CAPIS Morning Note – 2/24/21: Futures Were Higher, Now Lower

Covid-19 Statistics:  Total Cases 28,000,689 from 27,932,810 Deaths 492,578 from 490,382 New Tests 1,188,609 from 1,238,604 New Cases 67,879 from 52,530 with positivity rate of 5.7% (up 1.5) Daily Deaths 2,196 Current Hospitalizations 55,058 from 55,403 Capital Raises: IPOs Priced or News:  New SPACs launched: Secondaries Priced: FRPT  of note. Notes Priced of note: DBX…

Covid-19 Statistics: 

Total Cases 28,000,689 from 27,932,810

Deaths 492,578 from 490,382

New Tests 1,188,609 from 1,238,604

New Cases 67,879 from 52,530 with positivity rate of 5.7% (up 1.5)

Daily Deaths 2,196

Current Hospitalizations 55,058 from 55,403

Capital Raises:

IPOs Priced or News: 

New SPACs launched:

Secondaries Priced: FRPT  of note.

Notes Priced of note: DBX of note.

Common Stock filings: TROX GTES DESP  of note.

Selling Shareholders of note: None of note.

Mixed Shelf Offerings: KRG SOS  of note.

Convertible Offering Files: HALO CGC   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: TX +2.11, Y +0.69, RRD +0.50, CSGP +0.44, EQH +0.44, PXD +0.37, INSP +0.36, TOL +0.30, MGRC +0.22, PEN +0.16, MATX +0.16, MTDR +0.15, MASI +0.12, INFN +0.11, ESPR +0.10, HURN +0.10, SQ +0.10, ARLO +0.10, CATM +0.10, SUM +0.08, ATRC +0.07, MCFE +0.07, CORT +0.06, COG +0.06, UPWK +0.06, AGR +0.05, LXFR +0.05, SPT +0.05, HTGC +0.04, MTG +0.04, PPD +0.03, SYKE +0.03, CHX +0.03, BTG +0.03, HEI +0.02, PUBM +0.02, WES +0.02, OSPN +0.02, INTU +0.01, ORCC +0.01

Flat:   ALC +0.00, CHE +0.00, FLS +0.00, MYGN +0.00, TRHC +0.00

Misses: DK (0.87), ARNA (0.29), PUMP (0.27), PODD (0.24), JAZZ (0.20), PEB (0.06), BLUE (0.05), HALO (0.04), RRC (0.04), JBGS (0.04), SYX (0.03), VRSK (0.03), SPXC (0.02)

News After The Close:

Churchill Downs (CHDN) to sell Arlington International Racecourse.

Science Applications (SIAC) wins $120 million Navy contract.

GameStop (GME) CFO Jim Bell resigns at the end of March.

Index Changes: CLF to S&P 400 and WSFS to join S&P 600.

AstraZeneca (AZN) to receive EU Authorization at the beginning of April and then could deliver 30 million doses.


Split Announcement:

Raises Guidance: MASI 

Lowers Guidance:

Stock Buyback New Or Increase: LSCC LPI KRG MXL

Insider Buys:  (source The Trade Exchange)

Erlanger Valuelines: Volatility is on the rise as noted by the blue highlighting on the EVL Range rising. Updated 2/23

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 -9   Dow Jones Industrial Average -57   NASDAQ -99   Russell 2000 +8.69. Fair values are higher ex the Russell. Asia lower  and Europe mixed. VIX is at 25.75 from 26.05  this morning in futures. VIX closed at 23.11 from 23.45 and the three month futures at 27.12 from 27.81.

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)


Thursday Before the Open: BUD, TD, AMT, NTES, MRNA, KDP, CM, AEP, SRE, PLUG, BBY, W, LI, VIPS of note.

Earnings This Morning Of Note:

Beats: SAGE +20.31, TEN +0.64, RY +0.40, SITE +0.31, OMI +0.29, USCR +0.27, CLH +0.25, BHC +0.22, RGEN +0.21, HZNP +0.21, IRM +0.13, LOW +0.12, EXC +0.10, PRAH +0.09, ETR +0.09, NEO +0.08, ICLR +0.07, FDP +0.06, AVA +0.06, ENBL +0.04, LIVN +0.03, PLAB +0.02, PGTI +0.02, ELAN +0.02

Flat: IBP +0.00, VRT +0.00

Misses: IONS (2.74), SBGI (0.33), TNL (0.29), ODP (0.28), UTHR (0.20), TJX (0.12), TRN (0.07), PSN (0.05), VER (0.03), HFC (0.03), WEX (0.02), DEA (0.01), CSPR (0.01), SIX (0.01)

Still to Report: LNG, CQP, EV, ITRI, KOP, OSTK, PNW, TCP, VCEL

Erlanger Research Advance/Decline Chart/Table –Updated through 2/23. Breadth continues to deteriorate. A precursor or noise?


Gap Ups & Down In Early Pre-Market:

Gap up:

RRD +49%, RAAC +27%, PRAH +25%, ARLO +22%, UPWK +181%, SOS +15%, PUBM +15%, MCFE +10%, WSFS +9%, MATX +7%, INSP +6%, ESPR +6%, INO +6%, SUM +5%, SPT +5%, VRT +5%, APHA +5%, TLRY +4%, PEN +4%, INFN +4%, SLGN +4%, TX +4%

Gap down:

XPER -7%, SYX -5%, TNL -5%, FLS -4%, TROX -4%, SQ -4%, ALC -4%, HALO -4%, HALO -4%, VIV -4%

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

Stocks Making The Biggest Moves – SQ GME LOW INTU (CNBC)

Biggest Analyst Calls – SNAP SQ MAT AEOS (CNBC)

Covid Update: CVS adds 6 more states to its vaccine protocol. (CNBC)

5 Things To Know Before The Market Opens (CNBC)

President Biden to sign an Executive Order on key supply chains including semiconductors, rare earths and pharmaceuticals. (WSJ)

House to vote on Stimulus Bill on Friday. (Reuters)

Petrobras (PBR) may make a CEO change. (WSJ)

FDA provides detailed review of Johnson & Johnson (JNJ) vaccine today. (WSJ)

Bitcoin back above $50,000. (CNBC)

Tiger Wood is awake following surgery on both legs after a car accident yesterday. (CNBC)

Current through 2/23 close. Overall confidence moves from 67% to 54%.

Bold means a change from prior day.

2/23 results.


 The President receives the President’s Daily Brief, Oval Office, 9:50 AM

Federal Reserve Chairman Powell concludes two days of testimony in front of Congress with today’s testimony before the House Financial Services Committee.

Federal Reserve Governor Lael Brainard speaks today at 10:30 a.m. EST.

Press Briefing by White House COVID-19 Response Team and public health officials, The White House, 11:00 AM

Press Briefing by Press Secretary Jen Psaki, Deputy Director of the National Economic Council Sameera Fazili, and Senior Director for International Economics and Competitiveness Peter Harrell, James S. Brady Press Briefing Room, 12:30 PM

The President and The Vice President meet with a bipartisan group of House and Senate members on U.S. supply chains, Oval Office, 2:00 PM

The President signs an executive order on the economy; The Vice President also attends, State Dining Room, 4:15 PM

Federal Reserve Governor Richard Clarida speaks at 1:00 p.m. and 4:00 p.m. EST.


January New Home Sales are due out at 10:00 a.m. EST and is expected to improve to 855,000 from 842,000.

Weekly Crude Oil Inventories are due out at 10:30 a.m. EST.

The latest NYSE and NASDAQ Short Interest is due out after the close for the period ended on settlement date of 2/12. During this period from 1/27/21 through 2/10 on a trade date basis the S&P 500 rose 4.24%, so expect more short covering.

$61 billion of 5 Years to be auctioned at 1:00 p.m. EST.

Investor, Sellside and Industry Meetings

STX PSTX MAT MSCI  (Investor Day) EGAN  (Webcast)  CMBC (Fireside Chat with J.P. Morgan)

Sellside Confrerences: SVB Leerink 10th Annual Global Healthcare Conference (2/22-2/26) 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:

M&A Activity:

ICON (ICLR) to buy PRA Health Sciences (PRAH) for $80 in cash and 0.4125 shares of ICON stock.

Autodesk (ADSK) to buy Innovyze for $1 billion.

HP (HPQ) to buy HyperX for $425 million.

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.