MORNING NOTES:
S&P futures are lower this morning. Futures are reacting to the U.S China trade talks. China came out this morning indicating that they are reluctant to resume trade talks with the Trump Administration. Asian stock markets were mixed Friday, The Tokyo market are gaining on news that their central will keep rates steady. Hong Kong opened higher but closed lower based on the trade talk developments. European markets are moving lower this morning. Auto sector is weak due to possible auto tariff’s in Germany. IN the U.K., Brexit discussion are stalled as the opposition leader says Theresa May is too weak to guarantee any deal.
S&P’s Overnight High 287.04 Low 285.98 % Change lower by 0.45
| Asian Markets | Close | Change | % Change | Euro | Last | Change | % Change | |
| Tokyo | 21250.09 | 187.11 | 0.89 | London | 7312.47 | -41.04 | -0.56 | |
| Hong Kong | 27946.46 | -328.61 | -1.16 | Germany | 12161.04 | -149.33 | -0.77 |
Oil Prices:
Oil prices are higher this morning. Oil trading has seen increased volatile lately. Concerns on global supplies and demand are creating a sense of uncertainty which leads to elevated volatility. Tensions in the Middle East continue to grow. A Saudi led coalition, bombed area held Iranian back rebels in Yemen on Thursday. This weekend a group of OPEC members aligned with Saudi Arabia are hold a summit. President Trump has indicated that he does not want a war with Iran, however there are indications that a conflict is possible. Recently the U.S. has started a military build up in the Persian Gulf region. The New York Times reported that the White House is reviewing plans to send 120,000 U.S. troop to the Middle East. Yesterday, the president issued an order that all nonessential government staff are to leave Iraq immediately. Later today, Baker Hughes will be releasing their rig count figures.
WTI is at $63.37 a barrel, Brent Crude is at $73.01 a barrel.
For news on oil type in .OIL or “OPEC” into NewsWare.
Economic:
Federal Reserve officials expected inflation to run at a 2% rate this year. In her speech yesterday Fed governor Lael Brainard said the central bank should be prepared to allow inflation to run modestly above 2% without raising interest rates to more credibly demonstrate its commitment to the goal. The market is has priced in a quarter point rate reduction later in the 2019. Fed Speak: At 10:00 am Federal Reserve Board of Governors Vice Chairman Richard Clarida will be speaking in New Jersey. At 11:15 am ET New York Federal Reserve Bank President John Williams is to attend a meeting in NYC. At 1:40 pm ET FederalReserve Board of Governors Vice Chairman Richard Clarida is to give a speech on “The Federal Reserve’s reviewof Its Monetary Policy Strategy, Tools, and Communication Practices” in Philadelphia. At 3:00 pm New York Federal Reserve Bank President John Williams is schedule to speak ant another event in NY. Economic Reports: At 10:00 am ET Mid-month reading of Consumer Sentiment, E-Commerce Retail Sales and Leading Indicators are due out. At 1:00 pm ET Baker Hughes Rig Count figures.
To access Economic news type .Economic into NewsWare.
Options Activity:
Bullish option activity in HOME, MOS & Z
Bearish option activity in CWH, IQ & UBER
To access news related to options type .OPTIONS into NewsWare
Sector Update:
Retail
FL .REC Barclays said to be an aggressive buyer into their Q1 earnings release.
CWH .REC Keybanc downgraded the stock to Sector weight from overweight with a $23 pt.
M .REC UBS raised its price target to $25 from $23.
Drug Makers:
AGRX P/SGN Resubmitted in new drug application to the FDA for Twirla.
JNJ P/SGN FBI is investigating alleged illegal payoffs to the Brazilian government.
SOLY P/SGN FDA said their application by be converted to a De Novo process.
Dow 30:
MMM .REC JP Morgan lowers its price target to $143 from $154.
BA Peri.Fly Singapore Airlines CEO says their order for 31, 737 planes will continue.
HD .ERN Straddle is price for a $6.72 move when earnings are announced on Tues.
FANG:
AAPL .REC Nomura lowers its price target to $175 from $180.
GOOG Peri.Fly Italy is launching a probe in the company for alleged antitrust abuse.
FB Peri.Fly Said to be saturated with fraudulent accts impersonating tech executives.
Rumor:
SPY .Rumor China is likely to respond to Trumps foreign telcomm ban in a significant way.
CRAY .MA Announced that they will be acquired by HPE for $35 a share.
PRRR .MA BRX said to be acquiring PRRR for $18.81 a share.
Upcoming Earnings Releases and Expected move:
| 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 |
| AZO | 20190521 | am | 5.86 | 57.54 | 0.60 | 5/25 | 154 | 127 | 1.21 | 795 | 961 | 0.83 |
| EV | 20190521 | am | 3.15 | 1.21 | 0.03 | 6/22 | 0 | 76 | 0.00 | 63 | 55 | 1.15 |
| HD | 20190521 | am | 3.40 | 6.54 | 2.34 | 5/25 | 2558 | 1424 | 1.80 | 8022 | 8259 | 0.97 |
| KSS | 20190521 | am | 8.06 | 5.14 | 1.52 | 5/25 | 1406 | 515 | 2.73 | 5937 | 14638 | 0.41 |
| TOL | 20190521 | am | 6.06 | 2.36 | 1.47 | 5/25 | 277 | 257 | 1.08 | 866 | 944 | 0.92 |
| CRMT | 20190521 | pm | 2.63 | 2.59 | 7.69 | 6/22 | 29 | 1 | 29.00 | 101 | 101 | 1.00 |
| JWN | 20190521 | pm | 9.10 | 3.36 | 1.92 | 5/25 | 110 | 155 | 0.71 | 1183 | 10418 | 0.11 |
| URBN | 20190521 | pm | 9.09 | 2.43 | 2.08 | 5/25 | 5863 | 144 | 40.72 | 16673 | 8224 | 2.03 |
| AAP | 20190522 | am | 0.63 | 1.00 | 0.33 | 6/22 | 614 | 152 | 4.04 | 2502 | 4260 | 0.59 |
| ADI | 20190522 | am | 5.09 | 5.33 | 0.26 | 5/25 | 392 | 728 | 0.54 | 1226 | 1542 | 0.80 |
| LOW | 20190522 | am | 5.47 | 5.94 | 1.57 | 5/25 | 1250 | 1280 | 0.98 | 3033 | 3243 | 0.94 |
| TGT | 20190522 | am | 5.62 | 3.98 | 0.63 | 5/25 | 2598 | 5170 | 0.50 | 11777 | 10049 | 1.17 |
| TTM | 20190522 | am | 7.82 | 0.99 | 0.51 | 5/25 | 13 | 55 | 0.24 | 3408 | 1609 | 2.12 |
| VFC | 20190522 | am | 6.48 | 5.92 | 3.83 | 5/25 | 283 | 22 | 12.86 | 3228 | 3527 | 0.92 |
| CTRP | 20190522 | pm | 8.54 | 3.31 | 0.61 | 5/25 | 76 | 133 | 0.57 | 2958 | 951 | 3.11 |
| HTHT | 20190522 | pm | 8.81 | 3.14 | 3.45 | 6/22 | 13 | 5 | 2.60 | 1261 | 749 | 1.68 |
| KHC | 20190522 | pm | 3.67 | 1.19 | 1.21 | 5/25 | 1703 | 1867 | 0.91 | 56709 | 48887 | 1.16 |
| LB | 20190522 | pm | 9.90 | 2.21 | 0.14 | 5/25 | 1393 | 2082 | 0.67 | 6386 | 3508 | 1.82 |
| NTAP | 20190522 | pm | 7.06 | 4.92 | 1.01 | 5/25 | 215 | 209 | 1.03 | 770 | 897 | 0.86 |
| VIPS | 20190522 | pm | 11.87 | 1.00 | 2.69 | 5/25 | 197 | 30 | 6.57 | 1255 | 2540 | 0.49 |
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