Corporate Actions 

IPOs on deck: Thunder Bridge Acquisition (THBRU) to begin trading today.

Secondaries on deck:  IQV QSR QTRX SILK STML PMT of note.

Notes Priced: NRZ CLVS HUM BL of note.

Common Stock filings: PMT IIIV SYBX QSR REPL of note.

Mixed Shelf Offerings filed: QSR MGTA ADVM BRKS REPL of note.

Convertible Offering Files: IIIV of note.

Senior Notes Filed: None of note.

Courtesy of IPO Financial

Earnings After The Close: 

Beat:

FGEN, +1.81, BGNE, +1.58, MTW, +0.45, CUTR, +0.34, PBYI, +0.32, TRHC, +0.28, TTD, +0.27, ATVI, +0.21, AL, +0.20, NKTR, +0.17, UNIT, +0.16, OMER, +0.15, SPPI, +0.13, AIRG, +0.12, FNKO, +0.12, ELY, +0.11, SYMC, +0.10, EQH, +0.10, PCTY, +0.09, NNI, +0.08, ALRM, +0.08, APPN, +0.07, ANAB, +0.07, SYNA, +0.06, RBA, +0.06, OSTK, +0.05, XON, +0.05, CHUY, +0.05, ROAD, +0.04, ESE, +0.04, NWSA, +0.04, SSRM, +0.04, PRAA, +0.04, CBS, +0.03, DXC, +0.03, ASYS, +0.03, FTCH, +0.02, DBX, +0.02, LGF.A, +0.02, MDRX, +0.01, IIIV, +0.01, COLD, +0.01, EPAY, +0.01, MAIN, +0.01, WPRT, +0.01, VRTU, +0.01 of note.

Flat:

NVRO, +0.00, FLNT, +0.00, WPM, +0.00, CISN, +0.00, NNBR, +0.00 of note.

Missed: 

UBER, (1.53), AMBC, (0.98), SIEN, (0.52), TSE, (0.45), PUMP, (0.34), SEMG, (0.28), TPC, (0.28), BHVN, (0.26), MESA, (0.25), YELP, (0.24), HBM, (0.22), VSLR, (0.17), VRAY, (0.10), NVGS, (0.08), AIMT, (0.08), WTRH, (0.07), AVT, (0.06), QNST, (0.05), CNDT, (0.04), FSLY, (0.03), TERP, (0.03), RVLV, (0.02), AQN, (0.02), TRUE, (0.02), JAG, (0.02), AAXN, (0.02), ALTR, (0.01), QDEL, (0.01), CYRX, (0.01), VSAT, (0.01) of note.

Still to Report:  

News After The Close:

Allegiant Travel (ALGT) July Traffic sees passenger traffic +15.1%, revenue passenger miles +14.0% and load factor 86.7%.

Symantec (SYMC) confirms sale of Enterprise Security business to  Broadcom (AVGO) for $10.7 billion in cash.

J.C. Penney (JCP) receives notice of noncompliance  with NYSE continued listing criteria.

Trump Administration will hold licenses of U.S. tech companies that want to sell to Huawei. (Bloomberg)

Department of Commerce will hit Chinese manufacturers of wooden cabinets and vanities with tariffs .

Pork producers lawsuit of price fixing was dismissed by a Federal Judge.

Saudi Aramco plans first ever investor call for a bond offering.

Stock Repurchase:   SYNA ELY FHB of note.

Dividend Increase:  RBA of note.

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 -11  Dow Jones -88, NDX -44  and Russell 2000 -3.38 with fair values lower. Asia mixed and Europe mostly lower, click through for details by country.

Gold and silver higher with Copper lower. WTI Crude Oil and Brent Oil Futures higher. Natural Gas is lower. $ is lower vs Euro, higher vs Pound and lower vs Yen. US 10 year Treasury price is at $129.98 from$129.88 with yields at 1.70% from 1.724%. Prices as of 8:25 a.m. EDT.

Positive Sectors On Thursday: Technology, Materials, Services and Industrials.

Negative Sectors On Thursday: 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, Technology and Services.

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

Hourly Action This  Week:

Updated through Thursday close. Wednesday and Thursday action improved the week.

Courtesy of Quantitative Partners, Inc.

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

Today After The Close: BGNE TERP of  note.

Monday Before The Open: SYY GOLD TSG of note.

Earnings This Morning Of Note  

Beat:

TRCO +0.08, ERF +0.07, SSP +0.05, HPT +0.02 of note.

Flat:  None of note.

Missed:

DPLO (1.94), USCR (0.71), CLNY (0.04), EPZM (0.02)  of note.

 Yet to Report: WAIR, YRCW.

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

Top News Story: Republicans may change their stance on guns as the President considers background checks. (NYT)

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

IEA puts out a release on the health of the global economy and notes that it is leading to lower oil demand. (IEA Release)

Hong Kong Protesters headed to the airport to make their case. (NYT)

India has blacked out all internet and phone services in Kashmir. (CNN)

Huawei develops its own operating system to replace Android in its phones. (CNBC)

China sets midpoint on the Yuan at 7.0136. (CNCB)

Italian Deputy Prime Minister Matteo Salvini calls for snap election. (Guardian)

Goldman Sachs (GS) moves into subprime lending with Apple (AAPL) Card. (CNBC)

Uber (UBER) puts up a weak quarter. Its CEO will be on CNBC at 9:00 a.m. EDT. (CNBC)

Hurricane season may seee 10 to 17 storms and the next couple of weeks remain quiet before a big pick up in storms. (CNN)

Biggest premarket movers and stories behind them. (CNBC)

Data Points

Some nice improvements on Thursday.

Bold means a change from prior day.

The advance/decline line moved to cash after Monday’s close. Updated through 8/7/19 close. The buy is history as we noted last week it was beginning to fade. Year to date model up 7.48% on the S&P 500. 3 buy signals and 3 cash signals in 2019. The current buy lost -1.23%.

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 PPI is due out at 8:30 a.m. EDT and is expected to rise to 0.2% from 0.1%.

The latest Short Interest Data for NYSE and NASDAQ will be released after the close. It will track data through trade date of July 29th and settlement date of July 31st. During this period, the S&P 500 rose 0.70%. We will be updating related data on our servers later on Saturday.

Geopolitical:

President Trump will head to the Hamptons for a series of fundraisers and then to Trump National Golf in Bedminster, NJ.

Conferences & Analyst Meetings:   

Company Analyst Meetings and Conference Calls:   None of note.

Sellside Conferences: None of note.

Industry Conferences: American Psychological Association Annual Meeting. American Association of Diabetes Educators Annual Conference.

M&A Activity:

Upgrades & Downgrades:

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

Gap Higher:

PBYI +23%, EIDX +15%, ALRM +14%, LXRX +12%, SIEN +11%, WPRT +8%, FNKO +8%, ELY +6%, UNIT +6%, YELP +5%. 

Gap Lower: 

VRAY -47, FTCH -37%, NKTR -32%, PUMP -31%, FSLY -24%, WTRH -22%, AMRN -20%, DXC -19%, MESA -18%, QNST -16%, VSLR -15%, RVLV -13%, HEAR -13%, XON -11%, MAT -10%, TPC -9%, PYX -9%, AVT -9%, KALA -9%, UBER -9%, CNDT-9%, AAXN -9%, TSE -7%, AXDX -7%, OSTK -6%, ALTR -5%, DBX -5%, TTD -5%.