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Morning Note

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Morning Note

"Morning Note -3/4/19"

posted by CAPIS on 03/04/2019 at 7:28 am

by CAPIS

03/04/2019 at 7:28 am

In After Hours Trading

IPOs on deck This Week: Two new IPOS were on deck for this week Shock Wave Medical and Futu Holdings.

IPOs on deck for Today: None of note.

Secondaries on deck: None of note.

IPO Filings Announced After The Close: No common stock offerings filed today.

Announcements For Secondary Filings & Financings:  NTEC CENX  AMRX HE mixed shelf offering. FTDR LTC SE file common stock offering.

Courtesy of IPO Financial

Earnings After The Close:

Beat: None of note

Flat: None of note

Missed: None of note

News After The Close:

Ocean First Financial (OCFC) files to delay 10K to on or before 3/18.

PRA Group (PRAA) files to delay 10K within the 15 day extension period.

Linde PLC (LIN) files to delay 10K within the 15 day extension period.

Lexington (LXP) files to delay 10K within the 15 day extension period.

TerraForm Power (TERP) files to delay 10K.

Tenneco (TEN) files to delay 10K.

Albany Intl (AIN) files to delay 10K.

Greece gets a ratings upgrade from Moody’s to B1, stable.

Mexico gets a ratings downgrade.

Nautilus (NLS) CEO Bruce Cazenave resigns as of March 1st.

Telsa (TSLA) will hold event on the Model Y 3/14.

Vales S.A. (VALE) removes executives due to the dam collapse.

Stock Repurchase: FHB 

Index Changes: WRE and CSII to join S&P  Small Cap 600 Index

Hourly Action This Past Week:

Courtesy of Quantitative Partners, Inc.

What’s Happening This Morning:

U.S. futures: S&P +8.50, Dow Jones +85, NDX +36 and Russell 2000 +2.90 with fair values LOWER ADDING TO GAINS. Asia and Europe higher.

Gold, silver and copper lower. WTI Crude higher and Brent Oil Futures higher. Natural Gas is higher. $ is higher vs Euro, lower vs. Pound and lower vs. Yen. US 10 year Treasury price 121.81 with yields higher since Thursday morning with the yield at 2.749% from 2.731%. Prices as of 8:15 a.m. EST.

Top Sectors Friday: All lead by Healthcare, Conglomerates and Technology.

Weakest Sectors Friday: None.

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

Three Month Winners: Industrials, Technology, Conglomerates, 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: CRM CTRP HUYA YY NVGS STRL ASNA.

Tuesday Before The Open: TGT WB KSS CIEN SINA KFY GSKY GMS TPB BNED.

Earnings This Morning Of Note:

Beat Estimates:

Flat:

Missed Estimates: PLCE -1.00

Negative Guidance: PLCE

Rags & Mags:

Top Story: U.S.and China close to a deal. (Bloomberg)

5 Things You Need To Know To Start Your Day – (Bloomberg)

More stimulus coming from China. (Financial Times)

Huawei may sue the U.S. Government. (NYT)

Amazon (AMZN) stores may offer beauty products from Ulta (ULTA). (WSJ)

Global stocks could see a 10% discount narrow on a U.S. & China Trade Deal. (Bloomberg)

Data Points:

Yesterday saw 1824 stocks rise and 1058 fall on the NYSE. NASDAQ saw 1984 rise and 1056 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 above 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 now back above its 5 day moving average and 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 far away.

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. Friday was a decent day with the exception of the Russell 2000.

Courtesy of Phil Erlanger Research

The Value Lines may be accessed via Bloomberg. For a free trial go to APPS:

Economic & Related:

December Construction Spending is due out at 10:00 a.m. EST and is expected to drop to -0.3% from 0.8%.

Geopolitical:

President Trump to speak at 4:15 p.m. EST to the National Association of Attorney Generals.

Conferences & Analyst Meetings:

Analyst Meetings/Notable Conference Call: MDT (investor briefing), QTNT (investor day), UNVR (business update).

Sellside Conferences: Citi Global Property CEO Conference. Raymond James Annual Institutional Conference. Daiwa Annual Investment Conference.  Piper Jaffray Mogul Conference. Morgan Stanley Global Energy & Power Conference. Morgan Stanley Utilities, Clean Tech and Midstream Energy Conference.

Industry Conferences: South By Southwest Conference.

M&A News & Rumors:

Biogen (BIIB) to buy Nightstar Therapeutics (NITE) for $25.50 a share in cash.

Global Payments (GPN) acquires Sentral Education, no terms.

Newmont Mining (NEM) may reject bid from Barrick Gold (GOLD) today.

Juniper Network (JNPR) to acquire Mist Systems for $405 million.

Upgrades & Downgrades:

Pre-Market Movers:

Winners: RKDA +23%, TRVN +10%, PGNX +5%.

Losers: VALE -5%.

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