Interesting Fact Of the Day: The United States spends 18% of GDP on healthcare while Canada is 11% of GDP. Reform coming. Interview with Joseph Stiglitz. (Bloomberg Radio)

Corporate Actions

IPOs on deck for This Week: Act II Acquisition Unit due this week. Next week 4 IPOs on deck.

IPOs on deck for Today: None of note.

Secondaries on deck: None of note.

Notes Priced: GES of note.

IPO Filings Announced After The Close:

Other Filings of Note.  HMI files a secondary offering.  TK files senior notes. ILPT  PPBI files mixed shelf offering.

Courtesy of IPO Financial

Earnings After The Close:

Beat: WRB +0.31, CSL +0.20, NAVI +0.13, HA +0.12, EW +0.10, VMI +0.10, TER +0.10, TXN +0.09, CSGP +0.09, NBHC +0.08, LRN +0.07, MANH +0.07, KALU +0.06, HXL +0.06, SIX +0.04, EBAY +0.04, TSS +0.04, SYK +0.04, SITC +0.03, CHFC +0.03, BXMT +0.03, UCBI +0.02, SNAP +0.02, MMSI +0.01, MTH +0.01, AMTD +0.01

Flat: FMBI, RNST.

Missed: CP (0.21), LTXB (0.11), SPN (0.07), HIW (0.05), IRBT (0.03), RHI (0.02), FCPT (0.01), FR (0.01), TRMK (0.01), FE (0.01)

Still To Report: NWE.

Dividend Increases: MET HESM TGP EQM

Dividend Decreases: RES

News After The Close:

Kraft Heinz (KFT) explores selling Ore-Ida brand.

Rite Aid (RAD) raises age to purchase tobacco products to 21.

Twitter (TWTR) CEO Jack Dorsey met with President Trump yesterday afternoon, no release on topics.

CMS releases Medicare Hospital Inpatient Prospective Payment System and Long Term Acute Care Hospital  prospective payment system proposed rule and request for information.

Viacom (VIAB) ends search for CEO as Acting CEO Joseph Ianniello agrees to another six months.

Raytheon (RTN) wins $400 million Missile Defense Agency.

Hourly Action This Past Week:

Courtesy of Quantitative Partners, Inc.

What’s Happening This Morning: Futures on the S&P 500 moved lower until 7:00 a.m. EDT but have been moving up since.

U.S. futures: S&P +0.50, Dow Jones +27, NDX +5 and Russell 2000 -1.40 with fair values MIXED.  Asia and Europe mixed, click through for details by country.

Gold higher, silver lower and 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 $123.41 from $122.92 with yields lower since Tuesday morning with the yield at 2.539% from 2.589%. Prices as of 8:35 a.m. EDT.

Top Sectors Tuesday: Healthcare, Industrials, Technology and Services.

Weakest Sectors Tuesday: Materials.

One Month Winners: Industrials, Services, Financials and Technology.

Three Month Winners:  Technology, Services and Consumer Goods.

Six Month Winners: Technology, Services, Industrials and Utilities.

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

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

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

Today After The Close: MSFT FB V PYPL TSLA NOW XLNX ORLY LRCX AVB WCN ALGN CMG AMP WYNN EFX CINF CTXS.

Wednesday Before The Open: CMCSA MMM ABBV MO UPS BMY ITW RTN MMC WM AEP BAX VLO ROP NOK LUV ALXN XEL.

Earnings This Morning Of Note 

Beat: NOC +0.46, SWK +0.31, TROW +0.26, LAD +0.25, TEL +0.14, APD +0.13, MCO +0.13, ANTM +0.13, TDY +0.12, GD +0.12, AXTA +0.12, SLAB +0.12, UMC +0.11, DPZ +0.10, EVR +0.10, FCFS +0.09, DTE +0.09, CAT +0.08, BCO +0.07, NVS +0.07, TMO +0.07, SAP +0.06, FLIR +0.05, NDAQ +0.05, IART +0.04, SLGN +0.03, AVY +0.03, BIIB +0.02, BKU +0.01, PB +0.01, MKTX +0.01.

 Flat: SXC, FBP.

Missed: CVE (0.14), RES (0.04), CSTM (0.04), BA (0.03), OC (0.02), SIRI (0.02), BSX (0.01), T (0.01), TUP (0.01), ROL (0.01), STM (0.01).

Still To Report: APH, BOKF, FSV, GATX, GNTX, KNX, MHO, NSC.

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

Top Story: U.S. & China Trade Talks resume on April 30th in China. (Bloomberg)

British Prime Minister Theresa May to hold a Brexit withdrawal vote next week in Parliament. (FT)

Treasury Department did not turn over President Trump’s tax returns. Final decision due May 6th. (CNN)

President Trump and House Speaker Nancy Pelosi to meet on Infrastructure April 30th. (Bloomberg)

House to hold hearing on “Medicare For All” next week. (The Hill)

Boeing (BA) aims for 737 Max software fix by May. (Reuters)

Boeing (BA) pulls 2019 guidance and stops buybacks. (CNBC)

CNBC reports that Warren Buffet not interested in buying PG&E (PCG). (CNBC)

Data Points

We are changing the comments on the various moving averages to a table. Russell 2000 moving averages turned positive with yesterday’s action.

Yesterday saw 2182 stocks rise and 715 fall on the NYSE. NASDAQ saw 2277 rise and 806 fall.

Only three down days for the month with five days to go in April and last losing streak of more than three days ended back on March 8th. (Twitter: Bullet86)

The QPI10 Day Moving Average of Breadth (10DMA) is invested on the open from cash Friday morning 3/22 at 2854.88. For a move from  cash to 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 4/19/19 close with next update on 4/26/19 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.

Yesterday was the first day since April 1st that all indexes closed above resistance.

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:

API Petroleum Institute Weekly Data saw Crude Oil build by 6.86 million barrels and Gasoline build by 2.163 million barrels.

Weekly Mortgage Applications fell -7.3% week over week after dropping -3.5% last week.

Weekly Crude Oil Inventories are due out at 10:30 a.m. EDT.

$41 Billion 5 Year Treasury Note Auction at 1:30 p.m. EDT.

Geopolitical 

President Trump off to Atlanta to speak at the Prescription Drug Abuse and Heroin Summit.

Conferences & Analyst Meetings:  LULU (analyst day)

Analyst Meetings/Notable Conference Call:  None of note.

Sellside Conferences: None of note.

Industry Conferences: None of note.

M&A Activity

Occidental Petroleum (OXY) bids $76 a share for Anadarko Petroleum (APC) , closed at $63.99, outbidding Chevron (CVX). Will Chevron counter?

Privet Fund Management seeks to buy Synalloy (SYNL) for $20 in cash.

Speedway Motorsports (TRK) gets a bid for $18 from Sonic Financial.

Upgrades & Downgrades

Pre-Market Movers:

Winners: YNL +20%, MANH +9%, APC +9%, AVEO +8%, TER +8%, SAP +8%, CSL +7%, SNAP +5%.

Losers: IRBT -15%, RHI -10%, SPN -6%, LTXB -5%.