The Daily Briefing For July 8th: Futures Mixed, Buffet Gives Away $2.9 Billion

by Geoff Garbacz | 07/08/2020 9:11 AM

Rebel Yell Morning Market Report

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The Daily Briefing For July 8th: Futures Mixed, Buffet Gives Away $2.9 Billion

Breaking News: Brooks Brothers files for Chapter 11 in Delaware.

IPOs Filed: None of note.

Secondaries Priced: AKRO ETNB ASND VIR HQY of note.

Notes Priced of note: ARGO PCRX of note.

Common Stock filings:  CNTG of note.

Mixed Shelf Offerings:  BBIO of note.

Convertible Offering Files: INSG of note.

Senior Notes Filed None of note.

Courtesy of IPO Financial

Earnings After The Close:

Beat:  

SGH +0.03 of note.

Misses: 

LEVI (0.05) of note.

Hourly Action This Past Week: Updated 7/6 Close

News After The Close (In Order)

Synaptics (SYNA) to buy Broadcom's (AVGO) wireless IoT connectivity business for $250 million in cash.

DocuSign (DOCU) buys Liveoak Technologies for $38 million in all stock deal.

Leidos (LDOS) wins $379 million contracts from U.S. Customs and Border Protection.

Fluor (FLR) wins Indefinite Delivery/Indefinite Quantity contract from U.S. Department of Energy worth $3 billion in bids over 10 years.

Walt Disney (DIS) looks to reopen on Saturday. (Reuters)

United Airlines (UAL) see capacity down 75% year over year.

Secretary of State Pompeo note U.S. will implement visa restrictions for Chinese officials involved in stopped travel to Tibet.

White House issues a statement pushing for opening of schools in the fall.

The Reserve Bank of Australia announces its latest monetary policy decision on Tuesday night.

Raises Guidance: GNML LMNX AA

What’s Happening This Morning: Futures value reflects the change with fair value. We will still indicate the fair value direction. Futures were down, up, down, new low and now rebounding.

S&P 500 +2  Dow Jones Industrial Average -3 NASDAQ +46  Russell 2000 +3. Fair values are lower.  Asia mostly higher and Europe lower. $VIX is lower at 30.20.

Gold, silver  and copper higher. WTI Crude Oil and Brent Oil Futures higher. Natural Gas is lower. $ is higher vs Euro, higher vs Pound and higher vs Yen. US 10 year Treasury price is at $139.19 from $139.06 with yields at 0.66%.

Positive Sectors On Tuesday: Consumer Defensive of note.

Negative Sectors On Tuesday: Energy, Real Estate and Financials of note.

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

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

Six Month Winners:  Technology and Consumer Cyclical 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: VBIV +14%, GNMK +12%, FTI +9%, CLNE +8%, NXTC +7%, SYNA +5%, DOCU +4%.

Gap Down: LEVI -6%, ARGO -5%, ETNB -4%.

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

Today After The Close: BBBY AIR of note.

Thursday Before The Open: WBA HELE AZZ of note.

Earnings This Morning Of Note

Beat:

SMPL +0.11 of note.

Missed:

None of note.

Still to Report: 

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

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

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

Stocks making the biggest moves. (CNBC)

Coronavirus Update: San Francisco delays indoor dining as cases in the U.S. close in on 3 million. (CNBC)

U.S. Coronavirus Map.

Chief Justice John Robert had a brief stay in the hospital in June after a fall. (CNBC)

Florida sees 56 hospital at full capacity in ICUI units. (CNBC)

Warren Buffet to give away another $2.9 billion. (CNBC)

Retailers face heavy anxiety over back to school and will or will not shoppers show up. (CNBC)

Stock Index Tracking

Current through 7/7 close.

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 7/7 close. EVL Ranges  continues to expand again with the recent action. The Erlanger Value Line are available in Bloomberg for your review. Simply visit the Bloomberg App  store at APP(GO).

Courtesy of Phil Erlanger Research, Inc.

Economic

Weekly API Petroleum Institute data was out after the close at 4:30 p.m. EDT and rose 2.04 million barrels of crude while gasoline had a draw of 1.85 million barrels.

MBA Mortgage Applications rose 2.2% after dropping -1.8% last week.

Crude Oil Inventories are due out at 10:30 a.m. EDT.

$29 billion of 10 Year Treasury Note Auction at 1:00 p.m. EDT.

Geopolitical & Related

President Trump will meet with the President of Mexico beginning at 2:00 p.m. EDT and concluding with a working dinner.

Meetings, Calls & Conferences

ZYME (Business Update) COST (July Sales Call) SMTC PACK RESN BCLI(Investor Meeting)

Sellside Conferences: TD Securities Energy Conference (7/7-7/8)

Industry Conferences: International AIDS Conference (7/6-7/10)

M&A

Medtronic (MDT) to buy Intersecr ENT (XENT).

Upgrades & Downgrades

Updated Through 8:25 a.m. EDT.

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