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Morning Note

News

Morning Note

"Morning Note – 12/28/18"

posted by CAPIS on 12/28/2018 at 7:45 am

by CAPIS

12/28/2018 at 7:45 am

In After Hours Trading

IPOs on deck: IPOs are done for the year and we will pick back up in 2019, The likelihood is 90% no more secondaries for the year. That said there still could be some filings announced.

IPO Filings After The Close: Harpoon Therapeutics files IPO for 2019. KREF RKDA common stock; KREF mixed shelf offering.

Courtesy of IPO Financial

Earnings From After the Close:  There are no earnings of note this week.

News After The Close:

API Petroleum Data for the week ended 12/21 sees Crude Inventories build by 6.90 million barrels. Gasoline builds by 3.70 million barrels.

Lockheed Martin (LMT) picks up $710 million Navy contract.

Huntington Ingalls (HII) wins $230 million Navy contract.

Dell Computer (DELL) will begin trading today.

Dividend Increases:

Special Dividend: GBCI, VMST pays special dividend today of $26.81 per share.

Repurchase Ammouncements: CRH

Index Changes: FRC will join the S&P 500 on January 2nd.

Hourly Action This Past Week:

Stocks were in trouble until 2:00 a.m. EDT and then it was off to the races. Stocks closed higher.

Courtesy of Quantitative Partners, Inc.

What’s Happening This Morning:

U.S. futures: S&P +10, Dow Jones +111  NDX +18 and Russell 2000 +6 with fair values LOWER ADDING TO GAINS.  Asia mixed with the Nikkei lower and Europe higher this morning.

Gold flat with silver and copper higher. WTI Crude and Brent Oil Futures higher. Natural Gas is lower. $ is lower vs Euro, lower vs. Pound and lower vs. Yen. US 10 year Treasury price 121.41 with yields lower since Wednesday morning. Prices as of 8:15 a.m. EDT.

Top Sectors Thursday: Industrials, Utilities, Healthcare and Technology.

Weakest Sectors Thursday: Conglomerates..

One Month Winners: None.

Three Month Winners: None.

Six Month Winners: None.

Twelve Month Winners: None

Year To Date Winners: None.

Rags & Mags:

The government shutdown will extend into 2019 as no agreements reached. (CNBC)

President Trump tweets will be forced to close southern border if no funding for the wall. (Twitter)

Nationwide outage affects CenturyLink (CTL) customers. (CNBC)

Sears Holdings (SHLD) may liquidate if no bid emerges on Friday. (CNBC)

Tesla (TSLA) names Larry Ellison (ORCL) and Kathleen Wilson-Thompson (WBA) to the Board of Directors (Bloomberg Radio)

Date Points:

Yesterday saw 1599 stocks rise and 1350 fall on the NYSE. NASDAQ saw 1620 rise and 1456 fall.

The SP 500 remains 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. In a miracle, both indexes are now above their 5 day moving average.

The QPI10 Day Moving Average of Breadth (10DMA) moved to cash on 11/21 at 2642.21. For a move to cash, the 10DMA needs to have two days in row below -200. We are in watch mode to get back to a buy.

YTD  24% (-7%) of stocks are higher and 76% (+7%) are lower. Updated 12/21/18 close with next update on 12/28/18 close

Courtesy of Quantitative Partners, Inc and Phil Erlanger Research, Inc.

Trading:

Yesterday saw the S&P 500, Dow Jones Industrial Average and the Russell 2000 struggle until 2:00 p.m. EDT but never move below support. Then the S&P 500, Russell 2000 and Dow Jones moved above pivot into the close.

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

Economic & Related:

November Pending Home Sales are due out at 10:00 a.m. EDT and are expected to rise to 0.5% from -2.6%.

Weekly Natural Gas Inventories are due out at 10:30 a,m. EDT.

Weekly Crude Oil Inventories are due out at 11:00 a.m. EDT.

Politico:

The government shutdown will extend into 2017 as no agreements reached,

Conferences & Analyst Meetings:

Analyst Meetings: We are done with analyst meetings for the year.

Sellside Conferences: None of note.

Industry Conferences: None of note.

M&A News & Rumors

Green Growth Brands (GGBXF) to launch hostile bid for Aphria (APHA).

Upgrades & Downgrades

Gap Up and Downs Pre Market: APHA +11.3% BTI 3.8%

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