Breaking News: Federal Reserve Atlanta President Raphael Bostic who is a nonvoting member of the FOMC told Reuters this morning that taper needs to begin in October and that taper and raising rates are separate things.
Earnings Out After The Close
Beats: WDAY +0.46, GPS +0.24, DELL +0.20, HPQ +0.16, VMW +0.11, DOMO +0.06, MRVL +0.03
Misses: PTON (0.73), BILL (0.03), OLLI (0.03)
IPOs Priced or News
New SPACs launched: Kismet Acquisition One Corp (KSMT) merges with Nexters, begins to trade as GDEV.
Secondaries Priced: None of note.
Notes Priced of note: TELL of note.
Common Stock filings: CANF WTTR ZIVO of note.
Selling Shareholders of note: None of note.
Private Placement of Public Entity (PIPE): None of note.
Mixed Shelf Offerings: ANY 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:
Judge allows Johnson & Johnson (JNJ) to separate Talc assets into a potential bankruptcy.
Politico bought for more than $1 billion by German publisher Axel Springer.
President Biden promised to hunt down those that killed American soliders. (NYT)
Peloton (PTON) cuts bike price by 20%.
Palantir (PLTR) invested $25 million in Faraday Future (FFIE) before it went public, then FFIE signed contract to use Palantir software.
After Hours +NNA +42% SPRT +15%BILL +13% GPS +7% WDAY +5% and – RPID -16% OLLI -14% DOMO -8% PTON -6% VMW -6% DELL -4% MRVL -3%
Dividend Increases: LRCX EGP CATO
Higher Guidance: (After the Close) GPS HP (This Morning) UI
Lower Guidance: (After The Close) (This Morning) BIG
Buyback Announcements: NXPI WSBC DCOM CUBI ZION WEX MPLN
What’s Happening This Morning: Futures value reflects the change with fair value.
S&P 500 +9 Dow Jones Industrial Average +65 NASDAQ +37 Russell 2000 +5.32. Fair values are mixed. Asia mixed and Europe lower. VIX is at 19.50 from 19.70 in futures. VIX closed at 18.84 from 16.79. Gold higher with silver and copper. 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 $133.58 from $133.64 with yields at 1.348% from 1.356% yesterday morning. Bitcoin at $47,494.73 from $47,346 yesterday morning, trading at $+551 or +1.18%.
Thursday’s Action – 8/26 Close.
Positive Sectors On Thursday: None of note.
Negative Sectors On Thursday: Energy, Materials and Consumer Cyclical 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 lower, Bonds were higher, U.S. Dollar higher and Commodities mixed. Updated 8/26 Close.
Upcoming Earnings Of: (sorted by market cap, highest to lowest with most visible names)
Today After the Close: None of note.
Monday Before the Open: CTLT, AKTS of note.
Earnings of Note This Morning:
Beats: HIBB +1.48, UI +0.52
Misses: BIG (0.03)
Still to Report: none
Insider Purchases: One name has high short interest but Short Sellers are smart short sellers in NAUT. Update 8/27/21
Erlanger Research Advance/Decline Chart –Updated through 8/26 close. The Daily A/D Line was in dead cat bounce mode. Thursday was the first give back.
Gap Ups & Down In Early Pre-Market:
Gap up: SPRT +48%, NNA +38%, BILL +14%, GPS +7%, RPID +7%, WDAY +6%
Gap down: OLLI -14%, PTON -9%, DOMO -8%, NMM -8%, BIG -7%, VMW -6%, MRVL -4%
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 SJM DG DLTR . (CNBC)
5 Things to Know Before The Market Opens. (CNBC)
Overnight Repo comes in at $1.10 trillion.
Covid-19 Data sees 164,952 cases versus 157,694 cases. 87,297 hospitalizations versus 76,077. Deaths 1,229 versus 1,054. Deaths highest level in the Delta Variant cycle.
China to ban U.S. IPOs for heavy data companies. (WSJ)
EU to launch formal investigation into the Nvidia (NVDA) and Arm Holdings (ARMH) deal. (FT)
Supreme Court ends the eviction moratorium. (NYT)
President Biden considers nominating Federal Reserve President Powell with Governor Lael Brainard as the Vice Chairman. (Bloomberg)
Tropical Storm Ida to hit the Gulf Coast this weekend as a hurricane. (Bloomberg)
Southwest Airlines (LUV) cuts some fall flights due to operational and staffing problems. (WSJ)
Robinhood Snaps looks at Jackson Hole and concludes that we might not get a game for a while. Salesforce (CRM) says more moves to Hybrid and wants to happen over Slack.
Moving Average Update
Score at 85% from 97%.
The President receives the President’s Daily Brief, The White House, 8:00 a.m. EST
The President and The Vice President meet with their national security team to hear intelligence, security, and diplomatic updates on the evolving situation in Afghanistan, Situation Room, 8:30 a.m. EST
The President participates in a bilateral meeting with His Excellency Naftali Bennett, Prime Minister of the State of Israel, Oval Office, 10:30 a.m. EST
The President will participate in an expanded bilateral meeting with His Excellency Naftali Bennett, Prime Minister of the State of Israel, Oval Office, 10:55 a.m. EST
Press Briefing by White House COVID-19 Response Team and public health officials, 11:00 a.m. EST
Press Briefing by Press Secretary Jen Psaki, 1:00 p.m. EST
The President receives the Weekly Economic Briefing, Oval Office, 4:00 p.m. EST
The Kansas City Federal Reserve holds its annual symposium in Jackson Hole, Wyoming and it will run through Saturday. The event is now virtual from in person.
Federal Reserve Atlanta President Raphael Bostic appeared on Bloomberg at 7:30 a.m. EDT with Michael McKee.
Federal Reserve Chairman Powell will speak at the Jackson Hole Symposium.
7 Year Treasury Note Auction at 1:00 p.m. EDT.
July Personal Income is due out at 8:30 a.m. EDT and is expected to rise to 0.2% from 0.1%. Came in at 1.1%.
July PCE Prices – Core is expected to fall to 0.3% from 0.4%. Came in at 0.4%.
August University of Michigan Consumer Sentiment – final is due out at 10:00 a.m. EDT and is expected to improve to 70.7 from 70.2.
Meeting & Conferences of Note:
Sellside Conferences: Citi Asia TMT Conference (8/26-9/1)
Company Meetings: None of note
Conferences of Note: SEMICON Asia (8/23-27) World Orphan Drug Congress (8/25-27)
Upgrades & Downgrades: Today recs see 5 upgrades and 1 downgrades.
Thursday Recommendations Of Note