MORNING NOTES:
S&P futures are trading higher this morning. The market is trading in a small trading pattern this morning. This morning earnings release from GS, JNJ, JPM & WFC did not create a significant catalyst to propel the market in either direction this morning Instead we are flat to higher this morning as traders appear to be cautious ahead od Jerome Powell speech later today. Asian stocks were mixed overnight, The Shanghai Composite was lower by 0.23%. In Europe this morning the major indexes are trading slightly higher.
S&P’s Overnight High 301.25 Low 300.62 % Change lower by 0.01
| Asia | Close | Change | %Change | Europe | Close | Change | %Change | |
| Tokyo | 21535.25 | -150.65 | -0.69 | London | 7561.23 | 29.51 | 0.39 | |
| Hong Kong | 28619.62 | 64.74 | 0.23 | Germany | 12385.66 | -1.68 | -0.01 |
Oil Prices:
Oil prices are trading higher this morning. Tropical storm Barry has resulted in little if any damage to oil output in the Gulf of Mexico. Oil traders will be paying close attention to a speech from Jerome Powell later today. Demand from China continues to be a concern as their economic growth appears to be slowing. Media reports that the oil market saw a rather significant surplus in the first half of 2019, much larger than previously expected. Supplies are set to tighten in the second half of the year. Elevated U.S. Shale production is likely to exceed additional demand both this year and next, which may result in a significant surplus in 2020. Later today the American Petroleum Institute will be releasing its estimated stockpile figures.
WTI is at $58.80 a barrel, Brent Crude is at $66.76 a barrel.
For news on oil type in .OIL or “OPEC” into NewsWare.
Economic:
The lack of notable inflation pressure in the world’s top economies will be a factor in the Fed’s upcoming decision on interest rates. Today’s calendar includes 5 Fed official speaking. Their remarks on the economic climate will be closely monitored for indications of a rate cut later this month. The Fed interest rate-raising campaign happened in the contest of inflation levels there were short of the officials 2% target. Without significant inflation pressure, the rate hikes appear to be overdone. Fed Speak: Federal Reserve member of the Board of Governors Michelle Bowman will be speaking today at 8:30 am ET at an event in Augusta Georgia. The Atlanta Fed Bank President Raphael Bostic will also be speaking at this event at 9:20 am ET. Dallas Fed Bank President Robert Kaplan will be speaking today at 12:20 pm ET at an event in Washington DC. Federal Reserve Bank Chairman Jerome Powell will be speaking at 1:00 pm ET at an event in Paris, France. Chicago Fed Bank President Charles Evens will be speaking on CNBC at 3:30 pm ET.
Economic Reports: At 08:30am ET Retail Sales Report, Import & Export Prices.
At 09:15 am ET Industrial Production.
At 10:00 am ET Reports on Business Inventories and Housing Market Index.
To access Economic news type .Economic into NewsWare.
Options Activity:
Bullish option activity in AVGO, CTXS & TAP
Bearish option activity in ABT, BA & CSCO
To access news related to options type .OPTIONS into NewsWare
Sector Update:
Retail
TSCO .REC Piper raised its price target to $125 from $114
PETS .REC Yesterday’s 8K suggests that the firm is considering strategic alternatives.
KMX .REC Wedbush concerned on slowing comps and weakening CAF portfolio performance.
FDA / Drug Markets
NVS P/SGN Granted Priority Review status by FDA for Sickle cell disease drug.
JNJ .ERN Released earnings, EPS beat by 12 cents on higher revenue.
MRK P/SGN Today is the FDA’s PUDFA date for their New Drug Application.
Dow 30
JPM .ERN Reported a 32 cent beat on EPS, Revenue was slightly below estimates.
KO .REC Deutsche Bank raised its price target to $59 from $54.
MSFT .REC BMO Capital raised its price target toe $153 from $147.
FANG
NFLX .ERN Releasing earnings Wen after the close, straddle indicates a $25.5 move.
FB P/SGN FB executive to appear before the Senate Banking Committee on its Libra plans.
AMZN P/SGN Reports biggest 24 hour sales day in its history.
Rumors
SPY P/SGN Mnuchin feels that an agreement on a budget deal is close.
CBS .MA Reports indicate CBS & VIA agreed on an Aug 8 deadline for merger talks to conclude.
DPZ .ERN Beat on EPS, missed on Revenue as growth appears to be slowing in Q2.
Earnings Dates and Options Data
| Symbol | Earn Date | a/p | Stradl pct | $ Move | Total Call / Put Ratio | Date | Call Volum | Put Volum | vol Call / Put Ratio | Call Open Int | Put Open Int | OI Call / Put Ratio | Date | Call Volum | Put Volum | vol Call / Put Ratio | Call Open Interest | Put Open Interest | OI Call / Put Ratio |
| CP | 20190716 | pm | 3.06 | 7.25 | 0.82 | 7/20 | 364 | 481 | 0.76 | 530 | 871 | 0.61 | 8/17 | 178 | 125 | 1.42 | 34 | 43 | 0.79 |
| CSX | 20190716 | pm | 3.41 | 2.67 | 0.74 | 7/20 | 2255 | 1851 | 1.22 | 11859 | 25910 | 0.46 | 8/17 | 284 | 2602 | 0.11 | 14329 | 19653 | 0.73 |
| CTAS | 20190716 | pm | 4.42 | 10.74 | 1.23 | 7/20 | 366 | 497 | 0.74 | 654 | 1902 | 0.34 | 8/17 | 461 | 187 | 2.47 | 895 | 2521 | 0.36 |
| FNF | 20190716 | pm | 2.47 | 1.02 | 9.43 | 7/20 | 31 | 4 | 7.75 | 1470 | 1020 | 1.44 | 8/17 | 0 | 0 | 1.00 | 265 | 100 | 2.65 |
| HCSG | 20190716 | pm | 3.17 | 0.99 | 1.14 | 7/20 | 3 | 2 | 1.50 | 36 | 213 | 0.17 | 8/17 | 104 | 101 | 1.03 | 29 | 36 | 0.81 |
| IBKR | 20190716 | pm | 4.53 | 2.32 | 0.46 | 7/20 | 200 | 598 | 0.33 | 503 | 335 | 1.50 | 8/17 | 31 | 110 | 0.28 | 418 | 455 | 0.92 |
| MRTN | 20190716 | pm | 5.38 | 0.99 | 0.40 | 7/20 | 0 | 0 | 1.00 | 2 | 26 | 0.08 | 8/17 | 0 | 0 | 1.00 | 0 | 0 | 1.00 |
| PNFP | 20190716 | pm | 4.16 | 2.34 | 1.25 | 7/20 | 1 | 8 | 0.13 | 55 | 6 | 9.17 | 8/17 | 9 | 0 | 1.00 | 788 | 133 | 5.92 |
| SGEN | 20190716 | pm | 9.45 | 6.05 | 2.91 | 7/20 | 743 | 216 | 3.44 | 10221 | 3536 | 2.89 | 8/17 | 146 | 10 | 14.60 | 1286 | 343 | 3.75 |
| UAL | 20190716 | pm | 4.24 | 3.87 | 1.33 | 7/20 | 3999 | 4030 | 0.99 | 18392 | 15272 | 1.20 | 8/17 | 638 | 514 | 1.24 | 6508 | 12403 | 0.52 |
| TBK | 20190717 | ? | 3.00 | 0.84 | 14.71 | 8/17 | 0 | 0 | 1.00 | 55 | 24 | 2.29 | 166 | 4.87 | -0.32 | 46.08% | ±0.837 | ±2.657 | 9.52 |
| ABT | 20190717 | am | 3.04 | 2.55 | 0.59 | 7/20 | 1242 | 2420 | 0.51 | 12149 | 13459 | 0.90 | 8/17 | 553 | 2593 | 0.21 | 21695 | 14159 | 1.53 |
| ASML | 20190717 | am | 3.67 | 7.58 | 1.75 | 7/20 | 575 | 259 | 2.22 | 6201 | 5293 | 1.17 | 8/17 | 275 | 194 | 1.42 | 777 | 499 | 1.56 |
| BAC | 20190717 | am | 2.48 | 0.72 | 1.85 | 7/20 | 86403 | 41497 | 2.08 | 217022 | ##### | 1.99 | 8/17 | 19851 | 7480 | 2.65 | 271696 | 210633 | 1.29 |
| BK | 20190717 | am | 3.56 | 1.54 | 0.31 | 7/20 | 465 | 456 | 1.02 | 4888 | 6527 | 0.75 | 8/17 | 52 | 44 | 1.18 | 936 | 424 | 2.21 |
| CMA | 20190717 | am | 3.53 | 2.52 | 3.24 | 7/20 | 81 | 15 | 5.40 | 7110 | 4193 | 1.70 | 8/17 | 119 | 43 | 2.77 | 1305 | 731 | 1.79 |
| NVS | 20190717 | am | 2.34 | 2.09 | 2.34 | 7/20 | 1662 | 925 | 1.80 | 19514 | 7950 | 2.45 | 8/17 | 357 | 4 | 89.25 | 1283 | 2210 | 0.58 |
| OMC | 20190717 | am | 3.68 | 3.09 | 0.12 | 7/20 | 188 | 1790 | 0.11 | 4231 | 1981 | 2.14 | 8/17 | 100 | 23 | 4.35 | 1373 | 131 | 10.48 |
