The Daily Briefing For June 1st: Futures Higher

by Geoff Garbacz | 06/01/2021 9:45 AM

Rebel Yell Morning Market Report

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The Daily Briefing For June 1st: Futures Higher

Breaking News: 

Earnings Of Note After The Close:

Beats: None

Flat:  None

Misses: None

Capital Raises: 

IPOs Priced or News: 

New SPACs launched: Virtuoso Acquisition Corp (VOSO) to combine with Wejo to go public.

Secondaries Priced: None of note.

Notes Priced of note:  None of note.

Common Stock filings:  SPCE TRCH  0f note.

Selling Shareholders of note:  LGFB AGLE HRTX LEV JAGX ATER BLDE GTX   of note.

Private Placement of Public Entity (PIPE):

Mixed Shelf Offerings:  MTH BFST SPCE FBRX EC MBRX TRCH BRX ADMA OCX    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:

Landstar System (LSTR) guides Q2 EPS and revenues above high end of prior guidance, 8K filing.

Federal Reserve warns Deutsche Bank (DB) for compliance program shortfall. (Bloomberg)

Barron’s + on CAT DE HON ODFL OSK ROK SAIA SIEGY WCC XPO AMAT LRCX MLHR EQT XOM CVX RDSA DG AXTA

Dividend Increases: AFG (one time $14 dividend) 

Guides Higher: 

Mixed Guidance:

Lower Guidance:

Buyback Announcements: 

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

S&P 500 +23 Dow Jones Industrial Average +245 NASDAQ +56 Russell 2000 +21.  Fair values are  lower today. Asia mixed and Europe higher. VIX is at 18.60 in futures. VIX closed at 16.78 from 17.36.

Gold and silver higher  while copper lower. WTI Crude Oil and Brent Oil Futures higher. Natural Gas is higher. $ is lower vs Euro, higher vs Pound and lower vs Yen. US 10 year Treasury price is at $131.77 from $132.81 with the yield at 1.62% from 1.608%.  Bitcoin $36204 down $510 and -1.46%.

Friday’s Action – 5/28.  Equity indexes were higher into the weekend.

Positive Sectors On Friday: Real Estate, Utilities and Healthcare of note.

Negative Sectors On Friday: Communication Services, Consumer Cyclical and Industrials of note.

One Month Winners: Energy, Financials, Materials and Industrials  of note.

Three Month Winners: Energy, Materials, Industrials and Financials of note.

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

Twelve Month Winners: Materials, Industrials, Financials and Consumer Cyclicals of note.

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

Stocks were higher on Friday ex the Russell 2000, Bonds mixed, U.S. Dollar higher and Commodities mixed.

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

Today After the Close: ZM, HPE, STNE, APPS, MDLA, NGL of note.

Wednesday Before the Open: CCL, AAP, DCI of note.

Earnings This Morning Of Note:

Beats: BNS +0.14

Flat:  none

Misses: CGC (1.61)

Still to Report: none

Insider Purchases:

Below is the list of insider buys from yesterday and this morning sorted by level of short selling. The idea here is simple. Find stocks where insiders are buying and the shorts are “dumb short sellers”. Insider buying and short selling exists in Quantumscape (QS) and Oak Valley Bancorp (OVLY) and we note shorts are feeling pain in OVLY and yet in QS.  As such we like this as a long idea. Updated 6/1

Erlanger Research Advance/Decline Chart/Table –Updated through 5/28.

Gap Ups & Down In Early Pre-Market:

Gap up: AKBA +14%, AMC +6%, AFG +6%, XPEV +5%, NIO +4%

Gap down: CRNT -4%

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

Stocks making the biggest moves   (CNBC)

5 Things To Know Before Trading Starts. (CNBC)

G7 wants a minimum tax deal in July. (Reuters)

OECD ups Global GDP Growth to 5.8% from 4.2% in December.

Transportation Secretary Pete Buttigieg notes only a week left to get bipartisan deal on Infrastructure otherwise the Democrats can use reconciliation without Republicans. (CNN)

40 states now fully reopened. (NYT)

Airlines saw the highest airline travel since the pandemic began. (NYT)

Robinhood looks at the divide over the rich and poor.  

IMAX saw “A Quiet Place Part II” bring in $5.3 billion on 361 screens.

NIO reports May deliveries up to 6,711 vehicles up 95.3%.

Index Moving Averages: 5/28 Close – The Confidence Score is at 100%.

Geopolitical:

The President receives the President’s Daily Brief, The White House, 9:30 a.m. EDT

The President departs the White House en route Joint Base Andrews, en route Tulsa, Oklahoma, 11:00 a.m. EDT

Principal Deputy Press Secretary Karine Jean-Pierre will speak aboard Air Force One en route Tulsa, Oklahoma, 1:00 p.m. EDT

The President tours Greenwood Cultural Center; the Secretary of Housing and Urban Development, Domestic Policy Advisor Susan Rice, and Senior Advisor to the President Cedric Richmond also attend, 2:45 p.m. EDT

The President delivers remarks to commemorate the 100th anniversary of the Tulsa Race Massacre, 4:15 p.m. EDT

The President departs Tulsa, Oklahoma en route Joint Base Andrews, 5:50 p.m. EDT

The President returns to the White House, 8:30 p.m. EDT

Reserve Bank of Australia (RBA) minutes out at 4:00 a.m. EDT.

Federal Reserve Speakers:

Federal Reserve GovernorRandall Quarles to speak at 10:00 a.m. EDT.

Federal Reserve Governor Lael Brainard to speak at 2:00 p.m. EDT.

Economic:

April Construction Spending is due out at 10:00 a.m. EDT and is expected to rise to 0.5% from 0.2%.

May ISM Manufacturing Index is due out also at 10:00 a.m. EDT and is expected to rise to 61% from 60.7%.

M&A Activity

Cloudera (CLDR) to be acquired by Clayton, Dubilier & Rice and KKR for $16 in cash.

Meetings of Note:

Sellside Conferences: Deutsche Bank dbaccess Annual Global Financial Services Conference. (6/1-2) Cowen Annual Technology, Media and Telecom Conference  (6/1-3) Jefferies Global Health Conference (6/1-4) William Blair Annual Growth Conference (6/1-6/3) Bank of America Emerging Markets Debt & Equity Conference (6/1-4)

Company Meetings:  ASND (Investor Meetings) AMGN (Conference Call)  

Industry Meetings:

Upgrades & Downgrades:

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