CAPIS Morning Note – 8/25/20 U.S & China Talk Trade, Futures Strong
Fun Fact: Covid-19 Update With Latest Data Cases reported 35,277 from 38,234 Tests 688,765 from 611,377 Positivity Rate 5.12% from 6.25% Deaths 348 from 527 Hospitalizations 38,657 from 39,030 Mortality Rate at 2.96% from 2.97% source COVID tracking project Capital Raises IPOs Priced: None of note. Secondaries Priced: None of note. Notes Priced of note: NICE of note….
Covid-19 Update With Latest Data
Cases reported 35,277 from 38,234
Tests 688,765 from 611,377
Positivity Rate 5.12% from 6.25%
Deaths 348 from 527
Hospitalizations 38,657 from 39,030
Mortality Rate at 2.96% from 2.97%
source COVID tracking project
IPOs Priced: None of note.
Secondaries Priced: None of note.
Notes Priced of note: NICE of note.
Common Stock filings: None of note.
Mixed Shelf Offerings: RBNC of note.
Convertible Offering Files: None of note.
Senior Notes Filed: None of note.
Courtesy of IPO Financial
Earnings After The Close:
SXI +0.13, PANW +0.09 of note.
None of note.
News After The Close:
Qiagen (QGEN) announces U.S. launch of new antibodies test for Covid-19.
Facebook (FB) blocked access to a group in Thailand that was critical of the country’s king.
Apple (AAPL) to reopen some stores that were closed due to the pandemic. (Bloomberg)
Delta (DAL) to furlough 2,000 pilots in October. (CNBC)
Index Changes: CRM AMGN HON to join the Dow with XOM PFE RTX out as of 8/31.
Alphabet (GOOGL) Cloud Unit
Raises Guidance: PANW
Lowers Guidance: POR
Stock Split Announcement:
Hourly Action: This week sees strength early and weakness late. 8/20 updated.
What’s Happening This Morning: Futures value reflects the change with fair value. We will still indicate the fair value direction.
S&P 500 +14 Dow Jones Industrial Average +137 NASDAQ +3 Russell 2000 +11.43 Fair values are higher. Asia mixed and Europe higher. VIX November futures are at 25.75 from 25.10 this morning. Current VIX is at 22.37 from 22.47.
Gold, silver and copper lower. WTI Crude Oil and Brent Oil Futures higher. Natural Gas is higher. $ is lower vs Euro, lower vs Pound and higher vs Yen. US 10 year Treasury price is at $139.20 from $139.53 with yields at 0.696% from 0.64%.
Positive Sectors On Monday: Energy, Financials and Industrials of note.
Negative Sectors On Monday: Healthcare of note.
One Month Winners: Industrials, Consumer Cyclical and Consumer Defensive of note.
Three Month Winners: Consumer Cyclical, Technology and Industrials of note.
Six Month Winners: Consumer Cyclical, Technology, Materials and Healthcare of note.
Twelve Month Winners: Technology, 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: CRM INTU ADSK VEEV HEI HPE HTHT TOL PSTG JWN URBN SCSC of note.
Wednesday Morning: RY PLAN EV DKS DY GES CHS of note.
Gap Up: CAAS +15%, MDT +4%, AMGN +4%, HON +4%
Gap Down: POR -8%, PANW -3%
Earnings This Morning Of Note
SJM +0.70, BBY +0.62, MDT +0.44, AMWD +0.33, BMO +0.14, HAIN +0.05, ATHM +0.01, HRL +0.01 of note.
PLCE (0.23), BNS (0.07), PINC (0.03) of note.
Still to Report:
Erlanger Research Advance/Decline Line Chart – Was the downtrend broken yesterday? Close 8/24.
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 Today. (CNBC)
Stocks Making The Biggest Moves. (CNBC)
Coronavirus Update: Dr. Fauci warns on rushing a vaccine. (CNBC)
U.S. and China had a call on the trade deal overnight. (CNBC)
Violence continued overnight in Kenosha and Madison, Wisconsin over the latest shooting of an African American male. (NYT)
Credit Suisse (CS) may eliminate 500 jobs in Switzerland. (Bloomberg)
Gilead Sciences (GILD) presents positive data on Epclusa for Hepatitis C. (Business Wire)
Stock Index Trading
Current through 8/24 close. The Russell 2000 and S&P 400 moved above their 5 day 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 8/20 close. EVL Ranges are again starting to get back to normal with the recent action, pay attention 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.
July New Home Sales are due out at 10:00 a.m. EDT and is expected to rise to 787,000 from 776,000 in June.
August Consumer Confidence is due out at 10:00 a.m. EDT and is expected to 93 from 92.6.
The latest NYSE and NASDAQ Short Interest Data is due out after the close and is through settlement of August 15th. During this period, the S&P 500 rose 3.74%.
The weekly API Petroleum Institute Data is due out at 4:30 p.m. EDT.
Geopolitical & Related
President Trump will be attending the Republican Convention this week and speaking every night along with his progeny. Today the president
$50 billion 2 Year Auction at 1:00 p.m. EDT.
Investor Events & Conference Calls
JAN (Business Update)
Sellside Conferences: BMO Capital Markets Virtual Technology Summit 2020. (8/24-8/28) Raymond James Diversified Industrials Conference (8/25-8/26) Cowen 2020 Broadline & Grocery Executive Summit (8/25)
Industry Conferences: World Orphan Drug Congress 2020 (8/24-8/27) Data Center World Conference and Expo (8/24-8/27)
Palo Alto Networks (PANW) buys The Crypsis Group for $265 million in cash.
Upgrades & Downgrades For Tuesday 8/24 – Recnt IPOS VSTA and VITL got lots of buy recs.