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Morning Note

"CAPIS Morning Note -5/22/20"

posted by CAPIS on 05/21/2020 at 6:31 pm

by CAPIS

05/21/2020 at 6:31 pm

Must See TV: Democratic Presidential Candidate Joe Biden interview on CNBC.

IPOs on deck: Inari (NARI) prices IPO at $19 above range of $17-$18.

IPOs Filed:  None of note.

Secondaries Priced: DVAX HOTH BSX CFRX GERN  of note.

Notes Priced of note:  BSX FIVN UAA of note.

Common Stock filings:  GERN DVAX CDXC  H KNSA  of note.

Mixed Shelf Offerings: INSM MNRL of note.

Convertible Offering Files:None of note.

Senior Notes Filed: None of note.

Courtesy of IPO Financial

Earnings After The Close:

Beat: 

 DECK +0.48, NVDA +0.27, PANW +0.21, A +0.10, RAMP +0.09, CHUY +0.05, ELF +0.05, PRSP +0.02, SPLK +0.01, INTU +0.01 of note.

Misses: 

ROST (0.31), HPE (0.07) of note.

Gap Up: PLUS +7%, RAMP +7%, PANW +6%, ELF +5%, A +5%, AQST +5%, TLSA +5%, CRMT +5%, SPLK +4%

Gap Down: GERN -20%, SNDX -20%, CFRX -14%, HOTH -13%, DVAX -11%, HPE -7%, PAE -6%, AGYS -6%

Hourly Action This Past Week: Updated 5/20 Close

News After The Close (In Order)

PAE wins a $158 Air Force contract.

Dell (DELL) suspends new hires and suspends certain employee benefits and promotions through year end.

AAR Corp (AIR) to close Duluth, Minnesota facility.

Callaway Golf (ELY) reopens its primary manufacturing plant for golf balls as Phil Mickelson needs some for his weekend match with Tiger.

General Motors (GM) is restarting plant in Mexico.

Lowers Guidance: SPLPK (Q2)

Raises Guidance: NVDA

Withdraws 2020 Guidance: ROST SPLK CHUY ELF 

Dividend Increase:

Dividend Cut or Suspended: ROST ANF FL

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 -4 Dow Jones Industrial Average-16 NASDAQ -12 Russell 2000 +4.84 Fair values are higher.  Asia and Europe lower.

Gold and silver higher with copper lower. WTI Crude Oil and Brent Oil Futures lower. Natural Gas is higher. $ is higher vs Euro, higher vs Pound and lower vs Yen. US 10 year Treasury price is at $139.20 from $139.14  with yields at 0.654% from 0.66%.

Positive Sectors On Thursday: None of note.

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

One Month Winners: Technology, Healthcare and Communication Services of note.

Three Month Winners: None of note.

Six Month Winners:  Healthcare and Technology of note.

Twelve Month Winners: Healthcare, Technology and Communication Services of note.

Year to Date: None of note.

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

Today After The Close: AMC of note.

Tuesday Before The Open: BNS AZO BAH PLAN NIO PACW AMWD LL MSGE of note.

Earnings This Morning Of Note

Beat:

BABA +3.13, DE +0.49 of note.

Missed:

PDD (0.73), FL (0.44), BKE (0.10) of note.

Still to Report: CAE

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 To Start Your Friday. (CNBC)

Coronavirus update: Cases rise for India. Oxford readies Phase 2 trial.

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 18th.

World markets weak as China threatens to tighten its grip on Hong Kong. (Bloomberg)

China will continue to implement U.S. trade deal. (Bloomberg)

China removes economic growth target for 2020. (WSJ)

Senator Mitch McConnell tells President Trump next stimulus bill needs to be under $1 trillion. (Axios)

President Trump says will not shut down the U.S. a second time. (The Hill)

Dr. Fauci on CNN interview notes that he is “cautiously optimistic ” about Moderna (MRNA) vaccine effort. (CNN)

Hertz (HTZ) could be moving towards a liquidation. (NY Post)

U.S. government action against Huawei will focus on HiSilicon Chip Division. (Reuters)

Stock Index Tracking

Current through 5/21 close.  

Bold means a change from prior day.

The advance/decline line model moved to cash last Friday and remains there as we have a lower open despite the 10 DMA being above +200 for a second day. Updated through 5/21  close. In 2019, the model was up 16.48% on the S&P 500 and this year is up 5.25% with the S&P 500 lower by -11.36% through Friday 5/15. Now 6 buy signals and 4 cash signals in 2019 and 2020. The latest buy gained 12.89% 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 5/21 close. EVL Ranges remain above normal and are highlighted in blue had started to drop but the action the last couple of days ended that possibility.

Courtesy of Phil Erlanger Research, Inc.

Economic & Related:

None of note.

Geopolitical & Related

President Trump will participate in a Rolling To Remember Ceremony: Honoring Our Nation’s Veterans and POW/MIA at 11:30 a.m. EDT. Then he receives his intelligence briefing at 12:30 p.m. EDT. Finally, at 2:00 p.m. EDT Press Secretary Kayleigh McEnany holds a presser.

Meetings, Calls & Conferences

Investor/Analyst Days & Conference Calls of Note:  MU (Update)

Sellside Conferences: Piper Sandler: P.S. It’s Friday : Cloud Automation/Transforming Finance. Credit Suisse China Autos Corporate Day

Industry Conferences:

M&A

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.