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Joined Dec 4, 2012
308 Blog Posts

Morning Playbook Fedspeak Lead By Loretta Mester

In After Hours Trading

IPOs on deck today none of note. Secondaries of note AXSM GBDC GEL.

In After Hours Trading: None of note.

Lower Guidance: .

Mixed Guidance: .

Positive Guidance: P.

What’s Happening This Morning

U.S. futures: S&P +4.75, Dow Jones +19, NDX +12 and Russell 2000 +3.70. Asia mixed and Europe higher ex the U.K.

Copper lower with silver and gold lower. WTI Crude and Brent Oil Futures higher. Natural Gas is higher. $ is lower vs Euro, lower vs. Pound and flat vs. Yen. US 10 year Treasury yield at 2.49% yield, one month change +8 and +61 one year change. Prices as of 7:55 a.m. EDT.

Top Sectors Consumer Goods and Materials.

Weak Sectors Financials Utilities and Industrials.

One month winners All ex Conglomerates, Materials and Energy.

Three Month Winners Conglomerates, Industrial Goods, Financials.

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): DLTH FDX NKE SLW SCS among the leaders.

Due Wednesday morning (by avg. trade volume descending): INVH HAIN AYA ATU GOLF INSY PERY among the leaders.

Rags & Mags: Inside Wall Street

Bloomberg: FBI Director Comey’s testimony confirmed no wiretap by Obama and that the FBI is looking at the Russians interference in the 2016 Presidental Election. Lots of Fedspeak today.

Reported Earnings This Morning

Reported Earnings This Morning (Best to Worst absolute beats/misses [+.02 or greater/-.02 or worse]): CSIQ -.017 CMCM +.34 LE +.06 LEN +.04.

Missing: .

Lower Guidance: CMCM.

Current Morning missing: .

Mixed Guidance: .

Positive Guidance: .

Data Points

Yesterday saw 1216 stocks rise and 1690 fall on the NYSE. NASDAQ saw 1113 rise and 1757 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 its 200 day exponential moving average.

The 10 day spread moving average of breadth is back to cash as of yesterday. The Madison Market Timing Indicator is now invested since November 18th.

YTD 3907 stocks are higher and 2342 lower. Updated 3/17/17 close.

Economics

None of note.

Politico

Federal Reserve Kansas City President Esther George speaks at12:00 p.m. EDT, and Cleveland President Loretta Mester speaks at 6:00 p.m. EDT.

Conference & Analyst Meetings

Meetings, Conference Calls or Announcements of note, MBT MAR ALLY TEN. Bank of America Merrill Lynch Global Industrials & EU Autos Conference. Morgan Stanley Financials Conference. Oppenheimer Annual Healthcare Conference.

Conference of Note

The International Dental Show

M & A News

Key Upgrades and Downgrades

Firm Upgrades Downgrades
JP Morgan
Goldman Sachs
Morgan Stanley
Deutsche Bank
Citigroup
Merrill Lynch
Wachovia/Wells Fargo
Credit Suisse
Banc of America
UBS
SunTrust RH
Sanford Bernstein SJM GIS CPB CAG K
Jefferies MSI
RBC
Needham
Raymond James
Piper Jaffray
Friedman Billings
Guggenheim
Stifel
Robert W. Baird
Cowen
Sun Trust RH MIC TLLP

Comments »

Morning Briefing The Week Ahead: Enough Fedspeak To Drive You Crazy

1. Geopolitical Events. On Monday Federal Reserve Chicago President Charles Evans speaks before markets open. On Tuesday Federal Reserve Kansas City President Esther George speaks at12:00 p.m. EDT, and Cleveland President Loretta Mester speaks at 6:00 p.m. EDT. Also on Tuesday also President Trump meets with Iraqi Prime Minister Haider al-Abadi. On Thursday Federal Reserve Chairman Janet Yellen speaks at 8:00 a.m. EDT., and Federal Reserve Dallas President Robert Kaplan participates in a Q&A on the economic outlook and monetary policy. Also on Thursday Federal Reserve Minneapolis Federal Reserve President Neel Kashkari speaks at 12:00 p.m. EDT. On Friday Federal Reserve St. Louis President James Bullard speaks at 8:50 a.m. EDT, San Francisco President John Williams at 8:30 a.m. EDT and Chicago President Charles Evans at 8:00 a.m. EDT.

