In After Hours Trading
IPOs on deck 8 IPOs this week. Secondaries On Deck FHB MCRN SGYP SN UNVR.
In After Hours Trading: AAPL +.14 BBOX -.06 BXP+.05 CB +.31 EA +.16 OCLR +.03 PLT -.03 X +.29 VIAB +.03.
Lower Guidance: .
Mixed Guidance: AAPL.
Positive Guidance: X.
What’s Happening This Morning
U.S. futures: S&P +5.25, Dow Jones +43, NDX +27.75 and Russell 2000 +5.90. Asia and Europe higher with several Asian markets still closed.
Copper lower but silver and gold higher. WTI Crude and Brent Oil Futures higher. Natural Gas is higher. $ is higher vs Euro, lower vs. Pound and higher vs. Yen. US 10 year Treasury yield at 2.47% yield, one month change +3 and +52 one year change. Prices as of 7:55 a.m. EDT.
Top Sectors None.
Weak Sectors All.
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): FB MET NXPI ALL AVB EW AMP SYMC LNC HOLX among the leaders.
Due Thurssday morning (by avg. trade volume descending): MRK PM AZN COP CME BCE BDX SNE CI among the leaders.
Rags & Mags: Inside Wall Street
Bloomberg: Federal Reserve out later today with 1 of 94 economists expecting a rate increase. China PMI can in better than expected. Overseas markets recovered. The Dollar is rebounding after yesterday’s selling. Bridgewater made clients $4.9 billion while Paulson and Soros struggle.
Reported Earnings This Morning
Reported Earnings This Morning (Best to Worst absolute beats/misses [+.02 or greater/-.02 or worse]): ANTM +.09 ADP +.06 AVY +.06 D -.02 ENR +.28 IR -.08 ITG +.07 MPC +.11 SLAB +.10 USG +.07.
Missing: .
Lower Guidance: MO SPR.
Current Morning missing: .
Mixed Guidance: .
Positive Guidance: AVY.
Data Points
Yesterday saw 1856 stocks rise and 1057 fall on the NYSE. NASDAQ saw 1763 rise and 1112 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
ADP Payroll for January is due out at 8:15 a.m. EST and is expected to rise to 165,000 from 153,000.
December Construction Spending is due out at 10:00 a.m. EST and is expected to fall to 0.30% from 0.91%.
January ISM Manufacturing PMI is due out at 10:00 a.m. EST and is expected to rise to 55 from 54.70.
Monthly Truck and Car Sales are due out at 2:00 p.m. EST. The only short squeeze of note in this space is Tesla Motors (TSLA).
Politico
The first Federal Reserve Open Market Committee (FOMC) interest rate decision of 2017 is due out at 2:00 p.m. EST.
Conference & Analyst Meetings
Meetings, Conference Calls or Announcements of note, MNKD F SATS DISH.
Conference of Note
DistribuTECH 2017
M & A News
Key Upgrades and Downgrades
| Firm | Upgrades | Downgrades |
|---|---|---|
| JP Morgan | ||
| Goldman Sachs | ||
| Morgan Stanley | KMX | |
| Deutsche Bank | ||
| Citigroup | ||
| Merrill Lynch | AMGN | |
| Wachovia/Wells Fargo | ||
| Credit Suisse | NCMI RGC | |
| Banc of America | ||
| UBS | ||
| CLSA | ||
| Sanford Bernstein | ||
| Jefferies | BIVV | |
| Nomura | ||
| Needham | ||
| Raymond James | LEG HBMD |
