In After Hours Trading
IPOs on deck none of note. Secondaries On Deck none of note.
In After Hours Trading: JJSF +.09 MRCY +.05 RMD +.03 YHOO +.04 ZION +.08.
Lower Guidance: .
Mixed Guidance: MRCY .
Positive Guidance: IBM AXP.
What’s Happening This Morning
U.S. futures: S&P -0.50, Dow Jones +4, NDX +3.50 and Russell 2000 +0.10. Asia higher ex Japan and Europe higher.
Copper, silver and gold mixed. 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 2.43% yield, one month change +3 and +38 one year change. Prices as of 7:45 a.m. EDT.
5
Top Sectors Technology and Consumer Goods.
Weak Sectors Industrial Goods. Healthcare and Utilities.
One month winners All ex COnglomerates.
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): TXN CNI SYK COF DFS ISRG CA STX TSS STLD AA LOGI CREE.
Due Wednesday morning (by avg. trade volume descending): NVS BA UTX ABT ITW NSC STT PGR APH FCX ROK HES GWW TXT among the leaders.
Rags & Mags: Inside Wall Street
Bloomberg: Futures Treasury Secretary Steve Mnuchin warned of too strong a dollar and the pullback from TPP adds to recent weakness. Talk begins about the balance sheet of the Federal Reserve. Hedge fund assets passed $3 trillion dollars. Bitcoin trading falls in China after fees raised.
Reported Earnings This Morning
Reported Earnings This Morning (Best to Worst absolute beats/misses [+.02 or greater/-.02 or worse]): BABA +.17 ATI +.08 GLW +.06 DHI +.07 DD +.09 FITB +.04 IIVI +.23 JNJ +.02 KMB +.04 LMT +.21 PHG +.05 PII -.20 SAP +.11 TRV +.39 VZ -.03 WAR +.08.
Missing: .
Lower Guidance: JNJ DD.
Current Morning missing: .
Mixed Guidance: LMT PII.
Positive Guidance: SAP IIVI BABA.
Data Points
Yesterday saw 1591 stocks rise and 1328 fall on the NYSE. NASDAQ saw 1173 rise and 1668 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 Existing Home Sales are due out at 10:00 a.m. EST and are expected to fall to 5.50 million from 5.61 million.
Politico
President Trump meets with the leaders of Ford (F), General Motors (GM) and Fiat Chrysler (FCAU) this morning for breakfast.
Conference & Analyst Meetings
Meetings, Conference Calls or Announcements of note, SFNC.
Conference of Note
Society of Petroleum Engineers Hydraulic Fracturing Technology Conference.
M & A News
Key Upgrades and Downgrades
| Firm | Upgrades | Downgrades |
|---|---|---|
| JP Morgan | ||
| Goldman Sachs | FTI | |
| Morgan Stanley | ||
| Deutsche Bank | ||
| Citigroup | OMAB | |
| Merrill Lynch | TV DATA ALSN | |
| Wachovia/Wells Fargo | ||
| Credit Suisse | ||
| Banc of America | ||
| UBS | ||
| Key Banc | ||
| Sanford Bernstein | ||
| Jefferies | ||
| Nomura | ||
| Needham | ||
| Raymond James | KBH | |
| Buckingham | ||
| Friedman Billings | ||
| Guggenheim | ||
| Stifel | HRC |
