Corporate Actions 

IPOs on deck: None of note.

IPOs Filed:  SmileDirectClub files updated IPO after the close.

Secondaries on deck: None of note.

Notes Priced:   None of note.

Common Stock filings:  RESN LYV of note.

Mixed Shelf Offerings filed:  SNDX TGTX FOCS MUSA IOVA BY  of note.  

Convertible Offering Files:  None 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)

Moody’s downgrades Argentina to Caa2 from B2,

U.S. New Tariffs against China went into effect on Sunday morning.

China only put in place 1/3 of the potential tariffs they could have against the U.S.

China has appealed to the World Trade Organization over the latest tariffs from the U.S.

Stock Repurchase: ZYNE MTCH. 

Dividend Increase: CLF of note.

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

Gap Higher: MDCO +17%, EGO +5%, DRD +4%. 

Gap Lower: AKS -4%, CLF -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 -17 Dow Jones -181  NDX  -47  and Russell 2000 -13  with fair values higher cutting into gains on the open. Asia mixed and Europe 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 higher. $ is higher vs Euro, higher vs Pound and lower vs Yen. US 10 year Treasury price is at $131.83 with yields at 1.491%. Prices as of 8:35 a.m. EDT.

Positive Sectors On Friday: Industrials, Materials & Energy, Utilities and Financials.

Negative Sectors On Friday: Conglomerates and Services.

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 Friday close.

Courtesy of Quantitative Partners, Inc.

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

Today After The Close: COUP HQY GSM EGAN of  note.

Wednesday Before The Open: AEO NAV MIK VRA CVOW of note.

Earnings This Morning Of Note  

Beat: 

CONN +0.11 of note.

Flat: 

None of note.

Missed:

 None of note.

 Yet to Report: NSCC TUFN

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

Wall Street Journal Main Headline:U.K.’s Johnson to Call for Election If Lawmakers Buck His Brexit Plan

Top News Story:  Hurricane Dorian heads towards the U.S. but now a Category 3 from 5. (NYT)

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

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

North Korean missiles may extend past U.S. defenses. (NYT)

Argentina imposes currency controls to limit the flight of capital. (FT)

U.K. Prime Minister Boris Johnson threatens a snap election. (NYT)

U.S. and China made some progress on fentanyl shipments to the U.S. (CNBC)

President Trump has a “deal in principle” with Afghanistan to pull out U.S. troops within 135 days. (CNN)

Boeing (BA) 737 Max could be grounded into the holiday season. (WSJ)

Walmart (WMT) stores in Mexico are now offering same day delivery. (Reuters)

Huawei accuses the U.S. of cyber attacks. (WSJ)

British Sterling falls below $1.20, its lowest level since the Flash Crash in October of 2016. (CNBC)

Data Points

Stocks saw improvement on Thursday and Friday.

Bold means a change from prior day.

The advance/decline line moved to a buy on the close of 8/29. Updated through 8/30/19 close. Year to date model up 7.48% on the S&P 500. 3 buy signals and 3 cash signals in 2019. Cash has worked here as we have missed the volatility and now we are back to a buy again.

Courtesy of Quantitative Partners, Inc.

YTD  59.66% (+2.66% week over week) of stocks are higher and 40.34% are lower. Updated 8/30/19 close with next update on 9/6/19 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 Friday’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:

July Construction Spending is due out at 10:00 a.m. EDT and is expected to improve to 0.3% from -1.3%.

August ISM Manufacturing Index is due out at 10:00 a.m. EDT and is expected to improve to 51.3 from 51.2.

API Petroleum Institute will be out with its weekly data at 4:30 p.m. EDT.

Geopolitical:

The Reserve Bank of Australia announces its latest monetary policy decision.

President Trump will receive his intelligence briefing and then meet with the Secretary of Defense at 3:00 p.m. EDT.

Conferences & Analyst Meetings:   

Company Analyst Meetings and Conference Calls:  NTAP (Conference Call with Susquehanna Financial).

Sellside Conferences:Barclays CEO Energy-Power Conference. Barclays Global Consume Staples Conference. Deutsche Bank Annual Finance & Leasing Conference.

Industry Conferences: LD Micro San Francisco Conference.

M&A Activity:

Vertex Pharmaceuticals (VRTX) to buy Semma Therapeutics for $950 million in cash.

Upgrades & Downgrades: