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09.24.2020 10 new Morning Note posts under Morning Note (9) and General (1)

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"CAPIS Morning Note – 9/8/20 Futures Crashing In Tech Stocks, Welcome To Fall"

posted by CAPIS on 09/08/2020 at 7:32 am

by CAPIS

09/08/2020 at 7:32 am

Quick Thoughts: Colorado is getting hit with an early snowstorm. Investors have turned cold to tech stocks. After five straight up months we were due for some weakness. Expect more liquidity as players return from summer vacations.

Covid-19 Update With Latest Data From Last Wednesday 

Total Cases 6,275,874 from 6,072,291

Recovered: 2,333,551 from 2,231,757

Deaths 181,328 from 177,645

Cases reported 28,628 from 30,409

Tests 586,476 from 644,842

Deaths 915 from 1,021

Hospitalizations 32,002 from 35,569

source COVID tracking project

Capital Raises

IPOs Filed:

Secondaries Priced: None of note.

Notes Priced of note: None of note.

Common Stock filings:  Selling Shareholders NEON TTWO RIG of note.

Mixed Shelf Offerings:  GNUS GERN  of note.

Convertible Offering Files: None of note.

Senior Notes Filed: None of note.

Earnings After The Close:

Beats:

None of note.

Misses:

None of note.

Flat: 

News After The Close:

Index Changes: ETSY TER CTLT move to S&P 500, WING MEDP FOXF JAZZ move to S&P 400.

Tesla (TSLA) falls Friday after close as not named to the S&P 500.

Finland credit rating affirmed by major ratings firm, stays at AA+/A-1+.

Churchill Downs (CHDN) reports that bets on the Kentucky Derby were $126 million down from $250.9 in 2019.

Barron’s + on TM SNE SFTBY PTON JPM BAC C WFC RF and – on ZM

The Wall Street Journal reported on Saturday that Softbank was buying calls to drive up prices of tech shares much of the summer.

Monday saw President Trump hold afternoon press conference where he ranted for over an hour mostly attacking Democratic Candidate Joe Biden.

Raises Guidance:

Lowers Guidance:

Stock Repurchase Announcement:

10-K Delays:

What’s Happening This Morning: Futures value reflects the change with fair value. We will still indicate the fair value direction.

S&P 500 -57 Dow Jones Industrial Average -292 NASDAQ -408 Russell 2000 -13.2. Fair values are higher. Asia higher and Europe lower. VIX October futures are at 38.44 from 28.83 this morning. Current VIX is at 30.75 from 26.57 .

Gold lower, silver lower and  copper lower. WTI Crude Oil and Brent Oil Futures lower. Natural Gas is lower. $ is higher vs Euro, higher vs Pound and higher vs Yen. US 10 year Treasury price is at$139.31 from $139.53 with yields at 0.689% from 0.651%.

Positive Sectors On Friday:  Materials and Industrials of note.

Negative Sectors On Friday: Communication Services, Technology and Healthcare of note.

One Month Winners: Industrials, Consumer Cyclical and Consumer Defensive of note.

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

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

Twelve Month Winners: Technology, Consumer Cyclical and Communication Services of note.

Year to Date: Technology, Consumer Cyclical, Healthcare and Communication Services of note.

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

Today After The Close: LULU COUP WORK HTHT CASY HQY ABM PHR CVGW AGX ANAB HTZ  of note.

Wednesday Morning: HDS NAV AEO SCWX GIII REVG LOVE of note.

Gap Up: ALBO +66%, BYSI +7%, LMNL +6%, SBBP +5%, GRFS +4%.

Gap Down:TSLA -10%, DOCU -4%, ZM -4%.

Earnings This Morning Of Note

Beat:

None of note.

Missed:

None of note.

Erlanger Research Advance/Decline Line Chart – Stocks were improved yesterday. Close 9/4. Note that our Advance/Decline Model went to cash on 8/24. Contact your CAPIS sales coverage if you want a trial to review.

Courtesy of Phil Erlanger Research Inc.

Rags & Mags: Highlighted Stories may be clicked through to the original story. 

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

Stocks Making The Biggest Moves. (CNBC)

Corona Virus Update: Drug makers pledge safety on vaccine, WHO says not last pandemic. (CNBC)

Treasury Secretary Mnuchin and House Speaker Pelosi agree to pass a continuing resolution to fund government through December. No Deal of stimulus plan. (The Washington Post)

President Trump notes will get much tougher on China in second term. (Bloomberg)

Exxon (XOM) investors worried about dividend due to a $48 billion shortfall. (Reuters)

General Motors (GM) takes a11% stake in Nikola. (CNBC)

Stock Index Trading

Current through 9/4 close. A notable change since our last update.

Bold means a change from prior day.

Economic

NFIB Small Business Optimism Index was out at 6:00 a.m. EDT and came in at 100.20 from last month at 98.80.

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

Geopolitical & Related

President Trump will speak in Jupiter, FL at 3:00 p.m. EDT and then heads to North Carolina to speak in Winston-Salem at 7:00 p.m. EDT.

U.S. Treasury to sell $50 billion of 3 Year Notes at 1:00 p.m. EDT.

Investor Events & Conference Calls

AAPL (Event) SRAX (Conference Call) EFX (Update) IDYA (JP Morgan CEO Series)

Sellside Conferences: Barclays CEOEnergy Power Conference (9/8-9/10) Barclays Global Consumer Staples Conference (9/8-9/10) Citi Annual BioPharma Virtual Conference (9/8-9/10) Goldman Sachs Annual EMEA Leveraged Finance Conference (9/8)

Industry Conferences: Advanced Therapies Congress & Expo (9/8-9/11)

M&A

Grifols, S.A. to buy Alkahest for $146 million.

Upgrades & Downgrades For Monday 9/8 – DCT get multiple recommendations as comes out of quiet period.

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