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

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Morning Note

"CAPIS Morning Note -9/16/20 Stocks Refuse To Break Into FOMC"

posted by CAPIS on 09/16/2020 at 7:26 am

by CAPIS

09/16/2020 at 7:26 am

Covid-19 Update With Latest Data From Monday 

Total Cases 6,557,762 from 6,518,306

Recovered: 2,495,127 from 2,474,570

Deaths 187,600 from 186,548

Cases reported 35,445 from 28,853

Tests 679,505 from 742,504

Deaths 1,031 from 810

Hospitalizations 30,327 from  29,867

source COVID tracking project

Capital Raises

IPOs Priced: Snowflake (SNOW) priced at $120 a share above range of $100 to $110. StepStone Group  (STEP) priced at $18 a share above range of $15 to $17. JFrog (FROG) prices at $44 a share $33 to $37.

Secondaries Priced: SHOP of note.

Notes Priced of note: MDLA of note.

Common Stock filings: NEE of note. Selling Shareholders SYNH ADT

Mixed Shelf Offerings: None of note.

Convertible Offering Files:  SHOP of note.

Senior Notes Filed: None of note.

Earnings After The Close:

Beats:

FDX +2.15, ADBE +0.16  of note.

Misses:

None of note.

Hourly Action – More hours are negative with the corrective action last week and so far this week.

News After The Close:

Kohl’s (KSS) reiterates that 15% of corporate jobs will be cut.

Alphabet (GOOGL) releases Google Meet Series One, the Zoom killer.

AMC Networks (AMCX) starts modified Dutch auction to tender $250 million of Class A Shares, names James L. Dolan as Non-Executive Chairman.

Spotify (SPOT) calls out Apple (AAPL) for antitrust on its new pricing format.

Hill-Rom (HRC) to cut size of work force.

Dividend Increase: MSFT BRC

Reinstates Buybacks: 

Guides Higher: TRTN

Stock Split: RUSHA 3:2

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

S&P 500 +16  Dow Jones Industrial Average +103  NASDAQ +39 Russell 2000 +14.35. Fair values are lower. Asia mixed  and Europe lower. VIX October futures are at 30.65 from 30.07 this morning. Current VIX is at 25.59 from 25.07.

Gold and silver higher and 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 $139.63 from $139.48  with yields at 0.661%  from 0.685%.

Positive Sectors On Tuesday: Communication Services, Real Estate, Technology and Consumer Cyclical of note.

Negative Sectors On Tuesday: Financials and Energy 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: HTHT MLHR of note.

Thursday Morning: CMD APOG of note.

Gap Up: AXGN +20%, AMCX +16%, TLSA +15%, FDX +10%, AVEO +10%, BRC +5%, APDN +5%, UPS +5%

Gap Down: ADT -8%

Earnings This Morning Of Note

Beat:

BRC +0.01 of note.

Missed:

 None of note.

Erlanger Research Advance/Decline Line Chart – The back and forth for positive and negative breadth continues. Yesterday saw strength fade 9/15.

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 9/15 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. 

Stocks Making The Biggest Moves. (CNBC)

5 Things To Know Ahead of Today’s Trading. (CNBC)

Corona Virus Update: Work from home launches software IPOs, Eli Lilly makes advancements on therapeutic. (CNBC)

House Committee issues damning report on Boeing (BA) and their handling of 737 Max. (CNBC)

Eli Lilly (LLY) puts up good results on neutralizing Covid-19 in outpatient setting.  (CNBC)

Conflict within the Democratic Party over lack of progress on stimulus bill as House Speaker Pelosi is alienating herself from members. (The Washington Post)

White House Chief of Staff Meadows calls moderate Democrat proposal on stimulus plan a good start. (Reuters)

Some Democrats backing off removing tax cuts invoked by the Trump Administration. (The Hill)

Fed Preview sees rates staying low until 2023. (Bloomberg)

Hurricane Sally hits Alabama as a Category 2 storm. (NBC News)

FTC preparing antitrust action against Facebook (FB) (Bloomberg)

Starbucks (SBUX) says sales recovery at least 6 months away. (WSJ)

Kodak (KODK) cleared  in loan deal with government. (CNBC)

Draft Kings (DKNG) and the NY Giants agree to a betting deal. (CNBC)

Stock Index Trading

Current through 9/15 close. The Russell and S&P 400 Mid Cap moved back above their 50 day moving averages.

Bold means a change from prior day.

Economic

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

MBA Mortgage Applications came out at 7:00 a.m. EDT and fell -2.5%.

August Retail Sales is due out at 8:30 a.m. EDT and is expected to come in at 1.0% from 1.20%.

NAHB Housing Market Index is due out at 10:00 a.m. EDT and is expected to remain at 78.

Weekly Crude Oil Inventories are due out at 10:30 a.m. EDT.

The latest Federal Open Market Committee (FOMC) decision is due out at 2:00 p.m. EDT with a press conference at 2:30 p.m. EDT.

Geopolitical & Related

President Trump participates in a High Holy Days Call with Jewish Leaders at 12:30 p.m. EDT. Then lunches with the vice president.  Finally, the president will deliver remarks at National Republican Congressional Committee Battleground Dinner at the Capitol Hill Club at 7:00 p.m. EDT.

Investor Events & Conference Calls

AFL NTAP DT AJG  (Investor Day) ATEX LX  (Update) GOED (Webinar) CYDY VSTM (Conference Call) DG EXTR(Company Events)

Sellside Conferences: H.C. Wainwright Rodman Renshar Conference Call (9/14-9/16)  RBC Capital Markets Entertainment Conference (9/14-9/17) 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) UBS Global Renewables & Energy Transition Virtual Conference (9/15-9/16) Janney Utilities Conference (9/15-9/16) Credit Suisse Annual Asian Gaming Conference (9/15-9/16) Raymond James North American Conference (9/15-9/17) Cantor Fitzgerald Annual Global Healthcare Conference (9/15-9/17) Bank of America Global Healthcare Conference (9/15-9/18) Goldman Sachs Annual Communacopia Conference (9/15-9/17) Bank of America Global Real Estate Conference (9/15-9/16) Credit Suisse Global Basic Materials Conference (9/15-9/17) CL King Best Ideas Conference (9/16) Ladenburg Thalman Healthcare Conference (9/16/20) CIBC Annual Eastern Institutional Investor Conference (9/16-9/17) Wells Farfo Consumer Conference (9/16-9/17) Morgan Stanley Global Auto & Industrials Conference (9/16) Credit Suisse Oil & Gas Royalty Minerals Investor Day (9/16) Piper Sandler D.C. Community Bank Field Trip (9/16)

Industry Conferences: Precious Metals Conference (9/15-9/17).

M&A

Upgrades & Downgrades For Wednesday 9/16 – 

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.