Corporate Actions 

IPOs on deck: Sunnova Energy (NOVA), Castle Biosciences (CSTL), Fellazo Unit Inc. (FLLCU), Health Catalyst (HCAT), Livongo Health (LVGO), ProSight Global (PROS), 

Secondaries on deck: MPW, STXB and CARA

Notes Priced: BEDU 

Common Stock filings: CARA

Mixed Shelf Offerings filed:

Convertible Offering Files: TPB CTBI

Courtesy of IPO Financial

Earnings After The Close:

Beat:  KRA +0.46, ALGN +0.44, MTH +0.28, ANIK +0.27, EIG +0.26, VAR +0.19, FB +0.12, CUBI +0.10, CMRE +0.09, KALU +0.09, ESS +0.07, AEM +0.07, NOW +0.07, UFPI +0.07, CLGX +0.06, HP +0.05, CHFC +0.05, SUI +0.05, SAVE +0.05, XLNX +0.05, FTI +0.04, MSA +0.04, PKG +0.04, FFIV +0.04, BHE +0.04, KRC +0.04, EFX +0.04, NTGR +0.03, PYPL +0.03, NGVT +0.03, FARO +0.03, KN +0.03, KNL +0.03, SEIC +0.03, LMAT +0.02, CVBF +0.02, CERN +0.02, TMK +0.02, BCOV +0.02, APY +0.02, PTC +0.02, SLM +0.01, ECHO +0.01, FR +0.01, EGP +0.01, ICLR +0.01, ARI +0.01, AMP +0.01 of note.

Flat:  AXTI +0.00, CLS +0.00, ISBC +0.00, WPG +0.00, CLB +0.00, LSTR +0.00

Missed: TSLA (0.76), AGNC (0.65), ALGT (0.37), ORLY (0.16), CTXS (0.13), SU (0.10), ASGN (0.09), OII (0.08), LVS (0.07), CUZ (0.05), NXGN (0.05), HLX (0.04), HNI (0.04), GGG (0.03), F (0.03), TRN (0.03), ROIC (0.02), RJF (0.02), ESRT (0.01), STL (0.01), COR (0.01), MLNX (0.01) of note.

Still to Report:  

News After The Close:

Best Buy (BBY) names Matt Bilunas as CFO.

Brighthouse Financial (BHF) names Edward Spehar as CFO.

Citrix (CTXS) names Mark Schmitz to EVP and COO effective Wednesday.

Altice USA (ATUS) may sell its Lightpath fiber unit for $3 billion.

Fiserv (FISV) and First Data (FDC) received final regulatory approval and deal should close next Monday.

Charter (CHTR) has a plan in place to buy Sprint (S) and T Mobile (TMUS) assets.

Stock Repurchase: ROK

Dividend Increase: OKE RF DKL AROC

What’s Happening This Morning: Going forward the futures value reflects the change with fair value. We will still indicate the fair value direction. Futures improved on the 8:30 economic data.

U.S. futures: S&P +5, Dow Jones +94, NDX +4  and Russell 2000 +5.68 with fair values mixed.  Asia  and Europe mixed, click through for details by country.

Gold higher, silver lower 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 at $127.70 from $127.47 with yields at 2.022% from 2.053%. Prices as of 8:25 a.m. EDT.

Positive Sectors On Wednesday: Conglomerates, Technology and Financials.

Negative Sectors On Wednesday: Materials and Consumer Goods.

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 Wednesday close. The week got better thanks to action 12:00 onward for a second day.

Courtesy of Quantitative Partners, Inc.

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

Today After The Close: AMZN GOOGL INTC SBUX SYK TMUS CELG AFL FISV TEAM RSG FTV VRSN EIX EXPE RMD AJG PFG MGM LYV UHS of  note.

Friday Before The Open: MCD ABBV CHTR CL ITW AON PSX TWTR ZBH VTR WY YNDX COG NLSN LEA PSXP GT B AVX CHSP of note.

