CAPIS Morning Note – 8/10/20 Futures Flat As Trading Begins A New Week
Covid-19 Update With Weekend Data Cases reported 51,291 from 54,184 Tests 711,984 from 731,700 Positivity Rate 7.20% from 7.41% Deaths 616 from 1,251 Hospitalizations 49,039 from 53,015 Mortality Rate 3.17% from 3.12% source COVID tracking project IPOs Priced: None of note. Secondaries Priced: None of note. Notes Priced of note: None of note. Common Stock filings: CYCN…
Covid-19 Update With Weekend Data
Cases reported 51,291 from 54,184
Tests 711,984 from 731,700
Positivity Rate 7.20% from 7.41%
Deaths 616 from 1,251
Hospitalizations 49,039 from 53,015
Mortality Rate 3.17% from 3.12%
source COVID tracking project
IPOs Priced: None of note.
Secondaries Priced: None of note.
Notes Priced of note: None of note.
Common Stock filings: CYCN FBC of note.
Mixed Shelf Offerings: GILD FSLY XFOR ABR of note.
Convertible Offering Files: WIX of note.
Senior Notes Filed: None of note.
Earnings After The Close:
None of note.
Misses: RDN -0.64 of note.
Hourly Tracking – Updated Through 8/7. No hours were negative this week. Pretty impressive.
News After The Close:
Flextronics (FLEX) names Paul Lunstrom CFO.
Aerojet Rocketdyne (AJRD) names Dan Boehle as CFO.
Fitch affirms Russia at BBB, outlook stable.
Ratings agency downgrades Mohawk (MHK) and Avnet (AVT).
President Trump signs 4 Executive Orders on Saturday for stimulus related to coronavirus aid.
Saudi Aramco sees profits fall 73%.
Covid-19 cases in the U.S. surpass 5 million.
Federal Reserve Chicago President Charles Evans says more stimulus is needed.
Barron’s + on AAPL EL and mixed on AMC CNK MCS NCMI IMAX.
Raises Guidance Raised:
Raises Dividend: GOLD
Stock Split Announcement:
What’s Happening This Morning: Futures value reflects the change with fair value. We will still indicate the fair value direction. Futures hit the low around 6:30 a.m. EDT at 3335 and currently are at 3347.
S&P 500 +2 Dow Jones Industrial Average +80 NASDAQ -2 Russell 2000 +8.72. Fair values are mostly lower. Asia mixed and Europe higher. VIX futures are at 27.55 this morning.
Gold, silver and copper higher. WTI Crude Oil and Brent Oil Futures higher. Natural Gas is higher. $ is higher vs Euro, higher vs Pound and higher vs Yen. US 10 year Treasury price is at $140.06 from $140.09 with yields at 0.55% from 0.538%.
Positive Sectors On Friday: Industrials, Utilities, Real Estate and Financials.
Negative Sectors On Friday: Technology, Consumer Cyclicals, Materials and Energy 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: MCRB +173%, TRVN +69%, MJCO +22%, FL +17%, SNCR +16%, DOYU +9%, SDGR +7%, SPG +6%, WSC +4%
Gap Down: SEAS -5%, RETA -5%
Upcoming Earnings Of (sorted by market cap, highest to lowest)
Today After The Close: TME SPT NTR ZI OXY IFF IAC ANGI ADPT QLYS RUN IART WES GO ICUI of note.
Tuesday Morning: SYY BNTX BR NIO MLCO LITE HUYA GOOS IMOS of note.
Earnings This Morning Of Note
RETA +1.83, ICPT +0.89, BHVN +0.29, RDNT +0.28, SDGR +0.24, DOYU +0.20, CGC +0.16, ON +0.10, CEVA +0.08, BKI +0.05, DUK +0.05, GOLD +0.05, WSC +0.02 of note.
AVYA (0.71), SEAS (0.33), MAR (0.23), GOGO (0.16), TGNA (0.01) of note.
Still to Report: MELI, PPL, RCL, SAGE.
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 8/7. Stocks gained back some ground on Friday as stocks rallied the last two hours of the day.
Courtesy of Phil Erlanger Research Inc.
Rags & Mags: Highlighted Stories may be clicked through to the original story. This section has limited updates.
5 Things To Know To Start Your Day (Bloomberg)
5 Things to Know Before The Market Opens On Monday. (CNBC)
Stocks Making The Biggest Moves (CNBC)
Coronavirus Update: Bill Gates says testing in U.S. is “mind blowing” bad. (CNBC)
Hong Kong Media Tycoon Jimmy Lai arrested by Chinese officials. (Reuters)
Melco Resorts & Entertainment (MLCO) excited as China resumes issuing tourist visas to Macau. (Bloomberg)
House Speaker Pelosi and Treasury Secretary Mnuchin open to resuming stimulus negotiations. (Reuters)
China will sanction 11 Americans including Senators Rubio and Cruz. (Bloomberg)
Chicago stores on the Magnificant Mile were looted over the weekend. (Chicago Tribune)
Simon Property Group (SPG) may turn anchor stores over to Amazon (AMZN) so they can create fulfillment centers. (WSJ)
Apple (AAPL) could see iPhone sales decline 30% if WeChat app is removed. (MacRumors)
Eastman Kodak (KODK) shares down 40% as government loan put on hold. (CNBC)
Stock Index Trading
Current through 8/7 close. We remain in “as good as it gets” mode as all indexes are above the above their respective moving averages.
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 8/7 close. EVL Ranges are starting to get back to normal with the recent action but it is still haphazard. The Erlanger Value Line are available in Bloomberg for your review. Simply visit the Bloomberg App store at APP(GO) then find Erlanger Research and setup a trial.
Courtesy of Phil Erlanger Research, Inc.
Releases of note this week include the weekly chain store sales, oil/gas numbers, mortgage applications and jobless claims as well as PPI, CPI, retail sales and University of Michigan Consumer Sentiment.
Geopolitical & Related
President Trump will lunch with the vice president at 12:30 p.m. EDT. Then he will receive his intelligence briefing at 2:00 p.m. EDT.
Their will be a briefing at 1:00 p.m. EDT led by Press Secretary Kayleigh McEnany.
Investor Events & Conference Calls
Sellside Conferences: Wells Fargo Annual Technology Services Forum (8/10-8/11). John Tumazos Very Independent Research Metals Conference 2020. (8/10-8/14). Stifel Investor Summit (8/10). Guggenheim MedTech Disruptors Summit (8/10). JP Morgan Auto Conference (8/10-8/11). BTIG Virtual Biotechnology Conference (8/10-8/11).
Industry Conferences: BioProcess International West (8/10-8/13). World Conference on Ageing and Gerontology (8/10-8/11).
Thoma Bravo to buy Majesco (MJCO) for $16 a share.
Upgrades & Downgrades – Monday Upgrades & Downgrades