In After Hours Trading
No IPOs on deck today with 2 due this week. Secondaries of note AAPD EVH KRNT OMAM PFGC.
In After Hours Trading: DAVE +.02 VIPS +.10 VOXX -.06.
Lower Guidance: .
Mixed Guidance: .
Positive Guidance: .
What’s Happening This Morning
U.S. futures: S&P +2.50, Dow Jones +38, NDX +8.25 and Russell 2000 +1.50. Asia higher ex Hong Kong and Europe higher.
Copper lower with silver and gold higher. WTI Crude and Brent Oil Futures higher. Natural Gas is lower. $ is lower vs Euro, lower vs. Pound and higher vs. Yen. US 10 year Treasury yield at 2.35% yield, one day change +1, one month change +12 and +60 one year change. Prices as of 7:50 a.m. EDT.
Top Sectors All.
Weak Sectors None.
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): JBX URBN ACXM AXON RRGB among others.
Due Wednesday morning (by avg. trade volume descending): TGT AEO PLAB CTRN among others.
Rags & Mags: Inside Wall Street
Bloomberg: National Security Adviser H.R. McMaster rejected that the President leaked classified information. The U.S. Dollar is down for a fifth day in a row. Oil is holding recent gains. Sweden moved to a target range as opposed to a specific range for inflation and this is a big deal if other central banks adopt.
Reported Earnings This Morning
Reported Earnings This Morning (Best to Worst absolute beats/misses [+.02 or greater/-.02 or worse]): HD +.06 SINA +.24 VRTU -.002 WB +.05.
Missing: .
Lower Guidance: .
Current Morning missing: .
Mixed Guidance: .
Positive Guidance: MANU WB .
Data Points
Yesterday saw 2196 stocks rise and 706 fall on the NYSE. NASDAQ saw 1930 rise and 947 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
April Housing Starts are due out at 8:30 a.m. EDT and are expected to rise to 1,260,000 from 1,215,000.
April Industrial Production is due out at 9:15 a.m. EDT and is expected to fall to 0.35% from 0.55%.
Politico
President Trump meets with Turkish President Erdogan at 12:30 p.m. EDT but earlier in the morning speaks with King Abdullah II of Jordan at 9:30 a.m. EDT which means this is the country whose information we leaked and compromised or does it? One should note the King has a good relationship with Russian President Putin. The games continue.
Conference & Analyst Meetings
Meetings, Conference Calls or Announcements of note, MUSA SWK BSX AGN SQ SKLN MAS. Needham Emerging Technology Conference. Bank of America Merrill Lynch Healthcare Conference.
Conference of Note
M & A News
Key Upgrades and Downgrades
| Firm | Upgrades | Downgrades |
|---|---|---|
| JP Morgan | ||
| Goldman Sachs | DK ISRG | ZBH |
| Morgan Stanley | AIG | CHD |
| Deutsche Bank | ||
| Citigroup | WTTR CJ | NK PFE |
| Merrill Lynch | ||
| Wachovia/Wells Fargo | MDC | |
| Credit Suisse | ||
| Banc of America | ||
| UBS | ||
| SunTrust RH | ||
| Sanford Bernstein | ||
| Jefferies | ||
| RBC | ||
| Needham | ALDR SAGE | |
| Raymond James | ||
| Piper Jaffray | ||
| Friedman Billings | ||
| Guggenheim | ||
| Stifel | ||
| Robert W. Baird | CUZ TGI WRE |
