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Morning Note

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Morning Note

"CAPIS Morning Note – 7/17/20 Stocks Up Modestly To End The Week"

posted by CAPIS on 07/17/2020 at 6:26 am

by CAPIS

07/17/2020 at 6:26 am

IPOs Priced: Berkely Lights (BLI) priced at $22 with range of $16 to $18. Pandion Therapeutics (PAND) priced at $18 above range of $16 to $18. ALX Oncology (ALXO) priced at $19 above $15 to $17 range.

IPOs Filed: None of note.

Secondaries Priced: NCLH CYTK of note.

Notes Priced of note:  None of note.

Common Stock filings:   None of note.

Mixed Shelf Offerings: PSTI of note.

Convertible Offering Files: None of note.

Senior Notes Filed:  None of note.

Courtesy of IPO Financial

Earnings After The Close:

Beat:  

JHB +0.29, PPG +0.27, WAL +0.17, FNB +0.12, MRTN +0.10 of note.

Misses: 

NFLX (0.24) of note.

Hourly Action This Past Week: Updated 7/15 Close

News After The Close:

Netflix (NFLX) provides mixed guidance and is lower in premarket by about -7%.

NCAA needs to “get a much better handle on the pandemic” to resume college sports in the fall.

Quest Diagnostics (DGX) granted Emergency Use Authorization from the FDA for is HA SARS-CoV-2 Assay, testing via a nasal swab.

Cruise lines see their “no sail order” exteneded by CDC to 9/30 at least. Negative for CCL RCL NCLH CUK.

PhaseBio Pharmaceuticals (PHAS) doses first patient in VANGUARD Phase II Trial of PB1046 in hospitalized Covid-19 patients.

Take Two (TTWO) enters a new Xbox license agreement with Microsoft (MSFT).

Attorney General Barr critical of Walt Disney (DIS) and technology companies for collaboration with China.

White House insists on payroll tax cut as part of any next Corona Virust Stimulus Bill. (The Washington Post)

Facebook’s (FB) Mark Zuckerberg interviews Dr. Anthony Fauci who is begging young people to adhere to the social distancing and mask standards.

Raises Guidance: TREE ASH

Raises Dividend:

Stock Split Announcement: MRTN

Stock Buyback: 

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 +5    Dow Jones Industrial Average +38  NASDAQ +4   Russell 2000 +10.84.  Fair values are mixed.  Asia mostly higher with Japan lower and Europemixed. VIX is at 27.75 from 31.40 yesterday morning.

Gold higher, silver lower and copper higher. WTI Crude Oil and Brent Oil Futures lower. Natural Gas is lower. $ is lower vs Euro, lower vs Pound and lower vs Yen. US 10 year Treasury price is at $139.55 from $139.39  with yields at 0.646%.

Positive Sectors On Thursday:  Utilities of note.

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

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

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

Six Month Winners:  Technology,Consumer Cyclical and Healthcare 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: HMHC +26%, FHN +15%, PHAS +10%, ERIC +10%, FNB +8%, WAL +6%, PBYI +5%, JBHT +5%, TREE +5%

Gap Down: SPXC -8%, NFLX -7%, PSTI -6%

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

Today After The Close: None of note.

Monday Before The Open: PHG HAL LII MAN AN ONB PACW CALM PETS of note.

Earnings This Morning Of Note

Beat:

BLK +0.90, CFG +0.47, ALLY +0.35, STT +0.26, ERIC +0.09, SXT +0.06 of note.

Flat:

Missed:

RF (0.32), ALV (0.15), FHN (0.01) of note.

Still to Report: KSU

Erlanger Research Advance/Decline Line Chart – We are no longer showing our proprietary advance/decline model as it is available on a subscription basis. Instead we are now showing a chart of the advance/decline. We hope you enjoy. Close 7/16.

Courtesy of Phil Erlanger Research Inc.

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:  U.K. warns of cases rising and what could go wrong. (CNBC)

U.S. breaks prior record with 77,200 cases of Covid-19. (CNBC)

India goes over 1 million Covid-19 cases. (NYT)

United Airlines (UAL) and the pilot’s union reach a deal to limit furloughs. (Reuters)

50% of states now have mask wearing mandates but still resistance from other states. (NYT)

British Airways looking to permanently ground its 747 fleet which is produced by Boeing (BA). (Bloomberg)

Blackrock (BLK) CEO Larry Fink says economic downturn is worse than 2008 during a CNBC interview. Need to wear masks to avoid another shutdown. (CNBC)

White House Covid-19 Task Force member Brett Giroir states most of the spread is from asymptomatic younger people. Stay away from bars. (CNBC)

Stock Index Tracking – A miracle happened yesterday the NASDAQ 100 broke its 5 and 10 day moving averages.

Current through 7/16 close.

Bold means a change from prior day.

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 7/16 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

June Housing Starts are due out at 8:30 a.m. EDT and came in last month at 974,000.

The University of Michigan Consumer Sentiment is due out at 10:00 a.m. EDT and came in last month at 78.1.

Baker Hughes Rig Count is due out at 1:00 p.m. EDT.

Geopolitical & Related

President Trump will participate in a Credentialing Ceremony for Newly Appointed Ambassadors at 11:00 a.m. EDT.

Meetings, Calls & Conferences

F LOW (Fireside Chat) OCN (Update)

Sellside Conferences: AKKP Global Kidney Innovations Summit 2020.

Industry Conferences:

M&A

Upgrades & Downgrades – Lots of reiterates on Netflix but no new recommendations. Buy – Jefferies, Goldman, SunTrust, Bank of America, Pivotal, Monness Crespi & Hardt.

Updated Through 8:35 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.