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:Proficient Acquisition Unit (PAACU)of note.
Secondaries on deck: CVNA INSM LOVE NEO of note.
Notes Priced: None of note.
Other Filings of Note:files mixed shelf offering.files senior notes. ONCS EKSO LIQT CDAY G files common stock offering.
Earnings After The Close:
Beat:TOL +0.12, SKY +0.06, URBN +0.06, OOMA+0.01of note.
Flat: None of note.
Missed: JWN (0.20), PSTG (0.03) of note.
Still To Report: None of note.
News After The Close:
Tocagen (TOCA) sees TOCA 5 Phase 3 clinical trial receive continuation without modification. Stock lower after hours.
PVH Inc (PVH) extends Manny Chirico contract for the next five years.
Urban Outfitters (URBN) announces subscription rental services for women’s apparel.
Stock Repurchase: AYR
Dividend Increase: RCKY PRSP
Hourly Action This Week:
This week now sees 5 hours that are positive and 2 that are negative. 3:00-4:00 was higher again!
What’s Happening This Morning: Futures on the S&P 500
U.S. futures: S&P -4, Dow Jones -22 NDX -22 and Russell 2000 -0.90 with fair values LOWER EX RUSSELL 2000 HELPING LOSSES.Asia and Europe mixed, click through for details by country.
Gold and silver flat with copper lower. WTI Crude and Brent Oil Futures lower. Natural Gas is higher. $ is lower vs Euro, higher vs. Pound and lower vs. Yen. US 10 year Treasury price $124.20 from $124.11 with yields higher since Tuesday morning with the yield at 2.423% from 2.432%. Prices as of 8:25 a.m. EDT.
Top Sectors Tuesday: All higher led by Industrials, Technology and Materials.
Weakest Sectors Tuesday: None lower.
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: CTRP SNPS NTAP CPRT HTHT WUBA LB VPS WSM MOD SCVL of note.
Thursday Before The Open: MDT RY TD HRL BBY TTC WB SDRL BJ SNA ROLL BRC TK CTRN of note.
Earnings This Morning Of Note
Beat: KLXE +0.10, TGT +0.10, AAP +0.09, PLAB +0.06, ADI +0.05, VFC +0.01 of note.
Flat: None of note.
Missed: LOW (0.11), CM (0.01) of note.
Still To Report: CSWI of note.
Rags & Mags:Highlighted Stories may be clicked through to the original story.
Top Story: Chinese Ambassador to the U.S. says that China ready to resume trade discussions. (Reuters)
Several indexes several key moving averages improved.
Yesterday was a strong day.
The QPI10 Day Moving Average of Breadth (10DMA) is no longer invested and moved to cash on May 8th close. For a move to cash from buy, the 10DMA needed to have two days in row below -200. 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 struggled yesterday.
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 Weekly Data was out at 4:30 p.m. EDT ad Crude Oil saw a build of +2.40 million barrels and Gasoline built 0.35 million barrels.
MBA Mortgage Applications rose 2.4% week over week. Refinancings up 8%.
Weekly Crude Oil Inventories are due out at 10:30 a.m. EDT.
Treasury Secretary Steven Mnuchin will testify on the budget at 8:30 a.m. EDT.
Federal Reserve Atlanta President Bostic speaks at 10:10 a.m. EDT.
Federal Reserve Open Market Committee (FOMC) minutes from the April meeting are due out at 2:00 p.m. EDT.
President Trump has a meeting with Democrats at 11:15 a.m. EDT on infrastructure and then tonight holds a fund raiser in Washington D.C.
Conferences & Analyst Meetings:
Analyst Meetings/Notable Conference Call: ZEN ANH LPLA TMO AMAG BTAI (investor day)
Sellside Conferences: UBS Global Healthcare Conference. Credit Suisse Mortgage REIT Conference. Suntrust Robinson Humphrey Financial Services Conference. Needham Emerging Technology Conference. Wolfe Research Annual Transportation Conference. RBC Global Healthcare Conference. Berebberg Conference USA Conference. Suntrust Robinson Humphrey Internet & Digital Media Conference. B. Riley Annual Institutional Investor Conference. Wells Fargo Financial Services Forum.
Industry Conferences:American Thoracic Society International Conference runs through May 22.
Upgrades & Downgrades
Early Morning Gap Up/Down:
Gap Higher: SE +22%, TGT +9%.
Gap Lower: TOCA -32%, EKSO -29%, ONCS -29%, PSTG -20%, SSL -14%, LIQT -12%, JWN -11%, LOW -10%, URBN -9%.