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"CAPIS Morning Note – 9/2/21: Stocks Higher As There Is Not Alternative, Jobless Claims 340,000"

posted by CAPIS on 09/02/2021 at 8:38 am

by CAPIS

09/02/2021 at 8:38 am

Breaking News: Jobless Claims come in at 340,000 from 345,000 a week ago. Trend is downward.

Earnings Out After The Close

Beats: GEF +0.39, SWBI +0.31, OKTA +0.22, VEEV +0.08, NCNO +0.04, SMTC +0.03, ASAN +0.03, FIVE +0.03

Flat: None

Misses: NTNX (1.06), PHR (0.26), CHPT (0.17), AI (0.09), SPWH (0.05), CHWY (0.03)

Capital Raises: 

IPOs Priced or News: None of note.

New SPACs launched: Supernova Partners Acquisition Company (SPNV) merges with OfferPad to trade under OPAD starting today. Chardan Healthcare Acquisition 2 Corp (CHAQ) merges with Renovacor, to close today.

Secondaries Priced:  METX of note.

Notes Priced of note:   None of note.

Common Stock filings:  ASND BLFS  of note.

Selling Shareholders of note:  NEO of note.

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

Mixed Shelf Offerings: CM HOFV EVRG  of note.

Convertible Offering & Notes Filed:  None of note.

Note Offerings Filed: WCN 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:

DraftKings (DKNG) launches Online Sportsbook in Wyoming.

Costco (COST) reported sales growth of +9.1% versus +8% last month.

Moderna (MRNA) seeks Covid-19 vaccine booster approval from the FDA.

Quidel (QDEL) to make QuickVue At Home OTC Covid-19 test available at CVS Pharmacy (CVS) locations.

General Electric (GE) wins $1.7 billion Navy contract.

Science Applications (SAIC) wins $420 million Defense Logistics Agency contract.

Purdue Pharmaceuticals receives court approval for $4.5 billion OcyContin settlement. (WSJ)

Amazon (AMZN) looks to hire 40,000 in corporate and tech roles.

Ford (F) cuts production of F-150 and other trucks due to semiconductor shortage.

After Hours: +CHPT +14% INMB +13% NCNO +7% SMTC +5%  and – ASMB -14%  CHWY -10% FIVE -9% AI -9% VEEV -8%

Dividend Increases: IR BRC 

Stock Split:

Higher Guidance:  (After the Close) CHPT GEF OKTA PHR VEEV  (This Morning) GIII SIG 

Mixed Guidance: (After The Close) CHWY FIVE NCNO SMTC (This Morning) HRL SCWX

Lower Guidance: (After The Close)  (This Morning) DCI 

Buyback Announcements: IR

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

S&P 500 +9 Dow Jones Industrial Average +64 NASDAQ +44  Russell 2000 +5.64.  Fair values are mixed. Asia higher and Europe mixed. VIX is at 17.99 from 18.33 in futures. VIX closed at 16.11 from 16.48. 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 higher vs Yen. US 10 year Treasury price is at $133.63 from $133.33  with yields at 1.287% from 1.292%  yesterday morning. Bitcoin at $50,117 from $47,782 yesterday morning, trading at $1878 or +3.90%.

Thursday’s Action – 9/1 Close.  

Positive Sectors Yesterday: Real Estate, Utilities and Communication Services of note.

Negative Sectors  Yesterday: Materials and Energy of note.

One Month Winners: Communication Services, Technology and Financials of note.

Three Month Winners: Technology, Communication Services and Healthcare of note.

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

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

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

Stocks were mostly lower ex the Dow, Bonds were mixed, U.S. Dollar lower and Commodities mixed. Updated 9/1 Close.

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

Today After the Close: AVGO, DOCU, TCOM, MDB, COO, HPE, GWRE, MDLA, YEXT, OXM, OOMA of note.

Friday Before the Open: none of note.

Earnings of Note This Morning:

Beats: SIG +1.88, DOOO +1.50, GCO +1.02, GMS +0.41, GIII +0.29, CIEN +0.13, PDCO +0.06, SCWX +0.02

Flat: DCI +0.00, HRL +0.00

Misses: BRC (0.01)

Still to Report: AEO, TTC

Insider Purchases:  Three names have high short interest with Dumb Short Sellers ATT MYOV GATO. Update 9/2/21

Erlanger Research Advance/Decline Chart –Updated through 9/1 close. The Daily A/D Line is trying to rally past the mid August high.

Gap Ups & Down In Early Pre-Market:

Gap up: TLSA +22.4%, CHPT +11.9%, ASAN +10.3%, INMB +9.8%, NCNO +7.4%, DTIL +4.5%, GEF +4.2%, NTNX +4%, SMTC +3.2%, GNPK +3.1%

Gap down: ASMB -21%, HOFV -10.4%, CHWY -9.7%, FIVE -8.5%, AI -7.9%, VEEV -7.9%, RYAN -5.9%, VIVO -5.1%, PHR -4.7%, GRIN -3.3%, OKTA -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 HD LE HRC SIG  (CNBC)

Overnight Repo comes in at $1.084 trillion.

Covid-19 Data sees 153,728 cases versus 153,572 cases. 91,592 hospitalizations versus 85,611. Deaths 1,209 versus 1,138.

FDA to meet on booster shots on the 17th of September, three days for President Biden wants boosters going out. (The Washington Post)

Hurricane Ida tore through the NJ/NY/NYC area late afternoon and over night.

Pentagon notes that U.S. may team with the Taliban to fight ISIS. (The Washington Post)

Department of Justice preparing for Antitrust Lawsuit over advertising technology. (Bloomberg)

State of Emergency declared in New York City over flooding. (NYT)

Apple (AAPL) faces Antitrust Lawsuit from India over app payments. (Reuters)

Apple (AAPL) may start car production in 2024 reports Digitimes.

Robinhood Snaps looks at the impact of Hurricane Ida. Apple (AAPL) wallet takeover with virtual driver’s license and keys.

Moving Average Update

Score at 100% still. Updated 9/1 Close.

Geopolitical:

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

The President delivers remarks on his Administration’s response to Hurricane Ida, 11:30 a.m. EST

Press Briefing by Press Secretary Jen Psaki, 1:00 p.m. EST

The President participates in a virtual event with rabbis from around the country to commemorate the Jewish High Holidays, South Court Auditorium, 1:45 p.m. EST

Press Briefing by White House COVID-19 Response Team and public health officials, 3:00 p.m. EST

Fed Speakers 

Federal Reserve Atlanta President Raphael Bostic speaks at 1:00 p.m. EDT.

Economic:

Yesterday we missed the weekly MBA Mortgage Applications and it fell -2.4%.

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

July Factory Orders are due out at 10:00 a.m. EDT and is expected to fall to 0.4% from 1.5%.

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

M&A Activity:

Stellantic (STLA) to buy F1 Holdings Corp from $285 million in cash.

Meeting & Conferences of Note:

Sellside Conferences:  Commerzbank Sector Annual Corporate Conference (8/30-9/2) UBS Japan in Focus (8/31-9/2) Citi Korea Corporate Day (9/1-3) Morgan Stanley Asian TMT Conference (9/1-3) Barclays Media and Telecom Forum 2021 (9/1-2) Deutsche Bank dbAccess European TMTConference (9/2-3) UBS Nordic Financials Conference (9/2) UBS China Telco, Media & Internet Conference (9/2-3) Jefferies Germany/European Property Conference (9/2) Bank of America European Infrastructure Field Trip (9/2) Bank of America China Consumer Field Trip (9/2)

Company Meetings: HTBX IR FAT  (Conference Call) ACIC (Fireside Chat) 

Conferences of Note: None of note.

Upgrades & Downgrades: Today recs see 5 notable upgrades and 1 downgrade. 

Wednesday Recommendations Of Note

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