In After Hours Trading
IPOs on deck Five Point Holdings (FPH) Veritone (VERI). Secondaries of note AXDX EARN FBP INN TRHC.
In After Hours Trading: ACIA +.11 AAXN +.03 ESIO +.14 EA +.10 JAZZ -.03 NBIX -.18 NUAN -.07 NVDA +.04 PCLN +1.04 PRI -.05 SPWR +.13 .
Lower Guidance: PCLN YELP.
Mixed Guidance: AMD.
Positive Guidance: .
What’s Happening This Morning
U.S. futures: S&P -2.50, Dow Jones -46, NDX +0.00 and Russell 2000 -3.40. Asia mixed and Europe higher.
Copper higher with silver and gold higher as well. WTI Crude and Brent Oil Futures higher. Natural Gas is higher. $ is lower vs Euro, lower vs. Pound and lower vs. Yen. US 10 year Treasury yield at 2.38% yield, one day change +1, one month change +1 and +62 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): FOXA NTES CTRP SYMC SNAP HOLX WFM SINA among others.
Due Thursday morning (by avg. trade volume descending): ENB BAM TEVA M KSS DDS among others.
Rags & Mags: Inside Wall Street
Bloomberg: President Trump fired FBI Director James Comey with both parties. Goldman Sachs CEO Lloyd Blankfein says U.S. banks should be freed from VOlcker Rule restrictions. Qatar royal family asked to take their ownership in Deutsche Bank (DB) over 10%. Vitol Group warned that oil demand may not be increasing.
Reported Earnings This Morning
Reported Earnings This Morning (Best to Worst absolute beats/misses [+.02 or greater/-.02 or worse]): ATHM +.09 CRL +.15 XEC +.18 MYL +.01 SODA +.23 BID +.28 TIME -.04 VSI -.20 WWWW +.03 WEN +.01.
Missing: .
Lower Guidance: .
Current Morning missing: .
Mixed Guidance: .
Positive Guidance: .
Data Points
Yesterday saw 1259 stocks rise and 1650 fall on the NYSE. NASDAQ saw 1443 rise and 1401 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
weekly Crude Oil Inventories are due out at 10:30 a.m. EDT.
Politico
President Trump meets with the Minister of Foreign Affairs of Russia at 10:30 a.m. EDT.
Expect the firing of FBI Director James Comey to weigh on Washington today.
Conference & Analyst Meetings
Meetings, Conference Calls or Announcements of note, NVDA MSFT. Jefferies Technology Group Investor Conference. Wells Fargo Industrial & Construction Conference. Citi Global Energy & Utilities Conference.
Conference of Note
American Society Gene Cell Therapy 20TH Annual Meeting.
M & A News
Key Upgrades and Downgrades
| Firm | Upgrades | Downgrades |
|---|---|---|
| JP Morgan | ZAYO | |
| Goldman Sachs | COH | AGN |
| Morgan Stanley | NTNX | |
| Deutsche Bank | ||
| Citigroup | MDC | |
| Merrill Lynch | ||
| Wachovia/Wells Fargo | ||
| Credit Suisse | FUEL | |
| Banc of America | ||
| UBS | ||
| SunTrust RH | ||
| Sanford Bernstein | ||
| Jefferies | ||
| RBC | ||
| Needham | ||
| Raymond James | EOG | |
| Piper Jaffray | HTH INSY | |
| Friedman Billings | ||
| Guggenheim | ||
| Stifel | NVMI |
