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"CAPIS Morning Note – 3/13/20 March Madness Cancelled By The NCAA, But Continues On Wall Street"

posted by CAPIS on 03/13/2020 at 8:02 am

by CAPIS

03/13/2020 at 8:02 am

Breaking News:

IPOs on deck: None of note.

IPOs Filed:  None of note.

Secondaries Priced: None of note.

Notes Priced of note: None of note.

Common Stock filings:  WPX of note.

Mixed Shelf Offerings: FIXX UNIT REG of note.

Convertible Offering Files:  of note.

Senior Notes Filed: None of note.

Courtesy of IPO Financial

Earnings After The Close:

Beat: 

 GPS +0.17, ULTA +0.16, ZUMZ +0.12, UNIT +0.10, DOCU +0.07, WORK +0.03, MDLA +0.03, ADBE +0.03, ORCL +0.01, ZUO +0.01, TLYS +0.01 of note.

Missed: 

CBPO (0.72), AVGO (0.11), CAL (0.06), FLNT (0.05), MRAM (0.02) 0f note.

Flat:

NNBR +0.00 of note.

Hourly Action This Week: Updated 3/12 Close

News After The Close (In Order of Time)

Walt Disney (DIS) to close Disneyland in California after Friday.

NCAA cancels March Madness for Men and Women as well as all remaining winter championships and also spring championships.

The PGA cancelled The Players after first round play and tournaments through The Valero Open.

United Airlines (UAL) to scale back Europe flight routes on 3/19.

Fluor (FLR) wins $1.78 billion Navy contract.

Amazon (AMZN) tells all employees to work from home.

American Airlines (AAL) pilot flew while he had coronavirus as test came back positive.

Lowers Guidance: SANM (Q2)

Withdraws Guidance: TLYS STAY AVGO CBPO 

Stock Buybacks: CGNX PRSC PQG PAYC LTC HFWA ORCL  JBGS SFTBY

Dividend Increases: WPC EQR AMAT

Gap Higher:

CCL +16%, NCLH +16%, RCL +15%, HAL +14%, SLB +11%, TLYS +11%, MRO +9%, CAL +9%, DAL +9%, ORCL +8%, AAL +8%, TOT +8%, DOCU +8%, ADBE +8%, UAL +7%, XLE +6%, C +6%, XOM +5%, MS +5%, WFC +5%, RDS.A +5%, JPM +5%,  JBLU +4%.

Gap Lower:

NO -19%, WORK -13%, ZUO -9%, MDLA -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 +114  Dow Jones Industrial Average +998  NASDAQ +355 Russell 2000 +54. Fair values are higher.  Asia lower and Europe higher.

Gold and silver lower with copper higher. WTI Crude Oil and Brent Oil Futures higher. Natural Gas is higher. $ is lower vs Euro, higher vs Pound and higher vs Yen. US 10 year Treasury price is at $137.14 from $138.80  and yields at 0.636% from 0.704%.  Prices as of 8:30 a.m. EDT.

Positive Sectors On Wednesday: None of note.

Negative Sectors On Wednesday: All of note led by Healthcare, Conglomerates and Technology.

One Month Winners: None of note.

Three Month Winners: None of note.

Six Month Winners:  None of note.

Twelve Month Winners: None of note.

Year to Date: None of note.

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

Today After The Close: None of note.

Monday Before The Open:  REV OSTK of note.

Earnings This Morning Of Note

Beat: 

GOGO +0.28, BKE +0.09 of note.

Misses:

HHR (2.53), JKS (0.05) of note.

Still to Report: JBL, OSTK

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

Top News Story: Congress and White House near a coronavirus relief bill. (NYT)

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

5 Things To Know Before The Stock Market Opens. (CNBC)

Stocks Moving This Morning. (CNBC)

Coronavirus update: WHO tells world to doubel down. (CNBC)

U.S. launches aistrikes in Iran against Iranian backed militias after attack killed U.S. troops. (The Washington Post)

Dr. Anthony Fauci on MSNBC says real acceleration of testing for coronavirus inside of a week.

France finally gets religion and closes all schools and universities starting Monday. (Reuters)

NYC Mayor Bill de Blasio declares emergency in NYC and bans large crowds. (NBC NYC)

Roche gets emergency approval for a quicker coronavirus test. (Bloomberg)

Walt Disney (DIS) adds Disney World to the list of closures. Now closed worldwide. (NYT)

Stock Index Tracking

Current through 3/12 close.

Bold means a change from prior day.

The advance/decline line model is now back in cash. Updated through 3/12 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 -23.22% before today. 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 3/12 close.

Courtesy of Phil Erlanger Research, Inc.

Economic & Related:

February Import & Export Data is due out at 8:30 a.m. EDT.

University of Michigan Consumer Sentiment is due out 10:00 a.m. EDT and the estimate is for a drop to 96 from 101

Geopolitical:      

President Trump will meet with Industry Executives on cornonavirus at 1:30 p.m. EDT.

Meetings, Calls & Conferences

Investor/Analyst Days & Conference Calls of Note: None of note.

Sellside Conferences: None of note.

Industry Conferences: None of note.

M&A Activity

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