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: Landcadia Holdings II Unit (LCAHU) and Trevi Therapeutics (TRVI)
Secondaries on deck: PMT O of note.
Other Filings of Note: MTSC files mixed shelf offering. UPLD O PMT TWST BBCP YETI files common offering. files senior notes.
Earnings After The Close:
Beat: RE +1.01, AIG +0.52, AIZ +0.37, HTZ +0.36, ITRI +0.26, RCII +0.24, PXD +0.20, TDW +0.20, DCO +0.16, BHF +0.14, TCMD +0.14, BKD +0.14, KLAC +0.13, MTSC +0.13, FRTA +0.11, PLOW +0.10, FMC +0.10, RTEC +0.09, AEIS +0.09, NGHC +0.09, GLPI +0.09, SEDG +0.07, GWPH +0.07, VECO +0.07, SNHY +0.06, IFF +0.06, FBM +0.05, LCI +0.04, MASI +0.04, AVID +0.04, INVH +0.03, IPAR +0.03, FN +0.03, BE +0.03, EVBG +0.03, KRC +0.03, RNG +0.02, SYKE +0.02, ORA +0.02, ENSG +0.02, CBT +0.02, EVER +0.02, SHO +0.02, IVC +0.01, TXMD +0.01, QGEN +0.01, KRG +0.01, CENT +0.01, RBC +0.01, NCMI +0.01
Flat: GLUU +0.00, EGOV +0.00, MOS +0.00, AWR +0.00, RP +0.00, SKT +0.00
Missed: HHC (0.51), DCP (0.34), ANDE (0.31), NLS (0.26), CPE (0.24), RARE (0.18), LMNX (0.14), HBM (0.09), OFIX (0.09), HIIQ (0.08), CDEV (0.08), STRL (0.06), XENT (0.05), FRAC (0.05), PAHC (0.04), HPR (0.03), OTTR (0.03), MWA (0.02), FRGI (0.02), KMT (0.02), TACO (0.02), FRPT (0.01), IAG (0.01), COHU (0.01)
Still To Report: APU, UGI
News After The Close:
Intersecr ENT (XENT) CEO Lisa Earnhardt to leave on June 5th.
Mobile Mini (MINI) names COO Kelly Williams as CEO October 1, 2019.
NASDAQ equity options traded 134 million against 141 million in March and 138 in April 2018.
U.S. Trade Representative Robert Lighthizer notes that tariffs will rise on Friday.
Anadarko (APC) notes Occidental (OXY) proposal is superior to Chevron (CVX).
Stock Repurchase: UVE
Dividend Increase: STAR CP WTS.
Hourly Action This Week:
This week now sees three hours positive and four hours negative. Updated through Friday.
What’s Happening This Morning: Futures on the S&P 500 .
U.S. futures: S&P -18, Dow Jones -151, NDX -55 and Russell 2000 -10 with fair values HIGHER ADDING TO LOSSES. Asia and Europe mixed, click through for details by country.
Gold,silver and copper lower. WTI Crude and Brent Oil Futures lower. Natural Gas is higher. $ is higher vs Euro, higher vs. Pound and lower vs. Yen. US 10 year Treasury price $123.81 from $123.75 with yields lower since Friday morning with the yield at 2.48% from 2.485%. Prices as of 8:25 a.m. EDT.
Top Sectors Monday: Conglomerates and Healthcare.
Weakest Sectors Friday: Industrials, Financials and Consumer Goods.
One Month Winners: Conglomerates, Services, Consumer Goods and Financials.
Three Month Winners: Conglomerates, Services, Technology, Consumer Goods and Industrials.
Six Month Winners: Technology, Conglomerates, Services, Industrials and Utilities.
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: EA S FLT LYFT MTCH PAA FANG WYNN of note.
Wednesday Before The Open: HMC MPC TRI MPLX MCHP GOLD CBRE of note.
Earnings This Morning Of Note
Beat: EGRX +0.28, NWN +0.28, BLD +0.26, TDG +0.26, MNK +0.24, SRE +0.23, AGN +0.22, JLL +0.22, SEAS +0.18, MDCA +0.18, RACE +0.16, GTX +0.13, CROX +0.12, BR +0.10, BHVN +0.09, VPG +0.09, ATKR +0.08, AKRX +0.07, WOW +0.07, LITE +0.06, JEC +0.06, TA +0.06, HAE +0.06, LCII +0.06, NOVT +0.05, IT +0.05, INSM +0.04, KL +0.04, HSIC +0.04, PRIM +0.04, HE +0.04, CTLT +0.03, CNK +0.02, SERV +0.02, PNM +0.02, ICL +0.02, AVNS +0.02, USFD +0.01, PINC +0.01, CRL +0.01, GSKY +0.01, IPI +0.01, USAC +0.01
Flat: VCEL +0.00, DNR +0.00, SND +0.00, EMR +0.00, NHI +0.00
Missed: AMAG (3.23), REGN (1.07), CWEN (0.33), ATH (0.22), LGIH (0.18), DF (0.14), IMOS (0.14), ADNT (0.09), DPLO (0.09), BCC (0.08), VGR (0.07), BUD (0.06), OCN (0.06), FI (0.06), KEYW (0.05), WBT (0.04), ENR (0.04), ARMK (0.04), OMI (0.03), GTE (0.03), JELD (0.02), AES (0.02), LPX (0.01), DEA (0.01)
Still To Report: ARRY, BGCP, CJ, CLVS, CNHI, DQ, DXPE, EXPD, MDGL, VAC, MLCO, MFA, MYL, RHP, ONCE
Rags & Mags: Highlighted Stories may be clicked through to the original story.
Top Story: China is preparing retaliatory tariffs should U.S. increase tariffs on Friday. (Bloomberg)
Five Things You Need To Know To Start Your Day. (Bloomberg) China talks go on. Money flows out of Turkey. Brexit back on the docket. Minor economic data later today.
Major weakness across the board yesterday could give ground again today based on futures.
Yesterday saw 1187 stocks rise and 1651 fall on the NYSE. NASDAQ saw 1356 rise and 1728 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 5/3/19 close with next update on 5/10/19 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.
Yesterday saw the Russell and Dow rally back above support. The S&P 500 closed below support.
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:
The latest JOLTS data is due out at 10:00 a.m. EDT.
The latest Consumer Credit is due out at 3:00 p.m. EDT.
President Trump meets with Republican members of the Senate at 3:00 p.m. EDT.
Federal Reserve Dallas President Kaplan speaks at 7:00 a.m. EDT and Federal Reserve Governor Quarles speaks at 11:30 a.m EDT.
Conferences & Analyst Meetings: SBGI (holds conference call on purchase of Fox Regional Sports Network) ADAP (business update).
Analyst Meetings/Notable Conference Call: WFC (analyst/investor day) Red Hat Summit (RHT) NTNX ((Nutantix.net 2019) MRNA (science day) EHTH (analyst/investor day)
Sellside Conferences: D.A. Davidson Financial Institutions Conference. Credit Suisse Annual Offshore Technology Conference. Goldman Sachs Annual Leveraged Finance Conference. Deutsche Bank Annual Healthcare Conference. Oppenheimer Annual Industrial Conference. SunTrust Robinson Humphrey Annual Life Sciences 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.
Proofpoint (PFPT) to buy Meta Networks for $111 million in cash and $9 million in stock.
Upgrades & Downgrades
Best Upgrade of the Day: None of note.
Worst Upgrade of the Day: None of note.
OSMT +41%, SEDG +19%, MNK +12%, EVER +11%, AVID +9%, GWPH +8%, DCO +7%, AIG +6%, ICL +6%, RACE +6%.
XENT -17%, HIIQ -12%, NLS -11%, TXMD -9%, FRAC -6%, TACO -6%, AEIS -6%, TWST -6%, SYKE -5%, RCII -5%, PMT -5%, PAHC -5%, SGMO -5%, IAG -5%, IFF -5%,