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Morning Note

News

Morning Note

"Morning Note -4/22/19"

posted by CAPIS on 04/22/2019 at 7:55 am

by CAPIS

04/22/2019 at 7:55 am

Interesting Fact Of the Day: Only 25% of 16 year olds have a driver’s license compared to 50% in 1983. (WSJ)

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:

Other Filings of Note.  CYCN OSW files a secondary offering. 

Courtesy of IPO Financial

Earnings After The Close:

Beat: EXPO +0.06.

Flat: FFIN, PBCT.

Missed:  ISRG (0.09)

Dividend Increases: HEP OKE PBCT ATR HOMB

Stock Repurchase Announcements: ATR

Stock Split Announcements: FAST 2:1

News After The Close:

Intelsat (I) lost a spacecraft, Intesat 29e.

Exxon (XOM) made another discovery off of Guyana.

Hourly Action This Past Week:

Courtesy of Quantitative Partners, Inc.

What’s Happening This Morning: Futures on the S&P 500 have been moving lower since last night’s open after the long weekend.

U.S. futures: S&P -10, Dow Jones -85, NDX -37 and Russell 2000 -5.30 with fair values LOWER LESSENING LOSSES. Asia and Europe mixed with several market closed, click through for details by country.

Gold and silver higher with copper lower. WTI Crude and Brent Oil Futures higher. Natural Gas is higher. $ is lower vs Euro, lower vs. Pound and lower vs. Yen. US 10 year Treasury price $123.05 from $123.09 with yields higher since Thursday morning with the yield at 2.569% from 2.53%. Prices as of 8:15 a.m. EDT.

Top Sectors Thursday: Industrials, Consumer Goods, Services and Technology.

Weakest Sectors Thursday: Conglomerates and Materials.

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: CDNS CE ELS ZION WHR BRO ACC ALSN WAL RRC SANM RMBS HSTM.

Tuesday Before The Open: PG VZ KO UTX NEE LMT SHW STT TWTR CNC FITB NTRS NUE WAT QSR.

Earnings This Morning Of Note 

Beat: LII +0.25, KMB +0.11, BOH +0.08, CBU +0.05, ONB +0.02, BMS +0.02, HNI +0.01.

Flat: STLD, HAL.

Missed: LECO (0.05)

Still To Report: AVX, AZZ, GWW, NVR, TCF

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

Top Story: Sri Lanka death toll climbs over 290 with more bombings potentially. (CNN)

Five Things to Know To Start Your Day. (Bloomberg)

China to delay data restrictions on foreign companies as trade talks continue. (FT)

Iranian sanction waivers will expire on May 2 notes the Trump Administration. (CNBC)

Saudi Arabia will wait on output decision of oil until Iranian sanction decision set in stone. (Reuters)

Iranian threatens to close the Straits of Hormuz. (Bloomberg)

Chairman of the Council of Economic Advisers Kevin Hassett interviewed on CNBC this morning. (CNBC)

Samsung flip phone debacle continues as events cancelled in Asia. (WSJ)

Data Points

We are changing the comments on the various moving averages to a table. No changes.

Yesterday saw 1390 stocks rise and 1467 fall on the NYSE. NASDAQ saw 1426 rise and 1637 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 78% (-2% week over week) of stocks are higher and 22% are lower. Updated 4/12/19 close with next update on 4/19/19 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:

March Existing Home Sales are due out at 8:30 a.m. EDT and are expected to fall to 5.37 from 5.51 million.

Many markets overseas are closed for Easter observances including Germany, Hong Kong and the U.K.

Geopolitical 

President Trump participates in the White House Easter Egg Roll otherwise a quiet day.

Conferences & Analyst Meetings: 

Analyst Meetings/Notable Conference Call:  TSLA (investor day)

Sellside Conferences: None of note.

Industry Conferences: New York International Auto Show. World Oilman’s Mineral & Royalty Conference 2019. 

M&A Activity

Jacobs Engineering (JEC) to buy KEYW Holding (KEYW) for $11.25 a share in cash.

Dassault Systems (DASTY) looking at purchasing Medidata (MDSO).

ENGIY looking to bid for Emcor (EME).

Vornado Realty Trust (VNO) to transfer 45.4% of common equity interest in Upper Fifth Avenue and Times Square retail portfolio with net cash proceeds of $1.2 billion.

Upgrades & Downgrades

Pre-Market Movers:

Winners: AKRX +15%, NBRV +7%, EXPO +5%, DNR +4%.

Losers: ISRG -7%, ACH -6%, SFUN -4%.

About the Author

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