Corporate Actions

IPOs on deck for Today: None of note.

Secondaries on deck for Today:None of note.

Notes Priced: None of note.

Common Stock filings: 

Mixed Shelf Offerings filed: FRO CBMG.

Convertible Offering Files: 

Courtesy of IPO Financial

Earnings After The Close:

Beat:None of note.

Flat:None of note.

Missed:None of note.

News After The Close:

Noble Midstream Partners (NBLX) sees CFO John Bookout IV resign to pursue other interests.

USGS report 7.1 earthquake in Ridgecrest, CA. Many aftershocks over the weekend.

Democratic Presidential Candidate Joe Biden interviewed by CNN over the weekend. (CNN)

Stock Repurchases Announced:  

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 -8.71, Dow Jones -89, NDX -41  and Russell 2000 -2.42 with fair values higher.  Asia lower and Europe mixed, click through for details by country.

Gold, silver and copper higher. WTI Crude Oil and Brent Oil Futures lower . Natural Gas is lower. $ is flat vs Euro, Pound and Yen. US 10 year Treasury price $127.53 from $128.14  with yields at 2.04% from 1.96%. Prices as of 8:25 a.m. EDT.

Top Sectors Friday: Healthcare, Industrials, Materials and Consumer Goods.

Weakest Sectors Friday: None of note.

One Month Winners: Technology, Services and Consumer Goods.

Three Month Winners: Consumer Goods, Financials, Services, and Utilities.

Six Month Winners: Services, Conglomerates, Technology and Conglomerates.

Twelve Month Winners: Utilities, Services, Healthcare and Technology.

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

Hourly Action This  Week:

Last week we  saw selling in 4 hours and same this week. Updated through Wednesday close.

Courtesy of Quantitative Partners, Inc.

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

Today After The Close: None of note.

Tuesday Before The Open: PEP LNN.   

Earnings This Morning Of Note 

Beat: AZZ +.14.

Flat: None of note.

Missed: None of note.

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

Top News Story: Deutsche Bank (DB) unveils a major restructuring as it lays of 18,000 and creates a bad bank. (Bloomberg)

Five Things You Need To Know To Start Your Day  (Bloomberg) Topics include Job’s Friday and preview. Big Deutsche Bank (DB) job cuts coming. Lasting trade peace difficult. Markets mixed.

The White House hires a new legal team to attack the Census issue. (NYT)

President Trump ups criticism of Federal Reserve Chairman Jerome Powell. (Bloomberg)

Billionaire Jeffrey Epstein was arrested in New York late Saturday night on sex trafficking charges. Other notables may be tied in including former President Clinton and current President Trump.  Epstein is due in court today.(CNN)

Morgan Stanley (MS) turns bearish on global stocks as cuts equity allocation to lowest level in 5 years. (Bloomberg)

Sunday Greece held snap elections and elected a center right government. (FT)

Iran began on Sunday to enrich uranium beyond limits allowed. (CNN)

Turkish President Erdogan fires the head of the Turkish Central Bank. (BBC)

Huawei has deep ties to the Chinese military. (CNBC)

Data Points

All indexes remain above their 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 7/5/19 close. The buy remains intact. Year to date model up 12.69% on the S&P 500. 3 buy signals and 3 cash signals.

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 6/28/19 close with next update on 7/5/19 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 Wednesday close. We have been seeing strength since last Thursday.

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:

May Consumer Credit is due out at 3:00 p.m. EDT and came in last month at $17.5 billion with an estimate this month of $17.7 billion.

Geopolitical:

President Trump participates in a credentialing ceremony for two new ambassadors at 11:30 a.m., then speaks on the environmental leadership at 3:30 p.m. and finally attends a Treasury event for the Amir of the state of Qatar.

Conferences & Analyst Meetings:  

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

Sellside Conferences:  None of note.

Industry Conferences:  International Society on Thrombosis  and Haemostatis Congress 2019 (through 7/10). BIO World Congress on Industrial Biotech & Ag 2019.

M&A Activity

GTT Communications (GTT) to buy KPN International for 50 million Euros.

Bruker (BRKR) to buy PMOD Technologies, no terms.

Upgrades & Downgrades:

Early Morning Gap Up/Down:

Gap Higher: SYMC +6%, CBIO +6%, SBGL +4%

Gap Lower: LOPL -5%