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10.28.2020 12 new Morning Note posts under Morning Note (10) and General (2)

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Morning Note

"CAPIS Morning Note – 9/17/20 Futures Drop On Further Analysis of Fed Action & Vaccine Conflicts"

posted by CAPIS on 09/16/2020 at 8:27 pm

by CAPIS

09/16/2020 at 8:27 pm

Covid-19 Update With Latest Data From Monday 

Total Cases 6,597,783 from 6,557,762

Recovered: 2,525,573 from 2,495,127

Deaths 188,802 from 187,600

Cases reported 40,021 from 35,445

Tests 671,243 from 679,505

Deaths 1,202 from 1,031

Hospitalizations 30,278 from 30,327

source COVID tracking project

Capital Raises

IPOs Priced: Trillium Therapeutics (TRIL) priced at $13. Dyne Therapeutics (DYN) priced at $19 above $16 to $18 range. Amwell (AMWL) priced at $18 above range of $14 to $16. Sumo Logic (SUMO) priced at $22 above range of $17 to $21.

Secondaries Priced:  ETNB SBBP NCNA of note.

Notes Priced of note:  None of note.

Common Stock filings: NCNA SBBP CHWY of note. Selling Shareholders FSLA KRNT PPD FRTA.

Mixed Shelf Offerings: ALRS CHWY FRGI of note.

Convertible Offering Files: CDLX of note.

Senior Notes Filed: None of note.

Earnings After The Close:

Beats:

MLHR +0.94  of note.

Misses:

None of note.

Hourly Action – More hours are negative with the corrective action last week and so far this week. Udpated 9/15 close.

News After The Close:

President Trump and CDC Director Robert Redfield are conflicted on a vaccine and mask use. (The Washington Post)

FICO to reduce workforce by 3.5%.

Northrop Grumman (NOC) wins $300 million Air Force contract.

Dividend Increase: INGR

Reinstates Buybacks: VTOL

Guides Higher: 

Stock Split:

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

S&P 500 -46 Dow Jones Industrial Average -294  NASDAQ -229 Russell 2000 -14 . Fair values are lower. Asia  and Europe lower. VIX October futures are at 31.35 from 30.65 this morning. Current VIX is at 28.65 from 25.59.

Gold, silver and copper lower. WTI Crude Oil and Brent Oil Futures higher. Natural Gas is lower. $ is lower vs Euro, higher vs Pound and lower vs Yen. US 10 year Treasury price is at $139.56 from $139.63 with yields at 0.661%.

Positive Sectors On Wednesday: Energy, Real Estate and Industrials of note.

Negative Sectors On Wednesday: Technology, Communication Services and Consumer Cyclicals of note.

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

Three Month Winners: Consumer Cyclicals, Materials and Technology of note.

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

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

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

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

Today After The Close:  SCHL of note.

Friday Morning: None of note.

Gap Up:

SRNE +24%, MLHR +16%, JOBS +15%, GNCA +10%, KNL +10%, APOG +8%, SCS +6%, CKPT +6%, GTH +4%

Gap Down: 

SBBP -18%, NCNA -12%, FSLR -7%, CLVS -6%, CHWY -4%, ETNB -4%, CCL -4%

Earnings This Morning Of Note

Beat:

APOG +0.34, CMD +0.25 of note.

Missed:

 None of note.

Erlanger Research Advance/Decline Line Chart – The back and forth for positive and negative breadth continues. Yesterday was a decent day despite the drop from 2:30 onward, 9/16 close.

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 9/16 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: Targeted lockdowns return to Europe, BioNTech buys production facility. (CNBC)

President Trump wants the $1.5 billion stimulus while House Speaker Pelosi and Republican Senator John Thune (SD) fight it. (Bloomberg)

President Trump not ready to sign off on Oracle (ORCL) TikTok deal. (CNBC)

President Trump does not believe the country can get a fair election in an early morning Tweet. (Twitter)

Bank of England concerned about outlook and looks to negative interest rates. (CNBC)

Democratic Candidate Joe Biden says he will not trust President Trump on vaccine data. (NYT)

Southwest Airlines (LUV) grounds 130 Boeing (BA) 737-800 airplanes over weight data. (Reuters)

Moderna (MRNA) to know if vaccine works come mid November. (CNBC)

Stock Index Trading

Current through 9/16 close. There was some improvement and deterioration, a bit of a head scratcher.

Bold means a change from prior day.

Economic

Weekly Jobless Claims are due out at 8:30 a.m. EDT. Came in at 860,000.

August Housing Starts are due out at 8:30 a.m. EDT and is expected to fall to 1,489,000 from 1,496,000. Came in at 1.47 million.

September Philadelphia Fed Index is due out at 8:30 a.m. EDT and is expected to fall to 13 from 17.20.

Weekly Natural Gas Inventories are due out at 10:30 a.m. EDT.

Geopolitical & Related

President Trump participates in a credentialing ceremony for newly appointed ambassadors in the Oval Office then delivers comments at the White House Conference on American History at 2:30 p.m., EDT. Finally, the president heads to Mosinee, WI to hold a Great American Comeback Event at 9:00 p.m. EDT.

Investor Events & Conference Calls

MRNA (Investor Day)  (Update)  (Webinar) (Conference Call) (Company Events)

Sellside Conferences: RBC Capital Markets Entertainment Conference (9/14-9/17) Morgan Stanley Healthcare Conference (9/14-9/18) Credit Suisse Global Basic Materials Conference (9/13-9/17) 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) Credit Suisse Global Basic Materials Conference (9/15-9/17)  CIBC Annual Eastern Institutional Investor Conference (9/16-9/17) Wells Fargo Consumer Conference (9/16-9/17)

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

M&A

Upgrades & Downgrades For Thursday 9/17 – 

About the Author

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