In After Hours Trading
IPOs on deck none of note . Secondaries of note BWXT CORT HLT MSL USDP.
In After Hours Trading: ABM +.07 CMTL +.09 DTEA +.02 TLRD +.08 VRNT +.11.
Lower Guidance: .
Mixed Guidance: .
Positive Guidance: .
What’s Happening This Morning
U.S. futures: S&P +0.00, Dow Jones -25, NDX +19.25 and Russell 2000 +1.40. Asia higher ex Japan and Europe higher ex the U.K.
Copper higher with silver and gold lower. WTI Crude and Brent Oil Futures lower. Natural Gas is flat. $ is higher vs Euro, higher vs. Pound and higher vs. Yen. US 10 year Treasury yield at 2.20% yield, one day change +2 one month change -19 and +49 one year change. Prices as of 7:55 a.m. EDT.
Top Sectors Financials, Conglomerates and Services.
Weak Sectors Energy, Materials and Industrials.
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): PAY ASNA LAYN among others.
Due Friday morning (by avg. trade volume descending): FGP among others.
Rags & Mags: Inside Wall Street
Bloomberg: Japanese Yen struggles as the Bank of Japan figures out how it will exit from the current stimulus. Investors are avoiding big bets ahead of today’s action.
WSJ: Comey’s prepared remarks do not include any game changers from what is already out. House set to pass bill to roll back rules on Wall Street. China exports rose for third straight month.
NYT: Comey says President Trump began to pressure him early on. Facebook (FB) role in European elections under review. Anthem (ANTH) will exit insurance exchange in Ohio.
Reported Earnings This Morning
Reported Earnings This Morning (Best to Worst absolute beats/misses [+.02 or greater/-.02 or worse]): SJM +.08 PTHN +.01 MTN -.48.
Missing: .
Lower Guidance: .
Current Morning missing: .
Mixed Guidance: .
Positive Guidance: .
Data Points
Yesterday saw 1359 stocks rise and 1513 fall on the NYSE. NASDAQ saw 1516 rise and 1337 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 cash as of last Friday’s close. The Madison Market Timing Indicator is now invested since November 18th.
YTD 2565 stocks are higher and 2056 lower. Updated 6/2/17 close.
Economics
The Weekly Natural Gas Inventory is due out at 10:30 a.m. EDT.
Politico
The European Central Bank left interest rates unchanged but drops reference to lower interest rates. Press conference at 8:30 a.m. EDT.
The United Kingdom holds a general election with Prime Minister Theresa May in lead. The lead has been narrowing. Poll are open to 10:00 p.m. GMT.
Former FBI Director James Comey testifies before the Senate Intelligence Committee about collusion between Trump campaign officials and the Russians.
Conference & Analyst Meetings
Meetings, Conference Calls or Announcements of note, AZPN SYMC COT CMS ENB INSG BABA URBN. Deutsche Bank Global Industrials and Materials Conference. Jefferies Global Healthcare Conference 2017. Baird Global Consumer Technology & Services Conference.
Conference of Note
NAREIT REITWeek Investor Forum 2017
M & A News
Key Upgrades and Downgrades
| Firm | Upgrades | Downgrades |
|---|---|---|
| JP Morgan | LEA | |
| Goldman Sachs | ||
| Morgan Stanley | ||
| Deutsche Bank | ||
| Citigroup | ERIC NOK | |
| Merrill Lynch | CG | |
| Wachovia/Wells Fargo | ||
| Credit Suisse | ||
| Banc of America | ||
| UBS | ||
| SunTrust RH | ||
| Sanford Bernstein | ||
| Jefferies | ||
| RBC | ||
| Needham | ||
| Raymond James | ||
| Piper Jaffray | ||
| Friedman Billings | ||
| Guggenheim | ||
| Stifel | NDRO | LCGY EVEP |
