Morning Note -3/28/19

Today and tomorrow will be a shortened update due to travel. Corporate Actions IPOs on deck for This Week: The largest IPO in recent memory is due to be priced tomorrow, Lyft. IPOs on deck for Today: Precision Biosciences (DTIL) and 8i Enterprises (JFKKU) of note Secondaries on deck:  EYPR WWE of note. Courtesy of IPO Financial…

Today and tomorrow will be a shortened update due to travel.

Corporate Actions

IPOs on deck for This Week: The largest IPO in recent memory is due to be priced tomorrow, Lyft.

IPOs on deck for Today: Precision Biosciences (DTIL) and 8i Enterprises (JFKKU) of note

Secondaries on deck:  EYPR WWE of note.

Courtesy of IPO Financial

Earnings After The Close:

Beat: LULU +0.10, SNX +0.10, PVH +0.08, VRNT +0.07

Flat: FIVE, FUL

Missed:

What’s Happening This Morning: 

U.S. futures: S&P -3, Dow Jones -23, NDX -8 and Russell 2000 -1 with fair values LOWER LESSENING THE PAIN. Asia mixed and Europe lowermixed, click through for details by country.

Gold and silver lower with copper higher. WTI Crude and Brent Oil Futures lower. Natural Gas is higher. $ is higher vs Euro, higher vs. Pound and higher vs. Yen. US 10 year Treasury price $124.66. Prices as of 8:25 a.m. EST.

Top Sectors Wednesday: None.

Weakest Sectors Wednesday: All lead by Technology, Utilities and Healthcare.

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

Three Month Winners:  Conglomerates, Technology, Industrials, Materials and Services.

Six Month Winners: Utilities,Conglomerates and Technology.

Twelve Month Winners: Utilities, Conglomerates, Healthcare and Services.

Year to Date: All higher led by Conglomerates, Technology, Industrial Goods, Services, Materials and Utilities.

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

Today After The Close:  SAIC RH PRGS OXM SGH.

Friday Before The Open: KMX BB SFUN.

Earnings This Morning Of Note:

Beat Estimates: QIWI +9.11, CAN +0.16, MOV +0.12

Missed Estimates: CTST -0.22, JEF -0.19, SPWH -0.05

Data Points:

Yesterday saw 1311 stocks rise and 1566 fall on the NYSE. NASDAQ saw 1270 rise and 1813 fall.

The QPI10 Day Moving Average of Breadth (10DMA) is invested on the open from cash Friday morning. For a move to cash from buy, the 10DMA needed to have two days in row above +200. We are back to a buy with last Thursday’s closing action as our 10 day moving average was above +200 for a second day.

Courtesy of Quantitative Partners, Inc.

YTD 77% (-6% week over week) of stocks are higher and 23% are lower. Updated 3/22/19 close with next update on 3/29/19 close.

Courtesy of Phil Erlanger Research, Inc.

Economic & Related:

February Pending Home Sales are due out at 10:00 a.m. EDT and are expected to fall to 0.5% from 4.6%.

Q4 GDP  (final) came in at 2.2%.

Weekly Jobless Claims are due out at 8:30 a.m. EDT.

Weekly Natural Gas Inventories are due out at 10:30 a.m. EDT.

Geopolitical:

President Trump holds a Make America Great Again (MAGA) rally in Michigan and then heads to Palm Beach for the weekend.

Conferences & Analyst Meetings:

Analyst Meetings/Notable Conference Call: EBR (analyst day). FL (investor day). MOS (investor day). OCUL (R&D day).

Sellside Conferences:  Credit Suisse Asian Conference. Sidoti Spring Conference. 

Industry Conferences: 

 M&A Activity:

ON Semiconductor (ON) to acquire Quantenna (QTNA) fo4 $24.50 a share.

Pre-Market Movers:

Winners: QTNA +18%, LULU +11%, PVH +10%, AMRN +9%, VRNT +9%

Losers: ARA -19%, EYPT -14%, NLSN -11%, CTST -10%,