Corporate Actions
IPOs on deck: Dynatrace ( NYSE), Kura Sushi (KRUS), Netfin Acquisition (NFINU), Rapt Therapeutics (RAPT) and Sundial Growers (SNDL) to be priced today.
Secondaries on deck: ADMP BYND
Notes Priced: None of note.
Common Stock filings: CRK
Mixed Shelf Offerings filed: FIS
Convertible Offering Files: None of note.
Senior Notes Filed: None of note.
Earnings After The Close: (>+.05 OR <-.05)
Beat: CMPR +.58 FICO +.57 HCC +.54 CF +.44 H +.30 MCK +.30 ALSN +.27 AMED +.22 VAC +.22 CRUS +.20 LRCX +.19 VRTX +.19 VNDA +.16 CW +.13 SKYW +.12 BOOT +.11 SRI +.10 CASA +.10 CONE +.09 PPC +.09 ROG +.09 TIVO +.09 ACAD +.08 DXCM +.08 FIVN +.08 QLYS +.08 TSS +.06 of note.
Flat: None of note.
Missed: GHL -.62 WLL -.54 KAMN -.36 MEOH -.22 MAA -.16 OLN -.12 ZNGA -.11 LMNX -.10 PRU -.08 AR -.08 AM -.08 OI -.07 MUSA -.07 of note.
Still to Report:
News After The Close:
President Trump tweets not happy with the latest Federal Reserve Announcement. (Twitter)
Qualcomm (QCOM) notes that Huawei ban and the move from 4G to 5G will create headwinds for the next two quarters.
Trump Administration to put sanctions on Iran Foreign Minister. (The Washington Post)
Huntington Ingalls (HII) wins $290 million Navy contract.
SmileDirectClub planning a $1 billion IPO in September.
RPC (RES) to become part of the S&P 600 Small Cap on 8/6.
Bank of Brazil drops rates to 6% from 6.5%.
Stock Repurchase: LDOS
Dividend Increase: WLKP CBOE
What’s Happening This Morning: Going forward the futures value reflects the change with fair value. We will still indicate the fair value direction. Some slight improvement this morning.
U.S. futures: S&P +2, Dow Jones +49, NDX +13 and Russell 2000 +3.40 with fair values lower. Asia mixed and Europe lower, click through for details by country.
Gold, silver and copper lower. WTI Crude Oil and Brent Oil Futures lower. Natural Gas is higher. $ is higher vs Euro, higher vs Pound and higher vs Yen. US 10 year Treasury price is at $127.33 from $127.45 with yields at 2.026% from 2.049%. Prices as of 8:35 a.m. EDT.
Positive Sectors On Wednesday: Conglomerates.
Negative Sectors On Wednesday: Technology, Industrial Goods, Materials and Services.
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. Several hours turned negative this week.
Courtesy of Quantitative Partners, Inc.
Upcoming Earnings Of Note (sorted by market cap, highest to lowest)
Today After The Close: EOG SQ ED MSI HIG ANET MTD PBA DATA WYNN PINS FTNT BMRN GDDY OTEX LNT REG OLED FRT BIO DVA BFAM WU QRVO ETSY FBHS of note.
Friday Before The Open: XOM CVX ENB HMC SRE RACE LUBTU IMO QSR AEE FTS WPC STX XRAY BIP CBOE ARNC VST NBL HRC SEE NWL ITT HE CNK ESNT PNM SGMS RUTH IMGN MGI of note.
Earnings This Morning Of Note (>+.10 OR <-.05)
Beat: CI +.55 HFC +.54 MPC +.40 OSK +.35 PH +.20 GM +.19 DD +.15 IGT +.15 ABC +.14 SHOP +.12 TRI +.12 CROX +.10 K +.09 GLOG +.08 ARW +.07 THS +.07 CRS +.06 MMO +.06.
Flat: None of note.
Missed: CLVS -.57 HII -.50 SRCL -.27 RDSA -.18 MPLX -.09 XEL -.07 ZEUS -.05 ADM -.05.
Rags & Mags: Highlighted Stories may be clicked through to the original story.
Top News Story: Stocks did not take to the Federal Reserve Chairman’s comments about a “mid cycle adjustment”. Will he get do over? (CNN)
Five Things You Need To Know To Start Your Day (Bloomberg)
Brazil begins trade talks with the U.S. (WSJ)
Review of Democratic debate from last night. (The Washington Post)
FBI looking into data breach at Capital One (COF). (WSJ)
Several state attorney general’s are fighting the Sprint (S) and T-Mobile (TMUS) merger. (Reuters)
Data Points
Several more indexes broke 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 7/25/19 close. The buy remains intact but is starting to fade. Year to date model up 13.29% on the S&P 500. 3 buy signals and 3 cash signals in 2019. The current buy is up 4.29%.
Courtesy of Quantitative Partners, Inc.
YTD 69% (-2% week over week) of stocks are higher and 31% are lower. Updated 7/26/19 close with next update on 8/2/19 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.
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 Construction Spending is due out at 10:00 a.m. EDT and is expected to rise to 0.4% from -0.80%.
Weekly Natural Gas Inventories are due out at 10:30 a.m. EDT.
Geopolitical:
President Trump will hold a Make America Great Again (MAGA) rally tonight in Cincinnati at 7:00 p.m. EDT.
Bank of England (BOE) is out with it latest comments and let rates unchanged.
Conferences & Analyst Meetings:
Company Analyst Meetings and Conference Calls: None of note.
Sellside Conferences: Sprott Natural Resources Symposium (through 8/2). Credit Suisse Mid Summer LatAm Conference (through 8/1). Wells Fargo Biotech Corporate Access Day in San Francisco.
Industry Conferences: American Heart Association Basic Cardiovascular Sciences Scientific Session 2019 (through 8/1).
M&A Activity:
None of note.
Upgrades & Downgrades:
Early Morning Gap Up/Down: (>5% or <-5%)
Gap Higher:
SPWR +17%, FIVN +17%, TNK +15%, BOOT +13%, RUBI +11%, RES +9%, TIVO +9%, ALSN +8%, RBBN +8%, VNDA +7%, DBVT +7%, ACAD +7%, TTMI +7%, AJRD +7%, CRUS +6%, BAND +6%, AR +5%, WTI +5%, LPI +5%, AYX +5%, HCC+5%.
Gap Lower:
PS -34%, WLL -20%, FIT -19%, CMPR -13%, OI -12%, CXO -10%, RGR -8%, BYND -8%, QCOM -7%, NLS -7%, KTOS -7%, DLPH -5%, RDS.A -5%.
