CAPIS Morning Note -5/5/21: Honest Company (HNST) Goes Public Today, Stocks Rebound
Breaking News: ADP Payroll came in not as strong as expected at 742,00o versus estimates of 810,000. March revised upward to 565,000 from 517,000. Fun Fact: Today is Cinco De Mayo and it is not Mexican Independence Day (September 16th) but rather celebrates a victory over the French in 1862. Not A Fun Fact: 34%…
Breaking News: ADP Payroll came in not as strong as expected at 742,00o versus estimates of 810,000. March revised upward to 565,000 from 517,000.
Fun Fact: Today is Cinco De Mayo and it is not Mexican Independence Day (September 16th) but rather celebrates a victory over the French in 1862.
Not A Fun Fact: 34% of small businesses have closed since January 2020.
Earnings Of Note After The Close:
Beats: PRU +1.46, MED +0.77, AFG +0.74, EXAS +0.74, PKI +0.71, AIZ +0.53, TSLX +0.39, PXD +0.35, CMP +0.35, KAR +0.33, HLF +0.33, ICFI +0.28, JAZZ +0.27, HMN +0.26, WTS +0.26, LPSN +0.25, INGN +0.24, DLB +0.24, TTEC +0.23, LYFT +0.20, ZG +0.19, VREX +0.19, PEN +0.18, HST +0.16, DOOR +0.16, AYX +0.15, ACLS +0.15, ATVI +0.14, ANET +0.12, ALRM +0.12, BNFT +0.12, CTVA +0.12, GMED +0.12, MPWR +0.12, MTCH +0.11, GSKY +0.11, TMUS +0.11, KAMN +0.10, MCY +0.09, AKAM +0.08, IOSP +0.07, JBGS +0.07, SITM +0.07, NEX +0.07, HI +0.07, KAI +0.07, PTCT +0.07, ICHR +0.06, LSI +0.06, PAYC +0.06, WTI +0.06, DCPH +0.05, PRO +0.05, SPT +0.05, WK +0.05, MANT +0.04, ALC +0.04, NSA +0.04, ESE +0.04, NVTA +0.04, XLNX +0.03, DHT +0.03, INFN +0.03, LSCC +0.03, DVN +0.02, MRCY +0.02, NMIH +0.02, RNG +0.02, SILK +0.02, UPWK +0.02, BTG +0.02, VECO +0.02, EPAY +0.01, DEI +0.01, RDN +0.01, STAG +0.01, VIAV +0.01
Flat: none
Misses: H (2.28), ALGT (2.14), ESPR (1.28), RRR (1.19), RARE (0.83), DK (0.54), CZR (0.29), SYX (0.21), BKH (0.19), PVG (0.15), PEAK (0.12), INSP (0.12), MCFE (0.11), PUMP (0.09), ARWR (0.09), CYRX (0.08), OSPN (0.08), OUT (0.06), SKLZ (0.06), SYKE (0.06), VRSK (0.03), CDLX (0.02), SGMO (0.02), WU (0.02), EQC (0.02), AMK (0.01), HURN (0.01), PAA (0.01), DENN (0.01), AMCR (0.01)
Capital Raises:
IPOs Priced or News: Krispy Kreme files for second IPO as was public before. HNST and FSBC going public today.
New SPACs launched:
Secondaries Priced: None of note.
Notes Priced of note: None of note.
Common Stock filings: NVTA 0f note.
Selling Shareholders of note: JNCE NVTA of note.
Private Placement of Public Entity (PIPE):
Mixed Shelf Offerings: JNCE CRL WELL ZNTL of note.
Convertible Offering & Notes Filed: None of note.
Note Offerings Filed: None of note.
Capital Raise Summary From The TradeXchange, bringing traders and investors real time news and Squawk Box, and other sources.
News After The Close:
MarketAxess (MKTX) saw monthly trading volume at $511,4 billion.
Martin Transport (MRTN) names Tim Kohl CEO.
HollyFrontier (HFC) to buy Puget Sound Refinery from Equilon Enterprises for $350 million.
NASDAQ (NDAQ) equity option volume 249 million contracts versus 315 in March and 201 a year ago.
Treasury Secretary Yellen walks back rate and inflation comments. (CNBC)
Former President Donald Trump rolls out new communication website ahead of Facebook (FB) ruling on his current ban.
After Hours: AYC +9% CZR +7% MTCH +6% LYFT +6% ATVI +6% AKAM +3% and ESPR -20% MRCY -12% MCFE -6% SYX -5% INSP -4%
Dividend Raises: DVN NBHC PEP EXPD POOL RDN
Dividend Suspension: HFC( relates to purchase)
Split Announcement:
Raises Guidance: MPWR RNG ANET MTCH ICHR AKAM
Mixed Guidance:
Lowers Guidance: LSCC
Buyback Announcements: POOL BLX
What’s Happening This Morning: Futures value reflects the change with fair value. We will still indicate the fair value direction.
S&P 500 +18 Dow Jones Industrial Average +56 NASDAQ +102 Russell 2000 +12 Fair values are lower except for the Russell 2000. Asia lower and Europe higher. VIX is at 20.25 from 20.30 this morning in futures. VIX closed at $19.48 from$18.31.
Gold higher, silver lower and copper higher. WTI Crude Oil and Brent Oil Futures higher. Natural Gas is higher. $ is lower vs Euro, lower vs Pound and higher vs Yen. US 10 year Treasury price is at $132.31 from $132.22 with the yield at 1.624% from 1.612%. Bitcoin $55,478.71 from $55,949 on Tuesday and this morning at $984 and 1.71%.
Tuesday’s Action – 5/4. Equity indexes were lower except for the Dow but did recover some of the losses.
Positive Sectors On Tuesday: Materials and Industrials.
Negative Sectors On Tuesday: Technology, Communication Services and Consumer Cyclical.
One Month Winners: Energy, Financials and Communication Services of note.
Three Month Winners: Materials, Industrials and Financials of note.
Six Month Winners: Energy, Financials and Materials of note.
Twelve Month Winners: Consumer Cyclical, Technology and Materials of note.
Year to Date: Energy, Communication Services, Financials and Materials of note.
Upcoming Earnings Of: (sorted by market cap, highest to lowest with most visible names)
Today After the Close: PYPL, UBER, BKNG, TWLO, MET, RKT, CTSH, MFC, ALL, RSG, ANSS, SLF, FNV, ETSY, HUBS, FLT, FOXA, QRVO, TXG, TRMB, ALB, FICO, FMC, LUMN, GDDY of note.
Thursday Before the Open: BUD, FIS, ZTS, BDX, MRNA, REGN, APTV, MT, W, BLL, MGA, VIAC, EPAM, BIP, PPL, K, AES, CAH, TECH, EVRG, XRAY, PENN, HWM, PWR, CNP, PLUG of note.
Earnings This Morning Of Note:
Beats: MSGS +1.82, JLL +1.44, GM +1.28, WAT +0.74, SBGI +0.66, SITE +0.61, OMI +0.58, FDP +0.52, ODP +0.49, MGPI +0.44, TT +0.40, SRE +0.38, BDC +0.29, BWA +0.29, TUP +0.28, FLOW +0.26, PEG +0.24, CDW +0.23, INMD +0.23, CLH +0.17, SMG +0.17, CRTO +0.16, AVA +0.15, NYT +0.13, BRKR +0.13, FTS +0.11, LL +0.10, NWN +0.10, BCOR +0.08, DNOW +0.08, EMR +0.08, ABC +0.07, CIM +0.06, CYBR +0.05, ROCK +0.03, RDWR +0.03, DNB +0.03, CERN +0.02, UTHR +0.02, SSYS +0.01
Flat: PSN +0.00, REYN +0.00, NI +0.00
Misses: EXC (0.78), ASTE (0.42), GEL (0.36), IONS (0.35), SPR (0.35), EDIT (0.14), HZNP (0.13), FUN (0.13), HFC (0.12), WRK (0.12), HLT (0.10), PFGC (0.09), AQUA (0.07), NEO (0.05), NRZ (0.05), EAF (0.03), VCEL (0.03), GOLD (0.02)
Still to Report: AEIS, ALGM, AAWW, CNHI, DIN, FLEX, DOC, PNW, SMP, SPWR
Insider Purchases:
Below is the list of insider buys from yesterday and this morning. APAM and WHG are heavily and moderately shorted with short usually making money. Updated 5/4.
