There will be no production tomorrow as getting an early start on Labor Day weekend. Have a great Labor Day!

Corporate Actions – This is typically one of the slowest weeks of the year.

IPOs on deck: None of note.

IPOs Filed:  after the close.

Secondaries on deck:  of note.

Notes Priced:   None of note.

Common Stock filings:  of note.

Mixed Shelf Offerings filed: MSBI of note.  

Convertible Offering Files:  None of note.

Senior Notes Filed: None of note.

Courtesy of IPO Financial

Earnings After The Close: 

Beat:

PVH +0.21, TLYS +0.10, ESTC +0.10, GES +0.09, GEF +0.08, NTNX +0.07, ZUO +0.05, OKTA +0.05, MTRX +0.05, WSM +0.04, HRB +0.03, SMTC +0.02, FIVE +0.01, SCVL +0.01, SPWH +0.01, BOX +0.01  of note.

Missed:

OLLI (0.11), GTBIF (0.07) of note.

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

Reata Pharmaceuticals (RETA) names Manmeet Soni as CFO immediately.

SP Plus (SP) names Kristopher Roy as CFO.

Limoneira (LMNR) lowers guidance for Q3 and FY 2019.

Rambus (RMBS) names Sean Fan as COO.

Democratic Presidential Candidate Senator Kirsten Gillibrand withdrew from the race.

Forever 21 which is not public plans to file for bankruptcy.

Norfolk Southern (NSC) names Mark George as CFO as of 11/1 when Cindy Earnhart will retire.

Boeing (BA) wins a $500 million Air Force contract.

Stock Repurchase:VCTR. 

Dividend Increase: None of note.

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

Gap Higher: NTNX +19% GES +14% ESTC +12% MTRX +10% ZUO +9% TLYS +8% DG +8% GMS +7% SPWH +6% BURL +6% RRD +5% TECD +5% ASND +5%.

Gap Lower: OLLI -28% BOX -9% BMA -6% GGAL -6% HRB -5% LMNR -4%.

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 +29 Dow Jones +285  NDX  +96  and Russell 2000 +1449 with fair values lower adding to gains on the open. Asia mixed and Europe higher click through for details by country.

Gold lower with  silver and copper higher. WTI Crude Oil higher and Brent Oil Futures lower. Natural Gas is higher. $ is higher vs Euro, lower vs Pound and higher vs Yen. US 10 year Treasury price is at $131.17 from $131.34 with yields at 1.496% from 1.458%. Prices as of 8:35 a.m. EDT.

Positive Sectors On Wednesday: Materials & Energy, Industrials, Services and Consumer Goods.

Negative Sectors On Wednesday: Utilities.

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 Wednesday close.

Courtesy of Quantitative Partners, Inc.

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

Today After The Close: WDAY ULTA COO MRVL YEXT AMBA PSDO AOBC of  note.

Friday Before The Open: CPB BIG JKS CONN of note.

Earnings This Morning Of Note  

Beat: 

TECD +0.38, BURL +0.22, DG +0.17, MBUU +0.13, BBY +0.09, HAIN +0.09, GMS +0.06, ANF +0.04, MEI +0.04, PDCO +0.02 of note.

Flat: 

DBI +0.00 of note.

Missed:

SAFM (0.66), SY (0.07), DLTR (0.06), TITN (0.02), TD (0.01) of note.

 Yet to Report: 

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

Wall Street Journal Main Headline: Energy Companies Set To Get Reprieve On Methane Rules.

Top News Story:  China seeks to deescalate trade war and will delay new tariffs. (Bloomberg)

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

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

China sends new troops to Hong Kong garrison which is simply a shift of forces. (CNBC)

Germany seeks to reduce corporte tax rate from 30-33% to 25%. (Bloomberg)

Pork prices up 18% in China due to African Swine Flu and trade war. (WSJ)

Argentina seeks to restructure IMF and bondholder debt. (WSJ)

Hurricane Dorian to hit Florida east coast on Monday as either a Category 2 or 3. (CNN)

President Trump will make it harder for the children of U.S. military members who live overseas to become U.S. citizens. (CNN)

EPA is set to role back methane emissions rules. (NYT)

Data Points

Stocks saw improvement on Wednesday.

Bold means a change from prior day.

The advance/decline line moved to cash on the close of 8/5. Updated through 8/28/19 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 has worked here as we have missed the volatility and now we are close to a buy again but it faded for a second time.

Courtesy of Quantitative Partners, Inc.

YTD  57% (-2.61% week over week) of stocks are higher and 42.79% are lower. Updated 8/23/19 close with next update on 8/30/19 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’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:

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

Q2 GDP (revision) is due out at 8:30 a.m. EDT and is expected to fall to 2.0% from 2.1%.

July Pending Home Sales are due out at 10:00 a.m. EDT and are expected to fall to 0.1% from 2.8%.

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

$32 billion of 7 Year Treasury Notes to be auctioned at 1:00 p.m. EDT.

Geopolitical:

President Trump will participate at 4:00 p.m. EDT in the establishment of the U.S. Space Command.

Conferences & Analyst Meetings:   

Company Analyst Meetings and Conference Calls: None of note.

Sellside Conferences: Commerzbank Sector Conference.  Three Part Advisors Midwest  Conference.  Credit Suisse Annual Japanese Kyoto Conference.

Industry Conferences: Farm Progress Show 2019. VMworld Conference.

M&A Activity:

Pernod Ricar (PDRDY) to buy Castle Brands (ROX) for $1.27 a share in cash or $223 million.

Upgrades & Downgrades: