Corporate Actions

IPOs on deck: None of note.

IPOs Filed:  None of note this morning.

Secondaries on deck:  None of note.

Notes Priced:   None of note.

Common Stock filings:  None of note.

Mixed Shelf Offerings filed:  

Convertible Offering Files:  None of note.

Senior Notes Filed: None of note.

Courtesy of IPO Financial

Earnings After The Close: 

Beat:

None of note.

Missed:

None of note.

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

Federal Reserve Vice Chairman Richard Clarida was interviewed on CNBC and note trade policy is “dampening investment,economic activity”.

Qualcomm (QCOM) Interim CFO David Wise immediately and names another interim CFO Akash Palkhiwla.

President Trump increases 10/1 tariffs on China to 30% from 25%.  10% rate on 9/1 goes t0 15%.

President Trump tweets that he could declare a national emergency against China under the International Emergency Economic Powers Act of 1977.

Lockheed Martin (LMT) wins $2.3 billion Navy contract.

General Dynamics (GD) wins a $1.1 billion Navy contract and this morning a $1.6 billion contract.

Raytheon (RTN) wins $530 million Army contract.

French President Macron invited Iran’s Foreign Minister to the G-7, President Trump refuses to comment on that.

Former Congressman Joe Walsh to challenge President Trump in the GOP primaries along with former Massachusetts Governor William Weld who declared earlier this summer.

President Trump believes a large trade deal coming with Britain.

Barron’s positive on NFLX CBS FOXA AMZN JPM T ROKU.   Cautious on TSM MMM.

Deutsche Bank (DB) and UBS may form an alliance. (WSJ)

Stock Repurchase:   BMY.

Dividend Increase:   UHAL (special dividend) of note.

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

Gap Higher: RKDA +24% SWN +7% TK +7% MNST +6% BMY +5%.

Gap Lower: None of note.

What’s Happening This Morning: Futures value reflects the change with fair value. We will still indicate the fair value direction.  Futures were higher until China killed the party with retaliation on tarffis. Now we are substantially lower.

U.S. futures: S&P +26  Dow Jones +266  NDX +95  and Russell 2000 +16.61 with fair values lower adding to gains on the open. Asia lower and Europe higher ex FTSE, click through for details by country.

Gold,  silver and copper higher. WTI Crude Oil and Brent Oil Futures higher. Natural Gas is higher. $ is higher vs Euro, higher vs Pound and higher vs Yen. US 10 year Treasury price is at $130.92 from $130.06 with yields at 1.518%  from 1.611%. Prices as of 8:25 a.m. EDT.

Positive Sectors On Friday: None of note.

Negative Sectors On Friday: Conglomerates, Utilities, Healthcare and Financials.

One Month Winners: Conglomerates and Utilities.

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

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

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

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

Hourly Action This  Week:

Updated through Friday close. The week was a struggle.

Courtesy of Quantitative Partners, Inc.

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

Today After The Close: BILI SXI CAL  of  note.

Tuesday Before The Open: ADSK VEEV HEI HPE PSEC PAHC LCI OOMA  of note.

Earnings This Morning Of Note  

Beat: 

FHL +0.02  of note.

Flat:  None of note.

Missed:

of note.

 Yet to Report: 

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

Top News Story:  President Trump says China called to restart trade talks. China then denies but now walks it back. A fluid situation if ever there was one. (CNBC)

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

Five Things To Know Before The Market Opens Today. (CNBC)

Chinese Yuan at lowest level in 11 years. (FT)

President Trump close to a deal with France on the digital tax issue. (CNBC)

Disney (DIS) and Target (TGT) to create a Disney Store in Target.

Amgen (AMGN) to acquire global rights to Otezla from Celgene (CELG) for $13.4 billion.

Data Points

Stocks saw a breakdown on Friday.

Bold means a change from prior day.

The advance/decline line moved to cash on the close of 8/5. Updated through 8/21/19 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 were close to a buy again but it faded.

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 Friday’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:

G-7 concludes today in France.

Geopolitical:

President Trump will head home from the G-7 in France after he delivers a 9:30 a.m. EDT press conference from  France.

Conferences & Analyst Meetings:   

Company Analyst Meetings and Conference Calls: AKTS (conference call) .

Sellside Conferences: Jefferies Semiconductor, IT Hardware & Communications Infrastructure Summit & Conference.

Industry Conferences: G-7 concludes.

M&A Activity:

Stifel (SF) to buy B&F Capital Markets, no terms.

SRC Energy (SRCI) and PDC Energy (PDCE) agree to an all stock $1.7 billion merger.

Verisk Analytics (VRSK) to buy Genscape for $364 million.

AZZ to acquire assets of NuZinc LLC, no terms.

Addus HomeCare (ADUS) to acquire Hospice Partners of America for $130 million.

Pitney Bowes (PBI) to sell its Software Solutions to Syncsort for $700 million in cash.

Upgrades & Downgrades: