The Daily Briefing For February 12th: Thumbs Up or Down Funding Deal?

by Geoff Garbacz | 02/12/2019 9:04 AM

Rebel Yell Morning Market Report

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The Daily Briefing For February 12th: Thumbs Up or Down Funding Deal?

IPOs on deck:  Five on deck for this week including Avedro, Cibus Global, Stealth BioTherapeutics, TCR2 Therapeutics and Virgin Trains USA LLC.

Secondaries on deck: Secondaries to be priced this morning ANCN MITT NMFC PMT . 

IPO Filings After The Close  No common stock offerings today.  

Announcements For Secondary Filings & Financings  PMT MITT NMFC XERS SRNE  files for common equity offering. VSAT files mixed shelf offering.  .

Courtesy of IPO Financial

Earnings After The Close:

Beat:MOH +1.43, RE +0.51, BRS +0.51, FMC +0.22, VRNS +0.20, RAMP +0.17, BRX +0.06, OMF +0.06, RNG +0.05, CHGG +0.04, AMBR +0.04, AMKR +0.04, MIME +0.03, STE +0.01, ELVT +0.01

Flat: VECO, BRKR.

Missed:  FARM (0.61), CMP (0.30), LABL (0.29), DCP (0.19), MGI (0.11), BHF (0.08), ROAD (0.04), VNO (0.02), OHI (0.01)

Positive Guidance: BRKR, CHGG, RAMP, MIME. 

Mixed Guidance: ANBR, FMC, MOH, RNG, VECO.

Negative Guidance:  AMKR, ELVT, MGI, LABL,VRNS.

Dividends Increased: OMC OMF WWW ARCC

Stock Repurchase: WWW ($400 million)

News After The Close:

C.H. Robinson (CHRW) names Roberter Biesterfield as the new CEO effective May 9th.

Genesse Wyoming (GWR) reports that COO David Brown is out.

Invesco (IVZ) reports assets under management rose 4.8% to$930. billion.

Artisan Partners (APAM) reports assets under management rose to $105.4 billion from $96.2 billion.

Frankin Resources (BEN) sees assets under management rose to $678.3 billion from $649.9 billion.

Colgate Palmolive (CL) elects Noel Wallace as CEO as of April 2nd.

Gilead Sciences (GILD) announces that Phase 3 Study for STELLAR 4 did not meet primary endpoint.

Pfizer (PFE) and Astellas (ALPMY) report Phase 3 ARCHES trial for men with metastatic hormone sensitive prostrate cancer.

Nektar Therapeutics (NKTR) reports on abstract on NKTR -214.

Pfizer (PFE) and Merck (MRK) announce that FDA accepted sBLA and granted priority review for BAVENCIO Plus INLYTA.

LATAM Airlines (LTM) saw traffic rise +5.1% year over year.Capacity up +6.1%. Load factor falls -0,.8% To 85.5%.

Electronic Arts (EA) notes that Legend now has 25 million players.

What’s Happening This Morning: Futures 

U.S. futures: S&P +19.75, Dow Jones +195,  NDX +59.50 and Russell 2000 +9.80  with fair values MIXED  Asia  and Europe higher (for country change click through)

Gold and silver higher with copper lower. WTI Crude and Brent Oil Futures higher. Natural Gas is higher. $ is lower vs Euro, higher vs. Pound and higher vs. Yen. US 10 year Treasury price 121.92 with yields lower since Monday morning with the yield at 2.686%. Prices as of 8:45 a.m. EDT.

Top Sectors Monday: Industrials, Financials and Services

Weakest Sectors Monday: Healthcare and Materials.

One Month Winners:  Industrial Goods, Technology, Utilities, Consumer Goods and Financial.

Three Month Winners: Utilities and Technology.

Six Month Winners: Utilities.

Twelve Month Winners: Utilities, Healthcare and Conglomerates.

Year to Date: All higher led by Industrial Goods, Conglomerates, Materials, Services, Technology and Financials.

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

Today After The Close: 

Wednesday Before The Open:  

Earnings This Morning Of Note:

Beat Estimates:  JLL +1.15, OMC +0.11, MDSO +0.08, SHOP +0.06, UAA +0.05, TAP +0.05, ARCC +0.04, ONDK +0.04, NRZ +0.03, WEC +0.02, FIS +0.02.

Flat: None 

Missed Estimates: MLM (0.28), USFD (0.03), HUN (0.02), WELL (0.02), AYR (0.02)

Rags & Mags:

Top Story: There is a deal on the table to avoid shutdown. Will President Trump accept $1.375 billion for the wall? (CNBC)

5 Things You Need To Know To Start Your Day (Bloomberg) –   Shutdown talks stall, China talks restart, U.K. economy weakens, markets slump and oil bears.

President Trump  announces Artificial Intelligence Initiative. (White House Release)

Senator Marco Rubio (R -FL) proposes tax on capital gains to discourage buybacks. (CNBC)

U.K. Prime Minister Theresa May wants more time for Brexit talks. (Bloomberg)

EPA to expand blends of gasoline. (Reuters)

Winter storm grounds 1,000 flights. (CNBC)

Molson Coors (TAP) will need to restate results.

OPEC cuts production by 800,000 barrels, just above target. (CNBC)

Strong Dollar weighs on stock rally. (WSJ)

Data Points:

Yesterday saw 1886 stocks rise and 994 fall on the NYSE. NASDAQ saw 1853 rise and 1221 fall.

The SP 500 is still above its 50 day simple moving average but remains below its 200 day simple moving average. The Russell 2000 is also above its 50 day simple moving average but below its 200 day simple moving average. The Dow is also above its 50 day simple moving average  but remains below its 200 day simple moving average.  All three indexes are now above their 10 and 20 day moving averages. All three indexes have failed at their 5 day moving average.

The QPI10 Day Moving Average of Breadth (10DMA) moved to buy on January 7th at 2549.69. For a move to a buy from cash, the 10DMA needed to have two days in row above +200 which happened January 7th. The next move will be to cash or sell. Watch closely.

Courtesy of Quantitative Partners, Inc

YTD  86% of stocks are higher and 12% are lower. Updated 2/8/19 close with next update on 2/15/19 close.

Courtesy of Phil Erlanger Research, Inc.

Economic & Related:

NFIB Small Business Optimism Index came in at 101.2 against 104.4 last month.

December JOLTS Survey is due out at 10:00 a.m. EST and last month came in at 6.88 million.

Politico:

U.S. and China Mid Level TradeTalks in China continue.

Federal Reserve Chairman Jerome Powell speaks at 12:45 p.m.

President Trump to hold a cabinet meeting and may announce if he accepts the compromise.

Conferences & Analyst Meetings:

Analyst Meetings/Notable Conference Call: OLN (investor day),

Sellside Conferences Credit Suisse Annual Financial Services Forum and Goldman Sachs Technology & Internet Conference. Stifel Transportation and Logistics Conference.

Industry Conferences:Daytona Speedweeks, Chicago Autoshow, PETROTECH 2019, and BIO CEO & Investor Conference.

M&A News & Rumors:

Flir Systems (FLIR) to buy Endeavor Robotic Holdings for $385 million in cash.

Amazon (AMZN) to buy eero, no terms.

Significant Upgrades (to buy) & Downgrades (to sell or underweight)

Pre-Market Movers:

Winners: PYX +15%, MIME +12%, CHGG +10%, RAMP +8%, ONDK +6%.

Losers: VRNS -25%, BRS -19%, LABL -16%, VECO -14%, ELVT -8%, CMP -7%, NKTR -6%, AMKR -6%.

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