Breaking News: Nikola (NKLA) Founder Trevor Milton to be charged with making misleading statements. Stock plunging.
Comment: It looks like Robinhood (HOOD) is having trouble with its allocations. Watch closely.
Earnings Out After The Close:
Beats: EQIX +2.20 ORLY +0.95 FB +0.59 ALGN+0.52 RJF +0.38 AFL +0.31 NOW +0.21 F +0.09 PPC +0.08
Misses: EXAS -0.31 URI -0.05 VAC -0.04 HP -0.02
IPOs Priced or News: Riskifield (RSKD) prices 17.5 million shares IPO at $21 above range of $18 to $20. Robinhood Markets (HOOD) priced at $38 at low end of range of $38 to $42. Rallybio (RLYB) priced at $13 at low end of range of $13 to $15. Icosavax (ICVX) priced at $15 which is midpoint of range $14 to $16. Traeger (COOK) priced at $18 a share at high end of range of $16 to $18.
New SPACs launched: None of note.
Secondaries Priced: TDUP CFX ARCC MINM of note.
Notes Priced of note: None of note.
Common Stock filings: None of note.
Selling Shareholders of note: None of note.
Private Placement of Public Entity (PIPE): None of note.
Mixed Shelf Offerings: VKTX FISV BC 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:
VIZIO (VZIO) will compete with Roku (ROKU) as stops renewing contracts with Roku.
Churchill Downs (CHDN) announces three major multi year capital investments to transform key areas of Churchill Downs Racetrack.
United Natural Foods (UNFI) names Sandy Douglas as CEO.
Raytheon Technologies (RTX) wins $480 million Air Force contract.
Uber (UBER) trades down -4.6% as Softbank unloads a huge block of stock to cover their loss in Didi (DIDI).
Dividend Increases: FIX MRO AWR HSY
Higher Guidance: MXL
Lower Guidance: PYPL CTXS
Buyback Announcements: RNR
What’s Happening This Morning: Futures value reflects the change with fair value.
S&P 500 +8 Dow Jones Industrial Average +133 NASDAQ -4 Russell 2000 +17. Fair values are mixed. Asia and Europe higher. VIX is at 19.95 from 20.65 in futures. VIX closed at $18.31 from $19.36. Gold, silver and copper higher. WTI Crude Oil and Brent Oil Futures higher. Natural Gas is lower. $ is lower vs Euro, lower vs Pound and lower vs Yen. US 10 year Treasury price is at $134.28 from $134.34 with yields at 1.268% on Wednesday and no change. Bitcoin at $39,744,74 from $40535 yesterday down $-634 or -1.57%.
Wednesday’s Action – 7/28 Close.
Positive Sectors On Wednesday: Materials, Energy and Communication Services of note.
Negative Sectors On Wednesday: Utilities, Real Estate and Consumer Defensive 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 mixed, Bonds higher, U.S. Dollar lower and Commodities higher. Updated 7/28 Close.
Upcoming Earnings Of: (sorted by market cap, highest to lowest with most visible names)
Thursday After the Close: AMZN, TMUS, GILD, EW, TWLO, VRTX, KLAC, PINS, DLR, DXCM, FTNT, RSG, MTD, SWKS, AJG, SGEN, FTV, EIX, ESS, AVTR, BIO, GRUB, ZEN, MHK, FIVN of note.
Friday Before the Open: PG, XOM, ABBV, CVX, CHTR, CAT, ENB, ITW, CL, IDXX, AON, LHX, LYB, VFC, QSR, TU, WY, CERN, GWW, CNHI, CHD, DISH, IMO, WPC, CBOE, BAH, NWL, HRC, CPRI, COG of note.
Earnings of Note This Morning:
Beats: ADS+1.73 CNX +1.37 SAH +1.18 VSTO +0.84 BC +0.34 VLO +0.34 HLT +0.17
Misses: VC -0.36 OSK -0.17 DBD -0.15 KIM -0.06
Still to Report:
Insider Purchases: None of note today.
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. Updated last 7/23
Erlanger Research Advance/Decline Chart –Updated through 7/28 close.
Gap Ups & Down In Early Pre-Market:
Gap up: LC +48.6%, FUSN +12.7%, STSA +8.4%, NOK +7.2%, WFRD +7.1%, MTH +7.1%, STM +6.4%, CTSH +5.4%, VTRS +5.2%, MRKR +5%, SCI +4.7%, F +4.6%, BNED +4.5%, OSTK +4.5%, RBC +4.3%, ACCO +4.2%, RDS.A +4%
Gap down: IRBT -11.7%, BCOV -8.8%, SNN -7.3%, IEA -6.9%, NVCR -6.6%, EXAS -5.3%, BUD -5.3%, PYPL -4.9%, WHD -4.7%, AR -4.1%, FB -4%, CS -4%, MKSI -3.8%
Rags & Mags: Highlighted Stories may be clicked through to the original story. Repeated stories from prior days never listed, i.e. “rehashed news”.
China seeks to assure investors about regulatory concerns, they just lost their minds and now all is well. (WSJ)
Covid Stats: Cases 80,701 versus 46,318 a week ago. 29,383 current hospitalizations versus 20,241 a week ago. (CDC)
Vaccination numbers are starting to move higher in U.S. Covid-19 hot spots. (Bloomberg)
Credit Suisse (CS) published report on external investigation into Archegos Capital Management.
Didi (DIDI) may seek to go private after the stock has been crushed since going public. (CNBC)
Emergent BioSolutions (EBS) resume production of Johnson & Johnson (JNJ) Covid-19 vaccine at Bayview facility.
Robinhood looks at Starbucks (SBUX) strong numbers. Chip shortage hurts Big Tech but how about chip companies?
Index Moving Averages: 7/26 Close – The Confidence Score moves to 91% from 88%.
None of note today.
Weekly Jobless Claims are due out at 8:30 a.m. EDT.
Q2 GDP Advanced Reading is due out at 8:30 a.m. EDT and is expected to come in at 8.5% from 6.4% in Q1.
June Pending Home Sales are due out at 10:00 a.m. EDT and are expected to fall to 0.8% from 8.0%.
Weekly Natural Gas Inventories are due out at 10:30 a.m. EDT.
$62 billion of 7 Year Treasury Note Auction.
Meetings of Note:
Sellside Conferences: None of note
Company Meetings: BCEL (R&D Day) JAGX (Webcast)
Industry Meetings: Alzheimer’s Association International Conference (7/26-30) Green Energy and Precious Metals Investor Conference (7/27-29) Gamma Delta T Cell Summit (7/27-29)
Upgrades & Downgrades: Today recs see 11 upgrades and 0 downgrades.