Interesting Fact Of The Day: Americans averaged 6.3 hours a day on digital media according to Mary Meeker in her yearly tech trends report.
IPOs on deck for This Week: We now head into summer trading for IPOs.
IPOs on deck for Today: Flyerr International (FVRR) and Mohawk Group Holdings (MWK)
Secondaries on deck: HTGC ICAD LAUR SHSP
Common Stock filings: MCRB
Mixed Shelf Offerings filed: None of note.
Convertible Offerings filed: None of note.
Senior Notes Files: None of note.
Earnings After The Close:
Beat: RH +0.32, OXM +0.09, TLRD +0.06, LULU +0.04 of note.
News After The Close:
The House Oversight and Reform Committee voted to hold Attorney General William Barr and Commerce Secretary Wilbur Ross in contempt.
Savara (SVRA) announces IMPALA Phase 2 study did not meet endpoints.
Huntington Ingalls (HII) wins a $690 million Navy contract.
Stock Repurchase: GNTY AER.
Dividend Increase: TGT
What’s Happening This Morning: Futures on the S&P 500
U.S. futures: S&P +15, Dow Jones +96 NDX +67 and Russell 2000 +9.30 with fair values MIXED. Asia and Europe mixed, click through for details by country.
Gold and silver higher with copper lower. WTI Crude and Brent Oil Futures lower. Natural Gas is lower. $ is higher vs Euro, lower vs. Pound and lower vs. Yen. US 10 year Treasury price $127.14 from $126.94 with yields lower since Wednesday morning with the yield at 2.11% from 2.12%. Prices as of 8:25 a.m. EDT.
Top Sectors Wednesday: Utilities, Conglomerates and Healthcare.
Weakest Sectors Tuesday: Materials, Financials and Technology.
One Month Winners: Utilities and Healthcare.
Three Month Winners: Consumer Goods, Conglomerates, Services and Financials.
Six Month Winners: Industrials, Technology, Conglomerates and Services.
Twelve Month Winners: Utilities, Healthcare and Services.
Year to Date: All higher led by Conglomerates, Services, Industrials, Technology and Consumer Goods.
Hourly Action This Week:
This week so far 1 hour positive and 6 were negative. 2:00-3:00 higher for week.
Upcoming Earnings Of Note (sorted by market cap, highest to lowest)
Today After The Close: AVGO
Friday Before The Open: CMCM
Earnings This Morning Of Note
Beat: TUFN +0.01 of note.
Still To Report:
Rags & Mags:Highlighted Stories may be clicked through to the original story.
Five Things You Need To Know To Start Your Day (Bloomberg)
Amazon (AMZN) and its Alexa device may recording kids. (Seattle Times)
S&P 100 back below its 200 day moving average.
Bold means a change from prior day.
The advance/decline line has improved dramatically and moves to a buy here this morning.
The QPI10 Day Moving Average of Breadth (10DMA) is no longer in cash and moves to invested this morning. For a move to cash from buy, the 10DMA needed to have two days in row above +200.
YTD 70% (+6% week over week) of stocks are higher and 30% are lower. Updated 6/7/19 close with next update on 6/14/19 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. Strong week and Monday.
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:
Weekly Jobless Claims are due out at 8:30 a.m. EDT.
Weekly Natural Gas Inventories are due out at 10:30 a.m. EDT.
Treasury Auction of $16 billion of 30 Years at 1:00 p.m. EDT.
Conferences & Analyst Meetings:
Analyst Meetings/Notable Conference Call: CPB AJG CMCO WCC (investor day) QUES (conference call)
Sellside Conferences: Deutsche Bank db Access Global Consumer Conference. Goldman Sachs Global Healthcare Conference. Three Part Advisors East Coast IDEAS Conference 2019. Piper Jaffray Midwest Bank Symposium. RBC Fin Tech Conference. CIBC Retail & Consumer Small Cap Forum. Piper Jaffray “Fish & Chips” East Coast Symposium.
Industry Conferences: Cisco Live 2019. CES Asia 2019. NASDAQ 40th Investor Conference.
Upgrades & Downgrades
Favorite Upgrades: DLPH and TDOC are both well off highs. Nice upgrades.
Worst Downgrade: CPS as down from $145 to $41.89. Seriously? Downgrade off $100?
Early Morning Gap Up/Down:
Gap Higher: RH +25%, FRO +9%, TIGO +9%, UWT +9%, OXM +8%, LULU +7%, RVLV +5%, DRD +5%.
Gap Lower: SVRA -70%, NEPT -18%, MCRB -16%, PRVB -10%, CONE -7%, LAUR -5%.