Earnings Out After The Close
Beats: URBN +0.48, SCSC +0.39, INTU +0.38, TOL +0.34, JWN +0.19, HEI +0.01
IPOs Priced or News: Warby Parker to file to go public. (WSJ)
New SPACs launched: Fifth Wall Acquisition Corp (FWAA) to merge with SmartRent to trade as SMRT starting tomorrow. Locust Walk Acquisition Corp (LWAC) to combine with eFFECTOR Therapeutics as of 8/25 or close to that.
Secondaries Priced: None of note.
Notes Priced of note: None of note.
Common Stock filings: ALIT STAF of note.
Selling Shareholders of note: RIOT ULH ALIT of note.
Private Placement of Public Entity (PIPE): None of note.
Mixed Shelf Offerings: ULH of note.
Convertible Offering & Notes Filed: None of note.
Note Offerings Filed: None 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:
Purple (PRPL) CFO Craig Phillips leaves next Tuesday, August 31st.
NIH Director Dr. Fauci notes that U.S. could control Covid-19 by Spring 2022.
House passes the $3.5 trillion budget resolution. (CNBC)
BAE Systems (BAESY) wins $840 million Army contract.
President Biden says on track to exit Afghanistan by 8/31 but wants a contingency plan.
Index Changes: TECH to S&P 500; SAIA, MIME, OPCH to join S&P 400; BLFS, CNK and TRMK to S&P 600.
Dividend Increases: AVT FAF
Higher Guidance: (After the Close) JWN (This Morning) DKS
Lower Guidance: LMNR
Buyback Announcements: FAF
What’s Happening This Morning: Futures value reflects the change with fair value.
S&P 500 -1 Dow Jones Industrial Average -4 NASDAQ -5 Russell 2000 -4. Fair values are mixed. Asia and Europe mixed. VIX is at 19.70 from 19.68 from +20.01 in futures. VIX closed at 17.22 from 17.15 from 18.56 . Gold and silver lower with 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 $133.88 from $134.19 with yields at 1.307% from 1.268% yesterday morning. Bitcoin at from $49,125 yesterday morning, trading at $121 or -0.28%.
Tuesday’s Action – 8/24 Close.
Positive Sectors On Tuesday: Consumer Cyclical, Energy and Materials of note.
Negative Sectors On Tuesday: Consumer Defensive, Utilities and Healthcare 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 higher, Bonds were lower, U.S. Dollar lower and Commodities mixed. Updated 8/24 Close.
Upcoming Earnings Of: (sorted by market cap, highest to lowest with most visible names)
Today After the Close: CRM, ADSK, SPLK, ULTA, NTAP, ESTC, WSM, PSTG, SLQT, ZUO, GES, LCI of note.
Thursday Before the Open: TD, DG, CM, DLTR, SJM, COTY, LANC, SAFM, HAIN, JKS, MOMO, ANF, ZNTL, FLWS, MBUU, FRO, TITN of note.
Earnings of Note This Morning:
Beats: DKS +2.26KC +0.90, RY +0.26, PLAB +0.06, ATHM +0.02
Still to Report: none
Insider Purchases: Several names are heavily shorted with either no short tracking history or dumb short sellers. Update 8/25/21
Erlanger Research Advance/Decline Chart –Updated through 8/24 close. The Daily A/D Line is in dead cat bounce mode. Will it turn into a true rally?
Gap Ups & Down In Early Pre-Market:
Gap up: BLFS +10.8%, OPCH +7.2%, MIME +5.5%, VNET +4.7%, TRMK +4.5%, ZME +3.9%, SJ +3.8%, TOL +3.2%, LMPX +3%
Gap down: SAVA -18%, HUGE -13%, JWN -11%, URBN -4%, SAIA -4%, RIOT -4%, LMNR -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 . (CNBC)
5 Things to Know Before The Market Opens. (CNBC)
Overnight Repo comes in at $1.10 trillion.
Covid-19 Data sees 115,901 cases versus 113,933 cases. 84,456 hospitalizations versus 72,874. Deaths 677 versus 535. Deaths move back below 1,000 for second day in a row.
U.S. reviewing trade policy with China says U.S. Trade Representative Katherine Tai. (CNBC)
U.S. Intelligence delivers their 90 day report on the origins of Covid with no concrete conclusion on whether it came from the Wuhan lab. Report is classified still. (NYT)
FTC wants the Illumina (ILMN) and Grail merger killed. (Reuters)
Goldman Sachs (GS) to require all entrants to its offices to be vaccinated. (WSJ)
TSM (TSMC) to raise prices on advanced products by up to 10%. (Digitimes)
Johnson & Johnson (JNJ) Covid booster shot generated promising immune response in early trials. (CNBC)
Robinhood Snaps looks at TikTok and Instagram (FB) shopping. Walmart (WMT) opens its delivery network to outside retailers.
Moving Average Update
Score at 97% from 90%.
The President receives the President’s Daily Brief, The White House, 9:30 a.m. EST
The President meets with his national security team to hear intelligence, security, and diplomatic updates on the evolving situation in Afghanistan, Situation Room, 10:00 a.m. EST
Press Briefing by Press Secretary Jen Psaki, 1:00 p.m. EST
The President meets with members of his Cabinet, his national security team, and private sector and education leaders to discuss how we can collectively improve the Nation’s cybersecurity, East Room, 2:00 p.m. EST
The President signs into law H.R. 1448, the “Puppies Assisting Wounded Servicemembers for Veterans Therapy Act”, Oval Office, 4:30 p.m. EST
The President signs into law H.R. 3642, the “Harlem Hellfighters Congressional Gold Medal Act“, Oval Office, 5:00 p.m. EST
None of note scheduled but watch for impromptu appearances.
5 Year Treasury Note Auction at 1:00 p.m. EDT.
The latest NYSE and NASDAQ Short Interest Datathrough the 13th of August settlement and on a trade basis from August 11th back to July 28th. During that period, the S&P 500 rose 1.07%. NYSE was unchanged while the NASDAQ rose 0.85%.
API Petroleum Data Institute Weekly Inventorieswere out at 4:30 p.m. EDT yesterday and crude fell 1.6 million barrels. Gasoline fell 985,000 barrels.
MBA Mortgage Applications were out at 7:30 a.m. EDT and rose 1.9% while
Crude Oil Inventories are due out at 10:30 a.m. EDT.
Meeting & Conferences of Note:
Sellside Conferences: Credit Suisse Agribusiness & Foods Conference (8/23-25) Rosenblatt Inaugural Tech Summit (8/24-26) Guggenheim Fintech & Software Conference (8/24-25) HSBC Virtual Korea Conference (8/24) UBS III Mexico Consumer Round Table (8/24-26) Seaport Global Industrial Conference (8/24-25) Seaport Global Research Annual Summer Conference (8/24-25) Raymond James Industrial Conference (8/24-25) BMO Technology Summit (8/24-25) Three Part Advisors Midwest Conference (8/25-26)
Company Meetings: VIVHY (Investor Day) SPRB BGNE (R&D Day)
Conferences of Note: SEMICON Asia (8/23-27) NIADA Expo & Conference (8/23-26) World Orphan Drug Congress (8/25-27)
Upgrades & Downgrades: Today recs see 11 upgrades and 4 downgrades.
Tuesday Recommendations Of Note