Morning Note – 4/26/19

Interesting Fact Of the Day: 700,000 Subcompact SUVs were sold in 2018 which is up from 34,000 in 2010. 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: Act II Acquisition Unit (ACTTU) will be priced today. Secondaries on deck:…

Interesting Fact Of the Day: 700,000 Subcompact SUVs were sold in 2018 which is up from 34,000 in 2010.

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: Act II Acquisition Unit (ACTTU) will be priced today.

Secondaries on deck:

Notes Priced:

IPO Filings Announced After The Close:

Other Filings of Note:  NCR files senior notes. WM SLB TRC NCR files mixed shelf offering. NCR files common offering.

Courtesy of IPO Financial

Earnings After The Close:

Beat: AMZN +2.43, SIVB +0.67, EHTH +0.45, VVI +0.29, APC +0.28, BOOM +0.28, ILMN +0.25, COLM +0.24, SGEN +0.22, ENVA +0.21, OMCL +0.20, SKYW +0.18, CVA +0.18, F +0.17, COF +0.17, EHC +0.15, TMUS +0.14, HTH +0.14, PFG +0.13, DFS +0.13, MAT +0.11, BJRI +0.09, SPSC +0.09, DLR +0.08, AEM +0.08, SFLY +0.07, AFL +0.07, IEX +0.07, MHK +0.07, VRSN +0.06, SWN +0.06, VCRA +0.06, JNPR +0.06, PFPT +0.06, PEB +0.06, WERN +0.05, GRUB +0.05, BMRN +0.04, ATRC +0.04, CY +0.03, SBUX +0.03, LOGM +0.03, FET +0.03, BABY +0.03, PKI +0.03, ALK +0.02, INTC +0.02, PRO +0.02, KNL +0.02, AJG +0.02, BEAT +0.01, INT +0.01, FIX +0.01, AVT +0.01, SBCF +0.01


Missed: BGG (0.31), PRA (0.26), FTI (0.25), UHS (0.17), NOV (0.12), EMN (0.11), GCAP (0.04), DRQ (0.04), FII (0.02), NR (0.02), ATEN (0.02), FFBC (0.01), ASB (0.01), MOBL (0.01).

Still To Report: VLRS

Dividend Increases: ADC AVY FIX PH

News After The Close:

Amazon (AMZN) to make one day shipping the norm  for Prime users.

McDonalds (MCD) teams up with AARP to hire over 50.

Intuit (INTU) sees TurboTax Online unit sales up 7%.

Bunge (BG) names Gregory A. Heckman as new CEO.

White House wants debt ceiling raised and House says no, reports The Washington Post.

Uber (UBER) plans IPO range of $44 to $50 a share.

Lockheed Martin (LMT) wins $720 million Army contract.

Bitcoin drops $400 below $5000 on NY Attorney General enjoining several companies in the space over fraud issues.

Hourly Action This Past Week:

Courtesy of Quantitative Partners, Inc.

What’s Happening This Morning: Futures on the S&P 500 moved lower until the Q1 GDP Report and are now positive.

U.S. futures: S&P +4, Dow Jones +9, NDX +31 and Russell 2000 +1.00 with fair values HIGHER LESSENING GAINS.  Asia and Europe mixed, click through for details by country.

Gold, silver and copper higher. WTI Crude and Brent Oil Futures lowher. Natural Gas is flat. $ is lowerer vs Euro, higher vs. Pound and higher vs. Yen. US 10 year Treasury price $123.48 from $123.50  with yields lower since Wednesday morning with the yield at 2.529% from 2.527%. Prices as of 8:35 a.m. EDT.

Top Sectors Thursday: Healthcare,Utilities and Technology.

Weakest Sectors Thursday: Materials, Industrials, Consumer Goods and Conglomerates.

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: None of note.


Earnings This Morning Of Note 

Beat: SNE +41.94, VRTS +0.34, HELE +0.23, AN +0.10, SNY +0.10, AIMC +0.08, COG +0.08, IPG +0.06, ARD +0.06, AZN +0.05, POR +0.05, VTR +0.04, HRC +0.03, AAL +0.02, SBSI +0.02, B +0.02, BLMN +0.02, WY +0.02, AON +0.01, CL +0.01, ZBH +0.01, IMAX +0.01

 Flat: WETF, LYB

Missed: ALV (0.40), GVA (0.31), ADM (0.16), XOM (0.16), TREE (0.12), LEA (0.11), CIGI (0.10), TYPE (0.03), AIT (0.02)


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

Top Story: Uber seeks $84 billion valuation. (Bloomberg)

Five Things You Need To Know To Start Your Day. (Bloomberg)

New York Attorney General announces investigation into Facebook (FB). (NY Press Release)

Petrobras Brasileiro (PBR) makes asset sales of $10.3 billion.

Chinese President Xi announces will protect intellectual property. (Bloomberg)

U.S. may make drug protection concessions in trade talks with China. (Bloomberg)

Tesla (TSLA) and SEC want more time to work out issues. (WSJ)

Paypal (PYPL) will make $500 million investment in Uber. (Reuters)

V.F. Corp (VFC) releases presentation detailing three year road map. (Presentation Link)

Chinese President Xi to travel to U.S. in June to finalize trade deal. (South China Morning Post)

American Airlines (AAL) cuts 2019 earnings on rising fuel cost and 737 Max issues, Boeing (BA).

Vail Resorts (MTN) reports that ticket sales up 9.3% in North America.

Data Points

We are changing the comments on the various moving averages to a table. Some minor breaks yesterday.

Yesterday saw 1006 stocks rise and 1846 fall on the NYSE. NASDAQ saw 1236 rise and 1796 fall.

There are now 5 down days for the month with 3 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 but we not yesterday it turned negative. Could a turn be forthcoming net week?

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 mixed 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:

Q1 GDP (Advance Estimate) was expected to fall to 1.9% from 2.2%. CAME IN AT 3.2%.  WOW!!!

The latest NYSE and NASDAQ Short Interest Update was 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% and short positions on the NYSE fell by -2.55% and they also fell on the NASDAQ by -1.46%.


President Trump delivers remarks to the NRA in Indianapolis at 11:35 a.m. EDT and then returns to Washington to meet with Japanese Prime Minister Abe for a bilateral meeting and then dinner. Meetings to continue on Saturday and include discussions on steel, aluminum and auto tariffs.

Conferences & Analyst Meetings: 

Analyst Meetings/Notable Conference Call:  SCHW (spring update) VBIV (pipeline update).

Sellside Conferences: None of note.

Industry Conferences: Association for Research in Vision and Ophthalmology Annual Meeting. Retinal Cell & Gene Therapy Innovation Summit.

M&A Activity

Upgrades & Downgrades

Pre-Market Movers:

Winners: EHTH +13%, OMCL +12%, MAT +11%, GRUB +10%, KNL +10%, F +8%, PRO +8%, MAT +8%, BLMN +7%, AON +5%, COF+5%.

Losers: ATEN -15%, INTC -8%, FII -7%, BGG -7%, PFPT -6%, BEAT -6%, AAL -4%.