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Morning Note

News

Morning Note

"Morning Note – 12/3/18"

posted by CAPIS on 12/03/2018 at 7:45 am

by CAPIS

12/03/2018 at 7:45 am

In After Hours Trading

IPOs on deck:  4 IPOs on deck for this week: AMTB MRNA MOGU THOR.

Secondaries on deck: So far 1 on deck this week DMCAF.

Filings After The Close: HL common stock; BNS CFRX mixed shelf offering.

IPO Filing:.

Courtesy of IPO Financial

Earnings From After the Close: none of note.

News After The Close:

United Technologies (UTX) wins $400M Navy contact.

On Friday night, the 41st President of the United States George H. W. Bush passed away at 94 years old.

Hourly Action This Past Week:

Courtesy of Quantitative Partners, Inc.

What’s Happening This Morning:

U.S. futures: S&P +39.50, Dow Jones +438, NDX +154.50 and Russell 2000 +17.30 with fair values HIGHER CUTTING INTO GAINS. Asia and Europe higher.

Gold, silver and copper higher. WTI Crude and Brent Oil Futures higher. Natural Gas is lower. $ is lower vs Euro, higher vs. Pound and lower vs. Yen. US 10 year Treasury price 119.27 with yields slightly higher since Friday morning. Prices as of 7:55 a.m. EDT.

Top Sectors Friday: Utilities, Technology and Healthcare.

Weakest Sectors Friday: Materials.

One Month Winners: Healthcare, Services, Financials and Technology.

Three Month Winners: Utilities

Six Month Winners: Healthcare and Utilities.

Twelve Month Winners: Healthcare, Services and Conglomerates

Year To Date Winners: Healthcare, Services, Conglomerates and Utilities.

Earnings Ahead: (sorted by Market Cap and only most impactful and notables listed)

Earnings Expected After The Close: COUP SMAR MESA.

Earnings Due Tuesday Morning: BMO DG AZO HDS DCI AVYA CONN GMS MOV BNED.

Rags & Mags:

NYSE and NASDAQ Closed on Wednesday For National Day of Mourning For President George H.W. Bush (Bush 41)

Five Things To Know Before You Start Your Day. (Bloomberg)

President Trump and President XI agree to slow the change in tariff levels for 90 days. (Bloomberg)

France under state of emergency over riots related to a gas tax. (NYT)

Qatar to leave OPEC. (Bloomberg)

Federal Reserve Vice Chairman Richard Clarida in Bloomberg TV interview says Fed may “refine” methods. (Reuters)

Invesco warns Friday Job Report could lead to a major selloff. (CNBC)

Google (GOOGL) Hearing postponed on Wednesday due to national day of mourning for Bush 41. (Politico)

Barron’s Positive Mentions: GE MSFT GM APTV BA PGR FB

Earnings Reported This Morning:

Surprises: FNSR +.05.

Flat:

Misses:

Lower Guidance:

Mixed Guidance:

Strong Guidance:

Date Points:

Yesterday saw 1605 stocks rise and 1346 fall on the NYSE. NASDAQ saw 1743 rise and 1409 fall.

The SP 500 is barely below its 50 day simple moving average and its 200 day simple moving average (2761.88). Expect those levels to be taken out if futures hold through the day. The Russell 2000 is still below its 50 day simple moving exponential average and 200 day simple moving average (1614.22).

The QPI10 Day Moving Average of Breadth (10DMA) moved to cash on 11/21. For a move to cash, the 10DMA needs to have two days in row below -200.

YTD 39% (+3%) of stocks are higher and 60% are lower. Updated 11/30/18 close with next update on 12/7/18 close.

Courtesy of Quantitative Partners, Inc.

Trading:

Yesterday saw the S&P 500, Dow Jones Industrial Average and the Russell 2000 close resistance to pivot giving a confidence score of 67%.

The Erlanger Value Lines track the intraday range of resistance, pivot and support. Each day we show where we closed within the range. This morning looks to be  .

Economic:

November ISM Index is due out at 10:00 a.m. EDT and is expected to fall to 57.2 from 57.7.

October Construction Spending is also due out at 10:00 a.m. EDT and is expected to rise to 0.3% from 0%.

Politico:

Federal Reserve New York President John Williams to speak at 9:00 a.m. EDT.

Technical Takeaways

This morning we look at stocks with a market cap greater than $2B that just moved above their 200 day moving average.

Courtesy of Phil Erlanger Research, Inc. 

Conferences & Analyst Meetings:

Analyst Meetings: BHF AFL PFG AMGN SLG FMC BLCM JRSH BKH XEL XLRN XENE GLYC F BLUE ZGNX SRRA.

Sellside Conferences:

Raymond James Technology Conference

UBS Global Media and Communications Conference

Cowen Annual Energy and Natural Resources Conference

Bank of America Merrill Lynch Leveraged Finance Conference

Wells Fargo Technology Summit

Macquarie Group Asian Internet, Media and Education Conference

Industry Conferences:

American Society of Hematology Annual Conference

American Epilepsy Annual Conference

M&A News & Rumors

Nexstar (NXST) to buy Tribune Media (TRCO) for $4.1B.

White House claims that China would support a rebid by Qualcomm (QCOM) for NXP (NXPI).

Upgrades & Downgrades

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