The Daily Briefing For May 2nd: Futures Struggling Here

by Geoff Garbacz | 05/02/2019 9:06 AM

Rebel Yell Morning Market Report

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The Daily Briefing For May 2nd: Futures Struggling Here

Corporate Actions

IPOs on deck for This Week: 7 IPOs due this week. Hottest deals for the week are Beyond Meat (BYND) and TransMedics Group (TMDX).

IPOs on deck for Today: Beyond Meat (BYND) So-Young International (SY) TransMedics (TMDX) Trevi Therapeutics (TRVI).

Secondaries on deck:  CTST MGTA WAB of note.

IPO News:

Other Filings of Note:  BMY files senior notes. INN DISCA TSLA files mixed shelf offering. VCYT files common offering.

Courtesy of IPO Financial

Earnings After The Close:

Beat: EQIX +1.68, SSW +1.09, HCC +0.52, CACI +0.45, CRUS +0.25, MRO +0.24, KAMN +0.23, THG +0.22, RYI +0.21, MET +0.21, DLB +0.20, CAR +0.20, ANSS +0.20, MED +0.17, H +0.16, HIG +0.15, NUVA +0.12, CASA +0.12, AYX +0.11, DXCM +0.11, LNC +0.10, XPO +0.10, RYN +0.09, ACAD +0.08, FOXF +0.07, BWXT +0.07, DOOR +0.07, FIT +0.07, QLYS +0.07, MFC +0.06, QCOM +0.06, CCRN +0.06, MYRG +0.06, TTEK +0.06, CSGS +0.06, EXEL +0.05, WK +0.05, NE +0.05, AEL +0.05, ES +0.05, OTEX +0.04, PRAH +0.04, FIVN +0.04, CREE +0.04, HST +0.04, CONE +0.04, HABT +0.03, INOV +0.03, FORM +0.03, ICLR +0.03, INN +0.02, EVTC +0.02, CAKE +0.02, HI +0.02, PDFS +0.02, PS +0.02, MTDR +0.02, VVV +0.02, MITK +0.01, STAY +0.01, GIL +0.01, MXL +0.01, RPT +0.01, HCP +0.01, MANT +0.01, HOLX +0.01, O +0.01, NGVT +0.01, WPX +0.01, AUY +0.01, LPI +0.01, PGRE +0.01, PPC +0.01, PSA +0.01.

Flat: WMB, NLY, AR, VICI, HR, RGLD, PDM, TYL.

Missed: CMPR (0.41), WLL (0.36), PDCE (0.31), KW (0.29), AFG (0.18), PRU (0.15), SQ (0.14), CZR (0.13), EB (0.11), SWM (0.10), ZNGA (0.08), WTI (0.06), AM (0.06), CF (0.06), SM (0.05), HGV (0.04), MAA (0.04), AEGN (0.04), APA (0.04), FARO (0.04), CDAY (0.04), SIGI (0.04), TUSK (0.03), OI (0.02), AWK (0.02), ALL (0.02), CDE (0.02), TTMI (0.02), LMAT (0.02), PE (0.02), VNDA (0.01), TRMB (0.01), LSI (0.01), CHEF (0.01), BNFT (0.01), CLI (0.01).

Still To Report:  AGI, BLDP, BLUE, WHD, CPS, NPO, ESV, ESPR, KHC, SRI, SU, TERP.

Dividend Increases: CHCT

Stock Repurchases: HGV BRO

News After The Close:

Qualcomm (QCOM) to receive a $4.5 billion payment from Apple over licensing issues

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

U.S. futures: S&P +3.50, Dow Jones +1, NDX +18.25 and Russell 2000 +1 with fair values HIGHER CUTTING INTO GAINS.  Asia and Europe mixed, click through for details by country.

Gold, silver and copper lower. WTI Crude and Brent Oil Futures lower. Natural Gas is lower. $ is lower vs Euro, higher vs. Pound and lower vs. Yen. US 10 year Treasury price $123.45 from $123.75  with yields lower since Wednesday morning with the yield at 2.523% from 2.496%. Prices as of 8:15 a.m. EDT.

Top Sectors Wednesday: None of note.

Weakest Sectors Wednesday: Materials, Industrials, Technology and Utilities.

One Month Winners: Services, Technology, Financials and Industrials.

Three Month Winners:  Technology, Consumer Goods and Services.

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

Twelve Month Winners: Services, Utilities, Conglomerates, Healthcare and Consumer Goods.

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

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

Today After The Close:  GILD EOG CTSH ATVI MNST ED ANET MELI MSI CBS EXPE PBA TS FTNT SWKS RMD of note.

Friday Before The Open: AMT D TRP VFC FCAU BP WPC NBL XRAY CBOE NWL ITT VRT ESNT TDS of note.

Earnings This Morning Of Note 

Beat: W +3.23, AVA +0.86, ABMD +0.50, ACOR +0.41, PH +0.16, AGIO +0.16, MSCI +0.15, ABC +0.15, CI +0.15, HFC +0.14, DLPH +0.14, IDA +0.13, GNRC +0.13, PWR +0.13, RDS.A +0.09, ZTS +0.09, PEG +0.08, NTLA +0.08, DISCA +0.08, TFX +0.07, DAN +0.07, WLH +0.07, STNG +0.07, TPX +0.06, YETI +0.06, SRC +0.06, NTCT +0.05, DNKN +0.05, GPN +0.05, UAA +0.05, FLOW +0.05, MSGN +0.05, WP +0.05, APTV +0.04, SSYS +0.04, MUR +0.04, CHD +0.04, LAMR +0.03, AYR +0.03, APO +0.03, KEX +0.03, WEX +0.03, BID +0.03, AVP +0.03, DNOW +0.03, CCOI +0.03, HBI +0.02, XHR +0.02, TEVA +0.02, MAC +0.02, ICE +0.02, ALE +0.02, ACCO +0.02, NVCR +0.02, PGTI +0.02, STOR +0.02, THS +0.01, KIM +0.01, SPAR +0.01, BIOS +0.01, HRI +0.01

 Flat:  IBP, MD, EXC, FMS.

Missed: WLK (0.73), FLR (0.67), HII (0.43), GEL (0.33), EVOP (0.24), STAR (0.21), SAGE (0.18), CBM (0.17), MGLN (0.16), NEWM (0.14), COT (0.10), INGR (0.10), OSB (0.06), TX (0.05), MNTA (0.04), XYL (0.04), ZEUS (0.04), STFC (0.04), NRG (0.04), PENN (0.03), IRWD (0.03), JHG (0.03), WCC (0.03), RLGY (0.02), AAON (0.02), ARES (0.02), BLL (0.02), EEX (0.02), SPGI (0.01), OGE (0.01), BCE (0.01), DWDP (0.01), ONDK (0.01).

Still To Report:

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

Top Story: Berkshire Hathaway (BRKA) Annual Meeting Begins today with full coverage tomorrow on CNBC.

Five Things You Need To Know To Start Your Day. (Bloomberg) Bank of England out after the Fed yesterday. Earnings are a mixed bag. Attorney General standoff. Markets mixed and more economic data.

April Eurozone PMI came in above expectations. (Bloomberg)

Attorney General William Barr cancels his appearance before a House Committee to answer questions about the Special Prosecutor’s Report. (CNN)

The Bank of England was out with its latest interest rate decision and no change with hint at continued easing despite growth. (Bloomberg)

Bridgewater Chairman Ray Dalio notes that MMT will replace Fed policy over time. (Bloomberg)

House Transportation and Infrastructure Committee will holding hearing with Boeing (BA) on May 15th.(Reuters)

Data Points

We are changing the comments on the various moving averages to a table. We  added a few more indexes on Tuesday. Major violations across the board.

Yesterday saw 1060  stocks rise and 1843 fall on the NYSE. NASDAQ saw 977 rise and 2099 fall.

