CAPIS Morning Note -3/16/20 Another Limit Down Day, Federal Reserve and Central Banks Act
Breaking News: IPOs on deck: None of note. IPOs Filed: None of note. Secondaries Priced: None of note. Notes Priced of note: None of note. Common Stock filings:None of note. Mixed Shelf Offerings: NVEE TBIO QCRH VRCA INO HARP KIDS of note. Convertible Offering Files: None of note. Senior Notes Filed: None of note. Courtesy of IPO Financial Earnings…
IPOs on deck: None of note.
IPOs Filed: None of note.
Secondaries Priced: None of note.
Notes Priced of note: None of note.
Common Stock filings:None of note.
Mixed Shelf Offerings: NVEE TBIO QCRH VRCA INO HARP KIDS of note.
Convertible Offering Files: None of note.
Senior Notes Filed: None of note.
Earnings After The Close:
None of note.
None 0f note.
Hourly Action This Week: Updated 3/13 Close
News After The Close (In Order of Time)
Boeing (BA) notes FAA looking at structural issues with 737 jets after incident on a Southwest Airlines (LUV) 737.
Bill Gates steps down from Microsoft (MSFT) and Berkshire Hathaway (BRKB) boards.
Churchill Downs (CHDN) will be spectator free through 3/29.
President Trump was tested for the coronavirus on Friday night.
Barron’s reviews airlines best names Southwest (LUV), Delta (DAL) and United Airlines (UAL). Favorite Energy names include International Seasways (INSW), Scorpio Tankers (STNG), Euronav (EURN), Phillips 66 (PSX), Valero (VLO) and Concho Resources (CXO). Freeport McMoRan (FCX) insiders buy stock.
President Trump restricts travel to U.K. and Ireland.
Bridgewater’s Macro fund Pure Alpha II down -21% through Thursday.
France shuts all restaurants, cafes, cinemas and clubs as of Sunday morning due to coronavirus.
Withdraws Guidance: BOOM VVI
Stock Buybacks: MNST HCI SBSI FSS
Stock Buybacks Stopped: All major banks including USB.
Gap Higher: BNTX +33%, ATUS +6%.
Gap Lower: MNK -31%, WYNN -18%, NBEV -17%%, MGM -16%, INO -15%, UAL -15%, CCL -15%, JBLU -13%, DAL -13%, SLV -13%, RCL -12, NCLH -11%, AAPL -11%, BA -11%, WBA -8%, AIMT -6%, NIU -6%, NVEE -6%, XLP -6%, TSG -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 -132 Dow Jones Industrial Average -1242 NASDAQ -438 Russell 2000 -64. Fair values are higher. Asia lower and Europe lower.
Gold, silver and copper lower. WTI Crude Oil and Brent Oil Futures lower. Natural Gas is lower. $ is lower vs Euro, lower vs Pound and lower vs Yen. US 10 year Treasury price is at $137,78 from $137.14 and yields at 0.577% from 0.636%. Prices as of 8:30 a.m. EDT.
Positive Sectors On Friday: All lead by Financial, Technology and Materials/Energy.
Negative Sectors On Friday: None of note.
One Month Winners: None of note.
Three Month Winners: None of note.
Six Month Winners: None of note.
Twelve Month Winners: None of note.
Year to Date: None of note.
Upcoming Earnings Of Note (sorted by market cap, highest to lowest)
Today After The Close: ZTO COUP HQY TME YY TERP HUYA RPAY BE CPRX PAYS APYX of note.
Tuesday Before The Open: HDS FLR DBI MK LE of note.
Earnings This Morning Of Note
None of note.
NBEV (0.75) KOD (0.09) of note.
Rags & Mags: Highlighted Stories may be clicked through to the original story.
Top News Story: Markets drop despite Federal Reserve and Central Bank action. (
5 Things To Know To Start Your Day. (Bloomberg)
5 Things To Know Before The Stock Market Opens. (CNBC)
Stocks Moving This Morning. (CNBC)
Coronavirus update: WHO tells world to doubel down. (CNBC)
Federal Reserve cut interest rates to 0-0.25% late Sunday afternoon.
IMF will use $1 trillion loan capacity to fight COVID-19.
Associated Press reports first participant in a clinical trial on experimental coronavirus vaccine today.
Sanofi (SNY) and Regeneron Pharmaceuticals (REGN) start clinical trials using Kevzara in patients with severe COVID-19.
Carnival Cruise (CCL) suspends service as does Royal Caribbean (RCL).
Stores closed include Under Armour (UA), Apple (AAPL), Nike (NKE), V.F. Corp (VFC), Abercrombie & Fitch (ANF) and Columbia Sportswear (COLM).
Stores with limited hours lululeom athletica (LULU)
Casinos closed include Wynn Resorts (WYNN), MGM Resorts (MGM)
FDA issues Emergency Use Authorization to Thermo Fisher (TMO) to run diagnostic test used to detect COVID-19.
American Airlines (AAL) cuts flights 75% from March 16 through May 6th while United Airlines (UAL) cuts by 50% in April and May.
Google (GOOGL) partners with U.S. government to develop a COVID-19 website.
Teladoc (TDOC) sees medical visits up 50% in the past week, with respiratory condition diagnoses up 24% over last month.
AMC limits seating to 50 people and 50% capacity. (AMC)
Stock Index Tracking
Current through 3/13 close.
Bold means a change from prior day.
The advance/decline line model is now back in cash. Updated through 3/13 close. In 2019, the model was up 16.48% on the S&P 500 and this year is down -7.64% with the S&P 500 lower by -23.22% before today. 5 buy signals and 4 cash signals in 2019. We moved to cash at 3116.31 on the S&P 500.
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 3/13 close.
Courtesy of Phil Erlanger Research, Inc.
Economic & Related:
March Empire State Manufacturing is due out at 8:30 a.m. EDT and is expected to fall to 3.5% from 4.7%.
President Trump will participate in a conference call with G-7 leaders at 10:00 a.m. EDT. Then will participate in a video conference call with U.S. Governors. At 12:30, the president has lunch with the Vice President. At 3:30 p.m. EDT, the president receives his intelligence briefing.
Coronavirus Task Force holds a briefing at 11:30 a.m. EDT.
Meetings, Calls & Conferences
Investor/Analyst Days & Conference Calls of Note: RAD (Investor Day). SESN (Conference Call).
Sellside Conferences: None of note.
Industry Conferences: None of note.
Upgrades & Downgrades are too numerous to show today. I have never seen more of each!