In After Hours Trading
7 IPOs on deck this week led by Cloudera. Secondaries of note CTVR.
In After Hours Trading: AA +.15 ABX -.07 CR +.05 JJSF -.03 QDEL +.16 SANM +.06 TMUS +.44 SLCA +.03 UIS +.08 WRB +.26 WNC +.04 WHR -.16.
Lower Guidance: WHR.
Mixed Guidance: ESRX SANM UDR.
Positive Guidance: IEX SLM.
What’s Happening This Morning
U.S. futures: S&P +4.25, Dow Jones +11, NDX +11.75 and Russell 2000 +7.20. Asia and Europe higher.
Copper higher with silver and gold lower. WTI Crude and Brent Oil Futures higher. Natural Gas is flat. $ is lower vs Euro, lower vs. Pound and higher vs. Yen. US 10 year Treasury yield at 2.30% yield, one day change +2, one month change -12 and +38 one year change. Prices as of 7:55 a.m. EDT.
Top Sectors All.
Weak Sectors None.
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): T TXN CB SYK COF DFS ILMN EQR EW BXP among others.
Due Wednesday morning (by avg. trade volume descending): PEP BA UTX TMO GD ANTM NOC BCE NSC WM STT BAX DISH TEL among others.
Rags & Mags: Inside Wall Street
Bloomberg: President Trump to propose a 15% tax rate. North Korea continues to flex its muscles but did not complete a nuclear test. European Union toughens its stance against British. Monday gains have held into Tuesday. Oil is back under $50./p>
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 2100 stocks rise and 847 fall on the NYSE. NASDAQ saw 2069 rise and 792 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 back above 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 invested as of Friday’s close. The Madison Market Timing Indicator is now invested since November 18th.
YTD 2662 stocks are higher and 1979 lower. Updated 3/31/17 close.
Markets are closed in Australia.
Economics
March New Home Sales are due out at 10:00 a.m. EDT and are expected to fall to 590,000 from 592,000.
April Consumer Confidence is due out at 10:00 a.m. EDT and is expected to fall to 123.30 from 125.6.
The latest NYSE and NASDAQ Short Interest Data is due out after the close.
Politico
Conference & Analyst Meetings
Meetings, Conference Calls or Announcements of note, AVXS SCYX KMG HUM.
Conference of Note
American Academy of Neurology Annual Meeting
M & A News
Key Upgrades and Downgrades
| Firm | Upgrades | Downgrades |
|---|---|---|
| JP Morgan | TEX | |
| Goldman Sachs | BHP | |
| Morgan Stanley | ||
| Deutsche Bank | ||
| Citigroup | ||
| Merrill Lynch | BBY | |
| Wachovia/Wells Fargo | ||
| Credit Suisse | ||
| Banc of America | ||
| UBS | ||
| SunTrust RH | ||
| Sanford Bernstein | ||
| Jefferies | TGTX |
