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Shortened trading session as U.S. Stock Markets close at 1:00 p.m. EDT and the bond market closes at 2:00 p.m. EST. Market Tone:  Lots of back and forth the last couple of weeks after the initial bounce off the September lows followed by October weakness into month’s end. With yesterday’s concession by President Trump that he will respect the Electoral College’s decision can we FINALLY shake the volatility? Time will tell. Covid-19 Statistics: Recovered stats no longer tracked as only 37 reporting this statistic. Total Cases 12,706,167 from 12,581,085 Deaths 250,925 from 248,897 New Tests 1,150,227 from 1,720,705 New Cases 125,082 from 183,601 with positivity rate +10.8% (up 1.5) Daily Deaths 1,319 Current Hospitalizations 90,481 from 89,959 Capital Raises: IPOs Priced:  Secondaries Priced: None of note. Notes Priced of note: None of note. Common Stock filings: None  of note. Selling Shareholders of note: CERE EPIX GRBK  of note. Mixed Shelf Offerings: EPIX IBIO QMCO GRBK of note. Convertible Offering Files: None of note. Senior Notes Filed: None of note. Earnings Out After The Close: Beats: none Flat:  none Misses: none News After The Close: Altimeter Capital takes a 4.2% stake in Trivago (TRVG). Northrop Grumman (NOC) wins a $4.8 billion contract for Global Hawk. Index Changes…

Lead Story:  Market Tone:  Lots of back and forth the last couple of weeks after the initial bounce off the September lows followed by October weakness into month’s end. With yesterday’s concession by President Trump can we shake the volatility? Time will tell. Covid-19 Statistics: Recovered stats no longer tracked as only 37 reporting this statistic. Total Cases 12,230,472 from 12,077,354 Deaths 248,897 from 247,932 New Tests 1,757,307 from 1,726,449 New Cases 150,975 from 150,098 with positivity rate +8.5% (down 0.1%) Daily Deaths 956 Current Hospitalizations 85,836 from 83,782 Capital Raises: IPOs Priced:  Secondaries Priced: None of note. Notes Priced of note: None of note. Common Stock filings: None of note. Selling Shareholders of note: None of note. Mixed Shelf Offerings: VER CBAT of note. Convertible Offering Files: BILL of note. Senior Notes Filed: None of note. Earnings Out After The Close: Beats: URBN +0.34, NTNX +0.13, CBT +0.11, A +0.04, AMBA +0.04 Flat: none Misses: ENTA (0.49) News After The Close: Michigan certifies President -Elect Joe Biden. Blackrock (BLK) to buy Aperio for $1.05 billion. Huntington  Ingalls (HII) wins contract for construction of two Columbia Class submarine modules for $2.2 billion. General Services Administration begins the transition process from President Trump to President-Elect Biden.…

Upcoming Interview of Note: Treasury Secretary to be on CNBC to discuss the decision to remove funding from the Federal Reserve. Market Tone:  Lots of back and forth the last couple of weeks after the initial bounce off the September lows followed by October weakness into month’s end. Expect volatility to continue post election until the President recognizes the President-Elect. Covid-19 Statistics: Recovered stats no longer tracked as only 37 reporting this statistic. Total Cases 11,556,142 from 11,373,310 Deaths 243,675 from 241,704 New Tests 1,817,267 from 1,541,478 New Cases 182,832 from 163,975 with positivity rate +10.0% (down 0.6%) Daily Deaths 1,971 Current Hospitalizations 80,698 from 79,410 Capital Raises: IPOs Priced: Sotera Health (SHC) priced at $23 a share at high end of range of $20 to $23.  Maravai Life Sciences (MRVI) priced at $27 with range of $24 to $27. Telos (TLS) priced at $17.00 a share. Secondaries Priced: STOK AVRO NNDM of note. Notes Priced of note: GRPO of note. Common Stock filings: AVRO ADV  of note. Selling Shareholders of note: ADV of note. Mixed Shelf Offerings: VBTX of note. Convertible Offering Files:  of note. Senior Notes Filed: None of note. Earnings Out After The Close on Yesterday: Beats: WSM +1.05, INTU…

Stat of the Day: Gas Buddy finds only 35% of Americans to travel on the road for Thanksgiving down from 65%. Breaking News: Bitcoin clear $18,000 for first time since 2017. Market Tone:  Lots of back and forth the last couple of weeks after the initial bounce off the September lows followed by October weakness into month’s end. Expect volatility to continue post election until the President recognizes the President-Elect. Yesterday was limited replay of last Monday. Since then, my Recovery Index sees only 24 of 66 names in the index are above last Monday’s high. The conclusion: buy the rumor and sell the news. Covid-19 Statistics: Total Cases 11,202,899 from 11,047,064 Recovered This has stopped reporting (https://covidtracking.com/about-data/faq#why-have-you-stopped-reporting-national-recoveries) Deaths 239,784 from 238,217 New Tests 1,501,429 from 1,479,298 New Cases 155,835 from 148,832 with positivity rate +10.3% (up 0.3%) Daily Deaths 1,567 Current Hospitalizations 76,823 from 73,014 Capital Raises: IPOs Priced: None of note. Secondaries Priced: KOD NCLH REZI CCL  of note. Notes Priced of note: None of note. Common Stock filings:  BYSI NCLH CAMT SPG of note. Selling Shareholders of note: HMHC of note. Mixed Shelf Offerings: TRMK of note. Convertible Offering Files: None of note. Senior Notes Filed: None of note. Earnings Out…

Breaking News: Last Monday stocks roared on news that Pfizer (PFE) had a vaccine with a 90% effectiveness rate. This week Moderna (MRNA) is out with a vaccine with 94.5% effectiveness. Stocks are higher this morning, but the NASDAQ is falling again. Market Tone:  Lots of back and forth the last couple of weeks after the initial bounce off the September lows followed by October weakness into month’s end. Expect volatility to continue post election until the President recognizes the President-Elect, though President Trump did for five minutes over the weekend before he took it back. Last Friday’s early strength saved the rest of  last week resulting in a positive gain. Covid-19 Statistics: Total Cases 10,897,771 from 10,752,101 Recovered 4,185,463 from 4,148,444 Deaths 237,625 from 236,953 Tests 1,475,115 from 1,656,391 New Cases 145,670 from 163,473 with positivity rate +9.8% (up 0.2%) Daily Deaths 672 Current Hospitalizations 69,987 from 69,455 Capital Raises: IPOs Priced: None of note. Secondaries Priced: None of note. Notes Priced of note:  None of note. Common Stock filings:  CSTM REZI  of note. Selling Shareholders of note: None of note. Mixed Shelf Offerings:  IMUX REZI of note. Convertible Offering Files: GH of note. Senior Notes Filed: None of note. Earnings Out After The…

Breaking News: U.S. Military Helicopter Crashes in Egypt. Market Tone:  Lots of back and forth the last couple of weeks after the initial bounce off the September lows followed by October weakness into month’s end. Expect volatility to continue post election as the President refuses to “bend the knee”. Stocks, ex the NASDAQ Composite, ripped on Monday before dropping sharply into the close. On Tuesday we saw a mixed day.  Yesterday saw the NASDAQ Composite recover while the Russell 2000 was lower. Covid-19 Statistics: Total Cases 10,267,081 from 10,122,811 Recovered 3,997,175 from 3,961,873 Deaths 233,080 from 231,659 Tests 1,381,858 from 1,237,365 New Cases 144,270 from 130,989 with positivity rate +9.3% (up 0.3%) Daily Deaths 1,422 from 1,347 Current Hospitalizations 65,368 from 61,964 Capital Raises: IPOs Priced: None of note. Secondaries Priced:  None of note. Notes Priced of note: ESPR of note. Common Stock filings: FRC of note. Selling Shareholders of note: None of note. Mixed Shelf Offerings: None of note. Convertible Offering Files: None of note. Senior Notes Filed: None of note. Earnings Out After The Close on Yesterday: Beat: IGT +0.49, SPTN +0.33, CCMP +0.21, HI +0.20, RVLV +0.13, TTEK +0.10, VRM +0.08, REYN +0.05, GTBIF +0.04, MFC +0.03, ATO +0.02, ENS +0.01  of note. Misses: None of note. News After…

Market Tone:  Lots of back and forth the last couple of weeks after the initial bounce off the September lows. Expect volatility to continue post election as the President refuses to “bend the knee”. Stocks, ex the NASDAQ Composite, ripped on Monday before dropping into the close. This morning sees NASDAQ stocks falling while Small Cap Index, the Russell 2000 are higher, we call this the NASDAQ Paradox. Covid-19 Statistics: Total Cases  9,991,822 from 9,871,751 Recovered 3,928,845 from 3,881,491 Deaths 230,312 from 229,724 Tests 1,482,184 from 1,246,130 New Cases 118,708 from 110,270 with positivity rate +8.6% (up 0.4%) Daily Deaths 2,769 Current Hospitalizations 59,275 from 56,768 Capital Raises: IPOs Priced:  Secondaries Priced:  None of note. Notes Priced of note:  SQ of note. Common Stock filings: FSR FBIO AAL VITL of note. Selling Shareholders of note: FSR ACTG of note. Mixed Shelf Offerings: AVEO ACTG BNTX of note. Convertible Offering Files: None of note. Senior Notes Filed: None of note. Earnings Out After The Close on Friday: Beat: AL +0.23, TLND +0.21, ELY +0.21, TLRY +0.18, ARNA +0.17, SWAV +0.17, MBI +0.14, RAMP +0.10, HAIN +0.08, STAY +0.08, INO +0.08, SCSC +0.08, TCO +0.08, IPAR +0.06, DHT +0.04, DIOD +0.03, WES +0.03, OR +0.03, SPT +0.03,…

Election results continue to roll in and it looks like the House stays with the Democrats and the Republicans control the Senate while the presidency is likely to go to Democratic Candidate Former Vice President Joe Biden. It appears that we will head into the weekend without a confirmed president and the Trump campaign mounts legal challenges in multiple states. Market Tone:  Lots of back and forth the last couple of weeks after the initial bounce off the September lows. Expect volatility to continue post election. Stocks have put together a strong four day rally. That up action was lower but is on the rebound after a strong jobs report. Impressive. Covid-19 Statistics: Total Cases 9,541,148 from 9,424,893 Recovered 3,781,751 from 3,743,527 Deaths 226,955 from 225,831 Tests 1,537,316 from 1,207,119 New Cases 116,255 from 103,087 with positivity rate +7.3% Daily Deaths 1,124 from 1,566 Current Hospitalizations 53,322 from 52,049 Capital Raises: IPOs Priced:  Secondaries Priced: FBC AVTR of note. Notes Priced of note:  None of note. Common Stock filings:   None of note. Selling Shareholders of note:  RUN TWLO TTCF FBC of note. Mixed Shelf Offerings: OYST JLL ANTM  of note. Convertible Offering Files: None of note. Senior Notes Filed: None of note. Earnings Out…

Election results continue to roll in and it looks like the House stays with the Democrats with the Senate too close to call along with the presidency. Markets get ready for a Federal Reserve meeting announcement tomorrow and presser. Market Tone:  Lots of back and forth the last couple of weeks after the initial bounce off the September lows. Expect volatility to continue into the election. Yesterday’s move higher made sense after last week’s drop. That up action continues this morning. Buy the rumor, sell the news? Covid-19 Statistics: Total Cases 9,321,806 from 9,235,299 Recovered 3,705,130 from 3,674,981 Deaths 224,265 from 223,186 Tests 1,126,224 from1,328,612 New Cases 86,507 from 82,895 with positivity rate +6.9% Daily Deaths 1,079 from 482 Current Hospitalizations 50,340 from 47,502 Capital Raises: IPOs Priced:  Secondaries Priced:  None of note. Notes Priced of note:  None of note. Common Stock filings:  None of note. Selling Shareholders of note: None of note. Mixed Shelf Offerings:  PINC of note. Convertible Offering Files: of note. Senior Notes Filed: None of note. Earnings Out After The Close: Beat: Y +4.98, PRU +0.54, SUPN +0.47, TX +0.43, IOSP +0.33, DAR +0.18, KAR +0.17, CC +0.14, ES +0.04, MRCY +0.04, HTA +0.02, HBM +0.02, BTG +0.01, CORT +0.01 of…

Market Tone:  Lots of back and forth the last couple of weeks after the initial bounce off the September lows. Expect volatility to continue into the election. Today’s move higher makes sense after last week’s drop. Will it hold? Covid-19 Statistics: Total Cases 9,151,390 from 8,890,551 Recovered 3,630,579 from 3,554,336 Deaths 222,704 from 220,423 Tests 1,068,044 from 1,314,850 New Cases 73,701 from 88,452 with positivity rate +6.6% Daily Deaths 2,281 from 1,049 Current Hospitalizations 47,502 from 46,095 Capital Raises: IPOs Priced:  Secondaries Priced: None of note. Notes Priced of note:  None of note. Common Stock filings: FENC of note. Selling Shareholders of note: SGC BIOX FUBO of note. Mixed Shelf Offerings:  ACNB SGC EQIX GEO of note. Convertible Offering Files: None of note. Senior Notes Filed: None of note. Earnings Out After The Close: Beat: None of note. Misses: BCC +1.19 of note. News After The Close: Britain shut down until early December. Barron’s + ZNGA PH LFUS TEL on and mixed to negative on AMD. Dividend Increase: EVA Dividend Cut: Reinstates Or Initiates Buybacks:  Stock Split: Guides Higher:     Guides Lower:     What’s Happening This Morning: Futures value reflects the change with fair value. We will still indicate the fair value direction. S&P 500 +39.04    Dow Jones Industrial…