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Morning Note

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Morning Note

"Morning Note – 4/15/19"

posted by CAPIS on 04/15/2019 at 7:33 am

by CAPIS

04/15/2019 at 7:33 am

Corporate Actions

IPOs on deck for This Week: None of note.

IPOs on deck for Today: None of note

Secondaries on deck:  None of note.

Notes Priced:  None of note.

IPO Filings Announced After The Close: Mayville Engineering Company (MEC).

Other Filings of Note. HMI files a secondary offering. PDVW files mixed shelf offering.

Courtesy of IPO Financial

Earnings After The Close:

None of note.

Dividend Decreases: MSB

Index Changes: DMC Global (BOOM) to replace Belmond (BEL) in the S&P 600 SmallCap Index before trading on 4/18.

News After The Close:

Top credit rating agency affirms Germany’s top rating but notes economy is slowing.

Boeing (BA) wins $14 billion contract with the Air Force.

President Trump on Sunday renews attack on the Federal Reserve.

European Central Bank Mario Draghi notes concern over Federal Reserve attacks by President Trump.

Hourly Action This Past Week:

Courtesy of Quantitative Partners, Inc.

What’s Happening This Morning: Futures on the S&P 500 were up slightly until 4:00 a.m. EDT and have popped on a variety of news.

U.S. futures: S&P -0.75, Dow Jones +10, NDX -4.75 and Russell 2000 +1.10 with fair values  LOWER. Asia mixed and Europe higher, click through for details by country.

Gold, silver and copper lower. WTI Crude and Brent Oil Futures lower. Natural Gas is lower. $ is lower vs Euro, lower vs. Pound and lower vs. Yen. US 10 year Treasury price $123.08 from  $123.33 with yields lower since Friday morning with the yield at 2.562% from 2.549%. Prices as of 8:25 a.m. EDT.

Top Sectors Friday: Financials, Industrials, Services and Technology.

Weakest Sectors Friday: Healthcare.

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

Three Month Winners:  Technology, Consumer Goods, Industrials and Services.

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

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: JBHT PNFP WTFC.

Tuesday Before The Open: JNJ BAC UNH BLK SCHW PLD PGR WIT CMC CMA PACW FHN.

Earnings This Morning Of Note 

Beat:  GS +0.69, C +.08, MTB +0.06

Flat:

Missed: APHA -0.16

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

Top Story: China reviews shifting tariffs on U.S. farm goods. (Bloomberg)

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

Tiger Woods won The Masters ending a major drought of majors. (USA Today)

Data Points

We are changing the comments on the various moving averages to a table. The Russell’s 200 day moving average is positive for a second day. The Dow moves back above its 5 day moving average and s 10 day moving average. The S&P 500 also moves back above its 5 day moving average.

Yesterday saw 1833 stocks rise and 1016 fall on the NYSE. NASDAQ saw 1728 rise and 1325 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:

April Empire Manufacturing Index is due out at 8:30 a.m. EDT and are expected to rise to 9.0 from 3.7.

Geopolitical 

President Trump is off to Minnesota for a roundtable discussion on the economy and tax reform.

Conferences & Analyst Meetings: 

Analyst Meetings/Notable Conference Call: RGSE (business update c call)

Sellside Conferences: Erste Bank Investor Conference.

Industry Conferences: World Vaccine Congress 2019. American Association of Neurological Surgeons Annual Meeting.

M&A Activity

Alliance Data (ADS) to sell Epsilon unit to Publicis Group (PUBGY) for $4.4 billion in cash.

CalAmp (CAMP) buys Synovia Solutions for $50 million in cash.

Yamana Gold (AUY) to sell Chapada mine to Lundin Mining (LUNMF) for $1 billion.

Jefferies (JEF) to buy remaining 30% of HomeFed for $38 in cash.

Upgrades & Downgrades

Pre-Market Movers:

Winners: AKRX +9%, AXSM +9%.

Losers: NM -5%.

About the Author

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