CAPIS Morning Note -9/2/20 Futures Higher – “It’s Deja Vous All Over Again”
Fun Fact: Michael Jordan buys a stake into Draft Kings (DKNG). Jordan has been known to love a good bet and clearly loves the company to take a stake here. Covid-19 Update With Latest Data Total Cases 6,041,860 Recovered: 2,202,663 Deaths 176,624 Cases reported 42,401 from 44,264 Tests 698,161 from 749,427 Deaths 1,022 from 1,129…
Fun Fact: Michael Jordan buys a stake into Draft Kings (DKNG). Jordan has been known to love a good bet and clearly loves the company to take a stake here.
Covid-19 Update With Latest Data
Total Cases 6,041,860
Cases reported 42,401 from 44,264
Tests 698,161 from 749,427
Deaths 1,022 from 1,129
Hospitalizations 35,269 from 37,464
source COVID tracking project
Secondaries Priced: None of note.
Notes Priced of note: BB of note.
Common Stock filings: HLNE TBPH of note.
Mixed Shelf Offerings: PRIM of note.
Convertible Offering Files: None of note.
Senior Notes Filed: None of note.
Earnings After The Close:
CAL +0.45, HRB +0.22, HOME +0.10, SCVL +0.09 of note.
None of note.
News After The Close:
AMC Entertainment (AMC) to open another 140 locations this weekend.
Oak Street Health (OSH) to announce collaboration with Walmart (WMT) to offer clinics in Dallas Fort Worth area.
AT&T (T) to not sell Warner Brothers Video Game unit.
White House halts evictions through year end with certain qualifiers.
General Motors (GM) to meet with Ivanka Trump on 9/2.
Stock Repurchase Announcement:
10-K Delays: AZPN
What’s Happening This Morning: Futures value reflects the change with fair value. We will still indicate the fair value direction.
S&P 500 +24 Dow Jones Industrial Average +142 NASDAQ +150 Russell 2000 +7.32. Fair values are mixed. Asia mixed and Europe higher. VIX October futures are at 28.25 from 27.55 this morning. Current VIX is at 25.96 from 26.41.
Gold and silver lower with copper higher. WTI Crude Oil and Brent Oil Futures higher. Natural Gas is lower. $ is higher vs Euro, higher vs Pound and higher vs Yen. US 10 year Treasury price is at $139.42 from $139.15 with yields at 0.679% from 0.71%.
Positive Sectors On Tuesday: Technology, Materials and Communication Services of note.
Negative Sectors On Tuesday: Utilities and Healthcare 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: CRWD CPRT MDB GWRE SMAR FIVE SAIC PVH CLDR VRNT PD AMBA ZUO SPWH of note.
Thursday Morning: CPB CIEN TTC DCI MOMO PDCO JWA KFY MIK GMS MEI SIG DBI CONN GCO of note.
Gap Up: OSH +13%, FEAC +12%, VHC +9%, AMC +8%, LI +6%, CAL +6%
Gap Down: GSX -16%, HOME -13%, SCVL -13%, JAMF -8%, AMRN -5%, HLNE -4%
Earnings This Morning Of Note
M +0.99, GES +0.57, BF.B +0.37 of note.
GSX (-0.10) of note.
Erlanger Research Advance/Decline Line Chart – Stocks were weak yesterday. Close 9/1.
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: . (CNBC)
Germany rules out another lockdown. (Reuters)
Bayer (BAYRY) petitions California on ruling against Roundup where $21.5 million was paid out. (Reuters)
GSX Techedu (GSX) discloses SEC investigation.
Stock Index Trading
Current through 9/1 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 9/1 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.
Weekly API Petroleum Institute Data was out at 4:30 p.m. EDT yesterday and
Weekly MBA Mortgage Applications came out at 7:00 a.m. EDT and fell -2.0%.
July Factory Orders is due out at 10:00 a.m. EDT and is expected to drop to 5.7% from 6.2%.
August ADP Employment Change Index is due out at 8:15 a.m. EDT and is expected to rise to 1,210,000 from 167,000.
Federal Reserve Beige Book is due out at 2:00 p.m. EDT.
Geopolitical & Related
President Trump will head to Wilmington, NC and speak from the deck of the Battleship North Carolina at 2:00 p.m. EDT.
Federal Reserve Presidents Williams, Mester and Daly all speak but time uncertain.
Investor Events & Conference Calls
LNT (Investor Day) CSTL CYDY KAYS TRQ (Conference Call) COST (Sale Update) INTC (Event) CNI (Fireside Chat)
Sellside Conferences: Jefferies Virtual Semiconductor, IT Hardware & Communications Infrastructure Summit 2000 (9/1-9/2) Piper Sandler & Simmons Energy Gleneagles Conference (9/2-9/3).
Industry Conferences: The 16th Annual PEGS Boston Summit (8/31 to 9/4). LD Micro 500 Virtual Investor Conference (9/1-9/4)
Upgrades & Downgrades For Wednesday 9/2 –