Key Interview: CNBC interviews Federal Reserve Dallas President Robert Kaplan as we go to press.
IPOs on deck: None of note.
IPOs Filed: None of note.
Secondaries Priced: CABO FND RP OCUL of note.
Notes Priced of note: CYRX MODN TCDA RP of note.
Common Stock filings: VNRX BDX CSGP FND ALRM OCUL KWR of note.
Mixed Shelf Offerings: None of note.
Convertible Offering Files: SE of note.
Senior Notes Filed: None of note.
Courtesy of IPO Financial
Earnings After The Close:
NTES +3.90, SQM +0.07 of note.
RRR (2.16), URBN (1.15), KRNT (0.11) of note.
Gap Up: PAE +29%, KRNT +15%, ARR +9%, LOW +7%, EIGR +6%, CSV +5%, QIWI +4%
Gap Down: VNRX -13%, ALRM -5%, OCUL -5%, CABO -4%, URBN -4%,
Hourly Action This Past Week: Updated 5/19 Close
News After The Close (In Order)
PAE wins 10 years contracts with U.S> Customs and Border Protection Agency.
Johnson & Johnson (JNJ) to permanently stop the sale of talc based baby powder in the U.S. and Canada.
Lockheed Martin (LMT) to slow the pace of production for F-35 jets in Texas.
President Trump may ban travel to Brazil due to coronavirus.
Viasat (VSAT) wins $999 million Navy contract.
Lowers Guidance: MCK
Raises Guidance: KRNT
Withdraws 2020 Guidance:
Dividend Increase: AMT ARR NOC CLX NAT
Dividend Cut or Suspended: RRR TILE HAL
Share Buyback Announcements:
What’s Happening This Morning: Futures value reflects the change with fair value. We will still indicate the fair value direction.
S&P 500 +35 Dow Jones Industrial Average +301 NASDAQ +111 Russell 2000 +25.78 Fair values are lower. Asia mixed and Europe higher.
Gold, silver and copper higher. WTI Crude Oil and Brent Oil Futures higher. Natural Gas is higher. $ is lower vs Euro, higher vs Pound and lower vs Yen. US 10 year Treasury price is at $138.94 from $138.67 with yields at 0.719% from 0.73%.
Positive Sectors On Tuesday: None of note.
Negative Sectors On Tuesday: Financials, Utilities and Energy of note.
One Month Winners: Technology, Healthcare and Communication Services of note.
Three Month Winners: None of note.
Six Month Winners: Healthcare and Technology of note.
Twelve Month Winners: Healthcare, Technology and Communication Services of note.
Year to Date: None of note.
Upcoming Earnings Of Note (sorted by market cap, highest to lowest)
Today After The Close: SNPS ZTO CPRT TTWO TCOM EXPE NDSN YY LB SKY HUYA BOOT SCVL of note.
Thursday Before The Open: MDT TJX HRL BBY BJ WMS BRC LX USPH TGP DAVA MANU AINV TNK of note.
Earnings This Morning Of Note
LOW +0.45, TGT +0.19, MCK +0.17, ADI +0.04, VER +0.01 of note.
SFL (1.06), FRO (0.08) of note.
Still to Report: EV, ROLL, RCL
Still to Report:
Rags & Mags: Highlighted Stories may be clicked through to the original story.
5 Things To Know To Start Your Day. (Bloomberg)
Stocks Making The Biggest Moves. (CNBC)
5 Things To Know To Start Your Wednesday. (CNBC)
Coronavirus update: U.S. cases above 1.5 million.
U.S. Coronavirus Map update.
IHME raises mid point guidance for U.S. COVID-19 deaths through August 4th to 147,040 from 137,184 deaths on May 18th.
Mid May U.S. driving trends back to down -5% YTD from -50% in early April with public transit down -65% YTD. (Apple Mobility)
Former FDA Head Scott Gottlieb sees Moderna (MRNA) taking longer than they are communicating for a Phase 2 and/or Phase 3. (CNBC)
New York City is struggling to meet reopening standards and hospital admissions are starting to rise. (Bloomberg)
President Trump and GOP are hoping states reopening will eliminate need for more stimulus. (Bloomberg)
WHO rejects President Trump’s call for overhaul but members agree to review how the WHO handled coronoavirus. (NYT)
CDC quietly released guidelines for the U.S. (CNBC)
Restaurants seek rental concessions. (WSJ)
Facebook (FB) to limit offices to 25% of capacity. (Bloomberg)
Stock Index Tracking
Current through 5/19 close.
Bold means a change from prior day.
The advance/decline line model moved to cash last Friday. Updated through 5/19 close. In 2019, the model was up 16.48% on the S&P 500 and this year is up 5.25% with the S&P 500 lower by -11.36% through Friday 5/15. Now 6 buy signals and 4 cash signals in 2019 and 2020. The latest buy gained 12.89% through Thursday’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. Updated through 5/18 close. EVL Ranges remain above normal and are highlighted in blue had started to drop but the action the last couple of days ended that possibility.
Courtesy of Phil Erlanger Research, Inc.
Economic & Related:
Weekly API Petroleum Institute Data was after the close at 4:30 p.m. EDT and saw a draw of 4.8 million barrels.
Weekly MBA Mortgage Applications fell -2.6% week over week.
Weekly Crude Oil Inventories are due out at 10:30 a.m. EDT.
The latest Federal Reserve Open Market Committee (FOMC) minutes are due out at 2:00 p.m. EDT.
Geopolitical & Related
President Trump will attend his intelligence briefing at 11:45 a.m. EDT. Then at 12:300 the president holds a conference call with the National Hispanic Community. Press Secretary Kayleigh McEnany holds a briefing at 3:00 p.m. EDT. At 4;00 p.m. EDT, the president meets with the governors of Kansas and Arkansas.
Federal Reserve Atlanta President Raphael Bostic and Federal Reserve St. Louis President James Bullard both speak at 10:00 a.m. EDT.
Meetings, Calls & Conferences
Investor/Analyst Days & Conference Calls of Note: FVCB ANH PEYE (Investor/Analyst Meeting) MIXT (Webcast) KOP (Update)
Sellside Conferences: Needham Virtual Technology & Media Conference (5/15-5/20). UBS Virtual Healthcare Conference (5/18-5/20). B. Riley Annual Conference (5/19-5/21). Suntrust Robinson Humphrey Financial Services Conference (5/19-5/20). Wolfe Transportation Transportation Conference (5/19-5/21). RBC Capital Markets Global Healthcare Conference (5/19-5/20). Wells Fargo Financial Services Conference.
Industry Conferences: American Thoracic Society (5/15-5/20).
Upgrades & Downgrades: