IPOs on deck for This Week: 14 IPOs due this week with Uber coming public on Friday. Hot deals include Axcella Health, HeadHunter Group, South Plains Financial and Uber.
IPOs on deck for Today:
Secondaries on deck:
Other Filings of Note: CONE files mixed shelf offering. ACAD files common offering. GOGO files senior notes.
Earnings After The Close:
Beat: None of note.
Flat: None of note.
Missed: None of note.
Still To Report:
News After The Close:
Sunday afternoon President Trump tweeted that he would press for tariffs to rise against China on Friday as trade talks moving slowly.
Align Tech (ALGN) gives update on patent infringement case against 3Shape.
Hourly Action This Week:
This week now sees three hours positive and four hours negative. Slight improvement on Friday.
What’s Happening This Morning: Futures on the S&P 500 .
U.S. futures: S&P -43.75, Dow Jones -454, NDX -144.75 and Russell 2000 -22.10 with fair values LOWER CUTTING LOSSES. Asia and Europe very weak, click through for details by country.
Gold higher with silver and copper lower. 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 $123.75 from $123.11 with yields lower since Friday morning with the yield at 2.485% from 2.558%. Prices as of 8:25 a.m. EDT.
Top Sectors Friday: Services, Indusrtials, Materials and Technology.
Weakest Sectors Friday: Conglomerates.
One Month Winners: Conglomerates, Services, Consumer Goods and Financials.
Three Month Winners: Conglomerates, Services, Technology, Consumer Goods and Industrials.
Six Month Winners: Technology, Services, Industrials and Conglomerates.
Twelve Month Winners: Services, Conglomerates, Utilities, Healthcare and Consumer Goods.
Year to Date: All higher led by Conglomerates, Services, Industrials, Technology and Consumer Goods.
Upcoming Earnings Of Note (sorted by market cap, highest to lowest)
Today After The Close: OXY AIG PXD KLAC IFF INVH RE FMC MOS RNG UGI QGEN GLPI KRC MASI RP AIZ HHC BHF DCP of note.
Tuesday Before The Open: BUD AGN EMR REGN SRE TDG CNHI IT MYL BR EXPD MLCO AES JEC HSIC ATH USFD ARMK ICL of note.
Earnings This Morning Of Note
Beat: DK +1.08, BHC +0.17, OXY +0.13, KELYA +0.11, TSN +0.05, SPNS +0.02, KOS +0.01, CHSP +0.01
Flat: AMG +0.00, CAMT +0.00
Missed: CEVA (0.02), PK (0.01)
Still To Report: DSKE, NSSC, PETS, SYY
Rags & Mags: Highlighted Stories may be clicked through to the original story.
Top Story: President Trump indicates tariffs back on after a Sunday Tweet. (Bloomberg)
South China Morning Post reports that Chinese Vice Premier Liu will leave for U.S. three days later. (South China Morning Post)
Occidental Petroleum (OXY) raises bid for Anadarko Petroleum (APC) to $76 a share.
Department of Justice (DOJ) concludes review of IBM’s purchase of Red Hat (RHT).
We are changing the comments on the various moving averages to a table. We added a few more indexes on Tuesday. Major improvement across the board Friday could give ground again today based on futures.
Yesterday saw 2235 stocks rise and 627 fall on the NYSE. NASDAQ saw 2441 rise and 630 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.
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.
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.
Friday saw all indexes closed above resistance.
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:
None of note.
President Trump meets with Tiger Woods as he gives him the President Medal of Freedom. Also, the West Point football team visits today.
Federal Reserve Chicago President Evans along with Philadelphia President Harker speak.
Conferences & Analyst Meetings: SBGI (holds conference call on purchase of Fox Regional Sports Network) ADAP (business update).
Analyst Meetings/Notable Conference Call:
Sellside Conferences: D.A. Davidson Financial Institutions Conference. Credit Suisse Annual Offshore Technology Conference.
Industry Conferences: American Urological Annual Meeting. American Association of Orthodontists Annual Meeting. American Society of Cataract and Refractive Surgery and American Society of Ophthalmic Administrators Annual Meeting. American Academy of Neurology Annual Meeting.
DryShips (DRYS) buys Newcastlemax for $50 million.
Sinclair Broadcasting (SBGI) to buy Fox Regional Sports Network for $9.6 billion.
Park Hotels & Resorts (PK) to buy Chesapeake Lodging Trust (CHSP) for $2.7 billion in cash and stock.
Brunswick (BC) to sell fitness business to KPS Capital Partners for $490 million.
Upgrades & Downgrades
Best Upgrade of the Day: None of note.
Worst Upgrade of the Day: RMD gaps higher and the analyst chases.
Winners: ESPR +16%, SAEX +11%, MUX +4%, AUY +4%,
Losers: BZUN -8%, CSIQ -8%, JKS -7%, VIPS -7%, MOMO -6%, TAL -6%, SWKS -6%, MT -6%, WB -6%, YY -6%, JD -5%, HTHT -5%, SINA -5%, BABA -5%.