In After Hours Trading
IPOs on deck none of note. Secondaries On Deck KOS NAK.
In After Hours Trading: KBH -.04.
Lower Guidance: .
Mixed Guidance: .
Positive Guidance: .
What’s Happening This Morning
U.S. futures: S&P -5.50, Dow Jones -37, NDX -14.25 and Russell 2000 -3.60. Asia and Europe lower.
Copper, silver and gold 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 yield at 2.33% yield, one month change -14 and +23 one year change. Prices as of 7:55 a.m. EDT.
5
Top Sectors most higher led by Services and Healthcare.
Weak Sectors Utilities, Consumer Goods and Conglomerates led the way down.
One month winners All.
Three Month Winners Conglomerates, Industrial Goods, Financials, Energy and Materials.
Six Month Winners Conglomerates, Industrial Goods, Financials, Energy and Materials.
One Year Winners Energy, Materials, Industrial Goods and Utilities.
Year To Date All.
Earnings Expected
Earnings due after the close (by avg. trade volume): none of note.
Due tomorrow morning (by avg. trade volume descending): JPM WFC FHN BLK INFY PNC FRC.
Rags & Mags: Inside Wall Street
Bloomberg: The dollar fell as did yields on the 10 year bond and Biotech shares fell on Trump’s news conference. Italian bank Unicredit seek to raise capital, $14 billion. ECB Minutes out later this morning. Obamacare clears first hurdle in the U.S. Senate.
Reported Earnings This Morning
Reported Earnings This Morning (Best to Worst absolute beats/misses [+.02 or greater/-.02 or worse]): TSM +.14.
Missing: SJR.
Lower Guidance: TSM.
Current Morning missing: .
Mixed Guidance: .
Positive Guidance: .
Data Points
Yesterday saw 2026 stocks rise and 919 fall on the NYSE. NASDAQ saw 1469 rise and 1209 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 above its 50 day moving exponential average and its 200 day exponential moving average.
The 10 day spread moving average of breadth is back to invested as of November 15th. The Madison Market Timing Indicator is now invested since November 18th.
YTD 4066 stocks rose for 2016 and 2259 fell. Updated 12/30/16 close.
Economics
Weekly Jobless Claims due out at 8:30 a.m. EST.
Weekly Natural Gas Inventories are due out at 10:30 a.m. EST.
Politico
Federal Reserve Chairman Janet Yellen will speak at 7:00 p.m. EST. Also, on Thursday Federal Reserve Chicago President Charles Evans will speak at 8:45 a.m. EST, along with Dallas President Robert Kaplan (no time specified) and St. Louis President James Bullard at 1:15 p.m. EST along with appearing this morning as a host on CNBC.
Conference & Analyst Meetings
Meetings, Conference Calls or Announcements of note, ELY MNST SPLK KMX WLTW CRSXF. JP Morgan Healthcare Conference. Needham Annual Growth Conference.
Conference of Note
North American Auto Show in Detroit. Precision Genome Engineering Conference.
M & A News
Key Upgrades and Downgrades
| Firm | Upgrades | Downgrades |
|---|---|---|
| JP Morgan | ||
| Goldman Sachs | ||
| Morgan Stanley | ||
| Deutsche Bank | ||
| Citigroup | ||
| Merrill Lynch | HII ABC | KALU |
| Wachovia/Wells Fargo | ||
| Credit Suisse | ||
| Banc of America | ||
| UBS | ||
| Key Banc | ||
| Sanford Bernstein | ||
| Jefferies | SXL | OKE OGS SWX ENLC |
| Nomura | ||
| Needham | ||
| Raymond James | ||
| Guggenheim | CAFD MRK | |
| Friedman Billings | ||
| CLSA | ||
| Stifel | GATX |
