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

Morning Note


Morning Note

"Morning Note – 5/16/19 13Fs Out Today & Hedge Funds Back In FAANG"

posted by CAPIS on 05/16/2019 at 7:28 am


05/16/2019 at 7:28 am

Corporate Actions

IPOs on deck for This Week: A very busy week with 10 IPOs this week. Hot deal of the week Fastly ( FSLY).

IPOs on deck for Today:   of note.

Secondaries on deck: ABR CCO DZSI EOLS  PLYM of note.

Other Filings of Note:  EXR PSA files mixed shelf offering.  files senior notes.  ABR ADMA PLYM DZSI files common stock offering.

Courtesy of IPO Financial

Earnings After The Close:

Beat: JACK +0.06, FLO +0.02, CSCO +0.01 of note.

Flat:  None of note.

Missed: FTCH (0.21), DDS (0.11), VRTU (0.03) of note.

Still To Report:   NTES, TRQ, ZTO.

News After The Close:

13F filings out. Hedge Fund Telemetry did a nice summary this morning. (Hedge Fund Telemetry)

Agios Pharma (AGIO) Phase 3  ClarlDHy trial of TIBSOVO met primary endpoint.

President Trump to announce immigration reform proposal today.

Abstracts from American Society of Clinical Oncology (ASCO) starting to role out.

Stock Repurchase: FTSI CW KAI

Dividend Increase: CW EGBN

Dividend Suspension: TEN

Hourly Action This  Week:

This week now sees 5 hour  that are positive and two that are negative. Nice improvement.

Courtesy of Quantitative Partners, Inc.

What’s Happening This Morning: Futures on the S&P 500 flat lines until 2:00 a.m EDT and have been rising since to the morning high at 7:00 a.m EDT.

U.S. futures: S&P +7, Dow Jones +60 NDX +8 and Russell 2000 +2.10 with fair values LOWER ADDING TO GAINS.  Asia mixed and Europe higher, click through for details by country.

Gold and silver lower with copper higher. WTI Crude and Brent Oil Futures higher. Natural Gas is lower. $ is lower vs Euro, higher vs. Pound and higher vs. Yen. US 10 year Treasury price $124.55 from $124.59 with yields lower since Wednesday morning with the yield at 2.387% from 2.38%. Prices as of 8:15 a.m. EDT.

Top Sectors Wednesday: Technology, Consumer Goods, Services and Healthcare.

Weakest Sectors Wednesday: Utilities and Financials.

One Month Winners: Conglomerates and Utilities.

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

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

Twelve Month Winners: Utilities, Services, Healthcare and Conglomerates

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:  NVDA BIDU KHC AMAT PINS IQ DDS AINV BOOT of note.

Friday Before The Open: DE CAE of note.

Earnings This Morning Of Note 

Beat: MMYT +0.14, WMT +0.11, NICE +0.07, EXP +0.04, MANU +0.03, FRO +0.01 of note.

Flat: None of note.

Missed: WIX (0.05) of note.

Still To Report:  KEM, QIWI.

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

Top Story: President Trump signs Executive Order to ban telecommunications equipment from Chinese that is a national security risk. Aimed at Huawei but they were no named. (Bloomberg)

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

President Trump frustrated with advisers pushing for confrontation with Iran. (Washington Post)

Commerce Secretary Wilbur Ross interviewed on Fox Business this morning. (Fox Business).

Walmart (WMT) put up best Q1 in nine years. (Bloomberg)

Data Points

Several indexes retook their 5 day moving averages and the Dow and Russell retook their 200 day moving average.

Yesterday saw 1910  stocks rise and 963 fall on the NYSE. NASDAQ saw 1829 rise and 1253 fall. A nice bounce for a second day in a row.

The QPI10 Day Moving Average of Breadth (10DMA) is no longer  invested  and moved to cash with last Wednesday’s close. For a move to cash from buy, the 10DMA needed to have two days in row below -200 and that happened on Wednesday’s close. For now, the best offense is a good defense.

Courtesy of Quantitative Partners, Inc.

YTD 76% (-3% week over week) of stocks are higher and 24% are lower. Updated 5/10/19 close with next update on 5/17/19 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.

All indexes closed Resistance to Pivot. An impressive day.

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:

Weekly Jobless Claims are due out at 8:30 a.m. EDT.

April Housing Starts are due out at 8:30 a.m. EDT and is expected to rise to 1,200,000 from 1,139,000.

May Philadelphia Fed Index is due out at 8:30 a.m. EDT and is expected to fall to 7.5 from 8.5.

Weekly Natural Gas Inventories are due out at 10:30 a.m. EDT.


President Trump meets with the President of Switzerland and then late afternoon heads to New York City for a fundraiser.

Federal Reserve Minneapolis President Neel Kashari speaks at 12:05 p.m. EDT.

Federal Reserve Governor Lael Brainard speals at 12:15 p.m. EDT.

Conferences & Analyst Meetings: 

Analyst Meetings/Notable Conference Call:  FTV VVV BRY SWK AMRS  (investor day) 

Sellside Conferences: Bank of America Healthcare Conference. JP Morgan TMT Conference. Keefe, Bruyette & Woods European Financials Conference. BMO Annual Farm To Market Conference. Goldman Sachs Industrial and Materials Conference. Citi Chemicals Conference.

Industry Conferences:  FINRA Annual Conference.

M&A Activity

Upgrades & Downgrades

Best Upgrade of the Day: None of note.

Worst Upgrade of the Day: None of note.

Early Morning Gap Up/Down:

Gap Higher: AGIO +20%, CHRA +16%, MGNX +13%, TRQ +9%, NTEC +4%.

Gap Lower: VRTU -24%, ADRO -14%, ADMA -10%, PLYM -8%, EOLS -8%, DDS -7%, FTCH -5%, DZSI -5%, ABR -5%. 

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