The Daily Briefing for December 17th: Futures Fail To Hold Overnight Gains

In After Hours Trading

IPOs on deck: One IPO due out this week IMAC Holdings Unit.

Secondaries on deck: Mercantile Bank Holding (AMTB) of note so far this week.

Convertibles Prices:

Filings After The Close: common stock; convertible; AMC EOG  KALV RLGT mixed shelf offering.

IPO Filing: none of note.

Courtesy of IPO Financial

Earnings From After the Close:

Surprises: none of note

Misses: none of note

News After The Close:

FDA approves sNDA to expand Supernus Pharmaceutical (SUPN) Oxteller XR Label to include monotherapy.

FDA approves sBLA for Amgen (AMGN) Nplate use in pediatric patients with immune thrombocytopenia.

Fitch affirms ratings on Ireland, Denmark and Turkey.

OSI Systems gets $450 million Defense Logistics Agency contract.

President Trump names new Chief of Staff, Mick Mulvaney.

Secretary of the Interior Ryan Zinke will leave by end of the year.

District Court Judge in Texas rules ACA unconstitutional, could be heard by Supreme Court.

It is reported by The New York Times Commerce Secretary Wilbur Ross could be leaving the Trump Administration.

Dividend Raises: MORN TEL

Dividend Cuts: ANH

New Repurchase Announcements: CAL TEL LBC

What’s Happening This Morning:

U.S. futures: S&P -5.75, Dow Jones -84, NDX -13.25 and Russell 2000 -2.50 with fair values LOWER LIMITING LOSSES. Asia higher and Europe lower.

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 120.47 with yields flat since Friday morning. Prices as of  8:25 a.m. EDT.

Top Sectors Friday: None of note.

Weakest Sectors Friday: Healthcare, Materials, Conglomerates, Services and Technology.

One Month Winners: Utilities

Three Month Winners: Utilities.

Six Month Winners: Healthcare and Utilities.

Twelve Month Winners: Healthcare  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: ORCL RHT HEI.

Earnings Due Tuesday Morning: DRI FDS NAV WOR CVGW.

Rags & Mags:

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

U.S. executed 6 airstrikes in Somalia this morning with 62 killed as targets were al-Shabab extremists. (CNN)

A partial shutdown is a clear and present danger. Will the GOP show up? (NYT)

Bankruptcies surge in China, will bondholders be left holding the bag. (NYT)

A year after tax cuts, how corporations spent or did not spend their money. (The Washington Post)

Malaysia file criminal charges against Goldman Sachs in 1MDB scandal. (Bloomberg)

Earnings Reported This Morning:

Surprises:  None of note this morning.

Date Points:

Yesterday saw 618 stocks rise and 2321 fall on the NYSE. NASDAQ saw 734 rise and 2337 fall.

The SP 500 is still 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 at 2642.21. For a move to cash, the 10DMA needs to have two days in row below -200. The move to cash has worked.

YTD 39% (+3%) of stocks are higher and 60% (+1) are lower. Updated 12/14/18 close with next update on 12/21/18 close.

Courtesy of Quantitative Partners, Inc

Economic:

December Empire State Manufacturing Survey is released at 8:30 a.m. EDT and is expected to fall to 20.2 from 23.3.

National Association of Homebuilders releases its NAHB/Wells Fargo Housing Index and it is expected to remain at 60 when released at 10:00 a.m. EDT.

Releases of note this week and next include the weekly chain store sales, oil/gas numbers, mortgage applications and jobless claims as well Empire Manufacturing, NAHB Index, housing starts, existing home sales, leading indicators, durable goods, personal income and Michigan Sentiment

Politico:

Reserve Bank of Australia (RBA) latest minutes were out at 4:00 a.m. EDT.

Tuesday sees the FOMC begin a two day meeting with announcement and press conference on Wednesday. Thursday sees the BOJ and BOE out with their latest decisions.

Federal Reserve speakers in quiet mode until post FOMC.

Conferences & Analyst Meetings:

Analyst Meetings: STNX  EQH LPTX ALB CSCO ACHN INNT BRKR.

M&A News & Rumors