In After Hours Trading
IPOs on deck today Ardagh Finance Holdings (ARD). Secondaries none of note.
In After Hours Trading: ARNA +.23 FTD +.43 NPTN +.05 RST +.37.
Lower Guidance: NPTN.
Mixed Guidance: HTHT.
Positive Guidance: P.
What’s Happening This Morning
U.S. futures: S&P +5.25, Dow Jones +36, NDX +11 and Russell 2000 +5.90. Asia mixed and Europe higher.
Copper higher with silver and gold lower. WTI Crude and Brent Oil Futures higher. Natural Gas is higher. $ is lower vs Euro, lower vs. Pound and lower vs. Yen. US 10 year Treasury yield at 2.58% yield, one month change +9 and +61 one year change. Prices as of 7:55 a.m. EDT.
Top Sectors None.
Weak Sectors Energy, Materials, Industrials, Conglomerates and Healthcare.
One month winners All ex Conglomerates, Materials and Energy.
Three Month Winners Conglomerates, Industrial Goods, Financials.
Six Month Winners Conglomerates, Industrial Goods, Financials, Energy and Materials.
One Year Winners Energy, Materials, Industrial Goods and Utilities.
Year To Date All except for Energy and Conglomerates.
Earnings Expected
Earnings due after the close (by avg. trade volume): ORCL ATH JBL WSM GES NK CALL FRSH among the leaders.
Due Thursday morning (by avg. trade volume descending): DG PTHN TSL INSY JASO among the leaders.
Rags & Mags: Inside Wall Street
Bloomberg: Federal Reserve decision day. Netherlands has started its general election. Volatility has returned to oil markets with moves of 2% in four of the last six sessions.
NY Times: Republican Senators call for changes to health care bill. Credit card holders feel rate increase first. Unsealed documents in lawsuit show Roundup can cause cancer, negative for Monsanto (MON).
Reported Earnings This Morning
Reported Earnings This Morning (Best to Worst absolute beats/misses [+.02 or greater/-.02 or worse]): CBK -.01 TWI -.15.
Missing: .
Lower Guidance: .
Current Morning missing: .
Mixed Guidance: .
Positive Guidance: .
Data Points
Yesterday saw 969 stocks rise and 1929 fall on the NYSE. NASDAQ saw 1765 rise and 1055 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 back below its 50 day moving exponential average and its 200 day exponential moving average.
The 10 day spread moving average of breadth is back to cash as of yesterday. 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
February CPI is due out at 8:30 a.m. EDT and is expected to fall to 0% from 0.6%.
February Retail Sales are due out at 8:30 a.m. EDT and are expected to fall to 0.1% from 0.4%.
Politico
The Federal Reserve Open Market Committee (FOMC) concludes a two day meeting with their announcement at 2:00 p.m. EDT. At 2:30 p.m. EDT, Federal Reserve Chairman Janet Yellen holds a press conference.
President Trump to meet with Auto Executives on car emissions at 11:00 a.m EDT.
The White House releases its budget for fiscal 2018.
The Netherlands holds a general election that will be a good test on how the wave of populism may fair in other elections like France and Germany.
Secretary of State Rex Tillerson visits Japan as he begins a series of multi country visits.
Conference & Analyst Meetings
Meetings, Conference Calls or Announcements of note, CX SKLN FEYE IPHS. Roth Capital Partners Conference. JP Morgan Aviation, Transportation & Industrials Conference. Barlcays Global Healthcare Conference. Bank of America Merrill Lynch 2017 Consumer & Retail Technology Conference.
Conference of Note
Semicon China
M & A News
Key Upgrades and Downgrades
| Firm | Upgrades | Downgrades |
|---|---|---|
| JP Morgan | ||
| Goldman Sachs | VTR | |
| Morgan Stanley | TTOO | |
| Deutsche Bank | ||
| Citigroup | SWN | |
| Merrill Lynch | OXY | |
| Wachovia/Wells Fargo | ||
| Credit Suisse | AMC | |
| Banc of America | ||
| UBS | ||
| SunTrust RH | ||
| Sanford Bernstein | ||
| Jefferies | FNSR |
