IPOs on deck: None of note.
IPOs Filed: None of note.
Secondaries Priced: PEN BCRX ARGX VIE of note.
Notes Priced of note: SLAB NUVA of note.
Common Stock filings: GO (selling shareholder) TWTR (selling shareholder) IOVA ARNA BCRX PEN RCUS MRSN ESNT of note.
Mixed Shelf Offerings: DAL IOVA ADC RCUS of note.
Convertible Offering Files: BILI CRNC of note.
Senior Notes Filed: None of note.
Courtesy of IPO Financial
Earnings After The Close:
CACC +5.52, UHAL +1.72, SPTN +0.38, PLT +0.19, TOL +0.19, NTNX +0.17, NTAP +0.15, COHR +0.09, BOX +0.08, HPQ +0.06, ADSK +0.06, SMTC +0.03 of note.
BEST (0.34), DSGX (0.16), WDAY (0.05) of note.
Gap Up: PHAS +68%, TGI +14%, SMTC +12%, AOBC +10%, LL +10%, SLP +9%, PLMR +8%, TOL +8%, BA +6%, WDAY +6%, HPP +6%, CSIQ +5%, SPTN +4%, DHC +4%, LOGI +4%
Gap Down: IOVA -12%, ARNA -12%, HPQ -6%, COHR -6%, BCRX -6%, PLT -5%, VIE -5%, MRSN -5%, CRNC -5%, NIO -4%
Hourly Action This Past Week: Updated 5/27 Close
News After The Close (In Order)
Immunomedics (IMMU) CEO Harout Semerjian to leave firm.
SpaceX and NASA push back launch to Saturday due to bad weather.
Apache (APA) moves to NASDAQ from NYSE on 6/9.
Boeing (BA) restarts production of 737 MAX.
Index Changes: HPP to replace DHC in S&P 400. SLP to replace TIVO in S&P 600. PLMR to replace LXU in S&P 600.
Lockheed Martin (LMT) wins $390 million Navy contract.
House approves China Sanctions Bill, head to President Trump for his signature.
Credit ratings firm downgrades Tupperware (TUP).
AstraZeneca (AZN) looks at diabetes drug for COVID-19.
Lowers Guidance: NTAP HPQ
Raises Guidance: BOX SMTC
Withdraws 2020 Guidance: NTNX
Dividend Increase: UVV
Dividend Cut or Suspended:
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 +10 Dow Jones Industrial Average +245 NASDAQ -107 Russell 2000 +14 . Fair values are lower except for NASDAQ. Asia mixed and Europe higher.
Gold, silver and copper higher. WTI Crude Oil lower and Brent Oil Futures higher. Natural Gas is flat. $ is lower vs Euro, lower vs Pound and higher vs Yen. US 10 year Treasury price is at $139.13 from $138.92 with yields at 0.688%.
Positive Sectors On Wednesday: Financials, Industrials, Real Estate and Consumer Non Durable of note.
Negative Sectors On Wednesday: None of note.
One Month Winners: Technology, Materials and Communication Services of note.
Three Month Winners: Technology and Healthcare of note.
Six Month Winners: Technology, Healthcare and Consumer Cyclical of note.
Twelve Month Winners: Healthcare, Technology and Communication Services of note.
Year to Date: Technology of note.
Upcoming Earnings Of Note (sorted by market cap, highest to lowest)
Today After The Close: CRM COST VEEV MRVL OKTA VMW TCOM ULTA ZA HTHT DELL WUBA OLLI WSM PAGS DXC PSTG JWN NXGN GME RRGB of note.
Friday Before The Open: CGC BIG GCO CONN of note.
Earnings This Morning Of Note
TECD +0.84, DG +0.80, CSIQ +0.75, LL +0.49, MOMO +0.36, DLTR +0.20, TGI +0.10, NIO +0.03 of note.
BURL (3.15), ANF (2.09), CM (0.77), SAFM (0.39), HLNE (0.13), MNRO (0.13), TD (0.04), SHOO (0.01) of note.
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 Thursday. (CNBC)
Coronavirus update: Deaths in U.S. pass 100,000. EU needs more stimulus and global tourism could drop 70%.
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.
President Trump to sign Executive Order against social media companies and will assign need directives to the FCC. (CNBC)
China passes national security resolution against Hong Kong. (NYT)
Only 40% of the population will get a coronavirus vaccine. (AP)
Facebook’s (FB) Zuckerberg interviewed on CNBC. (CNBC)
Western Union (WU) sees improving activity.
Hertz (HTZ) will sell rental cars in bankruptcy. (Bloomberg)
American Airlines (AAL) to cut staff and admin by 30%. (CNBC)
Stock Index Tracking
Current through 5/27 close. S&P 400 moves above its 200 day moving average.
Bold means a change from prior day.
The advance/decline line model moved to cash on 5/15 and will back to a BUY this morning. Updated through 5/27 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 -7.40% through yesterday. Now 6 buy signals and 4 cash signals in 2019 and 2020. The latest buy gained 12.89%.
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 5/27 close. EVL Ranges remain above normal and are highlighted in blue and are trying to return to normal.
Courtesy of Phil Erlanger Research, Inc.
Economic & Related:
Weekly Jobless Claims due out at 8:30 a.m. EDT. Comes in at 2.125 million versus estimates of 2.05 million.
April Durable Orders are due out at 8:30 a.m. EDT and is expected to come in at -17.0% from -14.40%.
Q1 GDP (second estimate) is due out at 8:30 a.m. EDT and is expected to remain at -4.80%.
April Pending Home Sales are due out at 10:00 a.m. EDT and is expected to improve to -4.8% from -20.8%.
Weekly Natural Gas Inventories are due out at 10:30 a.m. EDT.
Geopolitical & Related
President Trump will participate in a briefing on the upcoming hurricane season at 2:30 p.m. Press Secretary Kayleigh McEnany holds a presser at 2:00 p.m. EDT.
$38 billion of 7 year notes are auctioned at 1:00 p.m. EDT.
Meetings, Calls & Conferences
Investor/Analyst Days & Conference Calls of Note: NTRP (Update) AGI NGVT (webcast) NVDA (Conference Call) HT (Investor/Analyst Meeting)
Sellside Conferences: Cowen & Co Technology, Media and Telecom Annual Conference (5/26-5/29). KeyBanc Capital Markets Industrials and Basic Materials Conference (5/26-5/29). Benchmark Minerals Virtual Elecrtic Vehicle Supply Chain Festival 2020 (5/26-5/29). Bernstein Strategic Decisions Conference (5/27-5/29). UBS Best of Europe One on One Conference. (5/27-5/28).
Apple (AAPL) buys Inductiv.
Google (GOOGL) may invest in Vodafone’s India business.
Upgrades & Downgrades: