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Joined Dec 4, 2012
308 Blog Posts

The Morning Briefing: FOMC At 2:00 P.M.

In After Hours Trading

IPOs on deck today SMART Global Holdings (SGH). Secondaries of note ALBO ALNY FRBA GLYC ATNA YET STNG YET TTD.

In After Hours Trading: TCS +.08 INTU +.03 TLYS +.09.

Lower Guidance: .

Mixed Guidance: .

Positive Guidance: TCS.

What’s Happening This Morning

U.S. futures: S&P -0.50, Dow Jones +1, NDX +6.50 and Russell 2000 -0.90. Asia higher and Europe mixed.

Copper lower with silver lower and gold lower. WTI Crude and Brent Oil Futures mixed. Natural Gas is higher. $ is higher vs Euro, higher vs. Pound and higher vs. Yen. US 10 year Treasury yield at 2.28% yield, one day change +4, one month change +1 and +42 one year change. Prices as of 7:50 a.m. EDT.

Top Sectors Financials, Utilities, Healthcare and Industrial Goods.

Weak Sectors Conglomerates and Services.

One month winners Utilities and Services.

Three Month Winners Consumer Goods, Utilities and Technology.

Six Month Winners Conglomerates, Industrial Goods, Financials, Energy and Materials.

One Year Winners Energy, Materials, Industrial Goods and Utilities.

Year To Date All except for Energy and Conglomerates.

Earnings Expected

Earnings due after the close (by avg. trade volume): HPQ NTAP PVH WSM CPRT GES SCVL among others.

Due Wednesday morning (by avg. trade volume descending): MDT RY TD CM DLTR HRL BBY TTC BURL PDCO SIG IGT SAFM ANF SHLD among others.

Rags & Mags: Inside Wall Street

Bloomberg: British Prime Minister Theresa May warned of further terrorist attacks and raised the level to critical from severe. The Federal Reserve Open Market Committee (FOMC) will release its latest minutes. The latest Trump budget is a waste of time. The European Central Bank (ECB) warned that debt substainability concerns are rising.

Reported Earnings This Morning

Reported Earnings This Morning (Best to Worst absolute beats/misses [+.02 or greater/-.02 or worse]): AAP -.54 BMO -.01 CHS -.04 DY +.11 LOW -.03 TIF +.04.

Missing: .

Lower Guidance: DY LOW.

Current Morning missing: .

Mixed Guidance: .

Positive Guidance:

Data Points

Yesterday saw 1734 stocks rise and 1164 fall on the NYSE. NASDAQ saw 1487 rise and 1341 fall.

The SP 500 is back above its 50 day exponential moving average and above its 200 day exponential moving average. The Russell 2000 is back above its 50 day moving exponential average and is above 200 day exponential moving average.

The 10 day spread moving average of breadth is back to cash as of last Friday’s close. The Madison Market Timing Indicator is now invested since November 18th.

YTD 2662 stocks are higher and 1979 lower. Updated 3/31/17 close.

Economics

Weekly Mortgage Applications rose 4.4% week over week.

April Existing Home Sales are due out at 8:30 a.m. EDT and are expected to fall to 5.65 million from 5.71 million.

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

Politico

FOMC releases its May meeting minutes.

President Trump visits with Pope Francis at the Vatican.

The CBO releases its latest scoring of Trump Care.

Federal Reserve Minneapolis President Neel Kashkari speaks at 6:00 p.m. EDT.

Conference & Analyst Meetings

Meetings, Conference Calls or Announcements of note, TSS RPXC DV ASC DMPI. UBS Healthcare Conference. JP Morgan Technology media & Telecom Conference. SunTrust Robinson Humphrey Annual Financial Services Conference. B. Riley Institutional Investor Conference.

Conference of Note

2017 Space Tech Expo.

M & A News

Key Upgrades and Downgrades

Firm Upgrades Downgrades
JP Morgan
Goldman Sachs
Morgan Stanley ALV
Deutsche Bank
Citigroup EEX
Merrill Lynch OOMA
Wachovia/Wells Fargo
Credit Suisse STLD NUE X OOMA
Banc of America
UBS
SunTrust RH
Sanford Bernstein
Jefferies
RBC
Needham
Raymond James
Piper Jaffray SHAK

Comments »

The Week Ahead: Lucifer Heads To The Vatican

1. Geopolitical Events. On Monday and Tuesday President Trump visits Israel. Also on Monday Federal Reserve Minneapolis President Neel Kashkari and Federal Reserve Governor Lael Brainard speak in Minneapolis at 10:00 a.m. EDT. Tuesday Federal Reserve Philadelphia President Patrick Harker speaks at 6:00 p.m. EDT. Wednesday the FOMC releases its May meeting minutes. President Trump visits with Pope Francis at the Vatican. The CBO releases its latest scoring of Trump Care. Thursday OPEC meets on production cuts. Thursday Federal Reserve Dallas President Rob Kaplan and St. Louis President James Bullard speak after the close. Friday President Trump meets with the G-7.

2. Economic Releases. Releases of note this week include the weekly chain store sales, oil/gas numbers, mortgage applications, jobless claims, new home sales, existing home sales, durable goods, Michigan Sentiment and Q GDP (second estimate).

3. Earnings Releases. Notable releases include A NDSN INTU AZO LOW BMO MDT RY BIG JKS.

Monday, May 22:

President Donald Trump visits Israel.

Xilinx (XLNX) holds its analyst meeting and is a Short Squeeze.

Tuesday, May 23:

April New Home Sales are due out and are expected to drop to 605,000 from 621,000.

Red Robin Gourmet Burger (RRGB) holds its analyst meeting and is a Short Squeeze.

Wednesday, May 24:

April Existing Home Sales are due out at 8:30 a.m. EDT and are expected to fall to 5.65 million from 5.71 million.

President Donald Trump visits Italy and will stop at the Vatican to meet with Pope Francis.

The latest Federal Reserve Open Market Committee (FOMC) Minutes are due out at 2:00 p.m. EDT.

The Congressional Budget Office (CBO) will release its latest scoring of the American Health Care Act, i.e. Trump Care.

The latest NASDAQ and NYSE short interest data is due out after the close for settlement of May 15th.

Thursday, May 25:

OPEC meets in Vienna to discuss its current production policy.

Qorvo (QRVO) holds its analyst day and is a Type 1 Short Squeeze.

Tableau Software (DATA) holds its analyst day and is a Short Squeeze.

Friday, May 26:

April Durable Goods are due out at 8:30 a.m. EDT and are expected to fall to -1.8% from 0.7%.

Q1 GDP (second estimate) are due out at 8:30 a.m. EDT and are expected to rise to 0.8% from 0.7%.

May Michigan Sentiment is due out at 10:00 a.m. EDT and is expected to fall to 97.5 from 97.7.

President Donald Trump travels to Sicily to meet with the leaders of G-7 nations.

Comments »

The Morning Briefing: Blame It On Rio, Brazil Has A Political Crisis Equal To Ours $EWZ

In After Hours Trading

IPOs on deck today Bright Scholar Educational Holdings (BEDU). Secondaries of note ADSW ARGX RPRX TELL.

In After Hours Trading: CSCO +.02 LB +.03 SNPS +.02 ZTO +.03.

Lower Guidance: ZTO.

Mixed Guidance: .

Positive Guidance: .

What’s Happening This Morning

U.S. futures: S&P -5.25, Dow Jones -65, NDX -8 and Russell 2000 -5. Asia and Europe lower.

Copper lower with silver lower and gold higher. WTI Crude and Brent Oil Futures lower. Natural Gas is higher. $ is higher vs Euro, lower vs. Pound and lower vs. Yen. US 10 year Treasury yield at 2.20% yield, one day change -10, one month change +3 and +35 one year change. Prices as of 7:50 a.m. EDT.

Top Sectors None.

Weak Sectors All.

One month winners Utilities and Services.

Three Month Winners Consumer Goods, Utilities and Technology.

Six Month Winners Conglomerates, Industrial Goods, Financials, Energy and Materials.

One Year Winners Energy, Materials, Industrial Goods and Utilities.

Year To Date All except for Energy and Conglomerates.

Earnings Expected

Earnings due after the close (by avg. trade volume): AMAT ADSK GPS MCK ROST CRM SPWH among others.

Due Friday morning (by avg. trade volume descending): CPB DE DXLG FL MMYT QSII among others.

Rags & Mags: Inside Wall Street

Bloomberg: Brazil is on turmoil this morning over the current president approving payments to take down Dilma Rousseff. $EWZ could be a good short or put play. Conagra ($CAG) bucked the weakness as investors are interested in this name.

Reported Earnings This Morning

Reported Earnings This Morning (Best to Worst absolute beats/misses [+.02 or greater/-.02 or worse]): BABA -.03 CATO +.05 RL +.11 PLCE +.31 WMT +.04.

Missing: .

Lower Guidance: .

Current Morning missing: .

Mixed Guidance: .

Positive Guidance:

Data Points

Yesterday saw 603 stocks rise and 2367 fall on the NYSE. NASDAQ saw 441 rise and 2487 fall.

The SP 500 is back below its 50 day exponential moving average and above its 200 day exponential moving average. The Russell 2000 is back below its 50 day moving exponential average and is above 200 day exponential moving average.

The 10 day spread moving average of breadth is back to cash as of last Friday’s close. The Madison Market Timing Indicator is now invested since November 18th.

YTD 2662 stocks are higher and 1979 lower. Updated 3/31/17 close.

Economics

April Leading Indicators are due out at 10:00 a.m. EDT and are expected to fall to 0.3% from 0.40% last month.

Politico

European Central Bank President Mario Draghi speaks in Israel at Tel Aviv University.

President Donald Trump meets with Colombia President Juan Manuel Santos.

Federal Reserve Cleveland President Loretta Mester speaks at 1:15 p.m. EDT today.

On Friday Federal Reserve St. Louis President James Bullard speaks at 9:15 a.m. EDT.

Conference & Analyst Meetings

Meetings, Conference Calls or Announcements of note, SCWX RGA EPZM FTV. Bank of America Merrill Lynch Healthcare Conference. Three Part Advisors East Coast IDEAS Investor Conference.

Conference of Note

American Pain Society 36th Annual Scientific Meeting

M & A News

Key Upgrades and Downgrades

Firm Upgrades Downgrades
JP Morgan
Goldman Sachs TEF
Morgan Stanley
Deutsche Bank
Citigroup BMO
Merrill Lynch
Wachovia/Wells Fargo
Credit Suisse CFX
Banc of America
UBS
SunTrust RH
Sanford Bernstein
Jefferies
RBC
Needham
Raymond James
Piper Jaffray
Friedman Billings
Guggenheim
Stifel
Robert W. Baird FSLR

Comments »

The Morning Briefing: Trump Leaked Information From Jordan But Is That Really An Issue?

In After Hours Trading

No IPOs on deck today with 2 due this week. Secondaries of note AAPD EVH KRNT OMAM PFGC.

In After Hours Trading: DAVE +.02 VIPS +.10 VOXX -.06.

Lower Guidance: .

Mixed Guidance: .

Positive Guidance: .

What’s Happening This Morning

U.S. futures: S&P +2.50, Dow Jones +38, NDX +8.25 and Russell 2000 +1.50. Asia higher ex Hong Kong and Europe higher.

Copper lower with silver and gold higher. WTI Crude and Brent Oil Futures higher. Natural Gas is lower. $ is lower vs Euro, lower vs. Pound and higher vs. Yen. US 10 year Treasury yield at 2.35% yield, one day change +1, one month change +12 and +60 one year change. Prices as of 7:50 a.m. EDT.

Top Sectors All.

Weak Sectors None.

One month winners Utilities and Services.

Three Month Winners Consumer Goods, Utilities and Technology.

Six Month Winners Conglomerates, Industrial Goods, Financials, Energy and Materials.

One Year Winners Energy, Materials, Industrial Goods and Utilities.

Year To Date All except for Energy and Conglomerates.

Earnings Expected

Earnings due after the close (by avg. trade volume): JBX URBN ACXM AXON RRGB among others.

Due Wednesday morning (by avg. trade volume descending): TGT AEO PLAB CTRN among others.

Rags & Mags: Inside Wall Street

Bloomberg: National Security Adviser H.R. McMaster rejected that the President leaked classified information. The U.S. Dollar is down for a fifth day in a row. Oil is holding recent gains. Sweden moved to a target range as opposed to a specific range for inflation and this is a big deal if other central banks adopt.

Reported Earnings This Morning

Reported Earnings This Morning (Best to Worst absolute beats/misses [+.02 or greater/-.02 or worse]): HD +.06 SINA +.24 VRTU -.002 WB +.05.

Missing: .

Lower Guidance: .

Current Morning missing: .

Mixed Guidance: .

Positive Guidance: MANU WB .

Data Points

Yesterday saw 2196 stocks rise and 706 fall on the NYSE. NASDAQ saw 1930 rise and 947 fall.

