Overnight Summary – Markets are off the SP 500 morning lows at 6:30 a.m. and now are down -13 points at 4450. China Q3 GDP was less than expected at 4.9%. Europe sees luxury retailers dragging down shares as Chinese President Xi looks to expand consumption tax.
Breaking News – Former Secretary of State Colin Powell dies of complications from Covid-19. He was 84.
Earnings Out After The Close
IPOs Priced or News:
New SPACs launched: VPC Impact Acquisition Holdings (VIH) completes merger with Bakkt Holdings, will trade on the NYSE under ticker “BKKT” this morning.
Secondaries Priced: None of note.
Notes Priced of note: None of note.
Common Stock filings: EVRG GRTS ORPH RBOT RCOR of note.
Pricing of Over-Allotment:
Selling Shareholders of note: HTZZ TRVI UFAB of note.
Private Placement of Public Entity (PIPE): None of note.
Mixed Shelf Offerings: MUR SOI 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:
First Bitcoin Futures ETF May Begin Trading Monday morning. (Bloomberg)
Stocks that defined the week. (WSJ)
Fewer homes for sales as listings drop. (Fox Biz)
Square (SQ) may develop a bitcoin mining system. (The Trade Exchange)
Johnson & Johnson (JNJ) gets unanimous approval for booster shot.
FDA looks to lower age on Covid-19 booster for Pfizer (PFE) and Biontech (BNTX) vaccine. (Reuters)
General Electric (GE) wins Navy contract for $270 million.
Barron’s + MGTX DELL TGT KSS M HD LOW TSCO C NEM CVX PG WMC MMM +/- HPQ
Dividend Announcements: Increases: ACI
Buyback Announcements: LEN
What’s Happening This Morning: Futures value reflects the change with fair value.
S&P 500 -15 Dow Jones Industrial Average -126 NASDAQ -31 Russell 2000 -9 . Fair values are mixed. Asia mixed and Europe lower. VIX is at 20.28 from 19.92 in futures from yesterday. Gold and silver lower with copper higher. 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 $130.66 from $131.36 yesterday with yields at 1.602% from 1.544% Friday morning. Bitcoin at $60,880 from $59,385 up $312 or +0.52% in morning trading.
Friday’s Action – 10/15 Close.
Positive Sectors Friday: Financials, Consumer Cyclical and Industrials of note.
Negative Sectors Friday: Utilities and Consumer Defensive 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 ex Russell 2000, Bonds were lower, U.S. Dollar lower and Commodities lower ex Crude. Updated 10/15 Close.
Upcoming Earnings Of: (sorted by market cap, highest to lowest with most visible names)
Today After the Close: ELS, STLD, ZION, HXL, FNB of note.
Tuesday Before the Open: JNJ, PG, PM, TRV, ERIC, FITB, SYF, KSU, DOV, HAL, SBNY, CBSH, SNV, MAN, PACW, IRDM, ONB, FMBI of note.
Earnings of Note This Morning:
Beats: ACI +0.19, PHG +0.11, STT +0.04
Still to Report: None
Erlanger Research Advance/Decline Chart –Updated through 10/15 close.
Gap Ups & Down In Early Pre-Market:
Gap up: VIH +4%
Gap Down: RVNC -32%, MNKD -29%, AVDL -23%, CABA -7%, IONS -6%, SPCE -3%
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. 10/18
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 Z RVNC DIS ACI NFLX.
Five Things To Know To Start Your Day. (Bloomberg)
Transportation Secretary Pete Buttigieg says supply chain issues to last into next year. (CNN)
Covid Cases at 89,404 cases from 106,296. Deaths still high around 2,000 a day. Hospitalizations lower by 10,000 week over week.
Boeing (BA) workers are protesting against a vaccine mandate. (Reuters)
Pfizer (PFE) and Moderna (MRNA) likely to double vaccine sales next year. (FT)
Hollywood Workers avoid striking. (NYT)
Peabody Energy (BTU) sees Q3 below consensus estimates.
Robinhood looks at Microsoft (MSFT) LinkedIn unit leaves China as all social media now gone. Week Ahead Review.
Moving Average Update
Score at 96% from 93% unchanged. Updated 10/15Close.
The President receives the President’s Daily Brief, The White House, Closed Press, 10:00 a.m. EDT
Press Briefing by Press Secretary Jen Psaki, 1:00 p.m. EDT
Federal Reserve Governor Randall Quarles spoke at 5:30 a.m. EDT.
September Industrial Production is due out at 9:15 a.m. EDT and is expected to rise by 0.2% from 0.4%
October NAHB Housing Market Index is due out at 10:00 a.m. EDT and is expected to come in at 75 from 76.
Meeting & Conferences of Note:
Sellside Conferences: Evercore ISI Catalyst Day (10/18) JP Morgan Annual Media and Communications Industry Panel Forum 2021 (10/18-19)
Company Meetings: NOAH BHP BBL PLD (Investor/Analyst Day) LEGN (R&D Day) AAPL (Corporate Event)
Conferences of Note: Food & Nutrition Conference 2021 (10/16-19) China Special Food Conference (10/15-18) Bloomberg London Summit (10/18-19)
Upgrades & Downgrades:
Friday Recommendations of Note: