CAPIS Morning Note -3/26/21: Stocks Mixed As NASDAQ 100 Lower, S&P 500 Higher
Breaking News: United Nations to hold Emergency meeting on North Korea and their latest missile launches. Earnings Out After The Close Of Note: Beats: SAIC +0.21, PRGS +0.20 Flat: none Misses: GAN (0.21), OXM (0.08) Capital Raises: IPOs Priced or News: thredUP (TDUP) priced at $14 a share which is at high end of range….
Breaking News: United Nations to hold Emergency meeting on North Korea and their latest missile launches.
Earnings Out After The Close Of Note:
Beats: SAIC +0.21, PRGS +0.20
Flat: none
Misses: GAN (0.21), OXM (0.08)
Capital Raises:
IPOs Priced or News: thredUP (TDUP) priced at $14 a share which is at high end of range. Alignment Healthcare (ALHC) priced at $18 which is mid range.
New SPACs launched: WeWork to go public through SPAC merger with BowX Acquisition Corp (BOWX).
Secondaries Priced: ABR of note.
Notes Priced of note: None of note.
Common Stock filings: ABR VUZI 0f note.
Selling Shareholders of note: None of note.
Private Placement of Public Entity (PIPE): CEQP
Mixed Shelf Offerings: None 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:
Sorrento Therapeutics (SRNE) updates Phase 1b Covid-19 treatment of hospitalized patients.
Annaly Capital Mgmt (NLY) agrees to sell Commercials Real Estate business to Slate Asset Mgmt for $2.33 billion.
Robinhood building platform to let users buy into IPOs including its own.
U.S. Government to create Executive Order that will require customers of breaches to be notified by their software vendors,
Federal Reserve will end restrictions on bank dividends after June 30, based on upcoming stress test.
Ford Motor (F) to stop production at F-150 plant in Michigan due to semiconductor chip shortage.
BAE Systems (BAESY) wins $600 million Air Force contract.
Walt Disney (DIS) gets a ratings upgrade from major ratings agency to stable for negative as vaccinations making progress.
NLRB reports Tesla (TSLA) fired a union activist. (Bloomberg)
Caterpillar (CAT) is first of probably many to announce shipment delays due to Suez Canal blockage.
Nio (NIO) stops assembly line for 5 days.
Dividend Raises: OXM (Reinstated) KBR
Split Announcement:
Raises Guidance:
Lowers Guidance:
Buyback Announcements: CEQP
Insider Purchases: We note CRTX has moderate short selling and is worth buying as shorts struggle. MRUS sees heavy shorts and they do well so we would avoid following the insider. Insider Action From The TradeXchange and Short Date From Erlanger Research. Through 3/24.
What’s Happening This Morning: Futures value reflects the change with fair value. We will still indicate the fair value direction.
S&P 500 +11 Dow Jones Industrial Average +140 NASDAQ -40 Russell 2000 +22 Fair values are mixed. Asia and Europe higher. VIX is at 22.21 from 23.05 this morning in futures. VIX closed at 19.81 from 21.20 and the three month futures at 23.37 from 24.40.
Gold lower with 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 $131.75 from $132.19with the yield at 1.674% from 1.605%. Bitcoin $53,323 @ $1260 +2.40%.
Positive Sectors On Thursday: Industrials, Real Estate and Financials.
Negative Sectors On Thursday: Communication Services and Energy 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: none of note.
Monday Before the Open: CALM of note.
Earnings This Morning Of Note:
Beats: none
Flat: none
Misses: none
Still to Report: none
Erlanger Research Advance/Decline Chart/Table –Updated through 3/25.
Gap Ups & Down In Early Pre-Market:
Gap up:
NEXT +35%, TLS +15%, AWH +7%, ROOT +7%, CLDT +4%, PRGS +4%, CNHI +4%, CEQP +4%
Gap down:
SAIC -12%, VUZI -6%, ABR -4%
Rags & Mags: Highlighted Stories may be clicked through to the original story.
Stocks Making The Biggest Moves – RAD WBA DRI COHR RH KBH FUL PHG AMD (CNBC)
Biggest Analyst Calls NFLX GPS GM GOOGL. (CNBC)
The large container ship remains stuck in the Suez Canal could take a week to free the ship. (Bloomberg)
Congress extends paycheck protection through the end of May. (Reuters)
Senate Majority Leader Schumer to draft legislation to counter Chinese actions. (Bloomberg)
Berkshire Hathaway (BRKB) to buy $8.3 billion of Texas Power plants. (WSJ)
Current through 3/25 close. Overall confidence remains at 53%.
Bold means a change from prior day.
3/24 results.
Geopolitical:
Press Briefing by White House COVID-19 Response Team and public health officials, The White House, 10:15 a.m. EDT
The President and The Vice President receive the President’s Daily Brief, Oval Office. 10:20 a.m. EDT
Press Briefing by Press Secretary Jen Psaki, James S. Brady Press Briefing Room, 12:30 p.m. EDT
The President receives the Weekly Economic Briefing, Oval Office, 2:10 p.m. EDT
The President participates in a virtual fundraiser for Mayor Keisha Lance Bottoms, The White House, 3:00 p.m. EDT
The President departs the White House en route Wilmington, Delaware, South Lawn, 6:15 p.m. EDT
Economic:
February Personal Income is due out at 8:30 a.m. EDT and is expected to fall to -7% from 10%.
University of Michigan Consumer Sentiment (final) is due out at 10:00 a.m. EDT and is expected to rise to 83.6 from 83.
Meeting & Conferences of Note:
KDP (Investor Meetings) BBI (Webcast)
Sellside Conferences: Bank of America EMEO Real Estate CEO Conference (3/25-26) Wolfe Research Consumer Access Day (3/26)
Industry Conferences: Palm Beach International Boat Show (3/25-28)
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:
Thursday’s Recommendations:
