The Daily Briefing For June 7th: Futures Hold In Despite Weak Jobs Data. Fed Put?

by Geoff Garbacz | 06/07/2019 8:54 AM

Rebel Yell Morning Market Report

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The Daily Briefing For June 7th: Futures Hold In Despite Weak Jobs Data. Fed Put?

Corporate Actions

IPOs on deck for This Week:  We now head into summer trading for IPOs.

IPOs on deck for Today:  Haymaker Acquisition Corp II Unit (HYACU) and Revolve Group (RVLV).

Secondaries on deck:  ATUS CTHR .

Notes Priced: COUP 

Courtesy of IPO Financial

Earnings After The Close:

Beat:  DOMO +0.20, ZUMZ +0.12, MTN +0.08, PRSP +0.07, OLLI +0.02, DOCU +0.02, ZM +0.02, GES +0.01, BYND +0.01 

Flat: PD.

Missed:  THR (0.01) 

Positive Guidance:  

Lower Guidance: 

News After The Close:

The latest traffic numbers from Hawaiian Holdings (HA) saw a jump of 5.8% year over year.

Impinj (PI) files lawsuit over patent infringement against NXP Semiconductors (NXPI).

Stock Repurchase: 

Dividend Increase: WRB (plus a special dividend of $0.50)

What’s Happening This Morning: Futures on the S&P 500 rose into the Job’s number at 8:30 a.m. EDT but have given up some of those gains.

U.S. futures: S&P +5, Dow Jones +27 NDX +16  and Russell 2000 +4.6 with fair values LOWER ADDING TO GAINS. Asia mixed and Europe higher, click through for details by country.

Gold,silver and copper lower. WTI Crude and Brent Oil Futures higher. Natural Gas is higher. $ is higher vs Euro, lower vs. Pound and higher vs. Yen. US 10 year Treasury price $126.98 from $127.17 from with yields lower since Thursday morning with the yield at 2.12% from 2.102%. Prices as of 8:25 a.m. EDT.

Top Sectors Thursday:  Materials, Conglomerates, Consumer Goods, Technology and Utilities.

Weakest Sectors Thursday:  None of note.

One Month Winners: Utilities and Healthcare.

Three Month Winners:  Utilities, Consumer Goods and Financials.

Six Month Winners: Utilities, Conglomerates, Industrials, Technology and Services.

Twelve Month Winners: Utilities, Healthcare and Services.

Year to Date: All higher led by Conglomerates, Services, Industrials, Utilities, Technology and Financials.

Hourly Action This  Week:

Through Thursday 5 hours are positive and 2 are negative. 3:00-4:00 higher for week.

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: THO LOVE.  

Earnings This Morning Of Note 

Beat:  None of note.

Flat: None of note.

Missed: None of note.

Still To Report: None of note.

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

Top Story: U.S. talks with Mexico continue today. (CNBC)

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

Hedge Fund Manager Stanley Druckenmiller interviewed on CNBC. Claims tariffs could kill “animal spirits”. (CNBC)

China may move away from purchasing LNG from China over the U.S. (Nikkei Asian Review)

Walmart (WMT) to launch home delivery of groceries. (WSJ)

IBM hit 1,000 employees with layoffs. (CNBC)

U.S. Commander in Middle East states that U.S. forces face imminent threat from Iran. (CNBC)

Data Points

Tuesday we noted “darkest before the dawn?” and it appears that way right now as moving average continue to be retaken.

Bold means a change from prior day.

The adline/decline line saw NASDAQ put in a negative day AGAIN which is troubling.

The QPI10 Day Moving Average of Breadth (10DMA) is no longer invested  and moved to cash on May 8th close. For a move to cash from buy, the 10DMA needed to have two days in row below -200. For now, the best offense is a good defense. Ample notice of the current weakness was given.

Courtesy of Quantitative Partners, Inc.

YTD 64% (-12% week over week) of stocks are higher and 36% are lower. Updated 5/31/19 close with next update on 6/7/19 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. Strong week post Monday.

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:

May Nonfarm Payrolls are due out at 8:30 a.m. EDT and are expected to fall to 175,000 from 236,000. Actual number 75,000 with multiple prior month downward revisions.

The Unemployment Rate is expected to tick up to 3.7% 3.6%.

Geopolitical: 

President Trump concludes his trip and arrives back after the close. A quiet day ahead for The First Tweeter?

Conferences & Analyst Meetings:  

Analyst Meetings/Notable Conference Call:  WMT WTM (investor day) 

Sellside Conferences:  Jefferies Global Healthcare Conference.  Deutsche Bank db Access Berlin Conference. 

Industry Conferences:  Apple Worldwide Developers Conference.  American Diabetes Association Scientific Session (throough Tuesday).

M&A Activity

Elliott Management to buy Barnes & Noble (BKS) for $683 million.

Vertex Pharmaceuticals (VRTX) buys Exionics Therapeutics for $245 million.

Caesars Entertainment (CZR) may merge with Eldorado Resorts (ERI) early next week per The Wall Street Journal.

Upgrades & Downgrades

Early Morning Gap Up/Down:

Gap Higher:BYND +24%, ZUMZ +15%, SENS +15%, ZM +14%, CRSP +10%, PD +9%, ELGX +8%, MTN +7%, SNY +6%, CZR +5%.

Gap Lower: DOMO -19%, DOCU -19%, XERS -5%.

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