Daily Briefing For March 30th: Stocks Rebounding Today
IPOs on deck: None of note.
IPOs Filed: None of note.
Secondaries Priced: CVNA of note.
Notes Priced of note: None of note.
Common Stock filings: None of note.
Mixed Shelf Offerings: LBA HTH of note.
Convertible Offering Files: None of note.
Senior Notes Filed: None of note.
Courtesy of IPO Financial
Earnings After The Close:
None of note.
None of note.
Gap Ups: ABT +10%, SCS +6%, GM +6%, JNJ +5%, WMC +4%.
Gap Downs: MITT -15%, PENN -5%.
Hourly Action This Past Week: Updated 3/27 Close
News After The Close (In Order)
SeaWorld Entertainment (SEAS) furloughs 90% of its workers.
President Trump signed the Stimulus Bill into law after the close on Friday.
Fitch downgrades U.K. to AA- from AA.
Abbott Labs (ABT) announced a new test with results is 5 minutes.
Lowers Guidance: MHK
Withdraws Guidance: ALSN KRG TAP WU BRKR PENN JOUT MTW DOOR RWT EVOP BSX CBT CHUY TCS
Stock Buybacks Stopped:
Dividend Cut Or Suspended: WMC LZB SVC
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 +95 Russell 2000 +17. Fair values are higher. Asia and Europe lower.
Gold higher with silver and copper lower. WTI Crude Oil and Brent Oil Futures lower. Natural Gas is lower. $ is higher vs Euro, higher vs Pound and higher vs Yen. US 10 year Treasury price is at $138.97 from $138.16 from yields at 0.652% from 0.774%.
Positive Sectors On Friday: None of note.
Negative Sectors On Friday: All lead on the downside by Materials, Energy, Industrials, Technology and Services.
One Month Winners: None of note.
Three Month Winners: None of note.
Six Month Winners: None of note.
Twelve Month Winners: Technology up 0.5% all others in the red.
Year to Date: None of note.
Upcoming Earnings Of Note (sorted by market cap, highest to lowest)
Today After The Close: CRON RH VFF of note.
Tuesday Before The Open: MKC CAG FLR REV EXPI CONN of note.
Earnings This Morning Of Note
CALM (+0.02) of note.
Rags & Mags: Highlighted Stories may be clicked through to the original story.
Top News Story: Johnson & Johnson (JNJ) has a lead COVID-19 vaccine that could enter trials by September and be read yin early 2021.
5 Things To Know To Start Your Day. (Bloomberg)
5 Things To Know Before Stock Market Opens On Monday. (CNBC)
Stocks Moving This Morning. (CNBC)
Coronavirus update: Russia sees cases rise and Hungary imposes national lockdown.
President Trump extends guidelines on coronavirus to 4/30. (CNBC)
Former FDA Head Scott Gottlieb notes that social distancing could start to be removed in early June. Back to normal by July or August. (CNBC).
Amazon (AMZN) workers may strike over protection rights from coronavirus in Staten Island. (CNBC)
President Trump said 1,100 patients in New York City are getting treatment using hydroxychloroquine. (Bloomberg)
Stock Index Tracking
Current through 3/27 close. The NASDAQ 100 fell below its 20 day moving average.
Bold means a change from prior day.
The advance/decline line model remains in cash. Updated through 3/27 close. In 2019, the model was up 16.48% on the S&P 500 and this year is down -7.64% with the S&P 500 lower by -21.34% through Friday. 5 buy signals and 4 cash signals in 2019. We moved to cash at 3116.31 on the S&P 500 and Friday’s action keeps us in cash. We still need two days in a row above +200.
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 3/27 close. EVL Ranges remain above normal and are highlighted in blue.
Courtesy of Phil Erlanger Research, Inc.
Economic & Related:
February Pending Home Sales are due out at 10:00 a.m. EDT and is expected to fall to -1.6% from 5.2%.
President Trump will meet with the Vice President for lunch.
The Coronavirus Task Force to meet at 5:00 p.m. EDT for their daily press conference.
Meetings, Calls & Conferences
Investor/Analyst Days & Conference Calls of Note: MRSN NVS (Conference Call) EBR (Analyst Day) MRNA (Update)
Sellside Conferences: None of note.
Industry Conferences: None of note.