In After Hours Trading
IPOs on deck none of note. Secondaries On Deck ATW CIO CSFL FMBI WMB.
In After Hours Trading: CUDA +.08 SHLM +.04 APOL -.05 WDFC -.05.
Lower Guidance: .
Mixed Guidance: CUDA.
Positive Guidance: .
What’s Happening This Morning
U.S. futures: S&P +0.25, Dow Jones -6, NDX +2.75 and Russell 2000 +1.50. Asia mixed and Europe higher.
Copper higher with silver and gold lower. WTI Crude and Brent Oil Futures higher. Natural Gas is higher. $ is higher vs Euro, higher vs. Pound and higher vs. Yen. US 10 year Treasury yield at 2.38% yield, one month change -8 and +27 one year change. Prices as of 7:55 a.m. EDT.
5
Top Sectors Healthcare.
Weak Sectors Utilities and Conglomerates led the way down.
One month winners All.
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): LMNR SNX.
Due Monday morning (by avg. trade volume descending): SVU MSM.
Rags & Mags: Inside Wall Street
Bloomberg: Dollar pulling back ahead of Trump news conference tomorrow. British Pound continues to fall while the FTSE rises. Yahoo (YHOO) CEO Marissa Mayer will leave the company after Verizon (VZ) sale closes. President Elect Trump appoints his son in law Jared Kushner as a senior White House adviser.
Reported Earnings This Morning
Reported Earnings This Morning (Best to Worst absolute beats/misses [+.02 or greater/-.02 or worse]): none of note.
Missing: .
Lower Guidance: .
Current Morning missing: .
Mixed Guidance: .
Positive Guidance: .
Data Points
Yesterday saw 1073 stocks rise and 1887 fall on the NYSE. NASDAQ saw 1164 rise and 1685 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
The November JOLTS Job Openings is due out at 10:00 a.m.
Overnight China reported Producer Prices surged 5.5% last year.
Politico
Conference & Analyst Meetings
Meetings, Conference Calls or Announcements of note, PTLA LGFA LGFB AMAG. JP Morgan Healthcare Conference. Needham Annual Growth Conference.
Conference of Note
North American Auto Show in Detroit. The 19th Annual ICR Conference. Precision Genome Engineering Conference.
M & A News
Valeant (VRX) sells assets to L’Oreal for just over $1.3 billion. Also, will sell Dendreon for $819.9 million.
Key Upgrades and Downgrades
| Firm | Upgrades | Downgrades |
|---|---|---|
| JP Morgan | ||
| Goldman Sachs | ETFC XRX VOD | GHL |
| Morgan Stanley | ||
| Deutsche Bank | ||
| Citigroup | PCLN | CMA GS EXPE |
| Merrill Lynch | ALK ILMN | |
| Wachovia/Wells Fargo | ||
| Credit Suisse | DISCA | |
| Banc of America | ||
| UBS | ||
| Key Banc | ||
| Sanford Bernstein | ||
| Jefferies | WRLD | |
| Nomura | ||
| Needham | ||
| Raymond James | ||
| Societe Generale | ||
| Friedman Billings | ||
| CLSA | ||
| Stifel | WPZ BIDU |
