CAPIS Morning Note – 2/23/21: Indexes Lower, Fed Chairman Powell To The Hill Next Two Days
Covid-19 Statistics: Total Cases 27,932,810 from 27,879,604 Deaths 490,382 from 489,060 New Tests 1,238,604 from 1,225,773 New Cases 52,530 from 58,429 with positivity rate of 4.2% (down 0.6) Daily Deaths 1,235 Current Hospitalizations 55,403 from 56,159 Capital Raises: IPOs Priced or News: New SPACs launched: Churchill Capital (CCIV) and Lucid Motors to announce merger of…
Covid-19 Statistics:
Total Cases 27,932,810 from 27,879,604
Deaths 490,382 from 489,060
New Tests 1,238,604 from 1,225,773
New Cases 52,530 from 58,429 with positivity rate of 4.2% (down 0.6)
Daily Deaths 1,235
Current Hospitalizations 55,403 from 56,159
Capital Raises:
IPOs Priced or News:
New SPACs launched: Churchill Capital (CCIV) and Lucid Motors to announce merger of the SPAC and a PIPE at $15.
Secondaries Priced: CCL SHOP of note.
Notes Priced of note: None of note.
Common Stock filings: CCL PAVM FRPT EXPR SHOP BWAY of note.
Selling Shareholders of note: None of note.
Mixed Shelf Offerings: SASR of note.
Convertible Offering Files: DBX of note.
Summary From The Trade Exchange bringing traders and investors real time news and Squawk Box.
Earnings Out After The Close Of Note:
Beats: CNNE +5.89, BCC +0.68, AL +0.67, DDS +0.40, SBAC +0.36, UIS +0.28, NDSN +0.26, PRIM +0.23, PLOW +0.19, XEC +0.18, RSG +0.18, VNOM +0.17, NLS +0.15, GDOT +0.13, JBT +0.13, EXR +0.13, PANW +0.12, FIVN +0.11, CDNS +0.09, IR +0.08, MRO +0.08, AWR +0.07, ACC +0.05, LSI +0.04, BWXT +0.03, WMB +0.03, BIGC +0.02, NSA +0.02, API +0.02, EVER +0.02, ZI +0.02, O +0.01, TREX +0.01, PRA +0.01
Flat: HTA +0.00, WRI +0.00
Misses: OXY (0.20), FRPT (0.19), RIG (0.16), REAL (0.08), OKE (0.04), NHI (0.04), FANG (0.01), HSTM (0.01)
News After The Close:
Frequency Therapeutics (FREQ) announces study results of Phase I/II for FX-322.
AMC Entertainment (AMC) responds to announcement by NY Governor Cuomo that NYC movie theatres on 3/5.
U.S. goes over 500,000 deaths from Covid-19. President Biden holds a candle ceremony in Washington, D.C.
Lockheed Martin (LMT) wins $30 million and $410 million contracts from the Air Force.
Churchill Capital (CCIV) and Lucid Motors to announce merger of the SPAC and a PIPE at $15.
Parsons (PSN) wins contract with the U.S. Postal Service worth $600 million.
Dividend Increases: FANG KIM
Split Announcement:
Raises Guidance: CDNS EXR BIGC O EVER
Lowers Guidance:
Stock Buyback New Or Increase:
Insider Buys: PRTA CVX NUS AAT SONO (source The Trade Exchange)
Hourly Action – Updated 2/19 close. Trading remains mixed with 4 hours up and 3 down.
What’s Happening This Morning: Futures value reflects the change with fair value. We will still indicate the fair value direction. Quick comment -Futures are lower this morning. The low overnight on the S&P 500 was at 6:00 a.m. EST.
S&P 500 -25 Dow Jones Industrial Average -147 NASDAQ -159 Russell 2000 -10 . Fair values are higher ex the Russell. Asia mixed and Europe mixed. VIX is at 26.05 from 25.87 this morning in futures. VIX closed at 23.45 from 24.13 and the three month futures at 27.81 from 27.09.
Gold higher with silver and copper lower. WTI Crude Oil and Brent Oil Futures higher. Natural Gas is lower. $ is higher vs Euro, higher vs Pound and higher vs Yen. US 10 year Treasury price is at $135.38 from $135.31 with the yield at 1.36% from 1.35% .
Positive Sectors On Monday: Energy, Materials and Real Estate of note.
Negative Sectors On Monday: Utilities, Consumer Cyclicals and Technology 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: Energy, Materials, Healthcare and Financials of note.
Upcoming Earnings Of: (sorted by market cap, highest to lowest with most visible names)
Today After the Close: SQ, INTU, MELI, CSGP, ALC, VRSK, PXD, PODD, HEI, MASI, AGR, PPD, EQH, PEN, JAZZ, MCFE of note.
Wednesday Before the Open: LOW, RY, TJX, EXC, HZNP, CQP, ETR, LNG, ELAN, RGEN, BHC, WEX, IRM, PNW, VER, EV of note.
Flat: none
Misses: ARNC (0.94), SPR (0.55), COOP (0.41), CEQP (0.21), EPZM (0.06), ETRN (0.06)
Still to Report: CBRL, SMP
Erlanger Research Advance/Decline Chart/Table –Updated through 2/22. Breadth continues to deteriorate. A precursor or noise?
Gap Ups & Down In Early Pre-Market:
Gap up:
FIVN +10%, EVER +8%, ZI +6%, CLDX +4%, PSN +4%, RVNC +4%
Gap down:
CCIV -35%, PAVM -19%, NLS -15%, API –14%, REAL -13%, BIGC -7%, EXPR -7%, TTCF -7%, SHOP -6%, DBX -5%, WTRH -5%, UIS -5%, PANW -4%, TREX -4%, FRPT -4%, GNMK -4%, DDS -4%, GDOT -4%, MRNA -4%
Rags & Mags: Highlighted Stories may be clicked through to the original story.
Stocks Making The Biggest Moves – BA CTB DISH (CNBC)
Covid Update: UK to announce lockdown exit plans. (CNBC)
5 Things To Know Before The Market Opens (CNBC)
Senate to hold confirmation hearings on USTR nominee Katherine Tai who is tough on China. (Bloomberg)
Boeing (BA) 777 engine failure Pratt & Whitney (RTX) may have been due to metal fatigue. (Bloomberg)
Facebook (FB) makes a deal to deliver news in Australia. (NYT)
Marriott (MAR) names Anthony Capuano as new CEO and Stephanie Linnartz as President.
Bitcoin fell to under $50,000 and is now at $47,000.
Stock Index Trading & Yesterday’s Results:
Current through 2/19 close. Overall confidence moves from 70% to 67%.
Bold means a change from prior day.
2/22 results.
Geopolitical:
The President and The Vice President receive the President’s Daily Brief, Oval Office, 9:50 a.m. EST
Federal Reserve Chairman Powell begins two days of testimony in front of Congress at 10;00 a.m. EST.
Press Briefing by Press Secretary Jen Psaki, James S. Brady Press Briefing Room, 12:00 p.m. EST
The President conducts a roundtable with Black essential workers, moderated by Domestic Policy Advisor Susan Rice, South Court Auditorium, 1:15 p.m. EST
The President participates in his first bilateral meeting with Prime Minister Trudeau of Canada; The Vice President also attends, Roosevelt Room, 4:00 p.m. EST
The President and Prime Minister Trudeau give statements on their bilateral meeting, East Room, 5:45 p.m. EST
Economic:
February Consumer Confidence is out at 10:00 a.m. EST and came in last month at 89.3 and is expected to rise to 91.00.
$20 billion of 2 Years to be auctioned at 1:00 p.m. EST.
Investor, Sellside and Industry Meetings
EXTR HSIC SNAP TRXC LFUS EPD CG (Investor Day) BIIB SFE (Webcast) CCIV VSTA (Conference Call)
Sellside Confrerences: SVB Leerink 10th Annual Global Healthcare Conference (2/22-2/26) KeyBanc Electric Vehicle Supply Chain Virtual Conference. (2/22) JP Morgan Taiwan CEO Conference (2/22-2/23) UBS Chemical Conference (2/23) KBW Fintech Conference (2/23-25) Baird Sustainability Conference (2/23-24) Truist Consumer Symposium (2/23-24) Bank of America SMID Conference (2/23-24)
Industry Conferences: Gartner Security & Risk Management Summit (2/22-2/23)
M&A Activity:
Upgrades & Downgrades of Note This Morning: Note that downgrades remain prevalent in February. We will update today’s recs tomorrow as out of time.
Today’s Sellside Recommendations below.
Monday Sellside Recommendations
