In After Hours Trading
IPOs on deck this week Select Energy Services (WTTR). Secondaries of note AGIO BOLD PLG.
In After Hours Trading: ADTN +.03 IBM +.03 IBKR -.05 ISRG +.11 LRCX +.25 RCI +.07 YHOO +.04.
Lower Guidance: .
Mixed Guidance: .
Positive Guidance: LRCX.
What’s Happening This Morning
U.S. futures: S&P +7.25, Dow Jones +34, NDX +18 and Russell 2000 +5.90. Asia mixed and Europe mixed.
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 2.21% yield, one day change -2, one month change -29 and +43 one year change. Prices as of 7:55 a.m. EDT.
Top Sectors Conglomerates.
Weak Sectors Energy, Materials, Healthcare and Financials led the downside.
One month winners Utilities and Services.
Three Month Winners Consumer Goods, Utilities and Technology.
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): QCOM AXP KMI LVS CSX EBAY CP URI TMK among others.
Due Thursday morning (by avg. trade volume descending): VZ PM DHR BK ABB BX BBT TRV SHW DISH PPG KEY NUE among others.
Rags & Mags: Inside Wall Street
Bloomberg: French election looks to be a coin toss as Communist backed Jean Luc Melenchon could be a spoiler. Goldman Sachs drops owning the U.S. Dollar as reflation slows. Bonds hit lowest yields since November. There are no easy solutions for President Trump on North Korea. No need to panic about Q1 consumer slump.
NY Times: Democrat failed to take a 50% victory in Georgia House Race setting in place a runoff election. Bill O’Reilly loses support of Murdochs. Trump signs Executive Order that may impact tech worker visas. IMF raises 2017 Global Outlook.
WSJ: Nacy did not send aircraft carrier towards North Korea despite Trump claims. Nightmare scenario takes place in French election.Morgan Stanley (MS) saw trading revenues jump.
Reported Earnings This Morning
Reported Earnings This Morning (Best to Worst absolute beats/misses [+.02 or greater/-.02 or worse]): BLK +.36 MS +.10 SBNY +.38 USB +.02.
Missing: ABT GPC.
Lower Guidance: .
Current Morning missing: .
Mixed Guidance: .
Positive Guidance: UNH.
Data Points
Yesterday saw 1368 stocks rise and 1518 fall on the NYSE. NASDAQ saw 1232 rise and 1571 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 2662 stocks are higher and 1979 lower. Updated 3/31/17 close.
Economics
Weekly Crude Oil Inventories are due out at 10:30 a.m. EDT.
Politico
Federal Reserve releases its latest Beige Book at 2:00 p.m. EDT. Federal Reserve Boston President Eric Rosengren speaks at 12:30 p.m. EDT.
Conference & Analyst Meetings
Meetings, Conference Calls or Announcements of note, EMES AKZOY
Conference of Note
Microstrategy World 2019
Big Data Innovation Summit
M & A News
Key Upgrades and Downgrades
| Firm | Upgrades | Downgrades |
|---|---|---|
| JP Morgan | ||
| Goldman Sachs | WRK | |
| Morgan Stanley | SIRI ENR | |
| Deutsche Bank | ||
| Citigroup | ||
| Merrill Lynch | GWR | |
| Wachovia/Wells Fargo | ||
| Credit Suisse | GWW | |
| Banc of America | ||
| UBS | ||
| SunTrust RH | ||
| Sanford Bernstein | ||
| Jefferies | ETE | |
| RBC | ||
| Needham | ||
| Raymond James | TPX |
Nice work!