In After Hours Trading
7 IPOs on deck this week led by Cloudera. Secondaries of note AA BRXL ICHR OPIT SFST TRU TRUE VRNA XRF.
In After Hours Trading: AMGN +.14 SAM +.20 BWLD -.23 CTXS +.02 EFX +.03 EQIX +1.07 ETH -.04 GG +.11 LVS +.04 MLNX -.20 NTRI +.08 ORLY -.28 PYPL +.03 PSA -.05 SU +.18 TER +.06 XLNX +.03 XL +.03.
Lower Guidance: .
Mixed Guidance: .
Positive Guidance: .
What’s Happening This Morning
U.S. futures: S&P +3, Dow Jones +26, NDX +11.50 and Russell 2000 +3.00. Asia mixed and Europe lower.
Copper lower with silver and gold slightly higher. WTI Crude and Brent Oil Futures lower. Natural Gas is lower. $ is higher vs Euro, lower vs. Pound and higher vs. Yen. US 10 year Treasury yield at 2.31% yield, one day change -2, one month change -7 and +46 one year change. Prices as of 7:55 a.m. EDT.
Top Sectors Healthcare, Conglomerates, Services and Indusrtials.
Weak Sectors Consumer Goods, Energy, Materials and Utilities.
One month winners Utilities and Services.
Three Month Winners Consumer Goods, Utilities and Technology.
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): GOOG MSFT AMZN INTC SBUX BIDU AFL VRTX WDC CERN among others.
Due Frisday morning (by avg. trade volume descending): XOM CVX SNY CL UBS HMC GM PSX LYB TRI SYF WY IMO among others.
Rags & Mags: Inside Wall Street
Bloomberg: Bank of Japan lowered its inflation forecast. President Trump’s 250 word tax plan was short on details and markets are skeptical. Lots of economic data at 8:30 a.m. EDT. From a Dot.com perspective we are in 1997 not close to 2000 bubble.
Reported Earnings This Morning
Reported Earnings This Morning (Best to Worst absolute beats/misses [+.02 or greater/-.02 or worse]): APD +.05 ALXN +.14 AMT +.28 AIT +.12 AZN +.17 BMY + .10 CELG +.05 DPZ +.09 DOW +.06 STAY +.23 LLL +.26 RTN +.13 UNP +.09 ZBH +.02.
Missing: .
Lower Guidance: .
Current Morning missing: .
Mixed Guidance: .
Positive Guidance: .
Data Points
Yesterday saw 1699 stocks rise and 1247 fall on the NYSE. NASDAQ saw 1743 rise and 1071 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 above 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 invested as of Friday’s close. 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
March Durable Goods are due out at 8:30 a.m. EDT and are expected to fall to1.25% from 1.70%.
Weekly Natural Gas Inventories are due out at 10:30 a.m. EDT.
Politico
President Trump welcomes the President of Argentina. He also signs an Executive Order related to Veterans. Last he dines with the Supreme Court Justices.
The Bank of Japan (BOJ) is out with its latest interest rate decision overnight and left rates unchanged.
The European Central Bank (ECB) is out with its latest interest rate decision at 7:45 a.m. EDT and left rates unchanged and will follow with a press conference at 8:30 a.m. EDT.
Conference & Analyst Meetings
Meetings, Conference Calls or Announcements of note, KT CMRX MNST.
Conference of Note
American Academy of Neurology Annual Meeting
M & A News
Key Upgrades and Downgrades
| Firm | Upgrades | Downgrades |
|---|---|---|
| JP Morgan | AAL | |
| Goldman Sachs | ||
| Morgan Stanley | AKAM | |
| Deutsche Bank | ||
| Citigroup | ||
| Merrill Lynch | ||
| Wachovia/Wells Fargo | ||
| Credit Suisse | CSCO | ANET MLNX |
| Banc of America | ||
| UBS | ||
| SunTrust RH | ||
| Sanford Bernstein | ||
| Jefferies | ||
| RBC | ||
| Needham | ||
| Raymond James | ||
| Piper Jaffray | PYPL | MLNX |
