The Daily Briefing For June 4th: Stocks Mixed
The Story – European Central Bank (ECB) leaves rates unchanged but adds 600 billion Euros to its emergency purchase program bringing it to 1.35 trillion. (Bloomberg)
IPOs on deck: ZoomInfo (ZI) priced at $21 with range of $19-21.
IPOs Filed: None of note.
Secondaries Priced: WERN GLUU DCOM TWST NMIH CCC (selling shareholders and company) of note.
Notes Priced of note: None of note.
Common Stock filings: GLOB TWST NMIH of note.
Mixed Shelf Offerings: TWST AGO of note.
Convertible Offering Files: None of note.
Senior Notes Filed: None of note.
Courtesy of IPO Financial
Earnings After The Close:
GEF +0.20, ESTC +0.19, GWRE +0.14, SMAR +0.08, CHNG +0.05, ZUO +0.04, CLDR +0.04 of note.
CMTL (0.33) of note.
Gap Up: KZR +66%, ZUO +23%, ATSG +13%, LX +9%, WWW +6%, RM +6%, GWRE +4%
Gap Down:MAR -18%, CHNG -10%, CMTL -10%, TWST -9%, NMIH -8%, CLDR -8%, ESTC -7%, AMC -4%
Hourly Action This Past Week: Updated 6/2 Close
News After The Close (In Order)
Amazon (AMZN) adds 12 Boeing (BA) 767-300 airplanes to its fleet from Air Transport Services Group (ATSG).
Costco (COST) sees May sales up 9.7% from last May.
President Trump drew criticism from the Secretary of Defense Esper as well as former Secretary of Defense Mattis over handling of trying to bring U.S. military into riots. (Bloomberg)
Former President Obama was critical of the governments handling of the protests over the death of Geeorge Floyd without ever naming President Trump.
Fossil (FOSL) begins a phased reopening of all its stores.
AMC Entertainment (AMC) reopens its first cinema in Oslo, Norway.
Raises Guidance: CLDR (EPS) ESTC( EPS) SJM( Revenues)
Lowers Guidance: SMAR GWRE CLDR (Revenues) ESTC (Revenues) SJM (EPS)
Withdraws Guidance: ZUO
Dividend Cut: HP
What’s Happening This Morning: Futures value reflects the change with fair value. We will still indicate the fair value direction.
S&P 500 -19 Dow Jones Industrial Average -128 NASDAQ -40 Russell 2000 -16.09 . Fair values are higher. Asia mixed and Europe lower.
Gold and silver higher with copper lower. WTI Crude Oil and Brent Oil Futures lower. Natural Gas is lower. $ is lower vs Euro, higher vs Pound and lower vs Yen. US 10 year Treasury price is at $138.20 from $138.91 with yields at 0.757%.
Positive Sectors On Wednesday: Industrials, Real Estate and Financials of note.
Negative Sectors On Wednesday: Healthcare 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: of note.
Friday Before The Open: of note.
Earnings This Morning Of Note
SJM +0.43, CIEN +0.24, SCWX +0.08, NAV +0.01 of note.
LX (4.23), MIK (0.57), GIII (0.08) of note.
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)
Coronavirus update: Hospitalizations on the rise in the U.S.
U.S. Coronavirus Map.
The Saudis and Russians are pushing to extend production cuts as their meeting for this week may still happen. (CNBC)
Germany reduces its VAT and will add 130 billion Euro stimulus plan. (Financial Times)
China to ease ban on U.S. flight after Trump Administration objections. (Bloomberg)
U.K. may offer citizenship to 3 million Hong Kong residents. (WSJ)
Tropical Storm Cristobal threatens BP as they close three platforms. (Reuters)
15 airlines allowed to halt service to various airports in the U.S. due to demand drops. (Reuters)
Las Vegas reopens casinos so let the good times roll again. (Las Vegas Review-Journal)
Simon Property (SPG) sues Gap (GPS) over unpaid rent. (TheStreet.com)
American Airlines (AAL) to increase flight for summer travel. (Bloomberg)
Stock Index Tracking
Current through 6/3 close. Both the Dow and Mid Cap are close to breaking above their 200 day moving averages.
Bold means a change from prior day.
The advance/decline line model is now a BUY. Updated through 6/3 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%. The current buy signal is up.
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 6/3 close. EVL Ranges remain above normal and are highlighted in blue but are trying to return to normal.
Courtesy of Phil Erlanger Research, Inc.
Economic & Related:
Weekly Jobless Claims are due out at 8:30 a.m. EDT.
Weekly Natural Gas Inventories are due out at 10:30 a.m. EDT.
Geopolitical & Related
President Trump will receive his intelligence briefing at 3:00 p.m. EDT. At 4:00 p.m. the president signs an Executive Order on Expediting Permitting.
Meetings, Calls & Conferences
Investor/Analyst Days & Conference Calls of Note: (Conference Call) (Investor/Analyst Meeting) (monthly sales call) (Update)
Sellside Conferences: Credit Suisse Global Energy Conference (6/2-6/5). Jefferies Global Healthcare Conference (6/2-6/4). Baird Annual Global Consumer, Technology and Service Conference (6/2 – 6/4). Bank of America Global Technology Conference (6/2-6/4). Piper Sandler Global Exchange and Fintech Conference (6/3-6/4). Barclays High Yield Bond and Syndicated Loan Conference (6/3-6/5). Citibank Annual Brazil Equity Conference (6/3-6/4). Bank of America Merrill Lynch Virtual Energy Credit Conference (6/3-6/4).
Industry Conferences: NAREIT Investor Conference For REIT Week (6/1-6/4).
NetApp (NTAP) buys Spot , no terms.
Charles Schwab (SCHW) receives Department of Justice Antitrust approval for TD Ameritrade (AMTD).
Upgrades & Downgrades: