CAPIS Morning Note – 4/2/2020 Futures Give Up Earlier Gains On Jobless Claims Rise By 6.6 Million
Breaking News: IPOs on deck: None of note. IPOs Filed: None of note. Secondaries Priced: NVTA of note. Notes Priced of note: None of note. Common Stock filings: NVTA NVRO of note. Mixed Shelf Offerings: None of note. Convertible Offering Files: NVRO of note. Senior Notes Filed: None of note. Courtesy of IPO Financial Earnings After The Close: Beat: PVH…
IPOs on deck: None of note.
IPOs Filed: None of note.
Secondaries Priced: NVTA of note.
Notes Priced of note: None of note.
Common Stock filings: NVTA NVRO of note.
Mixed Shelf Offerings: None of note.
Convertible Offering Files: NVRO of note.
Senior Notes Filed: None of note.
Earnings After The Close:
PVH +0.07 of note.
Gap Ups: MUR +9%, FTI +7%, APT +6%, EIGR +6%, RCL +6%, PVH +6%, RRTS +5%, ARNC +5%, CCL +5%, AAL +5%, BUD +4%, VNE +4%.
Gap Downs: NVTA -12%, SHOP -4%.
Hourly Action This Past Week: Updated 4/1 Close
News After The Close (In Order)
Annheuser Busch (BUD) gets regulatory aprroval to sell Carlton & United Breweries.
Federal Reserve suspends leverage ratio rule for banks, temporary measure.
Honda (HMC) sales in the U.S. fall 48%.
S&P 600 Additions: ARNC
Lowers Guidance: CRTO (Q1)
Withdraws Guidance: PVH CXW SHOP CSII
Stock Buybacks Stopped: RACE
Dividend Cut Or Suspended: MTN (next two quarters) PVH MUR
10K Extension: DBI
What’s Happening This Morning: Futures value reflects the change with fair value. We will still indicate the fair value direction.
S&P 500 +7 Dow Jones Industrial Average +80 NASDAQ +4 Russell 2000 +14. Fair values are higher. Asia mixed and Europe lower.
Gold, silver and copper higher. WTI Crude Oil higher and Brent Oil Futures higher. Natural Gas is higher. $ is higher vs Euro, lower vs Pound and higher vs Yen. US 10 year Treasury price is at $139.13 from $139,19 with yields at 0.59% from 0.614%.
Positive Sectors On Wednesday: None of note.
Negative Sectors On Wednesday: Utilities, Financials and Industrials 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: CHWY PLAY RECN of note.
Friday Before The Open: STZ GBX of note.
Earnings This Morning Of Note
KMX +0.17, APOG +0.16, WBA +0.06 of note.
None of note.
Still to Report: AYI SCHN
Rags & Mags: Highlighted Stories may be clicked through to the original story.
Top News Story: President Trump spoke to Russia and Saudi Arabia, believes oil price war will end in days. (CNBC)
5 Things To Know To Start Your Day. (Bloomberg)
5 Things To Know Before Stock Market Opens On Thursday. (CNBC)
Stocks Moving This Morning. (CNBC)
Coronavirus update: Cases approach 1 million globally.
President Trump may stop airlines from flying in and out of hot spots.
China rejects U.S. intelligence that they concealed the extent of the coronavirus outbreak. (Bloomberg)
Senator Mitch McConnell will ignore House Speaker Pelosi’s efforts for a Phase 4 stimulus. (The Washington Post)
Starbucks (SBUX) stay with drive through only through May 3. (Reuters)
Boeing (BA) offers early retirement and buyout packages to workers. (WSJ)
Stock Index Tracking
Current through 4/1 close. All indexes struggled yesterday.
Bold means a change from prior day.
The advance/decline line model moves from cash to a buy. Updated through 4/1 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 even though we just saw two days in a row above +200 we are adding a new rule that will not buy when above +200 if the next day open is down more than -1%. Instead we will wait another day to see if the 10 DMA remains above +200. They remain above +200 this morning so we are back to a new buy.
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 4/1 close. EVL Ranges remain above normal and are highlighted in blue.
Courtesy of Phil Erlanger Research, Inc.
Economic & Related:
Weekly Jobless Claims are due out at 8:30 a.m. EDT
February Factory Orders are due out at 10:00 a.m. EDT and are expected to improve to 0.3% from -0.5%.
Weekly Natural Gas Inventories are due out at 10:30 a.m. EDT.
President Trump has no scheduled events.
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: SAFM SINT RADA (Conference Call) GDDY UBSI (Investor Day) SMTC DRQ CNI RCII (Webcast)
Sellside Conferences: None of note.
Industry Conferences: None of note.