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. Since 11/4 close, the S&P has not rallied for more than two days before some selling and the longest losing streak is two days, yet the S&P 500 has gained almost 150 points since then.
Due to Google outage we are limited in our charts for today. They will be back tomorrow.
Total Cases 16,143,319 from 15,956,435
Deaths 291,017 from 289,535
New Tests 1,750,082 from 1,906,655
New Cases 186,884 from 223,365 with positivity rate of 10.6% (down 0.4)
Daily Deaths 1,482
Current Hospitalizations 109,331 from 108,487
IPOs Priced: None of note.
Secondaries Priced: NIO of note.
Notes Priced of note: None of note.
Common Stock filings: None of note.
Selling Shareholders of note: SALT of note.
Mixed Shelf Offerings: WBS NLTX CMT SALT CERS MARA of note.
Convertible Offering Files: None of note.
Senior Notes Filed: None of note.
Earnings Out After The Close:
News After The Close (sorted by time starting at the close):
KKR buys a portfolio of 9.7 million square feet of industrial real estate properties for $835 million.
Government buys additional 100 million doses of their Covid-19 vaccine from Moderna (MRNA).
Oracle (ORCL) is moving to Austin, Texas from Silicon Valley. Hewlett Packard made a similar announcement a couple weeks ago.
Wells Fargo (WFC) may sell its student loan portfolio to APO and BX. (Bloomberg)
Lockheed Martin (LMT) wins a $900 million U.S. Air Force contract supporting the F-16.
FDA approved Pfizer (PFE) and BioNTech (BNTX) vaccine for EAU.
Senate passed a stopgap funding to keep the government open this week. A much longer bill will be passed this week.
The Senate also approved the bipartisan Defense Bill.
Judges in Wisconsin and Michigan rejected the last of Trump’s attempts to change the election outcome.
Barron’s + on MCY SBUX DIS and +/- on XPEV LIO NIO NTES JD BIDU (Chinese stocks)
Stock Buyback New Or Increase: FIX
What’s Happening This Morning: Futures value reflects the change with fair value. We will still indicate the fair value direction.
S&P 500 +25 Dow Jones Industrial Average +230 NASDAQ +49 Russell 2000 +30 . Fair values are mixed to lower. Asia mixed and Europe higher. VIX is at 25.25 from 24.39 this morning in futures. VIX closed at 23.21 from 22.37 and the three month futures at 26.05 from 25.05.
Gold and silver lower with copper higher. WTI Crude Oil and Brent Oil Futures higher. Natural Gas is higher. $ is lower vs Euro, lower vs Pound and lower vs Yen. US 10 year Treasury price is at $137.85 from $138.05 with the yield at 0.921% from 0.893%.
Positive Sectors On Friday: Communication Services, Industrials and Utilities of note.
Negative Sectors On Friday: Financials, Energy and Consumer Cyclicals 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: EZPW of note.
Tuesday Before the Open: none of note.
Earnings This Morning Of Note:
Erlanger Research Advance/Decline Chart – Updated 12/11 Close. Friday struggles will not continue today.
Gap Ups & Down In Early Pre-Market:
ALXN +32%, MARA +13%, PS +6%, AMRN +5%
ARPO -43%, AZN -6%, SALT -5%
Rags & Mags: Highlighted Stories may be clicked through to the original story.
Biggest analyst calls of the day. (CNBC Pro)
NASDAQ 100 Changes – In AEP MRVL MTCH OKTA PTON TEAM and Out BMRN CTXS EXPE LBTYA TTWO ULTA.
Stimulus negotiations continue. (Politico)
Germany starts a hard lockdown on Wednesday. (Bloomberg)
Pfizer (PFE) begins distribution of their vaccine. (WSJ)
Bold means a change from prior day.
Releases of note this week include the weekly chain store sales, oil/gas numbers, mortgage applications and jobless claims as well as Empire State Manufacturing, Industrial Production, Retail Sales, NAHB Housing Index, Housing Starts, Philadelphia Fed Index and Leading Indicators.
No releases are up today.
Geopolitical & Related:
President Trump has lunch with the Vice President – Private Dining Room 12:30pm
He then signs an executive order on increasing economic and geographic mobility – Oval Office 2:30 p.m. EST
Investor Meetings & Conferences of Note:
AEIS PHAT TT PLAB AQN (Investor Day) ABBV (Update) CBIO (R&D Day)
Sellside Conferences: Cowen Virtual Networking and Cyber Security Conference (12/14-12/15)
Industry Conferences: SEMICON Japan (12/11-12/18) LD Micro Main Event Conference (12/14-12/15)
AstraZeneca (AZN) to buy Alexion Pharmaceuticals (ALXN) for $39 million or $175 a share.
Pluralsight (PS) to be bought by Vista Equity for $20.26 per share of $3.5 billion.
Huntington Banc (HBAN) to buy TCT Financial in all stock deal.
Electronic Arts (EA) to buy Codemasters Group Holdings for $1.2 billion.