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08.21.2019 18 new Morning Note posts under Morning Note (10) and International Summary (8)

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Morning Note

"CAPIS Morning Note – 7/22/19 Big Week For Earnings"

posted by CAPIS on 07/22/2019 at 7:51 am

by CAPIS

07/22/2019 at 7:51 am

Corporate Actions 

IPOs on deck:

Secondaries on deck:  

Notes Priced: 

Common Stock filings: TELL

Mixed Shelf Offerings filed: ACRE

Convertible Offering Files: PAYS

Courtesy of IPO Financial

Earnings After The Close:

Beat: None of note.

Flat: None of note.

Missed: None of note.

News After The Close:

Fitch affirms Germany AAA rating.

Solaris Oilfield (SOI) reports preliminary revenues of $63-65 against consensus of $56.72 million.

Ralph Lauren (RL) announces that Valerie Hermann Brand Group President will leave at the end of September.

Federal Reserve Boston President Eric Rosengren says Fed should wait on raising interest rates during CNBC interview.

Lockheed Martin (LMT) wins $1.47 billion contract from the Missile Defense Agency.

Japan’s Prime Minister Abe wins a third straight term but does not have complete control.

Stock Repurchase: 

Dividend Increase: CNXM

What’s Happening This Morning: Going forward the futures value reflects the change with fair value. We will still indicate the fair value direction. 

U.S. futures: S&P +8, Dow Jones +55, NDX +29  and Russell 2000 +3.35 with fair values higher across the board   Asia mixed and Europe higher, click through for details by country.

Gold and silver higher with copper lower. WTI Crude Oil and Brent Oil Futures higher. Natural Gas is higher. $ is weaker vs Euro and higher against the Pound and Yen. US 10 year Treasury price at $127.52 from $127.58 with yields at 2.045% from 2.05%. Prices as of 8:25 a.m. EDT.

Positive Sectors On Friday:  Industrials and Materials.

Negative Sectors On Friday: Utilities, Heathcare and Financials.

One Month Winners: Technology, Services and Consumer Services.

Three Month Winners: Healthcare, Utilities and Consumer Goods.

Six Month Winners: Technology, Services and Consumer Goods.

Twelve Month Winners: Utilities, Services and Technology.

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

Hourly Action This  Week:

Updated through Friday close. Worst week since May.

Courtesy of Quantitative Partners, Inc.

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

Today After The Close:  AMTD CDNS CE ELS BRO WHR ZION HXL STLD ACC LOGI CR ANR RNST of note.

Tuesday Before The Open: KO UTX LMT KMB UBS BIIB SHW TRV RCI PCAR CNC SWK FITB KEY EDU MLM TRU DGX of note.

Earnings This Morning Of Note 

Beat: SALT +0.76, RPM +0.10, HAL +0.05, ONB +0.04, BOH +0.02, GNC +0.01 of note.

Flat:  CBU of note.

Missed:LII (0.38), CADE (0.18), CALM (0.15) of note.

Yet To Report: PETS

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

Top News Story:  Iran arrests 17 in CIA Spy Plot with several sentenced to death. (CNBC)

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

China and the U.S. in person talks to restart with focus on agriculture. (Bloomberg)

Debt Ceiling budget deal? (Bloomberg)

India launches in moon probe. (BBC)

Equifax (EFX) to pay $575  million to settle the 2017 data breach. (FTC Release)

Bridgewater Flagship Fund down -4.9% YTD. (CNBC)

Data Points

There was some deterioration on Friday.

Bold means a change from prior day.

The advance/decline line improved dramatically and moved to a buy on 6/13. Updated through 7/19/19 close. The buy remains intact but is starting to fade. Year to date model up 12.03% on the S&P 500. 3 buy signals and 3 cash signals in 2019.

The QPI10 Day Moving Average of Breadth (10DMA) is no longer in cash and moved to invested on 6/13/19.

Courtesy of Quantitative Partners, Inc.

YTD  71% (+2% week over week) of stocks are higher and 29% are lower. Updated 7/5/19 close with next update on 7/12/19 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. Update through Friday close.

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:

June Chicago PMI is due out at 8:30 a.m. EDT and is expected to come in at 0.10 from -0.05 In May.

Geopolitical:

President Trump will meet with the Prime Minister of Pakistan.

U.S. tech companies head to the White House to meet on Huawei. 

Conferences & Analyst Meetings:   

Company Analyst Meetings and Conference Calls: RPM (lunch meeting) MDWD (analyst day) (conference call).

Sellside Conferences:  None of note.

Industry Conferences:  American Association of Cancer Research’s Immune Cell Therapies for Cancer 2019 (through today). 10th International AIDS Society Conference on HIV Science (through 7/24). American Society of Virology Annual Meeting (through 7/24). 10th Orphan Drug & Rare Disease 2019 (through 7/24)

M&A Activity:

Enpro Industries (NPO) to buy LeanTeq, no terms.

Condor Hospitality Trust (CDOR) to be acquired by NexPoint Hospitality Trust for $11.10 a share.

Vail Resorts (MTN) to buy Peak Resorts (SKIS) for $11.00 a share.

Upgrades & Downgrades:

Early Morning Gap Up/Down:

Gap Higher: SKIS +112%, CDOR +32%, GNC +15%, AMRX +7%,  DVA +5%, GLPG +4%.

Gap Lower: EXPR -5%, CADE -4%.

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