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Morning Note

News

Morning Note

"Morning Note -5/1/19"

posted by CAPIS on 05/01/2019 at 7:29 am

by CAPIS

05/01/2019 at 7:29 am

Interesting Fact Of the Day: S&P 500 is off to its best start in 32 years and up 18% in its first four months, best monthly streak since December 2010.

Corporate Actions

IPOs on deck for This Week: 7 IPOs due this week. Hottest deals for the week are Beyond Meat (BYND) and TransMedics Group (TMDX).

IPOs on deck for Today: None of note.

Secondaries on deck:  RGEN of note.

IPO News: Beyond Meat increases size of IPO to 9.63 million shares from 8.75 million. Offering price to $23 to $25 from $19 to $21.

Other Filings of Note:   files senior notes.  EIX LAZ files mixed shelf offering. EIX WAB (selling stockholder) DSSI (selling shareholder) files common offering.

Courtesy of IPO Financial

Earnings After The Close:

Beat: VNOM +0.54, ROG +0.50, CENX +0.35, TEX +0.26, OSIS +0.23, CMP +0.21, AJRD +0.19, HUBG +0.17, COHR +0.14, HY +0.14, VRTX +0.13, AAPL +0.10, MGRC +0.10, ATR +0.09, OKE +0.08, AKAM +0.08, AMGN +0.08, DVN +0.08, PAYC +0.08, HURN +0.07, ACGL +0.06, BXP +0.06, RDN +0.06, AMED +0.06, TCO +0.06, NUS +0.05, TENB +0.05, IPHI +0.05, MRCY +0.05, AX +0.05, ACHC +0.04, SOI +0.04, MDLZ +0.04, SSNC +0.04, LKSD +0.04, TWLO +0.04, SYX +0.04, ARLO +0.03, MC +0.03, RRD +0.03, GRPN +0.03, ENPH +0.03, CAMP +0.02, MDC +0.02, BFAM +0.02, FISV +0.02, USNA +0.02, CHRW +0.02, EXR +0.02, LSCC +0.02, CWST +0.02, REXR +0.02, BVN +0.02, TDOC +0.01, RPAI +0.01, APY +0.01, STAG +0.01, UDR +0.01, JKHY +0.01, ZEN +0.01.

Flat: FEYE, CRY, AMD, DENN, FLEX, NATI, OFC, BLKB, MXIM, APAM, EQR, VRSK, UNM.

Missed:  MSTR (0.66), ENLC (0.50), CB (0.31), EIX (0.26), RRR (0.25), HCSG (0.24), WES (0.20), LDL (0.15), ADSW (0.13), TNDM (0.11), HVT (0.10), NBR (0.10), CYH (0.08), FTR (0.08), MX (0.08), WIRE (0.08), OLN (0.07), FICO (0.07), GNW (0.06), CBL (0.04), CXO (0.04), CAI (0.04), QUAD (0.03), MDU (0.02), NANO (0.02), EXAS (0.01), QTS (0.01), ASH (0.01).

Still To Report:

Dividend Increases: AAPL UGI

Stock Repurchases: JNPR (accelerated)

News After The Close:

Home Depot (HD) CFO Carol Tome to retire and be replaced by Richard McPhail.

Attorney General William Barr recuses himself from Sprint (S) and T-Mobile (TMUS)  merger approval decision. (Reuters)

Google (GOOGL) announces that Eric Schmidt will not stand for re-election to the board.

President Trump notes that if Cuba does not remove itself from Venezuela then will move to “a full embargo and highest level sanctions”.

Hourly Action This  Week:

This week sees three hours positive and four hours negative.

Courtesy of Quantitative Partners, Inc.

What’s Happening This Morning: Futures on the S&P 500 fell until 10:00 p.m. EDT and have moved up to only slightly lower.

U.S. futures: S&P +8, Dow Jones +67, NDX +53 and Russell 2000 +3.50 with fair values MIXED.  Asia and Europe mixed, click through for details by country.

Gold, silver and copper lower. WTI Crude lowerand Brent Oil Futures higher. Natural Gas is lower. $ is lower vs Euro, lower vs. Pound and lower vs. Yen. US 10 year Treasury price $123.75 from $123.50 with yields lower since Tuesday morning with the yield at 2.496% from 2.52%. Prices as of 8:15 a.m. EDT.

Top Sectors Tuesday: Utilities, Industrials and Healthcare.

Weakest Sectors Tuesday: Conglomerates and Technology.

One Month Winners: Services, Technology, Financials and Industrials.

Three Month Winners:  Technology, Consumer Goods and Services.

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

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

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

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

Today After The Close:  QCOM SU MET PRU KHC PSA EQIX MFC WMB ALL SQ ES O AWK HIG ANSS NLY HCP MRO of note.

Thursday Before The Open: DWDP CI SPGI ZTS ICE BCE WP PEG FMS PH GPN APTV PPL K BLL of note.

