Breaking News – Facebook (FB) fined $5 billion by the FTC over privacy issues.

Corporate Actions 

IPOs on deck: Eagle Point Income

Secondaries on deck: SGEN RARX SACH

Notes Priced:

Common Stock filings: SGEN ATNX

Mixed Shelf Offerings filed: SD

Convertible Offering Files: 

Courtesy of IPO Financial

Earnings After The Close:

Beat:  RNR +1.11, WRB +0.48, CMG +0.23, CSGP +0.23, CSL +0.23, NAVI +0.21, DFS +0.21, TRMK +0.08, TXN +0.07, CNI +0.07, IRBT +0.07, MANH +0.07, V +0.05, EW +0.05, TER +0.04, CB +0.04, SNAP +0.04, NTB +0.04, NBHC +0.03, UCBI +0.02, FMBI +0.02, HIW +0.02, FCF +0.01, FE +0.01, BXMT +0.01 of note.

Flat: RHI +0.00.

Missed: VMI (0.15), HCSG (0.11), NWE (0.08), AGR (0.06), USNA (0.02), WSBC (0.02), HTA (0.01) EEFT (0.01) of note.

Still to Report:  LTXB

News After The Close:

Gilead (GILD) releases data from two studies in HIV cure  research program. Expands partnership with Jounce Therapeutics (JNCE).

Newmont Goldcorp (NEM) names Tom Palmer as new President replacing Gary Goldberg.

Inter Parfums (IPAR) guides higher for Q2 and reaffirms 2019 guidance.

ZAGG Inc. (ZAGG) President Brian Stech resigns to pursue other interests.

United Parcel Service (UPS) announce new pickup and dropoff services with Michaels (MIK) and CVS.

Department of Justice announces it will review large technology companies for possible antitrust violations GOOGL FB AMZN AAPL.

Stock Repurchase: WFC 

Dividend Increase: WFC NTRS UGI SJM

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 -6, Dow Jones -10, NDX -15  and Russell 2000 -4.62 with fair values mixed.   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 lower vs Euro, Pound and Yen. US 10 year Treasury price is unchanged at $127.47 with yields at from 2.053%. Prices as of 8:25 a.m. EDT.

Positive Sectors On Tuesday: Industrials, Consumer Goods and Financials.

Negative Sectors On Tuesday: Utilities.

One Month Winners: Technology, Services and Consumer Goods.

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 Tuesday close. The week got better thanks to action 12:00 onward.

Courtesy of Quantitative Partners, Inc.

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

Today After The Close:   FB PYPL NOW LVS SU TSLA F ORLY XLNX  CERN ALGN AMP ESS CTXS AEM VAR RJF SUI PTC TMK PKG FFIV SEIC GGG of  note.

Thursday Before The Open:  CMCSA BUD AZN MMM BMY RTN WM APD AEP BAX ABB ROP VLO NEM HSY NOK LUV FDC ROK AMCR VMC IP LH CMS of note.

Earnings This Morning Of Note 

Beat: 

Flat:  

Missed:

Yet To Report: 

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)

European PMIs missed across the board this morning sending Europe lower.

Boris Johnson today officially becomes the Prime Minister of Great Britain. (CNN)

Dish Network (DISH) to pay $5 billion for assets of Sprint (S) and T-Mobile (TMUS). (Bloomberg)

Under settlement with FTC, Facebook (FB) CEO Mark Zuckerberg will personally have to certify compliance. (WSJ)

Treasury Secretary Steve Mnuchin interviewed on CNBC in the last few minutes weighs in on Amazon (AMZN), Huawei and a variety of issues. (CNBC)

Data Points

Several indexes 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 13.03% 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:

Weekly API Petroleum Institute Weekly Data  saw a draw of 10.96 million barrels of Crude Oil and Gasoline build by 4.436 million barrels.

Weekly MBA Mortgage Applications fell -19.% week over week.

June New Home Sales are due out at 10:00 a.m. EDT and are expected to improve to 660,000 from 626,000.

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

$41 Billion of 5 Year Notes to be priced at 1:30 p.m EDT.

The latest NYSE and NASDAQ Short Interest is out after the close and reflected data through the settlement of July 15th. In the latest reporting period, the S&P 500 rose 2.96% Will shorts cover or continue to press like they have since the beginning of May. 

Geopolitical:

President Trump will tweet from the White House during the Mueller Hearing, has already started, and then head to West Virginia for a fundraiser at 4:00 p.m. EDT.

Special Counsel Robert Mueller to the Hill to testify on President Trump and the interference of the Russians in the 2016 Election at 8:30 a.m. EDT (House Judiciary first). Then at 10:00 a.m. EDT House Intelligence Committee.

House Hearing on Suntrust (STI) and BB&T (BBT) merger at 10:00 a.m. EDT.

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:

Tilray (TLRY) buys candy maker Smith & Sinclair, no terms.

Upgrades & Downgrades:

Early Morning Gap Up/Down:

Gap Higher: JNCE +25%, TER +15%, SNAP +11%, EW +11%, ITCI +9%, MANH +9%, GHDX +8%, TXN +7%, OLBK+5%, CSL +4%.

Gap Lower: IRBT -17%, SGEN -5%, HCSG -4%,