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"CAPIS Morning Note -3/3/20 G-7 Throws Up Its Hands, Futures Drop"

posted by CAPIS on 03/03/2020 at 8:06 am

by CAPIS

03/03/2020 at 8:06 am

Breaking News: NYC High School shut down with suspected case of Coronavirus. (CNBC)

IPOs on deck: None of note.

IPOs Filed:  None of note.

Secondaries Priced: None of note.

Notes Priced: SQ of note.

Common Stock filings: KPTI EHTH of note.

Mixed Shelf Offerings:   OESX ORBC CUZ FGEN of note.

Convertible Offering Files: None of note.

Senior Notes Filed: None of note.

Courtesy of IPO Financial

Earnings After The Close:

Beat: 

MAXR +0.19, ATSG +0.14, APPF +0.08, LVGO +0.07, KWR +0.05, PI +0.02, IPAR +0.01 of note.

Missed: 

BGNE (1.86), AMBC (1.48), PTCT (0.66), FGEN (0.57), TDW (0.37), TLRY (0.24), ZGNX (0.19), PGEN (0.18), EVRI (0.13), FOE (0.09), WIFI (0.01), ZIOP (0.01), MDRX (0.01)  of note.

Flat: FATE +0.00, GSKY +0.00, SQM +0.00

Hourly Action This Week: Updated 2/28 Close

News After The Close (In Order of Time)

NetApp (NTAP) names Mike Berry as CFO 3/16.

10-K Delay: UNIT CCI TERP KWR TLND CAKE OFG VLY BAX 

Lowers Guidance: MCHP V QRVO

Withdraws Guidance: H

Stock Buybacks: EME

Dividend Increases: SNV

Dividend Cut: UNIT

Gap Higher:

IGT +18%, GNMK +17%, WIFI +16%, OMER +15%, GNW +13%, ATSG +9%, LVGO +8%, SE +6%, KSS +5%, SIGA +4%, CNR +4%

Gap Lower:

TLRY -12%, FOE -9%, KPTI -7%, PGEN -5%, ZGNX -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 -14 Dow Jones Industrial Average -105  NASDAQ -33 Russell 2000 -7. Fair values are massively higher. Asia mixed and Europe higher.

Gold and silver higher with copper lower. WTI Crude Oil and Brent Oil Futures higher. Natural Gas is higher. $ is higher vs Euro, lower vs Pound and higher vs Yen. US 10 year Treasury price is at $134.56 from $135.33 and yields at 1.12% from 1.07%.  Prices as of 8:55 a.m. EDT.

Positive Sectors On Monday: All.

Negative Sectors On Monday: None.

One Month Winners: None of note.

Three Month Winners: Conglomerates.

Six Month Winners:  Technology, Healthcare and Consumer Goods.

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

Year to Date: Conglomerates.

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

Today After The Close:  ROST VEEV HPE JWN FOXF URBN AMBA CDLX YEXT AVAV CVET CNR BNFT HIIQ of note.

Wednesday Before The Open: DLTR CPB INXN NAV BZUN PLCE ASTE WAAS ANF PLAB OMI TWI GNLN of note.

Earnings This Morning Of Note

Beat: 

AZO +0.64, KSS +0.11, IGT +0.08, TGT +0.04  of note.

Flat:

MYE  +0.00

Missed:

 SE (0.22) of note.

Still to Report:

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

Top News Story: 

5 Things To Know To Start Your Day. (Bloomberg)

Stocks Moving This Morning. (CNBC)

Coronavirus update: Japan may delay Olympics. (CNBC)

Coronavirus Map. (Bloomberg)

G-7 does not offer specific action to fight Coronavirus, because there are none. (CNBC)

Trump Administration claims 1 million U.S. citizens could be tested by end of week. (NYT)

Coronavirus is delaying PC and smartphone shipments. (FT)

Uber (UBER) discloses risk to coronavirus. (10-K)

Stock Index Tracking

Current through 3/2 close. A little bit of improvement.

Bold means a change from prior day.

The advance/decline line model is now back in cash. Updated through 3/2 close. In 2019, the model was up 16.48% on the S&P 500 and this year is down -7.64% with the S&P 500 lower by -7.80%. 5 buy signals and 4 cash signals in 2019. We moved to cash at 3116.31 on the S&P 500.

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 3/2 close.

Courtesy of Phil Erlanger Research, Inc.

Economic & Related:

API Petroleum Institute will release its latest data at 4:30 p.m. EDT.

Geopolitical:      

President Trump will speak to the  National Association of Counties Legislative Conference at 11:00 a.m. EDT and the head to the National Institute of Health in Bethesda, MD for meeting starting at 2:20 p.m and last holds a press briefing with the Coronavirus Taskforce.

G-7 to hold a meeting and issues a statement on Coronavirus led by Federal Reserve Chairman Powell and Treasury Mnuchin and how monetary policy can aid in the crisis.

The Democratic Party holds Super Tuesday and the picture gets clearer on who will be the end candidate as Tom Steyer, Pete Buttigieg and Amy Klobuchar dropped out over the weekend and Monday.

Meetings, Calls & Conferences

Investor/Analyst Days & Conference Calls of Note:  (Conference Call)  (R&D Day)  (Investor Day)  TGT FFIV (Analyst Day)

Sellside Conferences: Credit Suisse Annual Energy Conference (3/2-3/4). Raymond James Annual Investors Conference (3/1-3/4). Citi Global Property CEO Conference (3/1-3/4). Cowen & Co Annual Healthcare Conference (3/2-3/4). Morgan Stanley Media & Telecom Conference (3/2-3/5).

Industry Conferences: AFCEA West 2020 Conference (3/2-3/3).

M&A Activity

Thermo Fischer (TMO) to buy QIAGEN (QGEN) for $ a share.

Upgrades & Downgrades through 8:45 a.m. EDT 3/3

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