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Morning Note

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Morning Note

"CAPIS Morning Note- 12/19/19 The Day After Impeachment"

posted by CAPIS on 12/19/2019 at 8:18 am

by CAPIS

12/19/2019 at 8:18 am

IPOs on deck: Monopar (MNPR) of note.

IPOs Filed: None filed after the close.

Secondaries Priced:  AXSM of note.

Notes Priced: None of note.

Common Stock filings XCUR AXSM of note.

Mixed Shelf Offerings WSFS DLA of note.

Convertible Offering Files: NIHD of note.

Senior Notes Filed:  SLRC of note.

Courtesy of IPO Financial

Earnings After The Close:

Beat:

ABM +0.03, MLHR +0.01, MU +0.01 of note.

Missed:

 REVG (0.05) of note.

Hourly Action This Week: Updated 12/17

News After The Close (In Order of Time)

Green Dot (GDOT) announces CEO and CFO to retire and guides revenues to low end of prior range.

Genesco (GCO) enters licensing deal with Levi’s (LEVI) for footwear.

5th Circuit Court of Appeals in Louisiana rules the individual mandate of the ACA is unconstitutional, sends back to the Texas District Court.

Moody’s downgrades Boeing (BA) to stable.

House votes to impeach President Donald J. Trump making him the fourth president to be impeached.

Stock Repurchase Announcements: OCFC  H FMC

Dividend Increase: WPC

Dividend Decrease:

Gap Higher:

PRTK +59%, MSBF +11%, SGEN +8%, AXSM +8%, +8%, MGNX +6%, NBEV +4%, QIWI +4%, MU +4%.

Gap Lower:

NERV -27%, MLHR -11%, GDOT -7%, AKRX -6%, BGCP -5%, NIHD -5%, ABM -4%, XCUR -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 +1 Dow Jones Industrial Average +31 NASDAQ +5 Russell 2000 +0.50. Fair values are higher. Asia mixed and Europe mixed.

Gold, silver and copper higher. WTI Crude Oil and Brent Oil Futures mixed. Natural Gas is lower. $ is higher vs Euro, higher vs Pound and lower vs Yen. US 10 year Treasury price is at $128.11 from $128.45with yields at 1.93% from 1.85%. Prices as of 9:00 a.m. EDT.

Positive Sectors On Wednesday: Utilties, Materials, Energy and Conglomerates and Technology of note.

Negative Sectors On Wednesday: Industrial Goods, Services and Financials 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:  

NKE AIR SCHL SGH CAMP of note.

Friday Before The Open:

KMX BB WGO of note.

Earnings This Morning Of Note

Beat:

RAD +0.39, SAFM +0.22, FDS +0.16, CAN +0.10, CAG +0.06, DRI +0.05 of note.

Missed:   

APOG (0.19) of note.

Still to Report:

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

Top News Story:

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

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

Bank of England leaves rates unchanged, 7-2.

China granted more tariff relief to the U.S. on chemical products. (Reuters)

House Speaker Pelosi may delay sending the Articles of Impeachment to the Senate. (NYT)

Stock Index Tracking

All  stock indexes remain strong. Current through 12/18.

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 12/18. Year to date model up 15.48% on the S&P 500. 5 buy signals and 4 cash signals in 2019. Current signal is a buy and is up 6.75%.

YTD 65% (+1% change week over week) of stocks are higher and 35% are lower. Updated  through 12/13 close. UPDATED

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 12/18.

Economic & Related:

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

December Philadelphia Fed Index is due out at 8:30 a.m. EDT and is expected to fall to 8.0 from 10.4.

November Existing Home Sales are due out at 10:00 a.m. EDT and are expected to fall to 5.45 million from 5.46 million.

November Leading Indicators are due out at 10:00 a.m. EDT and are expected to rise to 0.1% from -0.1%.

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

Geopolitical:      

President Trump has nothing on his schedule. Note that tomorrow he will leave for Florida for Christmas.

Several Central Banks including Bank of Japan, Risbank, Norway and Bank of England are out with latest decisions.

House to vote on USMCA at 10:45 a.m. EDT and expected to pass.

Conferences & Analyst Meetings: 

Investor/Analyst Days & Conference Calls of Note KRNY CCNE (Conference Call)  

Sellside Conferences: None of note.

Industry Conferences: None of note.

M&A Activity

Genesco (GCO) to buy Togast LLC for $33.7 million in cash.

First Bancshares (FBMS) to buy through a merger  Georgia Financial Corporation (SGB).

Chevron (CVX) to buy Puma Energy for $425 million (Aussie),

Helen of Troy (HELE) to buy Drybar Products for $225 million in cash.

Upgrades & Downgrades

 

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