In After Hours Trading
IPOs on deck of note none. Secondaries of note ARES ARQL CUZ HMNY IOTS NSA SAR SRE.
In After Hours Trading: SURPRISES AIR +.03 WDFC +.10. MISSES none of note.
Lower Guidance: .
Mixed Guidance: WDFC.
Positive Guidance: .
What's Happening This Morning
U.S. futures: S&P -19.25, Dow Jones -215, NDX -61.75 and Russell 2000 -10.30 with fair values modestly lower. Asia and Europe lower.Gold, silver and copper lower. WTI Crude and Brent Oil Futures lower. Natural Gas is higher. $ is higher vs Euro, higher vs. Pound and lower vs. Yen. US 10 year Treasury price 120.27 with yields lower since yesterday. Prices as of 7:40 a.m. EDT.
Top Sectors Utilities, Basic Materials and Consumer Services.
Weak Sectors Financials and Conglomerates.
One month winners Basic Materials, Utilities, Services and Healthcare.
Three Month Winners Utilities.
Six Month Winners Services, Basic Materials, Technology and Conglomerates.
One Year Winners All except for Conglomerates.
Year To Date Basic Materials, Services and Technology.
Earnings Expected
Earnings due after the close (by avg. trade volume): OZRK MDXG.Earnings due tomorrow morning: DAL CBSH.
Rags & Mags: Inside Wall Street
2018 has been a big M&A year. (Bloomberg)NATO allies are put on the defensive. (Bloomberg)
Trump's Trade War Grows From 18 to 10,000 products. (NYT)
Tesla (TSLA) seeks to build 500,000 cars a year in China. (NYT)
Supreme Court Nominee could be a plus for business. (NYT)
President Trump Pushes More Defense Spending by NATO Allies (WSJ)
Reported Earnings This Morning
Reported Earnings This Morning (Best to Worst absolute beats/misses [+.02 or greater/-.02 or worse]): SURPRISES FAST +.08. MISSES ANGO -.01.Missing: .
Lower Guidance: MSM.
Current Morning missing: .
Mixed Guidance: .
Positive Guidance: .
Data Points
Yesterday saw 1487 stocks rise and 1413 fall on the NYSE. NASDAQ saw 1176 rise and 1795 fall.
The SP 500 is back above its 50 day exponential moving average and is above its 200 day exponential moving average. The Russell 2000 is above its 50 day moving exponential average and is above 200 day exponential moving average.
The 10 day spread moving average of breadth is invested again this morning. The Madison Market Timing Indicator is still invested.
YTD 54% of stocks are higher and 54% are lower. Updated 7/6/18 close.
Economics
June PPI is due out at 8:30 a.m. EDT and is expected to drop to 0.2% from 0.5%.The latest short interest from the NYSE and NASDAQ is due out after the close for data through June 29th.
European Central Bank President Mario Draghi speaks at the Ninth Annual ECB Statistics Conference.
Israeli Prime Minister Benjamin Netanyahu meets with Russian President Vladimir Putin in Moscow.
Politico
President Trump concludes the NATO Summit then moves onto England on Thursday.The Bank of Canada is expected raise interest rates when it issues the latest monetary report.
Federal Reserve San Francisco President John Williams to speak at 4:30 p.m. EDT.
Conference & Analyst Meetings
Meetings, Conference Calls or Announcements of note, COST GIS ZUMZ NUVA. CIBC 9th Annual Unlock the Rock: Stampede Energy Conference. Oppenheimer & Co Boston Oncology Insights Summit.Conference of Note
SEMICON WEST - Beyond Smart 2018.M & A News
Fox raises bid for Sky to $32.5 billion.Key Upgrades and Downgrades
| Firm | Upgrades | Downgrades |
|---|---|---|
| JP Morgan | USM WERN TDS | |
| Goldman Sachs | ||
| Morgan Stanley | JAZZ | |
| Deutsche Bank | ||
| Citigroup CC Merrill Lynchp | ||
| Merrill Lynch | ||
| Wachovia/Wells Fargo | ||
| Credit Suisse | ||
| Banc of America | ||
| UBS | ||
| Stifel | CONN | |
| William Blair | ||
| Jefferies | ||
| RBC | ||
| Needham | SCYX |
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