11/20/2018 Morning Brief
In a speech yesterday, Federal Reserve President John William said “We’ll be likely raising interest rates somewhat but it’s really in the context of a very strong economy,” he said at a community event in New York on Monday. “We’re not on a preset course. We’ll adjust how we do monetary policy to do our best to keep this economy going strong with low inflation.” The Fed's Randall Quarles is expected to be named head of the Financial Stability Board, a global body overseeing financial regulations. Economic Reports; At 8:30 am ET Housing Starts. Redbook on retail sales at 8:55 am ET.
Equity markets –
S&P futures are trading higher this morning, (-0.51%)
Asian markets Lower last night.
Nikkei Stock 21583.12 -238.04 -1.09
Hang Seng 25840.34 -531.66 -2.02
European indices are lower this morning this morning.
Last Change %Change
FTSE 100 6985.92 -14.97 -0.21
Xetra DAX 11148.88 -95.66 -0.85
* Futures point to continued selloff this morning. A combination of soft earnings forecasts from sector giants like Apple and Facebook, anxieties that corporate earnings may have peaked and frosty trading relations between the U.S. and China have left tech stocks vulnerable to selling.
Oil gave back earlier gains to drift lower on Tuesday as a deteriorating economic outlook and evidence of surging U.S. production outweighed investor optimism over possible OPEC production cuts. The American Petroleum Institute is scheduled to releases its weekly crude oil stockpiles data at 4.30 pm ET today. Tuesday. WTI is currently trading at $57.25 a barrel and Brent Crude is at $66.56 a barrel. * Futures point to continued selloff this morning. A combination of soft earnings forecasts from sector giants like Apple and Facebook, anxieties that corporate earnings may have peaked and frosty trading relations between the U.S. and China have left tech stocks vulnerable to selling.
Option Activity -
Bullish option activity in AMC, EQT & TSRO
Bearish option activity in ESV, MAT & MDT
Ticker Company Straddle $move When Reporting (tentative)
KEYS Keysight Tech 7.99 $4.44 Tuesday Afternoon
SBLK Star Bulk Carrier 18.25 $1.60 Tuesday Afternoon
Mon Options Volumes (near term)
Ticker Call Vol Put Vol Call OI Put OI
KEYS 334 73 2,524 178
SBLK 1156 0 1,850 454
LB Piper raises its price target to $34 from $28.
JACK Barclays lowers its price target to $86 from $93.
URBN BofA lowers its price target to $50 from $60.
HSDT BTIG upgrades the stock to Buy from neutral with a $14 price target.
ACHC KKR is still in talks to acquire Acadia Healthcare.
VKTX Raymond James upgrades the stock to Strong Buy from outperform with a $43 price target.
AAPL Goldman lowers its price target to $182 from $209.
BA To launch joint SkyGrid venture with SparkCognition.
COWN Acquire Quarton Inernational
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