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"CAPIS Morning Note – 11/05/21: Job’s Friday To Drive Markets"

posted by CAPIS on 11/05/2021 at 8:26 am

by CAPIS

11/05/2021 at 8:26 am

Overnight Summary: Global equity markets are mixed but U.S. futures are up thanks to Pfizer antiviral announcement (see Rags & Mags). China and Japan were lower. Europe however is moving higher.

Breaking News: Job’s Friday and the recent news from Pfizer will drive today’s action.

Earnings Out After The Close:

  • Beats: QDEL +2.29, BHF +1.88, EXPE +1.77, IAC +0.99, INGN +0.82, VIR +0.76, MED +0.64, MELI +0.61, ABNB +0.52, DK +0.47, MTD +0.44, AL +0.43, AMN +0.40, PBA +0.37, PFSI +0.33, ENDP +0.31, IRTC +0.26, LYV +0.25, CC +0.25, YELP +0.24, ILMN +0.23, FRT +0.23, PCTY +0.21, MSI +0.21, ACMR +0.20, CWK +0.20, OXY +0.20, NFG +0.20, GH +0.17, WWE +0.16, SFM +0.16, ALRM +0.15, GPRO +0.14, ATSG +0.14, REG +0.13, MNDT +0.13, BL +0.13, MTZ +0.12, EOG +0.12, FNKO +0.12, RBA +0.12, NKTR +0.11, PGNY +0.11, MORF +0.10, FATE +0.10, ALTR +0.10, MP +0.10, TDC +0.10, AVLR +0.09, RUN +0.09, RKT +0.09, SWKS +0.08, BIGC +0.08, NWSA +0.08, MDRX +0.08, CDXS +0.08, GSKY +0.08, ATUS +0.08, AIG +0.08, SYNA +0.07, LNT +0.07, DDOG +0.07, GDOT +0.07, CHUY +0.07, PRDO +0.07, KWR +0.07, WSC +0.07, FOXF +0.06, MTX +0.06, SXI +0.06, CFLT +0.06, BILL +0.06, ONTO +0.06, FTNT +0.05, CMBM +0.05, LOCO +0.05, PINS +0.05, FROG +0.05, NPTN +0.05, OEC +0.05, GMED +0.05, SEM +0.05, NET +0.04, AXNX +0.04, CUBE +0.03, FND +0.03, OHI +0.03, GKOS +0.03, PCOR +0.03, GDYN +0.03, CNDT +0.03, MITK +0.03, VIAV +0.03, OTEX +0.03, RLJ +0.02, DBX +0.02, REZI +0.02, LASR +0.02, SHO +0.02, SLQT +0.02, VRAY +0.01, NLOK +0.01, MCHP +0.01, SHAK +0.01, AMH +0.01
  • Flat: VXRT +0.00, ANGI +0.00, LLNW +0.00, CLNE +0.00, SQ +0.00
  • Misses: CABO (4.26), RGA (3.57), EBS (2.64), Y (2.06), UBER (0.98), PBYI (0.87), NVAX (0.76), ARNA (0.69), DNLI (0.31), NTRA (0.30), CVET (0.26), FSLR (0.18), XLRN (0.15), COLL (0.14), LTHM (0.12), PTON (0.11), OLED (0.11), BE (0.11), CVNA (0.10), AAON (0.09), ZGNX (0.08), YMAB (0.08), TRHC (0.08), WW (0.08), ED (0.07), PODD (0.07), CYRX (0.06), CGNX (0.05), MNST (0.04), VLDR (0.04), ALKT (0.04), USM (0.04), WPM (0.03), APPN (0.03), SWCH (0.03), GBT (0.03), IOVA (0.02), AINV (0.02), BGS (0.02), RDFN (0.01), LGF.A (0.01), WELL (0.01), DRH (0.01)

Capital Raises:

  • IPOs Priced or News:
    • RGF: Pricing of Initial Public Offering .. 5,333,333 shares @$12 below range of $14 to $16.
    • CIAN Cian 18.21M share IPO priced at $16.00
    • IOBT IO Biotech 7.15M share IPO priced at $14.00
  • New SPACs launched:
    • GWH ESS Inc. (formerly known as ACON S2 Acquisition Corp) and SB Energy transaction approved by CFIUS
  • Secondaries Priced:
    • MRUS: Pricing of Public Offering of Common Shares 3,859,650 common shares @$28.50
    • TRNO: Prices Equity Offering 3.5Million @$74.50
    • XM: Pricing of Public Offering .. 23,809,524 shares @$42
    • EVAX: Pricing of $24.0 Million Follow-on Public Offering
  • Notes Priced of note:
    • CSWC: Prices Public Offering of Additional $50 million of 3.375% Notes due 2026
    • PRFT Perficient prices offering of $330 mln of 0.125% Convertible Senior Notes due 2026
  • Common Stock filings/Notes:
    • FATE: Filed Form S-3ASR.. $350Million common stock offering
    • JNCE: Filed Form 424B5.. $75,000,000 Common Stock
  • Pricing of Over-Allotment: None of note.
  • Direct Offering: None of note
  • Selling Shareholders of notePRQR: Filed Form F-3.. Up to 3,989,976 Ordinary Shares. MPLN Filed Form S-3.. 130,000,000 Shares of Class A Common Stock
  • Private Placement of Public Entity (PIPE): None of note.
  • Mixed Shelf Offerings:
    • ABUS: Filed Form S-3 .. $250Million Mixed Security Shelf
    • ALGS: Filed Form S-3.. $400Million Mixed Shelf
    • CDAK: Filed Form S-3 .. $300Million Mixed Security Shelf
    • GLTO: Filed Form S-3.. $200Million Mixed Shelf
    • ITT: Filed Form S-3ASR.. Mixed Shelf
    • MOS: Filed Form S-3ASR.. Mixed Shelf
    • REGN: Filed Form S-3ASR..Mixed Shelf
    • FATE: Filed Form S-3ASR..Mixed Shelf
  • 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:
    • Trading Up: GDYN +22.5%, BILL +14.8%, CFLT +13.5%, BIGC +13.3%, FROG +13%, EXPE +12.7%, DDOG +11.3%, GPRO +9.5%, FNKO +9.1%, BHF +8.3%, LGF.A +8.1%, CC +7%, SYNA +6.8%, IHRT +6.6%, NVAX +6.5%, CHUY +6.4%, PINS +6.3%, AMEH +6.1%, ATUS +5.8%, ENDP +5.3%, YELP +5.2%, TMST +5%, ATSG +4.9%, MP +4.9%, AL +4.8%, ALRM +4.8%, DK +4.8%, PCTY +4.8%, PRDO +4.8%, SHAK +4.7%, NET +4.5%, NWSA +4.3%, ANGI +3.9%, MNST +3.7%, AMN +3.6%, EOG +3.5%, CVET +3.4%, MELI +3.4%, LYV +3.2%, CABO +3.1%, FTNT +2.9%, INGN +2.9%, IAC +2.7%, CWK +2.5%, ILMN +2.4%, CUBE +2.3%, AIG +2.1%, QDEL +2.1%, AXON +2.1%,
    • Trading Down: PTON -27.7%, EBS -16.3%, PBYI -16%, CGNX -13.4%, TRHC -12.7%, AXNX -12.3%, CMBM -11.8%, IRTC -9.3%, SLQT -9.2%, SWCH -8.5%, PGNY -7.9% , MITK -7.7%, TDC -7.7%, CNDT -6.8%, VLDR -6.8%, APPN -6%, REZI -6%, MNDT -5.6%, LTHM -5.5%, FND -5.1%, OLED -4.9%, SQ -4.7%, CLNE -4.1%, BE -3.8%, RKT -3.7%, ZGNX -3.7%, AVLR -3.4%, NLOK -3.2%, BL -3.1%, FSLR -3.1%, LLNW -3.1%, GMED -3%, RDFN -2.9%, WPM -2.9%, GSAT -2.7%, WELL -2.4%, GBT -2.2%, GKOS -2%

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

S&P 500 +9 Dow Jones Industrial Average +51 NASDAQ +16 Russell 2000 +15. Asia lower and Europe higher. VIX is at 17.20 from 17.05 in futures from yesterday. Gold higher with silver and copper lower. WTI Crude Oil and Brent Oil Futures higher. Natural Gas is lower. $ is higher vs Euro, higher vs Pound and higher vs Yen. US 10 year Treasury price is at $131.22 from  $131.13 with yields at 1.525% from 1.577% yesterday morning. Bitcoin at $61,375 from $61,890 yesterday morning up 0.33% in early morning trading. As of  8:15 a.m. EDT.

Thursday’s Action – 11/04 Close:  

  • Daily Positive Sectors: Technology, Consumer Cyclical, Communication Services.
  • Daily Negative Sectors: Financial, Real Estate, Healthcare, Basic Materials.
  • One Month Winners: Consumer Cyclical, Technology, Real Estate of note.
  • Three Month Winners: Energy, Consumer Cyclical, and Technology of note.
  • Six Month Winners: Energy, Technology and Real Estate of note.
  • Twelve Month Winners: Energy, Financials and Technology of note.
  • Year to Date Winners: Energy, Financials, and Communication Services  of note.

Stocks were mostly up lead by technology stocks again. TLT and GLD jump over 1%. Updated 11/04 Close.

 

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

  • Friday After the Close: TSE of note.
  • Monday Before the Open: EBIX, IMOS, EHTH, RDNT, WOW, THS, EDIT, HLIO, TSEM, ITCI, ZNTL, MSGS, GTES, ZH, VAC, COTY, USFD, BHVN, BKI, VTRS, TTD of note.

Earnings of Note This Morning:

  • Beats: HMC +33.62, AMCX +1.51, ESNT +0.49, GT +0.46, GRPN +0.32, SSP +0.30, GOOS +0.21, MODV +0.21, HRC +0.20, CGC +0.16, AXL +0.15, NMRK +0.13, FLR +0.08, KIM +0.07, NWN +0.07, D +0.05, BEP +0.04, ENB +0.03, TEN +0.02, ELAN +0.02, JCI +0.01, SRE +0.01, TILE +0.01, TU +0.01
  • Flat: CNK +0.00, ECOL +0.00, DOC +0.00, HTA +0.00, TRP +0.00
  • Misses:  VTR (0.01), MOG.A (0.13), MGA (0.16), ERJ (0.18), DSEY (0.28), MGLN (0.34), BLUE (0.51)
  • Still to Report: DKNG, NPO, MFA, PNW

Erlanger Research Advance/Decline Chart: Updated through 11/04 close.

Gap Ups & Down In Early Pre-Market:

  • Gap Up: GDYN +20.4%, BIGC +19%, DDOG +17.4%, GPRO +16.9%, BILL +15.3%, CFLT +14.5%, FROG +14.3%, MNR +12.1%, LGF.A +11.8%, EXPE +11.4%, AMEH +11%, FNKO +8.7%, SHAK +8.5%, ENDP +8.3%, BHF +7.4%, SYNA +6.8%, IHRT +6.7%, NET +6.4%, CLMT +6.2%, CC +6%, YELP +5.9%, ABNB +5.8%, NVAX +5.6%, EOG +5.5%, CHUY +5.4%, QDEL +5%, PINS +5%, AL +4.8%, MP +4.7%, ATUS +4.7%, NWSA +4.4%, ATSG +4.4%, VIR +4.1%, MELI +4.1%, AMN +4%, PRDO +4%, CABO +3.9%, LYV +3.9%, LLNW +3.7%, FTNT +3.5%, CVET +3.4%, MCHP +3.3%, PCTY +3.3%, ANGI +3.1%, NTRA +3%, INGN +2.9%, EVC +2.3%, CUBE +2.2%
  • Gap Down: EVAX -40.9%, PTON -33.7%, PBYI -26%, NRXP -24.9%, EBS -14.5%, TRHC -12.7%, AXNX -12.3%, CGNX -11.3%, SLQT -9.8%, IRTC -9.2%, DVAX -9%, SWCH -7.9%, TDC -6.6%, LTHM -6.5%, APPN -6.1%, REZI -6.1%, MRUS -5.9%, OLED -5.7%, MITK -5.6%, MNDT -5.5%, BE -5.5%, FND -5.4%, ZGNX -5%, BGS -4.5%, SQ -4.4%, FSLR -4.4%, MDRX -4.4%, MOS -4.3%, RGA -4%, TRNO -3.9%, VLDR -3.6%, CNDT -3.4%, CLNE -3.4%, AVLR -3.4%, RKT -3.3%, DNLI -3.2%, BL -3.1%, MGA -3%, Y -2.9%, ABUS -2.8%, WELL -2.4%, HMC -2.4%, CVNA -2.3%, GBT -2.2%, FTCI -2.1%, CDAK -2.1%, SNCR -2%, CMBM -2%