| PGR | 20190717 | am | 3.16 | 2.66 | 0.30 | 7/20 | 425 | 345 | 1.23 | 4075 | 3546 | 1.15 | 8/17 | 232 | 2585 | 0.09 | 5415 | 3144 | 1.72 |
| PNC | 20190717 | am | 2.39 | 3.35 | 0.41 | 7/20 | 485 | 516 | 0.94 | 4106 | 3205 | 1.28 | 8/17 | 80 | 59 | 1.36 | 4955 | 4318 | 1.15 |
| STC | 20190717 | am | 2.55 | 1.02 | 0.20 | 7/20 | 0 | 0 | 1.00 | 0 | 5 | 0.00 | 8/17 | 0 | 0 | 1.00 | 34 | 653 | 0.05 |
| TXT | 20190717 | am | 5.63 | 3.01 | 3.73 | 7/20 | 243 | 51 | 4.76 | 1965 | 1707 | 1.15 | 8/17 | 42 | 14 | 3.00 | 296 | 236 | 1.25 |
| AA | 20190717 | pm | 5.45 | 1.26 | 1.04 | 7/20 | 1886 | 1095 | 1.72 | 32868 | 24902 | 1.32 | 8/17 | 462 | 167 | 2.77 | 10790 | 2632 | 4.10 |
| ADTN | 20190717 | pm | 7.67 | 1.22 | 0.91 | 7/20 | 45 | 41 | 1.10 | 3994 | 180 | 22.19 | 8/17 | 58 | 73 | 0.79 | 1153 | 1046 | 1.10 |
| CATY | 20190717 | pm | 3.06 | 1.07 | 0.01 | 7/20 | 0 | 0 | 1.00 | 10 | 2 | 5.00 | 8/17 | 0 | 0 | 1.00 | 11 | 99 | 0.11 |
| CCI | 20190717 | pm | 2.37 | 3.15 | 2.56 | 7/20 | 487 | 90 | 5.41 | 7205 | 23004 | 0.31 | 8/17 | 205 | 182 | 1.13 | 2978 | 2544 | 1.17 |
| CCK | 20190717 | pm | 3.30 | 2.00 | 0.81 | 7/20 | 131 | 516 | 0.25 | 4898 | 2028 | 2.42 | 8/17 | 263 | 20 | 13.15 | 143 | 5079 | 0.03 |
| CNS | 20190717 | pm | 5.78 | 3.02 | 3.18 | 7/20 | 0 | 0 | 1.00 | 36 | 0 | 1.00 | 8/17 | 0 | 0 | 1.00 | 23 | 10 | 2.30 |
| EBAY | 20190717 | pm | 5.14 | 2.07 | 1.62 | 7/20 | 7999 | 3777 | 2.12 | 73791 | 57737 | 1.28 | 8/17 | 994 | 371 | 2.68 | 16722 | 9477 | 1.76 |
| EGBN | 20190717 | pm | 4.78 | 2.58 | 2.00 | 7/20 | 0 | 0 | 1.00 | 1 | 5 | 0.20 | 8/17 | 0 | 0 | 1.00 | 1 | 0 | 1.00 |
| IBM | 20190717 | pm | 4.24 | 6.08 | 1.34 | 7/20 | 7783 | 9557 | 0.81 | 56018 | 71434 | 0.78 | 8/17 | 3663 | 672 | 5.45 | 15585 | 17751 | 0.88 |
| NFLX | 20190717 | pm | 6.87 | 25.18 | 1.62 | 7/20 | 61511 | 35205 | 1.75 | 98356 | 82371 | 1.19 | 8/17 | 9946 | 6635 | 1.50 | 36929 | 20832 | 1.77 |
| PFBC | 20190717 | pm | 5.49 | 2.68 | 1.00 | 7/20 | 0 | 0 | 1.00 | 0 | 4 | 0.00 | 8/17 | 0 | 0 | 1.00 | 6 | 0 | 1.00 |
| PLXS | 20190717 | pm | 7.27 | 4.41 | 1.20 | 7/20 | 1 | 0 | 1.00 | 27 | 47 | 0.57 | 8/17 | 6 | 0 | 1.00 | 23 | 30 | 0.77 |
| RLI | 20190717 | pm | 2.13 | 1.86 | 0.60 | 7/20 | 0 | 0 | 1.00 | 18 | 22 | 0.82 | 8/17 | 0 | 3 | 0.00 | 24 | 3 | 8.00 |
| SLG | 20190717 | pm | 3.13 | 2.56 | 0.83 | 7/20 | 30 | 98 | 0.31 | 388 | 1689 | 0.23 | 8/17 | 67 | 26 | 2.58 | 993 | 514 | 1.93 |
| TCBI | 20190717 | pm | 5.65 | 3.35 | 1.80 | 7/20 | 100 | 38 | 2.63 | 152 | 576 | 0.26 | 8/17 | 8 | 1 | 8.00 | 276 | 9 | 30.67 |
| URI | 20190717 | pm | 5.71 | 7.70 | 0.88 | 7/20 | 937 | 1334 | 0.70 | 7458 | 8615 | 0.87 | 8/17 | 288 | 128 | 2.25 | 1337 | 1462 | 0.91 |
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