The Daily Briefing For April 12th: Futures Lower On Hot CPI Data

by Geoff Garbacz | 05/12/2021 8:55 AM

Rebel Yell Morning Market Report

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The Daily Briefing For April 12th: Futures Lower On Hot CPI Data

Breaking News: CPI rose 0.8% against a 0.2% expectation with annualized at 4.2% with Core up 0.9%.

Earnings Of Note After The Close:

Beats: LMND +0.44, DAR +0.36, HLI +0.35, NARI +0.08, VZIO +0.08, BIGC +0.08, UPST +0.07, JAMF +0.03, OLO +0.02, U +0.02, GO +0.01, OPEN +0.01

Flat:  OR +0.00

Misses: SGFY (0.18), QS (0.14), HBM (0.11), FUBO (0.09), EA (0.09), BGS (0.05), LPRO (0.04), SLQT (0.02), ARRY (0.01), KGC (0.01)

Capital Raises:

IPOs Priced or News: 

New SPACs launched: 

Secondaries Priced: AXNX of note.

Notes Priced of note: ON MSI PK of note.

Common Stock filings: AXNX CURI MYMD NYMX PRAX REPH 0f note.

Selling Shareholders of note: IMNM of note.

Private Placement of Public Entity (PIPE): 

Mixed Shelf Offerings: LYRA  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:

Incyte (INCY) and MorphoSys (MOR) does first patient in Phase 3 frontMIND study.

fuboTV (FUBO) saw new subscribers grow  by 111%.

Intuit (INTU) lowers guidance for April quarter as extension of tax deadline slowed subscriptions.

Monthly assets under management out from IVZ APAM BEN 

Virgin Galactic (SPCE) and PQ Group (PQG) delay 10Q.

Gap (GPS) cut dividend but restarted share repurchase program.

After Market Hours: FUBO +24% UPST +16% CHK +5% and lower CURI -15% ARRY -10% SLQT -10% LMND -8% QS -6% GO -5%

Dividend Raises: SITC GPI NEWT 

Split Announcement:

Raises Guidance: NARI UPST  FUBO U BIGC JAMF 

Mixed Guidance:

Lowers Guidance: 

Buyback Announcements: THG GPS

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

S&P 500 -36 Dow Jones Industrial Average -91 NASDAQ -188  Russell 2000 -39  Fair values are higher except for the Russell 2000. Asia mixed and Europe higher. VIX is at 22.10 from 20.60  this morning in futures. VIX closed at $21.84 from $19.66.

Gold, silver and copper lower. WTI Crude Oil and Brent Oil Futures higher. Natural Gas is higher. $ is higher vs Euro, higher vs Pound and higher vs Yen. US 10 year Treasury price is at $132.47 from $132.56  with the yield at 1.622% from 1.604% .  Bitcoin $56,693 from $55088 and this morning at $-206 and -0.36%.

Tuesday’s Action – 5/10.  Equity indexes were lower, only commodities rose.

Positive Sectors On Tuesday: Materials.

Negative Sectors On Tuesday: Energy, Industrials and Financials of note.

One Month Winners: Energy, Financials and Communication Services of note.

Three Month Winners: Materials, Industrials and Financials of note.

Six Month Winners: Energy, Financials and Materials of note.

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

Year to Date: Energy, Communication Services, Financials and Materials of note.

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

Today After the Close: CPNG, DOX, COMP, BMBL, PAAS, VRM, ONEM, SONO, MSP, GOCO, AMWL, JACK, GRWG, BOOT, ONTF of note.

Thursday Before the Open: BABA, BAM, BILI, XPEV, NICE, ATHM, YETI, AZEK, EYE, CELH, HAE, VERX, MMYT, GOOS, PGTI, PLCE, KELYA, ANNX, CGEN, CSPR, TUFN of note.

Earnings This Morning Of Note:

Beats: SFL +0.14, WIX +0.10, WEN +0.06, WWW +0.02, DT +0.01

Flat:  LITE 0.00, TSEM 0.00

Misses: APG (0.02)

Still to Report: DFH

Insider Purchases:

Below is the list of insider buys from yesterday and this morning. AAT and EXTN are moderately shorted with shorts present in those names. In one case they are making money and in the other losing. Updated 5/11.

Erlanger Research Advance/Decline Chart/Table –Updated through 5/11.

