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"CAPIS Morning Note – 6/25/20 Selling Continues In U.S. After Wednesday Rout"

posted by CAPIS on 06/25/2020 at 6:25 am

by CAPIS

06/25/2020 at 6:25 am

IPOs on deck: Lemonade (LMND) to be priced between $23 and $26.

IPOs Filed: None of note.

Secondaries Priced:  YNDX EVLO MGTA BRP CSTL ONEM KLR NK HCM  of note.

Notes Priced of note: None of note.

Common Stock filings: XERS EVLO NK MGTA BNFT  of note.

Mixed Shelf Offerings: None  of note.

Convertible Offering Files:  None of note.

Senior Notes Filed:  None of note.

Courtesy of IPO Financial

Earnings After The Close:

Beat:  

FUL +0.13, BB +0.04 of note.

Misses: 

 KBH (0.03) of note.

Hourly Action This Past Week: Updated 6/23 Close

News After The Close (In Order)

Caesars Entertainment (CZR) implements a universal mask policy.

Ally Financial (ALLY) and CardWorks cancel merger.

Mastercard (MA) in weekly update continues to see improvement in spending since 5/28.

USDA and FDA announce their is no evidence people can get Covid-19 from food or food packaging.

AT&T (T) retires debt early.

Index Changes: S&P 400 sees TopBuild (BLD) join while Retail Properties of America (RPAI) and Brandywine Realty (BDN) to join S&P 600 prior to open 6/30.

Detroit News reports that General Motors (GM) will lay off third shift at its Spring Hill, TN SUV plant.

Dividend Raise: AGX (special $1.00)

Share Repurchase Announcement: AGX

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 -9 Dow Jones Industrial Average -134  NASDAQ +10 Russell 2000 -2.84. Fair values are lower.  Asia mixed and Europe markedly lower.

Gold, silver and copper lower. WTI Crude Oil and Brent Oil Futures lower. Natural Gas is lower. $ is higher vs Euro, lower vs Pound and higher vs Yen. US 10 year Treasury price is at $139 from$138.59 with yields at 0.66% from 0.723%.

Positive Sectors On Wednesday: None of note.

Negative Sectors On Wednesday: Energy, Industrials and Financials of 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: RPAI +9%, BDN +6%, ALLY +6%

Gap Down: MGTA -16%, KBH -15%, QURE -15%, NK -15%, XERS -14%, KLR -12%, QMCO -11%, EVLO -11%, BB -8%, NG -8%, BLD -5%, TBIO -4%, CSTL -4%, TMHC -4%

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

Today After The Close: NKE SNX PRGS CAMP of note.

Friday Before The Open: APOG of note.

Earnings This Morning Of Note

Beat:

FDS +0.42, DRI +0.40, RAD +0.34, MKC +0.31, ACN +0.06, GMS +0.05, WOR +0.03 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: Germany support WHO, LH out with new antibody test. (CNBC)

U.S. Coronavirus Map.

29 states now seeing increases in cases as daily cases hit a record. (NYT)

European Central Bank Minutes were released from their last meeting. (ECB Minutes)

Democratic Candidate Joe Biden is ahead of President Trump by 10%. (RCP)

Nevada Governor Sisolak orders face masks to be worn in public and casinos. (WSJ)

Walt Disney (DIS) to delay California opening of DisneyLand park but Downtown Disney to open on 7/9.

Walt Disney (DIS) may delay the release of Mulan which is set for 7/24. (WSJ)

Dollar Tree (DLTR) to extend $2.00 an hour raise through 7/4.

Macy’s (MA) to cut 3,900 jobs. (CNBC)

Stock Index Tracking

Current through 6/24 close. Ugly day on Wednesday.

Bold means a change from prior day.

The advance/decline line model is now a BUY and again we moved below -200. We need two days below -200 for a change. Updated through 6/24 close. The recent buy could be toast today. 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 6/22. 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 6/22.

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 6/24 close. EVL Ranges  continues to expand again with the recent action.

Courtesy of Phil Erlanger Research, Inc.

Economic

Weekly Jobless Claims are due out at 8:30 a.m. EDT. Came in at 1.48 million.

May Durable Goods are due out at 8:30 a.m. EDT and are expected to improve to 11.6% from -17.70%.

Weekly Natural Gas Inventories are due out at 10:30 a.m. EDT.

The latest NYSE and NASDAQ Short Interest Data came out after the close and the collect period was from May 27 through June 11th and the S&P 500 fell -1.12%.

Geopolitical & Related

President Trump will participate in a Wreath Laying Ceremony at the Korean War Veterans Memorial at 11:00 a.m. EDT and then in the afternoon departs to Wisconsin where he will participate in a Town Hall with Fox’s Sean Hannity at 2:30 p.m. EDT and then visits the Fincantieri Marinette Marine at 4:35 p.m. EDT before heading back to the Capitol.

European Central Bank Minutes were released from their last meeting. (ECB Minutes)

Federal Reserve to release its Annual Stress Test  on the banking system.

Meetings, Calls & Conferences

GARS PMTN (Merger Announcement Call) BMY ARDS HPQ  SNCR TKOMY (Investor Meeting)

Sellside Conferences: Keefe Bruyette Woods Title Insurance Day (6/25). Goldman Sachs Annual Leveraged Finance Conference (6/25). Morgan Stanley Zero Trust Architectures Conference (6/25). Wells Fargo Clicks To Bricks Conference (6/25).

Industry Conferences: Apple Worldwide Developer Conference (6/22-6/26).

M&A

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.