2. Economic Releases. Releases of note this week include the weekly chain store sales, oil/gas numbers, mortgage applications, jobless claims and existing home sale and durable goods.

3. Earnings Releases. Notable releases include MOV JMBA NKE FDX GIS CTAS PVH ACN MU FINL.

Monday, March 20:

Markets are closed in Japan for the celebration of the first day of spring.

The Senate Judiciary Committee begins hearings on Supreme Court nominee Neil Gorsuch.

Analyst Meetings of note ENTG WFC.

Tuesday, March 21:

Iraqi Prime Minister Haider al-Abadi pays a visit to Washington D.C. to meet with President Trump.

Ally Financial (ALLY) holds its analyst meeting and is a Type 4 Long Squeeze.

Analyst Meetings of note MBT MAR ALLY TEN.

Wednesday, March 22:

February Existing Home Sales are due out at 10:00 a.m. EDT and are expected to fall to 5.54 million from 5.68 million.

Constellium N.V. (CSTM) holds its analyst day and is a Type 4 Long Squeeze.

Analyst Meetings of note CSTM.

Thursday, March 23:

Federal Reserve Chairman Janet Yellen speaks to the Federal Reserve System Community Development Research Conference.

Analyst Meetings of note MTDR MMLP.

Friday, March 24:

February Durable Orders are due out at 8:30 a.m. EDT and are expected to fall to 1.30% from 2.00%.

Analyst Meetings of note CZZ.

The latest short interest data is due out after the close for NYSE and NASDAQ stocks.

Comments »

The Morning Briefing: Can The Rally Continue From Yesterday?

In After Hours Trading

IPOs on deck today Canada Goose Holdings (GOOS). Secondaries of note ACHC TLND ZSAN.

In After Hours Trading: ALRM +.06 ATH +.63 GES -.03 JBL +.02 MGI -.03 ORCL +.07 FRSH +.05 WSM +.04.

Lower Guidance: GES.

Mixed Guidance: WSM.

Positive Guidance: P.

What’s Happening This Morning

U.S. futures: S&P +5.75, Dow Jones +58, NDX +14.75 and Russell 2000 +5.20. Asia and Europe higher.

Copper higher with silver and gold higher. WTI Crude and Brent Oil Futures higher. Natural Gas is lower. $ is lower vs Euro, higher vs. Pound and lower vs. Yen. US 10 year Treasury yield at 2.53% yield, one month change +8 and +61 one year change. Prices as of 7:55 a.m. EDT.

Top Sectors All.

Weak Sectors None.

One month winners All ex Conglomerates, Materials and Energy.

Three Month Winners Conglomerates, Industrial Goods, Financials.

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): ADBE NTLA ADPT among the leaders.

Due Friday morning (by avg. trade volume descending): TIF GMAN among the leaders.

Rags & Mags: Inside Wall Street

Bloomberg: Market worldwide are in rally mode. Trump proposes deep budget cuts. Dutch elections did not move to the far right. .

Reported Earnings This Morning

Reported Earnings This Morning (Best to Worst absolute beats/misses [+.02 or greater/-.02 or worse]): CATO +.04 DG +.05 PTHN -.08.

Missing: .

Lower Guidance: PTHN.

Current Morning missing: .

Mixed Guidance: .

Positive Guidance: .

Data Points

Yesterday saw 2633 stocks rise and 379 fall on the NYSE. NASDAQ saw 1985 rise and 870 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 its 200 day exponential moving average.

The 10 day spread moving average of breadth is back to cash as of yesterday. The Madison Market Timing Indicator is now invested since November 18th.

YTD 4066 stocks rose for 2016 and 2259 fell. Updated 12/30/16 close.

Economics

February Housing Starts are due out at 8:30 a.m. EDT and are expected to rise to 1,260,000 from 1,246,000.

Weekly Jobless Claims at 8:30 a.m. EDT and Weekly Natural Gas Inventories at 10:30 a.m. EDT.

Politico

Irish Prime Minister Enda Kenny meets with President Trump.

Overnight the Bank of Japan (BOJ) and the Bank of England (BOE) are out with their latest decisions. THe BOJ held to easy policy. The BOE will be at 8:00 a.m. EDT.

Conference & Analyst Meetings

Meetings, Conference Calls or Announcements of note, ALB OMI RYAM. Barlcays Global Healthcare Conference.

Conference of Note

Semicon China

M & A News

Key Upgrades and Downgrades

Firm Upgrades Downgrades
JP Morgan
Goldman Sachs INFN CIEN
Morgan Stanley
Deutsche Bank
Citigroup
Merrill Lynch
Wachovia/Wells Fargo
Credit Suisse UTHR BIVV
Banc of America
UBS
SunTrust RH HAWK TVTY
Sanford Bernstein
Jefferies
RBC
Needham JBL
Raymond James EWBC
Piper Jaffray TROV
Friedman Billings
Guggenheim LC OAS AR
Stifel JAG

Comments »

The Morning Briefing: The Fed Cometh Today, BOJ Tonight and BOE Tomorrow Morning $SPY

In After Hours Trading

IPOs on deck today Ardagh Finance Holdings (ARD). Secondaries none of note.

In After Hours Trading: ARNA +.23 FTD +.43 NPTN +.05 RST +.37.

Lower Guidance: NPTN.

Mixed Guidance: HTHT.

Positive Guidance: P.

What’s Happening This Morning

U.S. futures: S&P +5.25, Dow Jones +36, NDX +11 and Russell 2000 +5.90. Asia mixed and Europe higher.

Copper higher with silver and gold lower. 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 2.58% yield, one month change +9 and +61 one year change. Prices as of 7:55 a.m. EDT.

Top Sectors None.

Weak Sectors Energy, Materials, Industrials, Conglomerates and Healthcare.

One month winners All ex Conglomerates, Materials and Energy.

Three Month Winners Conglomerates, Industrial Goods, Financials.

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): ORCL ATH JBL WSM GES NK CALL FRSH among the leaders.

Due Thursday morning (by avg. trade volume descending): DG PTHN TSL INSY JASO among the leaders.

Rags & Mags: Inside Wall Street

Bloomberg: Federal Reserve decision day. Netherlands has started its general election. Volatility has returned to oil markets with moves of 2% in four of the last six sessions.

NY Times: Republican Senators call for changes to health care bill. Credit card holders feel rate increase first. Unsealed documents in lawsuit show Roundup can cause cancer, negative for Monsanto (MON).

Reported Earnings This Morning

Reported Earnings This Morning (Best to Worst absolute beats/misses [+.02 or greater/-.02 or worse]): CBK -.01 TWI -.15.

Missing: .

Lower Guidance: .

Current Morning missing: .

Mixed Guidance: .

Positive Guidance: .

Data Points

Yesterday saw 969 stocks rise and 1929 fall on the NYSE. NASDAQ saw 1765 rise and 1055 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 below its 50 day moving exponential average and its 200 day exponential moving average.

The 10 day spread moving average of breadth is back to cash as of yesterday. The Madison Market Timing Indicator is now invested since November 18th.

YTD 4066 stocks rose for 2016 and 2259 fell. Updated 12/30/16 close.

Economics

February CPI is due out at 8:30 a.m. EDT and is expected to fall to 0% from 0.6%.

February Retail Sales are due out at 8:30 a.m. EDT and are expected to fall to 0.1% from 0.4%.

Politico

The Federal Reserve Open Market Committee (FOMC) concludes a two day meeting with their announcement at 2:00 p.m. EDT. At 2:30 p.m. EDT, Federal Reserve Chairman Janet Yellen holds a press conference.

President Trump to meet with Auto Executives on car emissions at 11:00 a.m EDT.

The White House releases its budget for fiscal 2018.

The Netherlands holds a general election that will be a good test on how the wave of populism may fair in other elections like France and Germany.

Secretary of State Rex Tillerson visits Japan as he begins a series of multi country visits.

Conference & Analyst Meetings

Meetings, Conference Calls or Announcements of note, CX SKLN FEYE IPHS. Roth Capital Partners Conference. JP Morgan Aviation, Transportation & Industrials Conference. Barlcays Global Healthcare Conference. Bank of America Merrill Lynch 2017 Consumer & Retail Technology Conference.

Conference of Note

Semicon China

M & A News

Key Upgrades and Downgrades

Firm Upgrades Downgrades
JP Morgan
Goldman Sachs VTR
Morgan Stanley TTOO
Deutsche Bank
Citigroup SWN
Merrill Lynch OXY
Wachovia/Wells Fargo
Credit Suisse AMC
Banc of America
UBS
SunTrust RH
Sanford Bernstein
Jefferies FNSR

Comments »

Cover Short Recommendation In $SAVE For A Nice Gain Of 10.06%

We recommended $SAVE as a short on January 18th of this year. The entry price was at $55.65. The current price is at $50.29. The gain is $5.36 or 10.06%.  We will explain our thinking on locking in this gain in a column after the close. For now, lock in the gain.

This marks our eleventh winning recommendation since we began to pen for The Fly against two losses.

Comments »

Futures Lower This Morning As East Coast Braces For Stella

In After Hours Trading

IPOs on deck today none of note. Secondaries ANTM AUPH BMCH DOC LNTH VRX.

In After Hours Trading: COUP +.12 IPAR +.02 KMG +.15 TLYS +.03.

Lower Guidance: .

Mixed Guidance: .

Positive Guidance: COUP.

What’s Happening This Morning

U.S. futures: S&P -4.25, Dow Jones -30, NDX -6.75 and Russell 2000 -3.50. Asia mixed and Europe lower.

Copper lower with silver and gold higher. WTI Crude and Brent Oil Futures lower. Natural Gas is higher. $ is lower vs Euro, lower vs. Pound and lower vs. Yen. US 10 year Treasury yield at 2.61% yield, one month change +15 and +66 one year change. Prices as of 7:55 a.m. EDT.

Top Sectors Materials, Energy, Utilities and Technology.

Weak Sectors Healthcare.

One month winners All ex Conglomerates, Materials and Energy.

Three Month Winners Conglomerates, Industrial Goods, Financials.

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): HTHT FRAC TWNK FTD NPTN RST AXAS among the leaders.

Due Wednesday morning (by avg. trade volume descending): INVH JAG SITE ARCP CBK among the leaders.

Rags & Mags: Inside Wall Street

Bloomberg: U,K. to invoke Article 50 of Lisbon Treaty to start Brexit process. East Coast will be hit by a massive snow storm. Investors bet against Trump Trade War.

Reported Earnings This Morning

Reported Earnings This Morning (Best to Worst absolute beats/misses [+.02 or greater/-.02 or worse]): DSW +.04 HDS +.01.

Missing: .

Lower Guidance: .

Current Morning missing: .

Mixed Guidance: .

Positive Guidance: .

Data Points

Yesterday saw 1766 stocks rise and 1150 fall on the NYSE. NASDAQ saw 1765 rise and 1055 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 below its 50 day moving exponential average and its 200 day exponential moving average.

The 10 day spread moving average of breadth is back to cash as of yesterday. The Madison Market Timing Indicator is now invested since November 18th.

YTD 4066 stocks rose for 2016 and 2259 fell. Updated 12/30/16 close.

Economics

February PPI is due out at 8:30 a.m. EDT and is expected to fall to 0.1% from 0.6%.

Politico

The FOMC begins a two day meeting that concludes mostly with a rate increase on Wednesday.

Conference & Analyst Meetings

Meetings, Conference Calls or Announcements of note, EPAM AKAM CRVS MTH CRM CLDX. Roth Capital Partners Conference. JP Morgan Aviation, Transportation & Industrials Conference. Barlcays Global Healthcare Conference. Bank of America Merrill Lynch 2017 Consumer & Retail Technology Conference.

Conference of Note

Semicon China

M & A News

Citrix (CTXS) puts itself in play as it hires Goldman to seek buyers.

Key Upgrades and Downgrades

Firm Upgrades Downgrades
JP Morgan
Goldman Sachs ARRS GDW
Morgan Stanley
Deutsche Bank
Citigroup
Merrill Lynch
Wachovia/Wells Fargo
Credit Suisse
Banc of America
UBS
SunTrust RH GDOT
Sanford Bernstein
Jefferies
RBC
Needham ENTG

Comments »

A Big Week Ahead Led By Fed Chairman Yellen

The Dow Jones Industrial Average and S&P 100 were lower for the week, and the NASDAQ 100 was the only major equity index higher for the past week. The Russell 2000 was lower again for a third week in a row. The Big Picture [monthly bias] for the NASDAQ 100, the Dow Jones Industrial Average and the S&P 100 remains positive.

1. Geopolitical Events. On Monday the CBO releases its review of the Republican fix to Obamacare. On Tuesday German Chancellor Merkel visits with President Trump. Also on Tuesday the FOMC two day meeting concludes, most with a rate increase on Wednesday. Also on Wednesday the White House releases its 2018 budget. Finally, on Wednesday Secretary of State Tillerson begins a overseas trip. On Thursday the BOJ and BOE issue rate announcements. Also on Thursday Irish Prime Minister Kenny meets with President Trump. On Friday the G-20 meets.

2. Economic Releases. Releases of note this week include the weekly chain store sales, oil/gas numbers, mortgage applications, jobless claims and PPI, CPI, retail sales, housing starts, industrial production, leading indicators and Michigan Sentiment.

3. Earnings Releases. Notable releases include TACO TLYS HDS DSW ORCL JBL ADBE DG PRGO TIF.

Monday, March 13:

The Congressional Budget Office (CBO) releases its analysis of the Republican’s alternative to Obamacare.

Tuesday, March 14:

German Chancellor Angela Merkel pays a visit to Washington D.C. to meet with President Trump.

The Federal Reserve Open Market Committee (FOMC) begins a two day meeting that will likely conclude with the first interest rate increase in 2017.

February PPI is due out at 8:30 a.m. EDT and is expected to fall to 0.1% from 0.6%.

Wednesday, March 15:

The Federal Reserve Open Market Committee (FOMC) concludes a two day meeting with their announcement at 2:00 p.m. EDT. At 2:30 p.m. EDT, Federal Reserve Chairman Janet Yellen holds a press conference.

The White House releases its budget for fiscal 2018.

The Netherlands holds a general election that will be a good test on how the wave of populism may fair in other elections like France and Germany.

Secretary of State Rex Tillerson visits Japan as he begins a series of multi country visits.

Cemex (CX) holds their analyst day and is a Type 4 Long Squeeze.

February CPI is due out at 8:30 a.m. EDT and is expected to fall to 0% from 0.6%.

February Retail Sales are due out at 8:30 a.m. EDT and are expected to fall to 0.1% from 0.4%.

Thursday, March 16:

Irish Prime Minister Enda Kenny meets with President Trump.

Overnight the Bank of Japan (BOJ) and the Bank of England (BOE) are out with their latest decisions. The BOE will be at 7:00 a.m. EDT.

February Housing Starts are due out at 8:30 a.m. EDT and are expected to rise to 1,260,000 from 1,246,000.

Friday, March 17:

G-20 Finance Ministers meet in Germany.

Secretary of State Rex Tillerson visits South Korea and then China over the weekend

February Industrial Production is due out at 9:15 a.m. EDT and is expected to rise to 0.20% from -0.25%.

February Leading Indicators are due out at 10:00 a.m. EDT and are expected to fall to 0.4% from 0.6%.

March Michigan Sentiment is due out at 10:00 a.m. EDT and is expected to rise to 97 from 96.30.

Comments »

The Morning Briefing $CIEN Misses & ADP Rips

In After Hours Trading

IPOs on deck none of note today. Secondaries AFI AWI COTV FOXF GEO HIIQ JBT LADR LAND.

In After Hours Trading: ABM +.07 BOJA +.06 HRB +.03 WG -.12.

Lower Guidance: BOJA.

Mixed Guidance: .

Positive Guidance: .

What’s Happening This Morning

U.S. futures: S&P +1.25, Dow Jones +4, NDX +3 and Russell 2000 +1.70. Asia higher and Europe mixed.