The SP 500 is back above its 50 day exponential moving average and above its 200 day exponential moving average. The Russell 2000 is back above its 50 day moving exponential average and is above 200 day exponential moving average.

The 10 day spread moving average of breadth is back to invested as of Friday’s close. The Madison Market Timing Indicator is now invested since November 18th.

YTD 2662 stocks are higher and 1979 lower. Updated 3/31/17 close.

Economics

April Housing Starts are due out at 8:30 a.m. EDT and are expected to rise to 1,260,000 from 1,215,000.

April Industrial Production is due out at 9:15 a.m. EDT and is expected to fall to 0.35% from 0.55%.

Politico

President Trump meets with Turkish President Erdogan at 12:30 p.m. EDT but earlier in the morning speaks with King Abdullah II of Jordan at 9:30 a.m. EDT which means this is the country whose information we leaked and compromised or does it? One should note the King has a good relationship with Russian President Putin. The games continue.

Conference & Analyst Meetings

Meetings, Conference Calls or Announcements of note, MUSA SWK BSX AGN SQ SKLN MAS. Needham Emerging Technology Conference. Bank of America Merrill Lynch Healthcare Conference.

Conference of Note

M & A News

Key Upgrades and Downgrades

Firm Upgrades Downgrades
JP Morgan
Goldman Sachs DK ISRG ZBH
Morgan Stanley AIG CHD
Deutsche Bank
Citigroup WTTR CJ NK PFE
Merrill Lynch
Wachovia/Wells Fargo MDC
Credit Suisse
Banc of America
UBS
SunTrust RH
Sanford Bernstein
Jefferies
RBC
Needham ALDR SAGE
Raymond James
Piper Jaffray
Friedman Billings
Guggenheim
Stifel
Robert W. Baird CUZ TGI WRE

Comments »

The Week Ahead Does Comey Spill The Beans?

1. Geopolitical Events. On Monday Russian President concludes a visit to China, and President Trump meets with Abu Dhai’s leader. On Tuesday President Trump meets with Turkish President Erdogan. On Thursday Federal Reserve Cleveland President Loretta Mester Dudley speaks at 1:15 p.m. EDT. Also, on Thursday President Trump meets with Columbia President Santos. On Friday Federal Reserve St. Louis President James Bullard speaks at 9:15 a.m. EDT.

2. Economic Releases. Releases of note this week include the weekly chain store sales, oil/gas numbers, mortgage applications, jobless claims and housing starts, industrial production and leading indicators.

3. Earnings Releases. Notable releases include VIPS TRQ HD TJX CSCO TGT BABA WMT DE CPB.

Monday, May 15:

Russian President Vladimir Putin concludes a two day visit to China.

President Donald Trump meets with Abu Dhabi Prince Sheikh Mohammed bin-Zayed Al-Nahayan in Washington D.C.

Tuesday, May 16:

President Donald Trump meets with Turkish President Recep Tayyip Erdogan in Washington D.C.

April Housing Starts are due out at 8:30 a.m. EDT and are expected to rise to 1,260,000 from 1,215,000.

April Industrial Production is due out at 9:15 a.m. EDT and is expected to fall to 0.35% from 0.55%.

Former FBI Director James Comey is scheduled to testify before the Senate at 11:00 a.m. EDT BUT only if it is a public hearing.

Wednesday, May 17:

No news of note.

Thursday, May 18:

European Central Bank President Mario Draghi speaks in Israel at Tel Aviv University.

President Donald Trump meets with Colombia President Juan Manuel Santos.

April Leading Indicators are due out at 10:00 a.m. EDT and are expected to fall to 0.3% from 0.40% last month.

Friday, May 19:

No news of note.

Comments »

The Morning Briefing: Day 2 Of Comey Firing

In After Hours Trading
No IPOs on deck today. Secondaries of note ABR BDX BFAM CNAT ITUS SP.

In After Hours Trading: FOXA +.06 ELF +.04 HOLX +.04 NTES +.73 SNAP -.26 .

Lower Guidance: .

Mixed Guidance: .

Positive Guidance: .

What’s Happening This Morning

U.S. futures: S&P -6, Dow Jones -42, NDX -18 and Russell 2000 -6.40. Asia mixed and Europe higher.
Copper higher with silver and gold higher as well. WTI Crude and Brent Oil Futures higher. Natural Gas is higher. $ is lower vs Euro, higher vs. Pound and lower vs. Yen. US 10 year Treasury yield at 2.39% yield, one day change -2, one month change +9 and +65 one year change. Prices as of 7:50 a.m. EDT.

