Morning Note – 4/1/19
Corporate Actions IPOs on deck for This Week: 5 IPOs for this week IPOs on deck for Today: None of note Secondaries on deck: AZN of note. Convertible or Senior Notes on Deck: AVGO prices Senior Notes. IPO Filings Announced After The Close: None filed today to go public. Announcements For Secondary Filings & Financings: QTT TPNL…
IPOs on deck for This Week: 5 IPOs for this week
IPOs on deck for Today: None of note
Secondaries on deck: AZN of note.
Convertible or Senior Notes on Deck: AVGO prices Senior Notes.
IPO Filings Announced After The Close: None filed today to go public.
Announcements For Secondary Filings & Financings: QTT TPNL STNE common stock offering. BDC MNKD GLPG files mixed shelf offering. ZLB file shelf offering.
Earnings After The Close
Beat: None of note.
News After The Close
Albany International (AIN) names Stephen Nolan as CFO/Treasurer to succeed John Cozzolino as of April 1st.
Navy awards $975 million contract to Jacobs Engineering (JEC), Fluor (FLR) and Perini Management (TPC).
Air Force awards $810 million contract to CACI International (CACI).
Defense Logisitics Agency awards a $475 million contract to Philips (PHG).
ComScore (SCOR) CEO resigns and lowers Q1 revenues.
Cover was positive on AT&T (T) over Verizon (VZ).
Positive on the DowDuPont (DWDP) spinoff.
Cautious on Apple (AAPL) as it hoards cash.
Positive on Amphenol (APH) as is dusts the S&P 500.
The New York Times:
Faulty sensor may have caused the crash of the Lion Air 737 Max which could implicate Boeing (BA).
Australia and New Zealand look to ban “weaponized social media” after Christchurch mosque shootings.
Stock Repurchase: GIL
Hourly Action This Past Week:
3 hours were positive with 4 negative. A mixed week.
Courtesy of Quantitative Partners, Inc.
What’s Happening This Morning: Futures on the S&P rose .
U.S. futures: S&P +19, Dow Jones +174, NDX +69 and Russell 2000 +8.80 with fair values SLIUGHTLY HIGHER CUTTING INTO GAINS. Asia and Europe higher, click through for details by country.
Gold and silver lower with copper higher. WTI Crude and Brent Oil Futures higher. Natural Gas is higher. $ is lower vs Euro, lower vs. Pound and higher vs. Yen. US 10 year Treasury price $123.98 from $124.13 with yields higher since Friday morning with the yield at 2.44% . Prices as of 8:05 a.m. EDT.
Top Sectors Friday: Healthcare, Technology, Industrials, Utilities and Services
Weakest Sectors Friday: Conglomerates.
One Month Winners: Consumer Goods, Technology,Utilities and Services.
Three Month Winners: Conglomerates, Technology, Industrials 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: None of note.
Tuesday Before The Open: WBA LW ANGO SFUN.
Earnings This Morning Of Note
Beat Estimates: CTRA +6.02, CALM +0.30
Missed Estimates: NVGS (0.04)
Still to Report:
Rags & Mags: Highlighted Stories may be clicked through to the original story.
Top Story: Chinese PMI came in better than expected sending overseas markets higher. (Bloomberg)
China will delay more tariffs on U.S. automobiles and parts as trade talks progress. (Reuters)
India finds harmful ingredients in Johnson & Johnson (JNJ) baby shampoo. (Times of India)
Several airlines are having system wide outages this morning, DAL LUB AAL. (CNBC)
Aramco makes more money than Apple (AAPL) and Google (GOOGL) combined. (NYT)
We are changing the comments on the various moving averages to a table. Improvement was seen with the Dow and Russell 2000 on Friday.
Yesterday saw 1783 stocks rise and 1099 fall on the NYSE. NASDAQ saw 1930 rise and 1130 fall.
The QPI10 Day Moving Average of Breadth (10DMA) is invested on the open from cash Friday morning 3/22. For a move to cash from buy, the 10DMA needed to have two days in row above +200. We remain with a buy as our 10 day moving average remains above -200.
Courtesy of Quantitative Partners, Inc.
YTD 77% (-6% week over week) of stocks are higher and 23% are lower. Updated 3/29/19 close with next update on 4/5/19 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. Last week the indexes struggled the first half of the week and advanced the second half of the week.
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 <GO>
Economic & Related:
Today is a fairly busy day for economic data.
February Retail Sales are due out at 8:30 a.m. EDT and are expected to remain at 0.2%.
March ISM Manufacturing Index is due out at 10:00 a.m. EDT and is expected to fall to 54.1 from 54.20.
February Construction Spending is due out at 10:00 a.m. EDT as well and is expected to fall to -0.3% from 1.3%.
Brexit remains front and center as The House of Commons will vote on up to eight Brexit proposals today.
President Trump has several private meetings with cabinet members and the Vice President before participating in the 2019 Prison Reform Summit and First Step Act Celebration.
Conferences & Analyst Meetings
Analyst Meetings/Notable Conference Call: BIIB (R&D day)
Sellside Conferences: Mizuho Annual Energy Summit.
Industry Conferences: Microcap Spring Investor Summit 2019. American Association for Cancer Research Annual Meeting. Wine & Spirits Wholesalers of America Convention.
Novartis (NVS) to buy IFM Tre for $310 million.
Willis Towers Watson (WTW) to buy TRANZACT for $1.2 billion.
Owens Illinois (OI) to buy Nueva Fabrica Nacional de Vidrio from Grupo Modelo (BUD) for $188 million.
Cable One (CABO) to buy Fidelity Communications for $529.9 million in cash.
Upgrades & Downgrades
Winners: TTM +7%, MNKD +6%, MT +5%
Losers: SEEL -4%