Corporate Actions

IPOs on deck for This Week:  Next week another busy one for IPOs with 9 on deck. Several may trade well above their pricing.

IPOs on deck for Today:  None of note.

Secondaries on deck for Today:  ARE ARTL ASLN BBU BXMT FI INVH LULU  of note.   

Notes Priced:  

Common Stock filings: ARE BXMT INVH BBU.

Mixed Shelf Offerings filed: 

Convertible Offerings filed: 

Senior Notes Files:

Courtesy of IPO Financial

Earnings After The Close:

Beat: RHT +0.14 of note.

Flat: KFY

Missed: CGC  -0.66 of note.

News After The Close:

Chevron (CVX) planning to bid $15 billion for Nova Chemicals.

Department of Justice sues to block Quad (QUAD) acquisition of LSC Communications (LKSD).

Sealer Air (SEE) fires CFO William Stiehl for cause and names James Sullivan new CFO as of Monday.

Stock Repurchase:  CPF

Dividend Increase:

What’s Happening This Morning: 

U.S. futures: S&P -8, Dow Jones -59, NDX -36.75  and Russell 2000 -3.70 with fair values LOWER HELPING THE OPEN EX RUSSELL 2000 WHICH IS HIGHER. Asia  and Europe mixed click through for details by country.

Gold higher,silver lower and copper lower. WTI Crude Oil  and Brent Oil Futures higher. Natural Gas is higher. $ is lower vs Euro, higher vs. Pound and higher vs. Yen. US 10 year Treasury price $127.81 from $128.06 with yields lower since Thursday morning with the yield at 2.026% from 2.011%. Prices as of 8:25 a.m. EDT.

Top Sectors Thursday:  Materials, Industrials and Technology.

Weakest Sectors Thursday:  Conglomerates lower.

One Month Winners: Utilities, Healthcare and Consumer Goods.

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

Six Month Winners: Industrials, Services, Conglomerates and Techology.

Twelve Month Winners: Utilities, Healthcare and Services.

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

Hourly Action This  Week:

Mixed action so far this week with 4 hours higher and 3 lower.

Courtesy of Quantitative Partners, Inc.

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

Today After The Close: None of note.

Monday Before The Open: YRD of note.

Earnings This Morning Of Note 

Beat:  KMX +0.10 of note.

Flat: None of note.

Missed:  None of note.  

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

Top News Story Of The  Day: President Trump ordered air strikes on Iran and then pulled them at the last minute.

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

The European Union (EU) has made sanction threats against Turkey over offshore energy issues. (WSJ)

FTC denies Qualcomm (QCOM) submitting Apple (AAPL) documents into case. (Reuters)

 There is a fire at a Sunoco (SUN) refinery in Philadelphia. (WTKR Report)

Summary of speech this morning by Federal Reserve Boston President Eric Rosengren.

Federal Reserve St. Louis President James Bullard explains dissent on recent FOMC meeting.

San Francisco to ban E-Cigarettes over teenage use. (CNBC)

Morning Interviews:

Shake Shack (SHAK) CEO interviewed on CNBC.

Sen. Chris Coons (Del.) interviewed on CNBC over Iran as well as the upcoming Democratic Debates.

Data Points

All indexes continue to be above all moving averages.

Bold means a change from prior day.

The advance/decline line has improved dramatically and moved to a buy last Thursday.

The QPI10 Day Moving Average of Breadth (10DMA) is no longer in cash and moves to invested this morning. For a move to cash from buy, the 10DMA needed to have two days in row above +200.

Courtesy of Quantitative Partners, Inc.

YTD  70% (+6% week over week) of stocks are higher and 30% are lower. Updated 6/7/19 close with next update on 6/14/19 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.

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:

May Existing Home Sales are due out at 10:00 a.m. EDT and are expected to rise to 5.30 million from 5.19 million

Geopolitical:

President Trump is at the White House all day and then at 5:45 p.m. EDT attends the Congressional Picnic.

Federal Reserve Governor Lael Brainard to speak at 12:00 p.m. EDT.

Conferences & Analyst Meetings:  

Analyst Meetings/Notable Conference Call:  CRBP GNBT (investor or analyst day)  

Sellside Conferences:  None of note.

Industry Conferences:  World Congress on Thyroid Cancer (through 6/22). Paris Airshow (through 6/23).

M&A Activity

United Healthcare (UNH) to buy Equian for $3.2 billion.

Hologic (HOLX) to buy SuperSonic Imagine.

Upgrades & Downgrades

Early Morning Gap Up/Down:

Gap Higher: MBIO +7%, MEET +3%.

Gap Lower: LKSD -17%, KFY -8%, EXEL -6%, CGC -5.%, SEE -4%.