In After Hours Trading
IPOs on deck today Bright Scholar Educational Holdings (BEDU). Secondaries of note ADSW ARGX RPRX TELL.
In After Hours Trading: CSCO +.02 LB +.03 SNPS +.02 ZTO +.03.
Lower Guidance: ZTO.
Mixed Guidance: .
Positive Guidance: .
What’s Happening This Morning
U.S. futures: S&P -5.25, Dow Jones -65, NDX -8 and Russell 2000 -5. Asia and Europe lower.
Copper lower with silver lower and gold higher. WTI Crude and Brent Oil Futures lower. Natural Gas is higher. $ is higher vs Euro, lower vs. Pound and lower vs. Yen. US 10 year Treasury yield at 2.20% yield, one day change -10, one month change +3 and +35 one year change. Prices as of 7:50 a.m. EDT.
Top Sectors None.
Weak Sectors All.
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): AMAT ADSK GPS MCK ROST CRM SPWH among others.
Due Friday morning (by avg. trade volume descending): CPB DE DXLG FL MMYT QSII among others.
Rags & Mags: Inside Wall Street
Bloomberg: Brazil is on turmoil this morning over the current president approving payments to take down Dilma Rousseff. $EWZ could be a good short or put play. Conagra ($CAG) bucked the weakness as investors are interested in this name.
Reported Earnings This Morning
Reported Earnings This Morning (Best to Worst absolute beats/misses [+.02 or greater/-.02 or worse]): BABA -.03 CATO +.05 RL +.11 PLCE +.31 WMT +.04.
Missing: .
Lower Guidance: .
Current Morning missing: .
Mixed Guidance: .
Positive Guidance:
Data Points
Yesterday saw 603 stocks rise and 2367 fall on the NYSE. NASDAQ saw 441 rise and 2487 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 back 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 as of last 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.
Economics
April Leading Indicators are due out at 10:00 a.m. EDT and are expected to fall to 0.3% from 0.40% last month.
Politico
European Central Bank President Mario Draghi speaks in Israel at Tel Aviv University.
President Donald Trump meets with Colombia President Juan Manuel Santos.
Federal Reserve Cleveland President Loretta Mester speaks at 1:15 p.m. EDT today.
On Friday Federal Reserve St. Louis President James Bullard speaks at 9:15 a.m. EDT.
Conference & Analyst Meetings
Meetings, Conference Calls or Announcements of note, SCWX RGA EPZM FTV. Bank of America Merrill Lynch Healthcare Conference. Three Part Advisors East Coast IDEAS Investor Conference.
Conference of Note
American Pain Society 36th Annual Scientific Meeting
M & A News
Key Upgrades and Downgrades
| Firm | Upgrades | Downgrades |
|---|---|---|
| JP Morgan | ||
| Goldman Sachs | TEF | |
| Morgan Stanley | ||
| Deutsche Bank | ||
| Citigroup | BMO | |
| Merrill Lynch | ||
| Wachovia/Wells Fargo | ||
| Credit Suisse | CFX | |
| Banc of America | ||
| UBS | ||
| SunTrust RH | ||
| Sanford Bernstein | ||
| Jefferies | ||
| RBC | ||
| Needham | ||
| Raymond James | ||
| Piper Jaffray | ||
| Friedman Billings | ||
| Guggenheim | ||
| Stifel | ||
| Robert W. Baird | FSLR |
