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Commentary, News

MORNING NOTES:                                                            

S&P futures are higher this morning. Positive earnings beats from CSCO and WMT are helping to move the futures higher. China is likely to retaliate on Trump’s executive order which bans foreign telcomm sales in the U.S. Asian stocks ended mostly positive as they digest the telcom news. European markets are higher this morning as well.

S&P’s Overnight          High  286.60          Low   284.10     % Change higher by 0.42%

Asian MarketsCloseChange% Change EuroLastChange% Change
Tokyo21062.98-125.58-0.59 London  7312.72   15.170.22
Hong Kong28275.076.360.02 Germany12174.25   74.680.62

Oil Prices:

Oil prices are higher this morning. Oil prices continue to rise amid tensions in the Middle East and concerns of supply disruptions. OPEC and its allies will gather in Saudi Arabia this weekend. Iran will not be part of this meeting as they are thought to be behind the drone attacks on the Saudi pipelines and also thought to be responsible for the sabotage on 2 tanker ships The U.S. Energy Information Administration reported on Wednesday that crude inventories rose 5.2 million barrels last week, beating expectations for a drop of 800,000 barrels.

WTI is at $62.45 a barrel, Brent Crude is at $72.03 a barrel.     

 For news on oil type in  .OIL or “OPEC” into NewsWare.

 Economic:                         

President Trump continues to add pressure to the trade discussions with China. Yesterday, he signed an executive order to ban telecommunications purchases from “foreign adversaries.” This was a direct shot at China’ leading telcomm manufacture Huawei.  Treasury Secretary Steven Mnuchin said negotiators would “most likely” meet again in Beijing to continue trade talks in the near future. However, China’s Commerce Ministry said this morning that it doesn’t have any knowledge about a U.S. plan to visit Beijing to continue trade talks. Fed Speak:    At 12:00 pm E, Minneapolis Federal Reserve Bank President Neel Kashkari will be giving a speech on interest rates, monetary policy and the economy. Fed governor Lael Brainard speaks on the economy and monetary policy at a National Tax Association symposium at 12:15 p.m. ET. Economic Reports: At 8:30 am ET Jobless Claims, Housing Start and the Philadelphia Fed Business Outlook survey reports due out.  

  To access Economic news type   .Economic into NewsWare.

Options Activity:                                                                      

Bullish option activity in                 ABC,  BYND & PINS

Bearish option activity in               AMC, MAT & ODFL

To access news related to options type  .OPTIONS into NewsWare

Sector Update:

Retail   

WMT           P/SGN     Beat on EPS and Revenue, market is brushing of currency & tariff issues.

BBY           .REC        UBS lowered its price target to $52 from $57.

M               .REC        Goldman upgraded to Neutral from sell, but lowered price target to $21 from $23.     

Drug Makers:

IOVA          P/SGN       Offered first evidence of clinically meaningful durability for TIL therapy.

ZLAB         P/SGN       Announced China NMPA acceptance of ETX2514SUL clinical trial application.

OTLK        .REC          Oppenheimer initiates coverage with an Outperform and a $12 price target.

Dow 30:

WMT            .ERN       CFO says currency to negatively affect Q2 sales by about $1B

CSCO          .REC       Jefferies raises its price target to $62 from $55.

JPM            P/SGN      EU fines 5 banks 1.2b for manipulation of Forex trading.

FANG:

AAPL      .REC         Wedbush feels tariffs are unlikely to affect Iphone sales.

AMZN     P/SGN      Trading higher on Buffet’s SEC filing showing  a news position in the stock.

Rumor:

SPY      .Rumor      China is likely to respond to Trumps foreign telcomm ban in a significant way.

HOME    .MA             Reports indicate Kohls is considering a deal to buy the company.

MAR       .MA             Rumor that the owners of the  Ritz Carlton in NY are entertaining offers.

MBIO      Hots.Fly      Received orphan drug designation from the FDA

Upcoming Earnings Releases and Expected move:

SymbolEarn Datea/pStradl pct$ MoveTotal Call / Put RatioDateCall VolumPut Volumvol Call / Put  RatioCall Open IntPut Open IntOI Call / Put  Ratio
AMAT20190516pm4.341.801.475/18733045461.6134659430810.80
BIDU20190516pm4.236.451.045/181013871501.4251823360261.44
BOOT20190516pm10.852.951.815/182401701.41384229461.30
IQ20190516pm9.781.980.685/184942170370.2963291312882.02
NOAH20190516pm7.803.620.555/187160.443709130.41
NVDA20190516pm6.7810.821.235/1847665285051.67109809898411.22
RAVN20190516pm3.401.242.495/1820102.003562111.69
REDU20190516pm5.510.542.006/22001.00230.67
RICK20190516pm7.401.500.245/181001.008303442.41
VNET20190516pm8.140.659.525/18120.5016262985.46

*Information displayed above is for informational purposes only. Trading involves the risk of capital and we are not making any predictions on future events or movements in equity prices.  All investors are advised to conduct their own independent research into individual stocks before making a purchase decision. In addition, investors are advised that past stock performance is not indicative of future price action.


As always, please use protective buy and sell stops when trading futures and options.

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