NY Federal Reserve  Open Market Action – At 8:30 a.m. EDT, the NY Federal Reserve will conduct open market operations for a seventh day.

Corporate Actions 

IPO News:

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

IPOs Filed:  None filed after the close.

Secondaries on deck:   STAG of note.

Notes Priced:   AVGO of note.

Common Stock filings:  None of note.

Mixed Shelf Offerings filed:  None of note.  

Convertible Offering Files:  AVGO LCI 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)

Amgen (AMGN) announced positive results from two Phase BLINCYTO studies in pediatric for all patients.

HD Supply (HDS) to spit into two companies. One will be Facilities & Maintenance and the other Construction & Industrial businesses.

Juul is planning some layoffs as vaping runs into trouble which is a negative for Altria (MO).

Mimecast (MIME) COO Ed Jennings to leave by the end of the year.

House Speaker Nancy Pelosi announces impeachment inquiry into President Trump.

Avantor (AVTR) President & COO Bjorn Hofman to leave.

Index Change: Pacira BioSciences (PCRX) to join S&P 600 on 9/30.

Universal Logistics (ULH) paid $36 million in cash to settle legal proceeding with plaintiffs.

Stock Repurchase: JBLU

Dividend Increase: EOC (special dividend of $3.50) LEVI

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

Gap Higher: PHAS +18%, CMTL +15%, SNX +10%, PCRX +10%, NKE +6%, CTAS +4%

Gap Lower: LCI -14% 

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

S&P 500 +1 Dow Jones Industrial Average +20 NASDAQ -5 Russell 2000 -1. Fair values are lower lessening the pain. Asia and Europe lower.

Gold, silver and copper flat to lower. WTI Crude Oil  and Brent Oil Futures lower. Natural Gas is lower. $ is higher vs Euro, higher vs Pound and higher vs Yen. US 10 year Treasury price is at $130.69 from $130.06  with yields at 1.64% from 1.706%. Prices as of 8:25 a.m. EDT.

Positive Sectors On Tuesday: Utilities.

Negative Sectors On Tuesday: Conglomerates, Basic Materials, Technology 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 Tuesday close.

Courtesy of Quantitative Partners, Inc.

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

Today After The Close: KBH FUL AIR CMTL of  note.

Thursday Before The Open: ACN CCL CAG FDS ATU of note.

Earnings This Morning Of Note  

Beat: 

SNX +0.44, CTAS +0.17, NKE +0.15, CMTL +0.12 of note.

Missed:

DAVA +0.02 of note.

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

Wall Street Journal Lead Headline: Trump To Release Transcript Amid Impeachment Push.

Top Story: Trump Administration to release a redacted whistleblower complaint and full conversation with the Ukranian President. (NYT)

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 to buy more port from the U.S. (Bloomberg)

Trump Administration may shift tariffs on EU in response to Airbus subsidies. (Bloomberg)

France tried to negotiate a meeting between President Trump and Iranian President Rouhani. (WSJ)

Juul CEO Kevin Brown to step down. Philip Morris (PM) and Altria (MO) end merger talks. (Reuters)

AT&T (T) not planning to sell DirectTV.  (WSJ)

Amazon (AMZN) launches medical app for its employees. (FT)

Data Points

Stock indexes continue to retrace with some short term weakness on the 5,10, 20 and in one case the 50 day moving average. NASDAQ 100.

Bold means a change from prior day.

The advance/decline line moved to a buy on the close of 8/29. Updated through 9/24/19 close. Year to date model up 8.89% 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 but that is starting to struggle.

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 Tuesday’s close. It was the first day all indexes closed under support since September 3rd.

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:

API Petroleum Institute Weekly Crude Oil Inventories and Distillates rose 1.4 million barrels for crude  oil while gasoline rose 1.9 million barrels and distillates fell 2.2 million barrels.

The latest short interest from the NYSE and NASDAQ is out. 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% and the NYSE Short Interest fell -1.26% while NASDAQ fell -0.40%.

MBA Mortgage Applications fell -10.1% and a week ago fell -0.1%.

August New Home Sales are due out at 10:00 a.m. EDT and are expected to come in at 659,000 from 635,000.

Weekly Crude Oil Inventories are due out at 10:30 a.m. EDT.

Geopolitical:

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

President Trump will be at the United Nations for a third day and meets on Venezuela and then holds meetings with the heads of Japan, Ukraine, El Salvador followed by a press conference at 4:00 p.m. EDT.

$41 billion of 5 Year Notes auctioned at 1:00 p.m. EDT.

Conferences & Analyst Meetings:   

Company Analyst Meetings and Conference Calls:  BBY (update)  RICK VFC WPM G RYTM  (investor day)  HDS (conference call)

Sellside Conferences: Deutsche Bank Leveraged Finance Conference. Stephens CEO Bank Conference. Johnson Rice & Co Energy Conference. Sidoti & Co Fall Conference. CIBC Annual Eastern Institutional Investor Conference. Bank of America Merrill Lynch Annual Financials Banking & Insurance CEO Conference.

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

M&A Activity:

First Citizen Bank (FCNCA) to buy Community Financial Holding Company for $2.325 million in cash.

Philip Morris (PM) and Altria (MO) end merger talks.

Upgrades & Downgrades: