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Morning Note

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Morning Note

"CAPIS Morning Note -7/8/21: Futures Under Pressure As 10 Year Yield Hits 1.25%"

posted by CAPIS on 07/08/2021 at 8:47 am

by CAPIS

07/08/2021 at 8:47 am

Breaking News: Fasten your seat belt as futures are down over -1% and we need to see if a bounce takes place or there is more selling this morning.

Earnings After The Close:

Beats: WDFC +0.37

Flat:  None

Misses: None

Capital Raises: 

IPOs Priced or News: None of note.

New SPACs launched: Circle to go public via merger with Concord Acquisition Corp (CND).

Secondaries Priced: IDYA VGZ of note.

Notes Priced of note: None of note.

Common Stock filings: TRVI of note.

Selling Shareholders of note: None of note.

Private Placement of Public Entity (PIPE): None of note.

Mixed Shelf Offerings: None of note.

Convertible Offering & Notes Filed: None of note.

Note Offerings Filed:  METC 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:

Engine Game Media (GAME) files infringement lawsuit against DraftKings (DKNG).

New York and 37 states file antitrust lawsuit against Google (GOOGL) saying that it “maintains app store monopolies”.

Northrop Grumman (NOC) wins $3.9 billion Air Force Contract.

BAE Systems (BAESY) wins $600 million Army contract.

After Hours: + SPNE +25% GAME +25% GAN +17% CDXS +2%  and –QGEN -4% DKNG -3% VGZ -3%.      .                              .

Dividend Increases: 

Stock Split:

Higher Guidance: GAN WDFC GPI

Mixed Guidance:

Lower Guidance:

Buyback Announcements: 

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

S&P 500 -59 Dow Jones Industrial Average -456 NASDAQ -221 Russell 2000 -41.  Fair values are mixed. Asia and Europe lower. VIX is at 20.01 from 17.80 in futures. VIX closed at 16.20 from 16.44.

Gold and silver higher with copper lower. 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 $134 from $133.38 with the yield at 1.27% from 1.34% . Bitcoin is at $32863  from $34,885 yesterday morning and lower by $1783 and -5.15%.

Wednesday’s Action – 7/7 Close.  

Positive Sectors On Wednesday: Technology, Real Estate and Utilities.

Negative Sectors On Wednesday: Energy, Materials and Financials 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 Technology of note.

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

Stocks were higher ex the Russell 2000, Bonds higher, U.S. Dollar dollar higher and Commodities were mixed. Updated 7/7 Close.

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

Today After the Close: LEVI, PSMT, ACCD, DCT of note.

Friday Before the Open: GBX, AZZ of note.

Earnings This Morning Of Note:

Beats: HELE +0.97

Flat:  none

Misses: none

Still to Report: none

Insider Purchases:  One stock this morning with heavy short selling.

Below is the list of insider buys from this morning and is sorted by Erlanger Volume Swing (EVS). The idea here is simple. Find stocks where insiders are buying and the shorts are “dumb short sellers”. Only KRTX has dumb short sellers. Updated 7/8

Erlanger Research Advance/Decline Chart –Updated through 7/7 close. 

Gap Ups & Down In Early Pre-Market:

Gap up: GAME +17%, SPNE +12%, GAN +10%, WDFC +5%,

Gap down: VGZ -13%, DKNG -5%, MAXR -4%, IDYA -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  DIDI OXY DVN WHR JPM GS (CNBC)

5 Things To Know Before Markets Open. (CNBC)

Toyoko Olympics to be shut down to spectators as Covid-19 remains an issue. (WSJ)

Bond investors concerned about supply issues and labor shortages. (WSJ)

Delta Variant  is now the most dominant strain of Covid-19 in the U.S. (NYT)

33% of businesses say they will return all workers to offices in second half of 2021. (CNBC)

LinkDoc Technology ends plan for IPO due to China clampdown on Didi (DIDI). (Reuters)

China’s Keep also cancels plan for IPO. (FT)

Goldman says that Bitcoin cannot compete with Gold due to its volatility. (Forbes)

Visa (V) to partner with Coinbase (COIN). (Business Insider)

Robinhood looks at Microsoft (MSFT) and cancellation of JEDI contract. Nextdoor to go public via a SPAC.

Index Moving Averages: 7/7 Close – The Confidence Score moves to 80%.  

Geopolitical:

The President and The Vice President meet with their national security team to receive a periodic update on the progress of our military drawdown from Afghanistan, Situation Room, 10:15 a.m. EST

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

Press Briefing by Press Secretary Jen Psaki, 12:30 p.m. EST

The President delivers remarks on our continued drawdown efforts in Afghanistan, and ongoing security and humanitarian assistance to the Afghan National Defense and Security Forces and the Afghan people, East Room, 1:45 p.m. EST

The President and The Vice President meet with the leadership of top civil rights organizations, Roosevelt Room, 3:30 p.m. EST

Fed Speakers

None of note.

Economic:

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

Weekly Crude Oil Inventories are due out at 11:00 a.m. EDT.

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

M&A Activity

Bank of New York (BK) to buy Milestone Group.

Meetings of Note:

Sellside Conferences: Citi APAC Materials Day (7/6-8). TD Securities Virtual Energy Conference (7/6-8)

Company Meetings: FEYE NEM (Investor Meeting)   COST (Monthly Sales Call) EMPW (Sellside Chat) EVAX (Conference Call) DTE (Update)

Industry Meetings: Small Cap Growth Virtual Investor Growth Conference (7/8)

Upgrades & Downgrades: Todays recs see 18 upgrades and 4 downgrades.

Wednesday Recs

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