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"CAPIS Morning Note – 9/9/21: Volatile Mornings, ECB Starts To Taper & Massive Drop in Guidance By Airlines"

posted by CAPIS on 09/09/2021 at 8:24 am

by CAPIS

09/09/2021 at 8:24 am

Overnight Summary- Stocks weak globally ahead of ECB latest announcement due out at 7:45 a.m. EDT and then presser at 8:30 a.m. EDT.

Breaking News – ECB slows pace of bond buying moderately but has flexibility. Little reaction in bonds. (Bloomberg)

Earnings Out After The Close

Beats: RH +1.99, LULU +0.46, CPRT +0.15, ABM +0.09, AVAV +0.08, HQY +0.04, CVGW +0.01

Flat: S +0.00

Misses: DSGX (0.23), GME (0.09)

Capital Raises: 

IPOs Priced or News: 

New SPACs launched: 

Secondaries Priced: CERT DLR  of note.

Notes Priced of note:  RADI of note.

Common Stock filings: DLR VICI of note.

Selling Shareholders of note:   None of note.

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

Mixed Shelf Offerings:  PAA of note.

Convertible Offering & Notes Filed: SKIN BIGC VICI 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:

ProQR Therapeutics (PRQR) announces licensing and research collaboration with Eli Lilly (LLY).

Playa Hotels & Resorts (PLYA) sees 64% occupancy compared to 34% a year ago.

Boston Beer (SAM) withdraws guidance for fiscal year 2021 as sees lower from July 22nd guidance.

Air Lease (AL) reports 10 new aircraft and sale and lease backs of five new aircraft with Spirit Airlines (SAVE).

After Hours + CRDF +20%  PRQR +17% LULU +14% CURV +13% INTA +7% RKLB +5% RH +2%  and – BASE -13% GME -7%  SKIN -5%

Dividend Increases: LOGI TRN 

Stock Split: 

Higher Guidance:  (After the Close) LULU S RH ABM CURV BASE of note   (This Morning) SHCR of note

Mixed Guidance:(After The Close)  of note  (This Morning)None of note

Lower Guidance:(After The Close) None of note (This Morning) LUV JBLU AAL UAL DAL of note

Buyback Announcements: YY

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

S&P 500 -1 Dow Jones Industrial Average +7  NASDAQ +4  Russell 2000 -1.  Fair values are mixed. Asia mixed and Europe mixed. VIX is at 21.05 from 21.43 in futures  from yesterday. Gold, silver and copper higher. WTI Crude Oil and Brent Oil Futures higher. Natural Gas is higher. $ is lower vs Euro, lower vs Pound and lower vs Yen. US 10 year Treasury price is at $133.27 from $133.14 from $133.05 with yields at 1.339% from 1.353%  yesterday morning. Bitcoin at $46,360 from $46,521 yesterday morning, trading at $-11 or -0.03%.

Wednesday’s Action – 9/8 Close.  

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

Negative Sectors  Wednesday: Energy, Materials and Technology 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 lower ex the NASDAQ indexes, Bonds were lower, U.S. Dollar higher and Commodities lower. Updated 9/8 Close.

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

Today After the Close: ORCL, TCOM, ZS, AFRM, VRNT, SUMO, ZUMZ of note.

Friday Before the Open: KR of note.

Earnings of Note This Morning:

Beats: LOVE +0.59

Flat: none

Misses: none

Still to Report: ASO, CGNT

Still to Report: None

Insider Purchases:  One name has high short interest with Dumb Short Sellers CMG MYOV and several with no history MCHX GDRX but high short intensity. Update 9/9/21

Erlanger Research Advance/Decline Chart –Updated through 9/8 close. The Daily A/D Line struggled for a second day and is back below its August high.

Gap Ups & Down In Early Pre-Market:

Gap up: CRDF +18.6%, LULU +13.9%, PRQR +13.7%, CURV +12.9%, RKLB +5.4%, RKLY +3.6%

Gap down: HGEN -55.2%, BASE -12.2%, DSGX -10.9%, CERT -9.1%, SAM -8.8%, GME -7.2%, ABM -4.3%, AVAV -4.3%, SKIN -4.2%, JG -4.2%, DLR -3.6%, TMUS -3.3%, VICI -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 LULU GME SAM RH   (CNBC)

Overnight Repo comes in at $1.07 trillion in yesterday’s late afternoon report.

Covid-19 Data sees 184,008 cases. Deaths 2,202. Through 9/8.

More evacuations from Afghanistan expected today. (Reuters)

Chinese regulators stop approving new online games . (South China Morning Press)

Biden Administration looking at focus on drug prices. (WSJ)

Ford (F) to end production in India. (Reuters)

Moderna (MRNA) announces significant advances across its pipeline at their annual R&D Day.

United Airlines (UAL) sees deceleration in customer bookings versus prior estimates due to the rise of Delta Variant cases.

Southwest (LUV) lowers Q3 operating revenue.

JetBlue Airways (JBLU) lowers guidance.

American Airlines (AAL) lowers Q3 outlook.

Delta (DAL) lowers Q3 outlook.

Xerox (XRX) moves from NYSE to NASDAQ on 9/21.

Robinhood Snaps looks at Theranos trial. Beauty Pie raises $100 million with $1 billion valuation – “Sephora meets Costco”.

Moving Average Update

Score at 77% from 97%. Updated 9/7 Close.

Geopolitical:

The President receives the President’s Daily Brief, 10:30 a.m. EST

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

The President delivers remarks on his robust plan to stop the spread of the Delta variant and boost COVID-19 vaccinations, 5:00 p.m. EST

Fed Speakers 

Federal Reserve Chicago President Charles Evans speaks at 11:05 a.m. EDT.

Federal Reserve San Francisco President Mary Daly speaks at 11:05 a.m. EDT.

Federal Reserve Boston President Eric Rosengren will speak at 2:00 p.m. EDT.

Economic:

API Petroleum Data is due out at 4:30 p.m. EDT.

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

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

Weekly Crude Oil Inventories are due out at 11:00 a.m. EDT.

$24 billion of 30 Year Notes auctioned at 1:00 p.m. EDT.

M&A Activity:

Meeting & Conferences of Note:

Sellside Conferences: Goldman Sachs Food Forum (9/7-9) Barclays CEO Energy Power Conference (9/8-10) Scotiabank Financials Summit Conference (9/8-9) Barclays Global Consumer Staples Conference (9/8-10) Credit Suisse Annual LatAmEquities Conference (9/8-10) Cowen Global Transportation & Sustainability Conference (9/8-10) Credit Suisse Global Steel And Mining Conference (9/8-10) Citi Annual BioPharma Conference (9/8-10) Goldman Sachs MedTech Conference (9/8-9) Raymond James U.S. Bank Conference (9/8-9) Jefferies Asia Forum (9/8-10) Wolfe Research TMT Conference (9/8-9) Wells Fargo Healthcare Conference (9/9-10) Goldman Sachs Retail Conference  (9/9-10) Morgan Stanley Healthcare Conference (9/9-16) Morgan Stanley Industrials Conference (9/9-10) Piper Sandler Technology Conference (9/9-14)

Company Meetings: TDC FEYE DHR BYRN IP VECO CMAX JCOM WLTW AVTR (Investor Meetings) NPTN  (Conference Call)  

Conferences of Note: PAINWEEK Conference (9/7-11) Precious Metals Summit (9/8-11)

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

Wednesday Recommendations Of Note

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