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10.27.2020 11 new Morning Note posts under Morning Note (10) and General (1)

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"CAPIS Morning Note – 9/23/20 Holy Fed Speak!! Seven Federal Reserve Speakers Today"

posted by CAPIS on 09/23/2020 at 7:35 am

by CAPIS

09/23/2020 at 7:35 am

Comment- Today will have seven Federal Reserve speakers from the Federal Reserve Chairman to a Governor and then a myriad of Federal Reserve Regional Presidents. 

Covid-19 Update With Latest Data From Friday 

Total Cases 6,858,927

Recovered: 2,646,959

Deaths 192.741

Cases reported 48.794

Tests 765,511

Deaths 821

Hospitalizations 29,448

Capital Raises

IPOs Priced: Bentley Systems (BSY) priced at $22 a share above range of $17 to $19.. 

Secondaries Priced: NSA of note.

Notes Priced of note:  None of note.

Common Stock filings: WVE NSA   of note. Selling Shareholders of note:  UMRX

Mixed Shelf Offerings:  None of note.

Convertible Offering Files: ZGNX of note.

Senior Notes Filed: None of note.

Earnings After The Close:

Beats:

NKE +0.45, KBH +0.32, SCS +0.18 of note.

Misses:

SFIX (-0.27) of note.

Hourly Action–  Weak early and strong late this week. Last week the opposite. Updated 9/22 close.

News After The Close:

3M (MMM) working to sell its food safety division for $3.5 billion. (Bloomberg)

Beazer Homes (BZH) raises new orders for first two months of Q4 up 37%.

KKR may bid for 1-800 Contacts at a price of $3 billion.

Sysco (SYY) wins $800 million Defense Logistics Agency contract.

Pinterest (PINS) sets record for downloads after iOS 14 release. (Tech Crunch)

House Speaker Pelosi and Treasury Secretary Mnuchin agree on government funding bill to keep government going through 12/11.

House passes Spending Bill 359-57.

Raises Guidance: NKE

Lowers Guidance: 

Raises Dividend: HTA

Stock Repurchase: LULU 

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

S&P 500 +1 Dow Jones Industrial Average +128 NASDAQ -45  Russell 2000 +2.84. Fair values are lower. Asia higher Ex Japan  and Europe higher. VIX October futures are at 31.25 from 31.06 this morning. Current VIX is at 26.86 from 27.55.

Gold, silver and copper lower. WTI Crude Oil and Brent Oil Futures mixed. Natural Gas is higher. $ is higher vs Euro, higher vs Pound and higher vs Yen. US 10 year Treasury price is at $139.52 unchanged with yields at -0.679% from 0.669%.

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

Negative Sectors On Tuesday: Energy, Financials and Healthcare 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:  FUL CMTL of note.

Thursday Morning: ACN KMX FDS DRI JBL BB RAD of note.

Gap Up: ACET +26%, MNOV +21%, NKE +13%, ATHX +12%, CNTG +7%, JKS +5%, UAA +4%, FL +4%

Gap Down:  WVE -27%, ACB -16%, SFIX -14%, GMAB -13%, ZGNX -7%, TLRY -4%

Earnings This Morning Of Note

Beat:

JKS +0.45, GIS +0.18 of note.

Missed:

WOR (0.53) of note.

Still to Report: CTAS

Erlanger Research Advance/Decline Line Table–  Is the current low in place? 9/22 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 9/22 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: FDA to tighten vaccine standards; Sweden high death rate may be tied to mild flu season.(CNBC)

Johnson & Johnson (JNJ) enters late stage trial testing for Covid-19 vaccine. (CNBC)

Shopify (SHOP) notes that a “rogue” employee stole some customer data. (Endgadget)

United (UAL) to tap Treasury for loans. (Reuters)

Stock Index Trading

Current through 9/22 close. Deterioration continues with only break left are the 200 day moving averages.

Bold means a change from prior day.

Economic

Weekly API Petroleum Data was out after the close at 4:30 p.m. EDT.

MBA Mortgage Applications rose 6.8% week over week.

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

Geopolitical & Related

President Trump will deliver remarks in honor of the Bay of Pigs Veterans at 11:00 a.m. EDT and discusses with the State Attorney General on Protecting Consumers from Social Media Abuses at 3:00 p.m. EDT.

Federal Reserve Cleveland President Loretta Mester speaks at 9:00 a.m. EDT.

Federal Reserve Chairman Jerome Powell testifies before the Senate at 10:00 a.m. EDT.

Federal Reserve Vice Chairman Richard Clarida is interviewed on Bloomberg at 8:00 a.m. EDT.

Federal Reserve Chicago President Charles Evans to speak at 11:00 a.m. EDT.

Federal Reserve President Boston Eric Rosengren speaks at 1:00 p.m. EDT as does Federal Reserve Atlanta President Raphael Bostic.

The U.S. Treasury auctions $53 billion of 5 year Treasury Notes at 1:00 p.m. EDT.

Federal Reserve Governor Randall Quarles speaks at 2:00 p.m. EDT.

Investor Events & Conference Calls

INTU ICL (Investor Day)   (Webcast) LCTX (Fireside Chat) CRDF (Conference Call)

Sellside Conferences: Oppenheimer Fall Virtual Healthcare Life Sciences & MedTech Summit (9/21-9/23) Stephens Annual Bank CEO Conference (9/21-9/24)  D.A. Davidson Annual Diversified Industrials and Services Conference (9/22-9/23) Bank of America Annual Financials CEO Conference (9/22-9/24) BMO Digitial Banking Summit (9/22-9/23) RBC Capital Markets The E&C Perspective: The Road To Recovery Post COVID-19 (9/22)  JP Morgan Emerging Markets Credit Conference (9/22-9/24) Credit Suisse China Autos Corporate Day (9/22-9/23) Sidotti  Small Cap Fall Investor Conference (9/23-9/24) Bernstein Annual; Pan European Strategic Decisions Virtual Conference 2020 (9/23-9/24)

Industry Conferences: Denver Gold Annual Forum (9/20-9/23) SEMICON Taiwan (9/23-9/25)

M&A

People’s United Financials (PBCT) to sell People’s United Insurance Agency to AssurePartners for $120 million.

Upgrades & Downgrades For Tuesday 9/22 

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.