Earnings Out After The Close:
Beats: GES +0.61, SPWH +0.31, RIOT +0.24, VRNT +0.17, PLAY +0.14, FBIO +0.12, MAG +0.12, CSSE +0.07, MU +0.03
Flat: NG +0.00
Misses: IDXG (0.68), TENX (0.42), FUV (0.07), NCNO (0.01), MARK (0.01), RMTI (0.01)
IPO News: Endeavor Group (EDR) files for IPO. Frontier Airlines (ULCC) begins to trade today. Priced at $19.
Secondaries Priced: AMTI BOMN CTIC TLS
Common Stock Offering: TLS ATEC CTIC
Common Stock Offering By Selling Shareholders: TLS
Mixed Shelf filed: TTOO SFNC NH of note.
News After The Close:
QuantumScape (QS) hits technical milestone to get an additional $100 million investment by Volkswagen (VWAGY).
Camping World (CWH) to buy Hilltop RV Superstore, no terms.
Wingstop (WING) announces that Q1 sales rise +20.7%.
fuboTV (FUBO) announces carriage agreement with Marque Sports Network.
American Airlines (AAL) repays $2.8 billion in revolving loans under three credit facilities.
Boeing (BA) wins $1.6 billion Navy contract.
President Biden announced the Infrastructure Plan after the close.
Raises Guidance: MU PLAY
Dividend Increase: GBCI EGBN WSO
Stock Buyback: MEI
What’s Happening This Morning:
S&P 500 +20 Dow Jones Industrial Average +74 NASDAQ +167 Russell 2000 +19 Fair values are mixed. Asia and Europe higher. VIX is at 20.05 this morning in futures. VIX closed at 19.40.
Gold, silver and copper lower. WTI Crude Oil and Brent Oil Futures higher. Natural Gas is higher. $ is lower vs Euro, lower vs Pound and higher vs Yen. US 10 year Treasury price is at $131.09 with the yield at 1.714%. Bitcoin $58501.63 @ $-654 -1.11%.
Positive Sectors On Wednesday: Technology, Healthcare and Consumer Cyclical.
Negative Sectors On Wednesday: Financials, Energy and Real Estate of note.
One Month Winners: Utilities, Industrials and Consumer Defensive of note.
Three Month Winners: Energy, Materials, Industrials and Financials of note.
Six Month Winners: Energy, Financials, Industrials and Materials of note.
Twelve Month Winners: Consumer Cyclical, Technology and Materials of note.
Year to Date: Energy, Communication Services, Financials and Industrials of note.
Still to Report: none
Erlanger Research Advance/Decline Chart: There was improvement yesterday.
Gap Up: EQQS +21% QS +14% GES +7% CAMT +6% NIO +6% FUBO +5% WING +3% MU +2%
Gap Down: TLS -12% CTIC -10% EBS -10% XL -10% BOMN -9% NCNO -4% VRNT -3%
Rags & Mags:
OPEC to hold a virtual meeting. (CNBC)
Taiwan Semi (TSM) to expand production due to chip demand. (Bloomberg)
Bristol Myers (BMY) in a $1.4 billion dispute with the IRS. (NYT)
Abbott Labs (ABT) and Quidel (QDEL) gets EUA for QuickVue At- Home OTC Covid-19 Test.
The President and The Vice President receive the President’s Daily Brief, Oval Office, 10:15 a.m. EDT
Press Briefing by Press Secretary Jen Psaki, James S. Brady Press Briefing Room, 12:00 p.m. EDT
The President has lunch with The Vice President, Private Dining Room, 12:15 p.m. EDT
The President holds a Cabinet Meeting; The Vice President also attends, East Room, 1:15 p.m. EDT
Weekly Jobless Claims are due out at 8:30 a.m. EDT.
March ISM Manufacturing Index is due out at 10:00 a.m. EDT and is expected to improve to 61.20% from 60.8%.
February Construction Spending is due out 10:00 a.m. EDT and is expected to fall to -0.9% from 1.7%.
Weekly Natural Gas Inventories are due out at 10:30 a.m. EDT.
Conferences & Meetings:
ELOX (Conference Call)
Micron (MU) and Western Digital (WDC) looking to bid for Kioxa Holdings. (WSJ)