Joined Dec 4, 2012
319 Blog Posts

Morning Briefing: Peak Auto Sales Drag Stocks Lower $F $GM

In After Hours Trading

6 IPOs on deck this week. Secondaries of note NMFC.

In After Hours Trading: INSY +.01.

Lower Guidance: .

Mixed Guidance: .

Positive Guidance: .

What’s Happening This Morning

U.S. futures: S&P -9.75, Dow Jones -67, NDX -24 and Russell 2000 -6.90. Asia mixed and Europe lower.

Copper, silver and gold lower. WTI Crude and Brent Oil Futures lower. Natural Gas is lower. $ is higher vs Euro, lower vs. Pound and lower vs. Yen. US 10 year Treasury yield at 2.38% yield, one day change -2, one month change +1 and +55 one year change. Prices as of 7:55 a.m. EDT.

Top Sectors Energy, Naterials, Services and Technology .

Weak Sectors Utilities and Financials.

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):SHLM LNDC among the leaders.

Due Wednesday morning (by avg. trade volume descending): GBX JMBA MON WBA among the leaders.

Rags & Mags: Inside Wall Street

Bloomberg: Auto sales hit their lowest quarterly level since 2006. S&P downgraded South Africa to junk after the president fired the finance minister. Trump Administration is working on a new healthcare bill.

Reported Earnings This Morning

Reported Earnings This Morning (Best to Worst absolute beats/misses [+.02 or greater/-.02 or worse]): CONN +.23 ISCA +.02.

Missing: .

Lower Guidance: .

Current Morning missing: PRGO.

Mixed Guidance: SCWX.

Positive Guidance: .

Data Points

Yesterday saw 1286 stocks rise and 1648 fall on the NYSE. NASDAQ saw 881 rise and 1966 fall.

The SP 500 is still above its 50 day exponential moving average and above its 200 day exponential moving average. The Russell 2000 is below its 50 day moving exponential average and is above 200 day exponential moving average.

The 10 day spread moving average of breadth is back to cash. The Madison Market Timing Indicator is now invested since November 18th.

YTD 2662 stocks are higher and 2342 lower. Updated 3/17/17 close.


February Factory Orders are due out at 10:00 a.m. EDT and is expected to fall to 0.9% from 1.2%.


Federal Reserve Governor Dan Tarullo speaks at Princeton at 4:30 p.m. EDT.

Conference & Analyst Meetings

Meetings, Conference Calls or Announcements of note, PWR XYL MKC. Needham & Company Annual Healthcare Conference.

Conference of Note

American Association for Cancer Research Annual Meeting. European Gold Forum.

M & A News

Key Upgrades and Downgrades

Firm Upgrades Downgrades
JP Morgan
Goldman Sachs MDLZ EL
Morgan Stanley
Deutsche Bank
Merrill Lynch BCC
Wachovia/Wells Fargo TICC
Credit Suisse
Banc of America
SunTrust RH
Sanford Bernstein
Needham ABC
Raymond James
Piper Jaffray
Friedman Billings
Robert W. Baird PNRA
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