The Daily Briefing For December 12th Sees Volatility Again

by Geoff Garbacz | 12/12/2018 8:32 AM

Rebel Yell Morning Market Report

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The Daily Briefing For December 12th Sees Volatility Again

Wall Street: In After Hours Trading

IPOs on deck: Tencent Music Entertainment (TME) priced at $13.00 which is the low end of the range. IPO Financial expects the pop (first trade out of the box) to be only 0.25 to .50 now which is a downgrade.

Secondaries on deck: RARX.

Filings After The Close: FLDM MRNS NEO GMRE TOCA NEOS LAND common stock

IPO Filing: none of note.

Courtesy of IPO Financial

Earnings From After the Close 

Surprises: PLAY +.06 PVTL +.03

Misses: POWL -.02

Flat: AEO

Lower Guidance:

Mixed Guidance:

Strong Guidance:

News After The Close:

Laureate Education (LAUR) Chairman Douglas Becker to step down at year end.

Trustmark (TRMK) names Duane Dewey COO as of January 1st.

Cleveland Cliffs (CLF) names Clifford Smith COO as of January 1st.

Dividend Raises: FBHS MED BEN KL

Special Dividend: WRI to pay a special dividend of $1.40.

What’s Happening This Morning:

U.S. futures: S&P +26.75, Dow Jones +255, NDX +81 and Russell 2000 +12 with fair values LOWER ADDING TO GAINS. Asia and Europe higher.

Gold and silver higher with copper lower. WTI Crude and Brent Oil Futures higher. Natural Gas is lower. $ is lower vs Euro, lower vs. Pound and lower vs. Yen. US 10 year Treasury price 120.36 with yields flat since Tuesday morning. Prices as of 7:55 a.m. EDT.

Top Sectors Tuesday: Technology, Utilities, Healthcare and Consumer Goods.

Weakest Sectors Tuesday: Industrials and Financials.

One Month Winners: Utilities.

Three Month Winners: Utilities.

Six Month Winners: Healthcare and Utilities.

Twelve Month Winners: Healthcare, Services and Conglomerates

Year To Date Winners: Healthcare, Services, Conglomerates and Utilities.

Earnings Ahead: (sorted by Market Cap and only most impactful and notables listed)

Earnings Expected After The Close: AEO PLAY PVTL POWL

Earnings Due Wednesday Morning: PLB VRA

Rags & Mags: There are no links today. They will return tomorrow due to travel.

Five Things To Know Before You Start Your Day. (Bloomberg)

Great Britain is holding a No Confidence Vote on Prime Minister Theresa May this morning which she is expected to survive. (Bloomberg)

Violent stock moves are coming fast and furious on par with 2011. (Bloomberg)

Trump claims the population would “revolt” if he was impeached. (The Daily Beast)

Double Line’s Jeff Gundlach very bearish on stocks and bonds. (CNBC)

Chinese companies continued to list on U.S. Exchanges. (CNBC)

European Union fails to put its house in order this year which was a big goal. (NYT)

Huawei’s Meng Wanzhou granted bail by Canadian court. (NYT)

Almost 50% of U.S. CFOs think a recession will happen in 2019. (WSJ)

Earnings Reported This Morning:

Surprises:  PLAB +.01

Flat:

Misses:

Lower Guidance:

Mixed Guidance:

Strong Guidance:

Date Points:

Yesterday saw 1313 stocks rise and 1607 fall on the NYSE. NASDAQ saw 1407 rise and 1642 fall.

The SP 500 is back below its 50 day simple moving average and its 200 day simple moving average. The Russell 2000 is still below its 50 day simple moving exponential average and 200 day simple moving average.

The QPI10 Day Moving Average of Breadth (10DMA) moved to cash on 11/21. For a move to cash, the 10DMA needs to have two days in row below -200. We are in watch mode to get back to a buy.

YTD 34% (-5%) of stocks are higher and 66% (+5%) are lower. Updated 12/07/18 close with next update on 12/14/18 close.

Courtesy of Quantitative Partners, Inc

Economic & Related:

API Petroleum Data: Crude Oil drew 10.18 million barrels. Gasoline drew 2.48 million barrels.

Monthly OPEC Report out at 7:00 a.m. EDT and showed a drop as Saudis added aggressively with Iran’s output drop.

Weekly Mortgage Applications rose 1.6% as interest rates fell.

The latest Short Interest Data from the NYSE and NASDAQ were mixed. NYSE rose 0.19% and NASDAQ fell -0.43%.

$24 billion of 10 Year Notes to be sold at 1:00 p.m. EDT.

Politico:

Great Britain is holding a No Confidence Vote on Prime Minister Theresa May this morning.

Conferences & Analyst Meetings:

Analyst Meetings: AIMT UAA UNM INOV LII LOW SSB AVYA HES MBRX CYDY BF.A TBPH TDC ITCI BIIB

Sellside Conferences:

Imperial Capital Annual Security Investor Conference

Cowen Networking & Cyber Security Conference

BMO Healthcare Conference

Industry Conferences:

SEMICON Japan 2018

American Pain Association Conference with focus on Medical CBD.

M&A News & Rumors

Vale S.A. (VALE) to buy New Steel for $500 million.


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