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"CAPIS Morning Note – 12/23/20: President Trump Throws Water On Latest Stimulus Bill, May Veto"

posted by CAPIS on 12/23/2020 at 7:48 am

by CAPIS

12/23/2020 at 7:48 am

There will be no production tomorrow as it is Christmas Eve and a shortened trading session with markets closing at 1:00 p.m. EST. Merry Christmas and Happy Hanukkah!! We will be back next Monday.

Covid-19 Statistics: 

Total Cases 18,016,698 from 17,828,084

Deaths 314,099 from 310,968

New Tests 1,688,785 from 2,076,374

New Cases 188,614 from 178,191 with positivity rate of 11.1% (up 2.6)

Daily Deaths 3,131

Current Hospitalizations 117,777 from 115,351

Capital Raises:

IPOs Priced: GBS priced at $17.00 a share.

Secondaries Priced:   None of note.

Notes Priced of note: None of note.

Common Stock filings: None of note.

Selling Shareholders of note: None of note.

Mixed Shelf Offerings:  CLDT of note.

Convertible Offering Files:  None of note.

Senior Notes Filed: None of note.

Earnings Out After The Close:

Beats: none

Flat:  none

Misses: none

News After The Close (sorted by time starting at the close):

Churchill Downs (CHDN) names Mike Anderson as President of Churchill Downs Racetrack.

SEC charges cryptocurrency Ripple and two executives with holding a $1.3 billion unregistered offering.

Polaris (PII) names Michael Speetzen as interim CEO and Bob Mack as interim CFO.

Pfizer (PFE) may provide tens of millions more units of Covid-19 vaccine in 2021 per the Trump administration.

President Trump pardons 15 including some from the Mueller probe.

AT&T (T) agree on one year extension for mobility workers.

Israeli Parliament dissolves, fourth election to be held in two years.

Great interview with Bill Gurley of Benchmark saying IPOs are dead. (CNBC)

President Trump tweets then speaks that wants $2,000 per person not $600. Calls out pork in the bill. Veto ahead?

Dividend Increase:  

Raises Guidance: 

Lowers Guidance: 

Stock Buyback New Or Increase:

What’s Happening This Morning: Futures value reflects the change with fair value. We will still indicate the fair value direction. Futures plummeted from 2:00 a.m. to 6:00 a.m EST  over 100 points on the S&P 500.

S&P 500 +9   Dow Jones Industrial Average +78   NASDAQ +10    Russell 2000 +7.50 . Fair values are higher ex the Russell 2000. Asia and Europe higher. VIX is at 25.20 from 25.16 this morning in futures. VIX closed at 24.23 from 25.75 and the three month futures at 27.25 from 28.25.

Gold and silver lower with copper higher. WTI Crude Oil and Brent Oil Futures higher. Natural Gas is lower. $ is lower vs Euro, lower vs Pound and lower vs Yen. US 10 year Treasury price is at $137.98 from $137.84 with the yield at from 0.91%.

Positive Sectors On Tuesday: Technology, Real Estate and Utilities of note.

Negative Sectors On Tuesday: Energy, Materials and Communication Services 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: none of note.

Thursday Before the Open: none of note.

Earnings This Morning Of Note:

Beats: none

Flat:  none

Misses: none

Still to Report: PAYX

Erlanger Research Advance/Decline Chart –  Updated 12/22 Close.

Gap Ups & Down In Early Pre-Market:

Gap Up:

SUPN +24%, MGNI +17%, OCN +10%, SRNE +8%, DQ +5%

Gap Down:

VYGR -15%, SPPI -10%

Rags & Mags: Highlighted Stories may be clicked through to the original story. 

Stocks Making The Biggest Moves – CLDR SUPN    (CNBC)

5 things to know before the market opens. (CNBC)

Biggest analyst calls of the day – PENN PTON QCOM  . (CNBC Pro)

Pfizer (PFE) and BioNTech (BNTX) to provide U.S. with additional 100 million doses. (CNBC)

President Trump on war path over Stimulus Bill as unacceptable. (CNBC)

Department of Homeland Security issues China security warning to U.S. businesses. (Axios)

France reopens border to UK for travelers who test negative for Covid-19. (FT)

Telsa (TSLA) CEO Elon Musk says he reached out to Apple (AAPL) CEO Tim Cook in “darkest days of Model 3”. Cook refused to take call. (CNBC)

Sorrento Therapeutics (SRNE) submits EUA to the FDA for its rapid test to detect Covid-19 antigen.

Amazon (AMZN) workers in Alabama may form union. (NYT)

Apple (AAPL) removing thousands of electronic games for China app store amid Chinese pressure. (WSJ)

Stock Index Trading:

Current through 12/22 close. Overall confidence moves from 83% to 87%.

Bold means a change from prior day.

Economic:

November Personal Income is due out at 8:30 a.m. EST and is expected to fall to -0.2% from 0.50%. Came in at -1.1%.

November Durable Goods are due out at 8:30 a.m. EST and is expected to fall to 0.7% from 1.3%. Came in at 0.9%.

Weekly Jobless Claims are due out today at 8:30 a.m. EST. Came in at 803,000 against expectations of 860,000.

November Home Sales are due out at 10:00 a.m. EST and is expected to fall to 990,000 from 999,000.

December University of Michigan Consumer Sentiment Final is due out at 10:00 a.m. EST and is expected to fall to 80.5 from 81.4.

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

Weekly Natural Gas Inventories are due out at 12:00 p.m. EST.

Geopolitical & Related:

The President and The First Lady arrive at Mar-a-Lago 6:55 p.m. EST as they celebrate Christmas in Florida.

Investor Meetings & Conferences of Note:

None of note.

Sellside Conferences: None of note.

Industry Conferences: None of note.

M&A Activity:

Upgrades & Downgrades This Morning: A very quiet day. 

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.