Corporate Actions 

IPOs on deck: 2 IPOs on deck this week.

Secondaries on deck: None of note.

Notes Priced:  None of note.

Common Stock filings: None of note.

Mixed Shelf Offerings filed: CME PRVB CNSTEIDX 

Convertible Offering Files: None of note.

Senior Notes Filed: None of note.

Courtesy of IPO Financial

Earnings After The Close: (>+.05 OR <-.05)

Beat: None of note.

Flat: None of note.

Missed: CRAY -0.12 of note.

Still to Report:  

News After The Close:

President Trump says on Friday night things are going well with China as they are paying U.S. tariffs.

Berkshire Hathaway (BRKB) reported Q2 EPS of $5.74 against $4.87 last year.

Two mass shootings happened over the weekend in El Paso and Dayton leaving 29 dead.

Stock Repurchase:  MAN.

Dividend Increase:  TG

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 -43, Dow Jones -359, NDX -155  and Russell 2000 -25.71 with fair values mixed. Asia and Europe sharply lower, 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 lower vs Euro, lower vs Pound and lower vs Yen. US 10 year Treasury price is at $129.55 from $129.03 with yields at 1.767% from 1.842%. Prices as of 8:25 a.m. EDT.

Positive Sectors On Friday: Conglomerates and Utilities.

Negative Sectors On Friday: Technology, 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 Friday 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: MAR O ANSS IFF TTWO CLR STE UGI CZR PODD WWD DEI GWPH BWXT XEC BKH BHF WPX OUT CBPO RAMP CSOD RBC  of  note.

Tuesday Before The Open:  BDX DUK ZTS FIS EMR REGN TDG PPL DISCA EXPD AEIS HSIC BKI MOS ARMK WLK SAGE ALNY BHC  TECH USFD JLL SERV HAE GWR ENBL of note.

Earnings This Morning Of Note  (>+.10 OR <-.05)

Beat:  DK +0.36, BCC +0.23, JEC +0.16, ATH +0.14, L +0.07, CNA +0.06, KMPR +0.05, WEC +0.04, SPNS +0.02, SOGO +0.01, ON +0.01.

Flat:  TSN.

Missed: TA (0.75), CYOU (0.22), ATRO (0.17), CARS (0.13), SOHU (0.12), DO (0.11), AMRX (0.03), UNVR (0.02), KOS (0.01). 

Yet to Report: DSKE

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

Top News Story: China devalue its currency 1.5% and the Yuan drops below $7 briefly. (CNBC)

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

China may suspend agricultural imports from the U.S. (CNBC)

China will stop all free trade zone duties in Shanghai. (Reuters)

South Korea considers all trade options with Japan. (Reuters)

President Trump calls China a “currency manipulator”. (CNBC)

Hong Kong protests are getting worse. (Bloomberg)

Huawei testing its own operating system for smartphones which is a negative for Google (GOOGL). (Reuters)

President Trump says both parties need to come together to pass strong background checks for guns. (Twitter)

White Nationalists are becoming a national threat. (WSJ)

Data Points

The Russell 2000 and Mic Cap S&P 400 broke their 50 moving averages. More will probably be broken today.

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 10.48% on the S&P 500. 3 buy signals and 3 cash signals in 2019. The current buy is up 1.81%.

Courtesy of Quantitative Partners, Inc.

YTD  66% (-3% week over week) of stocks are higher and 34% are lower. Updated 8/2/19 close with next update on 8/9/19 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 Thursday 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:

July ISM Non-Manufacturing Index due out at 10:00 a.m. EDT and the estimate is 55.4 from 55.1 in June.

Tonight sees China PMI (both Services and Manufacturing) due out at 9:00 p.m. EDT.

Geopolitical:

President Trump will speak at 10 a.m. EDT. Later in the day has lunch with the Vice President.

Conferences & Analyst Meetings:   

Company Analyst Meetings and Conference Calls:  AMRS (Business Update).

Sellside Conferences: Cantor Fitzgerald 2nd Innovation Summit.

Industry Conferences:  None of note.

M&A Activity:

Fox Corporation (FOXA) acquires 67% of Credible Labs for $265 million.

ACCO Brands (ACCO) buys Industria Grafica Foroni for $57 million.

Accenture (ACN) buys Northstream, no terms.

Upgrades & Downgrades:

Early Morning Gap Up/Down: (>5% or <-5%)

Gap Higher: SPNS +5%, AG +5%, PAAS +4%. 

Gap Lower: GLYC -52%, ON -6%, JD -5%, TTM -4%, MT -4%, LVS -4%, MOMO -4%.