IPOs on deck for This Week: Another busy one for IPOs with 9 on deck.
IPOs on deck for Today: None of note.
Secondaries on deck for Today: KRYS ARQL
Common Stock filings: MRTX EVFM ARQL KRYS
Mixed Shelf Offerings filed: ARQL MDCO
Earnings After The Close:
Beat: None of note.
Flat: None of note.
Missed: None of note.
News After The Close:
Integra (IART) names new COO and CFO.
Genfit (GNFT) and Terns Pharmaceutical announce $228 million partnership to develop elafibranor in Greater China.
MarketAxess (MKTX) to join S&P 500.
Axon (AAXN) to join S&P 400 Mid Cap.
USANA Health Sciences (USNA), Mesa Laboratories (MLAB) and Xencor (XNCR) to join S&P 600 Small Cap.
Lockheed Martin (LMT) wins $560 million Army contract.
What’s Happening This Morning:
U.S. futures: S&P -3, Dow Jones -20, NDX -12.25 and Russell 2000 -2.70 with fair values LOWER LESSENING THE PAIN. Asia and Europe mixed click through for details by country.
Gold, silver and copper higher. WTI Crude Oil and Brent Oil Futures lower. Natural Gas is lower. $ is higher vs Euro, higher vs. Pound and lower vs. Yen. US 10 year Treasury price $128.02 from $127.75 with yields lower since Monday morning with the yield at 2.00% from 2.03%. Prices as of 8:25 a.m. EDT.
Top Sectors Monday: None of note.
Weakest Sectors Monday: Conglomerates, Healthcare, Services and Financials lower.
One Month Winners: Healthcare, Industrials and Utilities.
Three Month Winners: Industrials, Services, Financials and Consumer Goods.
Six Month Winners: Conglomerates, Industrials, Services and Techology.
Twelve Month Winners: Utilities, Healthcare, Industrials and Services.
Year to Date: All higher led by Conglomerates, Services, Industrials, Technology and Consumer Goods.
Hourly Action This Week:
Monday saw selling in 5 hours.
Upcoming Earnings Of Note (sorted by market cap, highest to lowest)
Today After The Close: FDX MU SNX AVAV of note.
Wednesday Before The Open: GIS PAYX INFO BB UNF ATU SCHN of note.
Earnings This Morning Of Note
Beat: FDS +0.25, LEN +0.16 of note.
Flat: None of note.
Missing This Morning: BNED of note.
Rags & Mags: Highlighted Stories may be clicked through to the original story.
Top News Story Of The Day: U.S. downplaying the upcoming G-20 now with respect to meeting with China. (Bloomberg)
Five Things You Need To Know To Start Your Day (Bloomberg)
The Russell 2000 and S&P 400 gave up some ground.
Bold means a change from prior day.
The advance/decline line has improved dramatically and moved to a buy last Thursday.
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.
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:
June Consumer Confidence is due out at 10:00 a.m. EDT and is expected to fall to 132 from 134.10.
May New Home Sales are due out at 10:00 a.m. EDT and are expected to rise to 683,000 from 673,000.
Treasury 2 Year Auction at 1:00 p.m. EDT.
The latest NYSE and NASDAQ Short Interest is due out after the close.
President Trump signs an Executive Order on Affordable Housing. Then present the Medal of Honor. At night, meets with supporters.
Federal Reserve New York President John Williams speaks at 8:45 a.m. EDT.
Federal Reserve Chairman Jerome Powell speaks at the Council on Foreign Relations in New York City at 1:00 pm. EDT.
Federal Reserve Atlanta President Raphael Bostic speaks at 1:00 p.m. EDT.
Federal Reserve St. Louis President James Bullard speaks at 5:30 p.m. EDT.
Conferences & Analyst Meetings: None of note.
Analyst Meetings/Notable Conference Call: CLXT CODI MOR WINT(investor or analyst day) MDCL (conference call)
Sellside Conferences: BMO Capital Markets Prescriptions For Success Healthcare Conference. Oppeneheimer Stanford Biotech Emerging Science Summit.
Industry Conferences: Mobile World Congress Shanghai (through 6/28). Bitcoin 2019 Conference ( through 6/26).
AbbVie (ABBV) to buy Allergan (AGN) for $188.24 a share in cash and stock.
Visa (V) buys token service and ticketing businesses from Rambus (RMBS).
Upgrades & Downgrades
Early Morning Gap Up/Down:
Gap Higher: AGN +35%, ALDX +15%, XNCR +8%, RMTI +5%.
Gap Lower: ABBV -5%, BYND -4%.