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US stocks flat midday with clouded trade outlook ahead of G20 summit

Nov 30, 2018

 

Market data as of 12:15pm EST

US Market Snapshot

  • US stocks are flat midday, trading between gains and losses through the morning session, as the clouded outlook on trade ahead of the Trump-Xi meeting at the G20 dampens sentiment
  • President Trump and President Xi are scheduled to have dinner Saturday evening
  • The S&P 500 is currently up 0.17%, Nasdaq Composite is up 0.12%, and Russell 2000 is up 0.03%
  • The S&P 500 ia on track for the best weekly gain since February
  • Utilities (+0.64%), Industrials (+0.41%), and Materials (+0.25%) stocks are the top performers in the S&P 500 today
  • Real Estate (+0.07%), Telecom (-0.24%), and Energy (-0.31%) stocks are the worst performers in the S&P 500 today
  • Investor sentiment for US stocks is positive with the advance/decline ratio for the S&P 500 currently at 1.26x
  • 77 stocks in the S&P500 are at 4-week highs while 9 stocks are at 4-week lows
  • 9 stocks in the S&P 500 are overbought while 4 stocks are oversold according to the 16-day RSI Measure
  • 59 stocks in the Nasdaq Composite are at 4-week highs while 110 stocks are at 4-week lows
  • 292 stocks in the Nasdaq Composite are overbought while 161 stocks are oversold according to the 16-day RSI Measure
  • The VIX is currently up at 19.12 from yesterday's close of 18.79

Stocks Trending in the News

Click name for Q-Factor rating and financials data.
 

  • Callaway Golf (ELY) announced it will acquire Jack Wolfskin for 418 million pounds.  Jack Wolfskin is an active lifestyle brand and Callaway Golf had indicated its desire to expand into that space.  Callaway Golf is rated “Top Buy” in our US SMID-Cap Global Top Stock Ideas and “Top Buy” in our US Consumer Discretionary Global Top Stock Ideas.
  • Cree (CREE) was downgraded at JP Morgan to underweight from neutral.  Cree saw it price target cut to USD$35, down from USD$42.  Cree’s target price implies as 24% drop from yesterday’s close.  Cree is rated “Top Short” in our US Large-Cap Global Top Stock Ideas and “Unattractive” in our US Information Technology Global Top Stock Ideas.
  • HP’s (HPE) purchase of Autonomy Corp in 2011 is in focus as Autonomy’s ex-CEO Michael Lynch is being charged by US authorities.  The US is charging him with fraud in relation to the valuation used to arrive at the USD$10.3 billion price HP paid.  The US alleges he used fraudulent documents from 2009, 2010 and 2011 to justify the valuation.  HP is rated “Unattractive” in our US Large-Cap Global Top Stock Ideas and “Attractive” in our US Information Technology Global Top Stock Ideas.
  • GameStop (GME) shares are tumbling, falling the most in 8 months after reporting quarterly financials that suggested a worse-than-expected outlook for the holiday season. Analysts expected an operating profit for GameStop of USD$87.4mm in FY3Q2018 while the company delivered an operating loss of USD$493.5mm. Following the release of financials, Wedbush analyst Michael Pachter said that a sale to private equity looks “imminent”. GameStop is rated “Unattractive” in our US large-Cap Global Top Stock Ideas and “Unattractive” in our US Consumer Discretionary Global Top Stock Ideas. 
  • LabCorp (LH) shares are sustaining heavy losses after the company slashed its full-year guidance, cutting revenue growth forecasts for the full-year from between 10.5% and 11.0% to between 9.9% and 10.3%. The guidance cut was driven by slower growth in referred direct-to-consumer genetic testing, according to management. Despite the cut in guidance, Piper analysts are urging investors that the sell-off is overdone and that this represents a strong buying opportunity. LabCorp is rated “Top Buy” in our US Large-Cap Global Top Stock Ideas. 
  • Marriott International Inc (MAR) was hacked in 2014 in what appears to be one of the largest theft of hacked personal data.  Marriott’s Starwood unit has data on up to 500 million guests stolen, including some passport and credit card data.  Marriott International has alerted authorities and is working with law enforcement to determine how this happened.  Marriott International is rated “Neutral” in our US Large-Cap Global Top Stock Ideas and “Attractive” in our US Consumer Discretionary Global Top Stock Ideas.
  • First Analysis Corp upgraded Palo Alto Networks (PANW) to strong buy from outperform.  Palo Alto’s target price was raised to USD$240, up from USD$200.  The target implies a 36% upside from yesterday’s close.  Palo Alto Networks is rated “Neutral” in our US Large-Cap Global Top Stock Ideas and “Neutral” in our US Information Technology Global Top Stock Ideas.
  • Workday (WDAY) shares are trading higher by double-digits as analysts cheer the company’s most recent quarterly financials. Workday blew analysts’ consensus adjusted EPS expectations of UD$0.15/share out of the water, announcing FY3Q2018 adjusted EPS of USD$0.31/share. The FY3Q2018 financials announcement was followed by a slew of price target hikes by Wall Street analysts. Workday is rated “Unattractive” in our US Large-Cap Global Top Stock Ideas and “Neutral” in our US Information Technology Global Top Stock Ideas. 
     

 

US Treasuries

  • US 2-Year Treasury Notes are lower with yields up 0.63 basis points to 2.81%
  • US 5-Year Treasury Bonds are higher with yields down -0.34 basis points to 2.84%
  • US 10-Year Treasury Bonds are higher with yields down -1.47 basis points to 3.01%
  • The US Treasury 2s-5s Spread has narrowed 0.97 basis points to 0.03%
  • The US Treasury 2s-10s Spread has narrowed 2.1 basis points to 0.2%
  • US Treasury 5s-10s Spread has narrowed 1.13 basis points to 0.17%
     

Currencies

  • EUR€ is currently down 0.623% against the USD$ to 1.1322
  • GBP£ is currently little changed against the USD$ at 1.2773
  • CHF is currently down 0.269% against the USD$ to 1.0015
  • JPY¥ is currently little changed against the USD$ at 113.53

Commodities

  • WTI Crude is currently down -0.62% to USD$51.13/bbl with the Brent-WTI spread up USD$0.47 to USD$7.72/bbl
  • Gold is currently little changed -0.22% to USD$1221.56/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
Raymond James Financial Inc Financials 76.3 3.03%                  53,227
NVIDIA Corp Information Technology 157 3.01%            1,919,808
Gilead Sciences Inc Health Care 69.7 2.83%                909,121
Delta Air Lines Inc Industrials 58.9 2.79%                967,664
SVB Financial Group Financials 244 2.63%                  73,725
 
Underperformers Sector Price 1D % Chg Volume
Laboratory Corp of America Holdings Health Care 162 -11.41%                234,742
Marriott International Inc/MD Consumer Discretionary 122 -5.56%            1,018,498
General Electric Co Industrials 7.94 -5.48%          14,150,317
Viacom Inc Communication Services 32 -4.25%                792,398
Hasbro Inc Consumer Discretionary 96.9 -3.64%                152,416