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Morning Note

News

Morning Note

"Morning Note – 4/10/19"

posted by CAPIS on 04/10/2019 at 7:32 am

by CAPIS

04/10/2019 at 7:32 am

Corporate Actions

IPOs on deck for This Week: 4 IPOs for this week- B. Riley Principled Merger Unit, Jumia Technologies, Pagerduty and Tulin Software.

IPOs on deck for Today: None of note.

Secondaries on deck: FIXX HUYA OTLK PTE

Notes Priced: None of note.

IPO Filings Announced After The Close:

Announcements For Secondary Filings & Financings:    common stock offering.  files mixed shelf offering.  

Courtesy of IPO Financial

Earnings After The Close:

Beat: WDFC +.02

Flat: PSMT GTBIF

Missed:

News After The Close:

Hourly Action This Past Week:

Courtesy of Quantitative Partners, Inc.

What’s Happening This Morning: Futures on the S&P 500 fell until 10:00 9.m. EDT and have been rising since and are now up modestly.  That said , the range is rather narrow, 12 points.

U.S. futures: S&P +4.50, Dow Jones +34, NDX +9 and Russell 2000 +3.00 with fair values SLIGHTLY LOWER ADDING TO GAINS. Asia mixed and Europe higher, click through for details by country.

Gold, silver and copper lower. WTI Crude and Brent Oil Futures higher. Natural Gas is flat. $ is lower vs Euro, lower vs. Pound and higher vs. Yen. US 10 year Treasury price $123.63 from $123.41 with yields lower since Tuesday morning with the yield at 2.502% from 2.522%. Prices as of 8:25 a.m. EDT.

Top Sectors Tuesday: Conglomerates.

Weakest Sectors Tuesday: Industrials, Healthcare, Materials and Financials.

One Month Winners: Technology, Consumer Goods, Services, Materials and Utilities.

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

Six Month Winners: Utilities, Conglomerates and Technology.

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

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

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

Today After The Close: BBBY.

Thursday Before The Open: FAST CBSH APOG.

Earnings This Morning Of Note 

Beat: DAL +.05

Missed: MSM -.02

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

Top Story: EU may force a long Brexit delay. (Bloomberg)

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

Canada may be looking at new tariffs on the U.S. (Reuters)

Wells Fargo (WFC) may face subpar growth for the foreseeable future. (NY Post)

Uber looks to file IPO for $10 billion. (Reuters)

Data Points

We are changing the comments on the various moving averages to a table. The Russell’s 200 day moving average is now negative. All indexes back below their 5 day moving averages.

Yesterday saw 705 stocks rise and 2181 fall on the NYSE. NASDAQ saw 854 rise and 2203 fall.

The QPI10 Day Moving Average of Breadth (10DMA) is invested on the open from cash Friday morning 3/22. For a move to cash from buy, the 10DMA needed to have two days in row above +200. We remain with a buy as our 10 day moving average remains above -200.

Courtesy of Quantitative Partners, Inc.

YTD 80% (+3% week over week) of stocks are higher and 20% are lower. Updated 4/5/19 close with next update on 4/12/19 close.

Courtesy of Phil Erlanger Research, Inc.

Algo/HFT Trading Levels:

The Erlanger Value Lines track the intraday range of resistance, pivot and support used by Algo/HFT Traders. Each day we show where we closed within the range.

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 CS:ERLA

Economic & Related:

API Petroleum Institute Data was released at 4:30 p.m. EDT on Tuesday and

March CPI is due out at 8:30 a.m. EDT and is expected to rise to 0.3% from 0.2%.

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

U.S. Treasury auctions $38 billion of 3 Year Notes.

Geopolitical 

The European Union holds an emergency meeting to discuss the never ending Brexit dilemma and an extension of the April 12th deadline.

The European Central Bank (ECB) was out with its latest interest rate decision at 7:45 a.m. EDT and held rates steady with no more increases in 2019. Press conference to follow at 8:30 a.m. EDT.

The latest Federal Reserve Open Market Committee (FOMC) minutes are due out at 2:00 p.m. EDT.

President Trump off to Texas for fundraising and signing Executive Order on Energy and Infrastructure at 4:40 p.m. EDT.

Attorney General William Barr on the hill for a second day of testimony.

Bank CEOs back to the Hill and will testify before the House Financial Services Committee at 9:00 a.m. EDT. Expect a free for all.

Federal Reserve Governor Quarles speaks at 11:50 a.m. EDT.

Google (GOOGL), Facebook (FB) and Twitter (TWTR) testify before the Senate on censorship at 2:30 p.m. EDT.

Conferences & Analyst Meetings: 

Analyst Meetings/Notable Conference Call: COST (monthly sales call) TEAM( investor session) SAN (investor day)  

Sellside Conferences: Needham Annual Healthcare Conference.

Industry Conferences: European Gold Forum. Oracle Health Sciences Connect 2019.

M&A Activity

Upgrades & Downgrades

Pre-Market Movers:

Winners: SLP +10%, LEVI +7%.

Losers:  PTE -12%, AMRS -7%, PHAS -7%, SBGL -7%.  

About the Author

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