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"CAPIS Morning Note – 8/26/21: Stocks Mixed Again As Jackson Hole Begins"

posted by CAPIS on 08/26/2021 at 8:44 am

by CAPIS

08/26/2021 at 8:44 am

Earnings Out After The Close

Beats: ESTC +0.16, PSTG +0.09, ADSK +0.09, ZUO +0.08, SPLK +0.07, SNOW +0.02, BOX +0.02

Flat: None

Misses: LCI (0.07), SLQT (0.03)

Capital Raises: 

IPOs Priced or News

New SPACs launched: Tortoise Acquisition Corp  II (SNPR) to merge with Volta Industries, expected to close today.

Secondaries Priced:  None of note.

Notes Priced of note:  None of note.

Common Stock filings: RMBL SMED PHX QMCO  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: TELL 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:

Fox Corporation (FOXA) makes investment in Eluvio.

Bright Horizons (BFAM) requires employees in its child care centers to be vaccinated as of 9/1.

Amazon (AMZN) announces Amazon Security Awareness and Multi-Factor Authentication to improve its cybersecurity.

After Hours + ZUO +14% AMRX +14%  WSM +13% PSTG +10% ULTA +5% SNOW +4%   and – SLQT -17% LCI -11% SMED -7%  ADSK -7% GES -3% BOX -3%

Dividend Increases: WSM

Stock Split:

Higher Guidance:  (After the Close)  ULTA PSTG   (This Morning) DKS

Mixed Guidance: 

Lower Guidance: 

Buyback Announcements: ADI WSM GES 

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

S&P 500 -1 Dow Jones Industrial Average +45 NASDAQ -23  Russell 2000 -3.  Fair values are mixed. Asia mixed and Europe lower. VIX is at 19.50 from 19.70 in futures. VIX closed at 16.79 from 17.22. Gold higher with silver and copper lower. WTI Crude Oil and Brent Oil Futures lower. Natural Gas is higher. $ is lower vs Euro, higher vs Pound and higher vs Yen. US 10 year Treasury price is at $133.64 from $133.88 with yields at 1.356% from 1.307% yesterday morning. Bitcoin at $47,346 from $49,125 yesterday morning, trading at $-1517 or -3.11%.

Wednesday’s Action – 8/24 Close.  

Positive Sectors On Tuesday: Consumer Cyclical, Energy and Materials of note.

Negative Sectors On Tuesday: Consumer Defensive, Utilities and Healthcare 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, Bonds were lower, U.S. Dollar lower and Commodities mixed. Updated 8/25 Close.

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

Today After the Close: VMW, WDAY, MRVL, HPQ, BILL, GPS, FFIN, OLLI, DOMO of note.

Friday Before the Open: BIG, HIBB of note.

Earnings of Note This Morning:

Beats: ANF +0.93, SAFM +0.88, CM +0.54, BURL +0.44, MOMO +0.44, DLTR +0.21, MBUU +0.20, TITN +0.13, DG +0.08, TD +0.04, SJM +0.02, FLWS +0.01

Flat: none

Misses: LANC (0.04), COTY (0.04), HAIN (0.01), FRO (0.01)

Still to Report: none

Insider Purchases:  Several names are heavily shorted with either no short tracking history or dumb short sellers. Update 8/25/21

Erlanger Research Advance/Decline Chart –Updated through 8/25 close. The Daily A/D Line is in dead cat bounce mode. Will it turn into a true rally or fail at where it started to fall in mid August?

Gap Ups & Down In Early Pre-Market:

Gap up: WSM +13%, RDHL +13%, PSTG +12%, ZUO +11%, AMRX +10%, ULTA +6%, ESTC +4%, SNPR +4%, NTAP +3%

Gap down: SLQT -26%, LCI -14%, ADSK -8%, GES -7%, SMED -5%, RMBL -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 SJM DG DLTR . (CNBC)

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

Overnight Repo comes in at $1.10 trillion.

Covid-19 Data sees 115,901 cases versus 113,933 cases. 84,456 hospitalizations versus 72,874. Deaths 677 versus 535. Deaths move back below 1,000 for second day in a row. 

U.S. forces still working to get 1,500 Americans out of Afghanistan. (CNBC)

Pediatric hospitalizations at highest level since the pandemic started. (CNBC)

Pinduoduo (PDD) donates its quarterly profit to rural Chinese farmers.

Robinhood Snaps looks at  Dick’s Sporting Goods (DKS) strong earnings reviewed. 

Moving Average Update

Score at 97% so no change.

Geopolitical:

The President receives the President’s Daily Brief, 8:30 a.m. EST

The President meets with his national security team to hear intelligence, security, and diplomatic updates on the evolving situation in Afghanistan, Situation Room, 9:15 a.m. EST

Press Briefing by White House COVID-19 Response Team and public health officials, James S. Brady Press Briefing Room, 10:30 a.m. EST

The President participates in a bilateral meeting with His Excellency Naftali Bennett, Prime Minister of the State of Israel, Oval Office, 11:30 a.m. EST

The President will participate in an expanded bilateral meeting with His Excellency Naftali Bennett, Prime Minister of the State of Israel, Oval Office, 11:55 a.m. EST

Press Briefing by Press Secretary Jen Psaki, 12:00 p.m. EST

The President meets virtually with a bipartisan group of Governors from across the country who have raised their hands to temporarily house or help resettle vulnerable Afghans and welcome them to their new communities, South Court Auditorium, 3:00 p.m. EST

The Kansas City Federal Reserve holds its annual symposium in Jackson Hole, Wyoming and it will run through Saturday. The event is now virtual from in person.

Fed Speakers

Federal Reserve Kansas City President Esther George appeared on Bloomberg at  7:30 a.m. EDT with Michael McKee.

7 Year Treasury Note Auction at 1:00 p.m. EDT.

Economic:

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

Q2 GDP – second estimate is due out at 8:30 a.m. EDT and is expected to remain at 6.0%.

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

M&A Activity:

ON Semiconductor (ON) to buy GT Advanced Technologies for $415 million.

ABM Industries (ABM) to buy Able Services for $830 million in cash.

Meeting & Conferences of Note:

Sellside Conferences: Rosenblatt Inaugural Tech Summit (8/24-26) UBS III Mexico Consumer Round Table (8/24-26)  Three Part Advisors Midwest Conference (8/25-26) Wolfe Research ESG Conference (8/26) Citi Asia TMT Conference (8/26-9/1)

Company Meetings:  None of note

Conferences of Note: SEMICON Asia (8/23-27) NIADA Expo & Conference (8/23-26) World Orphan Drug Congress (8/25-27)

Upgrades & Downgrades: Today recs see 11 upgrades and 4 downgrades. 

Wednesday Recommendations Of Note

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