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Morning Note

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Morning Note

"CAPIS Morning Note -12/9/19 Another Merger Monday"

posted by CAPIS on 12/09/2019 at 7:42 am

by CAPIS

12/09/2019 at 7:42 am

IPOs on deck:   None of note.

IPOs Filed: None filed after the close.

Secondaries Priced: None of note.

Notes Priced:   None of note.

Common Stock filings:   AUPH of note.

Mixed Shelf Offerings filed:  None of note.

Convertible Offering Files:  LITE of note.

Senior Notes Filed:  None of note.

Courtesy of IPO Financial

Earnings After The Close:

Beat:

None of note.

Missed:

None of note.

Hourly Action This Week:

Close of 12/6.

News After The Close (In Order of Time)

Fitch affirms AAA rating on Sweden.

DBRS Morningstar affirms Denmark with a AAA rating and Poland with a A rating.

Bluebirdbio (BLUE) and Bristol Myers (BMY) met primary endpoint and key secondary endpoint on Ph 2 KarMMa study ide-cel.

Barron’s positive on DAR CODI QLYS LECO HASI EXPE CLF GOOG SKX .

Trump Administration seeks to block two judges from joining WTO, effectively blocking and international trade disputes.

Hong Kong protesters hold largest demonstration in weeks.

Chinese exports to the U.S. fell 23% while soybean imports rose 41% but no disclosure on what country the imports came from.

North Korea says denuclearization is off the table.

Stock Repurchase Announcements: CSIQ  AM

Dividend Increase:  MORN PNM 

Gap Higher: XBIT +152%, ARQL +102%, FATE +22%, PCG +21%, BLUE +6%. 

Gap Lower: DPLO -31%, KOS -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 -2 Dow Jones Industrial Average -31 NASDAQ -8 Russell 2000 -1.34 Fair values are mixed. Asia and Europe higher.

Gold, silver and copper higher. WTI Crude Oil and Brent Oil Futures lower. Natural Gas is lower. $ is lower vs Euro, lower vs Pound and lower vs Yen. US 10 year Treasury price is at $129.03 from $129.38 with yields at 1.825% from 1.793%. Prices as of 8:25 a.m. EDT.

Positive Sectors On Friday: Real Estate, Materials, Energy and Industrials of note.

Negative Sectors On Friday: None of note.

One Month Winners: Healthcare, Industrials and Technology.

Three Month Winners: Industrials, Financials and Healthcare.

Six Month Winners: Consumer Goods, Industrials, Technology and Healthcare.

Twelve Month Winners: Technology, Industrials and Services.

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

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

Today After The Close:  

CHWY MTN MDB CASY TOL SFIX ROAD PHR CDMO of note.

Tuesday Before The Open:

AZO HDS CMD NIO DBI CONN of note.

Earnings This Morning Of Note

Beat:

THO +0.26 of note.

Missed:     

HHR (1.14)  of note.

Still To Report: 

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

Top News Story: Tons of mergers and buyouts this morning, sec M&A section.

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

Five  Things To Know To Start Your Day. (CNBC)

Stocks making the biggest move this morning.(CNBC)

House Democrats and U.S. Trade Representative Robert Liighthizer are close to a deal on USMCA. (WSJ)

Goldman Sachs (GS) to offer products to individual with less than $5000 in assets. (FT)

PG&E (PCG) reaches resolution on 2017 and 2018 Fires.

China tells state offices to remove foreign technology. (CNBC)

There are a ton of Phase I, II or III releases from a variety of pharmaceutical and or biotech companies.

Notable Data Points

Most stock indexes lost more ground on Monday. Current through 12/6.

Bold means a change from prior day.

The advance/decline line model is now a buy though it is struggling with the recent action. Updated through 12/6. Year to date model up 12.56% on the S&P 500. 5 buy signals and 4 cash signals in 2019. Current signal is a buy.

YTD 65% (+1% change week over week) of stocks are higher and 38% are lower. Updated  through 11/29 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 12/6.

Economic & Related:

Releases of note this week and next include the weekly chain store sales, oil/gas numbers, mortgage applications and jobless claims as well as NFIB Small Business Optimism Index, CPI, PPI and Retail Sales

Geopolitical:      

President Trump  will have lunch with Vice President Pence, hold a roundtable with families on education choices at 1:30 p.m. EDT and host a Christmas reception.

Conferences & Analyst Meetings:

Investor/Analyst Days & Conference Calls of Note:  APRE AQST BTG CGC COE SLG TGTX ZGNX  (Investor Day)   (Analyst Day)  MGNX (Conference Call)

Sellside Conferences: UBS TMT Conference (12/9-12/11). Raymond James Technology Conference (12/9-12/11). Cowen Energy Conferemce (12/9-12/10).

Industry Conferences: American Epilepsy Conference (12/6-12/10). American Society of Hematology Annual Meeting and Exposition (12/7-12/10).

M&A Activity

Merck (MRK) will buy ArQule (ARQL) for $20 a share in cash.

UnitedHealth (UNH) to buy Diplomat Pharmacy (DPLO) for $4 in cash.

Sanofi (SNY) to buy Synthorx (THOR) for $68 a share.

Texas Capital (TCBI) and Independent Bank Group (IBTX) to combine in a merger of equals.

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