Quick Comments: Today sees three major deals. Tomorrow sees the FOMC begin a two day meeting and Friday sees a Quadruple witching. Could be a volatile week.
Covid-19 Update With Latest Data From Over The Weekend
Total Cases 6,487,751 from 6,366,986
Recovered: 2,451,406 from 2,387,479
Deaths 186,162 from 182,779
Cases reported 38,543 from 37,581
Tests 733,719 from 614,042
Deaths 1,018 from 1,170
Hospitalizations 29,816 from 32,419
source COVID tracking project
Secondaries Priced: None of note.
Notes Priced of note: None of note.
Common Stock filings: None of note.
Mixed Shelf Offerings: None of note.
Convertible Offering Files: None of note.
Senior Notes Filed: None of note.
Earnings After The Close:
None of note.
None of note.
Hourly Action – More hours are negative with the corrective action last week.
News After The Close:
FAA to begin training review for the Boeing (BA) 737 MAX in London on Monday.
Xerox (XRX) CFO William Osbourn to leave and the company names Xavier Heiss as interim CFO.
AstraZenca (AZN) resumes Covid-19 vaccine trial.
BioNTech (BNTX) and Pfizer (PFE) expand Covid-19 vaccine trial.
Barron’s is + on CROX GM TSLA ZM PTON ETSY FSLY MSFT.
What’s Happening This Morning: Futures value reflects the change with fair value. We will still indicate the fair value direction.
S&P 500 +32 Dow Jones Industrial Average +193 NASDAQ +124 Russell 2000 +23. Fair values are higher. Asia higher and Europe higher. VIX October futures are at 31.1 from 32.45 this morning. Current VIX is at 29.77 from 28.81.
Gold, silver and copper higher. WTI Crude Oil and Brent Oil Futures lower. Natural Gas is higher 26.63 from. $ is lower vs Euro, lower vs Pound and lower vs Yen. US 10 year Treasury price is at $139.63 from $139.38 with yields at 0.662% from 0.68%.
Positive Sectors On Friday: Materials, Industrials and Consumer Defensive of note.
Negative Sectors On Friday: Real Estate and Technology 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: LEN of note.
Monday Morning: CBRL DAVA SINA of note.
Gap Up: IMMU +107%, ETNB +27%, SGMS +16%, SGEN +10%, DVAX +8%, CEL +7%, NVDA +6%, MOGU +6%, CNSL +6%, RADA +4%, BNTX +4%,
Gap Down: MNK -13%, NKLA -7%
Earnings This Morning Of Note
None of note.
None of note.
Erlanger Research Advance/Decline Line Chart – The back and forth for positive and negative breadth continues. Yesterday saw early weakness see improvement. Update 9/11.
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 9/10 close. 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.
Rags & Mags: Highlighted Stories may be clicked through to the original story.
OPEC cuts 2020 oil demand forecast. (CNBC)
President Trump signs Executive order to lower drug prices.
ByteDance rejects Microsoft (MSFT) offer for TikTok which puts Oracle (ORCL) in the driver seat.
Pfizer (PFE) will know if Covid-19 vaccine works by end of October. (CBS News)
Amazon (AMZN) hiring 100,000 new full and part time employees in U.S. and Canada.
Tropical Storm Sally may turn into a hurricane in the Gulf of Mexico and impact Louisiana which is a nightmare scenario.
Goldman claims current “warp speed” correction with pass with 8% rally. (CNBC)
Stock Index Trading
Current through 9/11 close. The Russell and S&P 400 Mid Cap moved back below their 50 day moving averages.
Bold means a change from prior day.
None of note today.
Geopolitical & Related
President Trump is in Las Vegas this morning and will head to Sacramento to tour the wild fires in California. Finally, he will head to Phoenix for a round table with Latinos for Trump.
Reserve Bank of Australia (RBA) Minutes are due out tonight at 9:00 p.m. EDT.
Investor Events & Conference Calls
AVY (Update) PFE DOV BP RHHBY (Investor Day) PAAS (Webcast)
Sellside Conferences: H.C. Wainwright Rodman Renshar Conference Call (9/14-9/16) Deutsche Bank Global dbAccess Technology Conference (9/14-9/15) JP Morgan Gaming. Lodging, Restaurant & Leisure Forum 2020 (9/14-9/15) RBC Capital Markets Entertainment Conference (9/14-9/17) Wells Fargo virtual Net Lease REIT Forum (9/14)Jefferies Virtual Software Conference (9/14-9/15) Morgan Stanley Latin America Conference (9/14-9/15) Morgan Stanley Healthcare Conference (9/14-9/18) Barclays Global Financial Services Conference (9/14-9/16) Credit Suisse Global Basic Materials Conference (9/13-9/17)
Gilead Sciences (GILD) will buy Immunomedics (IMMU) for $88 in cash.
Nvidia (NVDA) to buy Arm Limited from SoftBank Group (SFTBY) for $40 billion.
Verizon (VZ) to buy Tracfone for $3.125 billion.
Upgrades & Downgrades For Monday 9/14 –