CAPIS Morning Note – 4/22/20 Stimulus Bill Passes Senate, House Next To Sign. Markets Rebound.
IPOs on deck: None of note. IPOs Filed: None of note. Secondaries Priced: UAL of note. Notes Priced of note: IPHI of note. Common Stock filings: VBIV UAL of note. Mixed Shelf Offerings: AAWW STZ of note. Convertible Offering Files: None of note. Senior Notes Filed: None of note. Courtesy of IPO Financial Earnings After The Close: Beat: USNA +0.66, CMG +0.42,…
IPOs on deck: None of note.
IPOs Filed: None of note.
Secondaries Priced: UAL of note.
Notes Priced of note: IPHI of note.
Common Stock filings: VBIV UAL of note.
Mixed Shelf Offerings: AAWW STZ of note.
Convertible Offering Files: None of note.
Senior Notes Filed: None of note.
Earnings After The Close:
USNA +0.66, CMG +0.42, CP +0.35, TXN +0.15, TER +0.13, CB +0.10, NBHC +0.09, CSL +0.08, MANH +0.07, HCSG +0.01, IBKR +0.01 of note.
NAVI (0.14), WTFC (0.12), FULT (0.10), NFLX (0.07), UCBI (0.06), WRB (0.05), WAFD (0.03) of note.
IMUX +75%, BNTX +48%, HCSG +29%, DKL +24%, SNAP +20%, MYOV +15%, TER +10%, STM +7%, USNA +6%, CETV +6%, EXPE +6%, CMG +6%, GME +5%, PFE +5%, QTNT +4%, ERIC +4%.
VBIV -30%, IBKR -7%, EXAS -4%, UAL -4%
Hourly Action This Past Week: Updated 4/21 Close
News After The Close (In Order)
Senate passes $484 billion stimulus bill to expand PPP by $320 with additional money to hospitals, testing and disaster relief.
US Foods (USFD) wins $480 million contract with the Defense Logistics Agency.
Quest Diagnostics (DGX) starts COVID-19 antibody testing.
Expedia (EXPE) may sell a stake to private equity firms reports The Wall Street Journal.
Raises Guidance: ENS NFLX (Q2) NEE
Withdraws Guidance: LYFT ENS T KMB
Dividend Decreases: DCP ANH
Dividend Increase: DKL NDAQ
Share Buybacks Stopped: DGX KMB
What’s Happening This Morning: Futures value reflects the change with fair value. We will still indicate the fair value direction.
S&P 500 +45 Dow Jones Industrial Average +347 NASDAQ +155 Russell 2000 +23.61 . Fair values are lower. Asia mixed and Europe higher.
Gold, silver and copper higher. WTI Crude Oil lower and Brent Oil Futures higher. Natural Gas is lower. $ is lower vs Euro, lower vs Pound and lower vs Yen. US 10 year Treasury price is at $139.22 from $139.45 with yields at 0.597% from 0.55%.
Positive Sectors On Tuesday: None of note.
Negative Sectors On Tuesday: Utilities, Materials, Energy and Services of note.
One Month Winners: Materials, Energy and Conglomerates of note.
Three Month Winners: None of note.
Six Month Winners: Healthcare and Technology of note.
Twelve Month Winners: Healthcare and Technology of note.
Year to Date: None of note.
Upcoming Earnings Of Note (sorted by market cap, highest to lowest)
Today After The Close: CSX LRCX KMI LVS ORLY XLNX AMTD AMP STX DFS SUI VAR ICLR GL GGG FNF AZPN of note.
Thursday Before The Open: LLY UNP ITW APD BX HSY CTXS TAL LUV DPX GWW WST TSCO FCX ODFL ALLE HBAN of note.
Earnings This Morning Of Note
BIIB +1.45, NEE +0.47, DAL +0.31, KMB +0.17, EVR +0.11, TMO +0.11, WWW +0.08, SLGN +0.07, TDY +0.07, DGX +0.06, NDAQ +0.05, LAD +0.05, IPG +0.02 of note.
NEP (3.84), ERIC (0.15), FCFS (0.11), RCI (0.04), T (0.03) of note.
Flat: BKR STM
Still to Report: APH, BOKF, KNX
Rags & Mags: Highlighted Stories may be clicked through to the original story.
Top News Story:
5 Things To Know To Start Your Day. (Bloomberg)
5 Things To Know To Start Your Wednesday. (CNBC)
Stocks Making The Biggest Moves. (CNBC)
Coronavirus update: Russia faces challenges, antibody accuracy questioned.
Global Coronavirus Map update.
President Trump tweets he has instructed U.S. Navy to shoot down any Iranian gunboats that harass U.S. naval vessels.
Colorado to let stay at home order to expire next Monday. (Washington Examiner)
Spain to begin to ease lockdown by late May. (Reuters)
Chevron (CVX) required to end operations in Venezuela by that government. (Bloomberg)
Lab Corp (LH) expands serological testing for COVID-19.
Stock Index Tracking
Current through 4/20 close. Expect moving averages to improve.
Bold means a change from prior day.
The advance/decline line model is now a buy on 4/2 close. Updated through 4/21 close. In 2019, the model was up 16.48% on the S&P 500 and this year is up 6.08% with the S&P 500 lower by -11.03% through Friday. Now 6 buy signals and 4 cash signals in 2019 and 2020. The latest buy is up 13.72% through Friday’s close.
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 4/20 close. EVL Ranges remain above normal and are highlighted in blue BUT are starting to drop.
Courtesy of Phil Erlanger Research, Inc.
Economic & Related:
Weekly API Petroleum Institute Inventory data saw a build of 13 million barrels.
Weekly MBA Mortgage Applications fell -0.3% from last week.
Weekly Crude Oil Inventories are due out at 10:30 a.m. EDT.
President Trump will celebrate earth and arbor day at 12:00 p.m. EDT and then has lunch with the Secretary of State at 1:00 p.m. EDT.
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: EH TRPX ZGNX INGIY RHHBY CRH MYOV (Conference Call) CNSP (Webcast)
Sellside Conferences: None of note.
Industry Conferences: World Gold Forum (4/20-/23) of note. European Gold Forum (4/21-4/22)
Upgrades & Downgrades – We are back to normal production as recs have returned to a normal level.