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Morning Note

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Morning Note

"Morning Note – 12/18/18"

posted by CAPIS on 12/18/2018 at 7:42 am

by CAPIS

12/18/2018 at 7:42 am

In After Hours Trading

IPOs on deck: One IPO due out this week IMAC Holdings Unit.

Secondaries on deck: Mercantile Bank Holding (AMTB) of note so far this week.

Convertibles Prices:

Filings After The Close: common stock; convertible; TE EHTH mixed shelf offering.

IPO Filing: none of note.

Courtesy of IPO Financial

Earnings From After the Close: Surprises: RHT +0.09, ORCL +0.2, HEI +0.01

Misses:

Positive Guidance: HEI

Mixed Guidance: ORCL

News After The Close:

China cuts it holdings of Treasuries for the fifth straight month.

Achillion Pharmaceuticals  (ACHN) reports positive interim data for ACH-4471 Phase 2 Trials.

Aclaris Therapeutics (ACRS) provides update on JAK 1/3 inhibitor clinical trials.

Puma Biotech (PBYI) announces results on Phase 3 NALA Trials of Neratnib.

Kroger (KR) CFO J. Michael Schlotman to retire in April of 2019 and will be replaced by Gary Millerchip.

CBS Corp (CBS) will not pay former CEO Leslie Moonves a severance payment and is terminated for cause.

Nuskin (NUS) to take a $70M charge for Q4.

Army give new contract to BAE Systems (BAESY) for $376M and General Dynamics (GD) for $335M.

Dividend Raises: BA SFBS ABX

Dividend Cuts:

Special Dividend: CNXN

New Repurchase Announcements: UHS JNJ BA ALL (accelerated buyback) CNXN

Hourly Action This Past Week:

Yesterday was ugly the only up hours were 10:00 -11:00 and 11:00 to 12:00.

Courtesy of Quantitative Partners, Inc.

What’s Happening This Morning:

U.S. futures: S&P +17, Dow Jones +152, NDX +52 and Russell 2000 +8.50 with fair values LOWER HELPING GAINS. Asia higher and Europe mixed to higher.

Gold flat with silver and copper lower. WTI Crude and Brent Oil Futures lower. Natural Gas is higher. $ is lower vs Euro, lower vs. Pound and lower vs. Yen. US 10 year Treasury price 120.81 with yields lower since Monday morning. Prices as of 8:35 a.m. EDT.

Top Sectors Monday: None of note.

Weakest Sectors Monday: None.

One Month Winners: Utilities

Three Month Winners: Utilities.

Six Month Winners: Utilities.

Twelve Month Winners: Healthcare  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: AIR ABM FDX JBL MU SCS.

Earnings Due Wednesday Morning: CIS NCS PAYX WGO.

Rags & Mags:

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

Chinese President XI in speech calls for China to “stay the course”. (CNBC)

Stock market headed for worst December since The Great Depression. (CNBC)

President Trump warns the Federal Reserve not to “make a mistake”. (Bloomberg)

FedEx (FDX) earnings will be a tell for how Amazon is doing. (Barron’s)

Emerson (EMR) orders are a warning for all industrials. (Barron’s)

Earnings Reported This Morning:

Surprises:  NAV +0.14FDS +0.06, DRI +0.01.

Positive Guidance: NAV

Date Points:

Yesterday saw 384 stocks rise and 2619 fall on the NYSE. NASDAQ saw 587 rise and 2533 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 12/14/18 close with next update on 12/21/18 close.

Courtesy of Quantitative Partners, Inc

Trading:

Yesterday saw the S&P 500, Dow Jones Industrial Average and the Russell 2000 all closed below support. It was another ugly day. Expect improvement today as you rarely get three days in a row below support.

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 Housing Stats at 8:30 a.m. EDT and expected to rise to 1,230,000 from 1,228,000. Came in at 1,256,000 a beat.

Politico:

Tuesday sees the FOMC begin a two day meeting with announcement and press conference on Wednesday.

Conferences & Analyst Meetings:

Analyst Meetings: AGCO BNFT ELAN THS WEYL CBIO SMMT.

Industry Conference:

American Pain Association Conference on Opiod Epidemic.

M&A News & Rumors

SkyWest (SKYW) to sell ExpressJet to UAL and JV ManaAir.

Rent-A-Center (RCII) terminates merger with Vintage Capital.

T-Mobile (TMUS) and Sprint (S) get merger approval from CFIUS.

Upgrades & Downgrades

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