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Morning Note

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Morning Note

"CAPIS Morning Note -12/27/19 Futures Higher Again, NASDAQ Composite Now Up 10 Days In A Row"

posted by CAPIS on 12/27/2019 at 7:49 am

by CAPIS

12/27/2019 at 7:49 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: None of note.

Mixed Shelf Offerings: None of note.

Convertible Offering Files:  None 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: Updated 12/26

News After The Close (In Order of Time)

Flexion Therapeutics (FLXN) gets FDA approval for a sNDA to update product label to ZILRETTA.

Comcast (CMCSA) may buy Xumo according to WSJ.

Boeing (BA) General Counsel to retire at year end.

Index Changes: RH to join S&P 400 and FBM to join S&P 600 prior to open on 1/2.

Stock Repurchase Announcements: None of note.

Dividend Increase:None of note.

Gap Higher:  FLXN +18%, RAD +12%, GNFT +11%, PLXP +9%, MREO +8%, SAVA +8%, OTIC +8%, TTPH +5%, NLNK +5%, HMLP +5%

Gap Lower:  TTMI -7%, GRUB -6%, XRF -6%, SDRL -6%, XCUR -5%, ACOR -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 +30 NASDAQ +19 Russell 2000 +1.29. Fair values are lower adding to gains. Asia mixed and Europe higher ex the FTSE.

Gold higher with silver and copper lower. WTI Crude Oil and Brent Oil Futures modestly higher. Natural Gas is lower. $ is lower vs Euro, lower vs Pound and lower vs Yen. US 10 year Treasury price is at $128.58 from $128.31  with yields at 1.87% from  1.907%. Prices as of 9:00 a.m. EDT.

Positive Sectors On Thursday: Services, Technology and Consumer Goods of note.

Negative Sectors On Thursday: Healthcare.

One Month Winners: Healthcare, Materials, Energy, Consumer Goods and Technology.

Three Month Winners: Healthcare, Consumer Goods and Technology.

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

Twelve Month Winners: Technology, Industrials and Services.

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

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

Today After The Close:  

None of note.

Tuesday Before The Open:

None of note.

Earnings This Morning Of Note

Beat:

 None of note.

Missed:   

 None of note.

Still to Report:

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

Top News Story:  

Stocks making the biggest move this morning. (CNBC)

China Phase One Deal down to 85 pages from 150. (South China Morning Post)

China corporate bond defaults hit a record. (Bloomberg)

Federal Reserve may be tested next week as financial institutions could face incentives to limit lending. (WSJ)

Stock Index Tracking

All  stock indexes remain strong. Current through 12/26.

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 12/26. Year to date model up 17.10% on the S&P 500. 5 buy signals and 4 cash signals in 2019. Current signal is a buy and is up 8.37%.

YTD 65% (+1% change week over week) of stocks are higher and 35% are lower. Updated  through 12/13 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 12/26.

Economic & Related:

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

Weekly Crude Oil Inventories are due out at 11:00 a.m. EDT.

Geopolitical:      

President Trump is in Florida for Christmas and there is nothing on his schedule.

Conferences & Analyst Meetings: 

Investor/Analyst Days & Conference Calls of Note:  FLXN (conference call on FDA update- see News After The Close)

Sellside Conferences: None of note.

Industry Conferences: None of note.

M&A Activity

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