The Cheat Sheet For The Day Ahead & Overnight News For May 23rd
In After Hours Trading
IPOs on deck of note NONE. Secondaries of note AMBO ARDX BL CADE CHRS EVOP FBK IGT MYOK PFNX TSC TWOU USAT.
In After Hours Trading: SURPRISES CTRP +.39 INTU +.14 URBN +.07 HPE +.03. MISSES TCS -.05 RRGB -.07.
Lower Guidance: RRGB.
Mixed Guidance: INTU HPE.
Positive Guidance: .
What's Happening This Morning
U.S. futures: S&P -19.75, Dow Jones -204, NDX -75 and Russell 2000 -5.70. Asia and Europe lower.
Gold higher with Copper and silver higher. WTI Crude 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 119.33, one day change +0.55, so yields lower. Prices as of 7:45 a.m. EDT.
Top Sectors Financials and Utilities.
Weak Sectors Industrials 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 due after the close (by avg. trade volume): CPRT LB NTAP SNPS WSM.Earnings due tomorrow morning: BBY HRL MCK MDT SAFM SHLD TD TTV WUBA.
Rags & Mags: Inside Wall Street
Mortgage Applications continue to fall and Refi Index hits lowest level since December 2000. (EGN)
Rollback of bank rules. (See Articles That Matter).
ZTE would see $3 billion of losses due to tariffs. (EGN)
Europe plays catchup to U.S. profits. (WSJ)
Trade tensions linger this morning as futures drop (WSJ)
Global growth looking weak. (WSJ)
How bad can it get in Italy?. (WSJ)
Facebook's (FB) Mark Zuckerberg gets lectured by EU regulators and legislatures. (NYT)
Reported Earnings This Morning
Reported Earnings This Morning (Best to Worst absolute beats/misses [+.02 or greater/-.02 or worse]): SURPRISES TIF +.31 RL +.07. MISSES LOW -.02 TGT -.07.Missing: .
Lower Guidance: .
Current Morning missing: .
Mixed Guidance: .
Positive Guidance: .
Yesterday saw 1119 stocks rise and 1761 fall on the NYSE. NASDAQ saw 1228 rise and 1630 fall.
The SP 500 is above its 50 day exponential moving average and 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 moved to invested last week. The Madison Market Timing Indicator is still invested.
YTD 45.66% of stocks are higher and 53.80% are lower. Updated 4/27/18 close.
April New Home Sales are released at 8:30 a.m. EDT and expected to fall to 677,000 from 694,000.
Weekly Crude Oil Inventories are due out at 10:30 a.m. EDT.
May Federal Reserve Open Market Committee (FOMC) Minutes are released at 2:00 p.m. EDT.
Conference & Analyst Meetings
Meetings, Conference Calls or Announcements of note, PCAR ALGN HUN ASGN QRVO TMO PLAB. UBS Global Healthcare Conference. Suntrust Robinson Humphrey Financial Services Conference.
Conference of Note
M & A News
Comcast (CMCSA) ups bid for businesses that Fox (FOXA) is selling to Disney (DIS).Key
Upgrades and Downgrades