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Morning Note

News

Morning Note

"Morning Note – 12/14/18"

posted by CAPIS on 12/14/2018 at 7:28 am

by CAPIS

12/14/2018 at 7:28 am

In After Hours Trading

IPOs on deck: Chardan Healthcare Acquisition Unit (CHACU), Legacy Housing (LEGH) and 360 Finance (QFIN).

Secondaries on deck: AMTB AXON LNT SHOP SMAR

Convertibles Prices: MDCO

Filings After The Close: ENPH LNT SHOP AXON SMAR common stock; ENOH convertible; BK ZYME mixed shelf offering.

IPO Filing: none of note.

Courtesy of IPO Financial

Earnings From After the Close:

Surprises: COST +0.0

Misses: ADBE -0.01 CIVI -0.38

Mixed Guidance: ADBE

News After The Close:

Alliant Energy (LNT) names John Larsen to position of COO.

Restoration Hardware (RH) cancels pending convertible offering.

XP Logistics (XPO) fires back on Spuce Point Short Report.

S&P 500 at the lows last night were down -30.

Dividend Raises: CUBE WM ENSG T

New Repurchase Announcements: PXDSTRL DOEM NEU XPO

Hourly Action This Past Week:

Courtesy of Quantitative Partners, Inc.

What’s Happening This Morning:

U.S. futures: S&P -22, Dow Jones -169 NDX  -66 and Russell 2000 -11 . Asia and Europe lower.

Gold, silver and copper lower. WTI Crude and Brent Oil Futures lower. Natural Gas is lower. $ is lower vs Euro, higher vs. Pound and lower vs. Yen. US 10 year Treasury price 120.48 with yields higher since Thursday morning. Prices as of 7:55 a.m. EDT.

Top Sectors Thursday: Utilities, Materials and Consumer Goods.

Weakest Sectors Thursday: Conglomerates and Services.

One Month Winners: Utilities 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: none of note.

Earnings Due Monday Morning: none of note.

Rags & Mags:

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

Michael Cohen says President Trump directed him on hush money payments. (WSJ)

UBS calls for a 20% rally in stocks in 2019. (CNBC)

Bank of America says investors flee stocks, second biggest ever. (Bloomberg)

Federal prosecutors are examining President Trump’s Inaugural Committee spending habits. (NYT)

China cuts all auto tariffs from U.S. to China. (Bloomberg)

Small-Cap Stocks Teeter on the Edge of a Bear Market. (WSJ)

U.S. Airlines Insiders Are Buying Up Stock This Year. (Barron’s)

Goldman Sachs Says the ‘Battle of the Balance Sheets’ Has Begun. (Barron’s)

Earnings Reported This Morning:

Surprises:  None of note this morning.

Date Points:

Yesterday saw 1041 stocks rise and 1880 fall on the NYSE. NASDAQ saw 815 rise and 2270 fall.

The SP 500 is still below its 50 day simple moving average and its 200 day simple moving average. The Russell 2000 is still below its 50 day simple moving exponential average and 200 day simple moving average.

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% (+1) 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 mixed. The strength of Tuesday and Wednesday could not continue.

This morning it will probably be a gap down below support. Watch for a bounce above support. If we get one, then we will comment on Twitter under Bullet86.

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

Courtesty of Phil Erlanger Research, Inc.

Economic:

November Retail Sales are due out at 8:30 a.m. EDT and are expected to fall to 0.2% from 0.8%.

November Industrial Production is due out at 9:15 a.m. EDT is expected to rise to 0.3% from 0.1%.

Politico:

USTR Hearing on EU Trade Agreement at 9:30 a.m. EDT.

Conferences & Analyst Meetings:

Analyst Meetings: MG MET STWD CNC PSTI.

M&A News & Rumors

Merck (MRK) to buy Antelliq Group for 2.1 billon Euros.

CONMED (CNMD) to buy Buffalo Filter LLC for $365 million. The deal is accretive in 2020.

Mistras Group (MG) buys Onstream Pipeline Inspection Services for $143 million.

LVMH (LVMUY) to buy Belmond for $25 a share.

Upgrades & Downgrades

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