Earnings This Morning Of Note 

Beat: FCN +0.76, AXE +0.49, ASPS +0.36, FAF +0.27, RTN +0.26, DBD +0.21, ALKS +0.21, WST +0.17, SAH +0.15, IP +0.15, RS +0.15, HSY +0.14, CRI +0.14, MMM +0.13, AZN +0.13, TPX +0.12, BMY +0.12, ROK +0.11, AXTA +0.09, GPI +0.08, BAX +0.08, BUD +0.07, HEES +0.07, MAS +0.07, IVZ +0.06, AAN +0.06, BANC +0.06, ABB +0.06, NVCR +0.05, EQT +0.05, KKR +0.05, LAZ +0.05, BC +0.04, ODFL +0.04, APD +0.04, PDS +0.04, PTEN +0.04, TRTN +0.04, CMCSA +0.03, AEP +0.03, AAL +0.03, TPH +0.03, WH +0.03, LNTH +0.02, MNRO +0.02, DOW +0.02, WM +0.02, GRA +0.02, LUV +0.02, ROP +0.02, NOK +0.02, LH +0.01, HBAN +0.01, FDC +0.01, ARD +0.01, LKQ +0.01, PRLB +0.01, POL +0.01, HZO +0.01, STM +0.01.

Flat:  CCJ +0.00, CPG +0.00, KIM +0.00, BWA +0.00, VLO +0.00.

Missed: WRLD (0.90), TREE (0.22), TAL (0.12), NEM (0.11), GWB (0.10), VC (0.09), AIMC (0.08), CRR (0.07), ALLE (0.06), AUO (0.05), CVE (0.05), THRM (0.04), CMS (0.04), ENTG (0.04), TECK (0.04), GLOP (0.03), KEX (0.01)

Yet To Report: AB, AMCR, BGCP, COLB, CTS, CFR, DLX, MTRN, OAK, ORI, PATK, RCL, SILC, SMP, TCF, TMUS, TSCO, UBSI, VLY, VMC, WWE. 

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

Top News Story: European Central Bank (ECB) leaves interest rates unchanged but signals rate cut ahead. (CNBC)

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

President Trump considering Executive Order to lower Medicare drug prices. (Reuters)

North Korea fired two missiles into the Sea of Japan. (CNBC)

Nissian (NSANY) to cut 12,500 jobs by 2022 to reign in costs. (CNBC)

U.S. Fertility Rate hits an all time low that would not replace the existing population. (CNN)

Southwest (LUV) will not fly the Boeing (BA) 737 Max before January of 2020. (earnings conference call)

Data Points

All indexes are now above their various moving averages.

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 13.52% 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 Jobless Claims are due out at 8:30 a.m. EDT.

June Durable Goods is due out at 8:30 a.m. EDT and is expected to rise to 1.0% from -1.30%.

Weekly Natural Gas Inventories are due out at 10:30 a.m. EDT.

$32 Billion of 7 Year Notes to be priced at 1:00 p.m EDT.

The latest NYSE and NASDAQ Short Interest is out  and in the latest reporting period, the S&P 500 rose 2.96%. 

Geopolitical:

The European Central Bank (ECB) is out with its latest monetary policy announcement at 7:45 a.m. EDT and a press conference at 8:30 with ECB Head Mario Draghi.

President Trump will welcome in the Secretary of Defense at the Pentagon and then celebrates the one year anniversary of the Pledge To America’s Workers at 3:30 p.m. EDT.

The House is expected to vote on the two year budget deal today.

Conferences & Analyst Meetings:   

Company Analyst Meetings and Conference Calls: SLGL (analyst meeting)

Sellside Conferences:  None of note.

Industry Conferences:  

M&A Activity:

Verisk Analytics (VRSK) to buy Keystone Aerial Surveys, Inc. – no terms.

Banner (BANR) to buy AltaPacific Bancorp (ABNK) in a stock dead.

Upgrades & Downgrades:

Early Morning Gap Up/Down:

Gap Higher:

ANIK +10%, NTGR +10%, MTH +8%, NOK +7%, TRN +6%, BUD +6%, AXTI +6%, WPG +6%, AZN +5%,CYOU +5%, AGLE +5%, KN +5%

Gap Lower:

ALGN -21%, PTC -16%, SAVE -15%, TSLA -12%, CARA -10%, OII -9%, TAL -9%, QGEN -7%, ASGN -6%, SLM -6%, CTXS -6%, XLNX -5%, ICLR -5%, PKG -5%, F -5%,