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. Since 11/4 close, the S&P has not rallied for more than two days before some selling and the longest losing streak is two days, yet the S&P 500 has gained almost 200 points since then.

Covid-19 Statistics: 

Total Cases 15,142,845 from 14,903,563

Deaths 280,454 from 277,367

New Tests 1,790,392 from 1,638,354

New Cases 211,027 from 213,498 with positivity rate of 11.7% (down 1.3)

Daily Deaths 3,054

Current Hospitalizations 106,688 from 104,600

Capital Raises:

IPOs Priced: Airbnb (ABNB) priced at $68 per share above expected range of $56 to $60. Hydrofarm (HYFM) priced at $20. 

Secondaries Priced: ONCT ICHR LPRO ALXO RCKT PXLW AQB  of note.

Notes Priced of note: None of note.

Common Stock filings: AQB CDMO PXLW MP LEAF  of note.

Selling Shareholders of note: MP of note.

Mixed Shelf Offerings: TARA HPQ of note.

Convertible Offering Files:  None of note.

Senior Notes Filed: None of note.

Earnings Out After The Close:

Beats: RH +1.01, OXM +0.66, MESA +0.34, CMTL +0.24, VRNT +0.23, GEF +0.06, ASAN +0.03

Flat:  NCNO

Misses: none

News After The Close (sorted by time starting at the close):

Several investment firms out with November returns. All grew due to bounce in market – AB IVZ BEN APAM

Google (GOOGL) and Apple (AAPL) to ban X-Mode data broker from collecting location data from user’s cell phones.

Google (GOOGL) announces Google Health Studies  app with focus on respiratory.

House passes one week funding extension.

Lockheed Martin (LMT) wins $510 million Army contract.

General Electric (GE) to pay $200 million fine for disclosure violations picked up by the SEC.

Dividend Increase:  CARR COR LSTR & AFG (special $2) OPY (special $1) WPC  ZTS  CME

Raises Guidance:  APG  SBUX

Lowers Guidance: 

Stock Buyback New Or Increase: BXS 

Hourly Action: Forget about owning stocks from 1:00 p.m. EST onward.

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

S&P 500 -18    Dow Jones Industrial Average -75   NASDAQ -77    Russell 2000 -5.75. Fair values are mixed to lower. Asia mixed and Europe mixed. VIX is at 24.39 from 23.45 this morning in futures. VIX closed at 21.91 from 20.59  and the three month futures at 24.73 from 24.52.

Gold, silver and copper higher. WTI Crude Oil and Brent Oil Futures higher. Natural Gas is higher. $ is lower vs Euro, higher vs Pound and higher vs Yen. US 10 year Treasury price is at $137.69 from $137.55with the yield at 0.931% from 0.939%.

Positive Sectors On Wednesday: Industrials of note.

Negative Sectors On Wednesday: Technology, Consumer Cyclical and Communication Services of note. 

One Month Winners: Energy, Financials Real Estate and Industrials  of note.

Three Month Winners: Industrials, Communication Services, Utilities and Financials of note.

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

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

Year to Date: Technology, Consumer Cyclical, 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: ORCL, COST, AVGO, LULU, MTN, PLAY, NX of note.

Friday Before the Open: ROAD of note.

Earnings This Morning Of Note:

Beats: ASO +0.52

Flat: none

Misses: FLR (0.09), CIEN (0.03)

Still to Report: ADBE

Still to Report: 

Erlanger Research Advance/Decline Table –  Updated 12/9 Close. There is no chart today instead our table. Yesterday was a struggle for NASDAQ stocks not as much NYSE.

Gap Ups & Down In Early Pre-Market:

Gap Up:

Gap Down:

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

Stocks Making The Biggest Moves. (CNBC)

5 things to know before the market opens. (CNBC)

Biggest analyst calls of the day. (CNBC Pro)

Coronavirus Update:  U.S. deaths over 3,000. (CNBC)

Congress making progress on full spending bill but stuck on stimulus. (The Washington Post)

ECB has more stimulus measures.

China will counter sanction more U.S. officials after U.S. sanctioned Chinese officials earlier in the week. (Bloomberg)

Facebook (FB) calls antitrust lawsuits “revisionist history”.

Georgia Senate elections too close to call. (Real Clear Poltitics)

House Minority Leader Kevin McCarthy says will get stimulus bill next week. (CNBC)

Stock Index Trading:

Current through 12/9 close. Overall confidence moves from 100% to 83%.

Bold means a change from prior day.

Economic:

Weekly Jobless Claims are due out at 8:30 a.m. EST. Came in at 853,000 versus estimates of 730,000.

November CPI is due out at 8:30 a.m. EST and is expected to rise to 0.1% from 0.00%. Came in at 0.2%.

The Treasury holds an auction for the 30 Year at 1:00 p.m.

Weekly Natural Gas Inventories are due out at 10:30 a.m. EST.

$38 billion of 30 Years to be auctioned at 1:00 p.m. EST.

Geopolitical & Related:

The European Central Bank (ECB) announced their latest decision and holds a presser at 8:30 a.m. EST.  They added more easing measure with bind buying increased to $2.2 trillion and low interest loans to banks.

FDA to meet on EUA for Pfizer (PFE).

President Trump 

The President has lunch with State Attorneys General 12:45PM Cabinet Room. Later, he delivers remarks at the Congressional Ball 8:15pm Grand Foyer.

Investor Meetings & Conferences of Note:

 (Investor Day)    (Conference Call)  (Update)    (webcast)  (R&D Day)

Sellside Conferences:  Citi Global Consumer Conference ( 12/8-12/10) Barclays Global TMT Conference (12/9-12/11)

Industry Conferences: Benzinga Small Cap Conference (12/8-12/9)

M&A:

Gilead Sciences (GILD) to buy MYR for 1.5 billion pounds.  Plus milestone payments down the road.

Upgrades & Downgrades:  Wells Fargo  goes crazy on downgrades.