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"CAPIS Morning Note – 5/13/20 Futures Volatile This Morning"

posted by CAPIS on 05/13/2020 at 6:31 am

by CAPIS

05/13/2020 at 6:31 am

IPOs on deck: None of note.

IPOs Filed:  None of note.

Secondaries Priced:  MGEE PODD MYOK BLK QTWO ZG  of note.

Notes Priced of note: LYFT ZG NET CMD of note.

Common Stock filings: ATOM OYST  CERCPODD MGEE PRPL INO ATNI ROKU  of note.

Mixed Shelf Offerings:  XRAY MLM  ATNI of note.

Convertible Offering Files: PLUG VECO of note.

Senior Notes Filed:  UBER  of note.

Courtesy of IPO Financial

Earnings After The Close:

Beat: 

ALGT +1.03, HLI +0.19, ALC +0.11, HCAT +0.10, RXN +0.05, EGHT +0.02, PGNY +0.02 of note.

Misses: 

TPTX (0.81), VREX (0.23), INFN (0.09), SWAV (0.09), RLJ (0.08), NVST (0.07), ADPT (0.04), OR (0.01)   of note.

Gap Ups: PGNY +18%, ALC +12%, UNFI +7%, VIR +5%, SNX +5%, ALGT +5%, MYL +5%, HLI +4%, FWP +4%

Gap Downs: VREX -14%, ATOM -12%, TCS -11%, ADPT -9%, INFN -7%, OYST -6%, EGHT -6%, SWAV -4%, PODD -4%, MYOK -4%

Hourly Action This Past Week: Updated 5/11 Close

News After The Close (In Order)

Thermo Fisher (TMO) receives Emergency Use Authorization from FDA  for COVID-19 diagnostic tests.

Uber (UBER) per CNBC rejected the proposal to buy Grubhub (GRUB) for 2.15 Uber shares per Grubhub share,

Gilead Sciences (GILD) cuts deal with several generic drug makers to make a generic version of Remdesivir including Mylan (MYL)  in 127 low and middle income countries.

White House directs federal pension fund to stop investments in Chinese companies. (CNBC)

Coalition of 13 state attorney generals calls for Amazon (AMZN) to protect the health and safety of workers in a better way than they are currently doing.

Former FDA Commissioner Dr. Scott Gottlieb notes that Florida and Georgia have not seen uptick in cases since they have reopened but expected more cases as other states open. (CNBC)

Lowers Guidance:

Raises Guidance: 

Withdraws 2020 Guidance: ADPT VREX PGTI

Dividend Increase: MSA 

Dividend Cut: WH

Share Buyback Announcements: 

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

S&P 500 -5 Dow Jones Industrial Average -83 NASDAQ -11 Russell 2000 +6.86 Fair values are lower.  Asia  and Europe mixed to lower.

Gold and silver higher with copper higher. WTI Crude Oil lower and Brent Oil Futures higher. Natural Gas is lower. $ is lower vs Euro, lower vs Pound and lower vs Yen. US 10 year Treasury price is at $139.08 from $138.70 unchanged with yields at 0.644% from 0.6991%.

Positive Sectors On Tuesday: None of note .

Negative Sectors On Tuesday: Real Estate, Industrials 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:   CSCO STE CACC FLO ONEM JACK SDC VIRTU OII NVGS of note.

Thursday Before The Open: BABA BAM UI NICE GDS WIX MELCO CCL NLCH PACW MDGL KEM AG BEST FLR PLCE FOSL of note.

Earnings This Morning Of Note

Beat:

PGTI +0.15, CYBR +0.13  of note.

Missed:

SNE (37.10), SDGR (0.09), TSEM (0.04) of note.

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

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

Stocks Making The Biggest Moves. (CNBC)

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

Coronavirus update: Germany eases into opening country.

U.S. Coronavirus Map update.

IHME raises mid point guidance for U.S. COVID-19 deaths through August 4th to  147,040 from 137,184 deaths on May 11th.

Republican Senators are ignoring Dr. Anthony Fauci as they push for opening of the economy. (Politico)

Legendary Hedge Fund Manager Stanley Drukenmiller notes he does not like the market setup here. (CNBC)

Stock buybacks at lowest level this quarter, ever. (CNBC)

Airlines will not force customers to wear masks. (Reuters)

New York City could suffer as more companies decide to leave the city in a post COVID-19 world. (NYT)

Tesla (TSLA) receives okay from Almeda county to begin business operations this week with potential for full operations next week.

Stock Index Tracking

Current through 5/12 close.  Moving averages struggled yesterday.

Bold means a change from prior day.

The advance/decline line model is now a buy on 4/2 close. Updated through 5/12  close. In 2019, the model was up 16.48% on the S&P 500 and this year is up 8.31% with the S&P 500 lower by -9.32% through Friday. Now 6 buy signals and 4 cash signals in 2019 and 2020. The latest buy is up 15.94% 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. Updated through 5/12 close. EVL Ranges remain above normal and are highlighted in blue BUT are starting to drop.

Courtesy of Phil Erlanger Research, Inc.

Economic & Related:

Weekly API Petroleum Institute Data came out at 4:30 p.m. EDT yesterday and

Weekly MBA Mortgage Application are out  and rose 0.3%.

April PPI is due out at 8:30 a.m. EDT and is expected to fall -0.5% from -0.2%.

Weekly Crude Oil Inventories are due out at 10:30 a.m. EDT.

Geopolitical & Related

Federal Reserve Chairman Jerome Powell speaks at 9:00 a.m. EDT.

President Trump will meet with the governors of Colorado and North Dakota  at 4:00 p.m. EDT.

$22 billion 30 Year Note auction at 1:00 p.m. EDT.

Meetings, Calls & Conferences

Investor/Analyst Days & Conference Calls of Note: NPTN (Conference Call)  CTAS NMTR RCII (Webcast) BRKL AVY (Investor/Analyst Meeting)

Sellside Conferences: Credit Suisse Mexico Conference (5/11-5/14). Merrill Lynch Bank of America Transportation and Industrials Conference (5/11-5/14). Bank of America Merrill Lynch Global Virtual Healthcare Conference (5/12-5/14). JP Morgan Annual Global Technology, Media And Communication Virtual Conference (5/12-5/14). BMO Capital Markets Annual Virtual Farm to Market Conference (5/13-5/14). Goldman Sachs Virtual Industrials and Materials Conference. (5/13-5/14)

Industry Conferences: None of note.

M&A Activity

Upgrades & Downgrades 

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.