Fun Fact: Zoom is up 340% through yesterday and another 31% this morning. They crushed earnings after the closed and raised estimates going forward.

Covid-19 Update With Latest Data (No Update Over Weekend or Monday)

Cases reported 44,264

Tests 749,427

Positivity Rate 5.91%

Deaths 1,129

Hospitalizations 37,464

Mortality Rate at 2.96% no change

source COVID tracking project

Capital Raises

IPOs Filed:

Secondaries Priced: None of note.

Notes Priced of note:  None of note.

Common Stock filings: ZSAN of note, PRPL (selling shareholders).

Mixed Shelf Offerings: LINC of note.

Convertible Offering Files:  None of note.

Senior Notes Filed: None of note.

Courtesy of IPO Financial

Hourly Action – 8/27 Close 

Earnings After The Close:

Beats:

ZM +0.42 of note.

Misses:

SCSC (-0.02) of note.

Flat: 

News After The Close:

Carnival Cruise (CCL) cancels more cruises into 2021.

AstraZeneca (AZN) takes vaccine development to 50,000 volunteers.

AT&T (T) to exchange 25 series of notes for cash and 2053 senior notes.

Facebook (FB) loses VP Brian Boland who ran partnerships resigns.

Raises Guidance: COHU SITM 

Stock Repurchase Announcement: PFPT QDE MELI.

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

S&P 500 +7 Dow Jones Industrial Average -19  NASDAQ +101 Russell 2000 +0.32. Fair values are mixed. Asia mixed and Europe mixed. VIX October futures are at 27.55 from 26.85 this morning. Current VIX is at 26.41 from 22.96.

Gold, silver and copper higher. WTI Crude Oil and Brent Oil Futures higher. Natural Gas is lower. $ is lower vs Euro, lower vs Pound and lower vs Yen. US 10 year Treasury price is at $139.15 from $138.95 with yields at 0.71% from 0.738%.

Positive Sectors On Friday:  Healthcare of note.

Negative Sectors On Friday: Energy, Financials and Materials 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: HRB HOME SCVLCAL of note.

Wednesday Morning: GSX SINA M JKS GES VRA of note.

Gap Up: PRTH +42%, KODK +39%, GOGO +30%, ZM +27%, MNOV +21%, WPRT +17%, TTOO +15%, RXT +9%

Gap Down: ZSAN -15%, SCSC -9%, VNDA -7%, UBX -4%.

Earnings This Morning Of Note

Beat:

None of note.

Missed:

None of note.

Erlanger Research Advance/Decline Line Chart – Stocks were weak yesterday. Close 8/31.

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: Germany sees a V recovery, Trump drops Covid-19 from topics. (CNBC)

Payroll Tax Deferral takes effect today, 9/1 to 12/31. Will increase to a higher level in 2021. (CNBC)

Apple (AAPL) asks suppliers to build 75 million 5G iPhones in line with last’s launch. (Bloomberg)

House panel releases findings on how the White House has handled the coronavirus.

40 states have approved extended unemployment benefits. (NYT)

Ford (F) to layoff 1,000 salaried employees. (Bloomberg)

Tesla (TSLA) $5 billion of stock direct, not as a secondary. (CNBC)

Apple (AAPL) launch will come in October. (CNBC)

Walmart (WMT) to launch Walmart+ mid month. (CNBC)

Stock Index Trading

Current through 8/31 close. All indexes see moving averages positive.

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 8/31 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.

Economic

August ISM Manfacturing is due out at 10:00 a.m. EDT and is expected to rise to 54.5% from 54.2%.

July Construction Spending is due out at 10:00 a.m. EDT and is expected to rise to 1.0% from 0.70%.

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

Geopolitical & Related

President Trump will head to Kenosha, Wisconsin to meet with law enforcement and survey the damage.

Federal Reserve Governor Lael Brainard will speak at 1:00 p.m. EDT.

Treasury Secretary Steven Mnuchin will testify before the House also at 1:00 p.m. EDT.

Investor Events & Conference Calls

NVDA (Webcast)

Sellside Conferences: Jefferies Virtual Semiconductor, IT Hardware & Communications Infrastructure Summit 2000 (9/1-9/2)

Industry Conferences: The 16th Annual PEGS Boston Summit (8/31 to 9/4). 2020 IAAO Annual Conference (8/30-9/1). LD Micro 500 Virtual Investor Conference (9/1-9/4)

M&A

Upgrades & Downgrades For Tuesday 9/1 –