Breaking News: Dr. Celine Gounder who is on President-Elect Joe Biden’s Coronavirus Task Force says they do not support national lockdown, just regional targeted restrictions and notes that schools are “very low risk” locations. (CNBC)
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. Since Monday’s close, the S&P 500 is lower by -0.38%. So much for the lack of follow through. Will today’s early strength save the rest of the week?
Total Cases 10,417,836 from 10,267,081
Recovered 4,051,256 from 3,997,175
Deaths 234,328 from 233,080
Tests 1,490,426 from 1,381,858
New Cases 150,526 from 144,270 with positivity rate +9.6% (up 0.3%)
Daily Deaths 1,248
Current Hospitalizations 67,096 from 65,368
IPOs Priced: None of note.
Secondaries Priced: BSY FPRX KROS VRT ORGO BIGC ORIC of note.
Notes Priced of note: None of note.
Common Stock filings: SAVA RIDE of note.
Selling Shareholders of note: VRT RIDE of note.
Mixed Shelf Offerings: TTD APRE OVID of note.
Convertible Offering Files: None of note.
Senior Notes Filed: None of note.
Earnings Out After The Close on Yesterday:
DDS +1.94, DIS +0.45, NARI +0.16, DLB +0.11, AMAT +0.08, FTCH +0.08, DGII +0.07, CSCO +0.06, U +0.06, PLTR +0.05, JAMF +0.04, GLOB +0.02, AQN +0.01 of note.
AMWL (0.65) of note.
News After The Close:
Autodesk (ADSK) CFO Scott Herren to leave.
Walt Disney (DIS) will skip the dividend for this quarter.
Sysco (SYY) eliminates minimum delivery size effective on Monday.
Guidance Higher: ADSK AMAT CSCO PLTR UI
Dividend Increase: ETH GFF NSA ROP VVV
Reinstates Or Initiates Buybacks: BRBR
What’s Happening This Morning: Futures value reflects the change with fair value. We will still indicate the fair value direction.
S&P 500 +26 Dow Jones Industrial Average +238 NASDAQ +77 Russell 2000 +12. Fair values are lower. Asia mixed and Europe lower.
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 $138.20 from $137.84 with the yield at 0.885% from 0.929%.
Positive Sectors On Thursday: None of note.
Negative Sectors On Thursday: Energy, Utilities and Financials 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 with most visible names)
Today After The Close: None of note.
Monday Before The Open: PANW TSN J ACM AZUL LX CSPR of note.
Earnings This Morning Of Note:
SPB +0.44, VIPS +0.31, DKNG +0.06 of note.
Still To Report:
Hourly Action: A struggle this week despite the “gappy action”. Updated through 11/12.
Erlanger Research Advance/Decline Chart – Updated 11/12 Close. Recent strength is starting to roll over.
Gap Ups & Down In Early Pre-Market:
UROV +90%, LI +20%, FTCH +15%, IPHA +14%, VIPS +7%, CSCO +7%, JAMF +6%, KPTI +5%, ADSK +5%, DDS +5%, RIDE +4%, PLTR +4%, DIS +4%
SAVA -21%, GFF -10%, REV -8%, AMWL -5%, BLNK -5%, BIGC -5%, KROS -4%, OVID -4%, LSF -4%
Rags & Mags: Highlighted Stories may be clicked through to the original story.
Covid-19 continue to see cases hit new high since July.
President-Elect Joe Biden officially wins Arizona as vote is complete. (NBC News)
Senate likely to confirm Judy Shelton to the Federal Reserve next week by the Senate. (WSJ)
New Jersey looks to indoor capacity limits to slow Covid-19 outbreaks. (Bloomberg)
U.S. decides not to enforce the Tik Tok ban. (WSJ)
Paypal (PYPL) to let users buy and sell cyrptocurrency. (Verge)
The Ivy League cancels winter sports. (ESPN)
Elon Musk tweets that Becton Dickinson (BDX) antigen test gave him two positive and two negative tests – same test, same machine and same nurse.
Stock Index Trading & Key Moving Averages:
Current through 11/12 close. Several more indexes broke their 5 day moving averages on Thursday.
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 11/12 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.
October PPI will be out at 8:30 a.m. EDT and is expected to fall to 0.2% from 0.4%.
November University of Michigan Consumer Sentiment is due out at 10:00 a.m. EDT and is expected to fall to 79 from 81.8.
Geopolitical & Related:
President Trump will receive an update on Operation Warp Speed from the Oval Office at 12:00 p.m. EST. Expect to be televised.
Investor Meetings & Conferences of Note:
Sellside Conferences: Wolfe Research Industrials Conference (11/10-11/16)
Recommendations By Sellside Firms: Upgrades and Downgrades From Today