Copper higher with silver and gold lower. WTI Crude and Brent Oil Futures lower. Natural Gas is higher. $ is higher vs Euro, higher vs. Pound and higher vs. Yen. US 10 year Treasury yield at 2.55% yield, one month change +21 and +72 one year change. Prices as of 7:55 a.m. EDT.

Top Sectors none.

Weak Sectors Healthcare, Energy, Materials, Financials and Consumer Goods.

One month winners All ex Conglomerates.

Three Month Winners Conglomerates, Industrial Goods, Financials, Energy and Materials.

Six Month Winners Conglomerates, Industrial Goods, Financials, Energy and Materials.

One Year Winners Energy, Materials, Industrial Goods and Utilities.

Year To Date All.

Earnings Expected

Earnings due after the close (by avg. trade volume): SMTC UNFI RATE among the leaders.

Due Thursday morning (by avg. trade volume descending): IGT PTHN SIG PRTY SSYS among the leaders.

Rags & Mags: Inside Wall Street

Bloomberg: U.K. budget is due today. China reports a trade deficit today. Treasury finding trouble to fill top positions. OPEC and U.S. Shales reach a truce?

Reported Earnings This Morning

Reported Earnings This Morning (Best to Worst absolute beats/misses [+.02 or greater/-.02 or worse]): CIEN -.03 TECD .29 PLCE +.29.

Missing: .

Lower Guidance: .

Current Morning missing: .

Mixed Guidance: .

Positive Guidance: .

Data Points

Yesterday saw 887 stocks rise and 2036 fall on the NYSE. NASDAQ saw 986 rise and 1842 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 above its 50 day moving exponential average and its 200 day exponential moving average.

The 10 day spread moving average of breadth is back to invested as of November 15th. The Madison Market Timing Indicator is now invested since November 18th.

YTD 4066 stocks rose for 2016 and 2259 fell. Updated 12/30/16 close.

Economics

ADP came in at 298K a few minutes ago.

There is a $20 billion 10 Year Treasury Note Auction at 1:00 p.m. EST.

Analyst meetings of note AVY CTL ANW AXP SWFT.

Politico

Conference & Analyst Meetings

Meetings, Conference Calls or Announcements of note, AVY CTL ANW AXP SWFT. Deutsche Bank Annual Media Internet and Telecom Conference. Cowen & Company Annual Healthcare Conference. Raymond James Institutional Investors Conference.UBS Global Consumer & Retail Conference.

Conference of Note

GE Power & Renewable Energy Meeting

M & A News

Key Upgrades and Downgrades

Firm Upgrades Downgrades
JP Morgan
Goldman Sachs NHYDY BT
Morgan Stanley
Deutsche Bank
Citigroup
Merrill Lynch MIK AVB
Wachovia/Wells Fargo
Credit Suisse
Banc of America
UBS
SunTrust RH
Sanford Bernstein
Jefferies
RBC GOLD
Needham
Raymond James
Piper Jaffray AF NSM

Comments »

The Morning Briefing Key Sell Side Recommendation $H $SRCL

In After Hours Trading

IPOs on deck none of note today. Secondaries ABG FRC HASI LPSN STAY.

In After Hours Trading: ASNA +.02 CASY -.30 DAVE -.10.

Lower Guidance: ALOG.

Mixed Guidance: .

Positive Guidance: .

What’s Happening This Morning

U.S. futures: S&P -3.25, Dow Jones -23, NDX -7.25 and Russell 2000 -1. Asia higher and Europe mixed.

Copper,silver and gold lower. WTI Crude and Brent Oil Futures higher. Natural Gas is lower. $ is higher vs Euro, higher vs. Pound and higher vs. Yen. US 10 year Treasury yield at 2.49% yield, one month change +11 and +60 one year change. Prices as of 7:55 a.m. EDT.

Top Sectors Conglomerates.

Weak Sectors Healthcare, Financials and Consumer Goods.

One month winners All ex Conglomerates.

Three Month Winners Conglomerates, Industrial Goods, Financials, Energy and Materials.

Six Month Winners Conglomerates, Industrial Goods, Financials, Energy and Materials.

One Year Winners Energy, Materials, Industrial Goods and Utilities.

Year To Date All.

