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07.29.2021 15 new posts under Morning Note (10), CAPIS Insights (3), Compliance Docs. (2)

Morning Note

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Morning Note

"CAPIS Morning Note – 7/15/21: Stocks Lower As Powell Prepares For Second Day Of Testimony"

posted by CAPIS on 07/15/2021 at 8:58 am

by CAPIS

07/15/2021 at 8:58 am

Breaking News of Note:

Key Interview of Note: Treasury Secretary Janet Yellen to be interviewed on CNBC at 4:00 p.m. today.

Earnings After The Close:

 Beats: none

Flat:  none

Misses: none

Capital Raises: 

IPOs Priced or News: F45 Training Holdings priced at $16 mid point of range $15 to $17. Rapid Micro Biosystems (RPID) priced at $20 a share above range of $18 to $20. Sight Sciences (SGHT) priced at $24 at high end of range of $23 to $24.

New SPACs launched: Longview Acquisition Corp (LGV) will combine with HeartFlow Holding, expected to close in Q4 with symbol HFLO.

Secondaries Priced: AFIB LB CHPT OLK SHLS IMV  of note.

Notes Priced of note:  MGI of note.

Common Stock filings: IMUX WISA  of note.

Selling Shareholders of note: OCX of note.

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

Mixed Shelf Offerings:  IEP of note.

Convertible Offering & Notes Filed:  of note.

Note Offerings Filed:  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:

Ross Stores (ROST) Executive Vice President  and CFO resigns immediately to accept offer from another company.

AIG sells 9.9% stake in Life & Retirement business to Blackstone (BX) for $2.2 billion in cash. Also, sells some housing assets to BREIT for $5.1 billion.

Johnson & Johnson (JNJ) recalling sunscreens that had benzene in them which causes cancer.

Rumor: NortonLifeLock (NLOK) in talks with Avast regarding a merger.

Lending Club (LC) confirms $18 million settlement with FTC.

Dividend Increases: BRBS R 

Stock Split:

Higher Guidance: 

Mixed Guidance:

Lower Guidance:

Buyback Announcements: CE

What’s Happening This Morning: Futures value reflects the change with fair value. China reported better trade data as exports rose 32%.

S&P 500 -13 Dow Jones Industrial Average -161  NASDAQ +3 Russell 2000 -14.  Fair values are mixed. Asia mixed and Europe lower. VIX is at 20 from 17.35 in futures. VIX closed at $16.33 from 17.12. Gold, silver and copper higher. WTI Crude Oil and Brent Oil Futures lower. Natural Gas is lower. $ is higher vs Euro, lower vs Pound and lower vs Yen. US 10 year Treasury price is at $133.64 from $133.17 with yield on 10 year at 1.329%  from 1.37%. Bitcoin is at $31704 from $32396 yesterday morning and lower by $1035 and -3.08%.

Wednesday’s Action – 7/14 Close.  

Positive Sectors On Wednesday: Utilities, Consumer Defensive and Real Estate of note.

Negative Sectors On Wednesday: Energy, Healthcare and Consumer Cyclical of note.

One Month Winners: Technology, Consumer Cyclical and Materials of note.

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

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

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

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

Stocks were lower, Bonds lower, U.S. Dollar dollar higher and Commodities were mixed. Updated 7/14 Close.

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

 Today After the Close: WAL, PBCT, AA, MRTN of note.

Friday Before the Open: ERIC, STT, KSU, FHN, ALV, SXT of note.

Earnings of Note This Morning:

Beats: TFC, +0.37, UNH +0.25, MS +0.19, USB +0.15, BK +0.13, WNS +0.08

Flat: 

Misses: TSM (0.06)

Still to Report: CTAS, HOMB

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 EXLS has dumb short sellers. Updated 7/13

Erlanger Research Advance/Decline Chart –Updated through 7/14 close. 