Top Sectors Materials, Energy, Technology, Financials and Utilities.

Weak Sectors Industrials.

One month winners Utilities and Services.

Three Month Winners Consumer Goods, Utilities and Technology.

Six Month Winners Conglomerates, Industrial Goods, Financials, Energy and Materials.

One Year Winners Energy, Materials, Industrial Goods and Utilities.

Year To Date All except for Energy and Conglomerates.

Earnings Expected

Earnings due after the close (by avg. trade volume): CA WB JWN MIDD DAR CYBR TTD among others.
Due Friday morning (by avg. trade volume descending): MT AYA JCP among others.

Rags & Mags: Inside Wall Street

Bloomberg: Bank of England left rates unchanged. The European Commission said growth is going to be stronger than forecasted. Moody’s downgraded the ratings of Canada’s six largest banks. FBI Director Comey fallout continues. Federal Reserve Boston President Rosengren calls for three more rate hikes.

Reported Earnings This Morning

Reported Earnings This Morning (Best to Worst absolute beats/misses [+.02 or greater/-.02 or worse]): DDS +.06 ENB -.08 HIMX -.02 KSS +.10 M -.12 SNDR +.02 TEVA +.036 VSTO -.15.
Missing: .

Lower Guidance: .

Current Morning missing: .

Mixed Guidance: .

Positive Guidance: .

Data Points

Yesterday saw 1896 stocks rise and 1000 fall on the NYSE. NASDAQ saw 1581 rise and 1256 fall.

The SP 500 is back above its 50 day exponential moving average and above its 200 day exponential moving average. The Russell 2000 is back above its 50 day moving exponential average and is above 200 day exponential moving average.

The 10 day spread moving average of breadth is back to invested as of Friday’s close. The Madison Market Timing Indicator is now invested since November 18th.

YTD 2662 stocks are higher and 1979 lower. Updated 3/31/17 close.

Economics

April PPI is due out at 7:30 a.m. EDT and is expected to rise 0.2% from -0.1% last month.
Weekly Natural gas Inventories are due out at 10:30 a.m. EDT.

Politico

Federal Reserve New York President William Dudley speaks at 6:25 a.m. EDT.
G-7 Finance Ministers meet in Italy.

President Trump receives the daily intelligence briefing at 10:00 a.m. and then will be tweeting on the firing of FBI Director James Comey no doubt with the daily White House briefing at 1:30 p.m. EDT.

Conference & Analyst Meetings

Meetings, Conference Calls or Announcements of note, STM EVH WMB WPZ WFC IMAX BSX. Citi Global Energy & Utilities Conference.

 

Comments »

The Morning Briefing: Russian Foreign Minister Comes To The White House Today

In After Hours Trading

IPOs on deck Five Point Holdings (FPH) Veritone (VERI). Secondaries of note AXDX EARN FBP INN TRHC.

In After Hours Trading: ACIA +.11 AAXN +.03 ESIO +.14 EA +.10 JAZZ -.03 NBIX -.18 NUAN -.07 NVDA +.04 PCLN +1.04 PRI -.05 SPWR +.13 .

Lower Guidance: PCLN YELP.

Mixed Guidance: AMD.

Positive Guidance: .

What’s Happening This Morning

U.S. futures: S&P -2.50, Dow Jones -46, NDX +0.00 and Russell 2000 -3.40. Asia mixed and Europe higher.

Copper higher with silver and gold higher as well. 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 yield at 2.38% yield, one day change +1, one month change +1 and +62 one year change. Prices as of 7:50 a.m. EDT.

Top Sectors Consumer Goods, Conglomerates and Technology.

Weak Sectors Financials, Healthcare and Utilities.

One month winners Utilities and Services.

Three Month Winners Consumer Goods, Utilities and Technology.

Six Month Winners Conglomerates, Industrial Goods, Financials, Energy and Materials.

One Year Winners Energy, Materials, Industrial Goods and Utilities.

Year To Date All except for Energy and Conglomerates.

Earnings Expected

Earnings due after the close (by avg. trade volume): FOXA NTES CTRP SYMC SNAP HOLX WFM SINA among others.

Due Thursday morning (by avg. trade volume descending): ENB BAM TEVA M KSS DDS among others.

