The Daily Briefing For July 29th: Merger Monday

by Geoff Garbacz | 07/29/2019 9:53 AM

Rebel Yell Morning Market Report

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The Daily Briefing For July 29th: Merger Monday

Corporate Actions 

IPOs on deck: Three IPOS are on deck for this week.

Secondaries on deck: None of note.

Notes Priced: None of note.

Common Stock filings: None of note.

Mixed Shelf Offerings filed: BXMT  EFX CDLX DOW PSX EW 

Convertible Offering Files: None of note.

Senior Notes Filed: IQV

Courtesy of IPO Financial

Earnings After The Close:

Beat: None of note.

Flat:None of note.

Missed: APC $-0.04 of note.

Still to Report:  

News After The Close:

President Trump noted around the close that China may try to deal a trade deal until after the election in 2020.

Eric Beringause is named the next CEO of Dean Foods (DF).

Sanofu (SNY) announces results from Phase 3 Trials of Zynquista.

Director of National Intelligence Dan Coats will be replaced by Rep. John Ratcliffe (R – TX).

Stock Repurchase: 

Dividend Increase: KRP RECN

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 are trading in a narrow range.

U.S. futures: S&P -2, Dow Jones +1, NDX -5  and Russell 2000 +1.73 with fair values mixed. Asia mixed  and Europe higher, click through for details by country.

Gold, silver and copper higher. WTI Crude Oil higher and Brent Oil Futures lower. Natural Gas is lower. $ is higher vs Euro, higher vs Pound and lower vs Yen. US 10 year Treasury price is at  $127.44 from $127.28 with yields at 2..056% from 2.07%. Prices as of 8:35 a.m. EDT.

Positive Sectors On Friday: Technology, Financials and Healthcare.

Negative Sectors On Friday: Materials and Industrials.

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 Friday close. Only one hour was 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:   ILMN NTR NXPI SBAC WCN ARE ACGL SSNC VNO BYND PKI RE RING RGA SCI NOV NBIX AMH CGNX EHC BRX LEG CHGG of  note.

Tuesday Before The Open:  PG MA PFE MRK LLY MO COP SNE ECL MMC HCA ETN PEG IR SIRI CMI GLW GPN FMS AME  BEN INCY DHI IT WAT of note.

Earnings This Morning Of Note 

Beat: EXAS +0.26 AMG +.15 BAH +.11 AWI +.08 MYL +.08 GHDX +.07 SNY +.07 PFE +.05  OPB +.03  SITE +.03  SITC +.02.

Flat:  None of note.

Missed: CTB -32 ONDK -.03 OIS -.02.

Yet To Report: 

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

Top News Story:  Former Federal Reserve Chairman Janet Yellen favors a rate cut. (CNBC)

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

Federal Reserve is likely to cut interest rates but future cuts remain uncertain. (Reuters)

Several U.S. banks (BCS C RBS JPM UBS) to face Forex Manipulation charges in Europe. (FT)

Apple (AAPL) iPhones in 2020 will support 5G.  (9to5Mc Report)

Ryan Air (RYAAY) CEO tells Boeing (BA) to get its s#%@ together. (CNBC)

Data Points

The Dow Jones Industrial Average recovered 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 Friday close.

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:

None of note for today.

Geopolitical:

President Trump will attend the signing of the 9/11 Victim Compensation Fund H.R. 1327. Then is behind closed doors for the daily intelligence briefing and lunch with the Vice President.

Conferences & Analyst Meetings:   

Company Analyst Meetings and Conference Calls:  None of note.

Sellside Conferences:  None of note.

Industry Conferences:  American Society of Retinal Specialists Annual Meeting (through 7/30). American Heart Association Basic Cardiovascular Sciences Scientific Session 2019 (through 8/1).

M&A Activity:

Exact Sciences (EXAS) to buy Genomic Health (GHDX) for $72 a share in cash and stock with value of $2.8 billion.

Pfizer (PFE) to combines its older drug lines (off patent) with Mylan Labs (MYL) to create a new entity.

nVent  Electric (NVT) to buy Eldon for $130 million.

Upgrades & Downgrades:

Early Morning Gap Up/Down: (>5% or <-5%)

Gap Higher: MYL +24%, GHDX +13%, TSEM +11%, TEVA +7%, PIRS +5%

Gap Lower: LXRX -52%, TTM -6%, SMSI -5%


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