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"CAPIS Morning Note -8/14/20 Apple Enters A Battle Royale With Fortnite Game Maker Epic"

posted by CAPIS on 08/13/2020 at 8:21 pm

by CAPIS

08/13/2020 at 8:21 pm

Covid-19 Update With Thursday Data

Cases reported 51,705 from 55,742

Tests 880,729 from 683,291

Positivity Rate 5.87% from 8.16%

Deaths 1,163 from 1,485

Hospitalizations 47,252  from 47,919

Mortality Rate at 3.12% from 3.05% no change

source COVID tracking project

Capital Raises

IPOs Priced: Duck Creek Technology (DCT) priced at $27 above $19 to $21 range.

Secondaries Priced:  GFF NOVA EQ  SWN PRTS  of note.

Notes Priced of note: None of note.

Common Stock filings: NOVA EQ OPTN RMNI DYAI WEX (selling shareholder) LMNL (selling shareholders) of note.

Mixed Shelf Offerings: EBTC CLB of note.

Convertible Offering Files: None of note.

Senior Notes Filed: None of note.

Courtesy of IPO Financial

Earnings After The Close:

Beats:

BIDU +4.86 DDS +4.31 IQ +1.14 MYGN +0.18 AMAT +0.11 FTCH +0.08 GLOB +0.03 of note.

Misses:

AQN -0.03 of note.

Flat:

Hourly Tracking – Updated Through 8/13. One extreme or the other this week.

News After The Close:

Autozone (AZO) to hire 20,000 new workers.

Softbank puts $1.1 billion into WeWork.

Apple (AAPL) kicks Epic Games off the App store. Epic makes Fortnite and set up its own payment site besides the App Store. Then Epic filed suit against Apple.

Raises Guidance Raised: AMAT GLOB 

Lowers Guidance:

Raises Dividend: MLM

Cut Dividend:

Stock Split Announcement: IPI (1:10)

Stock Buyback: PLXS

10Q Delays: FUV

What’s Happening This Morning: Futures value reflects the change with fair value. We will still indicate the fair value direction. Futures hit the peak around 6:00 a.m. EDT at 3360 and currently are at 3354 on the S&P 500.

S&P 500 -5 Dow Jones Industrial Average -97 NASDAQ +28 Russell 2000 -6.19. Fair values are mixed. Asia mixed and Europe lower. VIX September futures are at 27.22 from 26.91 this morning. Current VIX is at 22.13 from 22.08.

Gold and silver lower 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 $139.06 with yields at 0.708% from 0.682%.

Positive Sectors On Thursday:  Communication Services, Technology and Consumer Cyclical.

Negative Sectors On Thursday: Energy, Real Estate, Financials and Industrials 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: KMDA +23%, TFFP +23%, DDS +18%, FTCH +9%, AZRE +7%, AR +6%, NVAX +6%, IMRA +4%

Gap Down: OPTN -19%, PAYS -18%, EQ -18%, IPI -14%, RMNI -14%, IQ -11%, NOVA -11%, PRPL -11%, PRTS -6%, BIDU -6%, DUO -5%, CACC -4%, SWN -4%

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

Today After The Close: None of note.

Monday Morning:  JD WB SINA of note.

Earnings This Morning Of Note

Beat:

MSGE +9.76 MSGS +0.30  of note.

Flat:

Missed:

DKNG -0.38 of note.

Still to Report:

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 8/12.

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)

5 Things to Know Before The Market Opens On Friday. (CNBC)

Stocks Making The Biggest Moves. (CNBC)

Coronavirus Update: CA tops 600,000 cases, vaccine deals reviewed. (CNBC)

Stimulus deal is dead. Congress and Senate are out for break until September. (Bloomberg)

U.S. and China to hold trade talks this weekend. (BBC)

Coronavirus Task Force believes next hotspots to be Chicago, Baltimore and Boston. (ABC News)

Google (GOOGL) will no longer share data requests with Hong Kong. (WSJ)

SEC looks into iQiyi (IQ). (CNBC)

Stock Index Trading

Current through 8/13 close. All indexes are back above their respective moving averages.

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 8/13 close. EVL Ranges are starting to get back to normal with the recent action but it is still haphazard. The Erlanger Value Line are available in Bloomberg for your review. Simply visit the Bloomberg App store at APP(GO) then find Erlanger Research and setup a trial.

Courtesy of Phil Erlanger Research, Inc.

Economic

July Retail Sales are due out at 8:30 a.m. EDT and are expected to grow by 1.8% down from 0.6% last month.

University of Michigan Consumer Sentiment is expected to come in at 70.5 from 72.5.

Geopolitical & Related

President Trump has a quiet day before heading to Bedminster, NJ and Trump National in the afternoon. At 5:00 p.m. EDT he speaks to the NYC PBA.

Investor Events & Conference Calls

Sellside Conferences: John Tumazos Very Independent Research Metals Conference 2020. (8/10-8/14). Goldman Sachs Annual East Coast Biotech Bus Tour. (8/14)

Industry Conferences: None of note.

M&A

Upgrades & Downgrades – Friday Upgrades & Downgrades 8/14

About the Author

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