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Morning Note

"CAPIS Morning Note – 6/23/20. Nothing is Over Until Trump Says It’s Over And Stocks Rebound."

posted by CAPIS on 06/23/2020 at 6:29 am

by CAPIS

06/23/2020 at 6:29 am

IPOs on deck: 

IPOs Filed:

Secondaries Priced: None of note.

Notes Priced of note:  PD ZS  of note.

Common Stock filings:  BRP TMUS CSTL PCG LIQT CAKE FULC  of note.

Mixed Shelf Offerings:  OKE PGEN CUE of note.

Convertible Offering Files:  None of note.

Senior Notes Filed:  None of note.

Courtesy of IPO Financial

Earnings After The Close:

Beat:  

None of note.

Misses: 

None of note.

Hourly Action This Past Week: Updated 6/19 Close

News After The Close (In Order)

W W Grainger (GWW) to sell Grainger China LLC to Chinese management team.

Palo Alto Networks (PANW) CFO Kathy Bonanno to leave.

President Trump ends international works visas into year end.

General Dynamics (GD) wins $870 million Navy contract.

S&P 400 Changes:  Grocery Outlet(GO) to join and Brinker (EAT) moves to S&P 600.

Boeing (BA) tells Spirit Aerosystems (SPR) to reduce 2020 737 production from 125 to 72.

During a Fox interview last night, White Economic Advisor Peter Navarro stated that the U.S. China Trade deal was over, “It’s over.” Futures fell over 400 Dow points.

Then an hour later, President Trump and Navarro walked back those comments and futures recovered as he stated the deal was not over.

Dividend Raised: NRZ

What’s Happening This Morning: Futures value reflects the change with fair value. We will still indicate the fair value direction. Futures were down, up, down, new low and now rebounding.

S&P 500 +36 Dow Jones Industrial Average +348  NASDAQ +78 Russell 2000 +29.27. Fair values are lower.  Asia  and Europe higher.

Gold, silver and copper higher. WTI Crude Oil and Brent Oil Futures higher. Natural Gas is lower. $ is lower vs Euro, lower vs Pound and higher vs Yen. US 10 year Treasury price is at $138.56 from $138.88 with yields at 0.723% from 0.73%.

Positive Sectors On Monday: Technology, Materials and Utilities of note.

Negative Sectors On Monday: Real Estate note.

One Month Winners: Real Estate, Industrials, Financials and Consumer Cyclical of note.

Three Month Winners: Consumer Cyclical, Technology and Materials of note.

Six Month Winners:  Technology, Healthcare and Consumer Cyclical of note.

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

Year to Date: Technology, Consumer Cyclical, Healthcare and Communication Services of note.

Gap Up: TBIO +76%, APYX +39%, SCVL +13%, MYOV +11%, GO +8%, NRZ +6%, KRTX +5%, ALLO +4%, TELL +4%

Gap Down: SPR -5%, CSTL -5%, LIQT -5%, BRP -4%

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

Today After The Close:  AVAV LZB of note.

Wednesday Before The Open: WGO PDCO of note.

Earnings This Morning Of Note

Beat:

INFO +0.02 of note.

Missed:

None 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)

Coronavirus update: Britain opens pubs and Germany back on lockdown . (CNBC)

U.S. Coronavirus Map.

China Beige Book’s Leland Miller on CNBC interview notes that China Trade Deal in real trouble. (CNBC)

U.S. and Russia held talks on nuclear arms yesterday. (WSJ)

UAE cuts gas pipeline deal with six institutional investors. (CNBC)

President Trump may impose 10% aluminum tariff if Canada does not restrict exports. (Bloomberg)

Senate Democrats to block Police Reform Bill. (Politico)

Tech companies not happy with visa shutdown. (CNBC)

Stock Index Tracking

Current through 6/22 close.

Bold means a change from prior day.

The advance/decline line model is now a BUY but that could change after today if the 10 DMA stays below -200. Updated through 6/22 close. In 2019, the model was up 16.48% on the S&P 500 and this year is up 7.96% with the S&P 500 lower by -3.49% through yesterday. Now 6 buy signals and 4 cash signals in 2019 and 2020. The last buy gained 12.89%.  The current buy signal is up 2.71% through yesterday.

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 6/18 close. EVL Ranges  continues to expand again with the recent action.

Courtesy of Phil Erlanger Research, Inc.

Economic

May New Home Sales are due out with its latest update at 8:30 a.m. EDT and is expected to improve to 635.000 from 623,000.

API Petroleum Institute Data is due out at 4:30 p.m. with weekly inventories.

Geopolitical & Related

President Trump will head to Phoenix, Arizona and areas around their metropolitan area. The president will hold a rally at the Dream City Church at 5:40 p.m. EDT and then head home at 7:15 p.m. EDT.

Federal Reserve St. Louis President James Bullard just completed interview on Bloomberg. (Bloomberg)

Meetings, Calls & Conferences

Investor/Analyst Days & Conference Calls of Note: XP AVLR IR HPE DELL KSU PFG  (Investor/Analyst Meeting) SEEL (Conference Call).

Sellside Conferences: Bank of America Merrill Lynch Napa Biopharma Conference (6/22-6/24).  Goldman Sachs Healthcare Corporate Day (6/22-6/24). J.P. Morgan China Conference (6/22-6/24). Credit Suisse Biotech Conference (6/22-6/24). BMO Prescriptions For Success Healthcare Conference (6/23). Jefferies Consumer Conference (6/23-6/24).  Three Part Advisors East Coast IDEAS Investor Conference (6/23-6/24).

Industry Conferences: Apple Worldwide Developer Conference (6/22-6/26). American Association for Cancer Research Annual Meeting II (6/22-6/24).

M&A

Lemaitre Vascular (LMAT) to buy Artegraft for $90 million.

Upgrades & Downgrades

Updated Through 8:55 a.m. EDT.

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.