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Morning Note

News

Morning Note

"Morning Note – 1/7/19"

posted by CAPIS on 01/07/2019 at 7:39 am

by CAPIS

01/07/2019 at 7:39 am

In After Hours Trading

IPOs on deck: IPOs will pick back up in the next couple weeks now that we are in 2019, Secondaries are back in business.

IPO Filings After The Close: none of note

Secondary Filings SSNC ALDR common stock; CUE mixed shelf offering announced.

Courtesy of IPO Financial

News After The Close:

Shake Shack (SHAK) CEO to sell up to 13% of holdings.

Select Medical (SEM) lowers guidance to $0.97 to $1.13 from $1.26.

PG&E (PCG) may file for bankruptcy due to the California wildfires.

Repurchase Announcements: CBMG

Dividend Suspension: HCLP

Hourly Action This Past Week:

Stocks were weak yesterday with stocks up only from 11:00 to 12:00 p.m. EDT.

Courtesy of Quantitative Partners, Inc.

What’s Happening This Morning:

U.S. futures: S&P +1.50, Dow Jones +45,  NDX -1.50 and Russell 2000 -1 with fair values SLIGHTLY HIGHER CUTTING INTO GAINS.  Asia higher and Europe weak this morning.

Gold and silver higher with copper lower. 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 122.36 with yields higher since Friday morning. Prices as of 8:15 a.m. EDT.

Top Sectors Friday: All led by Technology, Services, Materials and Industrials.

Weakest Sectors Friday: None of note.

One Month Winners: None.

Three Month Winners: Utilities.

Six Month Winners: None.

Twelve Month Winners: None.

Year to Date: Conglomerates, Materials, Services and Financials.

Pending Earnings Of Note:

Monday After the Close: none of note

Tuesday Before The Open: HELE AZZ LNN.

Earnings This Morning Of Note:

Met Estimates: CMC +0.00

Higher Guidance: CMC

Rags & Mags:

Top Story: U.S. Negotiators are in Beijing, China for a two day meeting. (CNN)

Chinese Vice Premier attends trades talks, not expected. (Bloomberg)

Tesla (TSLA) breaks ground on Shanghai gigafactory today with production by end of 2019. (Twitter tweet by Elon Musk)

Exact Sciences (EXAS) guides above Q4 consensus. Neurocrine Bioscience (NBIX) guides above Q4 consensus. Lots of guidance out of J.P. Morgan Healthcare Conference.

Activist investor Starboard seeks changes at Dollar Tree (DLTR). (WSJ)

Date Points:

Yesterday saw 2701 stocks rise and 275 fall on the NYSE. NASDAQ saw 2672 rise and 450 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. All three indexes moved back above their 5 and 10 day moving averages. The Russell 2000 also moved above its 20 day moving average for the first time since December 3rd.

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.

Federal Reserve Bank of New York Research Piece Released: The Impact Of Import Tariffs on U.S. Domestic Policies.

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 all close above resistance ending a strong week.

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:

December Non-ISM Manufacturing Index due out at 10:00 am. EDT and is expected to fall to 58.8 from 60.70.

Politico:

The government shutdown continues as no agreements reached.

U.S. Negotiators are in Beijing, China for a two day meeting.

Conferences & Analyst Meetings:

Analyst Meetings/Notable Conference Calls: SAIC ZEST (c call) DRRX (c call)

Sellside Conferences: J.P. Morgan Healthcare Conference. UBS Greater China Conference.

Industry Conferences: The Consumer Electronics Show (CES) runs this week in Las Vegas. Biotech Showcase. EBD Group Biotech Showcase.

M&A News & Rumors

Eli Lilly (LLY) to buy Loxo Oncology (LOXO) for $235 a share cash.

Apollo is interested in buying General Electric (GE) jet leasing unit.

Upgrades & Downgrades

Gap Up and Downs Pre Market

Winners: AXSM 80% LOXO 64% NEPT 23% AXON 14% EXAS 11% BPMC 7% GE +5%. Losers: PCG -19% AMRN -6% ARCW -6%.

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