Insider Action: VICI see Insider buying with dumb short selling and no stock has smart short sellers with insider buys. 11/04 close

Rags & Mags: Highlighted Stories may be clicked through to the original story.  Repeated stories from prior days never listed, i.e. “rehashed news”.

  • Five Things To Know To Start Your Day. (Bloomberg)
  • Five Things To Know This Morning. (CNBC)
  • Stocks Making The Biggest Moves: PFE, GOOS, LYV   . (CNBC)
  • House to vote on Infrastructure and Budget Reconciliation bills today. (CNN)
  • Federal Reserve Chairman Powell was seen visiting The White House yesterday. (WSJ)
  • White House has asked the Fed Chairman to meet with Senators. (Axios)
  • Emergent BioSolutions (EBS) and U.S. Government cancel contract.
  • Pfizer (PFE) Covid-19 antiviral treatment for Covid-19 reduced risk of hospitalization or death by 89%. in Phase II/III trial.
  • China Evergrande, Strapped For Cash, Offloads Its Jets – WSJ
  • BA Boeing Shareholders Reach Settlement In 737 Max Board Oversight Suit – WSJ
  • Robinhood looks at President Biden pushes corporations for vaccine mandates. Kroger (KR)  moves to e-grocery and robots.

Moving Average Update:

  • Score remains at 100%. Updated 11/04 close.

Geopolitical: 

  • President’s Public Schedule:
    • The President receives the President’s Daily Brief, 9:30 a.m. EDT
    • The President delivers remarks on the October jobs report, State Dining Room, 10:15 a.m. EDT
    • The President and The First Lady attend the funeral of General Colin Powell, 12:00 p.m. EDT
    • Press Briefing by Principal Deputy Press Secretary Karine Jean-Pierre, 2:30 p.m. EDT
  • Fed Speakers: 
    • Federal Reserve Kansas City President Esther George speaks at 9:30 a.m. EDT.

Economic:

  • October Nonfarm Payrolls is due out at 8:30 a.m. EDT and is expected to rise to 400,000 from 194,000. The unemployment rate is expected to fall to 4.7% from 4.8%.
  • Baker Hughes Rig Count 1:00 p.m. EDT
  • Consumer Credit 3:00 p.m. EDT

M&A Activity:

  • INTC Intel to buy Centaur Technology for $125M, DigiTimes
  • FAMI Farmmi to Acquire Minority Ownership of Shanghai Jiaoda Onlly for US$79.8 Million
  • ILPT Industrial Logistics Properties Trust to Acquire Monmouth Real Estate Investment Corporation for $4.0 Billion
  • MNR Monmouth Real Estate to be acquired by ILPT (ILPT) for $21.00 per share in an all-cash transaction valued at ~$4.0 bln

Meeting & Conferences of Note:

  • Sellside Conferences: Credit Suisse China Investment Conference (11/1-5), Goldman Sachs China Conference (11/1-5),  Credit Suisse Brazil Basic Materials Conference(11/3-5).
  • Company Meetings: None of note.
  • Investor/Analyst Day: ATHA, LQDA
  • Update: None of note.
  • R&D Day: Nont of note.
  • Industry Meetings: Diabetes Technology Society Conference (11/4-6), ObesityWeek,  and BancAnalysts Association of Boston Conference 

Upgrades & Downgrades:

Today’s Recommendations:

Thursday’s Recommendations:

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