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Morning Note

News

Morning Note

"CAPIS Morning Note – 5/31/19"

posted by CAPIS on 05/31/2019 at 7:05 am

by CAPIS

05/31/2019 at 7:05 am

Quick Note – This is an abbreviated updated through 4:00 a.m. EDT. We will also have an abbreviated update on Monday morning.

Corporate Actions

IPOs on deck for This Week:  None of note.

IPOs on deck for Today:  None of note.

Secondaries on deck:  AIN NAO FOLD MYOV TWLO 

Notes Priced:  AIN 

Other Filings of Note:   CMCO PNR files mixed shelf offering. ES files common stock offering.

Courtesy of IPO Financial

Earnings After The Close:

Beat:  DELL +0.25, COST +0.22, COO +0.17, WSM +0.12, YEXT +0.05, VMW +0.04, ZS +0.04, NTNX +0.04, UBER +0.03, ZUO +0.02, MRVL +0.02, OKTA +0.02, ULTA +0.01 of note.

Flat: 

Missed: RRGB (0.30), GPS (0.08) 

Still To Report: 

News After The Close:

President Trump slaps a 5% tariff on Mexico effective  through a Tweet and threatens to up to 25%. Mexico threatens to counter.

President Trump seeking to accelerate the congressional vote on USMCA trade deal notes The Washington Post.

GameStop (GME) names James Bell as CFO as of Monday morning, June 3rd and Chris Homeister as Chief Merchandising Office as of June 1oth.

Royal Gold (RGLD) sees gold reserves drop 8.9% year over year.

Stock Repurchase: None of note.

Dividend Increase: None of note.

Hourly Action This  Week:

So far this week 2 hours are positive and 5 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 been dropped since yesterday’s close.

U.S. futures: S&P -26.50, Dow Jones -267, NDX -53   and Russell 2000 -15 with fair values LOWER LESSENING THE PAIN. Asia  and Europe lower, click through for details by country.

Gold up slightly with silver flat and copper lower. WTI Crude and Brent Oil Futures lower. Natural Gas is higher. $ is flat vs Euro, flat vs. Pound and lower vs. Yen. US 10 year Treasury price $126.45 from $125.38 with yields lower since Thursday morning with the yield at 2.18% from 2.26%. Prices as of 4:00 a.m. EDT.

Top Sectors Thursday:  Technology, Consumer Goods, Industrials and Healthcare.

Weakest Sectors Thursday: Materials, Utilities and Financials.

One Month Winners: None.

Three Month Winners:  Conglomerates, Consumer Goods and Technology.

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:  None of note.

Monday Before The Open:None of note.

Earnings This Morning Of Note 

Beat:  of note.

Flat:  of note.

Missed:  of note.

Still To Report:  of note.

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

Top Story: China Factory Orders Slow. (CNBC)

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

Data Points

No changes from yesterday.

The adline/decline line remains weak.

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 5/24/19 close with next update on 5/31/19 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 remain weak.

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:

April Personal Income is due out at 8:30 a.m. EDT and expected to improve to 0.3% from 0.1%.

April Personal Spending is due out at 8:30 a.m. EDT and expected to fall to 0.2% from 0.9%.

University of Michigan Consumer Sentiment is due out at 10:00 a.m. EDT and expected to improve to 101.5 from 97.20.

Geopolitical: 

President Trump has a quiet day ahead and meets with Gold Star families at 5:30 p.m.

Conferences & Analyst Meetings:  

Analyst Meetings/Notable Conference Call: CI (investor day) 

Sellside Conferences:  Bernstein Strategic Decisions Conference.  Bank of America Merrill Lynch Emerging Market Debt & Equity Conference.

Industry Conferences: ASCO Meeting.

M&A Activity

Bemis (BMS) and Amkor (AMKR) get regulatory approval from Department of Justice on merger.

Upgrades & Downgrades: Will return on Tuesday morning.

After The Close/Early Morning Gap Up/Down:

Gap Higher:  WSM +11.50% OKTA +8% MRVL +3%.

Gap Lower: ZUO -27% NTNX -15% GPS -12% SCHL -10%.

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