Hint On Using the Morning Note: Do you ever want to go back in time and look at what happened on a particular day? Well you can with our Morning Note as the history of each note is posted on the Capis website along with the lead headline. Here is the link to that area of the website, capis.com/morning-note. Enjoy.

Breaking News: Chief of Staff Mark Meadows not optimistic on a stimulus deal but can do individual bills. (Fox News)

Market Tone: Stocks are rebounding from Tuesday late selloff caused by a series of tweets by President Trump (First Tweeter). This morning the president is trying to walk back those tweets. See Meadows comments above.

Covid-19 Update With Latest Data From Tuesday 

Total Cases 7,460,634 from 7,421,943

Recovered: 2,952,390 from 2,935,1421

Deaths 202,675 from 202,040

New Cases 38,696 from 38,103

Tests 815,372 from 929,827

Deaths 741

Current Hospitalizations 31,346 from 29,942

source COVID tracking project

Capital Raises

IPOs Priced: None of note.

Secondaries Priced: CLSK DKNG of note.

Notes Priced of note: None of note.

Common Stock filings:  NSTG SWTX MREO GH CLSK  of note.

Selling Shareholders of note: LINC

Mixed Shelf Offerings: BEN of note.

Convertible Offering Files: FVRR of note.

Senior Notes Filed: None of note.

Earnings After The Close:

Beats:

LEVI +0.30 of note.

Misses:

None of note.

Hourly Action – We continue with volatile action. Updated 10/2 close.

News After The Close:

Carnival Cruise (CCL) cancels more cruises into spring of 2021.

Royal Caribbean (RCL) extends suspension of cruises  until November 30.

Sirius XM (SIRI) close to resigning Howard Stern for $120 million, per Bloomberg.

Microsoft (MSFT) contacted by the Labor Department over hiring plans.

Southwest Airlines (LUV) flight attendants union reject pay cuts to avoid furloughs.

Medtronic (MDT) Chairman Omar Ishrak to retire.

Facebook (FB) bans QAnon groups as dangerous.

AT&T (T) bids for DirecTV are lower than expected. (NY Post)

Dividend Increase: 

Dividend Suspended: 

Reinstates Or Initiates Buybacks:

Guides Higher: IART MASI LMNX

Stock Split:

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

S&P 500 +29  Dow Jones Industrial Average +259 NASDAQ +94  Russell 2000 +26 . Fair values are mixed.  Asia mixed and Europe mixed. Current VIX is at 29.48 from 27.96. 3 month VIX Future is at 31.88 from 31.28.

Gold and silver lower with copper higher. WTI Crude Oil and Brent Oil Futures lower. Natural Gas is lower. $ is lower vs Euro, higher vs Pound and higher vs Yen. US 10 year Treasury price is at $138.80 from $138.75 with yields at 0.773 % from 0.79%.

Positive Sectors On Tuesday:  Only Utilities of note.

Negative Sectors On Tuesday: Materials, Communication Services and Consumer Cyclical of note.

One Month Winners: Real Estate, Consumer Cyclical and Industrials of note.

Three Month Winners: Consumer Cyclicals, Materials and Technology of note.

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

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

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

Upcoming Earnings Of (sorted by market cap, highest to lowest)

Today After The Close:  RGP of note.

Thurssday Morning:  DAL DPZ HELE AZZ AYI of note.

Gap Up:  

TLC +125% PERI +16% LEVI +11% PSTI +6% SIRI +6% IART +6% of note.

Gap Down:

CLSK -23% GH -7% NSTG -5% SWTX -4%  of note.

Earnings This Morning Of Note

Beat:

RPM +0.26 of note.

Missed:

None of note.

Still To Report: 

Erlanger Research Advance/Decline Line Chart –  Updated 10/6.

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 10/2 close. The Erlanger Value Line are available in Bloomberg for your review. 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.

Courtesy of Phil Erlanger Research Inc.

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

Stocks Making The Biggest Moves –  NFLX AMZN JBLU FL (CNBC)

Corona Virus Update:  European economies slow. (CNBC)

Democratic Presidential Candidate Joe Biden says no debate if President Trump still has Covid-19. (CNN)

Roche (RHHBY) supply issues Covid-19 supplies. (Reuters)

Apple (AAPL) “vehemently” disagrees with the House antitrust conclusions. (Mac Rumors)

Stock Index Trading

Current through 10/6 close. All indexes now positive.

Bold means a change from prior day.

Economic

Weekly API Petroleum Institute Data came out at 4:30 p.m. EDT and saw Crude Oil build by 1 million barrels.

Weekly MBA Mortgage Applications came out at 7:00 a.m. EDT and

Weekly Crude Oil Inventories are due out at 10:30 a.m. EDT.

Geopolitical & Related

President Trump is resting and tweeting this morning from The White House.

FBI Director Christopher Wray to hold press conference at 11:00 a.m. EDT on “national security” issue.

The latest Federal Reserve Open Market Committee (FOMC) Minutes are due out at 2:00 p.m.

The first Vice Presidential Debate happens between Vice President Mike Pence and Democratic Candidate Senator Kamala Harris in Salt Lake City, Utah at 9:00 p.m. EDT.

Auction of $35 billion of 10 Year Treasuries.

Investor Meetings & Conferences

ACRX (Webinar) DELL (Sellside Call With Evercore ISI) ALB (Fireside Chat with Baird)

Sellside Conferences: Deutsche Bank Leveraged Finance Conference (10/5-10/7) Credit Suisse Agribusiness & Foods Week (10/5-10/9) UBS Premier Hedge Fund Virtual Conference (10/7-10/9) Jefferies Cannabis Summit (10/7-10/8)

Industry Conferences: Jeep Grand Cherokee Summit Series 2020 (10/2- 10/18) Okta (OKTA) Showcase (10/7)

M&A

Upgrades & Downgrades For Wednesday – 10/7