In After Hours Trading
IPOs on deck today Kayne Anderson Acquisition (KAACU). Secondaries of note BPMC CVE OFS SA TNXP.
In After Hours Trading: LULU -.01 PRGS +.07 WOR -.09.
Lower Guidance: .
Mixed Guidance: OLLI RH.
Positive Guidance: LAUR.
What’s Happening This Morning
U.S. futures: S&P -2.75, Dow Jones -26, NDX -5 and Russell 2000 -2.60. Asia lower and Europe lower ex Germany.
Copper, silver and gold lower. WTI Crude and Brent Oil Futures lower. Natural Gas is lower. $ is higher vs Euro, lower vs. Pound and lower vs. Yen. US 10 year Treasury yield at 2.38% yield, one day change -2, one month change +1 and +55 one year change. Prices as of 7:55 a.m. EDT.
Top Sectors Energy, Naterials, Services and Technology .
Weak Sectors Utilities and Financials.
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): NK FC UNXL among the leaders.
Due Friday morning (by avg. trade volume descending): BBRY among the leaders.
Rags & Mags: Inside Wall Street
Bloomberg: Boston Federal Reserve President Rosengren calls for three more rate increases. Markets struggle overseas this morning. Q4 GDP final reading out this morning.
Reported Earnings This Morning
Reported Earnings This Morning (Best to Worst absolute beats/misses [+.02 or greater/-.02 or worse]): none of note.
Missing: PRGO.
Lower Guidance: .
Current Morning missing: PRGO.
Mixed Guidance: SCWX.
Positive Guidance: .
Data Points
Yesterday saw 1908 stocks rise and 1014 fall on the NYSE. NASDAQ saw 1739 rise and 1093 fall.
The SP 500 is still above its 50 day exponential moving average and above its 200 day exponential moving average. The Russell 2000 is below 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. 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
Q4 GDP is due out at 8:30 a.m. EDT and is expected to be revised to 2.0% from 1.9%.
Weekly Jobless Claims are due out at 8:30 a.m. EDT and then Weekly Natural Gas Inventories are due out at 10:30 a.m. EDT.
Politico
Secretary of State Rex Tillerson visits Turkey. Also on Thursday also Federal Reserve Dallas President Rob Kaplan speaks at 11:00 a.m. EDT, followed by San Francisco President John Williams at 11:15 a.m. EDT.
Conference & Analyst Meetings
Meetings, Conference Calls or Announcements of note, ALK. Scotia Howard Weil Energy Conference. Sidoti Emerging Growth Convention.
Conference of Note
GlobalShop 2017
M & A News
MXL to buy EXAR for $13 a share.
Key Upgrades and Downgrades
| Firm | Upgrades | Downgrades |
|---|---|---|
| JP Morgan | ||
| Goldman Sachs | CYBR | SUN |
| Morgan Stanley | CY | |
| Deutsche Bank | ||
| Citigroup | ||
| Merrill Lynch | LULU SCWX | |
| Wachovia/Wells Fargo | ||
| Credit Suisse | ||
| Banc of America | ||
| UBS | ||
| SunTrust RH | ||
| Sanford Bernstein | ||
| Jefferies | ||
| RBC | ||
| Needham | ||
| Raymond James | FSC | |
| Piper Jaffray | ||
| Friedman Billings | ||
| Guggenheim | ||
| Stifel | ||
| Robert W. Baird | ||
| Cowen | ||
| Sun Trust RH | NLNK |
