In After Hours Trading
IPOs on deck today Elevate Credit (ELVT) and Schneider National (SNDR). Secondaries of note BSBR CLNS EVBG SYNC WGO.
In After Hours Trading: BBBY +.06 YUMC +.06.
Lower Guidance: BBBY.
Mixed Guidance: .
Positive Guidance: .
What’s Happening This Morning
U.S. futures: S&P +1.25, Dow Jones +15, NDX +4 and Russell 2000 +1.70. Asia and Europe lower as they follow U.S. selloff on Wednesday.
Copper lower with silver and gold higher. WTI Crude and Brent Oil Futures higher. Natural Gas is higher. $ is higher vs Euro, higher vs. Pound and flat vs. Yen. US 10 year Treasury yield at 2.35% yield, one day change +3, one month change -15 and +59 one year change. Prices as of 7:55 a.m. EDT.
Top Sectors Utilities.
Weak Sectors All other.
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): PSMT WDFC among the leaders.
Due Friday morning (by avg. trade volume descending): none of note.
Rags & Mags: Inside Wall Street
Bloomberg: FOMC Minutes show that the Fed is going to start working on reducing the balance sheet. White House wants to separate consumer lending from investment banks, going back to Glass Steagall. ECB Head Draghi says inflation not strong enough to shift monetary policy. Citigroup notes short retail is too crowded.
Reported Earnings This Morning
Reported Earnings This Morning (Best to Worst absolute beats/misses [+.02 or greater/-.02 or worse]): KMX +.02 STZ +.12 FRED +.05 MSM +.03.
Missing: SCHN.
Lower Guidance: .
Current Morning missing: .
Mixed Guidance: .
Positive Guidance: .
Data Points
Yesterday saw 999 stocks rise and 1929 fall on the NYSE. NASDAQ saw 788 rise and 2062 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
Challenger Job Cuts are due out at 7:30 a.m. EDT and fell by -2%.
Weekly Jobless Claims due at 8:30 a.m. EDT.
Weekly Natural Gas inventories are due out at 10:30 a.m. EDT.
Politico
Chinese President Xi Jinping travels to Florida to meet with President Donald Trump into the weekend.
Conference & Analyst Meetings
Meetings, Conference Calls or Announcements of note, VET LB CDTX ANGO MGPI MBOT TASR.
Conference of Note
European Gold Forum. World Economic Forum.
M & A News
Key Upgrades and Downgrades
| Firm | Upgrades | Downgrades |
|---|---|---|
| JP Morgan | BG AMD | |
| Goldman Sachs | FUN | SEAS |
| Morgan Stanley | ||
| Deutsche Bank | ||
| Citigroup | SGYP SJR | |
| Merrill Lynch | GBX LNC NTNX | |
| Wachovia/Wells Fargo | ||
| Credit Suisse | ||
| Banc of America | ||
| UBS | ||
| SunTrust RH | ||
| Sanford Bernstein | ||
| Jefferies | ||
| RBC | ||
| Needham | ||
| Raymond James | PACW TCBI |
