The Daily Briefing For July 26th: Futures Higher On Better Than Expected Q2 GDP

by Geoff Garbacz | 07/26/2019 9:06 AM

Rebel Yell Morning Market Report

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The Daily Briefing For July 26th: Futures Higher On Better Than Expected Q2 GDP

Key Interview– CNBC to interview White House Economic Advisor Larry Kudlow at 10:00 a.m. EDT.

Corporate Actions 

IPOs on deck: WiMi Hologram Cloud (WIMI) and Wanda Sports Group (WSG).

Secondaries on deck:  CCO VIST

Notes Priced: TPB

Common Stock filings: CHMA 

Mixed Shelf Offerings filed: SYF

Convertible Offering Files: 

Courtesy of IPO Financial

Earnings After The Close:

Beat:  GOOG +2.83, SIVB +1.05, EIX +0.47, SAM +0.42, BOOM +0.31, CHE +0.24, HTH +0.23, COLM +0.20, ENVA +0.17, INTC +0.16, DECK +0.14, PFG +0.12, HLI +0.12, TCO +0.12, SNBR +0.11, GCAP +0.11, EHTH +0.11, UHS +0.10, CARB +0.10, EXPE +0.09, MAT +0.08, VCRA +0.08, SPSC +0.07, AFL +0.06, SBUX +0.05, VVI +0.05, PFPT +0.05, BABY +0.04, AJG +0.04, OMCL +0.04, LOGM +0.04, VRSN +0.04, SYK +0.04, ALK +0.04, TEAM +0.04, INT +0.04, CXP +0.03, SBCF +0.03, POWI +0.03, PRO +0.03, LYV +0.03, RMD +0.03, TILE +0.02, FII +0.02, RSG +0.02, PEB +0.02, MHK +0.02, MINI +0.02, WRE +0.02, MXL +0.01, CY +0.01, CUBE +0.01, FHB +0.01, FTV +0.01, CPT +0.01, IEX +0.01, MITK +0.01, FISV +0.01 of note.

Flat:  AUY +0.00, FLEX +0.00, JNPR +0.00, ASB +0.00, TNET +0.00.

Missed: AMZN (0.41), FIX (0.21), EMN (0.09), MMSI (0.08), CVA (0.08), BVN (0.06), BJRI (0.06), OSPN (0.04), FET (0.03), MGM (0.03), LPLA (0.02), RRC (0.02), WERN (0.01), FWRD (0.01), SCHL (0.01), DRQ (0.01) of note.

Still to Report:  

News After The Close:

Intel (INTC) will sell its modem business to Apple (AAPL) for $1 billion.

Charles Schwab & Co (SCHW) to buy USAA Asset Mgmt for $1.8 billion in cash.

Johnson & Johnson (JNJ) announces positive top line results from Phase 3 OPTIMUM study.

Transocean (RIG) issues fleet update, backlog is $11.4 billion.

Stock Repurchase: ABTX CADE CBTX


What’s Happening This Morning: Going forward the futures value reflects the change with fair value. We will still indicate the fair value direction. Futures improved on the 8:30 economic data.

U.S. futures: S&P +9, Dow Jones +61, NDX +62  and Russell 2000 +1.55 with fair values mixed. Asia mixed  and Europe higher, click through for details by country.

Gold and silver higher with copper lower. WTI Crude Oil and Brent Oil Futures higher. Natural Gas is lower. $ is higher vs Euro, higher vs Pound and lower vs Yen. US 10 year Treasury price is at $127.28 from $127.70 with yields at2.07% from 2.022%. Prices as of 8:35 a.m. EDT.

Positive Sectors On Thursday: None.

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

One Month Winners: Technology, Services and Consumer Goods.

Three Month Winners: Healthcare, Utilities and Consumer Goods.

Six Month Winners: Technology, Services and Consumer Goods.

Twelve Month Winners: Utilities, Services and Technology.

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

Hourly Action This  Week:

Updated through Thursday close. Only one hour is negative for the week which is pretty impressive.

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: SNY of note.

Earnings This Morning Of Note 

Beat: PSX +0.32, VRTS +0.14, ABG +0.12, TYPE +0.10, COWN +0.08, ABBV +0.05, LEA +0.04, GRC +0.03, COG +0.03, PSXP +0.03, VTR +0.02, ZBH +0.02, WY +0.01.

Flat:  WETF +0.00, SBSI +0.00, CL +0.00, ABCB +0.00, AON +0.00.

Missed: YNDX (0.97), CHTR (0.45), ARLP (0.23), TWTR (0.14), ROCK (0.04), B (0.03).

Yet To Report: AVX, CHSP, GT, ITW, MCD, MOG.A, PFS. 

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

Top News Story: House passes 2 year budget deal. Off to the Senate for a vote. Then President Trump to sign off. (CNBC)

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

Iran has tested a medium range ballistic missile. (Bloomberg)

China believes that FedEx (FDX) withheld 100 packages from Huawei. (CNN)

Sprint (S) and T-Mobile (TMUS) likely to get approval on deal today. (Yahoo Finance)

Data Points

The Dow Jones Industrial Average failed its 5 and 10 day moving averages.

Bold means a change from prior day.

The advance/decline line improved dramatically and moved to a buy on 6/13. Updated through 7/25/19 close. The buy remains intact but is starting to fade. Year to date model up 12.96% on the S&P 500. 3 buy signals and 3 cash signals in 2019. The current buy is up 4.29%.

Courtesy of Quantitative Partners, Inc.

YTD  71% (+2% week over week) of stocks are higher and 29% are lower. Updated 7/5/19 close with next update on 7/12/19 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 close. Yesterday was a bit of a struggle after two days of strength.

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:

Q2 GDP Advanced is due out at 8:30 a.m. EDT and are expected to drop to 1.8% from 3.1% in Q1.


President Trump meets with the Secretary of State and the Acting Director of Homeland Security at 2:00 p.m. EDT.

Congress leaves for summer recess at the end of the day.

Conferences & Analyst Meetings:   

Company Analyst Meetings and Conference Calls:  SCHW (conference call)

Sellside Conferences:  None of note.

Industry Conferences:  American Society of Retinal Specialists Annual Meeting.

M&A Activity:

(See News After The Close for several business unit acquistions)

Upgrades & Downgrades:

Early Morning Gap Up/Down:

Gap Higher:

MSI +24%, VSTM +20%, EHTH +15%, SNBR +15%, CTST +11%, VGR +11%, LOGM +9%, GOOG +9%, BYND +8%, MGM +7%, SBUX +6%, FLEX +6%, MAT +6%, INTC +5%, INTC +5%.

Gap Lower:

CARB -20%, MMSI -13%, MHK -12%, LIVX -9%, VICR -8%, VLRS -7%, BJRI -6%. 

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