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"CAPIS Morning Note – 7/23/21: Stocks Up A Fourth Day In A Row. Will New Delta Cases Next Monday Morning Spook Investors Like This Week?"

posted by CAPIS on 07/23/2021 at 8:57 am

by CAPIS

07/23/2021 at 8:57 am

Earnings After The Close:

Beats: COF +3.19, SIVB +2.57, WSFS +1.12, RNR +0.87, CE +0.53, SKX +0.30, RHI +0.29, OZK +0.24, INTC +0.21, HTH +0.18, WRB +0.17, TWTR +0.13, SNAP +0.11, GBCI +0.08, ASB +0.07, VICR +0.06, FFBC +0.06, ABCB +0.05, CSL +0.04, FE +0.02

Flat: None

Misses: SAM (1.93), EIG (0.16), VRSN (0.07), BOOM (0.05)

Capital Raises: 

IPOs Priced or News: Outbrain (OB) priced at $20. Caribou Biosciences (ZENV) priced at $16 at high end of $14 to $16 range.

New SPACs launched: None of note.

Secondaries Priced: None of note.

Notes Priced of note:  None of note.

Common Stock filings: SONN of note.

Selling Shareholders of note: CLNN NAUT  of note.

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

Mixed Shelf Offerings:  NEM CNOB FTFT 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:

AstraZeneca (AZN) reports its Covid-19 vaccine is highly effective against Beta and Delta variants of the virus.

Chinese education stocks getting hit on new regulations potentially from Chinese regulators impact TAL and GOTU among others.

After Hours + SNAP +16% CYCN +16%  SKX +7%  TWTR +5% RHI +5% PINS +4%  and – SAM -20% BOOM -11% TPIC -8%  VRSN -5% INTC -2%.

Dividend Increases: 

Stock Split:

Higher Guidance: INTC SNAP TWTR ETH 

Mixed Guidance:

Lower Guidance: SAM

Buyback Announcements: 

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

S&P 500 +20 Dow Jones Industrial Average +171  NASDAQ +52 Russell 2000 +16.  Fair values are mixed. Asia mixed and Europe higher. VIX is at+20.10 from 20 in futures. VIX closed at $17.69 from $17.91. Gold lower, silver lower and copper higher. WTI Crude Oil and Brent Oil Futures lower. Natural Gas is higher. $ is higher vs Euro, higher vs Pound and higher vs Yen. US 10 year Treasury price is at $134.09 from $133.92 with yields at 1.293% from 1.24% yesterday. Bitcoin at $32,364.82 from $32095  up +$26 or +0.12%.

Thursday’s Action – 7/22 Close.  

Positive Sectors On Thursday: Technology, Healthcare and Communication Services of note.

Negative Sectors On Thursday: Real Estate, Financials, Industrials and Energy 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 higher ex Russell 2000 , Bonds higher, U.S. Dollar higher and Commodities higher. Updated 7/22 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: LMT, PHG, OTIS, CHKP, HAS, LII, RPM, CBU, DORM, BOH of note.

Earnings of Note This Morning:

Beats: AXP +1.18, SSB +0.26, RF +0.24, ROP +0.10, FBP +0.09, AIMC +0.07, HON +0.07, SLB +0.04, NEE +0.02, SXT +0.02

Flat: None

Misses: NEP (1.53), KMB (0.24), SBSI (0.04)

Still to Report: FHB, GNTX

 Insider Purchases:  Delta (DAL) this morning with moderate short selling. Shorts traditionally do well. 7/22 Update. 

Above 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”.  None of note with heavy short selling and as note above Delta with moderate. Updated 7/22

Erlanger Research Advance/Decline Chart –Updated through 7/22 close.  The Market Daily AD Line ended its two day bounce.

Gap Ups & Down In Early Pre-Market:

Gap up: VNE +56%, SNAP +17%, ACBI +13%, CYCN +11%, SKX +9%, OCUL +7%, TWTR +6%, NGM +5%, WRB +4%, RHI +4%, PINS +4%

Gap down: ADVM -23%, SAM -20%, BOOM -13%, TPIC -5%, NAUT -4%

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    (CNBC)

5 Things To Know Before The Market Opens. (CNBC)

Covid Stats: Cases 55,132 versus 33,292 a week ago. 21,153 current hospitalizations versus 15,580 a week ago. (CDC)

Republican Senators against increasing the debt ceiling. (WSJ)

Philadelphia moves to recommending masks inside. (ABC News)

TSMC (TSM) to increase production of automotive chips. (Digitimes)

Robinhood looks at Opiod Settlement and what it means for the drug companies. NBC Olympic ad revenues strong but streaming could be the real gold medal.

Index Moving Averages: 7/22 Close – The Confidence Score moves to 73% from 85%.  

Geopolitical:

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

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

The President participates in a campaign event for Virginia gubernatorial candidate Terry McAuliffe, 7:45 p.m. EST

The President departs the White House en route Wilmington, Delaware, South Lawn, 8:45 p.m. EST

The President arrives in Wilmington, Delaware, 9:40 p.m. EST

Fed Speakers

None of note today.

Economic:

None of note today.

M&A Activity:

Atlantic Capital (ACBI) will merge with SouthState (SSB) in an all-stock transaction.

Meetings of Note:

Sellside Conferences: None of note

Company Meetings: ADBE GVDNY (Investor Meeting) CRTX (Webinar) MGA (Conference Call) VOD (Update) 

Industry Meetings:

Upgrades & Downgrades: Todays recs see 10 upgrades and 4 downgrades.

Thursday Recs

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