Rags & Mags: Inside Wall Street

Bloomberg: President Trump fired FBI Director James Comey with both parties. Goldman Sachs CEO Lloyd Blankfein says U.S. banks should be freed from VOlcker Rule restrictions. Qatar royal family asked to take their ownership in Deutsche Bank (DB) over 10%. Vitol Group warned that oil demand may not be increasing.

Reported Earnings This Morning

Reported Earnings This Morning (Best to Worst absolute beats/misses [+.02 or greater/-.02 or worse]): ATHM +.09 CRL +.15 XEC +.18 MYL +.01 SODA +.23 BID +.28 TIME -.04 VSI -.20 WWWW +.03 WEN +.01.

Missing: .

Lower Guidance: .

Current Morning missing: .

Mixed Guidance: .

Positive Guidance: .

Data Points

Yesterday saw 1259 stocks rise and 1650 fall on the NYSE. NASDAQ saw 1443 rise and 1401 fall.

The SP 500 is back above its 50 day exponential moving average and above its 200 day exponential moving average. The Russell 2000 is back above its 50 day moving exponential average and is above 200 day exponential moving average.

The 10 day spread moving average of breadth is back to invested as of Friday’s close. The Madison Market Timing Indicator is now invested since November 18th.

YTD 2662 stocks are higher and 1979 lower. Updated 3/31/17 close.

Economics

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

Politico

President Trump meets with the Minister of Foreign Affairs of Russia at 10:30 a.m. EDT.

Expect the firing of FBI Director James Comey to weigh on Washington today.

Conference & Analyst Meetings

Meetings, Conference Calls or Announcements of note, NVDA MSFT. Jefferies Technology Group Investor Conference. Wells Fargo Industrial & Construction Conference. Citi Global Energy & Utilities Conference.

Conference of Note

American Society Gene Cell Therapy 20TH Annual Meeting.

M & A News

Key Upgrades and Downgrades

Firm Upgrades Downgrades
JP Morgan ZAYO
Goldman Sachs COH AGN
Morgan Stanley NTNX
Deutsche Bank
Citigroup MDC
Merrill Lynch
Wachovia/Wells Fargo
Credit Suisse FUEL
Banc of America
UBS
SunTrust RH
Sanford Bernstein
Jefferies
RBC
Needham
Raymond James EOG
Piper Jaffray HTH INSY
Friedman Billings
Guggenheim
Stifel NVMI

Comments »

The Morning Briefing: More Fedspeak Ahead

In After Hours Trading

IPOs on deck Guaranty Bancshares (GNTY). Secondaries of note APTS BKFS CYTK GAIN.

In After Hours Trading: AMC -.16 AR +.08 ATW -.08 CVG +.07 CST -.10 FN -.08 HTZ -.77 MAR +.10 P +.13 PAA -.09 PTLA +.07 POST -.04 SWX -.21 TSO +.11.

Lower Guidance: .

Mixed Guidance: AMD.

Positive Guidance: .

What’s Happening This Morning

U.S. futures: S&P +2.50, Dow Jones +30, NDX +4.25 and Russell 2000 +2.40. Asia mixed and Europe higher.

Copper higher with silver and gold lower as well. WTI Crude and Brent Oil Futures higher. Natural Gas is higher. $ is higher vs Euro, higher vs. Pound and higher vs. Yen. US 10 year Treasury yield at 2.39% yield, one day change +5, one month change 0 and +64 one year change. Prices as of 7:50 a.m. EDT.

Top Sectors Consumer Goods, Conglomerates and Technology.

Weak Sectors Financials, Healthcare and Utilities.

One month winners Utilities and Services.

Three Month Winners Consumer Goods, Utilities and Technology.

Six Month Winners Conglomerates, Industrial Goods, Financials, Energy and Materials.

One Year Winners Energy, Materials, Industrial Goods and Utilities.

Year To Date All except for Energy and Conglomerates.

Earnings Expected

Earnings due after the close (by avg. trade volume): DIS PCLN NVDA EA SLF MCHP JAXX DOX SLW NWSA among others.

Due Wednesday morning (by avg. trade volume descending): VMC CRL ATHM WEN BID WWWW SODA VSI among others.

