In After Hours Trading
IPOs on deck none of note today. Secondaries CIT MMLP NGL TRU ZAYO.
In After Hours Trading: AEM -.08 CAR -.03 ABX +.03 DENN +.02 EQIX +.12 GDDY -.30 MRO +.05 MOH -2.30 NTAP +.08 NTES +.73 PHH -1.64 SNPS +.16 TRIP -.15 WMB -.02.
Lower Guidance: EQIX.
Mixed Guidance: .
Positive Guidance: AMAT CHH SNPS.
What’s Happening This Morning
U.S. futures: S&P -4.25, Dow Jones -36, NDX -2.00 and Russell 2000 -5.20. Asia mixed and Europe lower.
Copper, silver and gold higher. WTI Crude and Brent Oil Futures higher. Natural Gas is lower. $ is lower vs Euro, lower vs. Pound and lower vs. Yen. US 10 year Treasury yield at 2.47% yield, one month change +8 and +70 one year change. Prices as of 7:55 a.m. EDT.
Top Sectors Healthcare, financials and consumer goods.
Weak Sectors Utilities and energy.
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): ED RSG DLR DVA ANET FLS CGNX AUY among the leaders.
Due Friday morning (by avg. trade volume descending): ENB DE SE MCO VFC CPB SJM SEP XRAY FLR among the leaders.
Rags & Mags: Inside Wall Street
Bloomberg: Inflation is now a concern with yesterday’s CPI report that came in at 0.6%. The Federal Reserve Open Market Committee (FOMC) meeting is likely to be a live meeting. The market rally has stalled overseas today. China continues to sell Treasuries. Snapchat seeks a valuation of $22 billion.
Reported Earnings This Morning
Reported Earnings This Morning (Best to Worst absolute beats/misses [+.02 or greater/-.02 or worse]): ALXN +.02 CAB -.17 CHTR +.58 ECA +.08 GNC -.29 H +.02 MGM -.07 PBF -.31 SHPG +.14 TIME -.03 TRP +.04 WM -.02
Missing: .
Lower Guidance: ALXN.
Current Morning missing: .
Mixed Guidance: .
Positive Guidance: .
Data Points
Yesterday saw 1735 stocks rise and 1207 fall on the NYSE. NASDAQ saw 1822 rise and 1019 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
January Housing Starts are due out at 8:30 a.m. EST and are expected to rise to 1,230,000 from 1,226,000.
Politico
G-20 Ministers meet in Bonn, Germany.
In an interview with Bloomberg TV this morning, Federal Reserve Chairman Stanley Fisher sees more rate increases on the horizon.
Conference & Analyst Meetings
Meetings, Conference Calls or Announcements of note, EMR MOH HAWK WEN PGSVY. Credit Suisse Energy Summit. Goldman Sachs Technology and Internet Conference. Leerink & Dwann Anual Global Healthcare Conference.
Conference of Note
M & A News
Key Upgrades and Downgrades
| Firm | Upgrades | Downgrades |
|---|---|---|
| JP Morgan | ||
| Goldman Sachs | ||
| Morgan Stanley | ||
| Deutsche Bank | ||
| Citigroup | ||
| Merrill Lynch | CAVM EVR | IDTI |
| Wachovia/Wells Fargo | ||
| Credit Suisse | WFC | |
| Banc of America | ||
| UBS | ||
| CLSA | ||
| Sanford Bernstein | ||
| Jefferies | MDCA | SYT |
| Nomura | ||
| Needham | ||
| Raymond James | ||
| Iper Jaffray | ||
| Friedman Billings | ||
| Guggenheim | ||
| Stifel | ||
| Robert W. Baird | ||
| Cowen | ||
| Sun Trust RH | RF |
