Corporate Actions 

IPOs on deck: None of note.

IPOs Filed:  None of note this morning.

Secondaries on deck: EPRT of note.

Notes Priced:   None of note.

Common Stock filings: None of note.

Mixed Shelf Offerings filed: None of note.

Convertible Offering Files:   None of note.

Senior Notes Filed: None of note.

Courtesy of IPO Financial

Earnings After The Close: 

Beat:

BIDU +0.55, FN +0.06 of note.

Missed:

IQ (-0.08)  of note.

Still to Report: None of note.

News After The Close: (In time order after the close)

Nancy Walsh named CFO at Lumber Liquidators (LL).

Trump Administration considering a payroll tax cut.

State attorney generals considering a joint antitrust investigation into big tech that would be another investigation into big tech.

Sarepta Therapeutics (SRPT) receives Complete Response Letter for NDA seeking accelerated approval of golodirsen injection of treatment of Duchenne Muscular Dystrophy.

Stock Repurchase:  CX.

Dividend Increase: ATRI of note.

Early Morning Gap Up/Down: (>4% or <-4%)

Gap Higher:  NBRV +21% HGV +17% BIDU +10%MRNA +8% PPDF +7%

Gap Lower: SRPT -14% FN -14% SYBX -9% IQ -9%

What’s Happening This Morning: Futures value reflects the change with fair value. We will still indicate the fair value direction.  

U.S. futures: S&P +2.4  Dow Jones +17  NDX +7.5  and Russell 2000 +2 with fair values mixed with minimal impact on the open. Asia and Europe mixed, click through for details by country.

Gold and silver higher with copper lower. WTI Crude Oil and Brent Oil Futures lower. Natural Gas is lower. $ is higher vs Euro, higher vs Pound and lower vs Yen. US 10 year Treasury price is at $130.63 from $130.44 with yields at 1.565% from 1.605%. Prices as of 8:25 a.m. EDT.

Positive Sectors On Monday: Conglomerates, Services, Materials and Technology.

Negative Sectors On Monday: None of note.

One Month Winners: Conglomerates.

Three Month Winners: Utilities, Healthcare and Consumer Goods.

Six Month Winners: Conglomerates, Utilities, Consumer Goods.Technology and Services.

Twelve Month Winners: Utilities and Technology.

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

Hourly Action This  Week:

Updated through Monday close. For such an up day on Monday, less than impressive action.

Courtesy of Quantitative Partners, Inc.

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

Today After The Close:  AMCR JKHY NDSN CREE TOL URBN LZB SCSC RRGB of  note.

Wednesday Before The Open:  RY LOW TGT ADI PDD BZUN MSGN VIOT of note.

Earnings This Morning Of Note  

Beat: 

SDRL +0.52, HD +0.09, MDT +0.07, PINC +0.03, SFL +0.03, KSS +0.02 of note.

Flat:  SDRL of note.

Missed:

 SE (1.92), MSG (0.47), PPDF (0.08) of note.

 Yet to Report: MSGN TJX.

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

Top News Story:  White House not only looking at payroll tax cut as noted above but a reversal of tariffs. (NYT)

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

Trump Administration denies reports of a payroll tax reduction. (CNBC)

China lowers benchmark lending rate to 4.25%. (FT)

Apple (AAPL) looks to launch TV service in November for $9.99. (Bloomberg)

Apple (AAPL) it was reported will spend $6 billion for new streaming content. CNBC’s Andrew Ross Sorkin say will be much lower. (FT)

Viacom (VIAB) and Lions Gate (LGF) are two final bidders for Miramax. (Bloomberg)

CNBC Interview with Barron Capital Ron Baron. (CNBC)

CNBC to interview Secretary of State Mike Pompeo at 8:35 a.m. EDT. (CNBC)

Data Points

Stocks recovered on Monday and there was continued improvement.

Bold means a change from prior day.

The advance/decline line moved to cash on the close of 8/5. Updated through 8/19/19 close. Year to date model up 7.48% on the S&P 500. 3 buy signals and 3 cash signals in 2019. The recent buy lost -1.23%. Cash worked and now we are close to a buy again.

Courtesy of Quantitative Partners, Inc.

YTD  64.5% (+1.5% week over week) of stocks are higher and 35.5% are lower. Updated 8/16/19 close with next update on 8/23/19 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 Monday’s 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:

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

Geopolitical:

President Trump will meet  with the president of Romania.

Federal Reserve Vice Chairman Randal Quarles speaks at 6:00 p.m. EDT.

Conferences & Analyst Meetings:   

Company Analyst Meetings and Conference Calls: None of note.

Sellside Conferences: None of note.

Industry Conferences: 

M&A Activity:

Upgrades & Downgrades: