CAPIS Morning Note -8/8/19 China Tries To Calm Markets
Corporate Actions IPOs on deck: InMode (INMD) to begin trading today. Secondaries on deck: WAB KNSL SAFE MLAB EYE DVAX MGTX of note. Notes Priced: NCR AYX IRWD of note. Common Stock filings: MGTX DVX QTRX STML EYE of note. Mixed Shelf Offerings filed: CLR JNPR PTLA BGS LPG of note. Convertible Offering Files: BL…
IPOs on deck: InMode (INMD) to begin trading today.
Secondaries on deck: WAB KNSL SAFE MLAB EYE DVAX MGTX of note.
Notes Priced: NCR AYX IRWD of note.
Common Stock filings: MGTX DVX QTRX STML EYE of note.
Mixed Shelf Offerings filed: CLR JNPR PTLA BGS LPG of note.
Convertible Offering Files: BL CLVS CORR of note.
Senior Notes Filed: None of note.
Earnings After The Close:
Beat: NTES +1.43, BKNG +0.89, RGNX +0.71, AGO +0.62, HHC +0.53, AZPN +0.50, LYFT +0.32, STMP +0.29, GDOT +0.27, AIG +0.27, TPIC +0.26, FTDR +0.22, RDUS +0.21, AOSL +0.20, CPA +0.17, FSCT +0.13, SWM +0.12, TLND +0.12, ROKU +0.12, ALB +0.11, AAOI +0.11, IIPR +0.11, CECO +0.10, GLPI +0.10, NVEE +0.10, MRAM +0.09, MRO +0.09, NTRA +0.09, SGMO +0.09, PRI +0.08, ELF +0.08, AVLR +0.08, DOX +0.08, PTLA +0.07, JACK +0.07, CPRX +0.07, ORA +0.06, LHCG +0.05, ZVO +0.05, APYX +0.05, ZG +0.04, INFN +0.04, FNV +0.04, GTE +0.04, DDD +0.04, CSGS +0.04, CTL +0.03, RCII +0.03, FOXA +0.03, SONO +0.03, QTWO +0.03, AMPH +0.03, CVNA +0.03, G +0.03, RYN +0.02, TWNK +0.02, ENV +0.02, CCMP +0.02, UPWK +0.02, QRTEA +0.02, EVRG +0.02, IVR +0.01, MFC +0.01, SWKS +0.01, WMGI +0.01, OPK +0.01, NUAN +0.01 of note.
Flat: CDE +0.00, PAAS +0.00, ASRT +0.00, FLO +0.00, GBDC +0.00, CLI +0.00, ATO +0.00, RLJ +0.00 of note.
Missed: CABO (1.72), UHAL (0.85), UPLD (0.75), IAC (0.52), AGS (0.35), VERI (0.32), REZI (0.32), PEGA (0.21), RYAM (0.21), MATX (0.20), CWH (0.20), PETQ (0.18), SUN (0.17), ARNA (0.17), IMMU (0.15), RUN (0.15), DVAX (0.13), PRSC (0.13), CAI (0.13), FTK (0.11), COLL (0.10), TTGT (0.10), FOSL (0.10), GKOS (0.09), KIDS (0.09), SJI (0.09), PDCE (0.08), ICUI (0.07), PRA (0.07), QHC (0.06), BREW (0.06), RGLD (0.06), TRIP (0.06), SRPT (0.06), GBT (0.05), TELL (0.05), KRO (0.05), TCX (0.05), SWCH (0.04), MNST (0.03), EB (0.03), ET (0.03), FRGI (0.02), FG (0.02), TVTY (0.02), ECPG (0.02), ENS (0.02), IAG (0.02), SENS (0.01), DAR (0.01), MELI (0.01), FSM (0.01), ANGI (0.01) of note.
Still to Report:
News After The Close:
Conduent (CNDT) names current COO Clifford A Skelton as interim CEO.
Atmos Energy (ATO) names Kevin Akers as CEO on 10/1.
Symantec (SYMC) may sell its Enterprise business to Broadcom (AVGO) for $10 billion reports The Wall Street Journal.
Cosctco (COST) reported July Total Comps +5.6% versus a year ago.
Perrigo (PRGO) announced that Jeffrey C. Smith of Starboard, activist hedge fund, resigned from its board.
Carl Icahn takes stake in Cloudera (CLDR) to 16.43%.
President Trump to introduce international drug price index during an upcoming speech in September according to Bloomberg.
EQT Corp (EQT) COO Gary Gould resigns.
Stock Repurchase: FRGI JACK LAUR of note.
Dividend Increase: BTU NOA GHM of note.
What’s Happening This Morning: Futures value reflects the change with fair value. We will still indicate the fair value direction.
U.S. futures: S&P +7, Dow Jones +69, NDX +33 and Russell 2000 +4 with fair values higher. Asia and Europe higher, click through for details by country.
Gold and silver lower with Copper higher. WTI Crude Oil and Brent Oil Futures higher. Natural Gas is higher. $ is higher vs Euro, lower vs Pound and lower vs Yen. US 10 year Treasury price is at $129.88 from $130.41 with yields at 1.724% from 1.658%. Prices as of 8:25 a.m. EDT.
Positive Sectors On Wednesday: Consumer Goods, Technology, Healthcare and Services.
Negative Sectors On Wednesday: Conglomerates, Materials and Financials.
One Month Winners: Conglomerates.
Three Month Winners: Utilities, Healthcare and Consumer Goods.
Six Month Winners: Conglomerates, Utilities, Consumer Goods.Technology and Services.
Twelve Month Winners: Utilities, Technology and Services.
Year to Date: All higher led by Conglomerates, Technology, Services and Industrials.
Hourly Action This Week:
Updated through Tuesday close. Mixed week.
Courtesy of Quantitative Partners, Inc.
Upcoming Earnings Of Note (sorted by market cap, highest to lowest)
Today After The Close: UBER ATVI CBS DXC SYMC WPM TTD DBX NWSA COLD AQN PCTY VSAT AVT RBA YELP APPN ALRM QDEL EPAY of note.
Friday Before The Open: TRCO HPT CLNY BHVN ERF SSP USCR DPLO MPAA YRCW of note.
Earnings This Morning Of Note
Beat: LAUR +2.91, GTS +0.70, AZUL +0.58, FVRR +0.37, CNNE +0.29, BAM +0.29, KTB +0.29, CRON +0.24, LITE +0.20, CAH +0.17, PTE +0.13, VIAB +0.13, CDLX +0.11, CBB +0.11, COMM +0.09, PQG +0.08, SUP +0.06, PRGO +0.06, EPAM +0.05, MGA +0.05, AMRC +0.04, NOMD +0.04, MMS +0.04, EGRX +0.03, NICE +0.03, NCLH +0.03, MUR +0.03, FOCS +0.02, IBP +0.02, CEVA +0.02, TW +0.02, KDP +0.01, RLGY +0.01, TTI +0.01 of note.
Flat: HIMX +0.00, RDNT +0.00, SNH +0.00 of note.
Missed: NGL (0.87), GOGO (0.52), REV (0.41), HMHC (0.32), SATS (0.23), ESPR (0.19), EBIX (0.17), NBEV (0.14), PRTY (0.14), VIRT (0.11), VSTO (0.11), CVIA (0.10), THR (0.08), COT (0.07), ECOM (0.06), CCOI (0.06), DESP (0.05), TAST (0.05), NS (0.04), OGE (0.02), FOLD (0.02), NHI (0.01), ACIW (0.01), AMC (0.01) of note.
Yet to Report: BPMP, LNG, CSWI, EXPI, GTT, HRTX, KOP, KHC, MDP, MPAA, PCRX, PNW, USPH .
Rags & Mags: Highlighted Stories may be clicked through to the original story.
Top News Story: China sets Yuan trading level beyond key $7 level but at a low not seen since 2008. (FT)
Five Things You Need To Know To Start Your Day (Bloomberg)
China Exports rose 3.3% beating expectations. (WSJ)
Apple (AAPL) sued over authorized recordings by Siri. (Bloomberg)
Russia to investigate Apple (AAPL) over unfair competition. (Reuters)
Several banks have turned over documents of President Trump’s dealings to Congress. (WSJ)
U.S. issues a travel warning on Hong Kong. (CNN)
Biggest premarket movers and stories behind them. (CNBC)
White House Trade Adviser Peter Navarro interviewed on Fox Business says Chinese using weak Yuan to offset tariffs, (Fox Business News)
No changes yesterday.
Bold means a change from prior day.
The advance/decline line moved to cash after Monday’s close. Updated through 8/7/19 close. The buy is history as we noted last week it was beginning to fade. Year to date model up 7.48% on the S&P 500. 3 buy signals and 3 cash signals in 2019. The current buy lost -1.23%.
Courtesy of Quantitative Partners, Inc.
YTD 66% (-3% week over week) of stocks are higher and 34% are lower. Updated 8/2/19 close with next update on 8/9/19 close.
Courtesy of Phil Erlanger Research, Inc.
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. Update through Wednesday close.
Courtesy of Phil Erlanger Research
The Value Lines may be accessed via Bloomberg. For a free trial if you are a Bloomberg user go to APPS CS:ERLA
Economic & Related:
Weekly Jobless Claims are due out at 10:30 a.m. EDT.
Weekly Natural Gas Inventories are due out at 10:30 a.m. EDT.
$19 billion of 30 Year Treasury Bonds are due to be auctioned at 1:00 p.m. EDT.
President Trump will have a quiet day with an intelligence briefing and then lunch with the Secretary of State.
Conferences & Analyst Meetings:
Company Analyst Meetings and Conference Calls: PGR HUN (conference call) AZPN NUVA (investor day)
Sellside Conferences: Canaccord Genuity Annual Conference. Jefferies Global Industrials Conference.
Industry Conferences: Flash Memory Conference. American Psychological Association Annual Meeting.
Avedro (AVDR) to be bought by Glaukos (GKOS) in all stock deal, a 42% premium.
Amdocs (DOX) to buy TTS Wireless for $50 million in cash.
Salesforce (CRM) to buy ClickSoftware for $1.35 billion.
Vitamin Shoppe (VSI) to be bought by Liberty Tax, Inc. for $208 million.
Roper (ROP) buys iPipeline in all cash deal for $1.625 billion.
Upgrades & Downgrades:
Early Morning Gap Up/Down: (>5% or <-5%)
AVDR +29%, CVNA +18%, DBVT +17%, APYX +16%, TLND +16%, ROKU +14%, FSCT +14%, NTRA +13%, SYMC +12%, STMP +11%, INFN +10%, CPA +9%, JACK +9%, DAR +9%, NUAN +9%, DISH +7%, ORA +7%, G +7%, ALB +7%, DERM +6%,AVLR +6%, LYFT +5%, PETQ +5%, UPLD +5%, PRGO +5%.
GDOT -35%, TRXC -30%, ICUI -29%, ANGI -24%, WMGI -22%, RYAM -21%, AGS -19%, DVAX -16%, DVAX -16%, ZG -15%, CLVS -11%, CWH -11, RUN -10%, FLO -9%, IAG -9%, DDD -9%, MGTX -8%, CAAS -8%, BREW -8%, GKOS -7%, GKOS -7%,COMM -7%, MNST -6%, CTL -6%, SWKS -6%, TPIC -5%, SRPT -5%.