The QPI10 Day Moving Average of Breadth (10DMA) is invested on the open from cash Friday morning 3/22 at 2854.88. For a move from  cash to buy, the 10DMA needed to have two days in row above +200. We remain with a buy as our 10 day moving average remains above -200. 

Courtesy of Quantitative Partners, Inc.

YTD 79% (+1% week over week) of stocks are higher and 21% are lower. Updated 4/26/19 close with next update on 5/3/19 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.

Wednesday saw all indexes close below support for the first time since April 9th.

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:

Weekly Jobless Claims are due out at 8:30 a.m. EDT.

March Factory Orders are due out at 10:00 a.m. EDT and is expected to rise to 1.6% from -0.5%.

Weekly Natural Gas Inventories are due out at 10:30 a.m. EDT.

Geopolitical: 

Attorney General William Barr cancels his appearance before a House Committee to answer questions about the Special Prosecutor’s Report (see Rags & Mags).

President Trump attends the National Day of Prayer Service at 11:00 a.m. EDT and at 2:30 meets with Republican Congressional leaders.

Conferences & Analyst Meetings: 

Analyst Meetings/Notable Conference Call: CAT (investor meeting) CWBR (conference call) CADE (investor day) NRDBY (investor presentation)Corporate Actions


IPOs on deck for This Week: 7 IPOs due this week. Hottest deals for the week are Beyond Meat (BYND) and TransMedics Group (TMDX).


IPOs on deck for Today: Beyond Meat (BYND) So-Young International (SY) TransMedics (TMDX) Trevi Therapeutics (TRVI).


Secondaries on deck:  CTST MGTA WAB of note.


IPO News:


Other Filings of Note:  BMY files senior notes. INN DISCA TSLA files mixed shelf offering. VCYT files common offering.


Courtesy of IPO Financial


Earnings After The Close:


Beat: EQIX +1.68, SSW +1.09, HCC +0.52, CACI +0.45, CRUS +0.25, MRO +0.24, KAMN +0.23, THG +0.22, RYI +0.21, MET +0.21, DLB +0.20, CAR +0.20, ANSS +0.20, MED +0.17, H +0.16, HIG +0.15, NUVA +0.12, CASA +0.12, AYX +0.11, DXCM +0.11, LNC +0.10, XPO +0.10, RYN +0.09, ACAD +0.08, FOXF +0.07, BWXT +0.07, DOOR +0.07, FIT +0.07, QLYS +0.07, MFC +0.06, QCOM +0.06, CCRN +0.06, MYRG +0.06, TTEK +0.06, CSGS +0.06, EXEL +0.05, WK +0.05, NE +0.05, AEL +0.05, ES +0.05, OTEX +0.04, PRAH +0.04, FIVN +0.04, CREE +0.04, HST +0.04, CONE +0.04, HABT +0.03, INOV +0.03, FORM +0.03, ICLR +0.03, INN +0.02, EVTC +0.02, CAKE +0.02, HI +0.02, PDFS +0.02, PS +0.02, MTDR +0.02, VVV +0.02, MITK +0.01, STAY +0.01, GIL +0.01, MXL +0.01, RPT +0.01, HCP +0.01, MANT +0.01, HOLX +0.01, O +0.01, NGVT +0.01, WPX +0.01, AUY +0.01, LPI +0.01, PGRE +0.01, PPC +0.01, PSA +0.01.


Flat: WMB, NLY, AR, VICI, HR, RGLD, PDM, TYL.


Missed: CMPR (0.41), WLL (0.36), PDCE (0.31), KW (0.29), AFG (0.18), PRU (0.15), SQ (0.14), CZR (0.13), EB (0.11), SWM (0.10), ZNGA (0.08), WTI (0.06), AM (0.06), CF (0.06), SM (0.05), HGV (0.04), MAA (0.04), AEGN (0.04), APA (0.04), FARO (0.04), CDAY (0.04), SIGI (0.04), TUSK (0.03), OI (0.02), AWK (0.02), ALL (0.02), CDE (0.02), TTMI (0.02), LMAT (0.02), PE (0.02), VNDA (0.01), TRMB (0.01), LSI (0.01), CHEF (0.01), BNFT (0.01), CLI (0.01).


Still To Report:  AGI, BLDP, BLUE, WHD, CPS, NPO, ESV, ESPR, KHC, SRI, SU, TERP.


Dividend Increases: CHCT


Stock Repurchases: HGV BRO


News After The Close:


Qualcomm (QCOM) to receive a $4.5 billion payment from Apple over licensing issues


Hourly Action This  Week:


This week now sees two hours positive and five hours negative. Ugly!




Courtesy of Quantitative Partners, Inc.


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


U.S. futures: S&P +3.50, Dow Jones +1, NDX +18.25 and Russell 2000 +1 with fair values HIGHER CUTTING INTO GAINS.  Asia and Europe mixed, click through for details by country.


Gold, silver and copper lower. WTI Crude and Brent Oil Futures lower. Natural Gas is lower. $ is lower vs Euro, higher vs. Pound and lower vs. Yen. US 10 year Treasury price $123.45 from $123.75  with yields lower since Wednesday morning with the yield at 2.523% from 2.496%. Prices as of 8:15 a.m. EDT.


Top Sectors Wednesday: None of note.


Weakest Sectors Wednesday: Materials, Industrials, Technology and Utilities.


One Month Winners: Services, Technology, Financials and Industrials.


Three Month Winners:  Technology, Consumer Goods and Services.


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


Twelve Month Winners: Services, Utilities, Conglomerates, Healthcare and Consumer Goods.


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


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


Today After The Close:  GILD EOG CTSH ATVI MNST ED ANET MELI MSI CBS EXPE PBA TS FTNT SWKS RMD of note.


Friday Before The Open: AMT D TRP VFC FCAU BP WPC NBL XRAY CBOE NWL ITT VRT ESNT TDS of note.


Earnings This Morning Of Note 


Beat: W +3.23, AVA +0.86, ABMD +0.50, ACOR +0.41, PH +0.16, AGIO +0.16, MSCI +0.15, ABC +0.15, CI +0.15, HFC +0.14, DLPH +0.14, IDA +0.13, GNRC +0.13, PWR +0.13, RDS.A +0.09, ZTS +0.09, PEG +0.08, NTLA +0.08, DISCA +0.08, TFX +0.07, DAN +0.07, WLH +0.07, STNG +0.07, TPX +0.06, YETI +0.06, SRC +0.06, NTCT +0.05, DNKN +0.05, GPN +0.05, UAA +0.05, FLOW +0.05, MSGN +0.05, WP +0.05, APTV +0.04, SSYS +0.04, MUR +0.04, CHD +0.04, LAMR +0.03, AYR +0.03, APO +0.03, KEX +0.03, WEX +0.03, BID +0.03, AVP +0.03, DNOW +0.03, CCOI +0.03, HBI +0.02, XHR +0.02, TEVA +0.02, MAC +0.02, ICE +0.02, ALE +0.02, ACCO +0.02, NVCR +0.02, PGTI +0.02, STOR +0.02, THS +0.01, KIM +0.01, SPAR +0.01, BIOS +0.01, HRI +0.01


 Flat:  IBP, MD, EXC, FMS.


Missed: WLK (0.73), FLR (0.67), HII (0.43), GEL (0.33), EVOP (0.24), STAR (0.21), SAGE (0.18), CBM (0.17), MGLN (0.16), NEWM (0.14), COT (0.10), INGR (0.10), OSB (0.06), TX (0.05), MNTA (0.04), XYL (0.04), ZEUS (0.04), STFC (0.04), NRG (0.04), PENN (0.03), IRWD (0.03), JHG (0.03), WCC (0.03), RLGY (0.02), AAON (0.02), ARES (0.02), BLL (0.02), EEX (0.02), SPGI (0.01), OGE (0.01), BCE (0.01), DWDP (0.01), ONDK (0.01).


Still To Report:


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


Top Story: Berkshire Hathaway (BRKA) Annual Meeting Begins today with full coverage tomorrow on CNBC.


Five Things You Need To Know To Start Your Day. (Bloomberg) Bank of England out after the Fed yesterday. Earnings are a mixed bag. Attorney General standoff. Markets mixed and more economic data.


April Eurozone PMI came in above expectations. (Bloomberg)


Attorney General William Barr cancels his appearance before a House Committee to answer questions about the Special Prosecutor’s Report. (CNN)


The Bank of England was out with its latest interest rate decision and no change with hint at continued easing despite growth. (Bloomberg)


Bridgewater Chairman Ray Dalio notes that MMT will replace Fed policy over time. (Bloomberg)


House Transportation and Infrastructure Committee will holding hearing with Boeing (BA) on May 15th. (Reuters)


Data Points


We are changing the comments on the various moving averages to a table. We  added a few more indexes on Tuesday. Major violations across the board.




Yesterday saw 1060  stocks rise and 1843 fall on the NYSE. NASDAQ saw 977 rise and 2099 fall.




The QPI10 Day Moving Average of Breadth (10DMA) is invested on the open from cash Friday morning 3/22 at 2854.88. For a move from  cash to buy, the 10DMA needed to have two days in row above +200. We remain with a buy as our 10 day moving average remains above -200. 


Courtesy of Quantitative Partners, Inc.


YTD 79% (+1% week over week) of stocks are higher and 21% are lower. Updated 4/26/19 close with next update on 5/3/19 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.




Wednesday saw all indexes close below support for the first time since April 9th.


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:


Weekly Jobless Claims are due out at 8:30 a.m. EDT.


March Factory Orders are due out at 10:00 a.m. EDT and is expected to rise to 1.6% from -0.5%.


Weekly Natural Gas Inventories are due out at 10:30 a.m. EDT.


Geopolitical: 


Attorney General William Barr cancels his appearance before a House Committee to answer questions about the Special Prosecutor’s Report (see Rags & Mags).


President Trump attends the National Day of Prayer Service at 11:00 a.m. EDT and at 2:30 meets with Republican Congressional leaders.


Conferences & Analyst Meetings: 


Analyst Meetings/Notable Conference Call: CAT (investor meeting) CWBR (conference call) CADE (investor day) NRDBY (investor presentation)


Sellside Conferences: ThinkEquity Conference 2019. 


Industry Conferences: Association for Research in Vision and Ophthalmology Annual Meeting. American Society of Gene & Cell Therapy Annual Meeting. The American Society of Pediatric  Hematology/Oncology.


M&A Activity


Pluralsight (PS) to buy GitPrime for $170 million in cash.


Ansys (ANSS) buys DfR Solutions, no terms.


Upgrades & Downgrades




Pre-Market Movers:


Winners:


ZNGA +14%, YETI +9%, DLB +9%, QTNT +8%, GMS +6%, BLDP +6%, QLYS +6%, DMRC +6%, SSW +6%, WEX +5%


Losers:


EB -31%, MITK -15%, NVTR -14%, CASA -11%, WLL -10%, CREE -10%, CTST -8%, CDAY -7%, WTI -7%, FARO -6%, SQ -5%, GWRE -5%,

Sellside Conferences: ThinkEquity Conference 2019. 

Industry Conferences: Association for Research in Vision and Ophthalmology Annual Meeting. American Society of Gene & Cell Therapy Annual Meeting. The American Society of Pediatric  Hematology/Oncology.

M&A Activity

Pluralsight (PS) to buy GitPrime for $170 million in cash.

Ansys (ANSS) buys DfR Solutions, no terms.

Upgrades & Downgrades

Pre-Market Movers:

Winners:

ZNGA +14%, YETI +9%, DLB +9%, QTNT +8%, GMS +6%, BLDP +6%, QLYS +6%, DMRC +6%, SSW +6%, WEX +5%

Losers:

EB -31%, MITK -15%, NVTR -14%, CASA -11%, WLL -10%, CREE -10%, CTST -8%, CDAY -7%, WTI -7%, FARO -6%, SQ -5%, GWRE -5%,

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