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Morning Note

"CAPIS Morning Note – 7/9/21: Stocks Continue To Rebound From Yesterday’s Lows. Will It Hold?"

posted by CAPIS on 07/09/2021 at 8:36 am

by CAPIS

07/09/2021 at 8:36 am

Breaking News: Stock rebound continues from yesterday despite anti-business Executive Orders. Will it hold?

Huh?: Wells Fargo (WFC) announced yesterday afternoon that the bank is shutting down all personal credit lines in 60 days and customers not happy. This might be sell as customer flee the bank.

Did You Know?: There was a 5.9 Earthquake near Lake Tahoe that was felt hundreds of miles away. Watch for aftershocks.

Earnings After The Close:

Beats: LEVI +0.14, PSMT +0.09, DCT +0.04

Flat:  None

Misses: ACCD (0.50)

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: None of note.

Notes Priced of note: BWB of note.

Common Stock filings: MAPS WISA of note.

Selling Shareholders of note: ME QTNT MAPS SGH of note.

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

Mixed Shelf Offerings: None of note.

Convertible Offering & Notes Filed: STAG 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:

MediaAlpha (MAX) CFO to step down 10/1.

Kaman (KAMN) CFO Robert Starr leaves and replaced by James C Coogan.

Bandwith (BAND) names new CFO Daryl Raiford beginning in August.

Costco (COST) June Sales up +7.9%.

China may begin Boeing (BA) 737 Max flight tests. (Bloomberg)

Ransomware attacks so prevalent that companies that restore systems cannot reach every victim. (NBC News)

Google (GOOGL) notes will defend antitrust complaint as without merit. (8K Filing)

After Hours: + LMPT + 12% IBIO +7% LEVI +4% PSMT +4%   and –  CYCN -6% SGH -5% DCT -%   .

Dividend Increases: SJM

Stock Split:

Higher Guidance: LEVI DCT

Mixed Guidance:

Lower Guidance:

Buyback Announcements: KBH

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

S&P 500 +22 Dow Jones Industrial Average +256  NASDAQ +20 Russell 2000 +28.  Fair values are mixed. Asia mixed and Europe higher. VIX is at 18.55 from 20.01 in futures. VIX closed at 19 from 16.20. Gold lower, silver higher with copper higher as well. 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 $133.50 from $134 with the yield at 1.336% from 1.27%. Bitcoin is at $32,693 from $32863 yesterday morning and lower by $220 and -0.67%.

Thursday’s Action – 7/8 Close.  

Positive Sectors On Thursday: None of note.

Negative Sectors On Thursday: Financials, Materials and Industrials 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 lower, Bonds higher, U.S. Dollar dollar lower and Commodities were mixed. Updated 7/8 Close.

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

Today After the Close: None of note.

Monday Before the Open: None of note.

Earnings This Morning Of Note:

Beats: GBX +0.56, AZZ +0.26

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 ETNB has dumb short sellers. Updated 7/9

Erlanger Research Advance/Decline Chart –Updated through 7/8 close. 

Gap Ups & Down In Early Pre-Market:

Gap up: LMPX +16%, IBIO +5%, BNTX +4%, LEVI +3%, GBX +3%

Gap down: SGH -5%, MAX -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 LEVI GM AAL  (CNBC)

5 Things To Know Before Markets Open. (CNBC)

New studies show that Covid-19 serious illness or death in children is extremely low. (WSJ)

Federal Reserve San Francisco President Mary Daly believes the Delta variant of Covid-19 is a threat to the global recovery. (FT)

Biden Administration adds 10 Chinese companies to the blacklist. (Reuters)

President Biden issues an Executive Order on large cap tech companies and antitrust prevention. (CNBC)

President Biden will also sign Executive Order to target bank mergers. (Reuters)

CDC and FDA say fully vaccinated Americans do not need booster shots which conflicts Pfizer (PFE) announcements. Huh? (NYT)

Robinhood looks at BMW and Volkswagen fine of $1 billion for collusion. Private company Glossier just saw it valuation rise to $1.8 billion.

Index Moving Averages: 7/8 Close – The Confidence Score moves to 60% from 80%.  

Geopolitical:

The President and The Vice President receive the President’s Daily Brief, Oval Office, 10:00 a.m. EST

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

The President delivers remarks and signs an executive order on promoting competition in the American economy, State Dining Room, 1:30 p.m. EST

The President departs the White House en route Wilmington, Delaware, South Lawn, 5:15 p.m. EST

The President arrives in Wilmington, Delaware, 6:10 p.m. EST

Fed Speakers

None of note.

Economic:

None of note.

M&A Activity:

Cirrus Logic (CRUS) to buy Lion Semiconductor for $335 million.

Philip Morris (PM) to buy Vectura Group for $1.2 billion.

Thoma Bravo to buy Stamps.com (STMP) for $330 a share in cash, current price $197.72.

Meetings of Note:

Sellside Conferences: None of note.

Company Meetings: AVTR (Investor Meeting)  

Industry Meetings: None of note.

Upgrades & Downgrades: Todays recs see 11 upgrades and 0 downgrades.

Thursday Recs

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