iBankCoin
Joined Dec 4, 2012
312 Blog Posts

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 »

Futures Up Modestly Thanks To Treasury Secretary Mnuchin

In After Hours Trading

IPOs on deck none of note today. Secondaries ARGO APAM CLD GMS NGD NTB TRGP.

In After Hours Trading: ANSS +.02 SAM +.51 CLR +.03 ETE-.04 FIR -.03 JACK -.07 LB +.13 NBR +.04 TSLA -.16 RIG +.58 XPER -.11.

Lower Guidance: .

Mixed Guidance: .

Positive Guidance: .

What’s Happening This Morning

U.S. futures: S&P +2.75, Dow Jones +23, NDX +4.25 and Russell 2000 +1.80. Asia mixed and Europe mixed.

Copper lower with silver and gold higher. WTI Crude and Brent Oil Futures higher. Natural Gas is higher. $ is lower vs Euro, higher vs. Pound and higher vs. Yen. US 10 year Treasury yield at 2.40% yield, one month change none and +67 one year change. Prices as of 7:55 a.m. EDT.

Top Sectors Conglomerates and Consumer Goods.

Weak Sectors Energy and Materials.

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): BIDU HPE INTU MNST BMRN PBA GPS MELI SPLK JWN among the leaders.

Due Friday morning (by avg. trade volume descending): RY PEG MGA COG FL PNW ARES USM TDS JCP among the leaders.

Rags & Mags: Inside Wall Street

Bloomberg: Federal Reserve minutes showed that rate increases are coming fairly soon. President Trump postponed a new version of immigration restriction order until next week. Bond trading rebounds for first time since 2012.

Reported Earnings This Morning

Reported Earnings This Morning (Best to Worst absolute beats/misses [+.02 or greater/-.02 or worse]): APA -.13 EE +.08 GIL +.03 VAC +.09 SHLX +.02 VC +.51.

Missing: .

Lower Guidance: .

Current Morning missing: .

Mixed Guidance: .

Positive Guidance: .

Data Points

Yesterday saw 1735 stocks rise and 1207 fall on the NYSE. NASDAQ saw 1822 rise and 1019 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

Weekly Jobless Claims are due out at 8:30 a.m. EST. Weekly Natural Gas Inventories are due out at 10:30 a.m. EST.

Politico

Secretary of State Rex Tillerson and Department of Homeland Security Chief John Kelly pay a visit to Mexico.

Treasury Secretary Steve Mnuchin gave an interview to CNBC and noted tax reform by August break.

Conference & Analyst Meetings

Meetings, Conference Calls or Announcements of note, EXPI CETX SC THG. RBC Capital Markets Global Healthcare Conference.

Conference of Note

ACTRIMS Forum with MRK BIIB NVS CVS CELG TEVA among others.

M & A News

Key Upgrades and Downgrades

Firm Upgrades Downgrades
JP Morgan
Goldman Sachs
Morgan Stanley KB HD PI
Deutsche Bank
Citigroup
Merrill Lynch
Wachovia/Wells Fargo RAI
Credit Suisse BLMN
Banc of America
UBS
CLSA
Sanford Bernstein
Jefferies
Nomura
Needham
Raymond James WAAS
Iper Jaffray
Friedman Billings
Guggenheim
Stifel RETA

Comments »

The Rest Of The Week Ahead

1. Geopolitical Events. On Wednesday Federal Reserve Open Market Committee (FOMC) releases its latest minutes. On Thursday Secretary of State Tillerson and Department of Homeland Security Chief John Kelly visit Mexico. Also on Thursday Federal Reserve Atlanta President Dennis Lockhart speaks at 8:35 a.m. EST.

2. Economic Releases. Releases of note this week include the weekly chain store sales, oil/gas numbers, mortgage applications, jobless claims and existing home sales, FOMC Minutes, new home sales and Michigan Sentiment.

3. Earnings Releases. Notable releases include  LYG TJX BUD BIDU RY PEG.

Wednesday, February 22:

January Existing Home Sales are due out at 10:00 a.m. EST and are expected to rise to 5.550 million from 5.490 million.

Federal Reserve Open Market Committee (FOMC) Minutes from the January meeting are due out at 2:00 p.m. EST.

Thursday, February 23:

Secretary of State Rex Tillerson and Department of Homeland Security Chief John Kelly pay a visit to Mexico.

Markets are closed in Russia.

Friday, February 24:

January New Home Sales are due out at 10:00 a.m. EST and are expected to rise to 575,000 from 536,000.

Markets are closed in Russia.

Comments »

Morning Briefing Fed Vice Chairman Sees Rate Increases Coming

In After Hours Trading

IPOs on deck none of note today. Secondaries CIT MMLP NGL TRU ZAYO.

In After Hours Trading: AEM -.08 CAR -.03 ABX +.03 DENN +.02 EQIX +.12 GDDY -.30 MRO +.05 MOH -2.30 NTAP +.08 NTES +.73 PHH -1.64 SNPS +.16 TRIP -.15 WMB -.02.

Lower Guidance: EQIX.

Mixed Guidance: .

Positive Guidance: AMAT CHH SNPS.

What’s Happening This Morning

U.S. futures: S&P -4.25, Dow Jones -36, NDX -2.00 and Russell 2000 -5.20. Asia mixed and Europe lower.

Copper, silver and gold higher. WTI Crude and Brent Oil Futures higher. Natural Gas is lower. $ is lower vs Euro, lower vs. Pound and lower vs. Yen. US 10 year Treasury yield at 2.47% yield, one month change +8 and +70 one year change. Prices as of 7:55 a.m. EDT.

Top Sectors Healthcare, financials and consumer goods.

Weak Sectors Utilities and energy.

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): ED RSG DLR DVA ANET FLS CGNX AUY among the leaders.

Due Friday morning (by avg. trade volume descending): ENB DE SE MCO VFC CPB SJM SEP XRAY FLR among the leaders.

Rags & Mags: Inside Wall Street

Bloomberg: Inflation is now a concern with yesterday’s CPI report that came in at 0.6%. The Federal Reserve Open Market Committee (FOMC) meeting is likely to be a live meeting. The market rally has stalled overseas today. China continues to sell Treasuries. Snapchat seeks a valuation of $22 billion.

Reported Earnings This Morning

Reported Earnings This Morning (Best to Worst absolute beats/misses [+.02 or greater/-.02 or worse]): ALXN +.02 CAB -.17 CHTR +.58 ECA +.08 GNC -.29 H +.02 MGM -.07 PBF -.31 SHPG +.14 TIME -.03 TRP +.04 WM -.02

Missing: .

Lower Guidance: ALXN.

Current Morning missing: .

Mixed Guidance: .

Positive Guidance: .

Data Points

Yesterday saw 1735 stocks rise and 1207 fall on the NYSE. NASDAQ saw 1822 rise and 1019 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

January Housing Starts are due out at 8:30 a.m. EST and are expected to rise to 1,230,000 from 1,226,000.

Politico

G-20 Ministers meet in Bonn, Germany.

In an interview with Bloomberg TV this morning, Federal Reserve Chairman Stanley Fisher sees more rate increases on the horizon.

Conference & Analyst Meetings

Meetings, Conference Calls or Announcements of note, EMR MOH HAWK WEN PGSVY. Credit Suisse Energy Summit. Goldman Sachs Technology and Internet Conference. Leerink & Dwann Anual Global Healthcare Conference.

Conference of Note

M & A News

Key Upgrades and Downgrades

Firm Upgrades Downgrades
JP Morgan
Goldman Sachs
Morgan Stanley
Deutsche Bank
Citigroup
Merrill Lynch CAVM EVR IDTI
Wachovia/Wells Fargo
Credit Suisse WFC
Banc of America
UBS
CLSA
Sanford Bernstein
Jefferies MDCA SYT
Nomura
Needham
Raymond James
Iper Jaffray
Friedman Billings
Guggenheim
Stifel
Robert W. Baird
Cowen
Sun Trust RH RF

Comments »

Futures Mostly Lower, Busy Day Ahead

Futures Mostly Lower

In After Hours Trading

IPOs on deck none of note today. Secondaries AA ESNT KSU SBCF.In After Hours Trading: A +.04 BYD +.14 DVN +.07 FANG +.37 FOSL +.11 VDSI +.06.

Lower Guidance: FOSL.

Mixed Guidance: .

Positive Guidance: X.

What’s Happening This Morning

U.S. futures: S&P -5.25, Dow Jones +3, NDX -9.50 and Russell 2000 -9.40. Asia higher ex China and Europe higher.Copper, silver and gold higher. 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 2.48% yield, one month change +9 and +73 one year change. Prices as of 7:55 a.m. EDT.

Top Sectors All.

