IPOs on deck: None of note.
IPOs Filed: None of note.
Secondaries Priced: GO of note.
Notes Priced of note: None of note.
Common Stock filings: None of note.
Mixed Shelf Offerings: BCML VFF of note.
Convertible Offering Files: EQT SNAP of note.
Senior Notes Filed: EXPE of note.
Earnings After The Close:
SNBR +0.64, VMI +0.60, LRCX +0.50, SLG +0.35, HNI +0.27, STX +0.19, FNF +0.13, MC +0.11, LVS +0.10, HLX +0.06, CSX +0.05, PLXS +0.05, NTGR +0.03, PHR +0.02, FR +0.01, GL +0.01, SUI +0.01, CDE +0.01, ESRT +0.01 of note.
DFS (1.67), TCBI (1.44), SAM (0.43), UMPQ (0.41), FTI (0.32), NWE (0.17), LSTR (0.06), ORLY (0.06), AA (0.06), CVBF (0.04), CNS (0.02), CLB (0.02), SLM (0.02), AMTD (0.02), GGG (0.01), KMI (0.01), WRE (0.01) of note.
Flat: BDN +0.00, ECHO +0.00, ICLR +0.00, UFPI +0.00, XLNX +0.00
Gap Ups: HLX +18%, SNBR +17%, DVAX +11%, LVS +10%, PLXS +10%, FLR +8%, PHR +7%, TTEK +6%, AA +5%, HUD +4.
Gap Downs: LZB -21%, MC -10%, SAM -8%, GGG -6%, FTI -6%, STX -5%, XLNX -4%, AMTD -4%.
Hourly Action This Past Week: Updated 4/21 Close
News After The Close (In Order)
Tetra Tech (TTEK) wins $90 million U.S. Air Force contract.
Fitch affirms Morgan Stanley (MS) at A/F1 with outlook negative due to COVID-19.
Marathon Petroleum (MPC) to cut capital expenditures in 2020.
President Trump in Coronavirus Task Force Meeting notes he disagrees wit Georgia Governor effort to open state on Friday.
Director Rick Bright who ran BARDA was removed for disagreement over drug treatments.
Lockheed Martin (LMT) wins $520 million Navy contract.
Moody’s downgrades GameStop (GME) to negative and a Caa1 rating.
Tyson (TSN) closes Logansport facility while workers undergo COVID-19 testing.
Raises Guidance: PLXS FMC
Lowers Guidance: LSTR (Q2) XLNX (Q1) ETH (Q3) VMI (Q2)
Withdraws Guidance: GGG WRE SAM SUI ORLY HSY BV GPS ADS DPZ
Dividend Increase: UFPI POOL
Dividend Cut or Suspension: FTI MC ADS
Share Buybacks Stopped: CASH FL
What’s Happening This Morning: Futures value reflects the change with fair value. We will still indicate the fair value direction.
S&P 500 +17 Dow Jones Industrial Average +80 NASDAQ +43 Russell 2000 +2. Fair values are higher. Asia mixed and Europe mixed.
Gold, silver and copper higher. WTI Crude Oil lower and Brent Oil Futures higher. Natural Gas is lower. $ is higher vs Euro, lower vs Pound and lower vs Yen. US 10 year Treasury price is at $138.95 from $139.22 with yields at 0.624% from 0.597%.
Positive Sectors On Wednesday: Materials, Energy, Technology and Conglomerates of note.
Negative Sectors On Wednesday: None of note.
One Month Winners: Materials, Energy and Conglomerates of note.
Three Month Winners: None of note.
Six Month Winners: Healthcare and Technology of note.
Twelve Month Winners: Healthcare and Technology of note.
Year to Date: None of note.
Upcoming Earnings Of Note (sorted by market cap, highest to lowest)
Today After The Close: INTC EW VRSN COF FE IEX ETFC SIVB SEIC MLNX UAL MHK RHI HTA PBCT LOGM ALK FFN SKX of note.
Friday Before The Open: VZ SNY AXP VTR GNTX LEA AAL ALV POR TREE AN SNV FHB B GT SBSI of note.
Earnings This Morning Of Note
DPZ +0.72, CTXS +0.55, RS +0.35, LLY +0.27, HRI +0.21, WST +0.19, ALLE +0.16, POOL +0.07, WNS +0.07, GTLS +0.06, PHM +0.04, HZO +0.04, FSV +0.04, PTEN +0.01, TSCO +0.01 of note.
ADS (3.09), BX (2.12), SBNY (0.56), ARCH (0.54), HBAN (0.22), IVZ (0.17), FAF (0.15), WSO (0.13), CROX (0.13), HSY (0.08), FNB (0.07), APD (0.02), ODFL (0.01) of note.
Still to Report: CTS, EWBC, GWW, MTRN, NVR, ORI, UNP
Rags & Mags: Highlighted Stories may be clicked through to the original story.
5 Things To Know To Start Your Day. (Bloomberg)
Stock Index Tracking
Current through 4/22 close. Expect moving averages to improve.
Bold means a change from prior day.
The advance/decline line model is now a buy on 4/2 close. Updated through 4/22 close. In 2019, the model was up 16.48% on the S&P 500 and this year is up 6.08% with the S&P 500 lower by -11.03% through Friday. Now 6 buy signals and 4 cash signals in 2019 and 2020. The latest buy is up 13.72% through Friday’s close.
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 4/20 close. EVL Ranges remain above normal and are highlighted in blue BUT are starting to drop.
Economic & Related:
Weekly Jobless Claims are due out at 8:30 a.m. EDT.
March New Home Sales are due out at 10:00 a.m. EDT and are expected to fall to 655,000 from 765,000.
Weekly Natural Gas Inventories are due out at 10:30 a.m. EDT.
President Trump has no events scheduled for today.
The Coronavirus Task Force to meet at 5:00 p.m. EDT for their daily press conference.
Meetings, Calls & Conferences
Investor/Analyst Days & Conference Calls of Note: VCISY UN UL (Conference Call) SNY (Webcast)
Sellside Conferences: None of note.
Industry Conferences: World Gold Forum (4/20-/23) of note. European Gold Forum (4/21-4/23)
Upgrades & Downgrades – We are back to normal production as recs have returned to a normal level.