IPOs on deck: None of note.
IPOs Filed: None filed after the close.
Secondaries Priced: None of note.
Notes Priced: FBIO of note.
Common Stock filings: FTS of note.
Mixed Shelf Offerings filed: None of note.
Convertible Offering Files: None of note.
Senior Notes Filed: None of note.
Earnings After The Close:
Beat:
AMBA +0.11, PVH +0.11, NTNX +0.04, A +0.03, GBDC +0.03, HPE +0.03, PANW +0.02 of note.
Missed:
SR (0.22), BECN (0.17), CAL (0.05), MTSC (0.02) of note.
Hourly Action This Week:
Close of 11/22.
News After The Close (In Order of Time)
Penumbra (PEN) names Maggie Yuen as CFO on December 2nd.
ChemoCentryx (CCX) and Vifor Fresenius Meidcial announce positive topline data from Pivotal Phase III ADVOCATE trial of Avacopan.
Iron Mountain (IRM) names Barry Hytinen as CFO on January 1st.
General Electric (GE) wins a $1.3 billion Army contract.
Raytheon (RTN) wins a $400 million Navy contract.
Safehold (SAFE) to join S&P SmallCap 600 on December 3rd.
Stock Repurchase Announcements:
Dividend Increase: BDX FULT HRL
Gap Higher: CCXI +325%, NTNX +21%, KIN +9%, CBAY +6%, ARDX +6%, AMBA +5%, SAFE +5%,
Gap Lower: MOV -13%, XFOR -9%, PANW -8%, CAL -7%, CLVS -5%, BITA -4%, BECN -4%, HPE -4%
What’s Happening This Morning: Futures value reflects the change with fair value. We will still indicate the fair value direction.
S&P 500 -1 Dow Jones Industrial Average -5 NASDAQ -2 Russell 2000 -1.4 Fair values are lower. Asia and Europe higher.
Gold and silver higher with copper lower. WTI Crude Oil and Brent Oil Futures higher. Natural Gas is lower. $ is lower vs Euro, higher vs Pound and higher vs Yen. US 10 year Treasury price is at $129.62 from $129.33 with yields at 1.75%. Prices as of 8:25 a.m. EDT.
Positive Sectors On Monday: Healthcare, Technology and Services of note.
Negative Sectors On Monday: Utilities of note.
One Month Winners: Healthcare, Industrials and Technology.
Three Month Winners: Industrials, Financials and Healthcare.
Six Month Winners: Consumer Goods, Industrials, Technology and Healthcare.
Twelve Month Winners: Technology, Industrials and Services.
Year to Date: Technology, Industrials, Technology, Consumer Goods, Services and Financials.
Upcoming Earnings Of Note (sorted by market cap, highest to lowest)
Today After The Close:
VMW DELL ADSK HOQ VEEV KEYS BOX CENT GES QADA GME of note.
Wednesday Before The Open:
BNS ADI DLTR HRL BBY BURL MOMO EV TECO CBRL DKS AMWD DY NIO BITA ANF MOV CHS TTN of note.
Earnings This Morning Of Note
Beat:
DY +0.16, BURL +0.15, DKS +0.14, AMWD +0.10, BBY +0.10, MOMO +0.08, TECD +0.03, CHS +0.02 of note.
Missed:
BITA (0.27), MOV (0.21), DLTR (0.05), TITN (0.03), ANF (0.01) of note.
Flat: HRL +0.00, BNS +0.00
Still To Report: ADI, CBRL, EV
Rags & Mags: Highlighted Stories may be clicked through to the original story.
Top News Story: U.S. and China hold phone call on trade issues. (CNBC)
Five Things You Need To Know To Start Your Day. (Bloomberg)
Five Things To Know To Start Your Day. (CNBC)
House Speaker Nancy Pelosi says USMCA is “within range” but final review is needed before signing. (Reuters)
Dell (DELL) may sell RSA Security for at least $1 billion. (Bloomberg)
Walt Disney (DIS) is averaging 1 million new subscribers a day. (NY Post)
Notable Data Points
Most stock indexes saw some improvement on Friday. Current through 11/22.
Bold means a change from prior day.
The advance/decline line model is now a buy. Updated through 11/22. Year to date model up 13. 09% on the S&P 500. 5 buy signals and 4 cash signals in 2019. Current signal is a buy.
YTD 64% (+1% change week over week) of stocks are higher and 38% are lower. Updated through 11/15 close.
Courtesy of Phil Erlanger Research, Inc.
Algo/HFT Trading Levels:
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. Update through 11/22.
Economic & Related:
November Consumer Confidence is due out at 10:00 a.m. EDT and is expected to come in at 126.9 from 125.9.
October New Home Sales are due out at 10:00 a.m. EDT and are expected to rise to 710,000 from 701,000.
The latest NYSE and NASDAQ Short Interest is due out after the close through November 15th.
$41 Billion 5 Year Auction at 1:00 p.m. EDT.
The latest API Petroleum Data is due out at 4:30 p.m,. EDT.
Geopolitical:
President Trump will sign an Executive Order Establishing the Task Force on Missing and Murdered American Indians and Alaska Natives at 11:00 a.m. EDT, lunch with the Secretary of State and then head to Florida for Thanksgiving. At 7:00 p.m. EDT President Trump will hold a Keep America Great Rally.
Federal Reserve Governor Lael Brainard speaks at 1:00 p.m. EDT.
Conferences & Analyst Meetings:
Investor/Analyst Days & Conference Calls of Note: CRAI (Investor Day)
Sellside Conferences: None of note.
Industry Conferences: Los Angeles Auto Show (11/22-12/1). Dell Technologies Dubai Forum (11/24-11/25)
M&A Activity
Newmont Goldcorp (NEM) to sell Red Lake complex to Evolution Mining (CAHPF) for $375 million in cash and up to $100 million in additional payments.
American International Group (AIG) to sell majority interest in Fortitude Re to Carlyle Group (CG) and T&D Goldings for $1.8 billion.
Upgrades & Downgrades