Weak Sectors None.

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): CSCO KHC AMAT MAR NTES CBS EQIX SLF ABX WMB MRO GG among the leaders.Due Thursday morning (by avg. trade volume descending): CHTR DUK TRP PCG WM ALXN ZTS MGM LH FTS AEE PRGO among the leaders.

Rags & Mags: Inside Wall Street

Bloomberg: More Yellen testimony today and bonds could continue to struggle. Volatility traders have had it with quiet markets. Russia’s central banker active.

Reported Earnings This Morning

Reported Earnings This Morning (Best to Worst absolute beats/misses [+.02 or greater/-.02 or worse]): ALKS +.10 ADI +.20 BG +.11 HLT +.04 HUN +.06 PEP +.04 SODA +.41 WYN +.05Missing: .

Lower Guidance: .

Current Morning missing: .

Mixed Guidance: .

Positive Guidance: .

Data Points

Yesterday saw 1525 stocks rise and 1387 fall on the NYSE. NASDAQ saw 1598 rise and 1218 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

January CPI is due out at 8:30 a.m. EST and is expected to remain at 0.3%.January Retail Sales are due out at 8:30 a.m. EST and are expected to fall to 0.1% from 0.6%.

January Industrial Production is due out at 9:15 a.m. EST and is expected to fall to 0% from 0.8%.

Politico

Federal Reserve Chairman Yellen moves on the House in her last day of Humphrey Hawkins testimony that begins at 10:00 a.m. EST.NATO Defense Ministers meet in Brussels.

Also, on Wednesday President Donald Trump meets with Israeli Prime Minister Benjamin Netanyahu.

Finally on Wednesday Federal Reserve Boston President Eric Rosengren speaks in New York at 12:00 p.m. EST, and Philadelphia President Patrick Harker speaks about the economy at 12:45 p.m. EST.

Conference & Analyst Meetings

Meetings, Conference Calls or Announcements of note, KNOP. Credit Suisse Energy Summit. Stifel Transportation & Logistics Conference. Goldman Sachs Technology and Internet Conference. Leerink & Dwann Anual Global Healthcare Conference. SunTrust Robinson Humphrey Orphan Drug Day Conference.

Conference of Note

BIO CEO & Investor Conference 2017.

M & A News

Cigna (CI) and Anthem (ANTM) decide not to merge.

Key Upgrades and Downgrades

Firm Upgrades Downgrades
JP Morgan
Goldman Sachs
Morgan Stanley
Deutsche Bank
Citigroup
Merrill Lynch PH
Wachovia/Wells Fargo FOSL
Credit Suisse
Banc of America
UBS
CLSA
Sanford Bernstein
Jefferies
Nomura
Needham HOLX
Raymond James AG
Iper Jaffray
Friedman Billings
Guggenheim
Stifel
Robert W. Baird Q

Comments »

Morning Briefing, Futures Mixed $SPY $IWM

In After Hours Trading

IPOs on deck none of note today. Secondaries ALDX NBEV PFLT.

In After Hours Trading: AMKR +.18 CUTR -.08 VNO -.18.

Lower Guidance: .

Mixed Guidance: .

Positive Guidance: X.

What’s Happening This Morning

U.S. futures: S&P -0.75, Dow Jones -8, NDX -1.75 and Russell 2000 -4.40. Asia lower and Europe lower ex Germany.

Copper, 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 2.44% yield, one month change +5 and +69 one year change. Prices as of 7:55 a.m. EDT.

Top Sectors All.

Weak Sectors None.

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): AIG ESRX DVN A FANG FTI SKT among the leaders.

Due Friday morning (by avg. trade volume descending): PEP ADI HLT ETR TECK BG WYN ALKS HUN MDCO HAIN among the leaders.

Rags & Mags: Inside Wall Street

Bloomberg: Toshiba takes a big write down. Euro zone growth was less than expected. Stock pickers have good January.Treasury market faces a huge test from Trump.

Reported Earnings This Morning

Reported Earnings This Morning (Best to Worst absolute beats/misses [+.02 or greater/-.02 or worse]): AB +.18 CRL +.10 DISCA +.06 INCY -.18 ITT +.06 MLM -.05 SALE +.06 TRU+.08.

Missing: .

Lower Guidance: .

Current Morning missing: .

Mixed Guidance: .

Positive Guidance: .

Data Points

Yesterday saw 1768 stocks rise and 1160 fall on the NYSE. NASDAQ saw 1643 rise and 1177 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

January PPI is due out at 8:30 a.m. EST and is expected to remain at 0.3%.

Politico

Eurogroup head meets with the EU Parliament on Greece.

Also, Federal Reserve Chairman Yellen testifies to the Senate in her annual Humphrey Hawkins testimony; it begins at 10:00 a.m. EST.

Federal Reserve Richmond President Jeffrey Lacker speaks at 8:50 a.m. EST, and Federal Reserve Dallas President Rob Kaplan appears on a panel at noon. Federal Reserve Atlanta President Dennis Lockhart speaks in Alabama at 12:30 p.m. EST.

The House Committee on Homeland Security holds a hearing on borders and security.

Conference & Analyst Meetings

Meetings, Conference Calls or Announcements of note, COL.

Conference of Note

BIO CEO & Investor Conference 2017. Credit Suisse Energy Summit. Stifel Transportation & Logistics Conference. Goldman Sachs Technology and Internet Conference. SunTrust Robinson Humphrey Orphan Drug Day Conference.

M & A News

Aetna (AET) and Humana (HUM) decide not to merge.

Key Upgrades and Downgrades

Firm Upgrades Downgrades
JP Morgan FRAC
Goldman Sachs
Morgan Stanley FRAC
Deutsche Bank
Citigroup
Merrill Lynch
Wachovia/Wells Fargo
Credit Suisse
Banc of America
UBS
CLSA
Sanford Bernstein
Jefferies
Nomura
Needham
Raymond James
Iper Jaffray FRAC
Friedman Billings
Guggenheim
Stifel Z XRAY CYBR

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The Week Ahead Is The Busiest Of The Year, Yellen Testimony Leads

1. Geopolitical Events. On Monday President Trump meets with Canadian Prime Minister Trudeau. On Tuesday the Eurogroup head meets with the EU Parliament on Greece. Also, on Tuesday Federal Reserve Chairman Yellen testifies to the Senate in her annual Humphrey Hawkins testimony; it begins at 10:00 a.m. EST. Federal Reserve Richmond President Jeffrey Lacker speaks at 8:50 a.m. EST, and Federal Reserve Dallas President Rob Kaplan appears on a panel at noon. Federal Reserve Atlanta President Dennis Lockhart speaks in Alabama at 12:30 p.m. EST. On Wednesday Federal Reserve Chairman Yellen moves on the House in her last day of Humphrey Hawkins testimony that begins at 10:00 a.m. EST. Also, on Wednesday President Donald Trump meets with Israeli Prime Minister Benjamin Netanyahu. Finally on Wednesday Federal Reserve Boston President Eric Rosengren speaks in New York at 12:00 p.m. EST, and Philadelphia President Patrick Harker speaks about the economy at 12:45 p.m. EST.

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, industrial production, housing starts and leading indicators.

3. Earnings Releases. Notable releases include TEVA VNO AIG ESRX CSCO PEP CHTR DUK ENB DE.

Monday, February 13:

President Donald Trump meets with Canadian Prime Minister Justin Trudeau at the White House.

Tuesday, February 14:

The head of the Eurogroup meets with the European Union Parliament to discuss Greece and its economic adjustment program.

Federal Reserve Chairman Janet Yellen gives her first day of Humphrey Hawkins Testimony to the Senate Banking Committee.

The House Committee on Homeland Security holds a hearing on borders and security.

January PPI is due out at 8:30 a.m. EST and is expected to remain at 0.3%.

Wednesday, February 15:

President Donald Trump meets with Israeli Prime Minister Benjamin Netanyahu at the White House.

Federal Reserve Chairman Janet Yellen gives her second day of Humphrey Hawkins Testimony to the House Financial Services Committee.

NATO Defense Ministers meet in Brussels.

January CPI is due out at 8:30 a.m. EST and is expected to remain at 0.3%.

January Retail Sales are due out at 8:30 a.m. EST and are expected to fall to 0.1% from 0.6%.

January Industrial Production is due out at 9:15 a.m. EST and is expected to fall to 0% from 0.8%.

Thursday, February 16:

G-20 Ministers meet in Bonn, Germany.

January Housing Starts are due out at 8:30 a.m. EST and are expected to rise to 1,230,000 from 1,226,000.

Friday, February 17:

January Leading Indicators are due out at 10:00 a.m. EST and are expected to drop to 0.45% from 0.5%.

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