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Morning Note

News

Morning Note

"CAPIS Morning Note – 5/28/19 President Trump No Deal With China Yet"

posted by CAPIS on 05/28/2019 at 7:35 am

by CAPIS

05/28/2019 at 7:35 am

Corporate Actions

IPOs on deck for This Week:  We now head into summer trading for IPOs with two deals this week.

IPOs on deck for Today: None  of note.

Secondaries on deck:None of note.

Notes Priced: None of note.

Other Filings of Note: TD MYOV files mixed shelf offering. TBIO SHSP files common stock offering. CNO files senior notes.

Courtesy of IPO Financial

Earnings After The Close On Friday:

Beat: None of note.

Flat: None of note.

Missed: MYOV -0.04 of note.

Still To Report: of note.

News After The Close:

FAA to reevaluate Boeing (BA) approval of 737 Max.

Fiat (FCAU) proposed a 50/50 merger with Renault.

Biomarin (BMRN) to host conference call at 8:00 a.m. EDT on Tuesday to review Valoctogene Roxapartvovec Phase 2 and Phase 3 Update.

Stock Repurchase: CPS JMEI QTT

Dividend Increase: NTR

Hourly Action This  Week:

Last week saw 4 hours  that were positive and 3 that were negative. 3:00-4:00 was higher for week.

Courtesy of Quantitative Partners, Inc.

What’s Happening This Morning: Futures on the S&P 500 have turned higher after struggling in the middle of the night.

U.S. futures: S&P +2, Dow Jones +38 NDX +15.75 and Russell 2000 +1.20 with fair values LOWER HELPING THE OPEN. Asia mixed  and Europe mixed, click through for details by country.

Gold and silver lower with copper higher. WTI Crude and Brent Oil Futures higher. Natural Gas is lower. $ is higher vs Euro, higher vs. Pound and lower vs. Yen. US 10 year Treasury price  $125.10 from $124.89 with yields lower since Friday morning with the yield at 2.29 from  2.359%. Prices as of 8:25 a.m. EDT.

Top Sectors Friday: Conglomerates, Materials and Financials.

Weakest Sectors Friday: None of note.

One Month Winners: Healthcare and Utilities.

Three Month Winners:  Conglomerates, Utilities, Consumer Goods and Services.

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

Twelve Month Winners: Utilities, Healthcare and Services.

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: WDAY HB YY RAMP NXGN LABL GSM of note.

Wednesday Before The Open:  BMO WUBA GOOS DKS BZUN HLNE YRD THR CMCO of note.

Earnings This Morning Of Note 

Beat: NIO +0.94, MOMO +0.08, PLAN +0.04, BAH +0.02 of note.

Flat:  None of note.

Missed: BNS (0.04), AMWD (0.02) of note.

Still To Report:  of note.

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

Top Story: President Trump says he is not ready to make a deal with China. (Bloomberg)

Five Things You Need To Know To Start Your Day (Bloomberg)

Huawei Founder Ren Zhengfei will protest of China retaliates against Apple (AAPL). (Bloomberg)

Opiod Trial starts in Oklahoma against Purdue Pharmaceuticals. (CNN)

China will not change its state run economy despite U.S. pressure. (CNN)

Germany’s Angela Merkel sees succession plans unraveling. (Bloomberg)

Review of European elections. (NYT)

Data Points

Several indexes broke their 10 day moving average.

Yesterday saw the adline/decline line saw some improvement.

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.

Courtesy of Quantitative Partners, Inc.

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.

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.

All indexes were resistance to pivot on Friday. Decent close to the week.

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:

March Case Schiller Home Price Index is due out at 9:00 a.m. EDT and estimates are for 2.9% from 3.0% in February.

May Consumer Confidence is due out at 10:00 a.m. EDT and is expected to rise to 130.00 from 129.20.

The latest short interest data from the NYSE and NASDAQ is out with data through settlement data of May 15th. NYSE rose 3.62% will NASDAQ rose 0.65%.

Geopolitical: 

President Trump heads home from Japan after  a series of meetings over Memorial Day weekend.

Conferences & Analyst Meetings:  

Analyst Meetings/Notable Conference Call:  TEUM NTR (investor day)

Sellside Conferences:  Deutsche Bank dbAccess Global Financial Services Investor Conference. Bank of America Merrill Lynch Emerging Market Debt & Equity Conference. KeyBanc Capital Markets Industrials and Basic Materials Conference.

Industry Conferences: None of note.

M&A Activity

Global Payments (GPN) and Total Systems (TSS) agree to a merger of equals.

Meredith (MDP) to sell Sports Illustrated to Authentic Brands Group for $110 million.

Upgrades & Downgrades

Early Morning Gap Up/Down:

Gap Higher: JMEI +16%, EGO +12%, WPRT +8%, RGNX +7%, MOMO +7%.

Gap Lower: HMY -4%, LYG -2%, GILD -2%, JBHT -2%.

About the Author

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