CAPIS Morning Note – 3/24/21: Futures Rebound After Heavy Selling Yesterday Afternoon
Breaking News: General Motors (GME) extends production cuts due to chip shortage. Earnings Out After The Close Of Note: Beats: HOME +0.38, ADBE +0.35, SCS +0.07 Flat: AIR Misses: GME (0.08) Capital Raises: IPOs Priced or News: Robinhood files for IPO. (Bloomberg). DigitalOcean (DOCN) priced at high end of range at $47. AVEO Oncology (AVEO)…
Breaking News: General Motors (GME) extends production cuts due to chip shortage.
Earnings Out After The Close Of Note:
Flat: AIR
Misses: GME (0.08)
Capital Raises:
IPOs Priced or News: Robinhood files for IPO. (Bloomberg). DigitalOcean (DOCN) priced at high end of range at $47. AVEO Oncology (AVEO) priced at $25 a share at high end of range.
Secondaries Priced: AVEO MP VIAC PRTA of note.
Notes Priced of note: ACCD MP VIAC of note.
Common Stock filings: CASI GB 0f note.
Selling Shareholders of note: CDXC of note.
Mixed Shelf Offerings: CELC NEE SCPH of note.
Convertible Offering & Notes Filed: None of note.
Note Offerings Filed: None of note.
Capital Raise Summary From The TradeXchange ,bringing traders and investors real time news and Squawk Box, and other sources.
News After The Close:
Chinese regulatory authority approves Marvel Technology (MRVL) acquisition of Inphi (IPHI).
Intel (INTC) to invest $20 billion on two new factories in Arizona. Guides Q1 higher but lower on Fiscal Year EPS lower as PC revenue lower on component shortages.
Laboratory Health (LH) to review company structure and capital allocation strategy.
Northrop Grumman (NOC) wins $3.9 billion Missile Defense Agency contract and Lockheed Martin (LMT) picks up a $3.7 billion contract.
Mercedes Benz (DDAIF) suspends truck production in Brazil due to pandemic worsening.
The Hartford (HIG) rejects bid from Chubb (CB).
Dividend Raises:
Split Announcement:
Raises Guidance: ADBE
Lowers Guidance: SCS
Buyback Announcements: AZO
Insider Purchases: We note no names have moderate or heavy short selling worth buying. Insider Action From The TradeXchange and Short Date From Erlanger Research. Through 3/22.
What’s Happening This Morning: Futures value reflects the change with fair value. We will still indicate the fair value direction.
S&P 500 +17 Dow Jones Industrial Average +120 NASDAQ +101 Russell 2000 +29.41 Fair values are mixed. Asia and Europe lower. VIX is at 22.20 from 22.10 this morning in futures. VIX closed at 20.30 from 18.88 and the three month futures at 23.80 from 22.94.
Gold, silver and copper higher. WTI Crude Oil and Brent Oil Futures higher. Natural Gas is higher. $ is higher vs Euro, higher vs Pound and lower vs Yen. US 10 year Treasury price is at $132.02 from$131.84 with the yield at 1.624% from 1.647%. Bitcoin $56372 @ $+1295 +2.35%.
Positive Sectors On Tuesday: Utilities.
Negative Sectors On Tuesday: Energy, Materials and Industrials of note.
One Month Winners: Energy, Financials and Communication Services of note.
Three Month Winners: Materials, Industrials and Financials of note.
Six Month Winners: Energy, Financials and Materials of note.
Twelve Month Winners: Consumer Cyclical, Technology and Materials of note.
Year to Date: Energy, Communication Services, Financials and Materials of note.
Upcoming Earnings Of: (sorted by market cap, highest to lowest with most visible names)
Today After the Close: RH, JEF, AMWL, KBH, FUL, GRWG, SCVL of note.
Thursday Before the Open: CCL, DRI, MOMO, IGMS, ZNTL of note.
Earnings This Morning Of Note:
Beats: WGO +0.72, WOR +0.24, GIS +0.12, APG +0.03
Flat: none
Misses: none
Still to Report: none
Erlanger Research Advance/Decline Chart/Table –Updated through 3/23.
Gap Ups & Down In Early Pre-Market:
Gap up:
HOFV +80%, DLPN +70%, PLBY +18%, DVAX +8%, BNGO +6%, LRCX +5%, INTC +5%, AMAT +5%, KZIA +4%
Gap down:
GME -12%, CASI -12%, PLL -7%, EYES -6%
Rags & Mags: Highlighted Stories may be clicked through to the original story.
Stocks Making The Biggest Moves – GME INTC VIAC (CNBC)
Biggest Analyst Calls FDX GME PLAY WEN . (CNBC)
Covid Update: Hong Kong and Macau suspend BioNTech vaccinations over packaging concerns. (CNBC)
China only purchased 33% of goods under Phase One of Trade Deal put in place by President Trump. (Bloomberg)
Europe put up impressive PMIs.
Republicans express opposition to $3 trillion infrastructure plan. (The Washington Post)
Honda (HMC) extends plan closures through next week in North America. (Reuters)
Tesla (TSLA) will now accept Bitcoin for payment of cars. (CNBC)
Current through 3/22 close. Overall confidence moves from 73% to 53%.
Bold means a change from prior day.
3/22 results.
Geopolitical:
The President and The Vice President receive the President’s Daily Brief, Oval Office, 10:00 a.m. EST
Press Briefing by White House COVID-19 Response Team and public health officials, The White House, 10:30 a.m. EST
The President has lunch with The Vice President, Private Dining Room, 12:30 p.m. EST
Press Briefing by Press Secretary Jen Psaki, Chair of the Council of Economic Advisers Cecilia Rouse, and Member of the Council of Economic Advisers Heather Boushey, James S. Brady Press Briefing Room, 12:30 p.m. EST
The President and The Vice President meet with the Secretary of Health and Human Services, the Secretary of Homeland Security, and immigration advisors, State Dining Room, 2:00 p.m. EST
The President and The First Lady host an event with Margaret Purce, Megan Rapinoe, and members of the U.S. Soccer Women’s National Team to mark Equal Pay Day, South Court Auditorium, 4:15 p.m. EST
Federal Reserve Chairman Powell concludes two days of testimony on the Hill alongside Treasury Secretary Yellen. Today before the Senate Banking Committee at 10:00 a.m. EDT.
Economic:
API Petroleum Data was out at 4:30 p.m. EDT yesterday and saw a draw.
Weekly MBA Mortgage Applications Data saw a draw of -2.5%.
February Durable Orders are due out at 8:30 a.m. EDT and are expected to fall to 0.9% from 3.4%.
The latest NYSE and NASDAQ Short Interest Data for the period ended settlement of March 15th and trade date March 11th is due out after the close. In this latest period, which covers from February 24th through March 11th , the S&P 500 rose 3.36%.
$61 billion of 5 Year Notes auctioned at 1:00 p.m. EDT.
Meeting & Conferences of Note:
DOCU DOMO IAC DOOR ELP (Investor Meetings) SBCF (Conference Call) (Webcast) RUN (Fireside Chat)
Sellside Conferences: Bank of America Energy & Utilities Conference (3/22-24) Bank of America Electronic Payments Symposium (3/22-23) Credit Suisse Digital Consumer Retail Conference (3/23-24) Scotia Howard Weil Annual Energy Conference (3/23-24) Sidotti & Co Spring Investor Conferernce (3/23-25) Scotiabank Energy Conference (3/24) Canaccord Genuity eCommerce Sustainable Advantage Forum (3/24) Cowen FinTech Bus Tour (3/24)
Industry Conferences:
M&A Activity
Upgrades & Downgrades From Sellside Firms – For Up has to be a Buy. For a Down has to be a Sell or Underweight.
Today’s Recommendations:
Tuesday’s Recommendations:
