In After Hours Trading
IPOs on deck Guaranty Bancshares (GNTY). Secondaries of note APTS BKFS CYTK GAIN.
In After Hours Trading: AMC -.16 AR +.08 ATW -.08 CVG +.07 CST -.10 FN -.08 HTZ -.77 MAR +.10 P +.13 PAA -.09 PTLA +.07 POST -.04 SWX -.21 TSO +.11.
Lower Guidance: .
Mixed Guidance: AMD.
Positive Guidance: .
What’s Happening This Morning
U.S. futures: S&P +2.50, Dow Jones +30, NDX +4.25 and Russell 2000 +2.40. Asia mixed and Europe higher.
Copper higher with silver and gold lower as well. WTI Crude and Brent Oil Futures higher. Natural Gas is higher. $ is higher vs Euro, higher vs. Pound and higher vs. Yen. US 10 year Treasury yield at 2.39% yield, one day change +5, one month change 0 and +64 one year change. Prices as of 7:50 a.m. EDT.
Top Sectors Consumer Goods, Conglomerates and Technology.
Weak Sectors Financials, Healthcare 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): DIS PCLN NVDA EA SLF MCHP JAXX DOX SLW NWSA among others.
Due Wednesday morning (by avg. trade volume descending): VMC CRL ATHM WEN BID WWWW SODA VSI among others.
Rags & Mags: Inside Wall Street
Bloomberg: The VIX closed at its lowest level since 1993 yesterday. Former Federal Reserve Governor Kevin Warsh said when risk measures are low the market is vulnerable. Iron Ore prices continue to drop on Chinese weakness. South Korea is holding an election today with the lieveral Moon Jae-in holding the lead. JP Morgan tells banks to partner with them as a deposit drain is pending with Fed tightening.
Reported Earnings This Morning
Reported Earnings This Morning (Best to Worst absolute beats/misses [+.02 or greater/-.02 or worse]):AGN +.04 AON +.18 DISCA -.09 ODP +.04 W +.09 ZBRA +.07.
Missing: .
Lower Guidance: .
Current Morning missing: .
Mixed Guidance: .
Positive Guidance: .
Data Points
Yesterday saw 1316 stocks rise and 1602 fall on the NYSE. NASDAQ saw 1286 rise and 1575 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
JOLTS Job Openings for March due out at 10:00 a.m. EDT and came in at 5.74 million last month.
Politico
Federal Reserve Dallas President Rob Kaplan speaks at 4:15 p.m. EDT. Boston President Eric Rosengren also speaks at 1:00 p.m. EDT
Conference & Analyst Meetings
Meetings, Conference Calls or Announcements of note, IR EPAM RST ABX MASI. Jefferies Technology Group Investor Conference. Wells Fargo Industrial & Construction Conference.
Conference of Note
American Society Gene Cell Therapy 20TH Annual Meeting.
M & A News
Key Upgrades and Downgrades
| Firm | Upgrades | Downgrades |
|---|---|---|
| JP Morgan | ||
| Goldman Sachs | ||
| Morgan Stanley | ||
| Deutsche Bank | ||
| Citigroup | AZUL | |
| Merrill Lynch | ESNT | LSI |
| Wachovia/Wells Fargo | ||
| Credit Suisse | ||
| Banc of America | ||
| UBS | ||
| SunTrust RH | ||
| Sanford Bernstein | ||
| Jefferies | ALV | |
| RBC | ||
| Needham | ||
| Raymond James | AZUL |
