Market Tone: Lots of back and forth the last couple of weeks after the initial bounce off the September lows followed by October weakness into month’s end. Trend is higher however.
Covid-19 Statistics: Recovered stats no longer tracked as only 37 reporting this statistic.
Total Cases 13,188,777 from 13,054,593
Deaths 257,920 from 257,119
New Tests 1,277,179 from 1,698,332
New Cases 134,184 from 153,447 with positivity rate +10.5% (down 0.3)
Daily Deaths 801
Current Hospitalizations 93,219 from 91,635
Secondaries Priced: NNDM of note.
Notes Priced of note: None of note.
Common Stock filings: None of note.
Selling Shareholders of note: ELAN of note.
Mixed Shelf Offerings: None of note.
Convertible Offering Files: None of note.
Senior Notes Filed: None of note.
Earnings Out After The Close:
Beats: None of note.
Flat: None of note.
Misses: None of note.
News After The Close:
Barron’s is + on F AZEK RGS TSLA.
Black Friday online shopping was up 22% while store shopping was down 50%.
New York City announced they would reopen schools on 12/7.
Trump administration seeks to add SMIC and CNOOC to Chinese blacklist.
Stock Buyback New Or Increase:
Hourly Action: Last only three hours were positive. Close 11/23.
What’s Happening This Morning: Futures value reflects the change with fair value. We will still indicate the fair value direction.
S&P 500 -11 Dow Jones Industrial Average -158 NASDAQ +14 Russell 2000 -9.60. Fair values are lower. Asia lower and Europe mixed. VIX is at 22.93 from 23.85 this morning in futures. VIX closed at 20.84 from 21.25 and the three month futures at 24.43 from 24.42.
Gold and silver lower with copper higher. WTI Crude Oil lower and Brent Oil Futures lower. Natural Gas is higher. $ is lower vs Euro, lower vs Pound and higher vs Yen. US 10 year Treasury price is at$138.08 from $138.44 with the yield at 0.855% from 0.878%.
Positive Sectors On Friday: Healthcare, Communication and Technology of note.
Negative Sectors On Friday: Utilities, Energy and Financials of note.
One Month Winners: Energy, Financials Real Estate and Industrials of note.
Three Month Winners: Industrials, Communication Services, Utilities and Financials of note.
Six Month Winners: Consumer Cyclical, Industrials, Technology and Materials of note.
Twelve Month Winners: Technology, Consumer Cyclical, Communication Services and Healthcare of note.
Year to Date: Technology, Consumer Cyclical, 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: ZM of note.
Tuesday Before the Open: BNS, BMO, MOMO, GES of note.
Earnings This Morning Of Note:
Beats: ADNT +0.56, ATHM +0.11
Misses: None of note.
Erlanger Research Advance/Decline Chart – Updated 11/27 Close.
Gap Ups & Down In Early Pre-Market:
CAAS +24%, MCF +8%, INFO +7%, MRNA +6%
NNDM -12%, NVAX -5%, BP -3%
Rags & Mags: Highlighted Stories may be clicked through to the original story.
House to vote on bill to restriction Chinese companies on listed stock exchanges. Congress needs to pass government spending bill by next Friday. Trump threatens veto of defense spending bill. (Bloomberg)
Dr. Fauci on 60 Minutes noted a “surge upon surge” of Covid-19 before Christmas. (60 Minutes and ABC News)
Shopify (SHOP) sees Black Friday sales up 75%.
Novavax (NVAX) trial in U.S. and Mexico for Covid-19 delayed for a second time.
Dr. Scott Gottlieb sees similar increase in cases to Dr. Fauci after Thanksgiving. (CNBC)
Nikola (NKLA) signs a Memorandum of Understanding (MOU) with General Motors (GM).
Stock Index Trading:
Current through 11/27 close. Overall confidence is at 100%.
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 11/23 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. Volatility cannot end until the EVL Range becomes normal again, i.e. no blue highlighting.
November Chicago PMI is due out at 9:45 a.m. EST and is expected to come in at 58.1% from 61.1%.
October Pending Home Sales is due out at 10:00 a.m. EST and is expected to come in at 1.0% from -2.2%.
Geopolitical & Related:
President Trump will have lunch with the Vice President at 12:00 p.m. EST.
Investor Meetings & Conferences of Note:
NTR SMCI NJR NVRO DPZ (Investor Day) IFNNY MU (Update)
Sellside Conferences: Goldman Sachs Industrial Conference (11/30-12/2) Bank of America Virtual Leveraged Finance Conference (11/30 -12/2) Credit Suisse Technology Conference (11/30-12/3) Citi Basic Materials Conference (11/30-12/2)
Industry Conferences: Greater New York Dental Meeting (11/27-12/2)
S&P Global and IHS Markit (INFO) to merge in all stock deal with valuation at $44 billion.
Blackstone (BX) buys DCI who has $7.5 billion in assets under management.
None of note.
Upgrades & Downgrades: A busy day for both upgrades and downgrades.