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Morning Note

News

Morning Note

"Morning Note – 3/1/19"

posted by CAPIS on 03/01/2019 at 7:32 am

by CAPIS

03/01/2019 at 7:32 am

In After Hours Trading

IPOs on deck This Week:  Two new IPOS were on deck for this week and they are now public, Kaleido Biosciences and Super League Gaming

IPOs on deck for Today: Hennessy Capital Acquisition Unit (HCACU)  of note.

Secondaries on deck:  ATUS BNFT COLD IMV  LXP MRSN TGTX of note. 

IPO Filings Announced After The Close:  No common stock offerings filed today.  Potential for Lyft to file this week.

Announcements For Secondary Filings & Financings:   TMO UAA FMC LTC CDE mixed shelf offering. MRSN EXLS AQN file common stock offering. EXLS AAOI convertible offering.

Courtesy of IPO Financial

Earnings After The Close:

Beat: 

MBI +1.41, ZGNX +0.48, RDUS +0.46, BIO +0.40, ICUI +0.27, AMC +0.23, SRG +0.20, SPLK +0.17, ACHC +0.13, VMW +0.10, ZS +0.10, PBYI +0.10, FNKO +0.10, NKTR +0.09, WDAY +0.09, SRCL +0.08, MAIN +0.07, JWN +0.06, FTCH +0.06, UPWK +0.06, AGO +0.05, SGMO +0.05, HABT +0.05, ALRM +0.05, ADSK +0.04, EQH +0.04, MAR +0.04, KWR +0.04, CARG +0.04, EDIT +0.03, PRAA +0.03, BLDR +0.03, GPS +0.03, KTOS +0.03, DDD +0.03, NPTN +0.02, NTNX +0.02, MTZ +0.01, TRHC +0.01, CISN +0.01.

Flat:

CSLT, ZIXI, DCO, RLJ

Missed:

MAXR (16.73), XON (2.46), ESPR (0.86), PTCT (0.58), SCOR (0.25), RUN (0.22), TPIC (0.22), PLYA (0.12), SPPI (0.09), APPF (0.07), GCAP (0.05), ATRC (0.05), ALTR (0.04), PSTG (0.04), AIMT (0.04), TCMD (0.03), JAG (0.03), SWN (0.02), EIX (0.02)

News After The Close:

Benchmark Electronics (BHE) names Jeff Benck as CEO.

Gap Inc. (GPS) announced they are splitting into two companies, Old Navy and all the other properties.

Tesla (TSLA) announces base price of Model 3 at $35k.

Papa John’s (PZZA) to delay 10K.

WageWorks (WAGE) to delay 10K.

Kraft Heinz (KFT) to delay 10K.

General Dynamics (GD) gets a $1.36 billion contract with the Army.

Lockheed Martin (LMT) gets a $680 million Army contract. Also, picks up a $830 million Missile Defense Agency.

Boeing (BA) gets a $430 million Navy contract.

MSCI will increase China weighting in the MSCI indexes.

Dividend Increases: SPTN EQH 

Stock Repurchase:  EQH HLT

Hourly Action This Past Week:

Courtesy of Quantitative Partners, Inc.

What’s Happening This Morning: Futures have been moving up slowly and steadily since 6:00 p.m. EST. Today could be a ripper to the upside.

U.S. futures: S&P +17.25, Dow Jones +174,  NDX +53.75 and Russell 2000 +10.40  with fair values LOWER LESSENING THE PAIN. Asia and Europe higher.

Gold and silver lower with copper higher. WTI Crude higher and Brent Oil Futures higher. Natural Gas is higher. $ is lower vs Euro, higher vs. Pound and higher vs. Yen. US 10 year Treasury price 121.81 with yields higher since Thursday morning with the yield at 2.731% from 2.67%. Prices as of 8:15 a.m. EST.

Top Sectors Thursday: Conglomerates.

Weakest Sectors Thursday: Industrials, Materials and Consumer Goods.

One Month Winners:  Industrial Goods,Technology, Services and Conglomerates.

Three Month Winners: Industrials, Technology, Utilities and Services.

Six Month Winners: Utilities.

Twelve Month Winners: Utilities, Conglomerates, Healthcare and Services.

Year to Date: All higher led by Industrial Goods, Conglomerates, Services, Technology, Materials and Financials.

Upcoming Earnings Of Note (sorted by market cap, highest to lowest):

Today After The Close:   None of note.

Monday Before The Open:   IPAR of note.

Earnings This Morning Of Note:

Beat Estimates:

OMER +0.25, TRCO +0.23, FL +0.16, TGNA +0.07, STRA +0.06, NWN +0.05, ASTE +0.04, XRAY +0.04

 Flat: 

Missed Estimates: WUBA (0.50), PEGI (0.35), CLNY (0.09), SNH (0.07)

Rags & Mags:

Top Story: U.S. working on a final trade deal with China by mid March. (Bloomberg)

5 Things You Need To Know ToYour Day  Start – (Bloomberg) U.S. works trade and North Korea deal. Central banks watching economies. Tesla Model 3.  China economic data turns up. On deck for the rest of the day.

China to receive oil imports from the U.S. for the first time in three months. (Reuters)

Data Points:

Yesterday saw 1318 stocks rise and 1563 fall on the NYSE. NASDAQ saw 1273 rise and 1777 fall. The sixth day this month the advance/decline line was negative which is the low end of the average number of down days for a month.

The SP 500 is still above its 50 and 200 day simple moving average. The Russell 2000 is also above its 50 day simple moving average and now back below its 200 day simple moving average. The Dow is also above its 50 and 200 day simple moving average.  The Dow and the S&P 500 are now above their 5, 10 and 20 day moving averages. The Russell 2000 is back below its 5 day moving average but is above its 10 and 20 day moving average.

The QPI10 Day Moving Average of Breadth (10DMA) moved to buy on January 7th at 2549.69. For a move to a buy from cash, the 10DMA needed to have two days in row above +200 which happened January 7th. The next move will be to cash or sell which right now seems a long ways off but a couple more days like Thursday may cause a signal change.

Courtesy of Quantitative Partners, Inc

YTD  89% of stocks are higher and 11% are lower. Updated 2/22/19 close with next update on 3/1/19 close.

Courtesy of Phil Erlanger Research, Inc.

Trading:

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 Personal Income is expected to rise top 0.3% from 0.2%.

January Personal Income is also due out at the same time with it expected to grow at 0.3%.

February ISM Manufacturing Index is due out at 10:00 a.m. EST and is expected to fall to 56 from 56.6.

February University of Michigan Consumer Sentiment is due out at 10:00 a.m. EST and is expected to rise to 95.6 from 95.5.

Geopolitical:

Conferences & Analyst Meetings:

Analyst Meetings/Notable Conference Call: ETN (investor conference). CMPR (conference call mid year update).

Sellside Conferences: Leerink Partners Global Healthcare Conference.

Industry Conferences:  Metals Investment Forum in Toronto.

M&A News & Rumors:

Gap Inc (GPS) to split into two companies.

C.H. Robinson (CHRW) to buy The Space Cargo Group for $48 million.

Upgrades & Downgrades:

Pre-Market Movers:

Winners: GPS +24%, PBYI +23%, FNKO +17%, ZS +17%, HABT +15%, FL +14%, FL +14%, FTCH +8%, AMC +8%, XRAY +8%, BIO +7%, 

Losers: MRSN -29%, NTNX -24%, MAXR -23%, ZIXI -13%, XON -12%, TCMD -8%, PEGI -7%, WUBA -6%, TGTX -6%, ALRM -6%, KTOS -5%, SRCL -5%, 

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