The Daily Briefing For July 9th: Market Awaiting Decision From Supreme Court

by Geoff Garbacz | 07/09/2020 10:07 AM

Rebel Yell Morning Market Report

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The Daily Briefing For July 9th: Market Awaiting Decision From Supreme Court

Breaking News:

IPOs Filed: None of note.

Secondaries Priced: HQY PING TPB RVMD of note.

Notes Priced of note:  None of note.

Common Stock filings: OTIC TPB GLG NCLH  of note.

Mixed Shelf Offerings: GLG IFRX ALPN ARDX of note.

Convertible Offering Files:  of note.

Senior Notes Filed:  None of note.

Courtesy of IPO Financial

Earnings After The Close:

Beat:  

None  of note.

Misses: 

BBBY (0.65) of note.

Hourly Action This Past Week: Updated 7/7 Close

News After The Close (In Order)

Costco (COST) saw sales rise 14.4% for 5 weeks ended 7/5.

Bed Bath & Beyond (BBBY) to close 200 stores as sales down 50%.

Saratoga Investment (SAR) reinstates dividend.

Ivy League cancels fall sports season.

Stanford cancels 11 out of 36 sports due to impact of Covid-19.

Raises Guidance: VERI TPB PTC

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 +9  Dow Jones Industrial Average +24 NASDAQ +78  Russell 2000 +7.2. Fair values are lower.  Asia  higher and Europe mixed. $VIX is lower at 27.77.

Gold lower with silver and copper higher. WTI Crude Oil lower and Brent Oil Futures higher. Natural Gas is higher. $ is higher vs Euro, lower vs Pound and higher vs Yen. US 10 year Treasury price is at $139.19 unchanged with yields at 0.651%.

Positive Sectors On Tuesday: Consumer Cyclical, Technology and Financials of note.

Negative Sectors On Tuesday: Real Estate and Consumer Defensive 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: OPTN +22%, CDXC +19%, APDN +15%, VERI +15%, ANAB +14%, SAP +7%, UMC +5%, PTC +5%, NKLA +4%, CRNX +4%

Gap Down: OTIC -10%, BBBY -9%, GLG -6%, TPB -4%

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

Today After The Close: PSMT WDFC  of note.

Friday Before The Open: GBX of note.

Earnings This Morning Of Note

Beat:

HELE +1.04 of note.

Missed:

WBA (0.39), AZZ (0.26) 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: Hong Kong struggles with new cluster of virus and Africa pushes testing. (CNBC)

U.S. Coronavirus Map.

Daily Covid-19 cases rise in the U.S. and Catalonia, Spain reimposes mask order. (NYT)

Australia ends extradition treaty with Hong Kong. (Reuters)

Today is the last day the Supreme Court will issue opinions for the current session before it goes on break until October. A ruling is expected on the president’s tax case that is before the court. (CNN)

President Trump at odds with CDC over school openings. (CNN)

Democratic Candidate Joe Biden will give a speech on the economy that brings the Democratic Party to the center. (CNBC)

Walgreen Boots Alliance (WBA) to lay off 4,000 employees. Cuts on the Boots side. (Reuters)

Twitter (TWTR) faces allegations of censuring conservative tweets. (Reuters)

Stock Index Tracking

Current through 7/8 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 7/8 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 Jobless Claims are due out at 8:30 a.m. EDT.

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

$19 billion of 30 Year Treasury Note Auction at 1:00 p.m. EDT.

Geopolitical & Related

President Trump will hold a roundtable with Hispanic Leaders at 2:15 p.m. EDT and then at 3:00 p.m. EDT sign an Executive Order White House Hispanic Prosperity Initiative.

Meetings, Calls & Conferences

HPE CHFS CYCN  (Webcast)

Sellside Conferences:

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

M&A

Upgrades & Downgrades

Updated Through 8:55 a.m. EDT.

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