CAPIS Morning Note – 9/16/21: Stocks Modestly Lower, Retail Sales beat Estimates

Overnight Summary- Rocky start to day as in Asia as news that Evergrande may default on debt and add to it Macau gaming concerns but Europe higher as travel stocks higher. Breaking News – August Retail Sales come in at +0.7% versus -0.8% expectation. Jobless Claims rise 20,000, wrong direction. Earnings Out After The Close…

Overnight Summary- Rocky start to day as in Asia as news that Evergrande may default on debt and add to it Macau gaming concerns but Europe higher as travel stocks higher.

Breaking News – August Retail Sales come in at +0.7% versus -0.8% expectation. Jobless Claims rise 20,000, wrong direction.

Earnings Out After The Close

Beats: None

Flat: None

Misses: None

Capital Raises: 

IPOs Priced or News: Enact Holdings (ACT) priced at $19 a share. Range was $19 to $20. ForgeRock (PRCT) priced at $25 with range of $21 to $24.  

New SPACs launched: D8 Holdings Corp (DEH) to merge with Vicarius Surgical and close tomorrow. Artisan Acquisition Corp (ARTA) to merge with Prenetics.

Secondaries Priced: FIGS of note.

Notes Priced of note:  CNX UDR of note.

Common Stock filings: LIFE VXRT ETWO MCB  of note.

Selling Shareholders of note:  NVTA ELY of note.

Private Placement of Public Entity (PIPE): None of note.

Mixed Shelf Offerings:  CARV 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:

Aerie Pharmaceuticals (AERI) announces positive data in Phase 2B study related to Dry Eye Disease.

Electronic Arts (ERTS) to release Battlefield 2042 on November 19th.

Laureate Education (LAUR) receives approval of partial liquidation.

President Biden to form alliance with the U.K. and Australia under which Australia will develop nuclear submarines to be deployed in the South China Sea.

Key Story Afterhours: Higher: MDVL +21% VBTX +11% LAUR +9% and Lower: AERI -15% TVTX -5% 

Dividend Increases: TXN LAUR (special distribution) CMO

Stock Split: 

Higher Guidance:  (After the Close) of note (This Morning)  of note

Mixed Guidance:(After The Close)  of note  (This Morning) None of note

Lower Guidance:(After The Close) TKR of note (This Morning)  of note

Buyback Announcements: VBTX

What’s Happening This Morning: Futures value reflects the change with fair value.

S&P 500 -8 Dow Jones Industrial Average -22 NASDAQ -47  Russell 2000 -4.95 . Fair values are mixed. Asia lower and Europe higher. VIX is at 21.11 from 21.65  in futures  from yesterday. Gold, silver and  copper lower. WTI Crude Oil and Brent Oil Futures lower. Natural Gas is lower. $ is higher vs Euro, lower vs Pound and flat vs Yen. US 10 year Treasury price is at $133.27 from $133.63 with yields at  1.309% from 1.269% yesterday morning. Bitcoin at $47,824 from $47,553 yesterday morning, trading at $-304 or -0.53%.

Wednesday’s Action – 9/15 Close.  

Positive Sectors Wednesday: Energy, Materials and Industrials of note.

Negative Sectors  Wednesday: Utilities of note.

One Month Winners: Technology, Communication Services, Real Estate and Energy of note.

Three Month Winners: Technology, Communication Services and Healthcare of note.

Six Month Winners: Technology, Communication Services and Real Estate of note.

Twelve Month Winners: Communication Services, Energy, Technology, Financials and Industrials of note.

Year to Date: Energy, Communication Services, Energy, Financials, Real Estate and Technology of note.

Stocks were higher, Bonds were lower, U.S. Dollar lower and Commodities higher mixed. Updated 9/15 Close.

Upcoming Earnings Of: (sorted by market cap, highest to lowest with most visible names)

Today After the Close: None of note.

Friday Before the Open: MANU of note.

Earnings of Note This Morning:

Beats: None

Flat: None

Misses: None

Still to Report: None

Erlanger Research Advance/Decline Chart –Updated through 9/15 close. The Daily A/D Line continues to struggle and is well below its August high.

Gap Ups & Down In Early Pre-Market:

Gap up: LPTX +46.1%, MDVL +12.2%, LAUR +11.7%, VBTX +11%, ETTX +8.4%, ATNX +5.9%, BW +5.2%, MCY +4.5%

Gap down: AERI -19.1%, SBTX -13.8%, TKR -4.9%, LIFE -3.5%

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 BYND CSCO LVS WYNN DASH FSR COG   (CNBC)

Overnight Repo comes in at $1.087 trillion in yesterday’s late afternoon report.

Covid-19 Data sees +141,644 from +126,083 cases. Deaths at 1,020 deaths from 989. Hospitalizations 92,545 from 85,613. Through 9/15.

China bans Winter Natural Gas Price Increases in Beijing.

Chinese Vice Premier Liu looks to explore ways to reduce costs on small firms.

Taiwan to increase military spending in next 5 years by $8.7 billion to fight off a Chinese invasion.

House Ways & Means Committee votes to advance tax increases on corporations and wealthy BUT divisions within the Democratic Party on this action. (Bloomberg)

Senator Joe Manchin (D – WV) against the above Budget Reconciliation Bill cost of $3.5 trillion while Socialist Senator Bernie Sanders say $1.5 trillion is not acceptable. (The Washington Post)

Government Shutdown coming on September 30th if short term spending bill or Budget Reconciliation Bill by 9/30 to avoid shutdown.

Treasury Secretary Yellen spoke to Senate Minority Leader McConnell over debt-limit increase.

Senator Elizabeth Warren (D-MA) calls on Federal Reserve  to bar Federal Reserve Leaders from stock trading.

Moderna (MRNA) releases data on breakthrough cases and older vaccinations see more breakthrough cases. Electronic Arts (ERTS) to launch Battlefield 2042 November 19th.

Moving Average Update

Score at 53% from 30%. Updated 9/14 Close.


The President and The Vice President receive the President’s Daily Brief, 10:00 a.m. EST

The President delivers remarks on leveling the playing field in our economy to bring down costs and ensure that the backbone of the country, the middle class, can finally get a break, 1:45 p.m. EST

Fed Speakers:

None of note for today or this week but that is subject to change.


Weekly Jobless Claims are due out at 8:30 a.m. EDT.

August Retail Sales are due out at 8:30 a.m. EDT and are expected remain weak at -0.7% from -1.1%.

September Philadelphia Fed Index is due out at 8:30 a.m. EDT and is expected to come in at 19.6 from 22.20.

Weekly Natural Gas Inventories are due out at 10:30 a.m. EDT.

M&A Activity:

Meeting & Conferences of Note:

Sellside Conferences: Morgan Stanley Healthcare Conference (9/9-16)  UBS Global Energy Transition Virtual Conference (9/13-16) Morgan Stanley Latin America Conference (9/13-16)UBS Best of Switzerland Conference (9/14-17) Bank of America Global Healthcare Conference (9/15-17)

Company Meetings:  (Investor Meetings)  (R&D Day)  (Update)  (Webinar) (Corporate Event)

Conferences of Note:

Upgrades & Downgrades: Today recs see 10 notable upgrades and 6 downgrades. 

Will be added tomorrow

Wednesday Recommendations Of Note