Gap Ups & Down In Early Pre-Market:

Gap up: FUBO +19.7%, UPST +19.6%, CVI +11.5%, NARI +10%, SIEN +9.1%, EYES +8.8%, IFRX +6.3%, BIGC +5.9%, SD +5.4%, ABST +5.3%, U +5.2%, CHK +5%, WISA +3.9%, CNR +3.6%, TDUP +3.5%

Gap down: ARRY -21.9%, CURI -11.4%, GO -8.7%, SLQT -8.6%, PRAX -6.2%, LMND -6%, IMNM -5.6%, HBM -5.5%, AXNX -4.6%, QS -4.2%

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

Stocks making the biggest moves AMZN WEN FUBO WWW EA INTU VZIO QS DEO RIDE KTB (CNBC)

5 Things To Know before the market opens. (CNBC)

Covid Update: 22,258 cases against 32,460 cases from a week ago. 31,210 hospitalizations from 34,827 a week ago. 46.50% of the population of U.S. has at least one vaccine shot. 35.33% of the population is fully vaccinated. (CDC) LOWEST LEVEL SINCE JUNE OF 2020.

CDC estimate that 10% of Covid-19 cases happened in the outdoors when the number is below 1%. (NYT)

Israeli and Palestinian fighting continues. (NYT)

Progressive groups are pressuring President Biden to replace Federal Reserve Chairman Powell with a more liberal Chair. (Politico)

More states, Missouri and Tennessee, ended unemployment benefits. (Reuters)

Gulf Coast oil refineries may reduce output even though the Colonial Pipeline to be restarted today which will extend supply issues. (Bloomberg)

Biden Administration removes Xiaomi from China Blacklist. (WSJ)

Amazon (AMZN) wins in EU Court on tax case. (WSJ)

Robinhood Snacks features recap of markets. Update on Macy’s (M).

Index Moving Averages: 5/7 Close – Nice improvement yesterday.

Geopolitical:

House Leadership is expected to vote out Rep Liz Cheney (R-WY) as the #3 member of the House. Vote to take place at 9:00 a.m. EDT.

The President receives the President’s Daily Brief, Oval Office, 9:30 a.m. EDT

The President and The Vice President meet with members of Congressional Leadership to discuss policy areas of mutual agreement; Speaker Pelosi, Leader Schumer, Leader McConnell, and Leader McCarthy, Oval Office, 11:00 a.m. EDT

Press Briefing by Press Secretary Jen Psaki, 12:00 p.m. EDT

The President delivers remarks on the COVID-19 response and the vaccination program, South Court Auditorium, 3:30 p.m. EDT

Federal Reserve Speakers Today:

Federal Reserve Vice Chairman Richard Clarida to speak  at 9:00 a.m. EDT.

Federal Reserve Atlanta President Raphael Bostic to speak  at 1:00 p.m. EDT.

Federal Reserve Philadelphia President Patrick Harker to speak  at 1:30 p.m. EDT.

10 Year Treasury Auction at 1:00 p.m. EDT.

Economic:

The latest NYSE and NASDAQ Short Interest Data is out through the close of April 30th on a settlement basis and April 28th on a trade date basis. During the period of April 13th through April 28th the S&P 500 rose 1.00%.

API Petroleum Institute Data is due out at 4:30 p.m. EDT.

April CPI is due out at 8:30 a.m. EDT and is expected to fall to 0.2% from 0.6%.

Weekly Crude Oil Inventories are due out at 10:30 a.m. EDT.

M&A Activity

GMS to buy Westside building material for $135 million in cash.

Jamf Holding (JAMF) to buy Wandera for $400 million.

Absolute Software (ABST) to buy NetMotion for $340 million.

MGM Resorts (MGM) to sell MGM Springfield real estate to MGM Growth Properties (MGP) for $400 million in cash.

Meetings of Note:

Sellside Meeting: JP Morgan Insurance Forum (5/10) UBS Best of Italy Conference (5/10-5/11) Credit Suisse Mexico Conference (5/11-5/13) Goldman Sachs Industrials and Materials Conference (5/11-5/13) Bank of America Global Healthcare Conference (5/11-5/13)

Company Meetings:  HYLN (Update) RGLD (Roadshow)

Industry Meetings: International Oil Spill Conference (5/10-14) 2th Annual American Society of Gene & Cell Therapy Annual Meeting (5/10-5/14)

Upgrades & Downgrades:

Tuesday’s Recommendations

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