CAPIS Morning Note -6/10/20 Federal Reserve Announcement and Press Conference Today
IPOs on deck: IPOs Filed: None of note. Secondaries Priced: MLAB MNRL CSII APTV SALT of note. Notes Priced of note: APTV WETF of note. Common Stock filings: SALT VICR MNRL CSII NIO IMUX PS SITM MNRL (selling shareholders) of note. Mixed Shelf Offerings: KEY CDNA of note. Convertible Offering Files: COUP WETF GMRE REAL of note. Senior Notes Filed: None…
IPOs on deck:
IPOs Filed: None of note.
Secondaries Priced: MLAB MNRL CSII APTV SALT of note.
Notes Priced of note: APTV WETF of note.
Common Stock filings: SALT VICR MNRL CSII NIO IMUX PS SITM MNRL (selling shareholders) of note.
Mixed Shelf Offerings: KEY CDNA of note.
Convertible Offering Files: COUP WETF GMRE REAL of note.
Senior Notes Filed: None of note.
Earnings After The Close:
GME +0.08, CHWY +0.05, AGX +0.03 of note.
AMC (0.78), FIVE (0.62), VRNT (0.16) of note.
Gap Up: LAKE +44%, DUO +35%, APT +18%, FIVE +11%, RADA +10%, AMC +9%, APAM +8%, ITI +5%, GMAB +4%, AGX +4%
Gap Down: RRGB -11%, CSII -10%, MNRL -10%, IMUX -9%, SALT -9%, GME -9%, VRNT -9%, LMNR -8%, QDEL -7%, SITM -6%
Hourly Action This Past Week: Updated 6/9 Close
News After The Close (In Order)
Federal Reserve to release Dodd-Frank Act Stress tests will be out June 25th at 4:30 p.m. EDT.
Five Below (FIVE) sees comps fall -51.8% with now 90% of stores opened.
Merck (MRK) sees Phase III Trial of KEYTRUDA did not meet end points for metastatic urothelial carcinoma.
Asset Managers release month end asset levels and all see a rise, of note IVZ APAM AB AMK BEN LM
AMC Entertainment (AMC) to reopen nearly all U.S. and U.K. theaters.
Best Buy (BBY) to reopen stores fully on 6/15.
Alaska Air (ALK) sees downgrade from major ratings agency.
Inogen (INGN) CEO Scott Wilkinson to retire end of 2021.
Dr. Fauci warns pandemic is far from over. (NYT)
MGM Resorts (MGM) oepns Luxor and The Shoppes at Mandalay Bay Place on 6/25 With Four Season Las Vegas to open 7/1.
Raises Guidance: CHWY
Lowers Guidance: TTEK (Q3)
Withdraws Guidance: FIVE (Q2) GME
Dividend Increase: ODC IMOS
What’s Happening This Morning: Futures value reflects the change with fair value. We will still indicate the fair value direction. Overnight futures traded up 20 then drop to -10 on the S&P 500.
S&P 500 +12 Dow Jones Industrial Average +48 NASDAQ +79 Russell 2000 -1.45. Fair values are mixed. Asia mixed and Europe mixed to lower.
Gold, silver and copper higher. WTI Crude Oil and Brent Oil Futures lower. Natural Gas is lower. $ is lower vs Euro, lower vs Pound and lower vs Yen. US 10 year Treasury price is at $137.94 from $137.66with yields at .805% from 0.83%.
Positive Sectors On Tuesday: Technology of note.
Negative Sectors On Tuesday: Energy, Industrials and Utilities of note.
One Month Winners: Industrials, Materials and Financials of note.
Three Month Winners: Consumer Cyclical, Technology and Materials of note.
Six Month Winners: Technology, Healthcare and Consumer Cyclical of note.
Twelve Month Winners: Technology, Healthcare, Consumer Cyclical and Communication Services of note.
Year to Date: Technology, Consumer Cyclical, Healthcare and Communication Services of note.
Upcoming Earnings Of Note (sorted by market cap, highest to lowest)
Today After The Close: HTHT OXM of note.
Thursday Before The Open: PLCE of note.
Earnings This Morning Of Note
None of note.
RRGB (5.11), CHS (1.30), GES (0.90), UNFI (0.01) of note.
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)
Coronavirus update: Astra Zeneca ups antibody study.
Coronavirus cases rising Indonesia. (The Washington Post)
European Central Bank to create a bad bank to deal with toxic debt from coronavirus. (Reuters)
Senate Republicans putting together a police reform bill. (Axios)
Boeing (BA) expects $44 billion Air Force contract to be delayed for 4 years. (Bloomberg)
Facebook (FB) sees companies holding back advertising dollars over inaccurate posts. (NY Times)
Stock Index Tracking
Current through 6/8 close. All indexes above their 200 day moving averages.
Bold means a change from prior day.
The advance/decline line model is now a BUY. Updated through 6/9 close. In 2019, the model was up 16.48% on the S&P 500 and this year is up 10.90% with the S&P 500 lower by -0.73% through yesterday. Now 6 buy signals and 4 cash signals in 2019 and 2020. The last buy gained 12.89%. The current buy signal is up 5.65%.
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 6/9 close. EVL Ranges remain above normal and are highlighted in blue but are trying to return to normal.
Courtesy of Phil Erlanger Research, Inc.
Economic & Related:
Federal Reserve Open Market Committee (FOMC) ends a two day meeting with announcement at 2:00 p.m. EDT and a press conference at 2:30 p.m. EDT.
API Petroleum Institute Weekly Data was out at 4:30 p.m. EDT yesterday and we saw a draw of 2.9 million barrels on natural gas and a build of crude oil by 8.4 million barrels.
The latest NYSE And NASDAQ Short Interest came out after the close for the period ended May 29th settlement and short interest fell by -2.64% on the NYSE and -1.13% on the NASDAQ.
MBA Mortgage Applications were out at 7:00 a.m. EDT and applications rose 5% week over week and 13% year over year.
May CPI is due out at 8:30 p.m. EDT and is expected to rise to 0% from -0.8%.
Weekly Crude Oil Inventories are due out at 10:30 a.m. EDT.
Geopolitical & Related
President Trump will receive two intelligence briefings today at 11:30 a.m. EDT and 12:45 p.m. EDT. Press Secretary Kayleigh McEnany holds a presser at 2:00 p.m. EDT.
Meetings, Calls & Conferences
Investor/Analyst Days & Conference Calls of Note: OSTK (Investor/Analyst Meeting) CRM (Conference Call).
Sellside Conferences: Stifel Cross Sector Insight Conference (6/8-6/10). Bank of America Merrill Lynch Innovative China Virtual Conference 2020 (6/8-6/12). William Blair Annual Growth Conference. (6/9-6/11). Morgan Stanley Financials Conference (6/9-6/10). Goldman Sachs Annual Healthcare Conference (6/9-6/11). Deutsche Bank Global Auto Industry Conference (6/10-6/11). Goldman Sachs European Financials Conference (6/10-6/11).
Industry Conferences: None of note. BIO International Digital Convention. (6/8-6/12). OPEC Meeting (6/9-6/10).
Upgrades & Downgrades: