CAPIS Morning Note – 3/31/20 China PMI Beats Expectations & Trump Administration Looks At Fourth Stimulus
Breaking News: IPOs on deck: None of note. IPOs Filed: None of note. Secondaries Priced: ADC of note. Notes Priced of note: None of note. Common Stock filings: None of note. Mixed Shelf Offerings: NVRO of note. Convertible Offering Files: None of note. Senior Notes Filed: None of note. Courtesy of IPO Financial Earnings After The Close: Beat: RH…
IPOs on deck: None of note.
IPOs Filed: None of note.
Secondaries Priced: ADC of note.
Notes Priced of note: None of note.
Common Stock filings: None of note.
Mixed Shelf Offerings: NVRO of note.
Convertible Offering Files: None of note.
Senior Notes Filed: None of note.
Earnings After The Close:
RH +0.13 of note.
CRON (0.13) of note.
Gap Ups: CTMX +13%, CVLT +7%, AKRO +5%, MT +5%, RDS.A +5%, BA +4%
Gap Downs: AMRN -66%, RH -10%, SVRA -8%, RETA -5%, DPZ -5%, ADC -5%, LC -4%
Hourly Action This Past Week: Updated 3/27 Close
News After The Close (In Order)
Reata Pharmaceuticals (RETA) gives COVID-19 update , will stop Phase 3 CATALYST study.
Gap Stores (GPS) to furlough most employees.
Visa (V) sees decline in spending by consumers.
Amarin (AMRN) drops -65% on patent ruling for Vascepa that was unfavorable.
Royal Caribbean (RCL) cancels trips through September 1st.
Boeing (BA) wins $1.6 billion Navy contract.
American Express (AXP) will not cut jobs in 2020.
Withdraws Guidance: CROX HLX NTAP
Stock Buyback Announced or Increased: TGH
Stock Buybacks Stopped: CROX PUB
Dividend Cut Or Suspended:
What’s Happening This Morning: Futures value reflects the change with fair value. We will still indicate the fair value direction.
S&P 500 -31 Dow Jones Industrial Average -252 NASDAQ -78 Russell 2000 -4. Fair values are mixed. Asia mixed and Europe higher.
Gold and silver higher with copper lower. WTI Crude Oil and Brent Oil Futures higher. Natural Gas is higher. $ is higher vs Euro, higher vs Pound and higher vs Yen. US 10 year Treasury price is at $138.80 from $138.97 from yields at 0.692% from 0.652%.
Positive Sectors On Monday: Healthcare, Technology and Utilities of note.
Negative Sectors On Monday: Conglomerates of note.
One Month Winners: None of note.
Three Month Winners: None of note.
Six Month Winners: None of note.
Twelve Month Winners: Technology up 0.5% all others in the red.
Year to Date: None of note.
Upcoming Earnings Of Note (sorted by market cap, highest to lowest)
Today After The Close: VRNT BB PAYS PUMP of note.
Wednesday Before The Open: LW UNF of note.
Earnings This Morning Of Note
MKC +0.05 of note.
BNTX (0.68), CAG (0.02) of note.
Rags & Mags: Highlighted Stories may be clicked through to the original story.
Top News Story: China PMI beat expectations. (CNBC)
5 Things To Know To Start Your Day. (Bloomberg)
5 Things To Know Before Stock Market Opens On Tuesday. (CNBC)
Stocks Moving This Morning. (CNBC)
Coronavirus update: Spirit cancels flight to NYC, NJ and CT, Spanish deaths surge.
Trump Administration looks at a fourth stimulus package with value of $600 billion. (Bloomberg)
Social distancing is working in slowing coronavirus infections. (NYT)
261 million Americans are now being asked to stay at home. (NYT)
American Airlines (AAL) seeks $12 billion in government aid. (Reuters)
New York Attorney General looks into Zoom (ZM) and its privacy practices. (NYT)
CDC may ask people to wear masks in public. (The Washington Post)
Blackrock (BLK) may look at additional acquisitions. (Financial Times)
Walmart (WMT) to start taking temperatures before shifts start. (CNBC)
Stock Index Tracking
Current through 3/30 close. The NASDAQ 100 fell below its 20 day moving average.
Bold means a change from prior day.
The advance/decline line model remains in cash. Updated through 3/30 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 -21.34% through Friday. 5 buy signals and 4 cash signals in 2019. We moved to cash at 3116.31 on the S&P 500 and Friday’s action keeps us in cash. We still need two days in a row above +200 and that could happen today.
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 3/30 close. EVL Ranges remain above normal and are highlighted in blue.
Courtesy of Phil Erlanger Research, Inc.
Economic & Related:
January S&P Case Shiller Home Price Index is due out at 8:00 a.m. EDT and is expected to rise to 3.3% from 2.9%.
March Consumer Confidence is due out at 10:00 a.m. EDT and is expected to fall to 110 from 130.7.
API Petroleum Institute latest weekly data is due out at 4:30 p.m. EDT.
President Trump will meet network service providers to discuss performance of the internet.
The Coronavirus Task Force to meet at 5:00 p.m. EDT for their daily press conference.
Meetings, Calls & Conferences
Investor/Analyst Days & Conference Calls of Note: KDP APY TSEM (Conference Call) XYL (Analyst Day) PRQR DTE (Update) PFE XYL BKD (Investor Day)
Sellside Conferences: None of note.
Industry Conferences: None of note.