Corporate Actions

IPOs on deck for This Week: A very busy week is now concluded.

IPOs on deck for Today: Uber (UBER) Health Sciences Acquisition (HSACU) Intercept Pharmaceuticals (ICPT) Jialyn Group (JFIN) Postal Realty Trust (PSTL) Sonim Technologies (SONM) of note.

Secondaries on deck: BBCP RMBL of note.

Notes prices of note” CHTR prices $750 million of senior unsecured notes. RMBL prices $30 million of convertible senior notes.

IPO News: Uber was priced at $45 a share.

Other Filings of Note: RARX RWT CYTK mixed shelf offering. AQMS files common offering. TV files debt shelf offering.

Courtesy of IPO Financial

Earnings After The Close:

Beat:  ICUI +0.41, PBYI +0.41, BGNE +0.34, AL +0.33, FLY +0.19, ZG +0.17, FGEN +0.15, ELY +0.15, CDLX +0.14, SONO +0.13, VFF +0.12, SYNA +0.12, TGH +0.11, MTW +0.10, UNIT +0.10, GH +0.07, AGO +0.07, SSRM +0.06, NTRA +0.06, NNBR +0.05, AMPH +0.05, AIRG +0.05, CARG +0.05, AAXN +0.05, EQH +0.05, MTD +0.04, DBX +0.04, ALTR +0.04, NWSA +0.04, FSCT +0.03, ALRM +0.03, GLOB +0.03, WYNN +0.03, SWIR +0.03, ROAD +0.03, SNCR +0.02, CORT +0.02, MAIN +0.02, NDLS +0.02, WPRT +0.02, AMBR +0.02, GPRO +0.02, TRUE +0.01

Flat: VSLR +0.00, TIVO +0.00, YELP +0.00, CISN +0.00, SYMC +0.00

Missed:  CABO (1.50), MAXR (1.13), NVRO (0.77), UEPS (0.56), GSBD (0.42), ASYS (0.22), XLRN (0.17), XON (0.15), CUTR (0.14), ZVO (0.12), BKNG (0.09), QNST (0.08), QRTEA (0.05), RBA (0.05), NTR (0.05), SPPI (0.04), AMBC (0.04), OMER (0.03), SENS (0.03), JAG (0.03), SCSC (0.01), SSTI (0.01), SPWR (0.01), PRAA (0.01)

Still To Report: AQN, MESA, TROX

News After The Close:

Symantec (SYMC) CEO Greg Clark steps down as CEO and President. Company misses on earnings and guides lower.

Tivo (TIVO) to split into two companies.

President Trump to nominate Patrick Shanahan as Secretrary of Defense per The Washington Post.

Stock Repurchase: ALSN

Dividend Increase: NBHC

Hourly Action This  Week:

This week now sees five hours positive and tw0 hours that are negative. Updated through Wednesday.

Courtesy of Quantitative Partners, Inc.

What’s Happening This Morning: Futures on the S&P 500 rose until 8:00 p.m. then fell 1:00 a.m. EDT before regaining a bit but still lower as we head towards the open.

U.S. futures: S&P -19.25, Dow Jones -132, NDX -49 and Russell 2000 -9.60 with fair values  LOWER LIMITING LOSSES.  Asia mixed and Europe higher, click through for details by country.

Gold, silver and copper higher. WTI Crude and Brent Oil Futures higher. Natural Gas is lower. $ is lower vs Euro, flat vs. Pound and flat vs. Yen. US 10 year Treasury price $123.98 no change with yields lower since Thursday morning with the yield still at 2.455%. Prices as of 8:15 a.m. EDT.

Top Sectors Thursday: None of note.

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

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

Three Month Winners:  Conglomerates, Services, Technology, Consumer Goods and Industrials.

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

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

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

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

Today After The Close: None of note.

Monday Before The Open: None of note.

Earnings This Morning Of Note 

Beat: JD +1.40, TRCO +0.45, VIAB +0.14, ENB +0.08, ERF +0.07, MAR +0.07, CLNY +0.02, EFX +0.01.

 Flat: NS +0.00, HPT +0.00.

Missed: PEGI (0.41), QHC (0.25), AQUA (0.12), PTE (0.11), TERP (0.08), CARS (0.03), SSP (0.03).

Still To Report: ABR, BPL, MDP, ONCE, UBNT.

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

Top Story: U.S. Tariffs on China go into effect this morning but negotiations continue today. (CNBC)

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

President Trump tweets no need to rush trade deal as tariffs fine. (CNBC)

Several state attorney generals are looking at Expedia (EXPE) and several hotel chains (H and MAR of note). (Reuters)

Bank of America (BAC) to decide whether it will wind down jv with First Data (FDC). (Bloomberg)

Data Points

Major weakness across the board yesterday gave ground again and today based on futures could see more weakness. Changes in bold.

Yesterday saw 1301  stocks rise and 1518 fall on the NYSE. NASDAQ saw 1401 rise and 1660 fall.

The QPI10 Day Moving Average of Breadth (10DMA) is no longer  invested  and moved to cash with Wednesday close. For a move to cash from buy, the 10DMA needed to have two days in row below -200 and that happened on Wednesday’s close. For now, the best offense is a good defense.

Courtesy of Quantitative Partners, Inc.

YTD 79% (+1% week over week) of stocks are higher and 21% are lower. Updated 5/3/19 close with next update on 5/10/19 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 saw all indexes close below support.

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:

The latest short interest for NYSE and NASDAQ is  out  and it goes through settlement of April 30th and trade date of April 26th. NYSE fell by -1.63%  and NASDAQ also fell by -0.56%.

April CPI is due out at 8:30 a.m. EDT and expected to stay at 0.4%.

The latest Treasury Budget is due out at 2:00 p.m. EDT.

Geopolitical: 

President Trump celebrates Military Mothers at 4:15 p.m. EDT as trade negotiations continue.

Federal Reserve Atlanta President Bostic speaks at 9:00 a.m. EDT.

Federal Reserve New York President Williams speaks at 10:00 a.m. EDT.

Conferences & Analyst Meetings: 

Analyst Meetings/Notable Conference Call: None of note.

Sellside Conferences: None of note.

Industry Conferences:  American Academy of Neurology Annual Meeting.

M&A Activity

Boston Beer (SAM) buys Dogfish Head Brewery for $300 million in cash and stock.

Medtronic (MDT) to buy Titan Spine, no terms.

Upgrades & Downgrades

Best Upgrade of the Day: None of note.

Worst Upgrade of the Day: None of note.