The Daily Briefing For April 21st: Futures Down Again

by Geoff Garbacz | 04/21/2020 9:33 AM

Rebel Yell Morning Market Report

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The Daily Briefing For April 21st: Futures Down Again

IPOs on deck: None of note.

IPOs Filed:  None of note.

Secondaries Priced: DRI of note.

Notes Priced of note:  TWOU of note.

Common Stock filings:   DRI GO NVTA of note.

Mixed Shelf Offerings: None of note.

Convertible Offering Files: IPHI of note.

Senior Notes Filed: None of note.

Courtesy of IPO Financial

Earnings After The Close:

Beat: 

CCK +0.21, EFX +0.12, CDNS +0.06, IBM +0.04, STLD +0.04, ACC +0.02 of note.

Misses:

ZION (0.82), PNFP (0.66), TBK (0.47), BXS (0.15), FFBC (0.12), HXL (0.07) of note.

Flat:

 ELS +0.00

Gap Ups: GPK +14%, EFX +7%, STLD +5%, CWEN +4%.

Gap Downs: CACC -12%, EDU -5%, IBM -5%, DRI -5%, SYF -4%.

Hourly Action This Past Week: Updated 4/20 Close

News After The Close (In Order)

Albemarle (ALB) names J. Kent Masters as Chairman and CEO, immediately.

Credit Acceptance Corp (CACC) delays 10-Q.

SAP co-CEO Jennifer Morgan to leave on 4/30. Christian Klein becomes sole CEO.

Scientific Games (SGMS) wins a new 6 year contract with the South Carolina Education Lottery.

ESPN says The Last Dance ratings were the highest ever for a documentary. Positive for Walt Disney (DIS) which owns ESPN.

Senate may vote on additional funding bill on Tuesday.

Raises Guidance: SJM

Lowers Guidance: 

Withdraws Guidance:  WES HXL CCK VER KO

Dividend Decreases: HXL

Dividend Increase: 

Share Buybacks Stopped: 

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

S&P 500 -55  Dow Jones Industrial Average -555 NASDAQ -110 Russell 2000 -34.95. Fair values are higher.  Asia  and Europe lower.

Gold, silver and copper lower. WTI Crude Oil and Brent Oil Futures lower. Natural Gas is higher. $ is higher vs Euro, higher vs Pound and lower vs Yen. US 10 year Treasury price is at $139.45 from $139.02 with yields at 0.55% from 0.635%.

Positive Sectors On Monday: None of note.

Negative Sectors On Monday:  Materials, Energy and Utilities of note.

One Month Winners: Materials, Energy and Conglomerates  of note.

Three Month Winners: None of note.

Six Month Winners:  Healthcare and Technology of note.

Twelve Month Winners: Healthcare and Technology of note.

Year to Date: None of note.

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

Today After The Close:  NFLX TXN CB CP CMG SNAP TER WRB CSL ALSN MANH IBKR WAFD WTFC FULT NAVI USNA HA of note.

Wednesday Before The Open: T TMO NEE BIIB KMB ERIC APH STM NDAQ RCI DAL DGX TDY BKR KNX FLIR SLAB of note.

Earnings This Morning Of Note

Beat: 

SCL +0.26, LMT +0.24, EMR +0.14, EDU +0.14, NTRS +0.10, POL +0.09, PM +0.08, GPK +0.06, KO +0.06, MAN +0.06, ENTG +0.04, TECK +0.02 of note.

Missed:

CIT (2.93), CMA (1.70), FITB (0.33), SYF (0.27), TRV (0.21), WBS (0.17), FHN (0.15), SNA (0.11), SAP (0.09) of note.

Still to Report:  DOV, HCA, OMC, PCAR, BPOP, PLD, REV, SFNC

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

Top News Story: President Trump will sign Executive Order suspending immigration into the U.S. due to COVID-19. (Twitter)

5 Things To Know To Start Your Day. (Bloomberg)

5 Things To Know To Start Your Tuesday. (CNBC)

Stocks Making The Biggest Moves. (CNBC)

Coronavirus update: U.S. testing plan could cost $100 billion.

Global Coronavirus Map update. 

U.S. Coronavirus Map update.

President Trump may seek to buy oil for the strategic petroleum reserve  with the May contract negative. (Press Conference)

House Speaker Pelosi notes that will get a procedural vote on $500 billion funding bill. (Bloomberg)

North Korean President Kim Jong Un in critical condition after heart surgery. South Korean Won plummets. (CNBC)

Coca Cola (KO) notes that volume off 25%. (CNBC)

Starbucks (SBUX) to use Beyond Meat (BYND) products on menu in China. (CNBC)

June Oil contract drops 20%. (CNBC)

Stock Index Tracking

Current through 4/20 close.  Expect moving averages to improve.

Bold means a change from prior day.

The advance/decline line model is now a buy on 4/2 close. Updated through 4/20 close. In 2019, the model was up 16.48% on the S&P 500 and this year is up 6.08% with the S&P 500 lower by -11.03% through Friday. Now 6 buy signals and 4 cash signals in 2019 and 2020. The latest buy is up 13.72% through Friday’s close.

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 4/20 close. EVL Ranges remain above normal and are highlighted in blue BUT are starting to drop.

Courtesy of Phil Erlanger Research, Inc.

Economic & Related:

The International Monetary Fund (IMF) releases its April 2020 World Economic Outlook.

Weekly API Petroleum Institute Inventory data will be released at 4:30 p.m. EDT.

Geopolitical: 

President Trump will meet with New York Governor Andrew Cuomo at 4:00 p.m. EDT.

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: BP (Conference Call) TSEM EGAN (Webcast)  TMQ SCHW (Update) IBCP GLNG (Investor/Analyst Meeting)

Sellside Conferences: CIBC Annual Fixed Income Conference. H.C. Wainwright Global Life Sciences Conference 2020. Credit Suisse Fintech. Conference.Kempen Life Sciences Conference.

Industry Conferences: World Gold Forum (4/20-/23) of note. European Gold Forum (4/21-4/22)

M&A Activity

Upgrades & Downgrades – We are back to normal production as recs have returned to a normal level.

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