The Daily Briefing For July 1st: Tough Talk From China

by Geoff Garbacz | 07/01/2021 9:06 AM

Rebel Yell Morning Market Report

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The Daily Briefing For July 1st: Tough Talk From China

Breaking News: Dunkin Donuts returns to trading today along with several other IPOs.

Earnings After The Close:

Beats: SJR +0.36, MU +0.17

Flat:  None

Misses: None

Capital Raises: 

IPOs Priced or News: Aligos Therapeutics (ALGS) priced at $19 a share. Acumen Pharmaceuticals (ABOS )priced at $16 high end of range of $14 to $16. EverCommerce (XMTR) priced at $17 a share mid range $16 to $18 a share range. Hepsiburada (LZ) priced at $12 a share mid point of $12 to $14 range. Torrid (CURV) priced at $21 a share at high end of range of $18 to $21.

New SPACs launched: Research Alliance Corp (RACA) will begin trading as POINT Biopharma and trading begins today as PNTIsos Acquisition (ISOS) Bowlero to list on NYSE through merger with Isos.

Secondaries Priced: KYMR O BTRS  of note.

Notes Priced of note: None of note.

Common Stock filings: O DBVT CCL  of note.

Selling Shareholders of note:SKYW DM HYMC EHTH CMAX of note.

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

Mixed Shelf Offerings: HYMC MKGI of note.

Convertible Offering & Notes Filed: None 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:

Hertz Global (HTZGQ) completes Chapter 11 process.

Wish (WISH) CFO Rajat Bahri to leave as of 7/23.

Lockheed Martin (LMT) wins $1.8 billion Navy contract.

Raytheon Technologies wins $330 million Navy contract.

General Dynamic (GD) wins $300 million Navy contract.

Boeing (BA) names Brian West as CFO.

Robinhood to pay a $70 million fine which clears way for IPO. (CNBC)

Chinese President Xi spoke on Taiwan and said it will come back to the motherland. (CNBC)

After The Close Trading: + RIVE +13% LOB +2%  and – CVAC -9% SKIL -2%.

Dividend Increases: GBC EGBN 

Stock Split:

Higher Guidance: MU 

Mixed Guidance:

Lower Guidance:

Buyback Announcements: STM

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

S&P 500 +8 Dow Jones Industrial Average +107 NASDAQ +1 Russell 2000 +15.45.  Fair values are mixed. Asia lower and Europe mixed. VIX is at 17.69  from 17.77 in futures. VIX closed at 15.83 from 16.02.

Gold, silver and copper higher. WTI Crude Oil 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 is at $132.30 from $132.44 with the yield at 1.48% from 1.46%. Bitcoin is at $33,552.10 from $34,700 yesterday and lower by $1219.34 and -3.51%.

Wednesday’s Action – 6/30 Close.  

Positive Sectors On Wednesday: Energy, Industrials and Consumer Defensive.

Negative Sectors On Wednesday: Real Estate, Technology and Consumer Defensive of note.

One Month Winners: Technology, Real Estate and Communication Services  of note.

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

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

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

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

Stocks were higher ex NASDAQ indexes, Bonds higher, U.S. Dollar dollar higher and Commodities higher ex Oil. Updated 6/30 Close.

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

Today After the Close: none of note.

Friday Before the Open: none of note.

Earnings This Morning Of Note:

Beats: AYI +0.49, WBA +0.36, LNN +0.31, SMPL +0.15, MKC +0.07

Flat:  none

Misses: none

Still to Report: none

Insider Purchases: None of note this morning.

Below is the list of insider buys from this morning and is sorted by Erlanger Volume Swing (EVS). The idea here is simple. Find stocks where insiders are buying and the shorts are “dumb short sellers”.Several names with excess short selling and only TREC has smart short sellers while LMST EXLS VAPO have dumb short sellers. Several have no history but short selling is elevated in WPF AGAN.Updated 6/30

Erlanger Research Advance/Decline Chart –Updated through 6/30 close. 

Gap Ups & Down In Early Pre-Market:

Gap up:SPRO +23%, ORTX +14%, MESO +9%, FC +8, RIVE +5%, JAZZ +4%, XPEV +3%

Gap down: CVAC -12, ARQT -6%, MU -3%

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 WBA DIDI CVAC (CNBC)

5 Things To Know Before Markets Open. (CNBC)

Trump Organization CFO Allen Weisselberg charged in New York with tax related charges. (CNBC)

Pepsi (PEP) to lower sugar in EU drinks by 25% by 2025. (Reuters)

Credit Suisse (CS) to introduce new strategy by end of 2021

Fiesta Restaurant (FRGI) to sell Taco Cabana for $85 million.

Robinhood yesterday discussed the air conditioning stocks (HVAC) – Carrier (CARR)Lennox (LII) and Trane (TT)Bumble (BMBL) opens its first restaurant.

House Democrats continue to play Lucy and move changes to bipartisan infrastructure deal as they pass surface transportation and water infrastructure bills today. (Bloomberg)

Index Moving Averages: 6/30 Close – The Confidence Score is at 90%.  

Geopolitical:

The President and The First Lady depart the White House en route Joint Base Andrews, South Lawn, 6:55 a.m. EST, depart Joint Base Andrews en route Miami, Florida, 7:15 a.m. EST, arrive in Miami, Florida, Miami International Airport, 9:30 a.m. EST

The President and The First Lady receive a command briefing from Incident Commander Mayor Daniella Levine Cava, Governor Ron DeSantis, local leaders, and first responders, Surfside, Florida, 10:05 a.m. EST

The President and The First Lady thank the heroic first responders, search and rescue teams, and others who have been working tirelessly around the clock for their continued efforts and support, 11:00 a.m. EST

The President and The First Lady meet with the families who have been forced to endure this terrible tragedy, to offer them comfort as search and rescue efforts continue, 12:30 p.m. EST

Press Briefing by White House COVID-19 Response Team and public health officials, 1:30 p.m. EST

The President delivers remarks, Surfside, Florida, 3:50 p.m. EST

The President and The First Lady depart Miami, Florida en route Joint Base Andrews, 5:20 p.m. EST, arrive at Joint Base Andrews, 7:30 p.m. EST, return to the White House, 7:50 p.m. EST

Fed Speakers

Federal Reserve Atlanta President Raphael Bostic speaks at 2:00 p.m. EDT.

Economic:

OPEC + Meeting and they are expected to increase production.

June ISM Manufacturing is due out at 10:00 a.m. EDT and is expected to fall to 61 from 61.20.

May Construction Spending is due out at 10:00 a.m. EDT and is expected to rise to 0.3% from 0.2%.

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

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

M&A Activity

Mid Penn Bancorp (MPB) and Riverview Financial enter a merger agreement.

Hewlett Packard Enterprise (HPE) to buy Zerto for $374 million.

Meetings of Note:

Sellside Conferences: Credit Suisse Sustainability Week (6/28-7/2)

Company Meetings:  AYI  (Investor Day) LLY (Update) GEVO (Sellside Chat) MPB CVAC (Conference Call)

Industry Meetings: Mobile World Congress (6/28-7/1)

Upgrades & Downgrades: Todays recs see 11 upgrades and 0 downgrades.

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