In After Hours Trading
IPOs on deck today SMART Global Holdings (SGH). Secondaries of note ALBO ALNY FRBA GLYC ATNA YET STNG YET TTD.
In After Hours Trading: TCS +.08 INTU +.03 TLYS +.09.
Lower Guidance: .
Mixed Guidance: .
Positive Guidance: TCS.
What’s Happening This Morning
U.S. futures: S&P -0.50, Dow Jones +1, NDX +6.50 and Russell 2000 -0.90. Asia higher and Europe mixed.
Copper lower with silver lower and gold lower. WTI Crude and Brent Oil Futures mixed. Natural Gas is higher. $ is higher vs Euro, higher vs. Pound and higher vs. Yen. US 10 year Treasury yield at 2.28% yield, one day change +4, one month change +1 and +42 one year change. Prices as of 7:50 a.m. EDT.
Top Sectors Financials, Utilities, Healthcare and Industrial Goods.
Weak Sectors Conglomerates and Services.
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): HPQ NTAP PVH WSM CPRT GES SCVL among others.
Due Wednesday morning (by avg. trade volume descending): MDT RY TD CM DLTR HRL BBY TTC BURL PDCO SIG IGT SAFM ANF SHLD among others.
Rags & Mags: Inside Wall Street
Bloomberg: British Prime Minister Theresa May warned of further terrorist attacks and raised the level to critical from severe. The Federal Reserve Open Market Committee (FOMC) will release its latest minutes. The latest Trump budget is a waste of time. The European Central Bank (ECB) warned that debt substainability concerns are rising.
Reported Earnings This Morning
Reported Earnings This Morning (Best to Worst absolute beats/misses [+.02 or greater/-.02 or worse]): AAP -.54 BMO -.01 CHS -.04 DY +.11 LOW -.03 TIF +.04.
Missing: .
Lower Guidance: DY LOW.
Current Morning missing: .
Mixed Guidance: .
Positive Guidance:
Data Points
Yesterday saw 1734 stocks rise and 1164 fall on the NYSE. NASDAQ saw 1487 rise and 1341 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 cash as of last 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 Mortgage Applications rose 4.4% week over week.
April Existing Home Sales are due out at 8:30 a.m. EDT and are expected to fall to 5.65 million from 5.71 million.
Weekly Crude Oil Inventories are due out at 10:30 a.m. EDT.
Politico
FOMC releases its May meeting minutes.
President Trump visits with Pope Francis at the Vatican.
The CBO releases its latest scoring of Trump Care.
Federal Reserve Minneapolis President Neel Kashkari speaks at 6:00 p.m. EDT.
Conference & Analyst Meetings
Meetings, Conference Calls or Announcements of note, TSS RPXC DV ASC DMPI. UBS Healthcare Conference. JP Morgan Technology media & Telecom Conference. SunTrust Robinson Humphrey Annual Financial Services Conference. B. Riley Institutional Investor Conference.
Conference of Note
2017 Space Tech Expo.
M & A News
Key Upgrades and Downgrades
| Firm | Upgrades | Downgrades |
|---|---|---|
| JP Morgan | ||
| Goldman Sachs | ||
| Morgan Stanley | ALV | |
| Deutsche Bank | ||
| Citigroup | EEX | |
| Merrill Lynch | OOMA | |
| Wachovia/Wells Fargo | ||
| Credit Suisse | STLD NUE X | OOMA |
| Banc of America | ||
| UBS | ||
| SunTrust RH | ||
| Sanford Bernstein | ||
| Jefferies | ||
| RBC | ||
| Needham | ||
| Raymond James | ||
| Piper Jaffray | SHAK |
