The Daily Briefing For August 23rd: TGIF As China Retaliates & Fed's Powell To Speak

by Geoff Garbacz | 08/23/2019 8:43 AM

Rebel Yell Morning Market Report

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The Daily Briefing For August 23rd: TGIF As China Retaliates & Fed's Powell To Speak

Breaking News - China will retaliate with tariffs on U.S. Goods as of September 1st. (CNBC)

Corporate Actions

IPOs on deck: None of note.

IPOs Filed:  None of note this morning.

Secondaries on deck:   of note.

Notes Priced:   None of note.

Common Stock filings: of note.

Mixed Shelf Offerings filed:  SUN of note.

Convertible Offering Files:  of note.

Senior Notes Filed: None of note.

Courtesy of IPO Financial

Earnings After The Close: 

Beat:

CRM +0.19 HCAT +0.11 GPS +0.10 VMW +0.05 INTU +0.05 HPQ +0.03 ROST +0.02 ATGE +0.01 of note.

Missed:

None of note.

Still to Report: None of note.

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

Teri Bariquit named Chief Merchandising Officer at Nordstrom (JWN).

Hewlett Packard (HPQ) names Enrique Lores to succeed Dion Weisler as CEO effective 11/1.

Stock Repurchase:   .

Dividend Increase:  TFSL DDS of note.

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

Gap Higher: HIBB +9% PVTL +8% CRM +7% CBLK +6% DVAX +6% FRO +6% INTU +5% 

Gap Lower: FL -12% HPQ -8% VMW -5% HAS -4%

What’s Happening This Morning: Futures value reflects the change with fair value. We will still indicate the fair value direction.  Futures were higher until China killed the party with retaliation on tarffis. Now we are substantially lower.

U.S. futures: S&P -19  Dow Jones -174  NDX -65  and Russell 2000 -10.90 with fair values lower adding to gains on the open. Asia mixed and Europe mixed, click through for details by country.

Gold lower with silver and copper higher. WTI Crude Oil and Brent Oil Futures lower. Natural Gas is lower. $ is higher vs Euro, lower vs Pound and lower vs Yen. US 10 year Treasury price is at $130.06 from $130.41  with yields at from 1.611%. Prices as of 8:25 a.m. EDT.

Positive Sectors On Thursday: Industrials and Financials.

Negative Sectors On Thursday: Conglomerates, Materials, Healthcare and Technology.

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 Thursday close.

Courtesy of Quantitative Partners, Inc.

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

Today After The Close: None of  note.

Monday Before The Open:  OSIS of note.

Earnings This Morning Of Note  

Beat: 

RRGB +0.72 BKE +0.04 HIBB +0.03  of note.

Flat:  None of note.

Missed:

FL -0.01 of note.

 Yet to Report: MDP

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

Top News Story:  Federal Reserve Chairman Powell to deliver speech today at 10:00 a.m. from Jackson Hole. (Bloomberg)

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

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

Japan and South Korea feud worsens. (CNN)

White House officials told President Trump the economy is going to weaken next year and are discussing a currency tax. (The Washington Post)

White House Economic Advisor Larry Kudlow said U.S. and China had a good talk on Wednesday. Tax cuts a possibility before the election. (Fox Business Interview)

Walmart (WMT) and Tesla (TSLA) will address solar issues. (WSJ)

Facebook (FB) knew about Cambridge Analytica issues as early as 2015. (CNBC)

Federal Reserve St. Louis President James Bullard gave interview this morning to Economics Reporter Steve Leisman. (CNBC)

Data Points

Stocks saw limited strength on Thursday.

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 Thursday’s close sees ranges continuing to return 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:

July New Home Sales are due out at 10:00 a.m. EDT and are expected to fall to 645,000 from 646,000.

G-7 this weekend.  (CNN)

Geopolitical:

President Trump will lunch with Secretary of State Pompeo and then tonight head to the G-7 in France.

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

Federal Reserve Chairman Jerome Powell will speak at Jackson Hole at 10:00 a.m. EDT.

Conferences & Analyst Meetings:   

Company Analyst Meetings and Conference Calls: None of note.

Sellside Conferences: None of note.

Industry Conferences: Gamescon 2019. Open Source Summit 2019.

M&A Activity:

VMware (VMW) to buy Carbon Black (CBLK) for $26 a share in cash. Also, confirms Pivotal (PVTL) deal at $15 a share for those owning shares while VMW pays $11.71.

Hasbro (HAS) to buy Entertainment One for $4.0 billion.

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