In After Hours Trading
IPOs on deck none of note. Secondaries On Deck OOMA WPX.
In After Hours Trading: none of note.
Lower Guidance: .
Mixed Guidance: .
Positive Guidance: .
What’s Happening This Morning
U.S. futures: S&P +2.50, Dow Jones +14, NDX +6.50 and Russell 2000 +2.60. Asia and Europe higher.
Copper, silver and gold lower. WTI Crude and Brent Oil Futures lower. 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 month change -12 and +25 one year change. Prices as of 7:55 a.m. EDT.
5
Top Sectors Utilities.
Weak Sectors Conglomerates led the way down with Industrials and Financials.
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 Tuesday morning (by avg. trade volume descending): OZRK CMA INFO MS EDU SNY UNH.
Rags & Mags: Inside Wall Street
Bloomberg: In a speech yesterday, Federal Reserve Chairman Yellen was positive on the economy and thought it was also close to the 2% inflation level. Lots of data this morning will move markets. Stocks no longer the most traded securities. Davos could be part of the global problem?
Reported Earnings This Morning
Reported Earnings This Morning (Best to Worst absolute beats/misses [+.02 or greater/-.02 or worse]): BAC +.02 BLK +.12 FHN -.02 INFY +.80 JPM +.29 PNC +.13.
Missing: SJR.
Lower Guidance: TSM.
Current Morning missing: .
Mixed Guidance: .
Positive Guidance: .
Data Points
Yesterday saw 1145 stocks rise and 1761 fall on the NYSE. NASDAQ saw 959 rise and 1883 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
December PPI is due out at 8:30 a.m. EST and is expected to come in at 0.3% from 0.4%.
December Retail Sales are due out at 8:30 a.m. EST and are expected to rise to 0.7% from 0.1%.
January Michigan Sentiment is due out at 10:00 a.m. EST and is expected to rise to 98.8 from 98.2.
Politico
Federal Reserve Philadelphia President Patrick Harker will speak at 9:30 a.m. EST.
Conference & Analyst Meetings
Meetings, Conference Calls or Announcements of note, JWA. JP Morgan Healthcare 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 | ||
| Wachovia/Wells Fargo | ||
| Credit Suisse | IAG | |
| Banc of America | ||
| UBS | ||
| Key Banc | ||
| Sanford Bernstein | ||
| Jefferies | MBLY | |
| Nomura | ||
| Needham | MX | |
| Raymond James | FB | |
| Guggenheim | ||
| Friedman Billings | ||
| CLSA | ||
| Stifel | ||
| Robert W. Baird | ZAYO CCOI |
