Breaking News: Pfizer (PFE) Covid-19 vaccine is up to 90% effective. Novavax (NVAX) seeks Emergency Use Authorization for its vaccine as proven effective.
Election results continued to roll in and the House stays with the Democrats and the Republicans do not have complete control the Senate until the Georgia runoffs occur in January, On Saturday Democratic Candidate Former Vice President Joe Biden was names the President Elect by Associated Press (AP) and then several other media outlets including Fox. The Trump campaign continues to mount legal challenges in multiple states and has not given a concession speech.
Market Tone: Lots of back and forth the last couple of weeks after the initial bounce off the September lows. Expect volatility to continue post election. Stocks have put together a strong four day rally that rested on Friday. This morning sees strength due to the Pfizer news in all sectors except the NASDAQ Composite.
Total Cases 9,871,751 from 9,541,148
Recovered 3,881,491 from 3,781,751
Deaths 229,724 from 226,955
Tests 1,246,130 from 1,537,316
New Cases 110,270 from 116,255 with positivity rate +8.2% (up 0.9%)
Daily Deaths 2,769 from 1,124
Current Hospitalizations 56,768 from 53,322
Secondaries Priced: None of note.
Notes Priced of note: None of note.
Common Stock filings: PAYA of note.
Selling Shareholders of note: PAYA of note.
Mixed Shelf Offerings: CLDX AEP QTRX KSU REXR H OMF SVM THR WRB of note.
Convertible Offering Files: None of note.
Senior Notes Filed: None of note.
Earnings Out After The Close on Friday:
None of note.
None of note.
News After The Close:
Walt Disney (DIS) cuts a deal with Fortnite players for free Disney + service.
Tootsie Roll (TR) delays 10-q due to Halloween adjustment.
Moody’s upgrades Greece to Ba3.
Fitch affirms Germany at AAA.
Morningstar take Japan to A.
White House Chief of Staff Mark Meadows tests positive for Covid-19.
Barron’s + on GOOGL MAR WYNN.
Dividend Increase: MAN
Reinstates Or Initiates Buybacks:
What’s Happening This Morning: Futures value reflects the change with fair value. We will still indicate the fair value direction.
S&P 500 +150 Dow Jones Industrial Average +1682 NASDAQ +81 Russell 2000 +119 . Fair values are lower. Asia and Europe higher. Current VIX is at 24.86 from 27.58. 3 month VIX Future is at 25.05 from 29.05.
Gold and silver lower with copper higher. WTI Crude Oil and Brent Oil Futures higher. Natural Gas is lower. $ is lower vs Euro, lower vs Pound and higher vs Yen. US 10 year Treasury price is at $137.84 from $138.80 with the yield at 0.917% from 0.80%.
Positive Sectors On Friday: Materials, Technology, Consumer Defensive and Communication Services of note.
Negative Sectors On Friday: Energy, Real Estate 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: RNG WPM SPG ZI OSH FF BYND OXY NBIX AZPN NKLA NVAX NCLH ARNA of note.
Tuesday Before The Open: ROK DHI BNTX AAP CAE CYBR NOVT AER CRSR TCP ERJ MOS of note.
Earnings This Morning Of Note:
CNNE +1.44, MCD +0.32, BKI +0.32, CGC +0.28, RDNT +0.27, ALE +0.14, BCOR +0.12, CARS +0.11, BIP +0.05, PLUG +0.03 of note.
Flat: HL +0.00, TGNA +0.00
GOGO (0.36), RETA (0.09), ICPT (0.07), EBIX (0.06), HWM (0.02) of note.
Still To Report:
Erlanger Research Advance/Decline Chart – Updated 11/6 Close. The A/D line struggled on Friday with index weakness of S&P 500 and NASDAQ 100. Today will reverse that with Pfizer vaccine news.
Gap Ups & Down In Early Pre-Market:
Gap Up: CALT +48%, CGC +11%, LMNL +9%, CNTG +7%, GPRO +6%, HL +5%
Gap Down: None of note
Rags & Mags: Highlighted Stories may be clicked through to the original story.
Stocks making the biggest moves – PFE MCD AAPL BRKA. (CNBC)
Coronavirus update: Pfizer and Task Force. (CNBC)
Covid-19 continue to see cases hit new high since July.
Biogen (BIIB) does not get voted at FDA Advisory Committee on Aducanumab for Alzheimers.
President Elect Biden will be creating a series of Executive Orders to rejoin Paris Climate Accord and WHO.
President Elect Biden names several doctors and health officials to his coronavirus taskforce.
Tropical Storm ETA to hit Florida with little impact. (The Weather Channel)
Stock Index Trading & Key Moving Averages:
Current through 11/6 close. All indexes and all moving averages are now positive. Amazing recovery last week.
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 11/6 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.
None of note today.
Releases of note this week include the weekly chain store sales, oil/gas numbers, mortgage applications and jobless claims as well as CPI, PPI and University of Michigan Consumer Sentiment Survey.
Geopolitical & Related:
President Trump has no public events scheduled. Expect the fight to contest states will continue.
Meetings Of Note:
MCD EXC (Investor Meeting)
Sellside Conferences: Bank of America Future of Financials Conference (11/9-11/10) Credit Suisse Healthcare Conference (11/9-11/12) Raymond James Insurance Symposium (11/9)
Industry Conferences: None of note.
Vanity Fair (VFC) to buy Streetware company Supreme for $2 billion.