The Daily Briefing For August 13th: Futures Mixed

by Geoff Garbacz | 08/13/2020 9:49 AM

Rebel Yell Morning Market Report

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The Daily Briefing For August 13th: Futures Mixed

Covid-19 Update With Wednesday Data

Cases reported 55,742 from 55,594

Tests 683,291 from 739,083

Positivity Rate 8.16% from 7.52%

Deaths 1,485 from 1,326

Hospitalizations 47,919 from 48.500

Mortality Rate 3.05% no change

source COVID tracking project

IPOs Priced: KE Holdings (BEKE) priced at $20 above range of $17 to $19.

Secondaries Priced: VRT SPT TFII  STC ADVM MCRB SDGR OCFT STNE  of note.

Notes Priced of note:  None of note.

Common Stock filings: SKYW (selling shareholder) DOCU (selling shareholder) of note.

Mixed Shelf Offerings:  RLMD of note.

Convertible Offering Files: None of note.

Senior Notes Filed:  None of note.

Courtesy of IPO Financial

Earnings After The Close:

Beats:

VRM +0.40 SPTN +0.39 AZPN +0.38 CACI +0.28 ENS +0.24 RVLV +0.17 LYFT +0.11 YY +0.07 CSCO +0.06 PING +0.06 ONEM +0.05 WPM +0.03  of note.

Misses:   

VRX -0.19 GTBOF -0.05 ZTO -0.02 of note.

Flat: 

Hourly Tracking – Updated Through 8/12. One extreme or the other this week. 

News After The Close:

United Airlines (UAL) adds 28 daily nonstop flights to Florida.

Assets rise at Victory Capital (VCTR).

Cisco (CSCO) CFO Kelly Kramer to resigns but stay until successor named.

AT&T (T) may sell Warner Media’s Crunchyroll to Sony (SNE) for up to $1.5 billion.

Southwest Air (LUV) CEO Gary Kelly says profit in 2020 is unrealistic.

Raises Guidance Raised: SPTN 

Lowers Guidance: CSCO PING VRE VRM IIVI

Raises Dividend: 

Cut Dividend: 

Stock Split Announcement: 

Stock Buyback: 

10Q Delays: VREX

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 6:00 a.m. EDT at 3360 and currently are at 3354 on the S&P 500.

S&P 500 -7  Dow Jones Industrial Average -66  NASDAQ +34  Russell 2000 +0.80.  Fair values are mixed.  Asia mixed and Europe lower. VIX September futures are at 26.91 from 27.25 this morning. Current VIX is at 22.08.

Gold lower, silver higher and copper lower. WTI Crude Oil higher and Brent Oil Futures lower. Natural Gas is higher. $ is higher vs Euro, lower vs Pound and lower vs Yen. US 10 year Treasury price is at $128.92 with yields at 0.682%.

Positive Sectors On Wednesday: All of note lead by Consumer Cyclical, Technology and Healthcare.

Negative Sectors On Wednesday: None 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: SJ +102%, AZPN +28%, RVLV +24%, RDHL +12%, ONEM +10%, YY +9%, FOSL +7%, ENS +4%

Gap Down: VRM -20%, MNRL -9%, PING -9%, VREX -8%, SDC -7%, TYME -7%, ADVM -7%, CSCO -6%, PCVX -4%, STC -4%

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

Today After The Close:  AMAT BIDU IQ PAGS FTCH AQN GLOB MRTX JBGS FSCT MUGN DDS DGII of note.

Friday Morning:  FN BEST JD WB SINA MSGE of note.

Earnings This Morning Of Note

Beat:  

NTES +2.53 WCC +0.42 IIVI +0.40 MSGN +0.38 TPR +0.36 BAM +0.30 AZEK +0.03 of note.

Flat:

Missed: TNK -0.19 of note.

Still to Report: 

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 8/12.  

 

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 Thursday. (CNBC)

Stocks Making The Biggest Moves. (CNBC)

Coronavirus Update: 1,500 die in U.S. worst day since May. (CNBC)

Treasury Secretary Mnuchin says House Speaker Pelosi unwilling to talk unless her proposal is agreed to.

Secretary of State Pompeo notes that China technology issues extend beyond TikTok and WeChat.

China concerned it could be cut our of the global dollar system. (Reuters)

The Daily News which is owned by Tribune (TPCO) to close its newsroom. (NYT)

Manhattan rents fall 26% . (Bloomberg)

Checkpoint (CHKP) notes that Amazon (AMZN) and Alexa  have security vulnerabilities.

Apple (AAPL) moves to bundles on its services lowering cost of the iPhone.

Vroom (VRM) CEO notes average price range demand for cars is at $23,000 to $25,000 down from $30,000.

AMC Entertainment (AMC) to open 100 theatres on 8/20.

Stock Index Trading

Current through 8/12 close. All indexes are back 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 8/12 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

IEA out with its August Oil Market Report sees supply rise with supply falling in 2020 before rising in 2021.

Weekly Jobless Claims are due out at 8:30 a.m. EDT. Fell to under 1 million at 963,000.

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

Geopolitical & Related

President Trump has no scheduled events.

Press Secretary Kayleigh McEnany holds a press conference at 1:00 p.m. EDT.

$26 billion of 30 Year Notes to be auctioned at 1:00 p.m. EDT.

Federal Reserve Governor Lael Brainard speaks at 1:00 p.m. EDT.

President Trump to be interviewed tonight at 7:30 p.m. EDT.

Investor Events & Conference Calls

CNSP (Update) SLQT GFL (Investor Call) IDXX CMC (Investor Day) TCEHY (Roadshow in Hong Kong)

Sellside Conferences: John Tumazos Very Independent Research Metals Conference 2020. (8/10-8/14).  Cannaccord Genuity Annual Growth Conference (8/11-8/13). Raymond James Aspen Energy Summit (8/12-8/13). Citi One on One Midstream Infrastructure 2020 (8/12-8/13). Needham SemiCap and EDA Conference (8/13). William Blair Insurance Tech Conference (8/13). Needham Digital Commerce Conference.

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

M&A

Roper (ROP) to buy Vertafore in all cash deal at $5.35 billion.

Upgrades & Downgrades – Tuesday Upgrades & Downgrades 8/12

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