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Morning Note

"CAPIS Morning Note – 5/1/20"

posted by CAPIS on 04/30/2020 at 4:59 pm

by CAPIS

04/30/2020 at 4:59 pm

Breaking News: Key Interviews this morning with Gilead Sciences (GILD) and Moderna (MRNA) CEOs  on CNBC. Must see TV!! Fun fact Gilead Sciences CEO is Dan O”Day the brother of Brian O’Day, a former CAPIS employee back in the 1980s and early 1990s who worked with David Choate in the early days!

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: DBVT TMUS  of note.

Mixed Shelf Offerings:   GLNG AGIO of note.

Convertible Offering Files:  None of note.

Senior Notes Filed:   None of note.

Courtesy of IPO Financial

Earnings After The Close:

Beat: 

UAL +0.47, AMGN +0.42, ILMN +0.39, LPLA +0.36, EMN +0.32, WHR +0.30, AAPL +0.29, RMD +0.28, INT +0.27, USM +0.26, ASGN +0.24, BAND +0.18, WK +0.18, MTX +0.17, FBHS +0.15, GLPI +0.14, MTZ +0.14, HTH +0.12, NPTN +0.12, KNSL +0.12, GILD +0.12, SPXC +0.11, AJG +0.10, SYK +0.10, FND +0.09, X +0.09, MERC +0.08, TDS +0.08, SSNC +0.07, TWOU +0.07, EXPO +0.07, ATR +0.06, CUZ +0.06, BLDR +0.06, LOCO +0.06, HURN +0.06, SPSC +0.06, NTB +0.05, CLGX +0.05, FTV +0.05, PRAH +0.05, BL +0.05, SEM +0.05, TEAM +0.04, ZEN +0.04, RRC +0.04, V +0.04, AEM +0.03, MITK +0.03, SWN +0.03, CXP +0.02, CXO +0.02, OFC +0.02, EGP +0.02, OTEX +0.02, OSIS +0.02, EBS +0.02, PSA +0.01, NFG +0.01, NATI +0.01, TRUP +0.01, HP +0.01, STAG +0.01, of note.

Flat:

BRKS +0.00, COG +0.00, LMAT +0.00, PVG +0.00, SWI +0.00

Misses: 

AMZN (1.22), COLM (0.56), PTCT (0.41), VICI (0.37), TEX (0.30), FTAI (0.24), CRY (0.20), NTUS (0.18), SGEN (0.15), EIX (0.14), HUBG (0.13), MGM (0.13), FMBI (0.11), ATUS (0.11), FWRD (0.09), MOH (0.08), FHI (0.08), WDC (0.07), TNDM (0.07), SILK (0.04), CDNA (0.03), NCR (0.01) of note.

Gap Ups: MGLN +15%, INT +10%, VICI +6%, WK +5%, MTZ +4%, ATUS +4%, BAND +4%, COG +4%.

Gap Downs: WDC -11%, MERC -10%, HP -7%, MGM -7%, DMTK -6%, ZEN -5%, AMZN -5%, GILD -5%, SWN -5%, UAL -4%, USM -4%, TEAM -4%, LB -4%, PRAH -4%.

Hourly Action This Past Week: Updated 4/30 Close

News After The Close (In Order)

President Trump notes that trade deal is secondary to what China has done with COVID-19. There will be blood down the road but now is not the time.

Lockheed Martin (LMT) wins a $6.1 billion Army contract.

Dilliard’s (DDS) to reopen 55 stores starting 5/5.

J.Crew looks to potential bankruptcy.

Walmart (WMT) launches express delivery – less than 2 hours.

At Home Group (HOME) to reopen more stores as 50% open today and more to be added as state and local ordinances change.

Baker Hughes (BHGE) rig count drops to 915 from 1,059.

Raises Guidance: BAND CLX

Lowers Guidance: TEAM (Q4) WHR ZEN (Q2) BRKS (Q3) ATR (Q2)

Withdraws Guidance: NTUS PTCT SSNC FND FBHS FTV SPXC  HURN  CODI CUZ  HON ITT NWL 

Dividend Cut or Suspension:  WDC EL

Dividend Raise: AAPL

Share Buyback Increased: AAPL PROV

Share Buybacks Stopped: 

What’s Happening This Morning: Futures value reflects the change with fair value. We will still indicate the fair value direction. 

S&P 500 -65 Dow Jones Industrial Average -465 NASDAQ -228 Russell 2000 -33 Fair values are mixed.  Asia  and Europe lower.

Gold lower, silver higher and copper lower. WTI Crude Oil and Brent Oil Futures lower. Natural Gas is higher. $ is lower vs Euro, higher vs Pound and lower vs Yen. US 10 year Treasury price is at $139.11 from $139.16  with yields at 0.60% from.605%.

Positive Sectors On Thursday: None of note.

Negative Sectors On Thursday: Materials, Energy and Financials  of note.

One Month Winners: Materials, Conglomerates, Financials and Services of note.

Three Month Winners: None of note.

Six Month Winners:  Healthcare and Technology of note.

Twelve Month Winners: Healthcare, Technology and Consumer Goods 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:  SRE WEC PEG TSN L WAB CNA CCC WLK NNN MCY GATX SPNS PETS KELYA XENT of note.

Earnings This Morning Of Note

Beat:

CVX +1.26, SLCA +0.40, CLX +0.40, PSX +0.39, HON +0.27, ABBV +0.17, HRC +0.13, BERY +0.12, WPC +0.11, HUN +0.11, MINI +0.11, CBOE +0.11, TRP +0.11, CCJ +0.09, EL +0.09, JCI +0.06, ITT +0.05, WY +0.05, APO +0.04, NWL +0.04, CL +0.02, TKR +0.02, WETF +0.02, AON +0.01, BCPC +0.01 of note.

Missed:

CHTR (1.08), IMO (0.23), XOM (0.20), LYB (0.06), MSGN (0.02), QSR (0.02)

 of note.

Flat: PSXP +0.00

Still to Report: MMP

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

Top News Story: Jobless Claims hit 3.84 million, now over 30 million last six weeks. (CNBC)

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

5 Things To Know To Start Your Friday. (CNBC)

Stocks Making The Biggest Moves. (CNBC)

Coronavirus update: China loosens lockdown in Hubei.

U.S. Coronavirus Map update.

Democratic Presidential Candidate Joe Biden denies allegations of Tara Reade this morning. (NYT)

EU Chief back investigation into China’s role in the coronavirus pandemic. (CNBC)

Dr. Anthony Fauci notes would be extremely unusual for COVID-19 not to generate anitbidies. (Bloomberg)

Boeing (BA) sells $24 billion of debt in “monster offering”. (CNBC)

Amazon (AMZN) to commit $4 billion to deal with COVID-19 and sacrifice profits for upcoming quarter. (Bloomberg)

Moderna (MRNA) will use  Lonza out of Switzerland to manufacture a possible vaccine. (Bloomberg)

Tesla (TSLA) to drop price of Model 3 in China by 10% to qualify for subsidies. (Reuters)

Amazon (AMZN) extends work at home through October 2nd. (Reuters)

MGM (MGM) plans to reopen two to three casinos including Bellagio. (WSJ)

Stock Index Tracking

Current through 4/30 close.  Moving averages remain strong but will be challenged today.

Bold means a change from prior day.

The advance/decline line model is now a buy on 4/2 close. Updated through 4/30 close. In 2019, the model was up 16.48% on the S&P 500 and this year is up 5.69% with the S&P 500 lower by -9.89% through yesterday. Now 6 buy signals and 4 cash signals in 2019 and 2020. The latest buy is up 15.21% through Thursday’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. Updated through 4/30 close. EVL Ranges remain above normal and are highlighted in blue BUT are starting to drop.

Courtesy of Phil Erlanger Research, Inc.

Economic & Related:

April ISM Manufacturing Index is due out at 10:00 a.m. EDT and are expected to fall to 39 from 49.1.

March Construction Spending is due out at 10:00 a.m. EDT and is expected to fall to -3.5% from -1.3%

Geopolitical & Related

President Trump will receive his intelligence briefing at 11:30 a.m. EDT and then lunch with the Vice President. At 2:00 p.m. EDT Press Secretary Kayleigh McEnany holds briefing. At 4:15 the president holds a ceremony honoring those working on COVID-19 and then leaves for Camp David for the weekend.

Meetings, Calls & Conferences

Investor/Analyst Days & Conference Calls of Note:  MGLN AZN (Conference Call).

Sellside Conferences: None of note.

Industry Conferences: American Academy of Neurology Annual Meeting (4/25-5/1).

M&A Activity

Upgrades & Downgrades

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