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Morning Note

"CAPIS Morning Note – 7/24/20 China Rhetoric Continues To Rise, Tik Tok Next?"

posted by CAPIS on 07/24/2020 at 5:42 am

by CAPIS

07/24/2020 at 5:42 am

Covid-19 Stats For Friday:

Reported Cases yesterday: 71,027 from 70,043

Tests 774,193 from 796,395

Positivity Rate: 9.17% from 8.80%

Deaths 1,039 from 1,126

Current Hospitalizations 59,363 from 59,628

source COVID tracking project

IPOs Priced: Inozyme Pharma (INZY) prices 7 million shares at $16 versus range of $14 to $16. Iteos Therapeutics (ITOS) priced at $19 with a range of $16 to $18.

Secondaries Priced:  None of note.

Notes Priced of note: None of note.

Common Stock filings: VSAT of note.

Mixed Shelf Offerings: VNET CPRX of note.

Convertible Offering Files: None of note.

Senior Notes Filed:  None of note.

Courtesy of IPO Financial

Earnings After The Close:

Beat: 

SAM +2.46, SIVB +1.32, SCHL +1.16, BJRI +0.60, EIG +0.52, EHTH +0.22, SKX +0.20, LMAT +0.16, EW +0.15, FFBC +0.15, ETFC +0.12, FFIN +0.12, INTC +0.12, SWKS +0.11, IEX +0.10, MAT +0.08, ASB +0.06, MANH +0.06, VICR +0.05, AUY +0.04, RHI +0.04, FE +0.03, OZK +0.01, MXL +0.01, PBCT +0.01 of note.

Flat: VRSN

Misses:

SGMS (0.26), BOOM (0.15) of note.

Hourly Action This Past Week: Updated 7/20 Close

News After The Close:

Senate Majority Leader Mitch McConnell notes Senate Republicans have agreement with White House on stimulus.

Walt Disney (DIS) to delay Mulan indefinitely with Star Wars and Avatar pushed back a year.

President Trump pull Jacksonville GOP Convention.

Secretary of State Mike Pompeo delivers a rousing speech against China in Newport Beach, CA.

A major ratings agency lowers outlook on Walgreens Boots Alliance (WBA).

Raises Guidance Raised: SWKS INTC

Lowers Guidance: 

Raises Dividend: SWKS

Stock Split Announcement: 

Stock Buyback: WABC

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 -73  NASDAQ -108  Russell 2000 +1.6.  Fair values are higher except for the Russell 2000 that is -7.26.  Asia mixed and Europe higher. VIX is at 27.10 from 23.96 yesterday morning.

Gold higher, silver lower with copper lower. WTI Crude Oil and Brent Oil Futures higher. Natural Gas is lower. $ is lower vs Euro, lower vs Pound and lower vs Yen. US 10 year Treasury price is at $139.56 unchanged with yields at 0.595%.

Positive Sectors On Thursday:  Consumer Defensive of note.

Negative Sectors On Thursday: All others 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: THTX +40%, ABUS +38%, SWIR +16%, SCPL +15%, CLFD +14%, BJRI +12%, LMAT +10%, RDUS +9%, SKX +8%, SGMS +6%, AMD +6%, EW +5%, SAM +5%, ARCT +4%, SIVB +4%, MANH +4%, MAT +4%, VICR +4%

Gap Down: EHTH -19%, INTC -12%, MIST -7%, VOD -5%, MRNA -5%, BOOM -4%, AMAT -4%

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

Today After The Close:  None of note.

Earnings This Morning Of Note

Beat:

CRI +0.79, BLMN +0.43, AIMC +0.29, AXP +0.27, NEP +0.22, TPH +0.17, NEE +0.10, SLB +0.06, TRTN +0.05, VZ +0.03, HON +0.02 of note.

Flat: 

Missed:

None of note.

Still to Report: FHB, GNTX, MOG.A, UBSI

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 7/23. Stocks struggled yesterday.

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)

Coronavirus Update: United requires masks at airports and WHO sees African cases jumping (CNBC)

Dr. Scott Gottlieb notes that Covid-19 cases are slowing in Florida, Texas and Arizona but not California yet. (CNBC)

China tells the U.S. to close the U.S. Consulate in Chengdu. (NYT)

China believes they will have Covid-19 vaccine by year end. (WSJ)

Republicans and White House have set back and now no stimulus deal, delayed until Monday. (NYT)

HHS believes that Covid-19 cases will fall in the next few weeks. (CNBC)

Goldman Sachs (GS) settles with Malaysia and will pay $3.9 billion. (Bloomberg)

House hearing with Tech executives over their power may be postponed. (Axios)

Stock Index Trading

Current through 7/23 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 7/22 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 New Home Sales are due out at 10:00 a.m. EDT and are expected to rise to 680,000 from 676,000.

Geopolitical & Related

President Trump will present the Presidential Medal of Freedom to Jim Ryun at 11:00 a.m. EDT. Then at 3:00 p.m. EDT sign an executive order lowering drug prices. Finally, at 4:30 p.m. EDT the president heads to  Trump National in Bedminster, NJ.

Meetings, Calls & Conferences

FERGY (Business Update).

Sellside Conferences: Sprott Natural Resources Symposium (7/22-7/25)

Industry Conferences: ASRS American Society of Retina Specialists Annual Meeting (7/24-7/26).

M&A

Amdocs (DOX) to buy Openet for $180 million in cash.

Upgrades & Downgrades – 

Updated Through 8:45 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.