Gap Ups & Down In Early Pre-Market:

Gap up: CIDM +18%, MDVL +10%, ETWO +8%, LPCN +7%, RBNC +7%, AIG +6%, PSN +5%, BX +4%

Gap down: IMUX -13%, GLPG -11%

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 MS AIG AMC UNH BKTFC USB NLOK JNJ GM BYND   (CNBC)

China Q2 GDP grew 7.9% less than expected but still strong. (CNBC)

Democrats throw tariffs on Climate Change at countries that are lagging on measure to improve environment. (NYT)

Senator Joe Manchin (D -WV) not on board with above change making it DOA. (NYT)

Supreme Court Justice Stephen Breyer has not decided when he will retire. (CNN)

Netflix (NFLX) to expand into games. (NYT)

OPEC + reaches deal with UAE to expand production. (WSJ)

Democrats to expand infrastructure to expand Medicare to include Dental. Rumor is they thought bridge work in dental should be covered by infrastructure. (NYT)

Facebook (FB) to pay $1 billion or more to content creators next year. (WSJ)

General Motors (GM) warns not to park the Bolt EV inside or charge unattended. (CNBC)

Bed Bath & Beyond (BBBY) and Casper (CSPR) form  national partnership.

Robinhood looks at $300 or $250 per kid a month checks to parents with children starts today, real winners are retailers. LG invest $5.2 billion in batteries.

Index Moving Averages: 7/14 Close – The Confidence Score moves to 80% from 93%.  

Geopolitical:

The President receives the President’s Daily Brief, 9:30 a.m. EST

The President and The Vice President deliver remarks to mark the day that tens of millions of families will get their first monthly Child Tax Credit relief payments thanks to the American Rescue Plan, South Court Auditorium, 11:45 a.m. EST

Press Briefing by Press Secretary Jen Psaki and Surgeon General Dr. Vivek H. Murthy, 12:30 p.m. EST

The President hosts Her Excellency Dr. Angela Merkel, Chancellor of the Federal Republic of Germany, for an Official Working Visit; this visit will affirm the deep and enduring bilateral ties between the United States and Germany, Oval Office, 2:00 p.m. EST

The President participates in an expanded bilateral meeting with H.E. Dr. Merkel; the leaders will discuss the full range of issues, including countering the threat of climate change, ending the COVID-19 pandemic, addressing security and regional challenges, and shoring up democracy around the world, among other topics, Oval Office, 2:25 p.m. EST

The President participates in a joint press conference with H.E. Dr. Merkel, East Room, 4:15 p.m. EST

The President and The First Lady host H.E. Dr. Merkel and Professor Dr. Joachim Sauer for dinner; the dinner will include The Vice President, THE SECOND GENTLEMAN, and others who have been supporters of the bilateral relationship with Germany, State Dining Room, 6:30 p.m. EST

Fed Speakers

Federal Reserve Chicago President Charles Evans to speak at 11:00 EDT.

Economic:

Federal Reserve Chairman Jerome Powell concludes testimony before Congress at 9:30 a.m. EDT.

Weekly Jobless Claims are due out at 8:30 a.m. EDT. Actual 360,000.

July Philadelphia Fed Index is due out at 8:30 a.m. EDT and is expected to come in at 28.3 from 30.7. Actual 21.9

July Empire State Manufacturing is due out at 8:30 a.m. EDT and is expected to rise to 18 from 17.4. Actual 43.

June Industrial Production is due out at 9:15 a.m. EDT.

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

M&A Activity:

Blue Ridge Bankshares (BRBS) to  merge with FVCBankcorp (FVCB) in all stock merger.

United Community Banks (UCBI) merges with Reliant Bancorp for $30.58 a share.

Meetings of Note:

Sellside Conferences: William Blair Biotech Focus Conference (7/13-15)

Company Meetings: WDC COUP OYST (Investor Update) RBNC UCBI (Conference Call) SNWV XCUR (Update) HCKT (Corporate Event) LOW (Sellside Fireside Chat)

Industry Meetings: None of note.

Upgrades & Downgrades: Todays recs see 15 upgrades and 2 downgrades.

Wednesday Recs

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