Rags & Mags: Inside Wall Street

Bloomberg: The VIX closed at its lowest level since 1993 yesterday. Former Federal Reserve Governor Kevin Warsh said when risk measures are low the market is vulnerable. Iron Ore prices continue to drop on Chinese weakness. South Korea is holding an election today with the lieveral Moon Jae-in holding the lead. JP Morgan tells banks to partner with them as a deposit drain is pending with Fed tightening.

Reported Earnings This Morning

Reported Earnings This Morning (Best to Worst absolute beats/misses [+.02 or greater/-.02 or worse]):AGN +.04 AON +.18 DISCA -.09 ODP +.04 W +.09 ZBRA +.07.

Missing: .

Lower Guidance: .

Current Morning missing: .

Mixed Guidance: .

Positive Guidance: .

Data Points

Yesterday saw 1316 stocks rise and 1602 fall on the NYSE. NASDAQ saw 1286 rise and 1575 fall.

The SP 500 is back above its 50 day exponential moving average and above its 200 day exponential moving average. The Russell 2000 is back above its 50 day moving exponential average and is above 200 day exponential moving average.

The 10 day spread moving average of breadth is back to invested as of Friday’s close. The Madison Market Timing Indicator is now invested since November 18th.

YTD 2662 stocks are higher and 1979 lower. Updated 3/31/17 close.

Economics

JOLTS Job Openings for March due out at 10:00 a.m. EDT and came in at 5.74 million last month.

Politico

Federal Reserve Dallas President Rob Kaplan speaks at 4:15 p.m. EDT. Boston President Eric Rosengren also speaks at 1:00 p.m. EDT

Conference & Analyst Meetings

Meetings, Conference Calls or Announcements of note, IR EPAM RST ABX MASI. Jefferies Technology Group Investor Conference. Wells Fargo Industrial & Construction Conference.

Conference of Note

American Society Gene Cell Therapy 20TH Annual Meeting.

M & A News

Key Upgrades and Downgrades

Firm Upgrades Downgrades
JP Morgan
Goldman Sachs
Morgan Stanley
Deutsche Bank
Citigroup AZUL
Merrill Lynch ESNT LSI
Wachovia/Wells Fargo
Credit Suisse
Banc of America
UBS
SunTrust RH
Sanford Bernstein
Jefferies ALV
RBC
Needham
Raymond James AZUL

Comments »

The Week Ahead, Le Pen Is Out. Italian Elections Next

1. Geopolitical Events. On Monday Federal Reserve Cleveland President Loretta Mester speaks in Chicago at 8:45 a.m. EDT. On Tuesday Federal Reserve Dallas President Rob Kaplan speaks at 4:15 p.m. EDT. Boston President Eric Rosengren also speaks at 1:00 p.m. EDT and on Wednesday at noon. On Thursday Federal Reserve New York President William Dudley speaks at 6:25 a.m. EDT. On Friday Federal Reserve Chicago President Charles Evans speaks at 9:00 a.m. EDT.

2. Economic Releases. Releases of note this week include the weekly chain store sales, oil/gas numbers, mortgage applications, jobless claims and PPI, CPI, retail sales and Michigan Sentiment.

3. Earnings Releases. Notable releases include JD EOG PCLN DIS FOXA NTES ENB BAM JCP MT. See the Earnings section.

Monday, May 8:

Markets are closed in France and Russia for Victory Day.

Analyst meetings of note SCWX VZ.

Tuesday, May 9:

Russia remains closed for Victory Day celebrations.

The latest NYSE and NASDAQ short interest data is due out after the close. The data runs through settlement date of April 28th and trade date of April 25th.

Analyst meetings of note IR EPAM RST ABX MASI.

Wednesday, May 10:

Markets are closed in India.

Analyst meetings of note NVDA MSFT.

Thursday, May 11:

G-7 Finance Ministers meet in Italy.

April PPI is due out at 7:30 a.m. EDT and is expected to rise 0.2% from -0.1% last month.

STM EVH WMB WPZ WFC IMAX BSX.

Friday, May 12:

April CPI is due out at 8:30 a.m. EDT and is expected to rise to 0.3% from -0.3% in March.

April Retail Sales is due out 8:30 a.m. EDT and is expected to rise to 0.6% from -0.2%.

May Michigan Sentiment is due out at 10:00 a.m. EDT and is expected to remain at 97.

Analyst meetings of note AET.

Comments »

Morning Briefing: Futures Refuse To Pile Onto Yesterday’s Late Selling

In After Hours Trading

7 IPOs on deck this week led by Cloudera. Secondaries of note AA BRXL ICHR OPIT SFST TRU TRUE VRNA XRF.

In After Hours Trading: AMGN +.14 SAM +.20 BWLD -.23 CTXS +.02 EFX +.03 EQIX +1.07 ETH -.04 GG +.11 LVS +.04 MLNX -.20 NTRI +.08 ORLY -.28 PYPL +.03 PSA -.05 SU +.18 TER +.06 XLNX +.03 XL +.03.

Lower Guidance: .

Mixed Guidance: .

Positive Guidance: .

What’s Happening This Morning

U.S. futures: S&P +3, Dow Jones +26, NDX +11.50 and Russell 2000 +3.00. Asia mixed and Europe lower.

Copper lower with silver and gold slightly higher. WTI Crude and Brent Oil Futures lower. Natural Gas is lower. $ is higher vs Euro, lower vs. Pound and higher vs. Yen. US 10 year Treasury yield at 2.31% yield, one day change -2, one month change -7 and +46 one year change. Prices as of 7:55 a.m. EDT.

Top Sectors Healthcare, Conglomerates, Services and Indusrtials.

Weak Sectors Consumer Goods, Energy, Materials and Utilities.

One month winners Utilities and Services.

Three Month Winners Consumer Goods, Utilities and Technology.

Six Month Winners Conglomerates, Industrial Goods, Financials, Energy and Materials.

One Year Winners Energy, Materials, Industrial Goods and Utilities.

Year To Date All except for Energy and Conglomerates.

Earnings Expected

Earnings due after the close (by avg. trade volume): GOOG MSFT AMZN INTC SBUX BIDU AFL VRTX WDC CERN among others.

Due Frisday morning (by avg. trade volume descending): XOM CVX SNY CL UBS HMC GM PSX LYB TRI SYF WY IMO among others.

Rags & Mags: Inside Wall Street

Bloomberg: Bank of Japan lowered its inflation forecast. President Trump’s 250 word tax plan was short on details and markets are skeptical. Lots of economic data at 8:30 a.m. EDT. From a Dot.com perspective we are in 1997 not close to 2000 bubble.

Reported Earnings This Morning

Reported Earnings This Morning (Best to Worst absolute beats/misses [+.02 or greater/-.02 or worse]): APD +.05 ALXN +.14 AMT +.28 AIT +.12 AZN +.17 BMY + .10 CELG +.05 DPZ +.09 DOW +.06 STAY +.23 LLL +.26 RTN +.13 UNP +.09 ZBH +.02.

Missing: .

Lower Guidance: .

Current Morning missing: .

Mixed Guidance: .

Positive Guidance: .

Data Points

Yesterday saw 1699 stocks rise and 1247 fall on the NYSE. NASDAQ saw 1743 rise and 1071 fall.

The SP 500 is back above its 50 day exponential moving average and above its 200 day exponential moving average. The Russell 2000 is back above its 50 day moving exponential average and is above 200 day exponential moving average.

The 10 day spread moving average of breadth is back to invested as of Friday’s close. The Madison Market Timing Indicator is now invested since November 18th.

YTD 2662 stocks are higher and 1979 lower. Updated 3/31/17 close.

Economics

March Durable Goods are due out at 8:30 a.m. EDT and are expected to fall to1.25% from 1.70%.

Weekly Natural Gas Inventories are due out at 10:30 a.m. EDT.

Politico

President Trump welcomes the President of Argentina. He also signs an Executive Order related to Veterans. Last he dines with the Supreme Court Justices.

The Bank of Japan (BOJ) is out with its latest interest rate decision overnight and left rates unchanged.

The European Central Bank (ECB) is out with its latest interest rate decision at 7:45 a.m. EDT and left rates unchanged and will follow with a press conference at 8:30 a.m. EDT.

Conference & Analyst Meetings

Meetings, Conference Calls or Announcements of note, KT CMRX MNST.

Conference of Note

American Academy of Neurology Annual Meeting

M & A News

Key Upgrades and Downgrades

Firm Upgrades Downgrades
JP Morgan AAL
Goldman Sachs
Morgan Stanley AKAM
Deutsche Bank
Citigroup
Merrill Lynch
Wachovia/Wells Fargo
Credit Suisse CSCO ANET MLNX
Banc of America
UBS
SunTrust RH
Sanford Bernstein
Jefferies
RBC
Needham
Raymond James
Piper Jaffray PYPL MLNX

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