NY Federal Reserve Open Market Action – At 8:30 a.m. EDT, the NY Federal Reserve will conduct open market operations for third day.
IPOs on deck: Datadog (DDOG) and Ping Identity (PING) to begin trading today.
IPOs Filed: None filed after the close.
Secondaries on deck: ARES NCR PAA PAGP PRVB VBIV XGN of note.
Notes Priced: IOTS CMLS of note.
Common Stock filings: PRVB PAGP ARESLYV of note.
Mixed Shelf Offerings filed: LHX of note.
Convertible Offering Files: ETSY SAIL of note.
Senior Notes Filed: None of note.
Earnings After The Close:
MLHR +0.06 of note.
None of note
News After The Close: (In time order after the close)
Northern Trust (NTRS) names Jason Tyler CFO in 2020.
Cisco (CSCO) was interested in buying Datadog (DDOG) which is going public today.
AT&T (T) may sell DirecTV. Then disputes this morning that story.
Stock Repurchase: MSFT TGT.
Dividend Increase: MSFT WPC.
Early Morning Gap Up/Down: (>4% or <-4%)
Gap Higher: MLHR +9%
Gap Lower: PRVB -14%, X -11%, ARES -4%, AKS -4%
What’s Happening This Morning: Futures value reflects the change with fair value. We will still indicate the fair value direction.
S&P 500 -1 Dow Jones Industrial Average -8 NASDAQ -7 Russell 2000 +1. Fair values are mixed. Asia mixed. Europe modestly higher.
Gold, silver and copper lower. WTI Crude Oil and Brent Oil Futures higher. Natural Gas is lower. $ is lower vs Euro, higher vs Pound and lower vs Yen. US 10 year Treasury price is at $129.55 from $129.52 with yields at 1.765% from 1.773%. Prices as of 8:25 a.m. EDT.
Positive Sectors On Wednesday: Utilities and Industrials.
Negative Sectors On Wednesday: Conglomerates, Materials and Industrials.
One Month Winners: Industrials, Consumer Goods, Services and Financials.
Three Month Winners: Conglomerates, Consumer Goods, Technology, Services and Utilities.
Six Month Winners: Consumer Goods, Industrials, Conglomerates and Services.
Twelve Month Winners: Utilities, Technology, Consumer Goods and Conglomerates.
Year to Date: Conglomerates, Technology, Services, Consumer Goods and Industrials.
Hourly Action This Week:
Updated through Tuesday close.
Upcoming Earnings Of Note (sorted by market cap, highest to lowest)
Today After The Close: SCHL SCS of note.
Friday Before The Open: None of note.
Earnings This Morning Of Note
DRI +0.02 of note.
None of note.
Rags & Mags: Highlighted Stories may be clicked through to the original story.
Wall Street Journal Main Headline:
Top Story of the Day: President Trump interviewed on Fox News this morning.
Five Things You Need To Know To Start Your Day. (Bloomberg)
Stocks on the move. (CNBC)
Bank of England leaves rates unchanged warns about Brexit.
China and the U.S. restart talks today. (Reuters)
Stock indexes are in good shape but several broke under their 5 day moving average on Monday and S&P 400 broke it Tuesday with the Russell yesterday.
Bold means a change from prior day.
The advance/decline line moved to a buy on the close of 8/29. Updated through 9/18/19 close. Year to date model up 10.26% on the S&P 500. 4 buy signals and 3 cash signals in 2019. Cash has worked in August as we missed the volatility and now we are back to a buy.
YTD 67% (+6% week over week) of stocks are higher and 33% are lower. Updated 9/13/19 close with next update on 9/20/19 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. Update through Tuesday’s close.
The Value Lines may be accessed via Bloomberg. For a free trial if you ar a Bloomberg user go to APPS CS:ERLA
Economic & Related:
Weekly Jobless Claims are due out at 8:30 a.m. EDT.
Philadelphia Federal Manufacturing is due out at 8:30 a.m. EDT and is expected to come in at 8 from 16.80.
August Existing Home Sales are due out at 10:00 a.m. EDT and are expected to come in at 5.36 million from 5.42 million.
August Leading Indicators are due out at 10:00 a.m. EDT and are expected to fall to 0.1% from 0.5%.
Weekly Natural Inventories are due out at 10:30 a.m. EDT.
President Trump will have a quiet day as he has nothing on his schedule.
Conferences & Analyst Meetings:
Company Analyst Meetings and Conference Calls: ORCL POOL STX (investor day) MSRT (conference call)
Sellside Conferences: Goldman Sachs Communicopia Conference. D.A. Davidson Annual Diversified Industrials and Services Conference. Credit Suisse Consumer IR 1 on 1 Day. CL King Annual Best Ideas Conference.
Industry Conferences: SEMICON Taiwan. Delivering Alpha CNBC.
China Biologic Products (CBPO) gets abid for $120 a share.
Upgrades & Downgrades: