NY Federal Reserve  Open Market Action – At 8:30 a.m. EDT, the NY Federal Reserve will conduct open market operations for sixth day and take $30 billion. 2X oversubscribed.

Corporate Actions 

IPO News: Anheuser Busch InBev (BUD) priced IPO in Hong Kong of its subsidiary in the Asia Pacific. (CNBC)

IPOs on deck: Three IPOS on deck this week including Peloton. 

IPOs Filed:  None filed after the close.

Secondaries on deck:  ANDE VER UNVR of note.

Notes Priced:   None of note.

Common Stock filings:  None of note.

Mixed Shelf Offerings filed:  RILY of note.  

Convertible Offering Files: PDD 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 prosecutors looking into Juul Labs. Impacts Altria Group (MO).

Powell Industries (POWL) CEO Brett Cope to take on role of Chairman as Thomas Powell steps down.

Vitamin Shoppe (VSI) ended negotiations with potential bidder in “go shop” period.

Raytheon (RTN) wins $500 million Missile Defense Agency contract.

Northrup Grumman (NOC) wins $380 million Defense Logistics Agency contract.

Lockheed Martin (LMT) wins $350 million Navy contract.

Index Change: Fresh Del Monte (FDP) and Jagged Peak Energy (JAG) to join S&P 600 next Monday.

Stock Repurchase: HWC (extends buyback)

FAA provides updates on Boeing (BA) 737 MAX.

Dividend Increase: IDA

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

Gap Higher: JAG +10%, FDP +9%, ZEAL +6%

Gap Lower: VSI -11%, NIO -9% 

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

S&P 500 +11 Dow Jones Industrial Average +93 NASDAQ +33 Russell 2000 +5.10. Fair values are lower adding to gains. Asia mixed. Europe lower.

Gold and silver lower with copper flat. WTI Crude Oil  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 $130.06 from $130.17 with yields at 1.706% from 1.696%. Prices as of 8:45 a.m. EDT.

Positive Sectors On Monday:Consumer Goods,Financials and Utilities.

Negative Sectors On Monday: Conglomerates, Healthcare and Services.

One Month Winners: Industrials, Consumer Goods, Services and Financials.

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

Six Month Winners: Consumer Goods, Industrials, Conglomerates and Services.

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

Year to Date: Conglomerates, Technology, Services, Consumer Goods and Industrials.

Hourly Action This  Week:

Updated through Friday close.

Courtesy of Quantitative Partners, Inc.

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

Today After The Close: NKE CTAS SNX  of  note.

Wednesday Before The Open:  WOR DAVA of note.

Earnings This Morning Of Note  

Beat: 

KMX +0.07, INFO +0.04, BB +0.01 of note.

Missed:

NIO (1.24), AZO (0.84), MANU (0.01) of note.

Still to Report: JBL NEOG.

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

Top Story: President Trump ordered aid withheld to Ukraine in July prior to  phone call with the president of Ukraine where Trump pressured the Ukraine President to investigate former Vice President Joe Biden’s son Hunter. Democratic caucus to meet at 4:00 to discuss impeachment proceedings. (The Washington Post)

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

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

Stocks on the move. (CNBC)

China granted waivers for soybean purchases with no tariffs. (Bloomberg)

China buys 10 boatloads of U.S. soybeans. (The Hill)

President Trump to deliver speech at the U.N. this morning at 10:15 a.m. EDT where he will call on U.N. to counter Iran and other bad actors in the Middle East. (WSJ)

Data Points

Stock indexes are in good shape with just some short term weakness on the 5 and 10 days.

Bold means a change from prior day.

The advance/decline line moved to a buy on the close of 8/29. Updated through 9/23/19 close. Year to date model up 9.76% on the S&P 500. 4 buy signals and 3 cash signals in 2019. Cash has worked in August as we missed the volatility and now we are back to a buy.

Courtesy of Quantitative Partners, Inc.

YTD  66% (-1% week over week) of stocks are higher and 34% are lower. Updated 9/20/19 close with next update on 9/27/19 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 ar a Bloomberg user go to APPS CS:ERLA

Economic & Related:

September Consumer Confidence is due out at 10:00 a.m. EDT and is expected to fall to 134 from 135.10.

API Petroleum Institute Weekly Crude Oil Inventories and Distillates are due out at 4:30 p.m. EDT.

The latest short interest from the NYSE and NASDAQ is due out after the close. Data goes through settlement of September 15th and trade date of September 11th. In the latest collect period of August 28th through September 11th the S&P 500 rose 3.91%.

Geopolitical:

President Trump will be at the United Nations for a second day.

$40 billion of 2 Year Notes auctioned at 1:00 p.m. EDT.

Bank of Japan Minutes are due out tonight at 7:00 p.m. EDT.

Conferences & Analyst Meetings:   

Company Analyst Meetings and Conference Calls:  MDT (Update) ACLS LLN WU URGN LYB  (investor day) PRTO (conference call)

Sellside Conferences: Deutsche Bank Leveraged Finance Conference. Stephens CEO Bank Conference. Johnson Rice & Co Energy Conference. Oppenheimer Specialty Pharma & Rare Disease Fall Summit. Ladenburg Thalman Healthcare Conference. BMO Digital Banking Conference. Goldman Sachs The Future of eSports and Video Games Conference. 

Industry Conferences:  World Sleep Congress ((9/20-9/25). Alzheimer Association International Conference (9/24-9/27). CNBC Evolve Summit.

M&A Activity:

Scorpio Tankers (STNG) to acquire subsidiaries of Trafigura Maritime Logistics for $803 million.

Facebook (FB) to buy CTRL Labs for between $500 million and $1 billion.

Upgrades & Downgrades: