In After Hours Trading
IPOs on deck today Hess Midstrea, Partners LP (HESM). Secondaries of note ARGO OHRP QTNT SCM.
In After Hours Trading: SHLM +.01.
Lower Guidance: LNDC.
Mixed Guidance: .
Positive Guidance: .
What’s Happening This Morning
U.S. futures: S&P +5.75, Dow Jones +72, NDX +1.50 and Russell 2000 +7.90. Asia higher and Europe higher ex Germany.
Copper, silver and gold higher. WTI Crude and Brent Oil Futures higher. Natural Gas is higher. $ is higher vs Euro, higher vs. Pound and lower vs. Yen. US 10 year Treasury yield at 2.32% yield, one day change -6, one month change -16 and +55 one year change. Prices as of 7:55 a.m. EDT.
Top Sectors Energy, Materials and Industrials.
Weak Sectors Conglomerates, Technology 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): BBBY FSM among the leaders.
Due Thursday morning (by avg. trade volume descending): STZ KMX PRGO SCHN FRED among the leaders.
Rags & Mags: Inside Wall Street
Bloomberg: French Presidential Candidate Marine Le Pen when labeled soft onm the euro went ballistic.The British Pound is in rally mode. U.S./China trade figures show that 8 U.S. states carry a surplus with China. Doubleline’s Jeffrey Gundlach says bond rally to continue.
Reported Earnings This Morning
Reported Earnings This Morning (Best to Worst absolute beats/misses [+.02 or greater/-.02 or worse]): GBX +.23.
Missing: MON WBA.
Lower Guidance: .
Current Morning missing: .
Mixed Guidance: .
Positive Guidance: .
Data Points
Yesterday saw 1433 stocks rise and 1454 fall on the NYSE. NASDAQ saw 1171 rise and 1654 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 1979 lower. Updated 3/31/17 close.
Economics
ADP Employment Report was out at 8:15 a.m. EDT and was expected to fall to 175,000 from 298,000 but came in at 263,000.
Weekly Crude Oil inventories are due out at 10:30 a.m. EDT.
Politico
Federal Reserve Atlanta President Dennis Lockhart spoke about his time at the Federal Reserve and defended Federal Reserve Richmond President Jeffrey Lacker. In a few, Federal Reserve Governor Daniel Tarullo will be on CNBC. FOMC releases the minutes from its March meeting at 2:00 p.m. EDT.
Conference & Analyst Meetings
Meetings, Conference Calls or Announcements of note, none of note. Needham & Company Annual Healthcare Conference.
Conference of Note
American Association for Cancer Research Annual Meeting. European Gold Forum.
M & A News
JAB Holding Company to buy Panera Bread (PNRA) for $315 a share.
Key Upgrades and Downgrades
| Firm | Upgrades | Downgrades |
|---|---|---|
| JP Morgan | ||
| Goldman Sachs | IMO | |
| Morgan Stanley | ||
| Deutsche Bank | ||
| Citigroup | SPLS | |
| Merrill Lynch | DRE KEYS | |
| Wachovia/Wells Fargo | ||
| Credit Suisse | COHY | |
| Banc of America | ||
| UBS | ||
| SunTrust RH | SRPT NOMD |
