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"CAPIS Morning Note – 6/30/20 Will The Second Half Of 2020 Be As Volatile?"

posted by CAPIS on 06/29/2020 at 8:20 pm

by CAPIS

06/29/2020 at 8:20 pm

IPOs on deck:  None of note.

IPOs Filed: None of note.

Secondaries Priced: LQDA of note.

Notes Priced of note: None of note.

Common Stock filings:  XLRN  CRSP IIPR LQDA XP of note.

Mixed Shelf Offerings:  TBBK of note.

Convertible Offering Files:  None of note.

Senior Notes Filed:  None of note.

Courtesy of IPO Financial

Earnings After The Close:

Beat:  

MLHR +0.31,. JEF +0.19, MU +0.14 of note.

Misses: 

None of note.

Hourly Action This Past Week: Updated 6/29 Close

News After The Close (In Order)

Liquidia Technologies (LQDA) to buy RareGen in all stock deal.

lululemon athletica (LULU) to buy MIRROR for $500 million.

Federal Reserve Chairman Jerome Powell prepared remarks for Tuesday’s testimony on the CARES Act were released.

Most financials released their comments on the Stress Capital Buffer and CCAR results.

HD Supply Holdings (HDS) concludes SEC investigation with no impact.

U.S. revokes special status for Hong Kong as Secretary of Commerce Wilbur Ross issues a statement.

Norwegian Air cancels order for 97 Boeing (BA) planes including 92 737 Max planes and seeks return of pre-delivery payments.

Huntington Ingalls (HII) wins $940 million Navy contract.

Lockheed Martin (LMT) wins $360 million Navy contract.

SEC closes investigation into USANA (USNA) and their BabyCare operations in China.

Boeing (BA) conlcudes day one of MAX recertification flights.

Chinese lawmakers approve National Security Law for Hong Kong.  Will U.S. retaliate?

Raises Guidance: XLNX

Dividend Raise:

Share Repurchase Announcement: 

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 -4  Dow Jones Industrial Average -70   NASDAQ +2  Russell 2000 +3.9 VIX 32.80 +0.475 . Fair values are mixed.  Asia higher and Europe higher ex the FTSE.

Gold, silver and copper higher. WTI Crude Oil and Brent Oil Futures lower. Natural Gas is higher. $ is lower vs Euro, lower vs Pound and lower vs Yen. US 10 year Treasury price is at $139.30 from $139.14   with yields at 0.635%.

Positive Sectors On Monday:  Industrials, Utilties, Communication and Real Estate of note.

Negative Sectors On Monday:  None of note.

One Month Winners: Technology. Materials and Consumer Cyclical of note.

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

Six Month Winners:  Technology 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: BLNK +48%, XLNX +6%, JEF +6%, SPG +5%, MU +5%, SGEN +4%, LULU +4%

Gap Down: OCX -47%, LQDA -24%, VRCA -23%, ERII -14%, IIPR -5%, CRSP -4%

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

Today After The Close:  FDX SCS of note.

Wednesday Before The Open: GIS STZ CPRI SCHN  of note.

Earnings This Morning Of Note

Beat:

None of note.

Missed:

CAG (0.10), MEI (0.08) 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 Tuesday Open. (CNBC)

Coronavirus Update: Dr Fauci and other government health officials to testify before lawmakers. (CNBC)

U.S. Coronavirus Map.

FDA to release guidance on potential Covid-19 vaccine and that needs to be 50% effective. (WSJ)

Most banks to keep dividend while Wells Fargo forced to cut dividend. (CNBC)

Biden to raise taxes and reverse Trump tax cuts. (CNBC)

Goldman Sachs pushes for national mask mandate. (CNBC)

Senators Mario Rubio and Elizabeth Warren will introduce joint legislation that review supply chains for pharmaceutical companies that are overseas. (Reuters)

Stock Index Tracking

Current through 6/29 close.

Bold means a change from prior day.

The advance/decline line model moves to cash this morning as there have been two days in a row below -200. We needed two days below -200 for a change and we finally got it. Updated through 6/29 close. In 2019, the model was up 16.48% on the S&P 500 and this year is up 5.82% with the S&P 500 lower by -5.50% through 6/29. Now 6 buy signals and 4 cash signals in 2019 and 2020. The last buy gained 12.89%.  The current buy signal finished up 0.57% through 6/29.

This will be our last week that the advance/decline line appears in the model so reach out to your sales person if you have an interest in continuing to see the model. We will replace this model with another timing model we use.

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 6/26 close. EVL Ranges  continues to expand again with the recent action. The Erlanger Value Line are available in Bloomberg for your review. Simply visit the Bloomberg App  store at APP(GO).

Courtesy of Phil Erlanger Research, Inc.

Economic

The April S&P Case Shiller Home Price Index is due out with its latest update at 9:00 a.m. EDT and is expected to improve to 4.1% from 3.9%.

June Chicago PMI is due out at 9:45 a.m. EDT and is expected to rise to 45 from 32.3.

June Consumer Confidence is due out at 10:00 a.m. EDT and is expected to rise to 92 from 86.6.

API Petroleum Institute Weekly Data is due out at 4:30 p.m. EDT.

Geopolitical & Related

President Trump has a quiet day and the only event on the calendar it that he will receive his intelligence briefing at 3:30 p.m. EDT.

House Democrats to visit White House on Russian payments for American soliders killed by Taliban. (NPR)

Federal Reserve Chairman Powell and Treasury Secretary Mnuchin will testify before the House Financial Services Committee.

Meetings, Calls & Conferences

HOMB AAPL EGAN IDEX IFF XIN (Investor Meeting)  MRNS (Webinar)

Sellside Conferences: Bank of America Russia Oil & Gas Virtual Trip (6/28-6/29). Morgan Stanley ASEAN Best Conference (6/29-6/30). Sidoti Microcap Conference (6/30).

Industry Conferences: None of note.

M&A

Liquidia Technologies (LQDA) to buy RareGen in all stock deal.

lululemon athletica (LULU) to buy MIRROR for $500 million.

Uber (UBER) looks to bid for Postmates at a price of $2.6 billion.

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.