09.23.2022 11 new Morning Note posts under Morning Note (10) and CAPIS Insights (1)

Morning Note


Morning Note

"Morning Note – 1/14/19"

posted by CAPIS on 01/14/2019 at 7:41 am


01/14/2019 at 7:41 am

In After Hours Trading

IPOs on deck: IPOs will pick back up in the next couple weeks now that we are in 2019. Government shutdown may delay filings.

Secondaries on deck:  prices this morning.

IPO Filings After The Close:

Secondary Filings:   GOOD JBHT mixed shelf offering.

Courtesy of IPO Financial

Earnings After The Close:

Beat: none of note

Missed: none of note 

News After The Close:

Viacom (VIAB) may bid for Tubi TV per the

Yeti Holdings (YETI) and Boot Barn (BOOT) each announced upside guidance after the close.

Fitch keeps Spain’s credit rating at A- pending 2019 draft budget being passed.

Lands’ End (LE)  fires Chief Merchandising Office Gill Hong and eliminates the position.

Eaton Vance (EV) sees Assets Under Management (AUM) drop to $423.1 billion from $439.2 billion on October 31st.

Southwest Air (LUV) and Teamsters reach a deal for 300 material specialists.

Microsoft (MSFT) picks up $1.76 billion five year Navy contract.

General Electric (GE) Medical Systems wins $450 million government contract.

Notable Weekend Readings:

FBI opened investigation into whether President Trump was working with the Russians after Trump fired FBI Director James Comey. (NYT)

The White House considered striking Iran in September.  (WSJ)

Greek Prime Minister Tspiras calls for a government confidence vote. (Bloomberg)

Barron’s profiled Bristol Myers (BMY). (Barron’s)

Boeing (BA) being investigated by Feds over relationship with Chinese Satellite company. (WSJ)

PG&E (PCG) may declare bankruptcy on Monday. (Bloomberg)

Hourly Action This Past Week:

Stocks another strong day with weakness only 9:30-10:00 a.m. EDT and 1:00-2:00 p.m. EDT which has become the norm.

Courtesy of Quantitative Partners, Inc.

What’s Happening This Morning:

U.S. futures: S&P -21.75, Dow Jones -197,  NDX -68.75 and Russell 2000 –9.70  with fair values HIGHER ADDING TO LOSSES.  Asia mostly lower ex the Nikkei which was higher. Europe mostly lower this morning.

Gold higher with silver and copper lower. WTI Crude and Brent Oil Futures lower. Natural Gas is higher. $ is flat vs Euro, lower vs. Pound and lower vs. Yen. US 10 year Treasury price 122.23 with yields lower since Friday morning with the yield at 2.71%. Prices as of 8:15 a.m. EDT.

Top Sectors Friday: Consumer Goods, Conglomerates and Healthcare.

Weakest Sectors Friday: Materials, Utilities and Technology.

One Month Winners: Industrials, Materials and Financials.

Three Month Winners: Utilities.

Six Month Winners: Utilities.

Twelve Month Winners: Utilities, Healthcare and Conglomerates.

Year to Date: All higher.

Upcoming Earnings Of Note:

Monday After The Close: none of note.

Tuesday Before The Open: JPM UNH WFC DAL INFO FRC SNV.

Earnings This Morning Of Note:

Beat Estimates: C +.09 SJR +.05.

Missed Estimates: None of note.

Rags & Mags:

Top Story: PC&G Corporation (PCG) will declare bankruptcy today. (Yahoo Finance)

President Trump warns will crush Turkey if they attack the Kurdish forces in Syria after U.S. troops withdraw. (Twitter)

Brexit may fail if U.K. Parliament rejects deal tomorrow. (CNN)

China exports rose 11% for 2018 as surplus grows. (WSJ)

The latest monthly exports from China fell -4.4% versus expected rise of 3.0%. (CNBC)

Deutsche Bank (DB) and Commerz Bank (CRZBY) have held several meetings to discuss  merger. (Bloomberg)

Lulu Lemon Athletica (LULU) raises Q$ earnings and revenues. (guidance)

Wingstop (WING) guides Q4 same store to +4.6%. (guidance)

NeoPhotonics (NPTN) guides higher. (guidance)

Citigroup (C) beats estimates but misses on revenues as bond revenue falls. (CNBC)

Date Points:

Yesterday saw 1609 stocks rise and 1288 fall on the NYSE. NASDAQ saw 1656 rise and 1406 fall.

The SP 500 remains below its 50 day simple moving average and its 200 day simple moving average. The Russell 2000 is still below its 50 day simple moving average and 200 day simple moving average. All three indexes are now above their 5,10 and 20 day moving averages. Of note, the Russell 2000 is getting close to its 50 day at 1455.57.

The QPI10 Day Moving Average of Breadth (10DMA) moved to buy Monday at 2549.69. For a move to a buy from cash, the 10DMA needed to have two days in row above +200 which happened last Monday.

Courtesy of Quantitative Partners, Inc

YTD  29% (+3%) of stocks are higher and 71% (-3%) are lower. Updated 1/4/18 close with next update on 1/14/19 close.

Courtesy of Phil Erlanger Research, Inc.


Yesterday saw  the Dow Jones Industrial Average, S&P 500 and the Russell 2000  close pivot to resistance. The Russell 2000 remains the leading index in 2019.

The Erlanger Value Lines track the intraday range of resistance, pivot and support. Each day we show where we closed within the range. 

Economic & Related:

No releases of note today.


The government shutdown remains in effect and now workers have missed a payroll.

Conferences & Analyst Meetings:

Analyst Meetings/Notable Conference Call: CEVA (analyst day), FTK (investor call), LIQT (investor call), AEO (business update).

Sellside Conferences: Morgan Stanley Annual Latin America Executive Conference. TD Securities Energy Conference.

Industry Conferences: ICR Exchange Conference 2019.

M&A News & Rumors:

Digital First Media to bid for Gannett (GCI) for $12 a share.

Newmont Mining (NEM) to be Goldcorp (GG) for $10 billion in stock for deal.

Viacom (VIAB) may bid for Tubi TV per the

Upgrades & Downgrades:

Best Upgrade Call of the Day: AA get a double upgrade from neutral to buy.

Worst Downgrade Call of the Day: PPL is a “piling on” downgrade due to PCG potential filing.

Pre-Market Movers:

Gap Up and Downs Pre Market: Winners: GCI +19% GG +11% LULU +4%   Losers: PCG -51% ATHM -6% FTK -5% WDC -5%.

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