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"CAPIS Morning Note – 3/5/20 Stocks Lower Again As Coronavirus Front And Center Again"

posted by CAPIS on 03/05/2020 at 7:51 am

by CAPIS

03/05/2020 at 7:51 am

Breaking News: 

IPOs on deck: None of note.

IPOs Filed:  None of note.

Secondaries Priced: of note.

Notes Priced: INFN BBIO of note.

Common Stock filings:  AQUA KDP of note.

Mixed Shelf Offerings:  CUBE  of note.

Convertible Offering Files:  of note.

Senior Notes Filed: None of note.

Courtesy of IPO Financial

Earnings After The Close:

Beat: 

RYI +0.22, ABM +0.10, CMTL +0.09, GWRE +0.09, ZM +0.08, PPD +0.05, PING +0.04, AEO +0.01, CCRN +0.01, DSGX +0.01, MRVL +0.01, BLDP +0.01   of note.

Missed: 

WOW (0.07), AXNX (0.05), REVG (0.02), SPLK (0.01) of note.

Hourly Action This Week: Updated 3/3 Close

News After The Close (In Order of Time)

Apache (APA) announces new organizational structure.

Veeco Instruments (VECO) Chairman John Peeler replaced by Richard D’Amore.

Federal Reserve approves rule called the “stress capital buffer” to simplify its capital rules for large banks.

Toyota (TM) to recall 3.2 million vehicles due to faulty fuel pumps.

Lowers Guidance:  LUV MEI BJS GWRE SPLK CIEN

Stock Buybacks: UE GD

Dividend Increases: GD TTEC SGA

Gap Higher: MRVL +9%, CCRN +9%, VIPS +7%, AEO +6%

Gap Lower: GWRE -14%, CMTL -6%, CGC -5%, ZM -5%, SPLK -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 -81 Dow Jones Industrial Average -676  NASDAQ -237 Russell 2000 -42. Fair values are  higher. Asia higher and Europe lower.

Gold higher with silver and copper lower. WTI Crude Oil and Brent Oil Futures lower. Natural Gas is higher. $ is lower vs Euro, lower vs Pound and lower vs Yen. US 10 year Treasury price is at $136.16 from $135.80 and yields at  from 1.00%.  Prices as of 8:25 a.m. EDT.

Positive Sectors On Wednesday: All lead by Healthcare, Utilities and Industrial Goods.

Negative Sectors On Wednesday: None of note.

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: COST COO OKTA WUBA HRB ADT GO PGNY KFY FIZZ AOBC LOCO CHUY FNKO  of note.

Friday Before The Open:  FUTU HHR of note.

Earnings This Morning Of Note

Beat: 

CIEN +0.14, MEI +0.11, TECD +0.06, DCI +0.05, KTB +0.05, DESP +0.03, BURL +0.02, GMS +0.01 of note.

Missed:

CNQ (0.14), CMD (0.06), CPG (0.03), VIPS (0.01) 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: Italy to close schools. (CNBC)

Coronavirus Map. (Bloomberg)

Japan will quarantine people coming from China and South Korea. (France 24)

House passes $8.3 billion emergency funding bill. (Politico)

Senate passes bill to require a security check on 5G network equipment. (WSJ)

California to quarantine 2500 or more passengers on a Princess cruise ship that may have been exposed to COVID-19. (LA Times)

BC Partners and Silver Lake Partners may face insider trader problems as both sold stock in Intelsat (I) before negative FCC ruling. (NY Post)

Stock Index Tracking

Current through 3/4 close. A little bit of improvement looks to be reversed today.

Bold means a change from prior day.

The advance/decline line model is now back in cash. Updated through 3/4 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 3/4 close.

Courtesy of Phil Erlanger Research, Inc.

Economic & Related:

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

January Factory Orders are due out at 10:00 a.m. EDT and are expected to fall to -0.10% from 1.80%.

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

Geopolitical:      

President Trump will meet with the Secretary of State at 11:45 a.m. EDT and then depart to Scranton, PA for a town hall.

OPEC meets starting at 7:00 a.m. EDT.

Meetings, Calls & Conferences

Investor/Analyst Days & Conference Calls of Note:  CYDY BHF (Conference Call)  (R&D Day) TDOC XOM (Investor Day) AMD  (Analyst Day) HON (Webcast)

Sellside Conferences: Morgan Stanley Media & Telecom Conference (3/2-3/5). UBS Global Consumer and Retail Conference 2020. (3/4-3/5).

Industry Conferences: None of note.

M&A Activity

Align Tech (ALGN) to buy exocad Global Holdings GmBH for 376 million Euros.

Upgrades & Downgrades updated through 8:30 a.m. EDT.

DISCLAIMER

This communication is for informational purposes only and is solely intended for use by institutional investors. Use of this communication by others, including retail investors, is prohibited. No statement herein is to be construed as a recommendation to purchase or sell a security, or to provide investment advice. Certain products, including options and futures, may involve substantial risk and are not suitable for all investors. The information on this webpage is provided by an independent third party. While the information and opinions presented in this material have been obtained or derived from sources believed by Capital Institutional Services, Inc. (CAPIS) to be reliable, CAPIS makes no representations concerning its accuracy or completeness, and accepts no liability for loss arising from the use of this material.