Interesting Fact Of the Day: Q1 Global Semiconductor Sales fell 15.5% over Q4 and 13% from 2018. (Digitimes)

Corporate Actions

IPOs on deck for This Week: 7 IPOs due this week. Hottest deals for the week are Beyond Meat (BYND) and TransMedics Group (TMDX).

IPOs on deck for Today: None of note.

Secondaries on deck: ADC MBIO of note.

IPO News: Beyond Meat increases size of IPO to 9.63 million shares from 8.75 million. Offering price to $23 to $25 from $19 to $21.

Other Filings of Note:   files senior notes.  RGEN AMEH files mixed shelf offering. ADC AMEH MGTA THO files common offering.

Courtesy of IPO Financial

Earnings After The Close:

Beat: MOH +0.54, WWD +0.35, JBT +0.31, THC +0.25, CACC +0.22, OII +0.21, SANM +0.17, PI +0.15, ETH +0.13, ELVT +0.13, TNET +0.11, KAI +0.10, CLR +0.10, AKS +0.09, SBAC +0.09, BRKS +0.07, JJSF +0.06, CR +0.06, PCH +0.06, MKSI +0.05, EPR +0.04, INST +0.04, YUMC +0.04, TBI +0.03, MEDP +0.03, OMF +0.03, ARE +0.03, OGS +0.03, CHGG +0.03, EQC +0.03, RIG +0.01, CGNX +0.01, BRX +0.01, QTNA +0.01.

Flat: HLIT, VNO.

Missed:  GOOG GOOGL (0.94), GHL (0.47), SXI (0.43), NBIX (0.41), WDC (0.30), TXRH (0.11), MGM (0.11), HTLF (0.06), SSD (0.05), TREX (0.05), CNO (0.04), CHE (0.04), LEG (0.03), MUSA (0.03), APTS (0.02), CNI (0.02), RGA (0.01), VRNS (0.01)

Still To Report: LNTH, LOGI, NXPI, SSB, TRTX, WRI.

Dividend Increases: RBC MPLX

Stock Repurchases: HON

News After The Close:

Boeing (BA) wins a $5.7 billion contract with Air Force to be completed in 2029.

Lockheed Martin (LMT) wins a $1.15 billion contract with the Navy to be completed in 2022.

Raytheon (RTN) wins a $660 million contract with Army, completion in 2029.

HealthEquity (HQY) may bid for WageWorks (WAGE) according to Reuters.

Perrigo (PRGO) receives a Notice of Proposed Adjustment (NOPA) from IRS related to tax treatment on Athena Neurosciences. Will fight.

Hourly Action This Past Week:

Courtesy of Quantitative Partners, Inc.

What’s Happening This Morning: Futures on the S&P 500 fell until 10:00 p.m. EDT and have moved up to only slightly lower.

U.S. futures: S&P +1, Dow Jones +73, NDX -11 and Russell 2000 +1.40 with fair values MIXED.  Asia and Europe mixed, click through for details by country.

Gold, silver and copper higher. WTI Crude and Brent Oil Futures higher. Natural Gas is higher. $ is lower vs Euro, lower vs. Pound and lower vs. Yen. US 10 year Treasury price $123.50 from $123.63 with yields lower since Monday morning with the yield at 2.52% from 2.509%. Prices as of 8:35 a.m. EDT.

Top Sectors Monday: Conglomerates, Financials, Industrials and Technology.

Weakest Sectors Monday: Utilities, Materials and Healthcare.

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

Three Month Winners:  Technology, Consumer Goods and Services.

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

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

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

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

Today After The Close:  AAPL AMGN MDLZ CB VRTX FISV AMD OKE EQR CXO VRSK EIX BXP UDR MXIM of note.

Wednesday Before The Open: ADP CVS CME EPD EL SO EXC JCI HUM YUM IQV HLT RCL S WLTW AME CLX HRS of note.

Earnings This Morning Of Note 

Beat: WCG +0.66, CMI +0.66, EQM +0.44, MLM +0.41, INCY +0.21, EME +0.21, WRK +0.19, CRTO +0.17, MRK +0.17, OSK +0.16, CRI +0.15, SHOP +0.14, IPHS +0.14, THRM +0.12, LDOS +0.12, TRTN +0.12, LOVE +0.11, MDSO +0.10, PFE +0.10, COP +0.10, FIS +0.10, FDP +0.09, IR +0.09, LH +0.08, EAT +0.06, WDR +0.06, ARCC +0.06, WH +0.06, PSX +0.05, HUN +0.05, ECA +0.05, GE +0.05, GLT +0.05, FLWS +0.05, CDK +0.04, TECH +0.04, SCL +0.04, ZBRA +0.04, APRN +0.04, AMRC +0.04, GDI +0.04, SABR +0.03, GEO +0.03, NLSN +0.03, EXLS +0.03, EEFT +0.02, HUBB +0.02, SPG +0.02, MCRN +0.01, KKR +0.01, SC +0.01, SF +0.01, ETN +0.01, BHGE +0.01.

