Market Tone:  Lots of back and forth the last couple of weeks after the initial bounce off the September lows followed by October weakness into month’s end. Expect volatility to continue post election until the President recognizes the President-Elect.

Covid-19 Statistics: Recovered stats no longer tracked as only 37 reporting this statistic.

Total Cases 11,373,310 from 11,202,899

Deaths 241,704 from 239,784

New Tests 1,541,478 from 1,501,429

New Cases 163,975 from 155,835 with positivity rate +10.6% (up 0.3%)

Daily Deaths 1,869

Current Hospitalizations 79,410 from 76,823

Capital Raises:

IPOs Priced: Olema Pharmaceuticals (OLMA) priced at $19 a share above range of $16 to $18.  Yasten Holding (YSG) priced at $10.50 with range of $8.50 to $10.50. Telos (TLS) priced at $17.00 a share.

Secondaries Priced: ORA NGMS CAMT SPG JAMF PLYA BLI BYSI of note.

Notes Priced of note: None of note.

Common Stock filings: STOK MGTX   of note.

Selling Shareholders of note: None of note.

Mixed Shelf Offerings: None of note.

Convertible Offering Files: GPRO of note.

Senior Notes Filed: None of note.

Earnings Out After The Close on Yesterday:

Beats: LB +1.07, NVDA +0.99, CUB +0.78, JACK +0.48, UGI +0.36, SCVL +0.35, SONO +0.18, KEYS +0.16, CPRT +0.09, ZTO +0.04, NUAN +0.02

Flat: none

Misses: PAGS (0.26), CPA (0.20), BILI (0.18), SQM (0.03), KLIC (0.02)

News After The Close:

Align Tech (ALGN) gets mixed court ruling by ITC against 3Shape A/S, 3 Shape TRIOS A/s and 3Shape.

Aptevo Therapeutics (APVO) get a $50 a share bid from Tang Capital Partners.

Palantir (PLTR) wins Army contract.

Starbucks (SBUX) to raise wages of baristas.

Dividend Increase: A LEA (reinstates) MRTN (special) MATW AFL GPI (reinstates)

Raises Guidance: KEYS SONO NVDA BILI

Stock Buyback New Or Increase: SONO KEYS

Hourly Action:

What’s Happening This Morning: Futures value reflects the change with fair value. We will still indicate the fair value direction.

S&P 500 -5  Dow Jones Industrial Average -38  NASDAQ -16  Russell 2000 -1  . Fair values are lower.  Asia mixed with only Shanghai higher and Europe lower. VIX is at 23.7 this morning in futures. VIX closed at 22.71 and the three month futures at 25.38.

Gold, silver and copper lower. WTI Crude Oil and Brent Oil Futures lower. Natural Gas is lower. $ is higher vs Euro, higher vs Pound and higher vs Yen. US 10 year Treasury price is at $138.31 from $138.36 with the yield at 0.857% from 0.855%.

Positive Sectors On Wednesday: Consumer Cyclical (0.01%) of note.

Negative Sectors On Wednesday:  All other led by Real Estate, Energy, Utilities and Healthcare of note. 

One Month Winners: Energy, Financials Real Estate and Industrials  of note.

Three Month Winners: Industrials, Communication Services, Utilities and Financials of note.

Six Month Winners: Consumer Cyclical, Industrials, Technology and Materials of note.

Twelve Month Winners: Technology, Consumer Cyclical, Communication Services and Healthcare of note.

Year to Date: Technology, Consumer Cyclical, Communication Services, Healthcare and Materials of note.

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

Today After The Close: INTU, WDAY, ROST, WSM, POST, WWD, BECN, ESE, HP, BEST, CAL of note.

Friday Before The Open: GSX, FL, BKE, HHR, HIBB of note.

Earnings This Morning Of Note:

Beats: NTES +2.31, PLCE +0.98, M +0.63, CSIQ +0.39, BERY +0.35, ATKR +0.33, BJ +0.27, MMS +0.12, BRC +0.07

Flat:  none

Misses: none

Still to Report: none

Still to Report: none

Erlanger Research Advance/Decline Chart –  Updated 11/18 Close. Near term top?

Gap Ups & Down In Early Pre-Market:

Gap Up:

APVO +38%, SONO +20%, LB +16%, LNTH +12%, SBGI +7%, CORT +7%, JACK +6%, BILI +5%, RIG +4%, NUAN +4%, NTES +4%

Gap Down:

MGTX -8%, ZTO -6%, CPA -5%, CUB -4%

Rags & Mags: Highlighted Stories may be clicked through to the original story. 

5 Things To Know Before The Market Opens. (CNBC)

Stocks Making The Biggest Moves . (CNBC)

Biggest Analyst Calls . (CNBC)

Coronavirus Update: Biden Advisor says getting more concerned over lack of a transition. (CNBC)

Covid-19 continue to see cases hit new high since July.

Immunity to Covid-19 could last years. (NY Times)

Senate left for Thanksgiving break with no confirmation of Judy Shelton to the Federal Reserve. (Bloomberg)

Michigan soap opera continues as Wayne County Republicans ask to rescind their votes that election results legitimate. (The Washington Post)

Airline CEOs are begging for more government money from Congress. (Reuters)

NYC Subway service could be cut by 40% due to lack of funding without government aid. (NYT)

AMC Network (AMCX) cuts 10% of workforce. (Variety)

Stock Index Trading & Key Moving Averages:

Current through 11/18 close. Nirvana ended as quickly as it began.

Bold means a change from prior day.

The Erlanger Value Lines track the intraday range of resistance, pivot and support used by Algo/HFT Traders. Each day we show where we closed within the range. Updated through 11/18 close. The Erlanger Value Line are available in Bloomberg and eSignal. Simply visit the Bloomberg App store at APP(GO) then find Erlanger Research and setup a trial. The correction cannot end until the EVL Range becomes normal again, i.e. no blue highlighting. 

Economic:

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.

Geopolitical & Related:

President Trump has no public events scheduled. 

Investor Meetings & Conferences of Note:

QUOT WK NMIH Liberty Media and Affiiates AFL   (Investor and/or Analyst Day)  (R&D Day) PRPO VXRT JNJ  (Update) BALY (Conference Call)

Sellside Conferences:  Citi FinTech Conference (11/16-11/19) Stephens Annual Investment Conference (11/16-11/20) Goldman Sachs Global Metals & Mining Conference 2010 (11/18-11/19) Bank of America Consumer Equities Conference (11/18-11/19) RBC Capital Markets Midstream Energy Conference (11/18-11/19). Wolfe Research Healthcare Conference (11/18-11/19) Deutsche Bank ADR Conference (11/18-11/19) Sidoti Microcap Conferenc (11/19/20) Deutsche Bank Gaming. Lodging. Leisure and Restaurant One on One Conference ( 11/19-11/20) Cannacord Genuity Annual MedTech  & Diagonostics Conference (11/19) JP Morgan Ultimate Services Conference (11/19/20)

Industry Conferences: NAREIT Annual Investor Conference (11/17-11/20)

M&A:

NASDAQ (NDAQ) to buy Verafin for $2.75 billion in cash.

Recommendations By Sellside Firms: Upgrades and Downgrades From Today