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Morning Note

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Morning Note

"CAPIS Morning Note – 6/17/21: Stocks Lower Post FOMC, But Off Lows"

posted by CAPIS on 06/17/2021 at 8:53 am

by CAPIS

06/17/2021 at 8:53 am

Breaking News: Ford Motor (F) says EBIT for Q2 will beat exceptions.

Earnings Of Note After The Close:

Beats: LEN +0.57

Flat:  None

Misses: None

Capital Raises: 

IPOs Priced or News: Verve Therapeutics (VERV) priced at $19 a share at high end of range of $16 to $18. Lyell Immunopharma (LYEL) priced at $17 at mid range $16 to $18.

New SPACs launched: VG Acquisition (VGAC) to merge with 23 And Me and the symbol becomes ME.

Secondaries Priced: CCCC NOG of note.

Notes Priced of note:  None of note.

Common Stock filings: NOVN AQN CYCN  0f note.

Selling Shareholders of note: None of note.

Private Placement of Public Entity (PIPE):

Mixed Shelf Offerings:  ERF 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:

ScanSource (SCSC) expands relationship with Cisco (CSCO).

Lennar (LEN) reports earnings and notes that housing market remains very strong.

FAA requires airlines with Boeing (BA) 737 Max to conduct further inspections on automated flight system. (Reuters)

U.S. sues to stop merger of Aon (AOC) and Willis Towers Watson (WLTW).

Workhorse Group (WKHS) files complaint on U.S. Postal Service NGDV contract.

Curevac (CVAC)  fails to achieve primary endpoints in its Covid-19 vaccine.

Parsons (PSN) wins $2.2 billion Missile Defense Agency contract.

Tenet Healthcare (THC) sold 5 hospitals in the Miami Dade and Broward counties for $1.1 billion.

General Motors (GM) seeks longer term chip supply contracts. (Reuters)

Microsoft (MSFT) CEO Satya Nadella named Chairman of the Board.

Index Changes: Two Harbors (TWO) joins S&P 600 as Cardtronics (CATM), which is being bought by NCR, replaced as of 6/22.

Afterhours: STSA +16% TWO +5% PSN +3% and lower CVAC -49% NOVN -10% TRCH -5% AQN -4% NOG -4%.

Dividend Increases: TRIN ISTR TRCH KR

Stock Split: 

Higher Guidance: KR

Mixed Guidance: 

Lower Guidance: 

Buyback Announcements: FSK KR

What’s Happening This Morning: Futures value reflects the change with fair value.

S&P 500 – Dow Jones Industrial Average – NASDAQ – Russell 2000 -.  Fair values are mixed. Asia mixed and Europe lower. VIX is at 19.50 from 19.03 in futures. VIX closed at 17.02 from 16.39.

Gold, silver and copper lower. WTI Crude Oil and Brent Oil Futures lower. Natural Gas is lower. $ is higher vs Euro, higher vs Pound and higher vs Yen. US 10 year Treasury price is at $131.70 from $132.59  with the yield at 1.56% from 1.494%.  Bitcoin at $39230 from $39119 up by $415 and +1.05%.

Wednesday’s Action – 6/15.  

Positive Sectors On Wednesday:  Consumer Cyclical of note.

Negative Sectors On Wednesday: Materials, Utilities and Consumer Defensive of note.

One Month Winners: Technology, Real Estate and Communication Services  of note.

Three Month Winners: Energy, Real Estate and Financials of note.

Six Month Winners: Energy, Financials, Materials and Communication Services of note.

Twelve Month Winners: Materials, Communication Services, Industrials, Financials and Technologyof note.

Year to Date: Energy, Communication Services, Financials, Real Estate and Materials of note.

Stocks were lower, Bonds lower, U.S. Dollar higher and Commodities lower ex natural gas. Updated 6/16 Close.

Upcoming Earnings Of: (sorted by market cap, highest to lowest with most visible names)

Today After the Close: ADBE, SWBI of note.

Friday Before the Open: none of note.

Earnings This Morning Of Note:

 Beats: CMC +0.20

 Flat: none

 Misses: none

 Still to Report: JBL, KR

 Insider Purchases:

Below is the list of insider buys from  Tuesday morning and this morning sorted by day. The idea here is simple. Find stocks where insiders are buying and the shorts are “dumb short sellers”. Insider buying and dumb short selling exists in UHAL QSR EEFT but so far shorts are making money in all names. No data on VERO ITOS. Updated 6/16

Erlanger Research Advance/Decline Chart/Table –Updated through 6/16. There was a drop yesterday in the advance/decline line. A one day event or more?

Gap Ups & Down In Early Pre-Market:

Gap up: STSA +7%, NVAX +6%, TWO +6%, BNTX +3%, PSN +3%

Gap down: CVAC -46%, NOVN -13%, NOG -6%, HNST -5%, AQN -4%, TARS -3%

Rags & Mags: Highlighted Stories may be clicked through to the original story.  Repeated stories from prior days never listed, i.e. “rehashed news”.

Stocks making the biggest moves   CV FSK  (CNBC)

Asian trading was weak as China down -1% and Japan -0.50%. After close, China released weaker Industrial Production and Retail Sales.

5 Apple (AAPL) Daily editors were arrested in Hong Kong. (AP)

21 senators support bipartisan infrastructure plan as they confront “Progressive Democrats”. (The Washington Post)

Car rental prices could double this summer. (NY Post)

Delta Variant of Covid-19 is a risk to unvaccinated communities. (CNN)

West coast heat wave is extreme with 300 high temperature record possibly being broken this week. (CNN)

Robinhood Snacks looks at  Google’s (GOOGL) self driving unit Waymo that raised $2.5 billion. Apple (AAPL) struggles with healthcare initiative.

Index Moving Averages: 6/16 Close – The Confidence Score is at 50%.

Geopolitical:

The President receives the President’s Daily Brief, The White House, 10:00 a.m. EST

Press Briefing by White House COVID-19 Response Team and public health officials, 11:00 a.m. EST

The President signs the Juneteenth National Independence Day Act into law; The President and The Vice President deliver remarks, East Room, 3:30 p.m. EST

 Treasury Secretary Janet Yellen testifies before the House on the 2022 Budget at 10:00 a.m. EDT.

Economic:

Weekly Jobless Claims are due out at 8:30 a.m. EDT.

June Philadelphia Federal Reserve Index is due out at 8:30 a.m. EDT and is expected to fall to 30 from 31.5.

May Leading Indicators is due out at 10:00 a.m. EDT and is expected to fall to 1.2% from 1.6%.

Weekly Natural Gas Inventories are due out at 10:30 a.m. EDT.

M&A Activity

Brady (BRC) buys The Code Corporation for $173 million.

Meetings of Note:

Sellside Conferences: NASDAQ Investor Conference (6/15-17)

Company Meetings: PMT PFSI LBRT GOEV BRKR (Investor Day) RVMD (Webcast)

Industry Meetings:

Upgrades & Downgrades:

Wednesday Recommendations

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