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Morning Note

News

Morning Note

"Morning Note -5/9/19"

posted by CAPIS on 05/09/2019 at 7:38 am

by CAPIS

05/09/2019 at 7:38 am

Corporate Actions

IPOs on deck for This Week: 11 IPOs  still due this week with Uber coming public on Friday. Hot deals include Axcella Health, HeadHunter Group, South Plains Financial and Uber.

IPOs on deck for Today: Applied Therapeutics (APLT) Axcella Health (AXLA) Cortexyme (CRTX)  Headhunter Group (HHR) Mayville Engineering (MEC) Milestone Pharmaceuticals (MISTT) NextCure (NXTC) South Plains Financials (SPFI) of note.

Secondaries on deck: TWST UPLA YETI NYMT ARI of note.

IPO News: Uber has enough demand to price at the top of range.

Other Filings of Note:   SIEN files mixed shelf offering.  ICPT ARI SWX BHC files common offering.  ICPT files convertible offering.

Courtesy of IPO Financial

Earnings After The Close:

Beat: SUN +0.60, MBI +0.56, CPA +0.53, BIO +0.50, NNI +0.40, ECPG +0.26, FOSL +0.19, HLI +0.17, ROKU +0.16, STMP +0.16, CW +0.14, SJI +0.13, AIMT +0.10, GBT +0.09, FOXA +0.09, LHCG +0.09, GDOT +0.08, CTL +0.08, NKTR +0.08, NVEE +0.08, GKOS +0.07, MTRX +0.07, TVTY +0.07, FNV +0.07, SRPT +0.06, KTOS +0.06, CXW +0.05, ASRT +0.05, DHT +0.05, RXN +0.04, DIS +0.04, INFN +0.04, WIFI +0.04, WPM +0.04, TTGT +0.04, EGAN +0.04, NUAN +0.04, CECO +0.04, RLJ +0.04, ZGNX +0.03, DVAX +0.03, BREW +0.03, APYX +0.03, UPWK +0.03, ANGI +0.03, DRH +0.03, MATX +0.03, PRSC +0.02, EVRG +0.02, TRHC +0.02, IVR +0.02, TWNK +0.01, PSDO +0.01, APLE +0.01, ENV +0.01, SVMK +0.01, OSUR +0.01, ELF +0.01, PSEC +0.01. 

Flat:  RDFN +0.00, INSG +0.00, SAIL +0.00, FLNT +0.00, ETSY +0.00, KRO +0.00, ALB +0.00.

Missed:  ARNA (2.21), AKCA (0.91), SWAV (0.85), CWH (0.83), IAC (0.36), RUN (0.30), VERI (0.27), WTRH (0.19), GPRE (0.18), SCOR (0.18), SGMO (0.17), XEC (0.15), TPIC (0.15), QDEL (0.14), COLL (0.14), SIEN (0.13), AGS (0.07), CVNA (0.05), AAOI (0.05), TPC (0.05), KIDS (0.04), TLND (0.03), DAR (0.03), ET (0.03), RWT (0.02), LASR (0.02), MRAM (0.02), AXGN (0.02), CNDT (0.02), EZPW (0.01), GBDC (0.01), SWCH (0.01), PETQ (0.01).

Still To Report: CCMP, FTK, IMMU, PAAS, PRGO, RYAM, SLF, TCX.

News After The Close:

Conduent (CNDT) CEO Ashok Vemuri to leave once new CEO hired.

Stamps.com (STMP) lowers guidance ahead of earnings and then later misses earnings.

Senate Intelligence Committee subpoenas Donald Trump Jr on Russia issues.

Trump Administration announces that drug companies will be required to announce drug prices on commercials.

ICF International (ICFI) wins $300 million Navy contract.

Leidos (LDOS) wins $300 million Navy contract.

Perspecta (PRSP) wins $300 million Navy contract.

Parsons (PSN) wins $290 million Navy contract.

BAE Systems (BAESY) wins $280 million Navy contract.

ComScore (SCOR) fires 10% of the workforce.

Stock Repurchase: 

Dividend Increase: UFS BTU SLF

Hourly Action This  Week:

This week now sees four hours positive and three hours that are negative. Updated through Wednesday.

Courtesy of Quantitative Partners, Inc.

What’s Happening This Morning: Futures on the S&P 500 .

U.S. futures: S&P -18.75, Dow Jones -166, NDX -61 and Russell 2000 -1160 with fair values  LOWER LIMITING LOSSES.  Asia and Europe lower, click through for details by country.

Gold higher with silver and copper lower. WTI Crude and Brent Oil Futures mixed. Natural Gas is lower. $ is higher vs Euro, higher vs. Pound and lower vs. Yen. US 10 year Treasury price $123.98 from $124.14 with yields lower since Wednesday morning with the yield at 2.455% from 2.43%. Prices as of 8:15 a.m. EDT.

Top Sectors Wednesday: Conglomerates, Healthcare and Materials.

Weakest Sectors Wednesday:Utilities, Technology and Financials.

One Month Winners: Conglomerates, Financials, Services and Consumer Goods.

Three Month Winners:  Conglomerates, Services, Technology, Consumer Goods and Industrials.

Six Month Winners: Technology, Conglomerates, Services, Industrials and Utilities.

Twelve Month Winners: Conglomerates, Services, Utilities, Healthcare and Consumer Goods.

Year to Date: All higher led by Conglomerates, Services, Industrials, Technology and Consumer Goods.

Upcoming Earnings Of Note (sorted by market cap, highest to lowest)

Today After The Close:  BKNG NTR MTD EFX SYMC EQH DBX GRTEA ZAYO NWSA ZG of note.

Friday Before The Open: ENB MAT JD VIAB BPL HPT TRCO CLNY PEGI ERF SSP AQUA of note.

Earnings This Morning Of Note 

Beat: LAUR +1.42, WRLD +0.66, CRON +0.51, GTS +0.51, GOGO +0.48, AZUL +0.40, BAM +0.32, TTD +0.25, CAH +0.17, CNQ +0.16, CPG +0.14, EPC +0.13, NCLH +0.12, MCFT +0.11, MBUU +0.11, ENDP +0.10, OXFD +0.10, UNVR +0.10, EBIX +0.08, EPAM +0.08, CNNE +0.08, ECOM +0.06, HSC +0.06, NOMD +0.05, RGEN +0.05, MMS +0.05, AG +0.04, CRCM +0.04, COMM +0.04, PQG +0.03, EYE +0.02, WWW +0.02, PBH +0.02, VNTR +0.02, ELAN +0.02, TGNA +0.02, TW +0.01, TPR +0.01, TLRA +0.01, HIMX +0.01.

 Flat: SQNS +0.00, TTI +0.00, PRTY +0.00, HAIN +0.00, TU +0.00, BDX +0.00, VSH +0.00.

Missed: AVYA (0.87), AMC (0.72), REV (0.47), USCR (0.37), INAP (0.24), HMHC (0.19), VSTO (0.12), IONS (0.12), BPMC (0.11), SUP (0.10), MGA (0.07), IMMU (0.07), ACIW (0.07), RCM (0.07), CNP (0.06), CVIA (0.04), INXN (0.04), AMRX (0.04), DESP (0.03), SYNH (0.02), RDNT (0.02), HL (0.02), SNH (0.01), FOCS (0.01), DUK (0.01), NBEV (0.01).

Still To Report: AEE, ANIP, BPMP, LNG, CHH, DSX, HRTX, KDP, MDP, NMRK, OSTK, TEN, TVPT, UBNT, VRTV.

Rags & Mags: Highlighted Stories may be clicked through to the original story.

Top Story: Chinese Vice Premier Liu begins two days of meetings at the White House. (CNBC)

Five Things You Need To Know To Start Your Day. (Bloomberg)

North Korea fired another missile early this morning. (NYT)

Boeing (BA) engineers say company compromised safety with cost cutting. (Bloomberg)

Data Points

Major weakness across the board yesterday gave ground again and today based on futures could see more weakness. Changes in bold.

Yesterday saw 1301  stocks rise and 1518 fall on the NYSE. NASDAQ saw 1401 rise and 1660 fall.

The QPI10 Day Moving Average of Breadth (10DMA) is no longer  invested on the open and moves to cash Friday morning 3/22 at 2854.88. For a move to cash from buy, the 10DMA needs to have two days in row below -200. We remain with a buy as our 10 day moving average for now but the 10DMA is below -200. Yesterday finished below +60, so we go to cash. 

Courtesy of Quantitative Partners, Inc.

YTD 79% (+1% week over week) of stocks are higher and 21% are lower. Updated 5/3/19 close with next update on 5/10/19 close.

Courtesy of Phil Erlanger Research, Inc.

Algo/HFT Trading Levels:

The Erlanger Value Lines track the intraday range of resistance, pivot and support used by Algo/HFT Traders. Each day we show where we closed within the range.

Yesterday saw all indexes close below support.

Courtesy of Phil Erlanger Research

The Value Lines may be accessed via Bloomberg. For a free trial if you are a Bloomberg user go to APPS CS:ERLA

Economic & Related:

April PPI is due out at 8:30 a.m. EDT and is expected to fall to 0.2% from 0.6%.

Weekly Natural Gas Inventories are due out at 8:30 a.m. EDT.

The latest short interest for NYSE and NASDAQ is due out after the close. It goes through settlement of April 30th and trade date of April 26th

$30 Billion of 30 year Treasuries to be auctioned at 1:00 p.m. EDT.

Geopolitical: 

President Trump delivers comments at 11:45 a.m. EDT on surprise medical billing.

Federal Reserve Chairman Powell speaks at 8:30 a.m. EDT from the Federal Reserve Community Development Research Conference in Washington, D.C.

Federal Reserve Atlanta President Bostic speaks at 9:45 a.m. EDT. Federal Reserve Chicago President Evans speaks at 1:15 p.m. EDT.

Conferences & Analyst Meetings: 

Analyst Meetings/Notable Conference Call: INTC (investor/analyst day) PRGO (investor day) FOX (investor day) BLUE (analyst day) CTVA (investor day) BSX( update) AVLR( investor/analyst day) FRT (investor day)

Sellside Conferences: Jefferies Software Conference.

Industry Conferences:  American Academy of Neurology Annual Meeting.

M&A Activity

PetIQ (PETQ) to buy Perrigo (PRGO) Animal Health for $185 million.

Edgewell Personal Care (EPC) buys shaving startup Harry’s for $1.37 billion in cash and stock.

Chart Industries (GTLS) to buy Industrial Air-X-Changers business of Harsco (HSC) for $592 million in cash.

Perrigo (PRGO) to buy Ranir Global Holdings for $750 million in cash.

Employers Mutual Casualty Company to buy EMC Insurance Group for $36 a share.

Upgrades & Downgrades

Best Upgrade of the Day: None of note.

Worst Upgrade of the Day: None of note.

Pre-Market Movers:

Winners:

Losers:

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