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Morning Note

News

Morning Note

"Morning Note -3/25/19"

posted by CAPIS on 03/25/2019 at 7:41 am

by CAPIS

03/25/2019 at 7:41 am

Corporate Actions

IPOs on deck for This Week: The largest IPO in recent memory is due to be priced this week, Lyft. Other IPOs for this week include 8i Enterprises and Precision Biosciences.

IPOs on deck for Today: None of note

Secondaries on deck:  of note.

Convertible or Senior Notes on Deck:  of note.

IPO Filings Announced After The Close: Pinterest filed today to go public.

Announcements For Secondary Filings & Financings:  USWS common stock offering.  APTS OSB EOLS STNG CATS files mixed shelf 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:

Spain sees its rating affirmed by leading credit agency.

Fitch affirms ratings to Luxembourg and Denmark at AAA.

Tesla (TSLA) to raise prices that are inventoried by 3% on April 1st.

Mueller Report released to the Attorney General.  Conclusion is the Trump Administration did not conspire or collude with Russia.

Dividend Increases:  CUZ

Stock Repurchase: BIIB

Hourly Action This Past Week:

Late day weakness continues. Mixed action for the week thanks to Friday.

Courtesy of Quantitative Partners, Inc.

What’s Happening This Morning: Futures on the S&P 500 rose until 9 p.m. EDT and since then have been falling.

U.S. futures: S&P -3, Dow Jones -23, NDX -24 and Russell 2000 -1 with fair values LOWER LESSENING THE PAIN. Asia mixed and Europe lower, click through for details by country.

Gold, silver and copper higher. WTI Crude and Brent Oil Futures lower. Natural Gas is lower. $ is lower vs Euro, higher vs. Pound and higher vs. Yen. US 10 year Treasury price $123.94 from $123.70 with yields lower since Friday morning with the yield at 2.46% from 2.492%. Prices as of 8:25 a.m. EST.

Top Sectors Friday: None.

Weakest Sectors Friday:  All lead by Materials, Industrials, Financials and Technology.

One Month Winners: Technology, Conglomerates, Consumer Goods and Utilities.

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

Six Month Winners: Utilities,Conglomerates and Technology.

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

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

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

Today After The Close: RHT.

Tuesday Before The Open: CCL INFO MKC FDS CRON NEOG CONN FRAN.

Earnings This Morning Of Note:

Beat Estimates: YRD +0.72, WGO +0.08

Missed Estimates:

Still to Report: CMCM

Rags & Mags:Highlighted Stories may be clicked through to the original story.

Top Story: Democrats move to Plan B with Mueller Report finding no collusion. (Bloomberg)

Rocket attack on Israel overnight. (Reuters)

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

European Commission does not favor a ban on Huawei. (FT)

Viacom (VIAB) and AT&T (T) reach distribution deal (L.A. Times)

Apple (AAPL) takes center stage at Media Day. (Bloomberg)

Boeing (BA) to meet with lawmaker and regulators. (Reuters)

Data Points:

We are changing the comments on the various moving averages to a table.  Multiple moving averages were violated on Friday, rather ugly.

Yesterday saw 533 stocks rise and 2376 fall on the NYSE. NASDAQ saw 522  rise and 2574 fall.

The QPI10 Day Moving Average of Breadth (10DMA) is back to invested on the open from cash Friday morning. For a move to cash from buy, the 10DMA needed to have two days in row above +200. We are back to a buy with Thursday’s closing action as our 10 day moving average was above +200 for a second day.

Courtesy of Quantitative Partners, Inc.

YTD 77% (-6% week over week) of stocks are higher and 23% are lower. Updated 3/22/19 close with next update on 3/29/19 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. Yesterday all indexes closed below support.

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:

Releases of note this week and next include the weekly chain store sales, oil/gas numbers, mortgage applications and jobless claims as well as housing starts, consumer confidence, Q4 GDP (final), pending home sales, personal income, new home sales and University of Michigan Consumer Sentiment. No releases today.

Geopolitical:

President Trump hosts Prime Minister Benjamin Netanyahu of Israel at the White House.

Conferences & Analyst Meetings:

Analyst Meetings/Notable Conference Call: D (analyst day). AAPL (media day). ING (investor day). SRPT (conference call at 8:00 a.m. EDT)

Sellside Conferences:  Credit Suisse Asian Conference. Morgan Stanley Hong Kong Conference. 

Industry Conferences: Semicon China 2019.

M&A Activity:

Thermo Fisher (TMO) to buy Brammer Bio for $1.7 billion in cash.

TIER REIT (TIER) and Cousins Properties (CUZ) to merge in a stock for stock deal.

Upgrades & Downgrades:

Pre-Market Movers:

Winners: NCTY +61%, SBGL +5%,.

Losers: None of note down more than -5%.

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