In After Hours Trading
IPOs on deck: none of note.
Secondaries on deck: AMRN CRCM GOOS KOS SABR.
Filings After The Close: CUB KOS ACAD SJW RCKT SWX AMRN SABR GOOS common stock, KOPN mixed shelf, DXCM convertible notes.
IPO Filing: Mercantil Bank (AMTB) file 11M shares range of $16.50 to $18.50.
Earnings From After the Close: none of note.
Surprises: ENTA +0.19.
Misses: GSM (0.15), MTSC (0.08), BKE (0.04).
News After The Close:
Immunogen (IMGN) CFO resigns, effective immediately.
Abeona Therapeutics (ABEO) fires CEO for “personal midsconduct”. Names CMO Joao Siffert as Interim CEO.
President Trump says Chinese Tariffs will go to 25% if no deal. Notes would impact all Chinese imports, i.e. Apple (AAPL) shares fall -1.8% in after market as comment made.
Bristol Myers (BMY) announces its Phase 3 CheckMate -451 Opdivo studydid not meet primary endpoint.
Berkshire Hills Bancorp (BHLB) CEO stepped down immediately. Names Richard Marotta CEO.
Index Changes After The Close (all effective prior to open on 12/3):
S&P 500 Adds LW MXIM FANG
S&P 400 Adds CACI SRCL PEB
S&P 600 Adds ADUS
Hourly Action This Week:
What’s Happening This Morning:
U.S. futures: S&P -9.75, Dow Jones -73, NDX -40 and Russell 2000 -4.60 with fair values HIGHER CUTTING INTO GAINS. Asia and Europe lower.
Gold and silver higher with copper lower. WTI Crude and Brent Oil Futures lower. Natural Gas is lower. $ is higher vs Euro, higher vs. Pound and higher vs. Yen. US 10 year Treasury price 119.22 with yields slightly lower since Monday morning. Prices as of 7:55 a.m. EDT.
Top Sectors Monday: All higher with leaders Technology, Services and Financials.
Weakest Sectors Monday None:.
One Month Winners Healthcare, Utilities and Financials.
Three Month Winners: Utilities
Six Month Winners: Healthcare and Utilities.
Twelve Month Winners: Healthcare, Services and Conglomerates
Year To Date Winners: Healthcare, Services and Conglomerates.
Earnings Ahead: (sorted by Market Cap and only most impactful and notables listed)
Earnings Expected After The Close: CRM NTNX GWPH BV CENT .
Earnings Due Wednesday Morning: RY COL TIF SJM BURL WB SINA DKS PLCE BITA CHS PLAB MOV JILL SPWH.
Rags & Mags:
Capital Spending Flashes a Warning For 2019 (Bloomberg)
President Trump & President Xi best chance to end trade spat. (The Washington Post)
Earnings Reported This Morning:
Misses: SDRL (0.87), AQUA (0.05), HIBB (0.02), BNS (0.02)
Still To Report: EV CBRL
Yesterday saw 1903 stocks rise and 1028 fall on the NYSE. NASDAQ saw 1849 rise and 1237 fall.
The SP 500 is still below its 50 day simple moving average and its 200 day simple moving average (2761.00). The Russell 2000 is still below its 50 day simple moving exponential average and 200 day simple moving average (1613.75).
The QPI10 Day Moving Average of Breadth (10DMA) moved to cash last Wednesday morning (11/21). For a move to cash, the 10DMA needs to have two days in row below -200.
YTD 39% (-1) of stocks are higher and 61% (+1) are lower. Updated 11/16/18 close with next update on 11/26/18.
The latest short interest data from the NYSE and NASDAQ are due out after the close. During this period, the S&P 500 rose 2.28%.
Yesterday saw the S&P 500, Dow Jones Industrial Average and Russell 2000 finished above resistance. It was the first day all three were above resistance since November 7th. The Russell has been showing intraday strength for the last week against the S&P 500 and Dow Jones.
The Erlanger Value Lines track the intraday range of resistance, pivot and support. Each day we show were we closed within the range. This morning looks to be gap open above resistance. Of late, most gap opens have failed in short order. Will today start a new trend?
Case Shiller Housing Price Index came in at 5.5% last month and is expected to come in at 5.2%.
November Consumer Confidence is released at 10:00 a.m. EDT and is expected to fall to 135.5 from 137.90.
Senate runoff election in Mississippi with end results Senate is 52-48 Republican or 53-47.
Federal Reserve Regional President Bostic, George and Evans speak at 2:30 p.m. EDT in a roundtable.
Conferences & Analyst Meetings:
Analyst Meetings: ALK UTX VET UNH.
Citi Basic Materials Conference (11/26-11/28)
Credit Suisse Annual Technology, Media and Telecom Conference (11/26-11/29)
Evercore ISI HealthCONx (11/27-11/29)
Piper Jafray Healthcare Conference (11/27-11/29)
Jefferies Global Energy Conference (11/27-11/28)
Credit Suisse Annual Industrials Conference (11/27-11/29)
M&A Activity And Credible Rumors of Note Overnight:
Dominion Energy (D) to buy Dominion Midstream for 0.2492 shares of DE.
Southwest Gas (SWX) to buy LInetec Servicesfor $336 million. SWX also files a secondary.
United Technologies (UTX) to divide into three companies, post acquisition of Rockwell Collins. Call at 8:00 a.m. EDT to review.
Upgrades & Downgrades