The Daily Briefing For June 1: Futures Lower As America Burns

by Geoff Garbacz | 06/01/2020 9:02 AM

Rebel Yell Morning Market Report

Your Daily Financial Market Briefing - Giving You An Investing Edge Before Each Trading Day Begins

The Daily Briefing For June 1: Futures Lower As America Burns

The Story - American cities burn as protests turn to riots as George Floyd's death and reaction moves national. (CNN)

IPOs on deck: None of note.

IPOs Filed:   None of note.

Secondaries Priced: None of note.

Notes Priced of note: None of note.

Common Stock filings: ATHX DT  of note.

Mixed Shelf Offerings: AUPH RRGB  of note.

Convertible Offering Files: LVGO HUBS AMZN  of note.

Senior Notes FiledNone of note.

Courtesy of IPO Financial

Earnings After The Close:

Beat:  

None of note.

Misses: 

None of note.

Gap Up: IMMP +33%, CYAD +14%, COTY +7%, MESO +4%.

Gap Down: NBRV -18%, ADAP -12%, LVGO -7%, ALLO -6%, PFE -6%, ATHX -4%

Hourly Action This Past Week: Updated 5/29 Close

News After The Close (In Order)

Red Robin Gourmet (RRGB) notes that comps have been rising each week.

United Airlines (UAL) to eliminate 13 executive officer positions  to preserve cash.

Moderna (MRNA) notes that first 2 participants have been dosed in its Phase 2 study for Covid-19.

Caesar's Entertainment (CZR)  to open Harrah's Las Vegas on Friday.

Ratings agency affirms rating on Ireland.

General Dynamics (GD) awarded $3.42 billion Army contract for the Hydra-70 rocket systems.

Baron's + on SAVE LUV DAL STAY LIND MPC LVS CTRE WELL VTR PEAL LTC DHC.

Amazon (AMZN), Apple (AAPL) and Target (TGT) to close some locations over the weekend due to riots. (Bloomberg)

Share Buyback Announcements: EXPO

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

S&P 500 -7 Dow Jones Industrial Average -24 NASDAQ -32 Russell 2000 -1. Fair values are lower.  Asia higher and Europe mixed.

Gold lower with silver and copper higher. WTI Crude Oil lower and Brent Oil Futures higher. Natural Gas is lower. $ is lower vs Euro, lower vs Pound and lower vs Yen. US 10 year Treasury price is at $138.98 from $138.91 with yields at 0.675%.

Positive Sectors On Friday: Technology, Healthcare and Consumer Cyclical of note.

Negative Sectors On Friday: Real Estate, Financials and Industrials of note.

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

Three Month Winners: Technology and Healthcare of note.

Six Month Winners:  Technology, Healthcare and Consumer Cyclical of note.

Twelve Month Winners: Healthcare, Technology and Communication Services of note.

Year to Date: Technology of note.

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

Today After The Close: ENS NGL PUMP of note.

Tuesday Before The Open: CBRL DKS PACW BZUN MMYT of note.

Earnings This Morning Of Note

Beat:

ATHM +0.01 of note.

Missed:

HHR (3.31), ERJ (0.22) 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)

Stocks Making The Biggest Moves. (CNBC)

5 Things To Know To Start Your Monday. (CNBC)

Coronavirus update: Eli Lilly starts antibody trial on Covid-19.

U.S. Coronavirus Map.

China pauses import of U.S. goods that threatens the Phase One trade deal. (Bloomberg)

OPEC and related may extend output cuts. (Bloomberg)

President Trump moves the G-7 to fall due to Covid-19. (Bloomberg)

President Trump notes military to be deployed BUT needs state approval for any military to enter a state. (NBC News)

Dr. Scott Gottlieb on CNBC interview expects cases to rise due to protests this weekend.  (CNBC)

Beyond Meat (BYND) to sell to Yum China (YUMC).

Netease (NTES) launches Hong Kong Public Offering.

Stock Index Tracking

Current through 5/29 close.   Yesterday we noted the S&P 400 moved above its 200 day moving average it has not.

Bold means a change from prior day.

The advance/decline line model is now a BUY. Updated through 5/29 close. In 2019, the model was up 16.48% on the S&P 500 and this year is up 5.25% with the S&P 500 lower by -7.40% through yesterday. Now 6 buy signals and 4 cash signals in 2019 and 2020. The last buy gained 12.89%.  We will begin to track this buy today.

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 5/29 close. EVL Ranges remain above normal and are highlighted in blue and are trying to return to normal.

Courtesy of Phil Erlanger Research, Inc.

Economic & Related:

April Construction Spending is due out at 10:00 a.m. EDT and is expected to fall to -6.0% from 0.9%.

May ISM Manufacturing Index is due out at 10:00 a.m. EDT and is expected to rise to 44 from 41.5.

Geopolitical & Related

President Trump will meet with the Attorney General at 10:30 a.m. EDT then hold a conference call at 11:00 a.m. EDT with governors, law enforcement and national security officials on keeping American communities safe. Last the president will lunch with the vice president.

Meetings, Calls & Conferences

Investor/Analyst Days & Conference Calls of Note: BRKR VRNA (webcast)  NERV MYOV (Conference Call)  REGN AZN AUTL RJF (Investor/Analyst Meeting)

Sellside Conferences: Cowen & Co Industrials, Robotics and Sustainability Conference (6/1-6/3). Morgan Stanley Cloud Secular Winners Conference (6/1). Piper Sandler Diabetes Day (6/1). Benchmark Cyclical Conference. Goldman Sachs Travel & Leisure Conference (6/1-6/2).

Industry Conferences: NAREIT Investor Conference For REIT Week (6/1-6/4).

M&A

Zynga (ZNGA) to buy Peak Mobile Gaming for $1.8 billion.

Upgrades & Downgrades:

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