 Flat:  BP, NYCB, FDC, GLW, WELL, LLY.

Missed: CHTR (0.29), DBD (0.28), I (0.24), EIGI (0.16), PSXP (0.10), RFP (0.08), NEO (0.07), CNX (0.07), CNXM (0.04), LL (0.04), TTS (0.04), AOS (0.04), GWR (0.03), CVLT (0.02), CEQP (0.02).

Still To Report: ARNC, ECL, ETM, GM, GLDD, HCA, HMST, IPGP, LPT, MA, MCD, VIVO, MGP, PCAR, R, STX, SMP, TNC, TRS.

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

Top Story: Federal Reserve to meet this week with rate decision on Wednesday at 2:00 p.m. EDT. (CNBC)

Five Things You Need To Know To Start Your Day. European growth better than expectations. Big earnings day. Markets struggle today. Saudis defend oil. (Bloomberg)

Breaking News: Venezuela opposition leader Juan Guaido in streets with armed soliders. (NBC)

April China Manufacturing PMI came in at 50.1 from 50.5 in March. (WSJ)

Deputy Attorney General Rod Rosenstein will resign on May 11th. (The Washington Post)

President Trump and his family sue Deutsche Bank (DB) and Capital One (COF) to stop congressional subpoenas. (WSJ)

Vodafone (VOD) found backdoors in Huawei equipment. (Bloomberg)

Iran will continue to export oil after sanctions enacted. (Reuters)

Data Points

We are changing the comments on the various moving averages to a table. We have added a few more indexes. Hope you enjoy.

Yesterday saw 1727  stocks rise and 1142 fall on the NYSE. NASDAQ saw 1918 rise and 1136 fall.

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 4/26/19 close with next update on 5/3/19 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.

Another positive day on Monday.

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:

February Case Schiller Home Price Index is due out at 8:00 a.m. EDT and expected to fall to 3.1% from 3.6%.

April Chicago PMI is due out at 9:45 a.m. EDT and is expected to fall to 58.2 from 58.7.

April Consumer Confidence is due out at 10:00 a.m. EDT and is expected to rise to 127.3 from 124.1.

March Pending Home Sales are due out at 10:00 a.m. EDT and are expected to rise to 1.1% from a drop of -1.0%.

Geopolitical: 

The Federal Reserve Open Market Committee (FOMC) begins a two day meeting ending with a rate announcement on Wednesday.

House holds separate hearings on drug prices and Medicare with both beginning at 10:00 a.m. EDT.

President Trump meets with Congressional Democrats on infrastructure.

Conferences & Analyst Meetings: 

Analyst Meetings/Notable Conference Call: PYPL (spring investor meeting) CAC (analyst/investor meeting) MCO (innovation summit) ZLAB (anlayst/investor day) NYHDY (conference call)

Sellside Conferences: Bloom Burton & Co Annual Healthcare Conference. Planet Microcap Showcase 2019. Taglich Brothers Annual Conference. UBS AI Seminar.

Industry Conferences: Association for Research in Vision and Ophthalmology Annual Meeting. American Society of Gene & Cell Therapy Annual Meeting.

M&A Activity

CNO Financial (CNO) buys Web Benefits Design Corporation (privately held) for $66 million.

JBT Corp (JBT) buys Proseal uk Limited for 220 million Pounds.

WageWorks (WAGE) confirms it received a bid from HealthEquity (HQY).

Upgrades & Downgrades

Pre-Market Movers:

Winners: WAGE +25%, PI +23%, GTHX +22%, SANM +10%, CURO +10%, GDI +8%, WWD +7%, YUMC +7%, MEDP +6%, NPTN +5%, AMRC +5%, BRX +5%

Losers: GNX -14%, MBIO -11%, IIN -11%, HLIT -10%, TREX -9%, PRGO -9%, TXRH -8%, GHL -8%, GOOGL -8%, MGTA -7%, CHE -5%