The Daily Briefing For August 14th: Futures Getting Crushed. Buy The Dip?

by Geoff Garbacz | 08/14/2019 9:03 AM

Rebel Yell Morning Market Report

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The Daily Briefing For August 14th: Futures Getting Crushed. Buy The Dip?

Corporate Actions 

IPOs on deck: Crossfire Bankshares (CFB) is set to go public this week.

IPOs Filed: WeWork (WE) finally filed for its IPO as it released its S1 this morning.

Secondaries on deck: PTLA SO IVR G ONCY WK of note.

Notes Priced:  DRE AKAM WK of note.

Common Stock filings: DCPH ACMR IVR G FLNT  of note.

Mixed Shelf Offerings filed: CRNX CMCT of note.

Convertible Offering Files:  W of note.

Senior Notes Filed: None of note.

Courtesy of IPO Financial

Earnings After The Close: 

Beat:

HUYA +0.17, GO +0.07, REAL +0.03, CHNG +0.01 of note.

Flat:

None of note.

Missed:

ADPT (1.09), PSNL (0.59), YY (0.32), MYGN (0.07), TLRY (0.05), CDK (0.02) of note.

Still to Report:  

News After The Close: (In time order after the close)

Alaska Air (ALK) sees July traffic up 2.8%.

Baidu (BIDU) reports users on its app hit 200 million.

Ross Stores (ROST) names Michael Hartshorn as COO and Travis Marqueetee as CFO.

Stock Repurchase: MRTN WH of note.

Dividend Increase: STI of note.

What’s Happening This Morning: Futures value reflects the change with fair value. We will still indicate the fair value direction.  

U.S. futures: S&P -36  Dow Jones -329, NDX -106  and Russell 2000 -20.43 with fair values higher hurting the open. Asia higher and Europe lower, click through for details by country.

Gold and silver higher with Copper lower. WTI Crude Oil 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 is at $130.55 from $130.28 with yields at 1.574% from 1.64%. Prices as of 8:25 a.m. EDT.

Positive Sectors On Tuesday: Technology, Services, Consumer Goods and Healthcare.

Negative Sectors On Tuesday: None.

One Month Winners: Conglomerates.

Three Month Winners: Conglomerates, Utilities, Healthcare and Consumer Goods.

Six Month Winners: Conglomerates, Utilities, Consumer Goods.Technology and Consumer Goods.

Twelve Month Winners: Utilities, Technology and Services.

Year to Date: All higher led by Conglomerates, Technology, Services and Industrials.

Hourly Action This  Week:

Updated through Tuesday close. Yesterday saw improvement.

Courtesy of Quantitative Partners, Inc.

Upcoming Earnings Of Note (sorted by market cap, highest to lowest)

Today After The Close: CSCO A CGC NTAP WUBA CACI VIPS PRSP HOLI SPTN of  note.

Thursday Before The Open: BABA WMT TPR MSG NIO MSGN CSIQ BCG JCP of note.

Earnings This Morning Of Note  

Beat: 

PFGC +0.05, GOOS +0.03 of note.

Flat:  None of note.

Missed:

CTRA (0.33), M (0.17), ERJ (0.06), LK (0.03), AIT (0.01) of note.

 Yet to Report: CAE, CTST, IHRT, MDP.

Rags & Mags: Highlighted Stories may be clicked through to the original story.

Top News Story:  10 Year Treasury yield has dropped below the 2 Year Treasury yield, inverting the yield curve. (CNBC)

Five Things You Need To Know To Start Your Day (Bloomberg)

China saw Industrial Production grow at 4.8% with estimate of 6.0%, lowest since 2002. (Bloomberg)

China to hold trade talks in September but not optimistic. (Bloomberg)

Warren Buffet  and Berkshire Hathaway (BRKB) now owns $100 billion of financials. (WSJ)

Commerce Secretary Wilbur Ross interviewed on CNBC this morning and notes that no formal date set for a visit with the Chinese in September. (CNBC)

Data Points

Strength on Tuesday as all indexes saw improvement.

Bold means a change from prior day.

The advance/decline line moved to cash after Monday’s close. Updated through 8/9/19 close. The buy is history as we noted last week it was beginning to fade. Year to date model up 7.48% on the S&P 500. 3 buy signals and 3 cash signals in 2019. The recent buy lost -1.23%. Cash is working.

Courtesy of Quantitative Partners, Inc.

YTD  63% (-3% week over week) of stocks are higher and 37% are lower. Updated 8/9/19 close with next update on 8/16/19 close.

Courtesy of Phil Erlanger Research, Inc.

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 Monday’s close.

Courtesy of Phil Erlanger Research

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:

Weekly MBA Mortgage Applications grew 21.7% over last week which grew 5.3%.

July Import and Export Prices 0.2% versus -0.3% and -1.1% prior.

Weekly Crude Oil Inventories are due out at 10:30 a.m. EDT.

Geopolitical:

President Trump will be on vacation today at Trump National Golf Club in Bedminster, New Jersey. No event scheduled.

Conferences & Analyst Meetings:   

Company Analyst Meetings and Conference Calls:   IDXX  HTBX MATX (investor day)

Sellside Conferences: Raymond James Park City Telecom Summit. Wedbush Pac Growth Healthcare Conference. JP Morgan Auto Conference. Bank of America AI Conference. Buckingham Research Group Financials Conference. Needham Annual Industrials Technologies FinTech 1X1 Conference. Raymond James Aspen Energy Summit. Citi 1X1 MLP/Midstream Infrastructure Conference.

Industry Conferences: American Association of Diabetes Educators Annual Conference. EnerCom Oil & Gas Conference.

M&A Activity:

Presidio (PSDO) to be acquired by BC Partners for $16 a share in cash.

Sterling Construction (STRL) buys Plateau Excavation for $400 million.

Upgrades & Downgrades:

Early Morning Gap Up/Down: (>4% or <-4%)

Gap Higher: GO +13%, REAL +12%, AXU +11%, CHNG +10%, GOOS +5%.

Gap Lower:MYGN -26%, CPLG -20%, ADPT -10%, TLRY -9%, CDK -9%, PSNL -7%, RKDA -6%, LK -6%.

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