Special Report – The New York Federal Reserve released its latest annual report on “Banking System Vulnerability”. (New York Federal Reserve)
IPOs on deck: None of note.
IPOs Filed: None filed after the close.
Secondaries Priced: NLTX of note.
Notes Priced: None of note.
Common Stock filings: CNST NLTX of note.
Mixed Shelf Offerings filed: JE of note.
Convertible Offering Files: None of note.
Senior Notes Filed: None of note.
Earnings After The Close:
CTAS +0.25, SCS +0.11 of note.
FDX (0.27) of note.
Hourly Action This Week: Updated 12/16
News After The Close (In Order of Time)
Rating agency revises U.K. to stable from negative.
Federal Reserve and F.D.I.C. find no deficiencies in the resolution plans of the largest banks. (press release)
Fitch notes that the Phase I trade deal will not fix U.S. corporations trade concerns.
Index Changes: COLM to join S&P 400 and UNIT To join S&P 600, prior to opening next Monday, December 23rd.
Stock Repurchase Announcements: NTUS CP DVN
Dividend Increase: BXP CAC CNCN (special dividend)
Dividend Decrease: ANH
Gap Higher: PCG +16%, MCHX +6%, COLM +5%, SCS +5%, ZGNX +4%, UNIT +4%.
Gap Lower: FIXX -16%, ADRO -15%, PACB -8%, FDX -8%, ANH -6%, SLDB -6%, CNST -4%, JNCE -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 +24 NASDAQ +10 Russell 2000 +1. Fair values are mixed. Asia mixed and Europe mixed.
Gold, silver and copper lower. WTI Crude Oil and Brent Oil Futures lower. Natural Gas is lower. $ is higher vs Euro, higher vs Pound and higher vs Yen. US 10 year Treasury price is at $128.45 from $128.67 with yields at 1.89% from 1.85%. Prices as of 8:0 a.m. EDT.
Positive Sectors On Tuesday: Real Estate, Materials, Energy and Services of note.
Negative Sectors On Tuesday: Consumer Goods and Technology of note.
One Month Winners: Healthcare, Industrials and Technology.
Three Month Winners: Industrials, Financials and Healthcare.
Six Month Winners: Consumer Goods, Industrials, Technology and Healthcare.
Twelve Month Winners: Technology, Industrials and Services.
Year to Date: Technology, Industrials, Technology, Consumer Goods, Services and Financials.
Upcoming Earnings Of Note (sorted by market cap, highest to lowest)
Today After The Close:
MU MLHR ABM REVG of note.
Thursday Before The Open:
ACN CCL DRI CAG FDS SAFM NEOG CVGW APOG RAD of note.
Earnings This Morning Of Note
GIS +0.07 of note.
None of note.
Still to Report: PAYC TTC
Rags & Mags: Highlighted Stories may be clicked through to the original story.
Five Things You Need To Know To Start Your Day. (Bloomberg)
Fiat Chrysler (FCAU) and Peugot agree to merge.
Devon Energy (DVN) sells Barnett Shale assets for $770 million.
Zogenix (ZGNX) sees The Lancet publish Phase 3 clinical trial for FINTEPLA.
General Electric (GE) cash flow could be impacted by Boeing (BA) halting production of 737 Max. (WSJ)
Tesla (TSLA) may cut the price of Model 3 in China (Bloomberg)
New York Life to buy Cigna (CI) non-medical insurance unit. (FT)
All stock indexes remain strong. Current through 12/16.
Bold means a change from prior day.
The advance/decline line model is now a buy though it is struggling with the recent action. Updated through 12/1. Year to date model up 15.48% on the S&P 500. 5 buy signals and 4 cash signals in 2019. Current signal is a buy and is up 6.75%.
YTD 65% (+1% change week over week) of stocks are higher and 35% are lower. Updated through 12/13 close. UPDATED
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 12/17.
Economic & Related:
API Petroleum Institute weekly data due out at 4:30 p.m. EDT.
Weekly MBA Mortgage Applications fell -5.0% from last week and were released at 7:00 a.m. EDT.
Weekly Crude Oil Inventories are due out at 10:30 a.m. EDT.
President Trump will receive his intelligence briefing at 11:45 a.m. EDT and then leave for Michigan to speak at a Keep America Great Rally with a start time of 7:00 p.m. EDT.
Conferences & Analyst Meetings: Stifel Defense and Government Services Bus Tour.
Investor/Analyst Days & Conference Calls of Note: CFX LII AJG (Investor Day) SLNG (Conference Call) GENE (Webinar) (R&D Day) MCK (Analyst Day)
Sellside Conferences: None of note.
Industry Conferences: None of note. NYC 8th Annual Investor Summit.
Marchex (MCHX) buys Sonar Technologies for $12,5 million in cash and stock.
Leidos (LDOS) buys Dynetics for $1.65 billion in cash.
Upgrades & Downgrades