IPOs on deck for This Week: A busy week with 5 IPOs this week. No hot deal of the week.
IPOs on deck for Today: None of note.
Secondaries on deck: None of note.
Notes Priced: None of note.
Other Filings of Note: GLYC WES HIG files mixed shelf offering. files senior notes. HL files common stock offering.
Earnings After The Close:
Beat: None of note.
Flat: None of note.
Missed: None of note.
Still To Report:
News After The Close:
Lockheed Martin (LMT) wins a $1.1 billion Navy contract.
Raytheon (RTN) wins a $384 million Army contract.
Stock Repurchase: HVT HELE
Hourly Action This Week:
This week now sees 5 hour that are positive and two that are negative. 3:00-4:00 was ugly.
What’s Happening This Morning: Futures on the S&P 500 rose until 8:00 p.m. EDT then trading slightly down into 4 a.m. EDT before collapsing.
U.S. futures: S&P -16.50, Dow Jones -130 NDX -88 and Russell 2000 -10 with fair values MIXED. Asia mixed and Europe lower, 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 higher vs Euro, lower vs. Pound and lower vs. Yen. US 10 year Treasury price $124.52 from $124.75 with yields lower since Friday morning with the yield at 2.393% from 2.366%. Prices as of 8:25 a.m. EDT.
Top Sectors Friday: Utilities.
Weakest Sectors Friday: All others leads down by Conglomerates, Industrials and Technology.
One Month Winners: Conglomerates and Utilities.
Three Month Winners: Conglomerates, Services, Technology, Consumer Goods and Utilities.
Six Month Winners: Utilities,Technology, Services, Industrials and Conglomerates.
Twelve Month Winners: Utilities, Services, Healthcare and Conglomerates
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: NDSN GSM of note.
Tuesday Before The Open: HD TJX AZO KSS EV CBRL MNRO DAVA DY SFL UXN JCP of note.
Earnings This Morning Of Note
Beat: QD +0.15, PDD +0.06 of note.
Flat: None of note.
Missed: AZZ (0.12), IGT (0.09), SPTN (0.07) of note.
Still To Report: None of note.
Rags & Mags: Highlighted Stories may be clicked through to the original story.
Top Story: European Union (EU) to hold elections this week. (CNBC)
Five Things You Need To Know To Start Your Day. (Bloomberg)
President Trump warns Iran not to fight the U.S. or it will be the end of Iran. (Twitter)
President Trump tells Fox News no 50-50 trade deal with China. (Fox News)
Several indexes broke several key moving averages.
Yesterday saw 695 stocks rise and 2135 fall on the NYSE. NASDAQ saw 863 rise and 2213 fall.
The QPI10 Day Moving Average of Breadth (10DMA) is no longer invested and moved to cash with last Wednesday’s close. For a move to cash from buy, the 10DMA needed to have two days in row below -200 and that happened on Wednesday’s close. For now, the best offense is a good defense.
YTD 76% (-3% week over week) of stocks are higher and 24% are lower. Updated 5/10/19 close with next update on 5/17/19 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.
All indexes closed Resistance to Pivot. Friday was ugly.
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 heads to Williamsport, PA to deliver a Make America Great Again (MAGA) speech at 7:00 p.m. EDT.
Federal Reserve Chairman Jerome Powell speaks at 7:00 p.m. EDT.
Federal Reserve Governor Richard Clarida speaks at 1:05 p.m. EDT.
Conferences & Analyst Meetings:
Analyst Meetings/Notable Conference Call: CYDY (investor call) INNT (analyst meeting) BSX (at Digestive Week).
Sellside Conferences: UBS Global Healthcare Conference. UBS Global Global Oil & Gas Conference. UBS 5G Summit.
Industry Conferences: American Thoracic Society International Conference begin and runs through May 22.
NRG Energy (NRG) to buy Stream Energy unit for $300 million in all cash deal.
Upgrades & Downgrades
Best Upgrade of the Day: B. Riley upgrades NPTN fighting the downgrades.
Best Downgrade of the Day: Morgan Stanley lowers AAL which makes sense if economy slows.
Early Morning Gap Up/Down:
Gap Higher: TTM +10%, MDCO +9%, PLUG +7%,
Gap Lower: ADI -6%, STM -6%, TSLA -4%, XLNX -4%, MU -3%, QCOM -3%, AMAT -3%,