The Daily Briefing For March 18th: A Miracle A Limit Down That Held

by Geoff Garbacz | 03/18/2020 10:50 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 March 18th: A Miracle A Limit Down That Held

Breaking News: Senator Bernie Sanders will “assess” his campaign after Tuesday losses,

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:  SAFE ATH D of note.

Mixed Shelf Offerings:   OLP of note.

Convertible Offering Files: None of note.

Senior Notes Filed: None of note.

Courtesy of IPO Financial

Earnings After The Close:

Beat: 

MDB +0.03, SMAR +0.03 of note.

Missed: 

FDX (0.05), BILI (0.01) 0f note.

Flat:

ASTE +0.00

Hourly Action This Week: Updated 3/17 Close

News After The Close (In Order of Time)

Qiagen (QGEN) ramps up dramatically the test kits for Coronavirus.

Target (TGT) to reduce store hours to do more cleaning and restocking.

Goodyear (GT) will close European tire and retread plants by end of the week.

Las Vegas casinos suspend operations for the next 30 days.

Boeing (BA) has drawn down its entire credit line of $13.8 billion taken out 8 days ago.

Store closures: BKE KSS (partial)

 CNK suspends operations.

Lowers Guidance:

Withdraws Guidance:  FDX WH CLS VECO CHH ICHR FORM

Stock Buybacks: ABR

Stock Buybacks Stopped: KEY  VKTX EMR SABR

Dividend Increases: 

Dividend Cuts: SABR RHP

Gap Higher: 

 ABR +13%, TGNA +10%, XP +7%

Gap Lower: 

BA -17%, CRON -14%, MDB -13%, BILI -9%, BVN -8%, FDX -7%,  SDC -7%, TGT -4%, CNK -4%, FORM -4%, BZUN -4%

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

S&P 500 -110  Dow Jones Industrial Average -1031  NASDAQ -386 Russell 2000 -58. Fair values are lower.  Asia and Europe lower.

Gold, silver and copper lower. WTI Crude Oil  and Brent Oil Futures lower. Natural Gas is lower. $ is higher vs Euro, higher vs Pound and lower vs Yen. US 10 year Treasury price is at $134.88 from $137.31 with yields at 1.116% from 0.813%.

Positive Sectors On Tuesday: Utilities, Technology and Healthcare.

Negative Sectors On Tuesday: None of note.

One Month Winners: None of note.

Three Month Winners: None of note.

Six Month Winners:  None of note.

Twelve Month Winners: None of note.

Year to Date: None of note.

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

Today After The Close:  of note.

Wednesday Before The Open:   of note.

Earnings This Morning Of Note

Beat: 

FUTU +1.05, QTT +0.28, IAA +0.02, GIS +0.01  of note.

Misses:

BZUN (0.24) of note.

Still To Report: 

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

Top News Story:  Expect more volatility today. (CNBC)

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

Stocks Moving This Morning. (CNBC)

Stock Indexes hit limit down for the second time this week. (CNBC)

Coronavirus update sees cases top 200,000. (CNBC)

Former VP Joe Biden wins the three primaries on Wednesday, delegate lead builds. (CNBC)

President Trump may close the borders. (WSJ)

Treasury Secretary Mnuchin says unemployment rate could hit 20%. (Bloomberg)

Italy, France and Belgium ban short selling. (Bloomberg)

Hotel industry asks for $150 billion in aid. (WSJ)

Goldman cuts China Q1 GDP to -9% overnight.

NY Governor Andrew Cuomo will decide whether a “shelter in place” would happen in New York City, not its Mayor Bill de Blasio.

Stock Index Tracking

Current through 3/17 close.

Bold means a change from prior day.

The advance/decline line model is now back in cash. Updated through 3/17 close. In 2019, the model was up 16.48% on the S&P 500 and this year is down -7.64% with the S&P 500 lower by -23.22% before today. 5 buy signals and 4 cash signals in 2019. We moved to cash at 3116.31 on the S&P 500.

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. Update through 3/17 close.

Courtesy of Phil Erlanger Research, Inc.

Economic & Related:

API Petroleum Institute will release its weekly data at 4:30 p.m. EDT.

MBA Weekly Mortgage Applications fell -8% this morning. Not a surprise.

February Housing Starts are due out at 8:30 a.m. EDT and is expected to fall to 147,500 from 156,700.

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

Geopolitical:      

President Trump will participate in a phone call with airline executives at 10:00 a.m. EDT, then the Business Roundtable at 10:45 a.m. EDT, Coronavirus Taskforce at 11:45 a.m. EDT,  doctors at 1:30 p.m. EDT and nurses at 3:30 p.m. EDT. ALSO PENDING PRESS CONFERENCE THIS AFTERNOON WITH “IMPORTANT NEWS” FROM FDA ON CORONAVIRUS , TIME PENDING. WILL POST ON TWITTER Bullet86 when know time.

Coronavirus Task Force holds a briefing at 11:45 a.m. EDT.

Meetings, Calls & Conferences

Investor/Analyst Days & Conference Calls of Note:  WMMVY (Investor Day) BCLI  SPPI (Conference Call) 

Sellside Conferences: Citi Communication Services Conference (3/17-3/18).

Industry Conferences: None of note.

M&A Activity

Fox Corporation (FOXA) to buy Tubi for $440 million in cash.

The Najafi Companies offers TEGNA (TGNA) to buy them for $20.

Upgrades & Downgrades are too numerous again to show today. I have never seen more of each!

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