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Morning Note


Morning Note

"Morning Note – 1/2/19"

posted by CAPIS on 01/02/2019 at 7:39 am


01/02/2019 at 7:39 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: files IPO for 2019.  TYME MPW common stock; MPW mixed shelf offering.

Courtesy of IPO Financial

Earnings From After the Close:  RICK $-0.06.

News After The Close:

Windstream (WIN) sells Earthlink for $330 million to Trive Capital.

Protagonist Therapeutics (PTGX) CFO Thomas O’Neil to resign as of January 11th.

Activision Blizzard (ATVI) CFO Spencer Neumann notified for termination of cause unrelated to financial reporting or disclosure issues. Put on paid leave and COO Dennis Durkin assumes duties. See Rags & Mags as Neumann hired this morning by Netflix.

Portola Pharmceuticals (PTLA) Chief Medical Officer resigns to go to another pharmaceutical company.

Special Dividend:

Ticker Change:.

Hourly Action This Past Week:

Stocks were mixed with a drop to 11:30 a.m. EDT then a rise to 1:30 p.m. EDT follow by a drop to 3:57 p.m. EDT then a rather epic 3 minute pop to close on the highs of the day.

Courtesy of Quantitative Partners, Inc.

What’s Happening This Morning:

U.S. futures: S&P – 42, Dow Jones -386  NDX -142 and Russell 2000 -18.20 with fair values HIGHER ADDING TO LOSSES.  Asia lower with the Nikkei closed and Europe lower this morning. Closed Nikkei.

Gold higher with silver and copper lower. WTI Crude and Brent Oil Futures lower. Natural Gas is higher. $ is higher vs Euro, higher vs. Pound and lower vs. Yen. US 10 year Treasury price 122.27 with yields lower since Monday morning. Prices as of 8:15 a.m. EDT.

Top Sectors Monday: Healthcare, Industrials and Services led.

Weakest Sectors Monday: Conglomerates.

One Month Winners: None.

Three Month Winners: None.

Six Month Winners: Utilities.

Twelve Month Winners: Utilities.

Year To Date Winners: Healthcare.

Rags & Mags:

China Manufacturing PMI falls below 50 for the first time since May of 2017. Asian markets hurt. Japan closed through Thursday. (CNBC)

Senator Mitt Romney writes op-ed on President Trump in The Washington Post. (CNN)

Macau Gaming reports that December gross revenues rose 16.60%. (CNBC)

Baidu (BIDU) raises fiscal year 2018 revenues but warns of China slowing. (South China Morning Post)

Netflix (NFLX) hires Spencer Neumann from Activision Blizzard (ATVI). (see News After The Close) (Reuters

Drug companies raise prices for 2019 led by Allergan (AGN) who raised prices 10%. (WSJ)

President Trump wants trade deal done but U.S. Trade Representative Robert Lighthizer does not want to step away from the hawkish approach. (NYT)

House Democrats want to change credit reporting standards. (WSJ)

Date Points:

Yesterday saw 2135 stocks rise and 827 fall on the NYSE. NASDAQ saw 2030 rise and 1117 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 and 10 day moving averages.

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  26% (+2%) of stocks are higher and 74% (-2%) are lower. Updated 12/28/18 close with next update on 1/4/19 close

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


Yesterday saw the S&P 500 and the Russell 2000 close pivot to resistance which was a positive day. The Dow closed above resistance.

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:

None of note.


The government shutdown continues as no agreements reached.

President Trump will meet with Congressional Leaders at 12:00 p.m. EDT.

Conferences & Analyst Meetings:

Analyst Meetings: HLTH conference call with new CEO and 9:00 a.m.

Sellside Conferences: None of note.

Industry Conferences: None of note.

M&A News & Rumors

Omega Healthcare Investors (OHI) to buy MedEquities (MRT)for $10,26 in cash and stock.

Upgrades & Downgrades


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