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Morning Note

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Morning Note

"CAPIS Morning Note – 12/13/19 Deal Or No Deal? Expect A Very Volatile Day"

posted by CAPIS on 12/13/2019 at 8:26 am

by CAPIS

12/13/2019 at 8:26 am

Breaking News- Chinese to hold 9:30 press conference.  President Trump just tweets that WSJ story was wrong. Futures Volatile.

IPOs on deck: Sprout Social (SPT) OneConnect Financial (OCFT) of note.

IPOs Filed: None filed after the close.

Secondaries Priced: AQST PHR  of note.

Notes Priced: None of note.

Common Stock filings: ASPU UTI MCHX KW ARCT NEXT of note.

Mixed Shelf Offerings filed:  HPQ KW of note.

Convertible Offering Files: None of note.

Senior Notes Filed:  None of note.

Courtesy of IPO Financial

Earnings After The Close:

Beat:

AVGO +0.04, ADBE +0.03, COST +0.01, ORCL +0.01 of note.

Missed:

None of note.

Hourly Action This Week: Updated 12/12

News After The Close (In Order of Time)

Centene (CNC) issues 2020 guidance at the lower end of the range.

Sarepta Therapeutics (SRPT) FDA grants accelerated approval for Duchenne muscular dystrophy mutation.

Stock Repurchase Announcements: VBTX MOH

Dividend Increase: CUBE EIX AMT NWFL

Gap Higher SRPT +36%, IHRT +13%, BCS +9%, LYG +9%, BTI +4%, EWU +4%.

Gap Lower: AQST -16%, UTI -9%, NEXT -8%, PHR -7%.

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 +46 NASDAQ +12 Russell 2000 +.62. Fair values are lower. Asia and Europe higher.

Gold, silver and copper higher. WTI Crude Oil and Brent Oil Futures higher. Natural Gas is lower. $ is lower vs Euro, lower vs Pound and lower vs Yen. US 10 year Treasury price is at $128.45 from $129.20 with yields at 1.88%. Prices as of 8:0 a.m. EDT.

Positive Sectors On Thursday: Materials, Energy, Technology and Financials of note.

Negative Sectors On Thursday: Utilities, Real Estate and Conglomerates 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:  

None  of note.

Monday Before The Open:

None of note.

Earnings This Morning Of Note

Beat:

None of note.

Missed:   

None of note.

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

Top News Story:  China quiet ahead of 9:30 press conference on trade deal. (CNBC)

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

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

Stocks making the biggest moves. (CNBC)

Boris Johnson wins election in the U.K. (CNCB)

Notable Data Points

Most stock indexes remain strong. Current through 12/12.

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 12/11. Year to date model up 14.72% on the S&P 500. 5 buy signals and 4 cash signals in 2019. Current signal is a buy and is up 5.99%.

YTD 64% (-1% change week over week) of stocks are higher and 36% are lower. Updated  through 12/6 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 12/12.

Economic & Related:

November Retail Sales is due out at 8:30 a.m. EDT and are expected to rise to 0.5% from 0.3%

Geopolitical:      

President Trump will meet with the President of Paraguay at 11:00 a.m. EDT.

House Judiciary Committee to vote on Impeachment Proceedings on President Trump this morning.

Federal Reserve New York President John Williams to speak at 11:00 a.m. EDT.

Conferences & Analyst Meetings:

Investor/Analyst Days & Conference Calls of Note: MGRC MGTX AGCO CNC ALEC (Investor Day) NPO (Conference Call)

Sellside Conferences: Roth Capital Corporate Access Event.

Industry Conferences:

M&A Activity

Forward Air (FRWD) to buy assets of Linn Star Holdings, Linn Star Transfer and Linn Star Logistics for $57.2 million.

Arcosa (ACA) to buy Cherry Industries for $298 million.

Enpro  Industries (NPO) to sell Fairbanks Morse division for $450 million in cash.

B.Riley Principal Merger Corp (BRPM) and Alta Equipment Holdings to merge valued at $550 million.

Upgrades & Downgrades

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