The Daily Briefing For May 17th: Futures Lately Is A Roll Of The Dice

by Geoff Garbacz | 05/17/2019 8:55 AM

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The Daily Briefing For May 17th: Futures Lately Is A Roll Of The Dice

Breaking News: President Trump confirms delay in auto tariffs on EU and Japan by 180 days.

Corporate Actions

IPOs on deck for This Week: A very busy week with 10 IPOs this week. Hot deal of the week Fastly ( FSLY).

IPOs on deck for Today:   Fastly ( FSLY), Avantor (AVTR)  and Luckin Coffee (LK) of note.

Secondaries on deck:  ADMA TRMT WTRH of note.

Notes Priced: AQN of note.

Other Filings of Note:  TRGP HUBB ERF files mixed shelf offering.  files senior notes.  MAIN files common stock offering.

Courtesy of IPO Financial

Earnings After The Close:

Beat: IQ +1.20, NVDA +0.07, BOOT +0.05, AMAT +0.04, ENS +0.02, AINV +0.02 of note.

Flat:  None of note.

Missed: PINS (0.21), BIDU (0.10) of note.

Still To Report: HUYA.

News After The Close:

Amazon (AMZN) buys $575 million stake in Deliveroo.

Pulte (PHM) tenders $300 million of its 4.25% notes.

Stock Repurchase: PHM

Dividend Increase: KRC

Dividend Suspension: 

Hourly Action This  Week:

This week now sees 5 hour  that are positive and two that are negative. Nice improvement.

Courtesy of Quantitative Partners, Inc.

What’s Happening This Morning: Futures on the S&P 500 falling this morning.

U.S. futures: S&P -19.75, Dow Jones -177 NDX -65 and Russell 2000 -11.30 with fair values LOWER LESSENING THE PAIN SOMEWHAT.  Asia mixed and Europe lower, click through for details by country.

Gold and silver lower with copper higher. WTI Crude and Brent Oil Futures higher. Natural Gas is higher. $ is higher vs Euro, higher vs. Pound and lower vs. Yen. US 10 year Treasury price $124.75 from $124.55  with yields lower since Thursday morning with the yield at 2.366% from 2.387%. Prices as of 8:25 a.m. EDT.

Top Sectors Thursday: All lead by Conglomerates,Technology, Industrials and Services.

Weakest Sectors Thursday: None of now.

One Month Winners: Conglomerates and Utilities.

Three Month Winners:  Conglomerates, Services, Technology, Consumer Goods and Utilities.

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

Twelve Month Winners: Utilities, Services, Healthcare and Conglomerates

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

Upcoming Earnings Of Note (sorted by market cap, highest to lowest)

Today After The Close: None of note.

Monday Before The Open: PDD IGT QD CMCM SPTN of note.

Earnings This Morning Of Note 

Beat: LX +0.43 CAE +0.04 of note.

Flat: None of note.

Missed: DE (0.11) of note.

Still To Report: None of note.

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

Top Story: U.S. claims images of Iranian ships in the Persian Gulf carrying missiles. (CNN)

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

Brexit talks end without a deal according to CNBC.  (CNBC)

White House cuts steel tariffs on Turkey by 50% reports Cowen.

SAT may be changed to reflect social and economic background but not race. (CNN)

China not interested in new trade talk but will boost stimulus. (Bloomberg)

President Trump to start free trade deal with Switzerland. (Reuters)

Tesla (TSLA) to look at cutting costs at all levels. (Electrek Report)

Several U.S. tech companies could be hurt on Huawei restrictions in the U.S. (WSJ)

F-16 Jet crashed in California which is made by Lockheed Martin (LMT). (L.A. Times)

Data Points

Several indexes retook several key  moving averages.

Yesterday saw 1953  stocks rise and 928 fall on the NYSE. NASDAQ saw 1816 rise and 1257 fall. A nice bounce for a third day in a row. Today could be ugly.

The QPI10 Day Moving Average of Breadth (10DMA) is no longer  invested  and moved to cash with last Wednesday’s close. For a move to cash from buy, the 10DMA needed to have two days in row below -200 and that happened on Wednesday’s close. For now, the best offense is a good defense.

Courtesy of Quantitative Partners, Inc.

YTD 76% (-3% week over week) of stocks are higher and 24% are lower. Updated 5/10/19 close with next update on 5/17/19 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.

All indexes closed Resistance to Pivot. Another impressive day. Took could be a support day.

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:

April Leading Indicators are due out at 10:00 a.m. EDT and expected to fall to 0.2% from 0.4%.

May University of Michigan Consumer Sentiment Survey is due out at 10:00 a.m. EDT and is expected to fall to 96.9 from 97.2.

OPEC meets on Sunday with quotas to be discussed.


President Trump heads home from New York City and at 2:00 p.m. EDT delivers remarks to the National Association of Realtors.

Federal Reserve New York President John Williams speaks at 12:15 p.m. EDT and 2:00 p.m. EDT.

Federal Reserve Governor Richard Clarida speaks at 1:40 p.m. EDT.

Conferences & Analyst Meetings: 

Analyst Meetings/Notable Conference Call:  None of note.

Sellside Conferences: Bank of America Global Metals, Mining and Steel Conference.

Industry Conferences: American Thoracic Society International Conference begin and runs through May 22.

M&A Activity

Cray (CRAY) to be bought by Hewlett Packard Enterprises (HPE) for $35 a share.

Heritage Commerce Corp (HTBK) and Presidio Bank (PDOB) to merge in all stock deal.

Upgrades & Downgrades

Best Upgrade of the Day: W on a pullback.

Best Downgrade of the Day: NPTN multiple downgrades on Huawei news.

Early Morning Gap Up/Down:

Gap Higher: RAY +17%, HROW +15%, BOOT +12%, AMAT +6%.

Gap Lower: INS -16%, BIDU -11%, IQ -8%, LX -5%, WTRH -5%, DE -4%

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