Overnight Summary: The global markets are mixed. S&P Futures are up about a point to trade around the 4512 area. China and Japan basically flat. In Europe, the major indexes are trading flat too.
- New York City employees now have until Oct. 29 to get their first COVID-19 vaccine shot as mayor eliminates test-out option. Those who refused will be placed on unpaid leave – WNBC
Earnings Out After The Close:
- Beats: UAL +0.66, NFLX +0.63, OMC +0.28, WTFC +0.26, HWC +0.19, UCBI +0.17, FULT +0.13, CNI +0.10, ISRG +0.03, IBKR +0.02, NBHC +0.02, MRTN +0.01
- Flat: None
- Misses: LRN (0.08), WDFC (0.63)
- IPOs Priced or News:
- CNTX – Pricing of Initial Public Offering.. 5,000,000 shares @$5
- SDIG – Prices Upsized $127 Million Initial Public Offering.. 6,687,305 shares @$19
- NCAC – Pricing of Upsized $220 Million Initial Public Offering.. 22,000,000 units @$10
- UDMY – Udemy to offer 14.5 million shares in IPO priced at $27 to $29 each (Market Watch Story)
- New SPACs launched: None of note.
- Secondaries Priced:
- PENN – Penn Natl Gaming files for 768,441 share common stock offering; relates to acquisition of Score Media and Gaming.
- LMFA – Closing of Upsized $30 Million Underwritten Public Offering
- Notes Priced of note:
- AVTR – Pricing of Offering of $800 Million of Senior Notes
- IIPR – announces Completion of Registered Exchange Offer for Its 5.50% Senior Notes Due 2026
- CCL – Carnival Corporation & plc Announces Upsizing and Pricing of $2.0 Billion Senior Unsecured Notes due 2029, Funding Upcoming Debt Maturities
- TMO – Thermo Fisher prices $5.85B debt offering
- LW – Pricing of Private Offering of $970,000,000 of Senior Notes due 2030 and $700,000,000 of Senior Notes due 2032
- Common Stock filings: none of note.
- Pricing of Over-Allotment: PALT – Paltalk Inc. Announces Closing of $11.64 Million Public Offering and Full Exercise of Overallotment Option
- Direct Offering:
- SDPI – Announces Closing of $2.0 Million Registered Direct Offering
- VGFC – The Very Good Food Company Completes US$30 Million Registered Direct Offering
- Selling Shareholders of note: None of note.
- Private Placement of Public Entity (PIPE): MFH:Announces $5 Million Private Placement.
- Mixed Shelf Offerings: None 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:
- After Hours:
- CNI +4.5%, UAL +2.1%
- ATIP -14.5%, EAT -11.2%, WDFC -8.9%, IKBR -1.6%, NFLX -1.1%.
- News Items:
- Fed’s Waller: ‘More aggressive’ response may be needed if inflation stays high (Reuters)
- Netflix (NFLX) Finds Even ‘Squid Game’ Only Has So Much Reach (Wall Street Journal)
- EAT Brinker heads lower -11% following weak guidance (Briefing)
- API data reportedly show a more than 3 million-barrel weekly climb in U.S. crude supplies (MarketWatch)
- Dividend Announcements:
- LECO: Lincoln Electric Board Approves 9.8% Dividend Increase
- CNI Canadian Nat’l Rail Board approves dividend increase to C$0.6150/sh from C$0.4825/sh
- BRO Brown & Brown increases quarterly cash dividend to $0.1025/share from$0.0925/share
- Stock Split: None of note.
- Buyback Announcements: None of note.
What’s Happening This Morning: Futures value reflects the change with fair value.
S&P 500 -3 Dow Jones Industrial Average -25 NASDAQ -4 Russell 2000 -7 . Fair values are mixed. Asia and Europe mixed. VIX is at 19.64 from 19.55 in futures from yesterday. Gold and silver higher with copper lower. 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 $130.63 from $130.70 yesterday with yields at 1.62% from 1.602% yesterday morning. Bitcoin at $64,048 from $62,244 up $133 or +0.21% in morning trading.
Tuesday’s Action – 10/19 Close:
- Positive Sectors Tuesday: Healthcare, Technology, Utilities, Financials, and Communication Services of note.
- Negative Sectors Tuesday: none of note.
- One Month Winners: Energy, Financials and Materials of note.
- Three Month Winners: Energy, Technology, and Financials of note.
- Six Month Winners: Energy, Technology and Communication Services of note.
- Twelve Month Winners: Energy, Financials and Communication Services of note.
- Year to Date Winners: Energy, Communication Services and Financials of note.
Stocks were again higher across the board, TLT off by 1.3%, SLV up almost 2%. Updated 10/19 Close.
Upcoming Earnings Of Note: (sorted by market cap, highest to lowest with most visible names)
- Wednesday After the Close: TSLA, IBM, LRCX, CCI, CSX, KMI, DFS, PPG, EFX, LVS, XM, ICLR, GGG, SEIC of note.
- Thursday Before the Open: DHR, T, BX, UNP, MMC, ABB, FCX, IQV, LUV, VLO, NUE, TSCO, KEY, ALLY, POOL, GPC, DGX, NVR, IPG, AAL, ALLE, SNA, EWBC, CROX, AN of note.
Earnings of Note This Morning:
- Beats: LAD +1.91, BPOP +0.85, BIIB +0.68, BOKF +0.62, WGO +0.52, ABT +0.46, ANTM +0.42, ASML +0.30, CMA +0.26, MTB +0.20, NTRS +0.14, FHN +0.09, MKTX +0.08, WSO +0.07, CFG +0.07, NDAQ +0.05, VZ +0.05, NEE +0.04, FCFS +0.03
- Flat: none
- Misses: NEP (0.38), HCSG (0.14), CP (0.06), BKR (0.05), MSM (0.02)
- Still to Report: KNX
Erlanger Research Advance/Decline Chart: Updated through 10/19 close.
Gap Ups & Down In Early Pre-Market:
- Gap up:
- SESN +17.8%, LGO +5%, HWC +4.8%, AKRO +4%, DMS +3.3%, CNI +3.3%, RCKT +3.1%, FULT +2.5%, LRN +2.4%, CLLS +1.9%, UAL +1.9%, RKLB +1.5%, LAD +1%, CMP +0.6%, BRO +0.6%, ANTM +0.6%, MDT +0.5%, UNP +0.5%, WTFC +0.5%
- Gap Down:
- BBIG -18.1%, EAT -12.6%, WDFC -11.5%, AERI -8.1%, ATIP -5.5%, DIN -3.3%, ASML -2.6%, NFLX -2.4%, BLMN -2.2%, RRGB -2.2%, CHUY -2.1%, BJRI -2%, VALE -1.9%, CS -1.8%, UCBI -1.6%, CAKE -1.5%, PLAY -1.4%, OMC -1.3%, TXRH -1.2%, DRI -1%, IBKR -0.9%
Insider Action: None of note today. No stocks sees Insider buying with dumb short selling and no smart short sellers with insider buys this morning. 10/19
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 Moving – BIIB, NVAX, NFLX, VZ. (CNBC)
- Five Things To Know To Start Your Day. (Bloomberg)
- UK doctors call for urgent return of Covid restrictions as experts monitor new mutation (CNBC)
- Democrats want compromise on Budget Reconciliation Bill by end of week. (NYT)
- Southwest to reverses plan to put unvaccinated workers on leave. (CNBC)
- Facebook (FB) might change name by end of next week. (Verge)
- Novavax shares drop after report of Covid vaccine manufacturing issues (CNBC)
Moving Average Update:
- Score at 100% unchanged. Updated 10/19 close.
President’s Public Schedule:
- Press Briefing by White House COVID-19 Response Team and public health officials, 8:45 a.m. EDT
- The President receives the President’s Daily Brief, 9:30 a.m. EDT
- The President departs the White House en route Joint Base Andrews, 3:05 p.m. EDT
- The President arrives in Avoca, Pennsylvania, 4:15 p.m. EDT
- The President delivers remarks promoting his Bipartisan Infrastructure Deal and Build Back Better Agenda, 5:15 p.m. EDT
- The President departs Avoca, Pennsylvania en route Joint Base Andrews, 7:05 p.m. EDT
- The President arrives at the White House, 8:10 p.m. EDT
- Federal Reserve Atlanta President Raphael Bostic speaks at 12:00 p.m. EDT.
- Federal Reserve Chicago President Charles Evans speaks at 12:00 p.m. EDT.
- Federal Reserve St. Louis President James Bullard speaks at 1:45 p.m. EDT.
- Federal Reserve San Francisco President Mary Daly speaks at 8:35 p.m. EDT
- Weekly API Petroleum Institute Data is due out at 4:30 p.m. EDT.
- Weekly Crude Oil Inventories are due out at 10:30 a.m. EDT.
- The latest Federal Reserve Beige Book is due out at 2:00 p.m. EDT.
M&A Activity: None of note
Meeting & Conferences of Note:
- Sellside Conferences: Credit Suisse Real Estate Conference
- Company Meetings: (Investor/Analyst Day) (R&D Day) (Corporate Event) (Fireside Chat)
- RIO – Rio Tinto Investor Seminar 2021
- EAT – Brinker International Investor Day 2021 11:00 a.m. EDT
- HPQ – HP Securities Analyst Meeting 2021 4:00 p.m. EDT
- Conferences of Note:
- World Vaccine Congress (10/19-21)
- Gartner IT Symposium/Xpo 2021
Upgrades & Downgrades: