSD) and Quad Graphics (QUAD) cancel merger.

Upgrades & Downgrades:

Early Morning Gap Up/Down:

Gap Higher: RLGY +45%, PII +10%, CHMA +9%, AVCO +7%, INFN +7%,LOGI +6%, GPK +5%, BIIB +5%, AUDC +5%.

Gap Lower:ACAD-15%,CCO -7%,ZION -6%,STLD -5%.