Catalyst Of The Day: President Trump holds a presser on China and Hong Kong Bill. (CNBC)
IPOs on deck: None of note.
IPOs Filed: None of note.
Secondaries Priced: None of note.
Notes Priced of note: None of note.
Common Stock filings: NFG VRTU (selling shareholders) NLOK (selling shareholders) MRNS APPN (company and selling shreholders) of note.
Mixed Shelf Offerings: NAVI of note.
Convertible Offering Files: None of note.
Senior Notes Filed: None of note.
Courtesy of IPO Financial
Earnings After The Close:
WSM +0.69, DELL +0.40, VMW +0.34, DXC +0.24, OLLI +0.15, PSTG +0.14, OKTA +0.10, VEEV +0.10, ZS +0.05, MRVL +0.04, PAGS +0.03, COST +0.03, CRM +0.01 of note.
ULTA (2.06), JWN (1.06), TCOM (0.07) of note.
Gap Up: ZS +16%, VMW +9%, KPTI +8%, GLUU +8%, WSM +8%, BIG +7%, DELL +6%, MRVL +5%, TSLA +4%.
Gap Down: MRNS -15%, APY -10%, CGNX -7%, NFG -6%, DXC -5%, APPN -4%.
Hourly Action This Past Week: Updated 5/28 Close
News After The Close (In Order)
Cognex (CGNX) cuts workforce by 8%.
TrueCar (TRUE) cuts workforce by 30%.
Viacom (VIAC) to cut 400 jobs.
Salesforce (CRM) and AT&T (T) announce a multi-year strategic deal.
President Trump signs Executive Order that removes legal protections for social media companies like Twitter (TWTR) and Facebook (FB).
Lowers Guidance: MEI
Raises Guidance: VEEV MRVL OKTA ZS
Withdraws 2020 or 2021 Guidance: PSTG
Dividend Cut or Suspended: LAMR LADR
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 -3 Dow Jones Industrial Average -83 NASDAQ +35 Russell 2000 -5.07. Fair values are much lower. Asia mixed and Europe lower.
Gold, silver and copper higher. WTI Crude Oil and Brent Oil Futures lower. Natural Gas is higher. $ is higher vs Euro, lower vs Pound and lower vs Yen. US 10 year Treasury price is at $138.91 from $139.13 with yields at from 0.688%.
Positive Sectors On Thursday: Utilities, Healthcare and Consumer Defensive of note.
Negative Sectors On Thursday: Energy, Consumer Cyclical and Financials 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: None of note.
Monday Before The Open: ERJ HHR of note.
Earnings This Morning Of Note
BIG +0.86 of note.
CGC (3.28) 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 Friday. (CNBC)
Coronavirus update: Deaths in Russia hit a new high.
U.S. Coronavirus Map.
Minneapolis had extreme violence last night and state police arrested a CNN reporter stoking the crisis into today. (CNN)
States see 14 states increasing COVID-19 cases, 19 flat cases and 17 declining. (NYT)
China to impose restrictions on solar equipment. (Reuters)
Twitter (TWTR) blocked another Tweet from President Trump. (Bloomberg)
Stock Index Tracking
Current through 5/28 close. Yesterday we noted the S&P 400 moved above its 200 day moving average it has not.
Bold means a change from prior day.
The advance/decline line model is now a BUY. Updated through 5/28 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 last buy gained 12.89%. We will begin to track this buy 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. Updated through 5/28 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:
April Personal Income is due out at 8:30 a.m. EDT and is expected to fall to -6.5% from -2.0%.
May Chicago PMI is due out at 9:45 a.m. EDT and is expected to rise to 41 from 35.4 last month.
May University of Michigan Consumer Sentiment (Final) is expected to improve to 73.7 from 71.80.
Geopolitical & Related
President Trump will receive his intelligence briefing at 11:00 a.m. EDT. At 4:00 p.m. EDT, the president will participate in roundtable with Industry Executives on Reopening. THERE IS ALSO A PRESS CONFERENCE TO DISCUSS CHINA BILL. WE DO NOT HAVE A TIME YET. THIS WILL BE MARKET MOVING.
Federal Reserve Chairman Powell will speak at 11:00 a.m. EDT.
Meetings, Calls & Conferences
Investor/Analyst Days & Conference Calls of Note: ALLO (webcast) MGNX KPTI (Conference Call) AMGN RNLSY RHHBY (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). Piper Sandler & Co P.S. It’s Friday: The Rise of Silicon Carbide (5/29).
Industry Conferences: American Society of Clinical Oncology (ASCO) -(5/29-5/31)
Zscaler (ZS) buys Edgewise Networks, no terms.
Cisco (CSCO) buys ThousandEyes, no terms.
Upgrades & Downgrades: