Covid-19 Stats For Wednesday:

Reported Cases yesterday: 70,043

Tests 796,395

Positivity Rate 8.80%

Deaths 1,126

Current Hospitalizations 59,628

source COVID tracking project

IPOs Priced: None of note.

Secondaries Priced: BNTX AUPH  of note.

Notes Priced of note:  LLNW of note.

Common Stock filings: DLNG SAVE of note.

Mixed Shelf Offerings: DLNG of note.

Convertible Offering Files: LLNW BRKL  of note.

Senior Notes Filed:  None of note.

Courtesy of IPO Financial

Earnings After The Close:

Beat: 

TSLA +2.34, WHR +1.28, MTH +0.85, VMI +0.56, TCBI +0.56, UFPI +0.48, PLXS +0.45, NTGR +0.32, EFX +0.30, GL +0.14, SLG +0.14, NTB +0.13, GGG +0.11, HNI +0.11, BCOV +0.10, ICLR +0.10, UMPQ +0.09, MSFT +0.08, WAFD +0.08, ECHO +0.07, SUI +0.06, CVBF +0.04, CLB +0.03, CNS +0.02, BDN +0.01, CSX +0.01, FR +0.01, KMI +0.01 of note.

Flat: CMG +0.00, KALU +0.00, RGP +0.00, SEIC +0.00, STL +0.00

Misses:

DFS (1.17), SAVE (0.78), SU (0.36), LVS (0.34), SLM (0.33), ALGN (0.31), WSBC (0.28), LSTR (0.08), TRN (0.06) of note.

Hourly Action This Past Week: Updated 7/20 Close

News After The Close:

President Trump to send more federal agents to Chicago, Kansas City and Albuquerque. (NBC News)

Carnival Cruise (CCL) extend pause in operations through October in Australia and Asia through December 15th.

Pioneer Natural Resources (PXD) details items that will impact Q2.

Dollar Tree (DLTR) extends $2.00 an hour premium for hourly workers through 8/1.

Lockheed Martin (LMT) wins $700 Army contract.

Senate Republicans and White House now on the same page over extending unemployment benefits and relief.

Several firms win $14 billion Air Force contract including JEC, ACM and LDOS.

Raises Guidance Raised: MTH VMI

Lowers Guidance: ICLR

Raises Dividend: BXG (special of $1.19) LSTR

Stock Split Announcement: 

Stock Buyback: WSBF

What’s Happening This Morning: Futures value reflects the change with fair value. We will still indicate the fair value direction. Futures were down, up, down, new low and now rebounding.

S&P 500 -3    Dow Jones Industrial Average -29  NASDAQ -10  Russell 2000 +2.56.  Fair values are higher except for the Russell 2000 that is -7.26.  Asia mixed and Europe higher. VIX is at 23.96 from 25.19 yesterday morning.

Gold higher, silver lower with copper higher. WTI Crude Oil and Brent Oil Futures lower. Natural Gas is higher. $ is lower vs Euro, higher vs Pound and lower vs Yen. US 10 year Treasury price is at $139.56 from $139.64 with yields at 0.597% from 0.589%.

Positive Sectors On Wednesday:  Real Estate, Utilities and Materials of note.

Negative Sectors On Wednesday: Energy, Financial and Consumer Cyclical of note.

One Month Winners: Materials, Consumer Cyclical and Technology of note.

Three Month Winners: Consumer Cyclical, Technology and Materials of note.

Six Month Winners:  Technology,Consumer Cyclical and Healthcare 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.

Gap Up: BCOV +18%, BXG +12%, PLXS +11%, NTGR +10%, UN +8%, UFPI +7%, MTH +7%, EFX +5%, TSLA +5%, PHM +5%, HNI +5%, ENTG +5%, TSCO +5%, ECHO +4%, STM +4%

Gap Down: AUPH -8%, JMIA -7%, TRN -5%, LLNW -5%, SLM -4%

Upcoming Earnings Of Note (sorted by market cap, highest to lowest)

Today After The Close: FE IEX ETFC SIVB LYV UHS SAM RHI MANH DECK AXTA AUY PBCT SKX LOGM of note.

Friday Before The Open: VZ NEE HON AXP SLB VTR GNTX CRI NEP GT AIMC TRTN FHB TPH ROCK BLMN of note.

Earnings This Morning Of Note

Beat:

AN +1.04, RS +0.96, HZO +0.86, HRI +0.85, ADS +0.75, POOL +0.57, FSV +0.45, KMB +0.43, WSO +0.38, DHR +0.35, WST +0.34, CTXS +0.30, FAF +0.29, TSCO +0.29, PHM +0.29, TECK +0.28, GTLS +0.22, HSY +0.18, DGX +0.17, WBS +0.16, ENTG +0.12, CLGX +0.12, CVE +0.10, PNR +0.10, ALLE +0.09, FITB +0.09, AAL +0.08, LUV +0.07, STM +0.06, HBAN +0.06, T +0.03, APD +0.03, PTEN +0.02 of note.

Flat: TRV +0.00, AB +0.00

Missed:

BANC (0.40), TWTR (0.15), MTB (0.10), DOW (0.01), BX (0.01) of note.

Still to Report: ALK, CTAS, COLB, EWBC, FCX, GWW, MTRN, NUE, ORI, BPOP, UNP, VLY

Erlanger Research Advance/Decline Line Chart – We are no longer showing our proprietary advance/decline model as it is available on a subscription basis. Instead we are now showing a chart of the advance/decline. We hope you enjoy. Close 7/20. Stocks remain strong.

Courtesy of Phil Erlanger Research Inc.

Rags & Mags: Highlighted Stories may be clicked through to the original story.

5 Things To Know To Start Your Day. (Bloomberg)

Coronavirus Update: United requires masks at airports and WHO sees African cases jumping (CNBC)

China tells U.S. to “think carefully” where the relationship is heading. China reduce staff at Hong Kong consulate. (Bloomberg)

Corporate America begin to downsize  commercial real estate footprints due to remote work. (Reuters)

Treasury Secretary Mnuchin says relief will offer 70% wage replacement. (CNBC)

S.E.C. Chairman Jay Clayton notes that concerned about trading in stocks like Tesla (TSLA) and others moving up too fast. (CNBC)

Stock Index Trading

Current through 7/22 close.

Bold means a change from prior day.

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 7/22 close. EVL Ranges  continues to expand again with the recent action. The Erlanger Value Line are available in Bloomberg for your review. Simply visit the Bloomberg App  store at APP(GO).

Courtesy of Phil Erlanger Research, Inc.

Economic 

Weekly Jobless Claims are due out at 8:30 a.m. EDT.

Weekly Natural Gas Inventories are due out at 10:30 a.m. EDT.

June Leading Indicators are due out at 10:00 a.m. EDT and is expected to fall to 2.1% from 2.8%.

Geopolitical & Related

President Trump has no scheduled events but they are likely to pop up so pay attention.

Meetings, Calls & Conferences

DMPI SHIP (Conference Call).

Sellside Conferences: Sprott Natural Resources Symposium (7/22-7/25)

Industry Conferences: SEMICON West 2020 (7/20-7/23)

M&A

Upgrades & Downgrades – 

Updated Through 8:45 a.m. EDT.