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Morning Note

"CAPIS Morning Note – October 24, 2019"

posted by CAPIS on 10/24/2019 at 7:33 am

by CAPIS

10/24/2019 at 7:33 am

Corporate Actions

IPOs on deck:  BRP Group (BRP) of note.

IPOs Filed: None filed after the close.

Secondaries on deck: of note.

Notes Priced:  None of note.

Common Stock filings:  TXMD ARCE of note.

Mixed Shelf Offerings filed: ISBC of note.

Convertible Offering Files: None of note.

Senior Notes Filed: None of note.

Courtesy of IPO Financial

Earnings After The Close:

Beat:

 TSLA +2.19, ORLY +0.29, MKSI +0.25, BMRN +0.24, MX +0.21, EW +0.19, LRCX +0.16, AMP +0.15, ALGN +0.14, MSFT +0.14, EIG +0.13, CP +0.11, AEM +0.10, NOW +0.10, RJF +0.09, SAVE +0.09, KRC +0.09, ASGN +0.08, F +0.08, UFPI +0.08, PLXS +0.07, CMRE +0.07, NGVT +0.06, FFIV +0.04, GL +0.04, KNL +0.04, NTGR +0.04, LMAT +0.04, CUZ +0.03, EGP +0.03, EBAY +0.03, EFX +0.03, SEIC +0.03, RRC +0.03, CUBI +0.02, ECHO +0.02, HNI +0.02, ISBC +0.02, SUI +0.02, BCOV +0.02, SLM +0.02, XLNX +0.02, AKR +0.01, CLB +0.01, DHT +0.01, FR +0.01, PKG +0.01, RHI +0.01, TRN +0.01, WPG +0.01, QEP +0.01, ESRT +0.01, NXGN +0.01   of note.

Missed:

VMI (0.45), FTI (0.38), KRA (0.12), WSBC (0.10), KALU (0.08), APY (0.06), GGG (0.06), LSTR (0.06), FBHS (0.03), MSA (0.03), STL (0.02), CLGX (0.01), CVBF (0.01) of note

Flat:

ARI +0.00, BXMT +0.00, ESS +0.00, ICLR +0.00, LVS +0.00, PYPL +0.00, PTC +0.00, VAR +0.00 of note.

News After The Close: (In time order after the close)

Perrigo (PRGO) recalls Ranitidine.

Stock Repurchase: BCML  XLNX

Dividend Increase: MSEX OKE AWI CVI PNW ISBC

Early Morning Gap Up/Down: (>4% or <-4%)

Gap Higher:

TSLA +18%, MKSI +14%, MX +9%, PYPL +8%, ALGN +8%, NOW +7%, LRCX +7%, TAL +7%, STM +6%, EW +6%, SAVE +6%, VAR +6%, FFIV +6%, RRC +6%, KRC +5%, AMP +5%, PTC +5%, WPG +5%, PTEN +4%, AZN +4%, CMRE +4%, PDS +4%, MR +4%, ASGN +4%, AYX +4%, BMRN +4%, NXGN +4%

Gap Lower:

NOK -18%, TXMD -13%, NTGR -12%, FTI -9%, GGG -8%, EBAY -7%, F -4%, RBS -4% 

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

S&P 500 +4 Dow Jones Industrial Average +33 NASDAQ +44 Russell 2000 +1.50  Fair values are lower. Asia mixed and Europe lower.

Gold,silver and copper lower. WTI Crude Oil and Brent Oil Futures lower. Natural Gas is higher. $ is higher vs Euro, higher vs Pound and higher vs Yen. US 10 year Treasury price is at $129.83 from $130.03  with yields at 1.761% from 1.734%. Prices as of 8:25 a.m. EDT.

Positive Sectors On Wednesday: Materials, Energy, Healthcare, Consumer Goods and Utilities of note.

Negative Sectors On Wednesday: Services of note.

One Month Winners: Utilities, Consumer Goods and Technology.

Three Month Winners: Utilities, Industrials and Consumer Goods.

Six Month Winners: Utilities, Consumer Goods, Technology and Financials.

Twelve Month Winners: Utilities, Technology, Services, Consumer Goods and Financials.

Year to Date: Technology, Industrials, Consumer Goods, Services and Utilities.

Hourly Action This Week:

Updated through Tuesday’s close. Mixed action.

Courtesy of Quantitative Partners, Inc.

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

Today After The Close:  AMZN V INTC GILD TMUS ILMN COF AFL FE FTV VRSN CERN CINF RMD AJG PFG UHS SIVB  of note.

Friday Before The Open: VZ BUD CHTR ITW PSX AON VFC VTR WY BEN PXSP SJR YNDX LEA ALV NRZ HUN KEX  of note.

Earnings This Morning Of Note

Beat:

NOC +0.73, FCN +0.71, RS +0.44, GPI +0.29, CTXS +0.27, RTN +0.24, COWN +0.23, AEP +0.23, ASPS +0.21, FAF +0.21, MMM +0.20, DOW +0.19, CRI +0.17, TROW +0.16, LUV +0.15, ALLE +0.14, VLO +0.13, BC +0.11, HEES +0.11, SWK +0.10, GWB +0.10, SAH +0.09, AAL +0.09, WST +0.08, ROP +0.08, AXTA +0.08, MSM +0.07, TECK +0.07, GRA +0.07, STM +0.05, CMCSA +0.05, ENTG +0.05, CMS +0.05, LH +0.05, NVST +0.04, PDS +0.03, ONDK +0.03, PTEN +0.03, AIMC +0.03, IART +0.02, PRLB +0.02, TRTN +0.02, HBAN +0.01, KIM +0.01, VC +0.01, AZN +0.01, DHR +0.01, HSY +0.01  of note.

Missed:

 ADS (0.20), TAL (0.13), MNRO (0.11), GNC (0.09), ODFL (0.07), TWTR (0.06), XEL (0.02)   of note.

Flat:

NOK +0.00, AB +0.00  of note.

Still to Report: BAX, BGCP, CRS, COLB, CTS, HTLD, MTRN, ORI, PATK, SCHN, TSCO, UBSI, VLY

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

Top Story: ECB leaves rates unchanged.

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

Stocks Making The Biggest Moves. (CNBC)

China to buy $20 billion of agricultural products in Year One. (Bloomberg)

German Economy worsens. (Bloomberg)

ECB Head Mario Draghi concludes his term at the European Central Bank (ECB). (CNBC)

EU may not decide on length of Brexit extension. (Bloomberg)

Tesla (TSLA) knocks it out of the park on earnings and Wall Street back in love with the company. (CNBC)

Data Points

Stock indexes remain strong. Current through 10/23.

Bold means a change from prior day.

The advance/decline line model moved to a buy  yesterday morning. Updated through 10/23. Year to date model up 9. 01% on the S&P 500. 5 buy signals and 4 cash signals in 2019.

YTD 60% (no change week over week) of stocks are higher and 40% are lower. Updated 10/18/19 close with next update on 10/25/19 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 10/23.

Courtesy of Phil Erlanger Research, Inc.

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

Economic & Related:

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

September Durable Goods are due out at 8:30 a.m. EDT and is expected to fall to -1.0% from 0.20%.

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

The latest NASDAQ and NYSE Short Interest Data is due out after the close through settlement of October 15th and trade date of October 11th. During this collection period, from September 26th, the S&P 500 fell -0.25%.

Geopolitical:

European Central Bank (ECB) Rate Decision due out at 7:45 a.m. EDT with a press conference at 8:30 a.m. EDT.

President Trump attends his intelligence briefing at 11:30 a.m. EDT, then participates in the Diwali Ceremonial Lighting of the Diya at 1:45 p.m. EDT and finally gives the Medal of Freedom to Roger Penske at 4:30 p.m. EDT.

Vice President Mike Pence gives a speech on China at 11:00 a.m. EDT.

$32 billion of 7 Year Treasury Notes auctioned at 1:00 p.m. EDT.

Conferences & Analyst Meetings:

Company Analyst Meetings and Conference Calls: CTXS (Analyst Meeting)  NGTF  CAPR (Conference Call) 

Sellside Conferences: None of note.

Industry Conferences: Mobile World Congress U.S. (10/22-10/24), American Society for Dermatologic Surgery Annual Meeting (10/24-10/27).

M&A Activity:

Amazon (AMZN) buys Health Navigator. (Tech Crunch)

Upgrades & Downgrades:

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