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US stocks lower on report trade hawk Navarro will attend Trump-XI meeting

Nov 29, 2018

 

Market data as of 12:15pm EST

US Market Snapshot

  • US stocks are lower in midday trading.  Stocks were higher early in the session after President Trump commented he's close to "something" with China but turned lower on a report that his most hawkish trade adviser will attend the Trump-Xi meeting at the G20, which starts Friday 
  • The S&P 500 is currently down 0.28%, Nasdaq Composite is down 0.46%, and Russell 2000 is down 0.28%
  • Goldman Sachs issues a report today saying only 33% of large-cap mutual funds are beating their benchmarks at this point in the year, that number was 63% in April
  • Energy (+0.43%), Healthcare (+0.37%), and Materials (+0.3%) stocks are the top performers in the S&P 500 today
  • Consumer Discretionary (-0.65%), Financials (-0.93%), and Tech (-1.07%) stocks are the worst performers in the S&P 500 today
  • Investor sentiment for US stocks is negative with the advance/decline ratio for the S&P 500 currently at 0.65x
  • 84 stocks in the S&P500 are at 4-week highs while 18 stocks are at 4-week lows
  • 9 stocks in the S&P 500 are overbought while 5 stocks are oversold according to the 16-day RSI Measure
  • 62 stocks in the Nasdaq Composite are at 4-week highs while 121 stocks are at 4-week lows
  • 286 stocks in the Nasdaq Composite are overbought while 306 stocks are oversold according to the 16-day RSI Measure
  • The VIX is currently up at 19.39 from yesterday's close of 18.49

Stocks Trending in the News

Click name for Q-Factor rating and financials data.
 

  • Abercrombie & Fitch Co. (ANF) shares are soaring after reporting FY3Q2018 EPS that beat the highest analyst estimates. Abercrombie & Fitch generated an EPS of USD$0.33/share while consensus called for just USD$0.21/share with estimates ranging between USD$0.13/share and USD$0.31/share. Abercrombie & Fitch’s EPS beat in FY3Q2018 was driven by comparable same-store sales growth of 3.0%, beating analyst expectations of 1.7%. Abercrombie & Fitch is rated “Neutral” in our US Large-Cap Global Top Stock Ideas and “Unattractive” in our US Consumer Discretionary Global Top Stock Ideas.  
  • Amazon.com Inc. (AMZN) is under fire as the global tech giant, who is the largest retailer and online host for small businesses in Germany, is the target of an antitrust probe by the German Federal Cartel Office. The probe specifically focuses on the terms set by Amazon for other sellers as German regulators have reportedly received “numerous” complaints from sellers. Notably, Germany is Amazon’s second largest market outside of the US. Amazon is rated “Neutral” in our US Large-Cap Global Top Stock Ideas and “Top Buy” in our US Consumer Discretionary Global Top Stock Ideas.
  • Canadian Imperial Bank of Commerce (TSX: CM) shares are trading lower after reporting FY4Q2018 financials that missed analyst expectations for the first time in nearly four years. Canadian Imperial Bank’s adjusted EPS of CAD$3.00 slightly missed analysts’ consensus of CAD$3.02. Additionally, Canadian Imperial Bank of Commerce of Commerce saw FY4Q2018 sales of CAD$4.45bn, missing consensus expectations of USD$4.56bn. Canadian Imperial Bank of Commerce is not rated in our Global Top Stock Ideas. 
  • Constellation Brands (STZ) was downgraded by Macquarie to neutral from outperform.  While Constellation Brands is seeing growth in Modelo and Corona brands, this is presently priced into the stock and hence the reason for the downgrade.  Constellation Brands is rated “Neutral” in our US Large-Cap Global Top Stock Ideas and “Attractive” in our US Consumer Staples Global Top Stock Ideas.
  • Dick’s Sporting Goods (DKS) was downgraded at JP Morgan to neutral from outperform today.   Dick’s Sporting Goods saw its price target cut to USD$41 from USD$46.   Dick’s Sporting Goods was cut after delivering 3Q results below expectations, with revenue of USD$1.86 billion versus USD$1.88 billion expected.  Dick’s Sporting Goods is rated “Neutral” in our US Large-Cap Global Top Stock Ideas and “Attractive” in our US Consumer Discretionary Global Top Stock Ideas.
  • Dollar Tree Inc. (DLTR) shares are trading notably higher despite reporting financials that mostly missed analyst expectations. Dollar Tree observed comparable same-store sales growth of 1% in FY3Q2018, falling short of analysts’ consensus of 1.3%. Despite the same-store sales growth miss, Dollar Tree generated an EPS of USD$1.18 in FY3Q2018, beating consensus expectations of USD$1.14. Dollar Tree is rated “Neutral” in our US Large-Cap Global Top Stock Ideas and “Unattractive” in our US Consumer Discretionary Global Top Stock Ideas.  
  • Micron Technology’s (MU) price target was cut by Citi Bank after CEO Sanjay Mehrotra said the company expects FY1Q2018 earnings to be “somewhat above” midpoint estimates, although revenue is expected to be at the low end of guidance. As a result of Mehrotra’s comments, Citi Bank cut Micron’s price target to USD$40/share while analysts across Wall Street highlighted the global downturn in global memory chip demand. Micron is rated “Attractive” in our US Large-Cap Global Top Stock Ideas and “Top Buy” in our US Information Technology Global Top Stock Ideas.
  • Qualcomm (QCOM) CEO Steve Mollenkopf said in an interview with CNBC that the company “Is on the doorstep of finding a resolution“ with Apple (AAPL) on ongoing issues.  He did not get specifics in his comments; the 2 companies are set to face off in court in the coming months.  He said Qualcomm “would love to work with Apple”, Qualcomm was the main supplier of chips for Apple’s phones.  Qualcomm is rated “Neutral” in our US Large-Cap Global Top Stock Ideas and “Top Buy” in our US Information Technology Global Top Stock Ideas.  Apple is rated “Attractive” in our US Large-Cap Global Top Stock Ideas and “Attractive” in our US Industrials Global Top Stock Ideas.
  • Tech Data (TECD) forecast full year guidance above present consensus.  Tech Data sees full year EPS of USD$3.90-4.20.  Tech Data expects full year net sales of USD$10.5-10.9 billion.  The forecast came with 3Q results that came well above expected, with 3Q EPS of USD$3.02 coming well above USD$2.17 expected.  Tech Data is rated “Neutral” in both our US Large-Cap and US Information Technology Global Top Stock Ideas. 
  • Yeti (YETI) reported 3Q adjusted EPS of 24 cents, above consensus of 22 cents.  Yeti’s 3Q adjusted ebitda came at USD$38.4mn.  Yeti sees full year EPS coming at 79-82 cents per shares, above consensus of 78 cents.  Yeti expects full year sales to grow 19-20% with adjusted ebitda of USD$141-144mn.  Yeti is not rated in our Global Top Stock Ideas.

 

US Treasuries

  • US 2-Year Treasury Notes are higher with yields down -0.81 basis points to 2.80%
  • US 5-Year Treasury Bonds are higher with yields down -2.36 basis points to 2.84%
  • US 10-Year Treasury Bonds are higher with yields down -3.65 basis points to 3.02%
  • The US Treasury 2s-5s Spread has narrowed 1.55 basis points to 0.04%
  • The US Treasury 2s-10s Spread has narrowed 2.84 basis points to 0.22%
  • US Treasury 5s-10s Spread has narrowed 1.29 basis points to 0.18%
     

Currencies

  • EUR€ is currently little changed against the USD$ at 1.1378
  • GBP£ is currently down 0.335% against the USD$ to 1.2782
  • CHF is currently down 0.328% against the USD$ to 1.003
  • JPY¥ is currently down 0.211% against the USD$ to 113.44

Commodities

  • WTI Crude is currently up 2.88% to USD$51.74/bbl with the Brent-WTI spread down USD$-0.66 to USD$7.6/bbl
  • Gold is currently up 0.38% to USD$1225.85/oz

*Data in Price Return and Updated Real-Time (with a delay), Source: StockDio

S&P 500 Sector ETFs - Intraday

*Data in Price Return and Updated Real-Time (with a delay), Source: StockDio

Russell 1000 Factor ETFs - Intraday

*Data in Price Return and Updated Real-Time (with a delay), Source: StockDio

 

 

S&P 500 Movers

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Outperformers Sector Price 1D % Chg Volume
Dollar Tree Inc Health Care 87.9 5.29%            1,881,971
QUALCOMM Inc Industrials 58.7 3.64%            2,586,578
Nielsen Holdings PLC Information Technology 27.1 3.60%                378,974
Concho Resources Inc Energy 131 3.03%                  73,573
CF Industries Holdings Inc Industrials 43.8 2.85%                314,392
 
Underperformers Sector Price 1D % Chg Volume
Quest Diagnostics Inc Health Care 87.8 -9.41%                264,316
Twitter Inc Financials 30.7 -6.29%            4,128,603
Nordstrom Inc Communication Services 52.1 -4.50%                126,991
Kohl's Corp Financials 66.2 -4.38%                246,949
Wynn Resorts Ltd Information Technology 108 -3.99%                489,804