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Morning Note

News

Morning Note

"Morning Note -3/13/19"

posted by CAPIS on 03/13/2019 at 7:37 am

by CAPIS

03/13/2019 at 7:37 am

Reality Fact:  

In After Hours Trading

IPOs on deck This Week: None of note this week. Next week Lyft. Levi Strauss sets its range $14 to $16.

IPOs on deck for Today: None of note.

Secondaries on deck: MELI NAK PSDO of note.

IPO Filings Announced After The Close:  None filed today to go public.

Announcements For Secondary Filings & Financings:    PSDO common stock offering.  EEFT SSRM convertible offering. ADT TRTN CX ARE issues senior notes.

Courtesy of IPO Financial

Earnings After The Close:

Beat: SENS +0.09, ZAGG +0.05, COHU +0.05, GH +0.05, APEI +0.03, BPI +0.03, AMPH +0.02, SWCH +0.02.

Missed: SNCR (2.98), QHC (0.44), SIEN (0.18), EVRI (0.01).

Positive Guidance: 

Mixed Guidance: APEI.

Negative Guidance: COHU  SENS SWCH.

News After The Close:

Mohawk (MHK) names Glenn Landai as CFO.

Celgene (CELG) updates ABRAXANE in treatment of metastatic triple negative breast cancer.

Northrop Grumman (NOC) wins a $270 million Navy contract through 2024.

Weekly API Petroleum Data sees a draw of Crude Oil and Gasoline by 2.6 million barrels and 5.8 million barrels.

Hercules Capital (HTGC) names Robert Badavas as Chairman and Scott Bluestein as interim CEO due to Varsity Blues Scandal as current CEO steps down.

Index Changes: NVGT to join the S&P 400 Mid Cap. WLL to join the S&P 600.

Hourly Action This Past Week:

What a difference hourly action has seen since Friday 1:00 onward.

Courtesy of Quantitative Partners, Inc.

What’s Happening This Morning: Futures on the S&P 500 fell to 2788 by 10:45 p.m. EDT and have rallied above 2800.

U.S. futures: S&P +7.75, Dow Jones +46.00, NDX +31.00 and Russell 2000 +4.70 with fair values LOWER ADDING TO GAINS.  Asia and Europe mostly higher, click through for details by country.

Gold and silver higher and copper lower. WTI Crude and Brent Oil Futures higher. Natural Gas is lower. $ is lower vs Euro, higher vs. Pound and higher vs. Yen. US 10 year Treasury price 122.75 from 122.52 with yields higher since Tuesday morning with the yield at 2.623% from 2.657%. Prices as of 8:15 a.m. EST.

Top Sectors Tuesday: Utilities, Technology and Healthcare.

Weakest Sectors Tuesday: Industrials and Conglomerates.

One Month Winners: Technology, Conglomerates, Utilities and Services.

Three Month Winners: Technology, Industrials, Services, Conglomerates and Financials.

Six Month Winners: Utilities, Conglomerates and Technology.

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

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

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

Today After The Close: CASY WSM CLDR SMTC DOMO YRD TURD NNBR TACO EVC NVAX KINS.

Thursday Before The Open: DG ERJ CNNE BITA HUD REV GCO RDNT BIOS INAP SND.

Earnings This Morning Of Note:

Beat Estimates: DQ +0.98, LXRX +0.12, EXPR +0.04.

Missed Estimates: SGRY (3.56), PDD (0.03).

Rags & Mags:

Top Story: FAA Review shows no performance issues on the Boeing (BA) 737 Max and no reason to ground the airplane.

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

U.S. Lawmakers want the Boeing (BA) 737 Max grounded. (BBC)

College cheating scandal (Operation Varsity Blue) taking down many on Wall Street.  (NYT)

Aurora Cannabis (ACB) names Nelson Pelz as a strategic advisor.

House Democrats to vote soon on expiring tax breaks. (WSJ)

U.K. states that 87% of products will not have a tariff if there is a no deal Brexit. (FT)

Uber has hired underwriters for IPO. (Reuters)

United Healthcare (UNH) to require drug makers to pass rebates on directly to consumers. (WSJ)

Amazon (AMZN) to see ad business rise by 50%. (NY Post)

Highlighted Stories may be clicked through to the original story.

Data Points:

Yesterday saw 1691 stocks rise and 1164 fall on the NYSE. NASDAQ saw 1606  rise and 1454 fall.

We are changing the comments on the various moving averages to a table.

The QPI10 Day Moving Average of Breadth (10DMA) moved to buy on January 7th at 2549.69 and last Friday the model is back to cash. For a move to cash from buy, the 10DMA needed to have two days in row below -200 which happened with last Thursday’s close.

Courtesy of Quantitative Partners, Inc.

YTD 84% of stocks are higher and 16% are lower. Updated 3/8/19 close with next update on 3/15/19 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. The change from last week to this week is pretty impressive.

Courtesy of Phil Erlanger Research

The Value Lines may be accessed via Bloomberg. For a free trial if you are a Bloomberg user go to APPS: ERLA <GO>

Economic & Related:

MBA Mortgage Applications were out at 7:00 a.m. EDT and came in at 2.3%  from -2.5% from last week.

February PPI is due out at 8:30 a.m. EDT and is expected to rise to 0.2% from 0.1%.

January Durable Goods are due out at 8:30 a.m. EDT and are expected to fall to -0.6% from 1.2%.

January Construction Spending is due out at 10:00 a.m. EDT and is expected to rise to 0.3% from -0.6%.

Weekly Crude Oil Inventories are due out at 10:30 a.m. EDT.

$16 billion of 30 Treasury Notes to be auctioned at 1:30 p.m. EDT.

Geopolitical:

President Trump meets with Republican members of the Senate on trade at 3:00 p.m. EDT>

British Parliament will make a new Brexit vote at 3:00 p.m. EDT>

Conferences & Analyst Meetings:

Analyst Meetings/Notable Conference Call: CY (analyst day), NPO (investor day), AXP (investor day),

Sellside Conferences: Cowen Annual Healthcare Conference. Barclays Global Healthcare Conference. RBC Financial Institutions Conference. William Blair One on One Technology Conference. Piper Jaffray East Coast Tech Symposium. 

Industry Conferences: LD Micro 2nd Annual Virtual Conference. South by Southwest Conference.

M&A Activity:

CNBC reporting that Kraft Heinz (KHC) is selling its Breakstone unit.

Hexo (HEXO) to buy Newstrike Brands for 0.06332 of Hexo shares.

Upgrades & Downgrades:

Pre-Market Movers:

Winners: CLNE +17%, CARA +10%, NTRA +6%, HK +5%, WLL +5%, QHC +5%,

Losers: EXPR -17%, SIEN -15%, SNCR -15%, VSTM -14%, APEI -11%, CLW -7%, COHU -7%

About the Author

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