09.30.2022 11 new Morning Note posts under Morning Note (10) and CAPIS Insights (1)

Morning Note


Morning Note

"CAPIS Morning Note – June 18th Federal Reserve Likely To Drop Wording “Patient”"

posted by CAPIS on 06/19/2019 at 7:51 am


06/19/2019 at 7:51 am

Corporate Actions

IPOs on deck for This Week:  A busy week for IPOs with 8 on deck. Several may trade well above their pricing.

IPOs on deck for Today: Stoke Therapeutics (STOK) should see opening price well above it offered price.

Secondaries on deck for Today: BHVN CALA KOS KURA QUIK SESN of note.   

Notes Priced:  

Common Stock filings: KURA GNCA SESN

Mixed Shelf Offerings filed: 

Convertible Offerings filed: GPRE YY EAF of note.

Senior Notes Files:

Courtesy of IPO Financial

Earnings After The Close:

Beat: ADBE +0.05 of note.


Missed:  None of note.

News After The Close:

CBS Corp (CBS) may finally go after Viacom (VIAB) by week’s end.

The NY Post reports potential bidders have walked away from NCR Corp (NCR).

Genesse & Wyoming (GWR) reports May traffic fell by 9.9%.

M/A Com Tech (MTSI) cuts 2019 guidance and announces a restructuring.

Inmarsat (IMASY) wins $250 million Defense Information Systems Agency.

Granite Construction (GVA) and Teichert win $275 million contract with the California Department of Transportation.

Stock Repurchase:  

Dividend Increase:

Dividend Suspended: GPRE

What’s Happening This Morning: 

U.S. futures: S&P +0.50, Dow Jones +15, NDX +8  and Russell 2000 +0.60 with fair values LOWER HELPING THE OPEN EX RUSSELL 2000 WHICH IS HIGHER. Asia higher and Europe mixed, click through for details by country.

Gold,silver and copper lower. WTI Crude Oil  and Brent Oil Futures lower. Natural Gas is higher. $ is lower vs Euro, lower vs. Pound and lower vs. Yen. US 10 year Treasury price $127.27 from $127.75 with yields higher since Tuesday morning with the yield at 2.084% from 2.025%. Prices as of 8:25 a.m. EDT.

Top Sectors Tuesday:  Industrials, Materials and Technology.

Weakest Sectors Tuesday:  Utilities flat.

One Month Winners: Utilities, Healthcare and Consumer Goods.

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

Six Month Winners: Industrials, Services, Conglomerates and Techology.

Twelve Month Winners: Utilities, Healthcare and Services.

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

Hourly Action This  Week:

Last week 1 hour  positive and 6 were negative. A struggle. Yesterday was not a strong as it should have been for a market up sharply.

Courtesy of Quantitative Partners, Inc.

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

Today After The Close:  ORCL CSC AOBC.

Thursday Before The Open: RHT DRI KR CMC MEI YRD 

Earnings This Morning Of Note 

Beat: WGO +0.01.

Flat: None of note.

Missed: None of note.  

Still To Report: BKS

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

Top News Story Of The  Day: Federal Reserve Announcement Day at 2:00 P.M. with Press Conference at 2:30 P.M. (CNBC)

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

Breaking: Rio Tinto (RIO) cuts production and guidance.

Senate has reached a deal on border security funding. (CNN)

Canada will move ahead with pipeline to the Pacific. (WSJ)

Merck (MRK) looking for small to mid cap deals in the cancer space. (WSJ)

Morning Interviews:

Facebook (FB) COO Sheryl Sanberg interviewed from Cannes, France and broadcast on Bloomberg TV.

Target (TGT) CEO Brian Cornell on CNBC with interview. (CNBC)

Data Points

All indexes are above all indexes.

Bold means a change from prior day.

The advance/decline line has improved dramatically and moved to a buy last Thursday.

The QPI10 Day Moving Average of Breadth (10DMA) is no longer in cash and moves to invested this morning. For a move to cash from buy, the 10DMA needed to have two days in row above +200.

Courtesy of Quantitative Partners, Inc.

YTD  70% (+6% week over week) of stocks are higher and 30% are lower. Updated 6/7/19 close with next update on 6/14/19 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. A strong Monday.

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:

API Petroleum Institute Weekly Data was out at 4:30 p.m. EDT and saw Crude Oil draw 0.812 million barrels while Gasoline built by 1.458 million barrels.

Weekly MBA Mortgage Applications fell -3.4% for the week.

Weekly Crude Oil Inventories are out at 10:30 a.m. EDT.


President Trump is still in Florida with a couple events at Trump National Doral. He  returns to present the Medal of Freedom to CAPIS long time friend Arthur B. Laffer.

The Federal Reserve Open Market Committee (FOMC) is out with its latest announcement at 2:00 p.m. EDT and then press conference with Federal Reserve Chairman Jerome Powell at 2:30 p.m. EDT.

Conferences & Analyst Meetings:  

Analyst Meetings/Notable Conference Call: EVBG SHOP MATW EADSY HQY (investor or analyst day)   CYTX TPX (conference call)  

Sellside Conferences:  Roth Capital Partners Annual London Conference. Jefferies Global Consumer Conference. Raymond James Life Sciences & Med Tech Conference. J.P, Morgan Energy Conference. JMP Life Sciences Conference.

Industry Conferences:  International Paris Auto Show. World Congress on Parkinson’s Disease and Related Disorders.

M&A Activity

Upgrades & Downgrades

Early Morning Gap Up/Down:

Gap Higher: AKS +5%, ADBE +4%, X +4%.

Gap Lower: SESN -17%, CALA -10%, MTSI -9%, LZB -8%, KURA -8%, GPRE -7%, ZYME -6%, NCR -5%, YY -5%


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