CAPIS Morning Note – 9/5/19 U.S. & China Will Meet In October, Futures Rip Higher

Are You Ready For Some Football? – The Green Bay Packers and the Chicago Bears kick off the NFL’s 100th Season tonight. Corporate Actions  IPOs on deck: None of note. IPOs Filed:  No filings after the close. Secondaries on deck: ADUS LXP CDAY NNN APPN GMS  of note. Notes Priced:  MPLX AERI OKTA of note. Common Stock…

Are You Ready For Some Football? The Green Bay Packers and the Chicago Bears kick off the NFL’s 100th Season tonight.

Corporate Actions 

IPOs on deck: None of note.

IPOs Filed:  No filings after the close.

Secondaries on deck: ADUS LXP CDAY NNN APPN GMS  of note.

Notes Priced:  MPLX AERI OKTA of note.

Common Stock filings: QURE NNN LXP IRTC CDAY NEE GMS APPN of note.

Mixed Shelf Offerings filed: ATVI IRTC ORGO of note.  

Convertible Offering Files:  NVTA TLND Z of note.

Senior Notes Filed: of note.

Courtesy of IPO Financial

Earnings After The Close: 


AVAV +0.40, CLDR +0.08, SMAR +0.08, PANW +0.05, WORK +0.04, HOME +0.03, PVTL +0.03, CPRT +0.02, MDB +0.02, DSGX +0.02, VRNT +0.02, DT +0.01 of note.


REVG (0.22) of note.

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

Marketaxess (MKTX) reports August trading volume of $172.8 billion versus $179.8 billion.

Spruce Point Capital to issue a Strong Sell on a broadly owned megacap stock.

Welltower (WELL) names Tim McHugh CFO.

Acuity Brands (AYI) names Richard Reece as President and Karen Holcom as CFO on 9/1.

NASDAQ reports U.S. equity options volume rose to 157 million from 143 million in July and 149 million in August of 2018.

Duluth Trading (DLTH) announces resignation of Stephanie Pugliese effective 8/29 and names Steve Schlecht as CEO, was Executive Chairman.

Stock Repurchase:  CHMI

Dividend Increase: .

Dividend Cut: CHMI

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

Gap Higher: CLDR +13% EQNR +9% PANW +8% SIG +8% ZEAL +7% AVAV +7% DSGX +4% SAGE +4%.

Gap Lower: MNK -36% HOME -19% ENDP -18% REVG -16% WORK -14% QURE -12% VRNT -10% QTT -6% BITA -5% SMAR -5% GMS -5%.

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

U.S. futures: S&P +27 Dow Jones +255  NDX  +90  and Russell 2000 +18 with fair values mixed to flat. Asia and Europe higher click through for details by country.

Gold and  silver lower with copper higher. WTI Crude Oil lower and Brent Oil Futures higher. Natural Gas is higher. $ is lower vs Euro, lower vs Pound and higher vs Yen. US 10 year Treasury price is at $131.83 from $132.02 with yields at 1.513% from 1.489%. Prices as of 8:30 a.m. EDT.

Positive Sectors On Wednesday: Materials, Energy, Technology, Industrials and Consumer Goods.

Negative Sectors On Wednesday: Conglomerates.

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 Wednesday close.

Courtesy of Quantitative Partners, Inc.

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


Friday Before The Open: BRC GCO of note.

Earnings This Morning Of Note  


SIG +0.27, CIEN +0.13, LE +0.10, SCWX +0.03, BITA +0.03, DCI +0.01, GIII +0.01 of note.


None of note.


KIRK (0.34), LVGO (0.05) of note.

 Yet to Report: 

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

Wall Street Journal Main Headline: Companies Embrace Cheap Debt

Top News Story: Futures higher as U.S. & China trade talks confirmed. (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)

Hurricane Dorian creeps up the Carolina coast as it turns back into a Type 3. (NYT)

Federal Reserve to cut by 25 basis points at September meeting. (WSJ)

Slack falls after first earnings report since going public. (CNBC)

API Petroleum Data saw Crude Oil build more than expected. (

Data Points

Stocks saw improvement in the Russell, Mid Cap and NASDAQ.

Bold means a change from prior day.

The advance/decline line moved to a buy on the close of 8/29. Updated through 9/3/19 close. Year to date model up 7.90% on the S&P 500. 3 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  59.66% (+2.66% week over week) of stocks are higher and 40.34% are lower. Updated 8/30/19 close with next update on 9/6/19 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 Wednesday’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 ADP Employment Index is due out at 8:15 a.m. EDT and is expected to fall to 150,000 from 156,000. Beat with 195,000 jobs.

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

July Factory Orders are due out at 10:00 a.m. EDT and are expected to rise to 1.0% from 0.6%.

August ISM Non-Manufacturing Index is due out at 10:00 a.m. EDT and is expected to rise to 54 from 53.70

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

Weekly Crude Oil Inventories are due out at 11:00 a.m. EDT.


President Trump will  meet with General Motors (GM) CEO Mary Barra at 1:45 p.m. EDT and then present the Presidential Medal of Freedom to former Laker & GM Jerry West.

Conferences & Analyst Meetings:   

Company Analyst Meetings and Conference Calls:  BREW PAVM (conference call)  ECL RS (investor day)

Sellside Conferences: Barclays CEO Energy-Power Conference. Barclays Global Consume Staples Conference. Gateway Annual Conference. Goldman Sachs Annual Retailing Conference. Raymond James Annual U.S. Bank Conference. Citi Global Technology Conference. Citi Biotech Conference. Robert Baird Global Healthcare Conference. Cowen Global Transportation Conference. Well Fargo Healthcare Conference. Keefe, Bruyette & Wooods Insurance Conference. Barrington Research Fall Conference. Dougherty & Co Institutional Investor Conference.

Industry Conferences: 19th Congress of the International Headache Society.

M&A Activity:

Cloudera (CLDR) to buy certain assets of Arcadia Data, no terms.

Upgrades & Downgrades: