In After Hours Trading
IPOs on deck 8 IPOs this week. Secondaries On Deck CVEO FBP SND.
In After Hours Trading: ALL +.57 AMP +.04 CBT +.14 EW +.03 FB +.10 MTW -.08 QRVO +.10 SYMC +.04 UNM +.03.
Lower Guidance: QRVO.
Mixed Guidance: AAPL.
Positive Guidance: X.
What’s Happening This Morning
U.S. futures: S&P -5.00, Dow Jones -43, NDX -12.75 and Russell 2000 -4.70. Asia lower and Europe higher ex Germany with several Asian markets still closed. China reopens overnight.
Copper lower but silver and gold higher. WTI Crude and Brent Oil Futures higher. Natural Gas is lower. $ is lower vs Euro, higher vs. Pound and lower vs. Yen. US 10 year Treasury yield at 2.46% yield, one month change +2 and +62 one year change. Prices as of 7:55 a.m. EDT.
Top Sectors Consumer Goods, Healthcare and Conglomerates.
Weak Sectors Utilities, Technology and Industrials.
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): AMZN V AMGN HIG ESS MSI CMG CSC among the leaders.
Due Friday morning (by avg. trade volume descending): HMC PSX LYB WY HSY CLX PSXP AN among the leaders.
Rags & Mags: Inside Wall Street
Bloomberg: Trump diplomacy is an oxymoron. Dollar falls on the Federal Reserve announcement. Border tax reviewed and the outcome could be awful. Russia near the end of its recession. Self driving cars are getting really good.
Reported Earnings This Morning
Reported Earnings This Morning (Best to Worst absolute beats/misses [+.02 or greater/-.02 or worse]): AZN +.03 BLL +.03 CRS +.10 CI +.13 COP +.17 PH +.52 SNA +.05 VLP +.06.
Missing: .
Lower Guidance: .
Current Morning missing: .
Mixed Guidance: .
Positive Guidance: .
Data Points
Yesterday saw 1389 stocks rise and 1511 fall on the NYSE. NASDAQ saw 1431 rise and 1424 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
Challenger, Gray & Christmas Monthly Job Cuts are due out at 7:30 a.m. EST; last month they rose 42.2%.
Q4 Productivity is due out at 8:30 a.m. EST and is expected to fall to 0.9% from 3.1%
Politico
The Bank of England (BOE) is out with its latest interest rate decision and left rates unchanged.
Conference & Analyst Meetings
Meetings, Conference Calls or Announcements of note, FTNT SCHW MU COL HOG VOD.
Conference of Note
DistribuTECH 2017
M & A News
Key Upgrades and Downgrades
| Firm | Upgrades | Downgrades |
|---|---|---|
| JP Morgan | ||
| Goldman Sachs | URBN JWN | |
| Morgan Stanley | RIG | |
| Deutsche Bank | ||
| Citigroup | CE | |
| Merrill Lynch | X | |
| Wachovia/Wells Fargo | ||
| Credit Suisse | ||
| Banc of America | ||
| UBS | ||
| CLSA | ||
| Sanford Bernstein | ||
| Jefferies | ||
| Nomura | ||
| Needham | SLAB | |
| Raymond James | ||
| Buckingham | ||
| Friedman Billings | ||
| Guggenheim | ||
| Stifel | TSS ROYT |