Earnings Expected

Earnings due after the close (by avg. trade volume):HRB URBN RRR ABM REVG NCS BOJA among the leaders.

Due Wednesday morning (by avg. trade volume descending): VAL CIEN TECD PLCE BOBE VRA HOV SMRT among the leaders.

Rags & Mags: Inside Wall Street

Bloomberg: Trump revises the travel ban to be less restrictive. Republicans released their draft bill on the revision to Obamacare. Euro growth rose 0.4% in Q4. Oil is near $53 a barrel. The U.S. begins deployment of the Thaad missile defense system in South Korea.

Reported Earnings This Morning

Reported Earnings This Morning (Best to Worst absolute beats/misses [+.02 or greater/-.02 or worse]): BTE -1.50 DKS +.02 JWA +.14 NAV -.26.

Missing: .

Lower Guidance: DKS ARQL.

Current Morning missing: .

Mixed Guidance: .

Positive Guidance: .

Data Points

Yesterday saw 883 stocks rise and 2068 fall on the NYSE. NASDAQ saw 840 rise and 2055 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 above its 50 day moving exponential average and its 200 day exponential moving average.

The 10 day spread moving average of breadth is back to invested as of November 15th. The Madison Market Timing Indicator is now invested since November 18th.

YTD 4066 stocks rose for 2016 and 2259 fell. Updated 12/30/16 close.

Economics

Consumer Credit for January is due out at 3:00 p.m. EST.

Politico

A Senate Subcommittee looks into Russian policies towards Europe.

Conference & Analyst Meetings

Meetings, Conference Calls or Announcements of note,MITL CVX IBM ALLE AMPE. Deutsche Bank Annual Media Internet and Telecom Conference. Cowen & Company Annual Healthcare Conference. Raymond James Institutional Investors Conference. 2017 Citi Global Property CEO Conference.

Conference of Note

M & A News

Key Upgrades and Downgrades

Firm Upgrades Downgrades
JP Morgan
Goldman Sachs SRCL
Morgan Stanley H
Deutsche Bank
Citigroup ASNA
Merrill Lynch
Wachovia/Wells Fargo
Credit Suisse
Banc of America
UBS
SunTrust RH FBM

Comments »

The Rest Of The Week Ahead

We have been away for a little R&R but are back in the saddle. Here is the rest of the week ahead. We are now listing ALL key analyst meetings each day.

1. Geopolitical Events. On Thursday the ECB announces its latest interest rate decision. On Friday the latest WASDE Crop Report is out at 1:00 p.m. EST. There are Treasury Auctions on Wednesday and Friday.

2. Economic Releases. Releases of note this week include the weekly chain store sales, oil/gas numbers, mortgage applications, jobless claims and factory orders. ADP Employment Report, Challenger Job Cuts, Nonfarm Payrolls and the Unemployment Rate.

3. Earnings Releases. Notable releases include DKS HRB VAL CIEN ULTA SPLS MTN GCO.

Tuesday, March 7:

A Senate Subcommittee looks into Russian policies towards Europe.

Analyst meetings of note MITL CVX IBM ALLE AMPE.

Wednesday, March 8:

ADP Employment Report is due out at 8:15 a.m. EST and is expected come in at 180,000 from 246,000.

There is a $20 billion 10 Year Treasury Note Auction at 1:00 p.m. EST.

Analyst meetings of note AVY CTL ANW AXP SWFT.

Thursday, March 9:

Challenger, Gray & Christmas releases its latest Job Cuts Survey and is due out at 7:15 a.m. EST.

The last survey was -38.8%.

The European Central Bank (ECB) is out with its latest interest rate decision at 7:45 a.m. EST.

The latest WASDE Crop Report is due out at 1:00 p.m. EST.

There is a $12 billion 12 Year Treasury Note Auction at 1:00 p.m. EST.

Analyst meetings of note IRWD SLF.

Index futures March contracts roll over to the June contracts.

Friday, March 10:

February Nonfarm Payrolls is due out at 8:30 a.m. EST and is expected to fall to 185,500 from 227,000.

The unemployment rate is expected to fall to 4.7% from 4.8%.

Analyst meetings of note MRVL ON.

Comments »