Erlanger Research Advance/Decline Chart/Table –Updated through 5/4.
Gap Ups & Down In Early Pre-Market:
Gap up: ATNX +40.7%, IBIO +31%, BGFV +23.1%, AYX +8.6%, RCKY +8.2%, KAR +8.1%, MED +7.3%, BXC +6.7%, CZR +6.7%, INFN +6.4%, AMRC +6%, LYFT +5.5%, AQST +5.5%, ATVI +4.8%, MTCH +4.8%, SPT +4.7%, HLF +4.3%, INGN +4.3%, ALGT +4.2%, FDP +4%
Gap down: ESPR -25.9%, MRCY -17.6%, RYAM -10%, BOOM -6.1%, MCFE -5.6%, LL -5.1%, ALC -4.3%, UTHR -4.3%
Rags & Mags: Highlighted Stories may be clicked through to the original story.
Stocks making the biggest moves GM LYFT MTCH (CNBC)
5 Things To Know before the market opens. (CNBC)
Covid Cases: Cases 32,460 from 38,201 a week ago. Dosing up to 44.82% of the population. 32.17% of population fully vaccinated. Deaths at 492 from 423. (CDC)
President Biden targets 70% vaccination rate by July 4th.
Debate on Infrastructure Bill and American Family Plan may carry into late 2021 or early 2022. (Bloomberg)
Treasury Secretary Yellen talks fiscal policy and says U.S. to end race to the bottom on tax rates. (CNBC)
FAA wants more documents from Boeing (BA) on electrical issues with 737 Max. (Reuters)
Robinhood Snacks features discussion of Pfizer (PFE) and that they are now making a profit on the Covid-19 vaccine. Ethereum moves to a record while Bitcoin drops.
Index Moving Averages: A couple indexes broke their 5 and 10 day moving averages but with the action this morning that could be a distant memory. 5/4 Close
Geopolitical:
The President receives the President’s Daily Brief, 9:50 a.m. EDT
Press Briefing by White House COVID-19 Response Team, 11:00 a.m. EDT
Press Briefing by Press Secretary Jen Psaki and Secretary of Agriculture Tom Vilsack, 12:30 p.m. EDT
The President delivers remarks on his Administration’s implementation of the American Rescue Plan, 2:00 p.m. EDT
Economic:
April ADP Employment Index is due out at 8:15 a.m. EDT and is expected to rise by 810,000 from 517,000.
April ISM Non-Manufacturing Index is due out at 10:00 a.m. EDT and is expected to rise to 65% from 63.7%.
Weekly Crude Oil Inventories are due out at 10:30 a.m. EDT.
M&A Activity
Monmouth Real Estate (MNR) to be purchased by Equity Commonwealth (EQC) for $19.58 a share.
Meetings of Note:
Sellside Meeting: Truist Securities Life Sciences Conference (5/4-5/5) BMO Capital Markets Global Reserve & Asset Managers Conference (5/4-5/6) Wells Fargo Industrial Conference (5/5-5/6) D.A. Davidson Financial Institutions Conference (5/5-5/7)
Company Meetings: DELL (Investor Day) CYDY (Webcast) AMAT COST ( Corporate)
Industry Meetings: World Vaccine Congress (5/4-5/6)
Upgrades & Downgrades:
Tuesday’s Recommendations
