In After Hours Trading
IPOs on deck this week Select Energy Services (WTTR). Secondaries of note UNIT.
In After Hours Trading: AXP +.07 BHE +.08 CCK +.03 CSX +.08 QCOM +.14 STLD +.03 URI +.08.
Lower Guidance: PLXS PTC.
Mixed Guidance: BHE CCK.
Positive Guidance: IEX SLM.
What’s Happening This Morning
U.S. futures: S&P +6, Dow Jones +34, NDX +19 and Russell 2000 +5.90. Asia mixed and Europe mixed.
Copper higher with silver higher and gold lower. WTI Crude and Brent Oil Futures higher. Natural Gas is higher. $ is lower vs Euro, lower vs. Pound and higher vs. Yen. US 10 year Treasury yield at 2.23% yield, one day change +2, one month change -23 and +38 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): V MXIM ETFC MAT NCR MANH ASB PFPT among others.
Due Thursday morning (by avg. trade volume descending): GE SLB HON NEE STI AAL SWK COL IPG KSU MAN SHOO among others.
Rags & Mags: Inside Wall Street
Bloomberg: Oil back up as Gulf producers look to extend cuts. Brexit on track with May election call< China has not fallen more than 1% in 84 sessions. ECB getting closer to ending stimulus. Kiss your Florida real estate goodbye as rising ocean levels will force lenders to stop lending./p>
NY Times: Fox (FOXA) adjusts to life after O[Reilly. Apple (AAPL) faces inquiry over content found in Chinese Apple stores. Facebook (FB) wins because of its network.
WSJ: .
Reported Earnings This Morning
Reported Earnings This Morning (Best to Worst absolute beats/misses [+.02 or greater/-.02 or worse]): ADS +.05 BX +.14 DOV +.48 KEY +.02 MTG +.06 PPG +.03 DGX +.15 SNA +.05 SON +.03 TRV-.22 VZ -.01.
Missing: NUE SYNT.
Lower Guidance: .
Current Morning missing: .
Mixed Guidance: DHR DOV DGX SHW SON.
Positive Guidance: UNH.
Data Points
Yesterday saw 1360 stocks rise and 1528 fall on the NYSE. NASDAQ saw 1701 rise and 1119 fall.
The SP 500 is back below 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
The March Philadelphia Fed Index is due out at 8:30 a.m. EDT and is expected to fall to 21.8 from 32.8.
March Leading Indicators are due out at 10:00 a.m. EDT and are expected to fall to 0.20% from 0.60%.
Weekly Natural Gas Inventories are due out at 10:30 a.m. EDT.
Politico
German Finance Minister Wolfgang Schauble speaks in Washington D.C.
Federal Reserve Governor Jerome Powell speaks at 8:00 a.m. EDT.
Conference & Analyst Meetings
Meetings, Conference Calls or Announcements of note, BX PDCE IRM.
Conference of Note
Microstrategy World 2019
Big Data Innovation Summit
FCC Meeting On Wireless Development/UHF Discount Rule
M & A News
Virtu Financial (VIRT) to KCG Financial (KCG) for $20 a share.
Key Upgrades and Downgrades
| Firm | Upgrades | Downgrades |
|---|---|---|
| JP Morgan | ||
| Goldman Sachs | ||
| Morgan Stanley | ||
| Deutsche Bank | ||
| Citigroup | RIO | |
| Merrill Lynch | ||
| Wachovia/Wells Fargo | ||
| Credit Suisse | ||
| Banc of America | ||
| UBS | ||
| SunTrust RH | ||
| Sanford Bernstein | ||
| Jefferies | ||
| RBC | ||
| Needham | ||
| Raymond James | ||
| Piper Jaffray | ||
| Friedman Billings | ||
| Guggenheim | ||
| Stifel | SBUX | |
| Robert W. Baird | PFPT MBLY |
