Breaking News: European Central Bank President Christine Lagarde says inflation rise this year is temporary in her opinion.
Fun Fact: Hummingbirds drink up to two times their body weight per day. (Robinhood)
Not So Fun Fact But Then as Fun Fact: Tech has seen its biggest outflows since December 2018. (Merrill Lynch) Six months later XLK up 14.68%.
Earnings Of Note After The Close:
Beats: DECK 0.56, ROST 0.51, PLUS 0.13, AMAT 0.12, PANW 0.10, FLO 0.02
Misses: AINV (0.02)
IPOs Priced or News: (PCOR) priced at $67 above range of $60 to $65.
New SPACs launched:
Secondaries Priced: AMH of note.
Notes Priced of note: None of note.
Common Stock filings: AMH 0f note.
Selling Shareholders of note: None of note.
Private Placement of Public Entity (PIPE):
Mixed Shelf Offerings: None of note.
Convertible Offering & Notes Filed: None 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:
Carnival Cruise (CCL) to launch sailing out of Alaska in July.
Kansas City Southern (KSU) to cancel merger with Canadian Pacific (CP) in favor of Canadian National Rail (CNI) deal. (WSJ)
TrustCo Bank Corp NY (TRST) announces a reverse stock split.
More American Society of Clinical Oncology (ASCO) presentations released including
L3Harris (LHX) wins $440 million Special Operations Command Contract.Afterhours of note: DECK +6% PANW +6% INSP +5% AUPH +5% ARES +5% and PLUS -8% FLO -3%.
Dividend Raises: LCII EQH ESI ASH GLPI
Raises Guidance: AMAT PANW BAH
Buyback Announcements: AMH KAI STNE YALA
What’s Happening This Morning: Futures value reflects the change with fair value.
S&P 500 +16 Dow Jones Industrial Average +151 NASDAQ +49 Russell 2000 +13 All fair values are higher today. Asia mixed and Europe mixed. VIX is at 21.82 from 23.63 in futures. VIX closed at 20.67 from 22.18.
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 lower vs Yen. US 10 year Treasury price is at $132.44 from $132.17 with the yield at 1.62% from 1.664%. Bitcoin $41098 from $40036 and this morning at $854.98 and 2.07%.
Thursday’s Action – 5/19. Equity indexes were lower after two days of buying.
Positive Sectors On Thursday: Technology, Communications Services and Healthcare of note.
Negative Sectors On Thursday: None of note.
One Month Winners: Energy, Financials, Materials and Industrials of note.
Three Month Winners: Energy, Materials, Industrials and Financials of note.
Six Month Winners: Energy, Financials, Materials and Industrials of note.
Twelve Month Winners: Materials, Industrials, Financials and Consumer Cyclicals of note.
Year to Date: Energy, Communication Services, Financials and Materials of note.
Stocks were on fire for the first time this week, Bonds higher, U.S. Dollar lower and Commodities saw Gold and Silver higher.
Upcoming Earnings Of: (sorted by market cap, highest to lowest with most visible names)
Today After the Close: None of note.
Tuesday Before the Open: None of note.
Earnings This Morning Of Note:
Beats: DE +1.30 FL 0.94 BKE +0.92 BAH +0.05
Misses: VFC -001
Still to Report:
Below is the list of insider buys from yesterday and this morning sorted by level of short selling. The idea here is simple. Find stocks where insiders are buying and the shorts are “dumb short sellers”. We have on such today in ANIK. The shorts traditionally get squeezed by 28.18% and so far the pain is 5.98%. As such we like this as a long idea. Updated 5/21.
Erlanger Research Advance/Decline Chart/Table –Updated through 5/20.
Gap Ups & Down In Early Pre-Market:
Gap up: YALA +8%, DECK +6%, PANW +6%, INSP +5%, AUPH +5%, ARES +5%
Gap down: PLUS -7%, FLO -3%
Rags & Mags: Highlighted Stories may be clicked through to the original story.
Treasury proposes a 15% global minimum tax, lower than Biden’s 21%.
CNA Financial (CNA) paid $40 to hackers in a ransomware attack. (Bloomberg)
Apple (AAPL) CEO Tim Cook to testify today in Epic Trial. (Reuters)
Moderna (MRNA) receives approval in Japan for Covid-19 vaccine.
AstraZeneca (AZN) gets Emergency Use Authorization in Japan.
TSM (TSMC) to up auto chip production by 60% in 2021. (Nikkei)
Bitcoin loses steam on regulatory concerns. (Yahoo Finance)
Robinhood reports on JP Morgan (JPM) giving credit cards to those with no credit scores. Oatly (OTLY) goes public.
Index Moving Averages: 5/19 Close – The struggle continues.
The President receives the President’s Daily Brief, Oval Office, 9:00 a.m. DST
Press Briefing by White House COVID-19 Response Team and public health officials, James S. Brady Press Briefing Room, 11:00 a.m. DST
Press Briefing by Press Secretary Jen Psaki, 12:00 p.m. DST
The President welcomes H.E. Moon Jae-in, President of the Republic of Korea, to the White House, East Room, 12:35 p.m. DST
The President participates in a bilateral meeting with H.E. Moon Jae-in, President of the Republic of Korea, Oval Office, 2:15 p.m. DST
The President participates in an expanded bilateral meeting with H.E. Moon Jae-in, President of the Republic of Korea, State Dining Room, 3:15 p.m. DST
The President participates in a press conference with H.E. Moon Jae-in, President of the Republic of Korea, East Room, 5:00 p.m. DST
Federal Reserve Speakers:
Federal Reserve Dallas President Robert Kaplan speaks at 9:15 a.m. EDT, 12:15 p.m. EDT and 4:55 p.m. EDT. Seriously???
Federal Reserve San Francisco President Mary Daly speaks at 1:30 p.m. EDT.
April Existing Home Sales is due out at 10:00 a.m. EDT and is expected to rise to 6.09 million from 6.01 million.
Meetings of Note:
Sellside Meeting: Morgan Stanley Life After Covid (5/18 -5/21) Citi Chemicals Conference (5/20-21) Cowen Oncology Summit (5/20-21) Oppenheimer Rare & Orphan Disease Summit. (5/21)
Company Meetings: OAS NVO (Conference Call)
Industry Meetings: World Geothermal Congress (5/21-5/26)
Upgrades & Downgrades: