Breaking News -Treasury Secretary Mnuchin to appear on CNBC at 9:15 a.m. EDT to discuss status of pending stimulus bill.

Covid-19 Update With Latest Data

Cases reported 37,759 from 43,008

Tests 647,372 from 777,560

Positivity Rate 5.83% from  5.53%

Deaths 406 from 629

Hospitalizations 43,485 from 44,029

Mortality Rate at 3.06% from 3.08%

source COVID tracking project

Capital Raises

IPOs Priced:

Secondaries Priced: MCRB SDGR SPT AMH of note.

Notes Priced of note: PSN ENV of note.

Common Stock filings: CALM AMH BROG FUTU ZI .  (Selling Shareholder Offerings) TBIO NSSC  LUV KDP of note.

Mixed Shelf Offerings:  None of note.

Convertible Offering Files: MIDD CHGG CNMK AR  of note.

Senior Notes Filed: None of note.

Courtesy of IPO Financial

Earnings After The Close:

Beats:

BEST +0.20, FN +0.09, API +0.03 of note.

Misses:

None of note.

Flat:

Hourly Tracking – Updated Through 8/13. One extreme or the other this week.

News After The Close:

Gilead Sciences (GILD) and Tango Therapeutics expand strategic collaboration as Gilead makes $125 million upfront payment and $20 million equity investment.

Kaman (KAMN) gets $57.3 million order from U.S. Air Force.

Semiconductor Industry Association that U.S. Commerce Department restrictions on Huawei will cause significant disruptions to the semiconductor industry.

Carnival (CCL) has been hacked and those hackers are seeking ransonware.

University of North Carolina takes all classes online after outbreaks of Covid-19.

Raises Guidance Raised:

Lowers Guidance:

Raises Dividend: 

Cut Dividend:

Stock Split Announcement: 

Stock Buyback: FN

10Q Delays: 

What’s Happening This Morning: Futures value reflects the change with fair value. We will still indicate the fair value direction.

S&P 500 +8 Dow Jones Industrial Average +63 NASDAQ +56 Russell 2000 +5.03. Fair values are mixed. Asia mixed and Europe higher. VIX September futures are at 25.65 from 26.49 this morning. Current VIX is at 21.56 from 22.05.

Gold, silver and copper higher. WTI Crude Oil higher and Brent Oil Futures lower. Natural Gas is higher. $ is lower vs Euro, lower vs Pound and lower vs Yen. US 10 year Treasury price is at $139.36 from $139.31 with yields at 0.675% from 0.688%.

Positive Sectors On Monday:  Consumer Cyclical, Materials, Real Estate and Healthcare.

Negative Sectors On Monday: Financials, Utilities, Industrials 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.

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

Today After The Close: A ALC JKHY CREE ATGE LZB SUPN of note.

Wednesday Morning: LOW TJX TGT ADI VIPS PLCE of note.

Gap Up: TLSA +22%, CDXC +14%, RXT +9%, DBX +6%, REDU +6%, CRMT +5%, LX +5%, AAP +4%, GOGL +4%, KNDI +4%, SE +4%

Gap Down: PSTX -31%, API -5%, TBIO -4%

Earnings This Morning Of Note

Beat:

AAP +0.95, KC +0.81, HD +0.64, KSS +0.63, WMT +0.31, AMCR +0.01  of note.

Flat:

Missed:

GDS (0.37), SE (0.25), SFL (0.12), LX (0.04) of note.

Still to Report:

Erlanger Research Advance/Decline Line Chart – Monday was a flat day as advancers and decliners were tied. Close 8/17.

Courtesy of Phil Erlanger Research Inc.

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

5 Things to Know Before The Market Opens On Tuesday. (CNBC)

Stocks Making The Biggest Moves. (CNBC)

Coronavirus Update: WHO says not close to herd immunity, Quest Diagnostics (DGX) has “ample capacity” for new testing. (CNBC)

Top moments from Day 1 of the Democratic Convention. Michelle Obama delivers a powerful rebuke of President Trump marking first time that a former First Lady weighed in on a sitting president. (CNBC)

China ups U.S. Oil purchases to comply with Phase I Trade Deal. (Bloomberg)

House to vote on Saturday on $25 billion in funding for post office, Republicans feel bill is not needed. (Politico)

New Senate stimulus bill would give $300 a week in enhanced unemployment, money for the post office, expand small business money but the bill will be tied to a continuing resolution to fund government on September 30th. (Politico)

Boeing (BA) will offer another voluntary layoff package. (CNBC)

Oracle (ORCL) may bid for TikTok’s U.S. operations competing with Microsoft (MSFT). (CNBC)

Walmart (WMT) crushes earnings as online sale jump 97%. (CNBC)

Stock Index Trading

Current through 8/17 close. All indexes ex the Dow Jones are back 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 8/14 close. EVL Ranges were 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.

Economic

July Housing Starts are due out at 8:30 a.m. EDT and is expected to rise to 1,230,000 from 1,186,000 in June.

API Petroleum Institute Weekly Data is due out at 4:30 p.m. EDT.

Geopolitical & Related

President Trump and The First Lady participate in a signing of a Proclamation on the 100th Anniversary of the Ratification of the 19th Amendment at 9:00 a.m. EDT. Then the president heads to Cedar Rapids, Iowa where he  participates in an Iowa Disaster Recovery Briefing at 12:15 p.m. EDT. Next he heads to Yuma, Arizona where he will  receive a Border Wall Construction and Operational Update at 3:30 p.m. EDT and then finally at 4:15 p.m. EDT  deliver remarks on Immigration and Border Security before heading back to Washington, D.C.

The Democratic National Conventions continues virtually and in Milwaukee. It will run through Thursday night when Democratic Presidential Nominee Joe Biden accepts the nomination.

Investor Events & Conference Calls

(Conference Call) (Business Update)  (Virtual Meeting)

Sellside Conferences: Santander Brazil Conference (8/17-8/21)

Industry Conferences: EnerCom Oil & Gas Conference (8/17-8/19).

M&A

Upgrades & Downgrades For Tuesday 8/18 – A rather light day for recommendations.