Key Interview of Note: Dr. Scott Gottlieb calls out Los Angeles County for making wrong decision on latest mask mandate indoors. (CNBC)
Earnings After The Close:
IPOs Priced or News: Erasca (ERAS) priced at $16 a share at high end of range $14 to $16. Imago BioSciences (IMGO) priced at $16 at high end of range of $14 to $16. Stevanato Group S.P.A. (STVN) priced at $21 at the low end of range. (TCRS) priced at $15 but not confirmed yet as well as (BRDG) priced at $16
New SPACs launched: Longview Acquisition Corp (LGV) will combine with HeartFlow Holding, expected to close in Q4 with symbol HFLO.
Secondaries Priced: VJET BYRN of note.
Notes Priced of note: EVRI RPRX of note.
Common Stock filings: JZXN PWP ASTR ORGN of note.
Selling Shareholders of note: NEXT PWP ASTR ORGN of note.
Private Placement of Public Entity (PIPE): None of note.
Mixed Shelf Offerings: BTBT ORMP of note.
Convertible Offering & Notes Filed: ADT of note.
Note Offerings Filed: 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:
In an interview on CNBC, Treasury Secretary Yellen says several more months of “rapid inflation” before returning to normal.
Rumor: Intel (INTC) may bid for GlobalFoundries with a bid of $30 billion.
fuboTV (FUBO) and The Cordish Companies complete agreement for mobile Fubo Sportsbook in Pennsylvania.
Moderna (MRNA) to join the S&P 500 on July 21st.
Huntington Ingalls (HII) wins $270 million contract.
Alaska Air (ALK) has first positive month on pretax margins since February 2020.
Dividend Increases: WRI (special) AFG (special) STT TAP (reinstates)
What’s Happening This Morning: Futures value reflects the change with fair value. China reported better trade data as exports rose 32%.
S&P 500 +6 Dow Jones Industrial Average +35 NASDAQ +29 Russell 2000 +7. Fair values are mixed. Asia mixed and Europe mixed. VIX is at 19.80 from 20 in futures. VIX closed at $17.01 from $16.33. Gold, silver and copper lower. WTI Crude Oil lower and Brent Oil Futures higher. Natural Gas is lower. $ is higher vs Euro, lower vs Pound and higher vs Yen. US 10 year Treasury price is at $133.63 from $133.64 with yield on 10 year at from 1.329%. Bitcoin is at $31120 from $31704 yesterday morning and lower by $408 and -1.29%.
Thursday’s Action – 7/15 Close.
Positive Sectors On Thursday: Utilities, Financials and Real Estate of note.
Negative Sectors On Thursday: Energy, Technology, Communication Services and Consumer Cyclical of note.
One Month Winners: Technology, Consumer Cyclical and Materials of note.
Three Month Winners: Energy, Real Estate and Healthcare of note.
Six Month Winners: Real Estate, Communication Services, Energy and Financials of note.
Twelve Month Winners: Materials, Communication Services, Industrials, Financials and Energy of note.
Year to Date: Energy, Communication Services, Financials, Real Estate and Industrials of note.
Stocks were lower ex Dow Jones, Bonds higher, U.S. Dollar dollar higher and Commodities were mixed. Updated 7/15 Close.
Upcoming Earnings Of: (sorted by market cap, highest to lowest with most visible names)
Today After the Close: none of note.
Monday Before the Open: PLD, TSCO, AN, CALM of note.
Earnings of Note This Morning:
Beats: STT +0.17, FHN +0.14
Misses: ALV (0.18), ERIC (0.13)
Still to Report: SCHW, KSU
Insider Purchases: No stocks this morning with heavy short selling.
Above is the list of insider buys from this morning and is sorted by Erlanger Volume Swing (EVS). The idea here is simple. Find stocks where insiders are buying and the shorts are “dumb short sellers”. Updated 7/16
Erlanger Research Advance/Decline Chart –Updated through 7/15 close. The Market Daily AD Line continues to drop towards its May low.
Gap Ups & Down In Early Pre-Market:
Gap up: MRNA +8%, IBIO +5%, HCM +5%, FUBO +4%, PFDR +4%
Gap down: FGEN -34%, AOUT -11%, ERIC -9%, NEXT -3%
Rags & Mags: Highlighted Stories may be clicked through to the original story. Repeated stories from prior days never listed, i.e. “rehashed news”.
Stocks making the biggest moves MRNA DIDI BNTX AMC (CNBC)
5 Things To Know Before The Market Opens. (CNBC)
Japan may seek to regulate the digital currency market. (Reuters)
Infrastructure bill stalls on expanding IRS powers. (WSJ)
Democratic Power Broker Rep. Alexandria Ocasio-Cortez threatens to tank $1.2 trillion infrastructure bill unless $3.5 trillion bill is passed through reconciliation. (Bloomberg)
Covid-19 cases are surging in almost every state and CNN Medical Analyst Dr. Leana Wen says time to “do something dramatic”. (CNN)
Xiaomi overtakes Apple (AAPL) to second place in the global smartphone market behind Samsung. (Reuters)
Didi (DIDI) falls on Chinese regulators visiting offices to do a cybersecurity review.
FibroGen (FGEN) reports that FDA Advisory Committee recommended not approving Roxadustat.
Robinhood looks at bank earnings from this week. United Health (UNH) revenues grow but profits fall.
Index Moving Averages: 7/1 Close – The Confidence Score moves to 60% from 80%.
The Bank of Japan (BOJ) was out with its latest interest rate decision and holds steady on monetary policy.
The President participates in the Asia-Pacific Economic Cooperation Leaders’ Virtual Retreat, where Leaders will discuss ending the COVID-19 pandemic and supporting the global economic recovery, South Court Auditorium, 7:30 a.m. EST
The President and The Vice President receive the President’s Daily Brief, Oval Office, 10:00 a.m. EST
The President has lunch with The Vice President, Private Dining Room, 12:20 p.m. EST
Press Briefing by Press Secretary Jen Psaki, 12:30 p.m. EST
The President receives a briefing from members of the White House COVID-19 Response Team on the COVID-19 pandemic and the vaccination program, Oval Office, 1:00 p.m. EST
The President departs the White House en route Camp David, South Lawn, 2:30 p.m. EST
The President receives the Weekly Economic Briefing, Camp David, 3:45 p.m. ES
Federal Reserve New York President John Williams to speak at 9:00 a.m. EDT.
June Retail Sales is due out at 8:30 a.m. EDT and is expected to improve to -0.6% from -1.3%.
July University of Michigan Consumer Sentiment is due out at 10:00 a.m. EDT and is expected to rise to 86.3 from 85.5.
None of note.
Meetings of Note:
Sellside Conferences: None of note
Company Meetings: BURBY RIO Update)
Industry Meetings: None of note.
Upgrades & Downgrades: Todays recs see 15 upgrades and 1 downgrades.