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

Morning Note


Morning Note

"Morning Note -5/23/19 Trade Issues Deteriorate"

posted by CAPIS on 05/23/2019 at 7:29 am


05/23/2019 at 7:29 am

Corporate Actions

IPOs on deck for This Week: A busy week with 5 IPOs this week.  No hot deal of the week.

IPOs on deck for Today: Bicycle Therapeutics (BCYC) IDEAYA Biosciences (IDYA) Proficient Alpha Acquisition Unit (PAACU) Rattler Midstream Partners LP (RTLR) of note.

Secondaries on deck: GH MRCY SWI VNE of note.

Notes Priced: None of note.

Other Filings of Note: LAWS files mixed shelf offering. PRTA files common stock offering.

Courtesy of IPO Financial

Earnings After The Close:

Beat:  LB +0.14, VIPS +0.11, SNPS +0.07, HTHT +0.03, MOD +0.02 of note.

Flat: None of note.

Missed: SCVL (0.06), NTAP (0.04) of note.

Still To Report: CPRT, CTRP, WSM of note.

News After The Close:

Judge rejects President Trump’s efforts to block House subpoenas for Deutsche Bank and Capital One.

Hi-Crush Partners (HCLP) converts to a C corporation with stock to trade as HCR beginning June 3.

Raymond James (RJF) sees AUM rise 11% year over year.

Raytheon (RTN) wins $230 million Navy contract.

BBX Capital (BBX) cancels merger with Bluegreen Vacations.

Stock Repurchase: PGTI

Dividend Increase: UVV AMT ASH

Hourly Action This  Week:

This week now sees 3 hours  that are positive and 4 that are negative. 3:00-4:00 was higher again!

Courtesy of Quantitative Partners, Inc.

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

U.S. futures: S&P -25, Dow Jones -219 NDX -89 and Russell 2000 -15.20 with fair values FLAT. Asia  and Europe lower, click through for details by country.

Gold and silver higher with copper lower. WTI Crude and Brent Oil Futures lower. Natural Gas is higher. $ is higher vs Euro, higher vs. Pound and lower vs. Yen. US 10 year Treasury price $124.70 from $124.20 with yields lower since Wednesday morning with the yield at 2.359% from 2.423%. Prices as of 8:25 a.m. EDT.

Top Sectors Wednesday: Healthcare and Utilities.

Weakest Sectors Wednesday: Conglomerates, Materials and Services.

One Month Winners: Healthcare and Utilities.

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

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

Twelve Month Winners: Utilities, Healthcare and Services.

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)


Friday Before The Open: FL BKE HIBB of note.

Earnings This Morning Of Note 

Beat: BBY +0.15, BRC +0.09, MDT +0.07, TD +0.07, WMS +0.05, WB +0.04, SINA +0.03, BJ +0.01, HRL +0.01 of note.

Flat:  None of note.

Missed: SDRL (1.44), TNK (0.03), VIOT (0.03), RY (0.02) of note.

Still To Report:  LXFT, ROLL, THR, TTC, UXIN, YRD of note.

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

Top Story: Trade worries deepen. (Bloomberg)

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

China says trade talks dead unless U.S. admits “wrong actions”. (CNBC)

India’s Modi wins reelection. (Bloomberg)

5% of new cancer cases due to a poor diet. (CNN)

British Prime Minister May could resign within days. (CNBC)

Data Points

Several indexes broke the 5 day moving average.

Yesterday was a struggle.

The QPI10 Day Moving Average of Breadth (10DMA) is no longer  invested  and moved to cash on May 8th close. For a move to cash from buy, the 10DMA needed to have two days in row below -200. 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 struggled yesterday.

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 New Home Sales are due out at 10:00 a.m. EDT and are expected to fall to 665,000 from 692,000.

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


Federal Reserve Dallas President Kaplan,  San Francisco  President Daly and Richmond President Barkin  speak at 1:00 p.m. EDT.

President Trump has a 3:15 press conference to discuss support of farmers and ranchers.

Conferences & Analyst Meetings:  

Analyst Meetings/Notable Conference Call:   HTBK MUX NVS WHR (investor day) MU (webcast)

Sellside Conferences:  Berenberg Conference USA Conference. Deutsche Bank dbaccess Annual Asia Conference. B. Riley Annual Institutional Investor Conference. Wells Fargo Financial Services Forum. TD Telecom & Media Forum. Jefferies Global Automotive Aftermarket Summit. Barrington Annual Spring Investor Conference.

Industry Conferences: ALS Limited 2019.

M&A Activity

Natura & Co to buy Avon Products (AVP).

Upgrades & Downgrades

Early Morning Gap Up/Down:

Gap Higher: AVP +16%, LB +12%, IOVA +10.6%, CPRT +5%.

Gap Lower: WB -11%, SINA -9%, NTAP -8%, HTHT -7., PLUS -6%, LPG -6%.

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