The Daily Briefing For February 24th: Futures Set For Record Drop

by Geoff Garbacz | 02/24/2020 9:01 AM

Rebel Yell Morning Market Report

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The Daily Briefing For February 24th: Futures Set For Record Drop

IPOs on deck: None of note.

IPOs Filed:  None of note.

Secondaries Priced: None of note.

Notes Priced: None of note.

Common Stock filings:  BB of note.

Mixed Shelf Offerings:  IART PEB UEC of note.

Convertible Offering Files: None of note.

Senior Notes Filed: None of note.

Courtesy of IPO Financial

Earnings After The Close:

Beat: 

None of note.

Missed: 

None of note.

Flat: 

 None of note.

News After The Close (In Order of Time)

First Interstate BancSystem (FIBK) names David Jahnke as next Chairman of the Board effective 5/6.

Wells Fargo (WFC) settles with DOJ and SEC for $3 billion.

Stock Repurchase Announcements: LSCC

Senator Bernie Sanders to win Democratic Nevada Caucus.

Dividend Increases: ESS

Dividend Decreases: JCAP

Stock Split: 

Gap Higher: SENS +11%, HMY +11%, GFI +8%, AUY +7%, IAG +6%, AU +6%, PAAS +5%, GOLD +4%, NEM +4%

Gap Lower: KOS -11%, JCAP -5%, CCL -5%, CRI -4%, RCL -4%, AAL -4%, DAL -4%, TCOM -4%

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

S&P 500 -88 Dow Jones Industrial Average -802  NASDAQ -273 Russell 2000 -47.16 . Fair values are lower. Asia and Europe lower.

Gold and silver higher with copper lower. WTI Crude Oil and Brent Oil Futures lower. Natural Gas is lower. $ is higher vs Euro, higher vs Pound and lower vs Yen. US 10 year Treasury price is at $132.48 from $131.67 with yields at 1.394% from 1.488% .  Prices as of 8:30 a.m. EDT.

Positive Sectors On Friday: None of note.

Negative Sectors On Friday: Conglomerates, Technology and Services.

One Month Winners: Conglomerates, Utilities, Technology and Consumer Goods.

Three Month Winners: Healthcare, Consumer Goods and Technology.

Six Month Winners: Consumer Goods, Utilities, Healthcare, Technology, Industrials and Financials.

Twelve Month Winners: Consumer Goods,Technology, Utilities, Industrials and Services.

Year to Date: Conglomerates, Utilities, Technology, Consumer Goods and Industrial Goods.

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

Today After The Close:  INTU HPQ CKE PANW KEYS GH BWXT TREX EPR TNDM MEDP THC CSOD APLE ITRI of note.

Tuesday Before The Open: HD AMT BNS BMO TRI STWD SRC M FCN RHP TREE BLD CBRL IRDM UNVR ICPT WWW INSM  of note.

Earnings This Morning Of Note

Beat: 

 CTB +0.35,  AWI +0.18, XENT +0.10, SPNS +0.01 of note.

Missed:  

STAR (0.53), DORM (0.18), CRI (0.08) of note.

Still To Report: DDS DIN

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

Top News Story: 

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

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

Stocks Moving This Morning. (CNBC)

Coronavirus update: deaths pass 2,500. (CNBC)

Italy has the biggest outbreak of coronovirus near Milan. (CNBC)

Coronavirus Map. (Bloomberg)

Warren Buffet interviewed on CNBC this morning. (CNBC)

Dow drops more than 700 points in pre-market. (CNBC)

U.S. Treasury Yields move towards record lows. (Bloomberg)

President Trump to sign $3 billion of defense deals on trip to India. (Bloomberg)

Stock Index Tracking

Current through 2/21 close. Some deterioration on Friday with more coming today.

Bold means a change from prior day.

The advance/decline line model moved to cash 1/31 and last Friday moved back to a buy. Updated through 2/18 close. In 2019, the model was up 16.48% on the S&P 500 and this year is up 2.08%. 5 buy signals and 4 cash signals in 2019. Current buy signal ended with a gain of 9.83% and began on 10/17/19. We got back to a buy last Friday as we kept the 10 DMA above +200 the last two days of that week.

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 2/21 close.

Courtesy of Phil Erlanger Research, Inc.

Economic & Related:

Releases of note this week include the weekly chain store sales, oil/gas numbers, mortgage applications and jobless claims as well as consumer confidence, new home sales, durable goods, Q4 GDP, pending home sales, personal income and University of Michigan Consumer Sentiment. There are no releases today.

Geopolitical:      

President Trump has gone to India for a visit with Prime Minister Modi.

Meetings, Calls & Conferences

Investor/Analyst Days & Conference Calls of Note:  ALDX MIME (Analyst Day)  LPLA (Monthly Metrics)

Sellside Conferences: BMO Capital Markets Annual Global Metals & Mining Conference (2/24-2/26). Wolfe Research Global Auto Tech & Mobility Conference (2/24-2/26). JP Morgan High Yield & Leveraged Finance Conference 2020 (2/24-2/26). Citi Asset Managers, Broker Dealers and Exchanges and Insurance Conference 92/24-2/25). D.A. Davidson NDR Portland & Midwest Conference (2/24-2/26). Wells Fargo Tech Transforming Banking Pop-up Conference (2/24).  Bank of America Animal Health Summit (2/24). JMP Securities Technology Conference (2/24-2/25).

Industry Conferences: North American Toy Fair (2/22-2/25).  RSA Security Conference.

M&A Activity

Xperi (XPER) gets a bid for $23 a share in cash from Metis Ventures LLC.

Upgrades & Downgrades through 8:35 a.m. EDT 2/24

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