CAPIS Morning Note -9/10/19 M&A Very Active This Morning (8 Deals)

Breaking News – Corporate Actions  IPOs on deck: None of note. IPOs Filed:  None file after the close. Secondaries on deck:  HLNI LAUR OHI of note. Notes Priced:  AL of note. Common Stock filings: CDLX PRSC OHI LAUR IMXI AMPY HLNE of note. Mixed Shelf Offerings filed: None of note.   Convertible Offering Files: None of note. Senior Notes…

Breaking News 

Corporate Actions 

IPOs on deck: None of note.

IPOs Filed:  None file after the close.

Secondaries on deck:  HLNI LAUR OHI of note.

Notes Priced:  AL of note.

Common Stock filings: CDLX PRSC OHI LAUR IMXI AMPY HLNE of note.

Mixed Shelf Offerings filed: None of note.  

Convertible Offering Files: None of note.

Senior Notes Filed: None of note.

Courtesy of IPO Financial

Earnings After The Close: 


CASY +0.28, AGX +0.04, CTRP +0.03 of note.


PHR -10.29 of note.

News After The Close: (In time order after the close)

Hawaiian Holdings (HA) saw August traffic up +2.8% year over year with a drop in capacity by -1.9% and load factor up to 88.4%.

ICHOR Corporation names Larry Sparks CFO as of 10/7.

Ford Motor (F) downgraded by Moody’s to Ba1 from Baa3.

VEREIT (VER) settles pending litigation for $765.5 million.

Wendy’s (WEN) to offer breakfast in more than 300 restaurants. Will hire 20,000 employees. Lowers earnings but reaffirms guidance.

Suncor (SU) to invest $1.4 billion (Canadian) in low carbon power cogeneration at its Oil Sands Bse Plant.

Sanderson Farms (SAFM) received a Department of Justice subpoena today regarding the Broiler Chicken Antitrust Litigation.

Stock Repurchase: MOS AIRG

Dividend Increase: FTS STOR

Dividend Decrease: 

Early Morning Gap Up/Down: (>4% or <-4%)

Gap Higher: ELS +5% BCS +4%

Gap Lower: WEN -9% TBIO -8% HDS -7% GTRP -6% LAUR -4%.

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

S&P 500 -4.53 Dow Jones Industrial Average -15.51 NASDAQ -25.9 Russell 2000 +0.175. Fair values are higher except for the Russell 2000.

Gold, silver and copper lower. WTI Crude Oil  and Brent Oil Futures higher. Natural Gas is higher. $ is higher vs Euro, lower vs Pound and higher vs Yen. US 10 year Treasury price is at $130.61 from $131.08 with yields at 1.651% from  1.593%. Prices as of 8:45 a.m. EDT.

Positive Sectors On Monday: Materials/Energy, Financials and Services.

Negative Sectors On Friday:  Conglomerates, Healthcare and Utilities.

One Month Winners: Utilities, Consumer Goods, Services and Technology.

Three Month Winners: Conglomerates,  Consumer Goods, Technology, Services and Utilities.

Six Month Winners: Consumer Goods. Utilities, Conglomerates and Services.

Twelve Month Winners: Utilities, Technology, Consumer Goods and Services.

Year to Date: Conglomerates, Technology, Services, Consumer Goods and Industrials.

Hourly Action This  Week:

Updated through Monday close.

Courtesy of Quantitative Partners, Inc.

Upcoming Earnings Of Note (sorted by market cap, highest to lowest)

Today After The Close: ZS RH PLAY GME FARM of  note.

Wednesday Before The Open: LOVE of note.

Earnings This Morning Of Note  


None of note.


HDS of note.


None of note.

 Yet to Report: 

Rags & Mags: Highlighted Stories may be clicked through to the original story.

Wall Street Journal Main Headline: Nissan Ousts CEO After Probe Finds He Pocketed Extra Pay

Top News Story: State probe in Big Tech done in case Federal probe does not work. (CNBC)

Five Things You Need To Know To Start Your Day. (Bloomberg)

Five Things To Know Before The Market Opens Today. (CNBC)

Stocks making the biggest moves. (CNBC)

White House Director of Trade Peter Navarro interviewed on CNBC. (CNBC)

PG&E (PCG) files joint Chapter 11 Plan of Reorganization. (Business Wire)

Chinese Premier Li Keqiang ready to make progress on trade dispute and hopeful solution can be reached. (FXStreet)

Softbank asks WeWork to delay IPO. (CNBC)

Data Points

Stock indexes are in good shape with the Russell 2000  needing more work.

Bold means a change from prior day.

The advance/decline line moved to a buy on the close of 8/29. Updated through 9/9/19 close. Year to date model up 9.30% on the S&P 500. 4 buy signals and 3 cash signals in 2019. Cash has worked in August as we missed the volatility and now we are back to a buy.

Courtesy of Quantitative Partners, Inc.

YTD  61.26% (+1.59% week over week) of stocks are higher and 38.33% are lower. Updated 9/9/19 close with next update on 9/13/19 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 Monday’s 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:

August NFIB Small Business Optimism Index is due out at 6:00 a.m. EDT and came in last month at 104.7.

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

$38 billion of 3 Year Treasury Note at 1:00 p.m. EDT.


President Trump has a busy day as he has lunch with the Vice President then speaks before the  2019 National Historically Black Colleges & Universities Week followed by a meeting with  Congressional Republican Leadership and last participates in the swearing in of the next U.S. Ambassador to the United Nations.

Treasury Secretary Stephen Mnuchin to testify on the housing market before the House at 10:00 a.m. EDT.

Conferences & Analyst Meetings:   

Company Analyst Meetings and Conference Calls:  AXE TWNK WK VSTO LB SQM FTS (Analyst Meeting) AAPL (iPhone Event)

Sellside Conferences: Barclays Global Financial Services Conference. Morgan Stanley Global Healthcare Conference. Rodman & Renshaw Healthcare Conference as well as their Global Investment Conference.  Janney Montgomery Healthcare Conference. Credit Suisse Basic Materials Conference. Morgan Stanley Latin America Conference. Credit Suisse Global Steel and Mining Conference. RBC Capital Markets Global Industrials Conference. Bank of America Merrill Lynch Globl Real Estate Conference. Deutsche Bank Global dbAccess Technology Conference.

Industry Conferences: Toronto Film Festival. GDS North America Digital Innovation Insight Summit.

M&A Activity:

Shopify (SHOP) to buy 6 River Systems for $450 million.

Accenture (ACN) buys Pragsis Bidoop, no terms.

Mallinckroft plc (MNK) sells BioVextra to H.I.G. Capital for $250 million.

CenturyLink (CTL) to buy Streamroot, no terms.

EVO Payments (EVOP) to buy Delego Software, no terms.

Fidelity National (FNF) and Stewart Information Services (STC) terminate merger due to FTC issuance of administrative complaint.

Baxter (BAX) to buy Cheetah Medical for $190 million in cash.

Spartan Motors (SPAR) buys Royal Truck Body, no terms.

Upgrades & Downgrades: