The Daily Briefing For August 11th: Futures Higher

by Geoff Garbacz | 08/11/2020 9:15 AM

Rebel Yell Morning Market Report

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The Daily Briefing For August 11th: Futures Higher

Interesting Fact: 67% of all stocks are still down for the year and the average drop is -30.17%. Indexes do in fact lie.

Courtesy of Phil Erlanger Research, Inc.

Covid-19 Update With Monday Data

Cases reported 41,807 from 51,291

Tests 716,229 from 711,984

Positivity Rate 5.84% from 7.20%

Deaths 426 from 616

Hospitalizations 48,612 from 49,039

Mortality Rate 3.06% from 3.17%

source COVID tracking project

IPOs Priced: None of note.

Secondaries Priced: None of note.

Notes Priced of note: WIX of note.

Common Stock filings: SDGR WTRG OMER SSTK (Shareholder selling) SPT FND UPLD AVYA   of note.

Mixed Shelf Offerings: OMER W KKR PRFT OSBC ADAP CALA UPLD PTCT MTCH GNSS  of note.

Convertible Offering Files: None of note.

Senior Notes Filed:  None of note.

Courtesy of IPO Financial

Earnings After The Close:

Beats:

ESPR +2.92, ICUI +0.41, MESA +0.36, NVAX +0.30, ESE +0.27, JCOM +0.25, IART +0.19, GO +0.19, CSOD +0.18, QLYS +0.18, RAMP +0.16, KFRC +0.16, KAMN +0.15, WES +0.10, NTR +0.10, PRA +0.08, IPAR +0.06, TME +0.06, IFF +0.05, GSKY +0.05, RPAY +0.04, NHI +0.03, ADPT +0.02, ZI +0.02, STAY +0.01 of note.

Misses:   

IAC (2.60), INO (0.66), OXY (0.59), CNXN (0.42), NGL (0.39), TCO (0.27), TLRY (0.26), RUN (0.14), SPG (0.11), DHT (0.06), HALO (0.05), SCOR (0.04), ANGI (0.01) of note.

Hourly Tracking – Updated Through 8/10. No hours were negative last week. 

News After The Close:

California court tells Uber (UBER) and Lyft (LYFT) to treat drivers as employees.

Novavax (NVAX) expands partnership with AGC Biologics related to Matrix-M manufacturing of Covid-19 vaccine.

General Dynamics (GD) wins $430 million Army contract.

Bed Bath & Beyond (BBBY) says all stores have reopened. July sales up 2% with digital up 70% and -15% change in same store sales.

Maryland to announce testing without symptoms, notes Quidel (QDEL).

Raises Guidance Raised: KFRC ZI JCOM QLYS 

Lowers Guidance: CSOD 

Raises Dividend: 

Cut Dividend:

Stock Split Announcement: 

Stock Buyback: 

10Q Delays: GTT FE SHSP

What’s Happening This Morning: Futures value reflects the change with fair value. We will still indicate the fair value direction. Futures hit the peak  around 5:00 a.m. EDT at 3379 and currently are at 3371 on the S&P 500.

S&P 500 +16  Dow Jones Industrial Average +330  NASDAQ -49  Russell 2000 +22.43.  Fair values are mixed.  Asia mixed and Europe higher. VIX futures are at 26.34 from 27.55 this morning. Current VIX is at 20.15.

Gold, silver and copper lower. WTI Crude Oil 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 $139.64 from $140.06 with yields at 0.633%  from 0.55%.

Positive Sectors On Monday: Industrials, Materials and Energy of note.

Negative Sectors On Monday: Technology, Healthcare and Communication Services of note.

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

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

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

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

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

Gap Up: 

PFNX +60%, EQ +23%, MVC +17%, KFRC +14%, SCOR +13%, MESA +12%, JCOM +11%, GSKY +11%, ICUI +9%, NIO +9%, WES +8%, QRTEA +7%, KAMN +7%, ADVM +6%, ADVM +6%, DHT +6%, HUYA +6%, CUK +6%, ASPN +5%, STAY +5%, IART +5%, ADUS +4%.

Gap Down: 

FENC -42%, MESO -28%, NGL -11%, INO -10%, IPAR -10%, OMER -9%, TLRY -8%, CNXN -6%, BBBY -5%, ZI -5%, SDGR -4%, ANGI -4%, BBDC -4%, IAC -4%, SSTK -4%, RAMP -4%, PRFT -4%, IFF -4%, QLYS -4%

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

Today After The Close:  TXG VIAV CVET TPTX KRNT LRN SWAV HCAT OSPN HBM RRGB of note.

Wednesday Morning: VIPS CAE PFGC AIT EAT PGTI TUFN of note.

Earnings This Morning Of Note

Beat:  

NIO +0.71, LITE +0.35, HUYA +0.29, CSPR +0.11, GOOS +0.07, BR +0.06, IMOS +0.01 of note.

Flat:

Missed:

BNTX (0.29), MAC (0.08) of note.

Still to Report: SYY

Erlanger Research Advance/Decline Line Chart – We are no longer showing our proprietary advance/decline model as it is available on a subscription basis. Instead we are now showing a chart of the advance/decline. We hope you enjoy. Close 8/10. Stocks gained back some ground on Monday as stocks were strong.

Courtesy of Phil Erlanger Research Inc.

Rags & Mags: Highlighted Stories may be clicked through to the original story. This section has limited updates.

5 Things To Know To Start Your Day (Bloomberg)

5 Things to Know Before The Market Opens On Tuesday. (CNBC)

Stocks Making The Biggest Moves (CNBC)

Coronavirus Update: Russia plans Phase Three trials of approved vaccine . (CNBC)

Russia claims it has a vaccine for Covid-19 though no peer review and trials limited in nature. (The Washington Post)

Chinese retail auto sales up 7.7%. (WSJ)

Dr. Scott Gottlieb notes that he would not take the Russian vaccine as testing for safety and effectiveness limited. (CNBC)

Both Republicans and Democrats open to restarting stimulus talks. (WSJ)

President Trump looking at a capital gains tax. (Bloomberg)

Only 4 states see increase in Covid-19 cases. (NYT)

Treasury Secretary Mnuchin says that Chinese companies that do not meet accounting standards will be delisted at end of 2021. (Reuters)

Dr. Fauci notes that vaccines may not reach most Americans until late 2021. (Bloomberg)

Stock Index Trading

Current through 8/10 close. We remain in “as good as it gets” mode as all indexes are above the above their respective moving averages.

Bold means a change from prior day.

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. Updated through 8/10 close. EVL Ranges  are starting to get back to normal with the recent action but it is still haphazard. 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.

Courtesy of Phil Erlanger Research, Inc.

Economic

Geopolitical & Related

President Trump will hold a call with America’s Sheriffs at 12:30 p.m. EDT and then hold a press conference at 5:30 p.m. EDT.

$48 billion of 3 Year Notes to be auctioned at 1:00 p.m. EDT.

Investor Events & Conference Calls

MVC/BBDC (Conference Call) EXC (Investor Meeting)

Sellside Conferences: Wells Fargo Annual Technology Services Forum (8/10-8/11).  John Tumazos Very Independent Research Metals Conference 2020. (8/10-8/14). Stifel Investor Summit (8/10). JP Morgan Auto Conference (8/10-8/11). BTIG Virtual Biotechnology Conference (8/10-8/11). Wedbusg PacGrow Healthcare Conference (8/11-8/12). Cannaccord Genuity Annual Growth Conference (8/11-8/13). Oppenheimer Annual Technology, Internet and Communications Conference (8/11-8/12). UBS Annual Financial Services Conference (8/11-8/12)

Industry Conferences: BioProcess International West (8/10-8/13).  World Conference on Ageing and Gerontology (8/10-8/11). Society of American Gastrointestinal and Endoscopic Surgeons Annual Meeting (8/11-8/13).

M&A

Ligand Pharma (LGND) to buy Pfenex (PFNX) by $12 a share and Contingent Value Rights.

Equinix (EQIX) buys GPX Global Systems for $161 million.

Simon Properties (SPG) JV to buy Brooks Brothers out of bankruptcy. (WSJ)

American Express (AXP) may buy Kabbage from Softbank.

Upgrades & Downgrades – Tuesday Upgrades & Downgrades

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