Covid-19 Update With Latest Data From Wednesday 

Total Cases 6,897,596

Recovered: 2,670,256

Deaths 193,912

Cases reported 38,204

Tests 842,963

Deaths 1,138

Hospitalizations 29,915

source COVID tracking project

Capital Raises

IPOs Priced:

Secondaries Priced:  ADCT ACEL of note.

Notes Priced of note:  ZGNX of note.

Common Stock filings:  PENN of note. Selling Shareholders of note .

Mixed Shelf Offerings:  None of note.

Convertible Offering Files: None of note.

Senior Notes Filed: None of note.

Earnings After The Close:

Beats:

JEF +0.73, FUL +0.06 of note.

Misses:

None of note.

Hourly Action – More hours are negative with the corrective action last week and so far this week. Updated 9/23 close.

News After The Close:

New York Times (NYT) Chairman Arthur Ochs Sulzberger to retire and A.G. Sulzberger to become Chairman.

President Trump refused to acknowledge that he would transfer power if he lost the election.

American Water Works (AWW) wins $770 million Defense Logistics Agency contract.

 Raymond James (RJF) sees client assets up 15% year over year to almost $1 trillion.

Dividend Increase: NRZ

Reinstates Buybacks: JEF DLTR

Guides Higher: FUL

Stock Split:

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

S&P 500 -20  Dow Jones Industrial Average -130 NASDAQ -143  Russell 2000 -1.06 . Fair values are lower. Asia  and Europe lower. VIX October futures are at 33 from 29.80 this morning. Current VIX is at 28.56 from 26.46.

Gold, silver and copper lower. WTI Crude Oil and Brent Oil Futures modestly higher. Natural Gas is higher. $ is higher vs Euro, lower vs Pound and higher vs Yen. US 10 year Treasury price is at $139.53 from $139.55 with yields at 0.664% from 0.671%.

Positive Sectors On Wednesday:  None of note with all lower by at least -1%.

Negative Sectors On Wednesday:  All lead by Energy, Materials and Technology of note.

One Month Winners: Real Estate, Consumer Cyclical and Industrials of note.

Three Month Winners: Consumer Cyclicals, Materials and Technology of note.

Six Month Winners: Consumer Cyclical, Technology, Materials and Healthcare of note.

Twelve Month Winners: Technology, Consumer Cyclical and Healthcare of note.

Year to Date: Consumer Cyclical, Technology, Communication Services and Materials of note.

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

Today After The Close: COST TCOM MTN JEF SCHL AIR CAMP of note.

Friday Morning: CCL of note.

Gap Up: OMI +16% JEF +11% VRCA +10% +8% BB +7% SBE +7% MEI +7% LXRX +6% CODX +6% 

Gap Down: PENN -5% ACN -5% AWK -5% TSLA -4%

Earnings This Morning Of Note

Beat:

KMX 0.68, DRI +0.51, FDS +0.35, RAD +0.11, BB +0.09 of note.

Missed:

ACN (-0.03) of note.

Still To Report: JBL 

Erlanger Research Advance/Decline Line Chart – We are living through corrective action. Our A/D Line Model went to cash at 3431.29 on 8/24 saving clients lost of angst. Let us know if you want to be a client of this model.

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 9/23 close. 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. The correction cannot end until the EVL Range becomes normal again, i.e. no blue highlighting.

Courtesy of Phil Erlanger Research Inc.

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

Stocks Making The Biggest Moves. (CNBC)

5 Things To Know Ahead of Today’s Trading. (CNBC)

Corona Virus Update: Targeted lockdowns return to Europe, BioNTech buys production facility. (CNBC)

President Trump said he might reject tighter measures for vaccine standards from the FDA.

Two police officers were shot during protests related to the ruling in the Breonna Taylor case. (WSJ)

Bank of America (BAC) CEO Brian Moynihan interviewed by CNBC.

UBS and Credit Suisse (CS) discussed a merger of equals. (WSJ)

Thailand began legal action against Facebook (FB) and Twitter (TWTR).

Stock Index Trading

Current through 9/23 close. There was some deterioration yesterday the Russell & Midcap breaking below their 200 day moving averages.

Bold means a change from prior day.

Economic

Weekly Jobless Claims are due out at 8:30 a.m. EDT. Result: Rose to 870,000.

August New Home Sales are due out at 10:00 a.m. EDT and is expected to fall to 875,000 from 901,000.

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

The latest short interest is due out after the close for all NYSE and NASDAQ names and goes through settlement of 9/15 from 8/31. During this period, the S&P 500 fell -4.12% on a trade of 8/27 through 9/13.

Geopolitical & Related

President Trump will head to the Supreme Court to attend the viewing of Justice Ginsberg at 10:00 a.m. EDT. Then the president heads to North Carolina to deliver a speech on healthcare at 4:30 p.m. EDT  with his new plan America First Healthcare Vision. Then the president heads to Jacksonville, FL to hold a Great American Comeback Event at 7:00 p.m. EDT. The president will then spend the night at Trump Doral.

Treasury Secretary Mnuchin and Federal Reserve Chairman Powell move on to the Senate to provide color like they did at the House the last two days. Coverage starts at 10:30 a.m. EDT.

The Treasury will auction $50 billion of 7 year notes at 1:00 p.m. EDT.

Investor Events & Conference Calls

ETR CRNC MIK BAM BEP BIP BPY BPYU BBU BIPC (Investor Day) EXPR (Fireside Chat) RMTI (Conference Call) OPRX (Webinar)

Sellside Conferences:

Stephens Annual Bank CEO Conference (9/21-9/24)  Bank of America Annual Financials CEO Conference (9/22-9/24)  JP Morgan Emerging Markets Credit Conference (9/22-9/24)  Sidotti  Small Cap Fall Investor Conference (9/23-9/24) Bernstein Annual Pan European Strategic Decisions Virtual Conference 2020 (9/23-9/24)

Industry Conferences: SEMICON Taiwan (9/23-9/25)

M&A

CrowdStrike (CRWD) to buy Preempt Security for $96 million.

Scripps (SSP) to buy national broadcast network ION Media for $2.65 billion.

Upgrades & Downgrades For Wednesday and Today – We accidently left off Wednesday’s recommendations. Is below for your review.

Wednesday