Morning Outlook- S&P 500 is lower this morning. Futures have been in sell mode since the close yesterday. Asia saw Japan drop -1% while China closed for Golden Week. In Europe, German Factory Orders fell -8%. UK Construction PMI missed the mark as well at 52.6 versus estimates of 54.
Breaking News – ADP Employment Report jumps 568,000 versus estimates of 405,000.
Earnings Out After The Close
IPOs Priced or News: None of note.
New SPACs launched:
Secondaries Priced: HESM INDT XENE of note.
Notes Priced of note: ACC GCI WPC of note.
Common Stock filings: HESM of note.
Pricing of Over-Allotment:
Selling Shareholders of note: MANU of note.
Private Placement of Public Entity (PIPE): None of note.
Mixed Shelf Offerings: ALGT AMAL MANU PALT SLHG TSHA 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:
Hovnanian (HOV) lowers Q4 guidance on supply chain delays.
Palantir (PLTR) picks up a win from the Army for intelligence systems and analytics.
CRISPR Therapeutics (CRSP) to host virtual event highlighting CTX110 clinical data.
Tesla (TSLA) hits a near Model Y sell-out for 2021.
After Hours + PLTR +14% CLXT +10% STIM +9% and – HESM -8% MANU -7% SWX -3%
Dividend Announcements: Increases:
Buyback Announcements: AZO
After The Hours: Raise Guidance
What’s Happening This Morning: Futures value reflects the change with fair value.
S&P 500 -44 Dow Jones Industrial Average -278 NASDAQ -178 Russell 2000 -24.86. Fair values are mixed. Asia mixed and Europe lower. VIX is at 22.55 from 22.22 in futures from yesterday. Gold and silver lower with copper higher. WTI Crude Oil and Brent Oil Futures lower. Natural Gas is lower. $ is higher vs Euro, higher vs Pound and lower vs Yen. US 10 year Treasury price is at $131.59 from $131.91 yesterday with yields at 1.535% from 1.518% yesterday morning. Bitcoin at $52,383 up $1383 or +2.68%.
Tuesday’s Action – 10/5 Close.
Positive Sectors Monday: Financials, Technology and Communication Services of note.
Negative Sectors Monday: Real Estate and Utilities of note.
One Month Winners: Technology, Communication Services, Real Estate and Energy of note.
Three Month Winners: Technology, Communication Services and Healthcare of note.
Six Month Winners: Technology, Communication Services and Real Estate of note.
Twelve Month Winners: Communication Services, Energy, Technology, Financials and Industrials of note.
Year to Date: Energy, Communication Services, Energy, Financials, Real Estate and Technology of note.
Stocks were higher, Bonds were lower, U.S. Dollar higher and Commodities mixed. Updated 10/05 Close.
Upcoming Earnings Of: (sorted by market cap, highest to lowest with most visible names)
Today After the Close: LEVI, RGP of note.
Wednesday Before the Open: CAG, LW, HELE of note.
Earnings of Note This Morning:
Beats: AYI +0.40, RPM +0.05
Misses: STZ (0.27)
Still to Report: None
Erlanger Research Advance/Decline Chart –Updated through 10/5 close.
Gap Ups & Down In Early Pre-Market:
Gap up: PLTR +10%, STIM +8%, CLXT +5%
Gap Down: TSHA -15%, HESM -9%, MANU -8%, TAK -5%, RGS -4%
Insider Action: Of note, BNED ORCL and SAFE see Insider buying with dumb short selling and smart short sellers in SXT. 10/6
Rags & Mags: Highlighted Stories may be clicked through to the original story. Repeated stories from prior days never listed, i.e. “rehashed news”.
Covid Stats: No update this morning.
President Biden did not back up Federal Reserve Chairman completely and markets take this as a negative about a Powell renomination.
Senate to vote on suspending debt ceiling and if no 60 votes then the House will change filibuster rules only on the debt ceiling. (CNN)
Merck (MRK) looks to more M&A deals. (FT)
General Motors (GM) holds their investor day and will detail revenue expansion plans. (CNBC)
SnapChat (SNAP) saw a 20% increase during the Facebook outage. (Bloomberg)
Robinhood looks at OPEC policy. Looks at NAPA and its distribution.
Moving Average Update
Score at 17% from 40% unchanged. Updated 10/5 Close.
The President and The Vice President receive the President’s Daily Brief, 10:00 a.m. EST
Press Briefing by Press Secretary Jen Psaki, 12:30 p.m. EST
The President hosts a meeting with business leaders and CEOs on the need to immediately address the debt limit and the damaging consequences for American families, small businesses, and the economy if unnecessary delay continues any further
South Court Auditorium, 1:00 p.m. EST
Press Briefing by White House COVID-19 Response Team and public health officials, 3:00 p.m. EST
Federal Reserve Atlanta President Raphael Bostic speaks at 9:30 a.m. EDT and 11:00 am. EDT.
Weekly API Petroleum Data was out at 4:30 p.m. EDT yesterday and
Weekly MBA Mortgage Applications were out at 7:00 a.m. EDT and
September ADP Employment Report is due out at 8:15 a.m. EDT and expected to rise to 405,000 from 374,000.
Weekly Crude Oil Inventories are due out at 10:30 a.m. EDT.
Northwest Pipe (NWPX) acquires ParkUSA for $87.4 million.
Meeting & Conferences of Note:
Sellside Conferences: Deutsche Bank dbAccess Annual Leveraged Finance Conference (10/4-6) BTIG Latin America CEO Conference (10/5-7) Guggenheim Vaccine & Infectious Disease Day (10/5-7) Cowen Therapeutics Conference (10/5-6) Goldman Sachs SMID Healthcare Day (10/6-7)
Company Meetings: SMTC IINN GM MRVL KNOP ALSN DOW (Investor/Analyst Day) NWPX (Conference Call) CDK (Corporate Event) CRC (Update)
Conferences of Note: VMW World (10/5-7)
Upgrades & Downgrades: Today recs see 15 notable upgrades and 3 downgrades.
Tuesday Recommendations of Note: