Breaking News: Must see TV, make sure to watch CNBC interview with Stanley Drukenmiller.
Fun Fact: Five of Tesla’s (TSLA) Electronic Vehicle competitors bought ad time on Saturday Night Live. (Robinhood)
Not A Fun Fact: Stocks are set to continue their free fall from Monday at 2:00 p.m. EDT
Earnings Of Note After The Close:
Beats: BHF +2.57, NVAX +0.75, VOYA +0.73, ELY +0.57, NNI +0.57, JCOM +0.52, NLS +0.49, IPAR +0.47, OXY +0.33, EVBG +0.29, STAY +0.28, GBDC +0.26, SCSC +0.26, HLIO +0.25, SPG +0.22, AEE +0.18, DDD +0.15, SUM +0.13, G +0.11, BRKS +0.10, CPSI +0.10, MODN +0.09, IFF +0.06, MRVI +0.06, HALO +0.05, RCKT +0.04, ACM +0.03, NUAN +0.03, SWCH +0.03, TREX +0.03, NLOK +0.02, RXT +0.02, MGNI +0.02, CSTL +0.02, RPAY +0.02, RBA +0.02, EGHT +0.01
Flat: SAIL +0.00
Misses: CNNE (2.40), HHC (1.80), AFRM (0.80), RBLX (0.59), NHI (0.57), WYNN (0.43), SPCE (0.27), SWAV (0.20), NSTG (0.15), OSH (0.10), FGEN (0.09), WES (0.09), INO (0.07), NCMI (0.07), SEER (0.07), OMER (0.07), SDC (0.04), VLDR (0.02), VUZI (0.02), FOE (0.01), REAL (0.01), MESA (0.01)
IPOs Priced or News:
New SPACs launched:
Secondaries Priced: KREF INSM LXP of note.
Notes Priced of note: EQT LCII INSM of note.
Common Stock filings: ALLK BRT GLAD JELD KPD PXD 0f note.
Selling Shareholders of note: IR of note.
Private Placement of Public Entity (PIPE): SPH
Mixed Shelf Offerings: CLNE CNO NEON of note.
Convertible Offering & Notes Filed: ON of note.
Note Offerings Filed: None of note.
Capital Raise Summary From The TradeXchange, bringing traders and investors real time news and Squawk Box, and other sources.
News After The Close:
Futu Holdings (FUTU) to invest $400 million for U.S. expansion.
Plug Power (PLUG) delays its 10-Q.
Novavax (NVAX) delays production timeline to Q3. (Reuters)
Cathie Wood’s Ark Mgmt Fund continued to plunge. (Bloomberg)
Brooks Automation (BRKS) to divide into two companies.
FDA authorized EUA to Pfizer (PFE) for ages 12 to 16. (MarketWatch)
Colonial Pipeline’s Line 4 started to flow fuel late Monday. (Fox)
After Market Hours: DDD +15%, NLS +11%, BRKS +10% and RXT -15% RCKT -13% NVAX -11% SPCE -10% SAIL -8%
Raises Guidance: BRKS
Buyback Announcements: PGR
What’s Happening This Morning: Futures value reflects the change with fair value. We will still indicate the fair value direction.
S&P 500 -50 Dow Jones Industrial Average -262 NASDAQ -252 Russell 2000 -56 Fair values are higher except for the Russell 2000. Asia mixed and Europe lower. VIX is at 20.60 from 18.33 this morning in futures. VIX closed at $19.66 from $16.69.
Gold, silver and copper higher. WTI Crude Oil and Brent Oil Futures lower. Natural Gas is lower. $ is lower vs Euro, higher vs Pound and lower vs Yen. US 10 year Treasury price is at $132.56 from $132.18 with the yield at 1.604% from1.58%. Bitcoin$55088 from $57,799 and this morning at $-1169 and -2.08%.
Monday’s Action – 5/10. Equity indexes were positive.
Positive Sectors On Monday: Utilities and Consumer Defensive.
Negative Sectors On Monday: Technology, Consumer Cyclical and Communication Services of note.
One Month Winners: Energy, Financials and Communication Services of note.
Three Month Winners: Materials, Industrials and Financials of note.
Six Month Winners: Energy, Financials and Materials of note.
Twelve Month Winners: Consumer Cyclical, Technology and Materials of note.
Year to Date: Energy, Communication Services, Financials and Materials of note.
Upcoming Earnings Of: (sorted by market cap, highest to lowest with most visible names)
Today After the Close: EA, U, QS, OPEN, DAR, KGC, COHR, LMND, NARI, SLQT of note.
Wednesday Before the Open: WIX, DT, LITE, WEN, BEAM, APG, WWW, TSEM, DOYU, DFH of note.
Earnings This Morning Of Note:
Beats: IGT +0.39, IMOS +0.24, NOVT +0.19, SDGR +0.18, HBI +0.13, ARMK +0.10, KRNT +0.10, BSY +0.05, MIME +0.05, TDG +0.04, MAC +0.01
Flat: PLTR +0.00
Misses: PRGO (0.07), BLI (0.02)
Still to Report: PLTK
Below is the list of insider buys from yesterday and this morning. AAT and EXTN are moderately shorted with shorts present in those names. In one case they are making money and in the other losing. Updated 5/11.
Erlanger Research Advance/Decline Chart/Table –Updated through 5/10.
Gap Ups & Down In Early Pre-Market:
Gap up: FF +13.7%, WATT +11.6%, DDD +11%, BRKS +10.7%, EFC +7%, PRTA +6.9%, AZPN +5.9%, EVBG +5.9%, NLS +5.5%, SWAV +5.3%, AVNS +4.5%, ELY +4.3%, AUS +4.2%, OMER +4.2%
Gap down: SPCE -17.9%, VUZI -16.4%, RXT -15.7%, RCKT -14.7%, RCKT -14.7%, NVAX -11.6%, KOD -11.2%, SAIL -9.7%, CLNE -9.5%, INO -8.4%, REAL -7.1%, HBI -6.8%, NNDM -6.1%, AFRM -5.6%, FUTU -5.5%, JELD -5.4%, PXD -5.1%, VCYT -4.5%, KREF -4.5%, NCMI -4.3%, NSA -4.2%, CPE -4.2%, MESA -4%
Rags & Mags: Highlighted Stories may be clicked through to the original story.
Stocks making the biggest moves SPCE ELY LB PLTR HBI (CNBC)
Covid Update: 24,080 cases against 32,452 cases from a week ago. 30,508 hospitalizations from 34,012 a week ago. 46.31% of the population of U.S. has at least one vaccine shot. 35.01% of the population is fully vaccinated. (CDC)
Israel and Palestine continue to shoot rockets at each other. (CNN)
OPEC may still increase supply even if U.S. demand slows. (The Trade Exchange)
Covid-19 variant from India is more transmissible but vaccine are strong enough to fight off. (NYT)
L Brands (LB) to spin off Victoria Secret. (CNBC)
Ebix (EBIX) dealys 10Q.
Hedge Fund legend Stanley Drukenmiller says Federal Reserve is playing with fire with low interest rate policy. (CNBC)
Some East Coast gas stations beginning to run out of gasoline. (Bloomberg)
Tesla (TSLA) will not purchase land in China. (Reuters)
Foxconn (FXCNY) India sees production of Apple (AAPL) iPhone production fall 50% as Covid-19 hits India.
Robinhood Snacks features an update on Live Nation (LYV). Looks at pipeline cyberattack.
Index Moving Averages: 5/7 Close – Nice improvement yesterday.
The President receives the President’s Daily Brief, Oval Office, 9:30 a.m. EDT
Press Briefing by Press Secretary Jen Psaki, 12:00 p.m. EDTM
The President meets virtually with a bipartisan group of Governors, South Court Auditorium, 1:00 p.m. EDT
Federal Reserve Speakers Today:
Federal Reserve New York President John Williams to speak at 10:30 a.m. EDT.
Federal Reserve Govenor Lael Brainard to speak at 12:00 p.m. EDT.
Federal Reserve San Francisco President Mary Evans to speak at 1:00 p.m. EDT.
Federal Reserve Atlanta President Raphael Bostic to speak at 1:15 p.m. EDT.
Federal Reserve Philadelphia President Patrick Harker to speak at 2:00 p.m. EDT.
3 Year Treasury Auction at 1:00 p.m. EDT.
March Factory Orders is due out at 10:00 a.m. EDT and is expected to rise to 0.7% from -0.8%.
The latest NYSE and NASDAQ Short Interest Data is out through the close of April 30th on a settlement basis and April 28th on a trade date basis. During the period of April 13th through April 28th the S&P 500 rose 1.00%.
API Petroleum Institute Data is due out at 4:30 p.m. EDT.
Utz Brands (UTZ) to buy Festida Foods for $41 million.
Meetings of Note:
Sellside Meeting: JP Morgan Insurance Forum (5/10) UBS Best of Italy Conference (5/10-5/11)
Company Meetings: JKHY NLOK LSCC ALLT HBI (Investor Meeting)
Industry Meetings: International Oil Spill Conference (5/10-14) 2th Annual American Society of Gene & Cell Therapy Annual Meeting (5/10-5/14) Credit Suisse Mexico Conference (5/11-5/13) Goldman Sachs Industrials and Materials Conference (5/11-5/13) Bank of America Global Healthcare Conference (5/11-5/13)
Upgrades & Downgrades: