Of Note: Today is Veteran’s Day. Make sure to thank those that serve and keep us safe and out of harm’s way.
Market Tone: Lots of back and forth the last couple of weeks after the initial bounce off the September lows. Expect volatility to continue post election as the President refuses to “bend the knee”. Stocks, ex the NASDAQ Composite, ripped on Monday before dropping into the close. Yesterday was a mixed day.
Total Cases 10,122,811 from 9,991,822
Recovered 3,961,873 from 3,928,845
Deaths 231,659 from 230,312
Tests 1,237,365 from 1,482,184
New Cases 130,989 from 118,708 with positivity rate +9% (up 0.4%)
Daily Deaths 1,347
Current Hospitalizations 61,964 from 59,275
Secondaries Priced: None of note.
Notes Priced of note: None of note.
Common Stock filings: PACB ABR ORIC BIGC ACB KROS BSY CMBM EPD ORGO of note.
Selling Shareholders of note: PACB BSY CMBM of note.
Mixed Shelf Offerings: CSWI VIEW VIR PHAT XGN of note.
Convertible Offering Files: ESPR CABA of note.
Senior Notes Filed: None of note.
Earnings Out After The Close on Yesterday:
FICO +0.93, ASH +0.50, SANM +0.32, GO +0.27, COHR +0.21, FOXF +0.20, ALC +0.16, RKT +0.12, BRKS +0.11, TME +0.10, APG +0.09, KRNT +0.09, HCAT +0.06, MODN +0.05, DOX +0.04, ONEM +0.04, DDOG +0.04, PRSP +0.03, ADPT +0.01, LMND +0.01, LYFT +0.01, PRPL +0.01, RXT +0.01 of note.
CVET (0.51), TXG (0.34), PLMR (0.06), SILK (0.01) of note.
News After The Close:
Becton Dickinson (BDX) gets approval in Canada for rapid point of care antigen for Covid-19.
Lyft (LYFT) sees active riders up 44%.
Datadog (DDOG) extends partnership wit Google Cloud (GOOGL) into new areas.
Boeing (BA) wins $9.8 billion Air Force contract.
Guidance Raised: RXT SANM BRKS FOXF HCAT ONEM PRPL
Guidance Lowered: MODN EGAN
Dividend Increase: SBSI
Reinstates Or Initiates Buybacks:
What’s Happening This Morning: Futures value reflects the change with fair value. We will still indicate the fair value direction.
S&P 500 +24 Dow Jones Industrial Average +150 NASDAQ +118 Russell 2000 +8. Fair values are lower. Asia mixed and Europe higher. Current VIX is at 24.80 from 25.75. 3 month VIX Future is at 26.49 from 26.88.
Gold, silver and copper lower. WTI Crude Oil and Brent Oil Futures higher. Natural Gas is lower. $ is higher vs Euro, higher vs Pound and higher vs Yen. US 10 year Treasury price is a $137.53 from $137.66 with the yield at 0.90% from 0.942%.
Positive Sectors On Tuesday: Energy, Consumer Defensive, Utilities and Industrials of note.
Negative Sectors On Tuesday: Consumer Cyclical, Technology and Communication Services of note.
One Month Winners: Utilities, Real Estate, Industrials and Materials of note.
Three Month Winners: Industrials, Consumer Cyclicals, Technology and Real Estate of note.
Six Month Winners: Consumer Cyclical, Technology, Materials and Industrials of note.
Twelve Month Winners: Technology, Consumer Cyclical and Healthcare of note.
Year to Date: Consumer Cyclical, Technology, Communication Services, Healthcare and Materials of note.
Upcoming Earnings Of: (sorted by market cap, highest to lowest with most visible names)
Today After The Close: MFC IMMU TCOM ATO REYN TTEK VRM CCMP ENS HI RVLV SPTN of note.
Thursday Before The Open: PDD BAM TDG GDRX NICE WIX ATHM CCL WB SSRM DAVA MSGS SDGR ENR of note.
Earnings This Morning Of Note:
DOYU +0.14, HUYA +0.09, GIB +0.05 of note.
APD (0.02) of note.
Still To Report:
Erlanger Research Advance/Decline Chart – Updated 11/10 Close.
Gap Ups & Down In Early Pre-Market:
FPRX +284%, FUBO +29%, LPRO +10%, IVA +10%, ONEM +9%, MESO +6%, FICO +6%, KRNT +6%, LYFT +5%, TDOC +5%, TLSA +5%, DOYU +4%, SANM +4%, ADPT +4%, ASH +4%, TME +4%
EGAN -21%, MODN -16%, ACB -14%, VIE -14%, ORIC -9%, ORGO -9%, DDOG -9%, ESPR -8%, SILK -7%, ABR -4%
Rags & Mags: Highlighted Stories may be clicked through to the original story.
Covid-19 continue to see cases hit new high since July.
China proposes new antitrust rules against U.S. and Chinese tech giants. (Financial Times)
Stock Index Trading & Key Moving Averages:
Current through 11/10 close. The NASDAQ 100 broke its 5 day moving average.
Bold means a change from prior day.
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 11/10 close. The Erlanger Value Line are available in Bloomberg and eSignal. Simply visit the Bloomberg App store at APP(GO) then find Erlanger Research and setup a trial. The correction cannot end until the EVL Range becomes normal again, i.e. no blue highlighting.
The latest NYSE and NASDAQ Short Interest Data is out saw NYSE drop -0.66% and NASDAQ rose 0.22%.
Weekly API Petroleum Institute Data is out and saw a crude oil draw of 5.5 million barrels and gasoline fell 3.3 million barrels.
MBA Mortgage Applications fell -0.5%.
Geopolitical & Related:
President Trump will make a visit to Arlington National Cemetery for Veteran’s Day as he lays a wreath to honor the veterans.
The U.S. Bond Market is closed for Veteran’s Day.
Meetings Of Note:
GRIF ONCS (Investor Meeting) VZ (Analyst Meeting) FSTR (Research Call) ACCO (Update)
Sellside Conferences: Credit Suisse Healthcare Conference (11/9-11/12) Baird Global Industrial Conference (11/10-11/12) Bank of America Merrill Lynch Global Energy Conference (11/10-11/12) Wolfe Research Industrials Conference (11/10-11/16) Morgan Stanley Global Chemicals, Agriculture and Packaging Conference (11/10-11/11) Morgan Stanley Life After Covid Thematic Conference (11/10-11/12) Roth Technology Conference (11/11-11/12) Stifel Midwest One on One Growth Conference (11/11-11/12) Goldman Sachs Global Natural Resources Conference (11/11)
Recommendations By Sellside Firms: Upgrades and Downgrades From Today