The Daily Briefing For August 12th: Futures Modestly Higher, PPI White Hot

by Geoff Garbacz | 08/12/2021 8:36 AM

Rebel Yell Morning Market Report

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The Daily Briefing For August 12th: Futures Modestly Higher, PPI White Hot

Breaking News: PPI Comes In At 1.0% ahead of 0.6% estimate. Ex Food & Energy 0.9% with Annualized at 7.8%, all time high. Jobless Claims drop to 375,000 so some improvement.

Earnings Out After The Close:

Beats: NIO +0.53, AVT +0.27, SONO +0.18, COHR +0.16, CACI +0.12, RGLD +0.12, OPEN +0.10, AZPN +0.08, ENS +0.05, MSP +0.05, EBAY +0.04, ARRY +0.04, HIMS +0.04, AMWL +0.03, FNV +0.02, RXT +0.02, VRM +0.01

Flat: none

Misses: ROOT (0.62), DIBS (0.31), MQ (0.21), LFST (0.17), CPNG (0.16), BEKE (0.16), BLNK (0.14), APP (0.12), RIDE (0.12), DM (0.08), GOCO (0.08), BMBL (0.07)

Capital Raises: 

IPOs Priced or News: 

New SPACs launched: None of note.

Secondaries Priced: GTES OMF FULC KNBE of note.

Notes Priced of note: BRX of note.

Common Stock filings: DEA MEG of note.

Selling Shareholders of note: OMF CWK GTES TACT of note.

Private Placement of Public Entity (PIPE): None of note.

Mixed Shelf Offerings: CRY DD GBIO GPMT LIFE of note.

Convertible Offering & Notes Filed:  FSR 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:

Assets Under Management (AUM) Reports  include AB VCTR 

Treasury 10 year auction went well and bonds rallied. (Reuters)

Coupang (CPNG) missed earnings estimates and sold off sharply.

Lordstown Motors (RIDE) to start limited truck production in September.

Merck (MRK) gets FDA approval for KEYTRUDA plus LENVIMA for adult treatment of advanced renal cell carcinoma.

After Hours Action +XONE +39%  OPEN +20% TPTX +13% HIMS +12% FOSL +11% SONO +10% XERS +8% MSP +8% CLOV +7% RIDE +6%  and – LFST -23%  DIBS -19% CPNG -12% MQ -9% RXT -7% MTTR -5%

Dividend Increases: RCKY 

Stock Split:

Higher Guidance: 

Mixed Guidance:

Lower Guidance: RXT ARRY 

Buyback Announcements: PSN RDN EBAY

What’s Happening This Morning: Futures value reflects the change with fair value.

S&P 500 +1 Dow Jones Industrial Average +20  NASDAQ +8 Russell 2000 +1.  Fair values are mixed. Asia lower and Europe mixed. VIX is at 19.82 from 18.16  in futures. VIX closed at $16.06 from $16.79 . Gold and silver lower with copper higher. 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 $133.63 from $133.39 with yields at 1.356% from 1.359% Wednesday morning. Bitcoin at $44784 from $46015  yesterday morning, trading at $1592 or -3.44%.

Wednesday’s Action – 8/11 Close.  

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

Negative Sectors On Tuesday: Healthcare and Communication Services of note.

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

Three Month Winners: Energy, Real Estate and Healthcare of note.

Six Month Winners: Real Estate, Communication Services, Energy and Financials of note.

Twelve Month Winners: Materials, Communication Services, Industrials, Financials and Energy of note.

Year to Date: Energy, Communication Services, Financials, Real Estate and Industrials of note.

Stocks were higher ex NASDAQ indexes, Bonds were higher ex 20 year, U.S. Dollar lower and Commodities higher ex natural gas. Updated 8/11 Close.

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

Today After the Close: ABNB, AQN, CRCT, DASH, DDS, DIS, FFIN, FIGS, FLO, MAX, RSI, SEER, VIAV, WISH, WPM of note.

Friday Before the Open: DSEY, ERJ of note.

Earnings of Note This Morning:

Beats: DDS +7.12, BIDU +1.37, CSIQ +0.62, MDP +0.59, OGN +0.29, EYE +0.25, KELYA +0.15, GRWG +0.11, GDRX +0.07, IQ +0.06, SHC +0.05, AZEK +0.03, MIDD +0.03, PLTR +0.01

Flat: BR +0.00

Misses: SDGR (0.21), DCBO (0.13), PGTI (0.13), UTZ (0.01), CYBR (0.01)

Still to Report: AZUL, CELH, TAL, UP

Still to Report: 

Insider Purchases:  

We see moderate short selling with smart short sellers so these names can be considered as potential buys ATVI DPW AAT CNDT. Updated 8/12

Erlanger Research Advance/Decline Chart –Updated through 8/11 close. 

Gap Ups & Down In Early Pre-Market:

Gap up: XONE +35%, OPEN +17%, XERS +15%, CLOV +14%, SONO +13%, TPTX +13%, HIMS +10%, MSP +7%, FOSL +7%, RIDE +5%, APP +4%

Gap down: LFST -21%, GOCO -12%, DIBS -12%, RXT -10%, MQ -7%, MTTR -7%, FSR -6%, CPNG -6%, CWK -5%, PTRA -5%, ARRY -4%

Rags & Mags: Highlighted Stories may be clicked through to the original story.  Repeated stories from prior days never listed, i.e. “rehashed news”.

Stocks making the biggest moves PLTR CYBR UTZ EBAY. (CNBC)

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

Covid-19 Data sees 132,384 cases versus 103,455 cases. 59,172 hospitalizations versus 42,938. Deaths 664 versus 614.

IEA August Release sees global demand strong in June but dropping in July and lower for the rest of the year due to pandemic.

Afghanistan capital Kabul could be taken over by the Taliban in the next three months which could lead to a full collapse of the government. (CNN)

Federal Reserve San Francisco President Mary Daly in favor of taper later this year. (FT) Note- Federal Reserve Dallas President Robert Kaplan also pushed taper idea in an interview on CNBC mid afternoon. (FT)

Treasury Secretary Janet Yellen considering a visit to China. (Bloomberg)

Senators introduce legislation to target App Stores at Apple (AAPL) and Google (GOOGL). (Reuters)

FDA to approve third Covid-19 vaccine dose for people with immune system issues. (Bloomberg)

Mayo Clinic says risk of breakthrough much less with Moderna (MRNA) vaccine than Pfizer (PFE). (CNBC)

Florida hospitals are overrun with Covid-19 victims. (CNBC)

Doordash (DASH) looked to buy Instacart for $40 to $50 billion. (The Information)

Accenture (ACN) hit by ransonware attack. (CNN)

Robinhood Snaps looks at  losses at Weight Watchers (WW).

Index Moving Averages: 8/11 Close – The Confidence Score at 90%.  

Geopolitical:

The President receives the President’s Daily Brief, Oval Office, 10:00 a.m. EST

The President delivers remarks on how his Build Back Better agenda will lower prescription drug prices, East Room, 11:15 a.m. EST

The President departs Washington, DC en route Wilmington, Delaware, 12:20 p.m. EST

Press Briefing by White House COVID-19 Response Team and public health officials, 12:30 p.m. EST

The President arrives in Wilmington, Delaware, Biden Residence, Wilmington, DE, 1:10 p.m. EST

Fed Speakers

None of note but we could see impromptu appearances on media during the day which has been happening of late.

Economic:

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

July PPI is due out at 8:30 a.m. EDT and is expected to come in at 0.5% from 1.0%. 

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

$27 billion of 30 Year Notes are auctioned at 1:00 p.m. EDT.

M&A Activity:

Desktop Metal (DM) to buy ExOne (XONE) for $25.50 a share in cash and stock.

Meeting & Conferences of Note:

Sellside Conferences: Cowen Annual Communications Infrastructure Summit 2021 (8/9-12) KeyBanc Technology Leadership Virtual Forum (8/9-12) UBS Genomics 2.0 and MedTech Innovations Summit (8/10-12)  Canaccord Genuity Conference (8/10-12) Credit Suisse Annual FinTech Conference (8/11-13) Raymond James Aspen Energy Summit (8/11-12) JP Morgan Auto Conference (8/11-13) William Blair Annual Insurance Technology Conference (8/11-12) Morgan Stanley Media & Entertainment Conference (8/12)

Company Meetings: FEYE (Investor/Analyst Meeting)  IDXX ARES  (Investor Day)

Conferences of Note: Health and Information Management Systems 2021 (8/9-13) Smarter Faster Payments Conference  (8/9-12)

Upgrades & Downgrades: Today recs see 8 upgrades and 6 downgrades. 

Wednesday Recs

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