The Daily Briefing For August 22nd: All Eyes To Jackson Hole

by Geoff Garbacz | 08/22/2019 10:07 AM

Rebel Yell Morning Market Report

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The Daily Briefing For August 22nd: All Eyes To Jackson Hole

Corporate Actions

IPOs on deck: None of note.

IPOs Filed:  None of note this morning.

Secondaries on deck:  AVGR AVLR of note.

Notes Priced:   None of note.

Common Stock filings: of note.

Mixed Shelf Offerings filed:  MXIM of note.

Convertible Offering Files:  of note.

Senior Notes Filed: None of note.

Courtesy of IPO Financial

Earnings After The Close: 

Beat:

 WUBA +0.77 KEYS +0.23 SPLK +0.18 JWN +0.13 ZAYO +0.11 SNPS +0.08 PSTG +0.05 LB +0.04 of note.

Missed:

 QADA -0.65 HTHT -0.11 of note.

Still to Report:  of note.

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

Perkin & Elmer (PKI) CEO and Chairman Robert Friehl to retire end of year and COO Prahlad Singh named next CEO.

SolarEdge Techologies (SEDG) announced a leave of abscence for CEO and founder Guy Sella, namesZvi Lando as Acting CEO.

Raymond James (RJF) sees clients assets up 8% year over year.

Fiesta Restaurant (FRGI) names Dirck Montgomery CFO.

Boeing (BA) wins $1 billion Air Force contract.

Pinnacle West (PNW) Chairman/CEO/President Don Brandt to retire 11/15.

Stock Repurchase:   .

Dividend Increase: CBU AFG  of note.

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

Gap Higher: GSX +11%, DKS +10%, KEYS +10%, JWN +9%, SGRY +8%, ZAGG +7%, FLWS +6%, BJ +5%

Gap Lower: SQM -9%, QADA -8%, SPLK -4%

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 +8   Dow Jones +80  NDX +18  and Russell 2000 +3 with fair values lower adding to gains on the open. Asia mixed and Europe mixed, click through for details by country.

Gold, silver and copper lower. WTI Crude Oil and Brent Oil Futures higher. Natural Gas is lower. $ is higher vs Euro, lower vs Pound and lower vs Yen. US 10 year Treasury price is at $130.41 from $130.50 with yields at 1.611% from  1.583%. Prices as of 8:25 a.m. EDT.

Positive Sectors On Wednesday: Conglomerates, Technology, Services and Utilities.

Negative Sectors On Wednesday: None of note.

One Month Winners: Conglomerates and Utilities.

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

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

Twelve Month Winners: Utilities, Technology, Conglomerates and Services.

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

Hourly Action This  Week:

Updated through Wednesday close.

Courtesy of Quantitative Partners, Inc.

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

Today After The Close: CRM INTU VMW ROST HPQ GPS ATGE  of  note.

Friday Before The Open: FL BKE HIBB of note.

Earnings This Morning Of Note  

Beat: 

FLY +0.47  GSX +0.12 DKS +0.05 CM +0.04 FLWS +0.02 BJ +0.02 HRL +0.01  of note.

Flat:  None of note.

Missed:

HMLP -0.27 SQM -0.10 of note.

 Yet to Report: 

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

Top News Story:  Jackson Hole starts today.

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

Fiver Things To Know Before The Market Opens Today. (CNBC)

China repeats will retaliate if new tariffs put in place in September. (Reuters)

President Trump battles Ford (F) over mileage requirements. (CNBC)

Kansas City Federal Reserve President Esther George say July rate cut was not needed. (CNBC)

Several networks interviewing Fed heads as Jackson Hole starts. (CNBC, Bloomberg)

Data Points

Stocks saw strength on Wednesday.

Bold means a change from prior day.

The advance/decline line moved to cash on the close of 8/5. Updated through 8/21/19 close. 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 worked and now we are close to a buy again.

Courtesy of Quantitative Partners, Inc.

YTD  64.5% (+1.5% week over week) of stocks are higher and 35.5% are lower. Updated 8/16/19 close with next update on 8/23/19 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 Wednesday’s close sees ranges getting back to normal.

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 Jobless Claims are due out at 8:30 a.m. EDT.

July Leading Indicators are due out at 10:00 a.m. EDT and expected to rise to 0.2% from -0.3%.

Weekly Natural Gas Inventories are due out at 10:30 a.m. EDT.

Geopolitical:

President Trump will present the Medal of Freedom to former Boston Celtic Bob Cousy.

Federal Reserve Kansas City Jackson Hole Summit begins and runs into the weekend.

Conferences & Analyst Meetings:   

Company Analyst Meetings and Conference Calls: HIW SLNG (conference call) UHAL (analyst meeting)

Sellside Conferences: None of note.

Industry Conferences: Gamescon 2019. Open Source Summit 2019.

M&A Activity:

Splunk (SPLK) to buy Signal FX for $1.05 billion in cash and stock.

Helmerich & Payne (HP) buys DrillScan, no terms.

Simply Good Foods (SMPL) will acquire Quest for $1.0 billion in cash.

Elastic (ESTC) buys Perched, LLC, no terms.

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