Earnings This Morning Of Note 

Beat:  UTHR +0.97, CG +0.81, LLL +0.42, AMCX +0.33, JCI +0.29, WD +0.27, EL +0.25, STRA +0.23, NSIT +0.20, FTS +0.19, SMG +0.19, HUM +0.18, MTOR +0.15, TKR +0.13, WYND +0.13, CDW +0.13, TMHC +0.12, CVS +0.11, BMCH +0.11, IDXX +0.11, EPD +0.09, BDC +0.09, ADP +0.08, UFS +0.08, MGPI +0.07, AER +0.07, DIN +0.07, HRS +0.07, CLH +0.06, RDWR +0.06, HEP +0.06, SLCA +0.05, AMRN +0.05, NI +0.05, HLT +0.04, LFUS +0.04, GCI +0.04, AME +0.03, PBFX +0.03, SEE +0.03, WNC +0.02, GRMN +0.02, IQV +0.02, CME +0.02, SPR +0.02, LXRX +0.01, ESI +0.01, FOE +0.01, ENBL +0.01, BKI +0.01, EAF +0.01, SXT +0.01, TRVG +0.01.

 Flat: CSTE, KFRC, TPB, NRZ, YUM, ST, GIB.

Missed: PBF (0.22), ETR (0.16), SITE (0.11), PBI (0.09), TAP (0.06), SAIA (0.04), CLX (0.04), WLTW (0.04), LIVN (0.04), SBH (0.03), IIVI (0.03), SO (0.02), EXTR (0.02), CIM (0.01), DOC (0.01).

Still To Report: ALNY, ASC, AAWW, BPMC, CCJ, MMP, NNN, NVMI, ORBC, BTU, PNW, RCL, SGMS, SR, S.

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

Top Story: Apple (AAPL) moves beyond the iPhone. (CNBC)

Five Things You Need To Know To Start Your Day. (Bloomberg) Fed needs to be patient. China discussions productive. No throw over of the Venzuela government yet. Overseas markets mostly closed for May Day. Busy day for economic data.

Fed day, thinking on the announcement and press conference. (Bloomberg)

Attorney General William Barr and Special Prosecutor John Mueller disagree over the conclusions of Barr. (NYT)

Trump Administration drops cyber theft demands from trade talks with China. (FT)

Data Points

We are changing the comments on the various moving averages to a table. We  added a few more indexes on Tuesday. The Dow moved above its 5 day moving average while the NASDAQ broke its 5 day.

Yesterday saw 1588  stocks rise and 1309 fall on the NYSE. NASDAQ saw 1198 rise and 1860 fall.

The QPI10 Day Moving Average of Breadth (10DMA) is invested on the open from cash Friday morning 3/22 at 2854.88. For a move from  cash to 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 but we not yesterday it turned negative. Could a turn be forthcoming net week?

Courtesy of Quantitative Partners, Inc.

YTD 79% (+1% week over week) of stocks are higher and 21% are lower. Updated 4/26/19 close with next update on 5/3/19 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.

Tuesday was a mixed day with the Russell 2000 finishing below support while the Dow and S&P closed pivot to resistance.

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 sees Crude Oil build by +6.81 million barrels. Gasoline draws 1.055 million barrels. Cushing builds by 1.353 million barrels.

Weekly Mortgage Applications fell -4.3% week over week and were out at 7:00 a.m. EDT.

April ADP Employment Report was out at 8:15 a.m. EDT and is expected to rise to 170,000 from 129,000 but rose 275,000.

March Construction Spending is due out at 10:00 a.m. EDT and is expected to fall to 0.1% from 1.0%.

April ISM Manufacturing Index is due out at 10:00 a.m. EDT and is expected to fall to 55 from 55.3.

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

Geopolitical: 

The Federal Reserve Open Market Committee (FOMC) concludes a two day meeting with a rate announcement at 2:00 p.m. EDT and a press conference at 2:30 p.m. EDT.

House holds separate hearings on drug prices and Medicare with both beginning at 10:00 a.m. EDT.

Attorney General William Barr appears before a Senate Committee at 10:00 a.m. EDT to answer questions about the Special Prosecutor’s Report.

President Trump meets with members of Congress at 2:15 p.m. EDT and then at 6:30 p.m. EDT participates in a National Day of Prayer dinner.

Conferences & Analyst Meetings: 

Analyst Meetings/Notable Conference Call: KMPR (analyst meeting) 

Sellside Conferences: Bloom Burton & Co Annual Healthcare Conference. Planet Microcap Showcase 2019. Taglich Brothers Annual Conference. 

Industry Conferences: Association for Research in Vision and Ophthalmology Annual Meeting. American Society of Gene & Cell Therapy Annual Meeting. The American Society of Pediatric  Hematology/Oncology.

M&A Activity

AMN Healthcare (AMN) to buy Advanced Medical Personnel Services.

Upgrades & Downgrades

Pre-Market Movers:

Winners:

ENPH +18%, NUS +18%, ARLO +10%,TNDM +8%, MTOR +7%, AKAM +6%, SLCA +6%, ROG +6%, CVS +6%, TWLO +6%, TWST +6%, AAPL +5%, VCYT +5%, AMD +5%, CBL +5%

Losers:

HCSG -20%, EXTR -15%, FTR -14%, CAMP -11%, MGPI -10%, SSNC -8%, HVT -7%, CYH -7%, WATT -6%, CAI -6%

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