The Daily Briefing For September 6th: Futures Higher But Modestly So, Powell To Speak At 12:30

Breaking News - New York Attorney General looking into Antitrust Violations on Facebook (FB).

Corporate Actions 

IPOs on deck: None of note.

IPOs Filed:  No filings after the close.

Secondaries on deck: AM CCC IRTC LPT OCX QURE TPTX WMS  of note.

Notes Priced:   TLND of note.

Common Stock filings: LPT  of note.

Mixed Shelf Offerings filed: TGTX of note.  

Convertible Offering Files:   of note.

Senior Notes Filed: of note.

Courtesy of IPO Financial

Earnings After The Close: 

Beat:

ZUMZ +0.17, MDLA +0.09, SAIC +0.07, ZM +0.07, LULU +0.07, GWRE +0.06, CRWD +0.05, NX +0.05, DOMO +0.03, PD +0.03, ABM +0.02 of note.

Flat:

CVGW

Missed:

CDMO (0.06), FIZZ (0.03), DOCU (0.03), KFY (0.01) of note.

News After The Close: (In time order after the close)

John Burkart named COO at Essex Property (ESS).

Costco (COST) sees August total comparable stock sales +5.5% versus July.

Maurice Cooper leaves Wingstop (WING) as EVP and Chief Growth & Experience Officer.

Mosaic (MOS) announces that Araxa and Tapira mines go back into operation.

U.S Treasury submits housing reform plan to the president. Impacts Fannie Mae/Freddie Mac (FMCC).

Stamps.com (STMP) starts new GlobalPost international shipping services which may stop fears about U.S. Postal Services  international disruptions.

Stock Repurchase: SBSI CAL  

Dividend Increase: BRC.

Dividend Cut: 

Early Morning Gap Up/Down: (>4% or <-4%)

Gap Higher: IMUX +24%, DOCU +24%, NTGN +24%, ZUMZ +11%, GRUB +4%, LULU +4%, 

Gap Lower: DOMO -40%, MDLA -12.3%, MRC -11.6%, CRWD -10.5%, CDMO -10.5%, SAIC -10.4%, PD -7.2%, KFY -5.1%, LPT -4%,

What’s Happening This Morning: Futures value reflects the change with fair value. We will still indicate the fair value direction.  

U.S. futures: S&P +7 Dow Jones +65  NDX  +11  and Russell 2000 +5 with fair values mixed to flat. Asia and Europe higher click through for details by country.

Gold, silver  and copper lower. WTI Crude Oil  and Brent Oil Futures lower. Natural Gas is lower. $ is higher vs Euro, higher vs Pound and higher vs Yen. US 10 year Treasury price is at  from $131.83  with yields at 1.60% from 1.513%. Prices as of 8:30 a.m. EDT.

Positive Sectors On Thursday: Technology, Services, Industrials, Financials and Healthcare.

Negative Sectors On Thursday: Utilities and Conglomerates.

One Month Winners: Utilities, Consumer Goods, Services and Technology.

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

Six Month Winners: Consumer Goods. Utilities, Conglomerates and Services.

Twelve Month Winners: Utilities, Technology, Consumer Goods and Services.

Year to Date: Conglomerates, Technology, Services, Consumer Goods and Industrials.

Hourly Action This  Week:

Updated through Thursday close.

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:  NIO of note.

Earnings This Morning Of Note  

Beat: 

 GCO +0.16, BRC +0.07 of note.

Missed:

None of note.

 Yet to Report: 

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

Wall Street Journal Main Headline: WeWork Weighs Halving Valuation

Top News Story: Latest Jobs Data For August came in with 130,000 and prior months revised downward. (CNBC)

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

Five Things To Know Before The Market Opens Today. (CNBC)

Stocks making the biggest moves. (CNBC)

The People's Bank of China (PBOC) cut the reserve requirement ratio as the economy in China slows. (CNBC)

Former Starbucks (SBUX ) CEO Howard Schultz out of the presidential campaign. (CNBC)

Hurricane Dorian continues northward. (CNN)

Fitch downgrades Hong Kong, related EWH. (CNBC)

Bridgewater CIO Ray Dalio sees 25% of a recession by end of 2020, down from 40%. (CNBC)

American Airlines (AAL) mechanic arrested in Miami for trying to sabotage a flight. (CNN)

Data Points

Stocks saw improvement in the Russell, Mid Cap and NASDAQ.

Bold means a change from prior day.

The advance/decline line moved to a buy on the close of 8/29. Updated through 9/3/19 close. Year to date model up 7.90% on the S&P 500. 3 buy signals and 3 cash signals in 2019. Cash has worked in August as we missed the volatility and now we are back to a buy.

Courtesy of Quantitative Partners, Inc.

YTD  59.66% (+2.66% week over week) of stocks are higher and 40.34% are lower. Updated 8/30/19 close with next update on 9/6/19 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 Wednesday’s 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:

August Nonfarm Payrolls are due out at 8:30 a.m. EDT and expected to rise to 171,000 from 164,000 while the unemployment rate is expected to remain at 3.7%.

Geopolitical:

President Trump has no scheduled events.

Federal Reserve Chairman Jerome Powell speaks at 12:30 p.m. EDT.

Conferences & Analyst Meetings:   

Company Analyst Meetings and Conference Calls:  DPZ (webcast) OTEX (investor day)

Sellside Conferences: Citi Global Technology Conference.

Industry Conferences: 19th Congress of the International Headache Society. Toronto Film Festival.

M&A Activity:

NJR Midstream (NJR) to buy Leaf River Energy Center for $367.5 million.

Alibaba (BABA) buys Kaola for $2 billion.

Upgrades & Downgrades: