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 |
