Morning Note – 4/18/19
Corporate Actions IPOs on deck for This Week: 7 of note including Pinterest. IPOs on deck for Today: GNLN HOOK MNRL PINS ZM. Secondaries on deck: NTRA EIGR ANTM DAVA WTR Notes Priced: APHA IPO Filings Announced After The Close: Other Filings of Note. EIGR files a secondary offering. files mixed shelf offering. IPO News: Pinterest (PINS) pricing…
IPOs on deck for This Week: 7 of note including Pinterest.
IPOs on deck for Today: GNLN HOOK MNRL PINS ZM.
Secondaries on deck: NTRA EIGR ANTM DAVA WTR
Notes Priced: APHA
IPO Filings Announced After The Close:
Other Filings of Note. EIGR files a secondary offering. files mixed shelf offering.
IPO News: Pinterest (PINS) pricing range is finalized at $19 up from $15-$17.
Earnings After The Close:
Beat: ASML +0.36, MS +0.16, ERIC +0.16, KSU +0.10, TXT +0.08, PEP +0.04, ABB +0.03, ABT +0.01
Flat: BMI, NWBI, USB
Missed: PNR (0.28), SBNY (0.08), BK (0.02), POL (0.01)
Still To Report: FRAN
Dividend Increases: CNXM
News After The Close:
North Korea launched a strategic weapons test ending a long period of no testing.
J.P. Morgan (JPM) CFO Marianne Lake to become CEO of the Consumer Lending unit of JPM. Card Services CEO Jennifer Piepszak will become CFO.
Canopy Growth (CGC) rumored to buy Acreage Holdings (ARCGF).
Hourly Action This Past Week:
Courtesy of Quantitative Partners, Inc.
What’s Happening This Morning: Futures on the S&P 500 have been moving higher since Tuesday’s close. There was a nice pop on China data around 10:00 p.m. EDT.
U.S. futures: S&P -1.00, Dow Jones -17, NDX -5 and Russell 2000 -0.70 with fair values MIXED. Asia lower and Europe mixed, click through for details by country.
Gold, silver and copper lower. WTI Crude and Brent Oil Futures higher. Natural Gas is lower. $ is higher vs Euro, higher vs. Pound and lower vs. Yen. US 10 year Treasury price $123.09 from $122.73 with yields higher since Wednesday morning with the yield at 2.53% from 2.605%. Prices as of 8:15 a.m. EDT.
Top Sectors Wednesday: Conglomerates, Consumer Goods and Services.
Weakest Sectors Wednesday: Healthcare and Utilities.
One Month Winners: Consumer Goods, Services, Materials, Technology and Conglomerates.
Three Month Winners: Technology, Consumer Goods, Industrials and Services.
Six Month Winners: Utilities, Conglomerates, Technology and Services.
Twelve Month Winners: Healthcare, Services, Utilities, Conglomerates and Industrials.
Year to Date: All higher led by Conglomerates, Industrials, Technology, Services, Materials and Consumer Goods.
Upcoming Earnings Of Note (sorted by market cap, highest to lowest)
Today After The Close: ISRG PBCT FFN EXPO.
Friday: None of note.
Earnings This Morning Of Note
Beat: PPG +0.17, POOL +0.16, DOV +0.14, BX +0.12, SASR +0.11, SNA +0.11, SYF +0.10, PM +0.08, TRV +0.08, HON +0.08, WBS +0.05, DHR +0.05, SON +0.05, CFG +0.04, AXP +0.04, MAN +0.03, ALLY +0.01, CHKP +0.01
Flat: SLB, RF
Missed: RCI (0.15), IIIN (0.12), TSM (0.07), BBT (0.06), STI (0.06), GTLS (0.04), KEY (0.02)
Still To Report: EWBC, FRAN, GPC, HTLD, HOMB, BPOP, SKX, TTS, UNP
Rags & Mags: Highlighted Stories may be clicked through to the original story.
Top Story: Mueller Report to be released at 9:30 a.m. EDT
Five Things You Need To Know To Start Your Day. (Bloomberg)
China says more work to be done on trade deal. (Reuters)
North Korea calls for the ousting of Secretary of State Mike Pompeo. (BBC)
North Korea President Kim Jong Un to visit Russia. (Reuters)
Dozens of medical professionals charges in Opiod scheme. (WSJ)
Facebook (FB) uploaded email contacts of 1.5 million new users since May of 2016. (Reuters)
We are changing the comments on the various moving averages to a table. The Russell 200 ran into trouble yesterday.
Yesterday saw 1152 stocks rise and 1704 fall on the NYSE. NASDAQ saw 1230 rise and 1840 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 78% (-2% week over week) of stocks are higher and 22% are lower. Updated 4/12/19 close with next update on 4/19/19 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:
Weekly Jobless Claims due out at 8:30 a.m. EDT.
March Retail Sales is due out at 8:30 a.m. EDT and is expected to rise to 0.9% from -0.2%.
April Philadelphia Fed Index is due out at 8:30 a.m. EDT and is expected to fall to 11 from 13.7.
March Leading Indicators are due out at 10:00 a.m. EDT and are expected to rise to 0.4% from 0.2%.
Weekly Natural Gas Inventories due out at 10:30 a.m. EDT.
Attorney General Robert Mueller will hold a press conference at 9:30 a.m. EDT to release the Mueller Report.
President Trump meets with the Wounded Warrior Project Solider Ride at 10:30 a.m EDT and then later in the day is of to Palm Beach for Easter break.
Conferences & Analyst Meetings:
Analyst Meetings/Notable Conference Call:
Sellside Conferences: Jefferies Cannabis Summit.
AngioDynamics (ANGO) sells NAMIC to Medicine Industries for $167.5 million.
Upgrades & Downgrades
Winners: MBIO +256%, CGC +7%, URI +7%
Losers: SNBR -14%, EIGR -13%, STNE -9%, TEAM -9%, ANGO -9%, PLXS -6%, CHKP -5%, LLNW -5%