Morning Note – 4/25/19
Interesting Fact Of the Day: 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: GRTS HMI Notes Priced: IPO Filings Announced After The Close: Other Filings of Note: PFBX files senior notes. FOLD files mixed…
Interesting Fact Of the Day:
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: GRTS HMI
IPO Filings Announced After The Close:
Other Filings of Note: PFBX files senior notes. FOLD files mixed shelf offering.
Earnings After The Close:
Beat: SAM +0.99, EIG +0.40, CMG +0.37, LRCX +0.31, FB +0.28, CHDN +0.23, KRA +0.23, RJF +0.18, HP +0.17, CINF +0.17, MSFT +0.14, NOW +0.13, AZPN +0.13, NTGR +0.11, CTXS +0.10, PYPL +0.10, AMP +0.09, UFPI +0.08, V +0.07, LSTR +0.07, CLGX +0.07, ALGN +0.06, SCI +0.06, FBHS +0.05, SUI +0.05, OIS +0.05, PTC +0.04, ARI +0.04, MSA +0.04, CUBI +0.03, TILE +0.03, SWI +0.03, TRN +0.03, CNMD +0.03, FFIV +0.03, ESS +0.03, CVBF +0.02, ECHO +0.02, FNF +0.02, GGG +0.02, WCN +0.02, FWRD +0.02, AVB +0.02, KN +0.02, BCOV +0.02, CUZ +0.01, DRE +0.01, BDN +0.01, AKR +0.01, STL +0.01, AXTI +0.01.
Flat: ESRT, ROIC, BHE, WRE, SAVE, ORLY.
Missed: ALGT (0.38), AXS (0.15), QEP (0.12), VAR (0.10), AGR (0.09), COR (0.05), AGNC (0.04), SEIC (0.03), XLNX (0.02), ASGN (0.02).
Still To Report: CLB, ISBC, MEOH, PKG, TSLA, WPG.
Dividend Increases: BLL LAZ POR
News After The Close:
PacWest Bancorp (PCW) names Mark Yung as COO as of 5/13.
PTC names Kristian Talvitie as CFO as of 5/15.
Hourly Action This Past Week:
Courtesy of Quantitative Partners, Inc.
What’s Happening This Morning: Futures on the S&P 500 moved lower until 6:30 a.m. EDT but have been moving up since to slightly positive.
U.S. futures: S&P +3.50, Dow Jones -76, NDX +29.75 and Russell 2000 -3.20 with fair values MIXED. Asia mixed and Europe lower, click through for details by country.
Gold, silver and copper lower. WTI Crude and Brent Oil Futures higher. Natural Gas is higher. $ is higher vs Euro, higher vs. Pound and lower vs. Yen. US 10 year Treasury price $123.50 from $123.41 with yields lower since Wednesday morning with the yield at 2.527% from 2.539%. Prices as of 8:35 a.m. EDT.
Top Sectors Wednesday: Utilities.
Weakest Sectors Wednesday: Materials, Industrials, Consumer Goods and Financials.
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: AMZN INTC SBUX BIDU ILMN COF F AFL FTV DLR RSG DFS VRSN CERN IQYI PFG AJG BMRN EMN FTI.
Friday Before The Open: XOM CVX SNY AZN SNE CL AON LYB ZBH ADM IMO VTR WY BEN AAL COG LEA IPG ALV WBC GRC TREE.
Earnings This Morning Of Note
Beat: FCN +0.64, ROP +0.51, RS +0.43, HES +0.36, RTN +0.29, COWN +0.28, WAB +0.22, GPI +0.22, ALXN +0.20, LAZ +0.18, IP +0.18, NCI +0.18, SAH +0.16, AAN +0.15, HEES +0.13, HSY +0.12, VLO +0.11, EQT +0.11, IBKC +0.10, XRX +0.10, WEC +0.08, LUV +0.08, WST +0.08, BAX +0.08, CMCSA +0.08, AEP +0.08, ABBV +0.07, MMC +0.07, PTEN +0.07, NTB +0.07, ODFL +0.07, DHI +0.06, BWA +0.06, CLF +0.06, NEM +0.06, FAF +0.06, TAL +0.05, PDS +0.05, SHOO +0.05, WNS +0.04, GRA +0.04, ENTG +0.03, IVZ +0.03, PAG +0.03, BMY +0.02, GWB +0.01, ALLE +0.01, BC +0.01, WM +0.01
Flat: ASPS, ALKS, HBAN, NVT, LKQ, XEL, PRLB
Missed: VC (0.50), YNDX (0.35), ADS (0.33), MMM (0.27), SSTK (0.21), GLOP (0.19), CRR (0.18), AUO (0.12), GRC (0.10), LANC (0.10), HZO (0.08), MDCO (0.08), AB (0.05), NOK (0.05), ROK (0.05), UPS (0.04), CLS (0.04), IRM (0.03), CMS (0.03), MO (0.03), GNC (0.03), MAS (0.03), CBZ (0.03), TPH (0.02)
Still To Report: CWT, CRS, COLB, CNSL, CTS, CFR, DLX, FCX, ITW, OAK, ORI, PATK, TSCO, TZOO, UBSI, VLY, WWE
Rags & Mags: Highlighted Stories may be clicked through to the original story.
Top Story: Former Vice President Joe Biden enters the presidential race and is the immediate front runner with an 8% lead on President Trump. (CNBC)
Chinese stocks fall on fears China may scale back its stimulus efforts. (Bloomberg)
Norwegian Air Shuttle delays deliveries of the Boeing (BA) 737 Airmax. (Bloombeg)
Walmart (WMT) may IPO its Asda unit. (Bloomberg)
Deutsche Bank (DB) and Commerzbank end merger talks.
We are changing the comments on the various moving averages to a table. All indexes are positive now.
Yesterday saw 1442 stocks rise and 1416 fall on the NYSE. NASDAQ saw 1457 rise and 1590 fall.
Only four down days for the month with four 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 a resistance to pivot day.
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:
March Durable Goods Orders are due out at 8:30 a.m. EDT and is expected to rise to 0.9% from -1.6%.
Weekly Natural Gas Inventories are due out at 10:30 a.m. EDT.
$32 Billion 7 Year Treasury Note Auction at 1:30 p.m. EDT.
The latest NYSE and NASDAQ Short Interest Update is released after the close of trading and goes through settlement date of April 15th. During the collection period, the S&P 500 rose 2.96%.
Overnight The Bank of Japan (BOJ) was out with its latest monetary policy update.
President Trump delivers remarks at 4:30 p.m. on Take Your Daughters and Sons To Work Day.
Conferences & Analyst Meetings:
Analyst Meetings/Notable Conference Call: SSB (analyst/investor meeting) VBIV (pipeline update).
Sellside Conferences: None of note.
Industry Conferences: None of note.
Upgrades & Downgrades
Winners: QTNT +14%, BCOV +11%, FBHS +10%, SAM +9%, FB +9%, AXTI +8%, LRCX +6%, MSFT +5%.
Losers: MMLP -20%, NOK -9%, PTC -9%, XLNX -8%, NTGR -7%, SAVE -6%, CUZ -5%.