CAPIS Morning Note – 10/9/20: Earnings Season Begins Next Week, Get Ready!
Breaking News: Market Tone: Stocks rebounded nicely yesterday and continue higher but is still below its September peak by 161 points. Earnings season kick off next week (see earnings section). Monday will be a quiet day as the bond market will be closed Columbus Day Observances. Covid-19 Update With Latest Data From Thursday Total Cases 7,566,106…
Market Tone: Stocks rebounded nicely yesterday and continue higher but is still below its September peak by 161 points. Earnings season kick off next week (see earnings section). Monday will be a quiet day as the bond market will be closed Columbus Day Observances.
Covid-19 Update With Latest Data From Thursday
Total Cases 7,566,106 from 7,511,236
Recovered: 3,021,252 from 2,999,895
Deaths 204,566 from 203,591
Tests 1,030,766 from 850,784
Deaths 975 from 916
Current Hospitalizations 32,124
source COVID tracking project
IPOs Priced: None of note.
Secondaries Priced: None of note.
Notes Priced of note: None of note.
Common Stock filings: None of note.
Selling Shareholders of note: SRNE
Mixed Shelf Offerings: None of note.
Convertible Offering Files: None of note.
Senior Notes Filed: None of note.
Earnings After The Close:
None of note.
None of note.
News After The Close:
Gap Stores (GPS) names Nancy Green as President and CEO of Old Navy.
Apple (AAPL) extends Apple TV+ free trials for three months.
Spirit (SAVE) issue warrant to U.S. Treasury in exchange for PSP support.
Axios states that Trump wants a “big deal” on stimulus which conflicts this morning’s story from The Washington Post.
Dividend Increase: KBH
Reinstates Or Initiates Buybacks:
Guides Higher: NXPI GNMK EXTR MODN
What’s Happening This Morning: Futures value reflects the change with fair value. We will still indicate the fair value direction.
S&P 500 +22 Dow Jones Industrial Average +159 NASDAQ +58 Russell 2000 +21 . Fair values are mixed. Asia mixed and Europe higher. Current VIX is at 26.36 from 28.06. 3 month VIX Future is at 29.51 from 30.70.
Gold, silver and copper higher. WTI Crude Oil and Brent Oil Futures lower. Natural Gas is higher. $ is lower vs Euro, lower vs Pound and lower vs Yen. US 10 year Treasury price is at $138.88 from $138.94 with yields at 0.77 % unchanged.
Positive Sectors On Thursday: Energy, Real Estate and Utilities of note.
Negative Sectors On Thursday: None of note.
One Month Winners: Utilities, Real Estate, Industrials and Materials of note.
Three Month Winners: Industrials, Consumer Cyclicals, Technology and Real Estate of note.
Six Month Winners: Consumer Cyclical, Technology, Materials and Industrials of note.
Twelve Month Winners: Technology, Consumer Cyclical and Healthcare of note.
Year to Date: Consumer Cyclical, Technology, Communication Services, Healthcare and Materials of note.
Upcoming Earnings Of (sorted by market cap, highest to lowest)
Today After The Close: None of note.
Monday Morning: None of note.
Notable Earnings Next Week: JNJ JPM C BLK FAST UNH BAC WFC GS UBS PGR UBS PNC TSM ISRG MS SCHW TEAM WBA CCL SBNY BK VFC SLB STT KSU
MVIS +34%, EXTR +20%, XLNX +17%, SELB +12%, GNMK +10%, ACB +9%, TLRY +9%, MATX +8%, HCA +8%, NXPI +5%, MJ +4%, LILA +4%, VLDR +4% of note.
AMD -4% of note.
Earnings This Morning Of Note
None of note.
None of note.
Erlanger Research Advance/Decline Line Chart – Updated 10/8. Our Advance/Decline Line Model moved back to a buy at 3360 on Tuesday after going to cash at 3431 on 8/24.
Rags & Mags: Highlighted Stories may be clicked through to the original story.
Stocks Making The Biggest Moves – XLNX NXPI AAPL DIS (CNBC)
5 Things To Know Before The Market Opens Today. (CNBC)
Corona Virus Update: Collapses in airline industry and Qatar Airways CEO warns of more bailouts needed. (CNBC)
President Trump does not support a comprehensive stimulus bill that House Speaker Pelosi wants. (The Washington Post)
The White House to appeal the TikTok ban. (WSJ)
White House Doctor notes that President Trump’s therapy for Covid-19 is complete. (CNBC)
House Speaker Pelosi to push bill to determine if president is fit to serve. Invoke 25th Amendment? (CNN)
Hurricane Delta to make landfall tonight as a Category 2 or 3. (The Washington Post)
Democrats will push for decriminalization of marijuana. (Reuters)
Apple (AAPL) iPhone 12 details leaked ahead of next Tuesday event. (Mac Rumors)
Gilead (GILD) CEO says they have more than enough Remdesivir. (CNBC)
Green Bay, Wisconsin on the verge of a crisis as patients greater than beds for Covid-19. (CNBC)
Stock Index Trading
Current through 10/8 close. All indexes now positive.
Bold means a change from prior day.
August Wholesale Inventories due out at 10:00 a.m. EDT and expected to grow 0.3% from -1.0% in July.
Baker Hughes Rig Count due out at 1:00 p.m. EDT.
The latest NYSE and NASDAQ Short Interest is due out after the close for the period September 11th through September 28th. The S&P 500 rose 0.32% in that period.
Geopolitical & Related
President Trump is resting this morning from The White House. He will participate in a Radio Rally at 12:00 p.m. EDT with Rush Limbaugh.
Investor Meetings & Conferences
DUK (Investor Day) Novo Nordsk (Update) (Webinar)
Sellside Conferences: Credit Suisse Agribusiness & Foods Week (10/5-10/9) UBS Premier Hedge Fund Virtual Conference (10/7-10/9)
Industry Conferences: American Society of Dermatology Annual Meeting (10/9-10/11) Jeep Grand Cherokee Summit Series 2020 (10/2- 10/18)
AMD in talks to buy Xilinx (XLNX) for $30 billion.
Upgrades & Downgrades For Friday – 10/9