The Daily Briefing For March 19th:Volatility Big Today

by Geoff Garbacz | 03/19/2020 10:10 AM

Rebel Yell Morning Market Report

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The Daily Briefing For March 19th:Volatility Big Today

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: MMS of note.

Mixed Shelf Offerings: None of note.

Convertible Offering Files: None of note.

Senior Notes Filed: None of note.

Courtesy of IPO Financial

Earnings After The Close:

Beat: 

TCOM +0.16, GES +0.10, TLRD +0.08, WSM +0.07, MLHR +0.04, FIVE +0.03, PD +0.03  of note.

Missed: 

ONEM (0.89), QADA (0.25) 0f note.

Hourly Action This Week: Updated 3/18 Close

News After The Close (In Order of Time)

NYSE closes the floor and moves only to electronic trading.

ICE moves to full electronic trading.

Toyota (TM) suspends all production.

Fiat Chrysler (FCAU) suspends all production.

Store closures: ZUMZ EYE

Lowers Guidance: MTN ZUMZ

Withdraws Guidance:  DRI TRIP SHOO DRH EL MAR

Higher Guidance: STLD

Stock Buybacks: KFR CABR

Stock Buybacks Stopped: 

Dividend Increases: KL

Dividend Cuts: DRH

Reverse Stock Split Announcement: NBR

Gap Higher: 

CHEF +25%, GES +20%, HAL +12%, KL +11%, FITB +9%, STLD +9%, RDS.A +8%, SLB +8%, EPD +7%, FIVE +6%, DOYU +6%, MOMO +6%, PSX +5%, MLHR +5%, GDX +4%, TCOM +4%, WSM +4%.

Gap Lower: 

CARG -10.8%, TLRD -8.2%, MAR -6.8%, FCAU -3.9%, TOT -3.6%,

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

S&P 500 -17 Dow Jones Industrial Average -146  NASDAQ +1 Russell 2000 +5 . Fair values are lower.  Asia and Europe lower.

Gold lower, silver higher and copper lower. WTI Crude Oil  and Brent Oil Futures higher. Natural Gas is higher. $ is higher vs Euro, higher vs Pound and higher vs Yen. US 10 year Treasury price is at $135.06 from $134.88 with yields at 1.13% from 1.116%.

Positive Sectors On Wednesday: None of note.

Negative Sectors On Wednesday: All.

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:  CTAS OLLI CRWD SCHL SGH of note.

Wednesday Before The Open: TIF LK HIBB GNLN  of note.

Earnings This Morning Of Note

Beat: 

 LEN +0.43, MOMO +0.39, ACN +0.18, GIII +0.08, CMC +0.04, DRI +0.01  of note.

Misses:

 DOYU (0.23) of note.

Still To Report:  DLTH, EPAC, GDS

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 Italy extends lockdown. (CNBC)

China reports no local cases. (NYT)

40% of coronavirus cases were age 20 to 54. NYT)

European Central Bank (ECB) launches a $750 billion bond buying program. (Bloomberg)

Federal Reserve to aid prime money market funds. (CNBC)

President Trump signs coronavirus relief plan to expand paid leave. (CNBC)

Tesla (TSLA) to make ventilators. (Reuters)

Ford (F) and General Motors (GM) to make ventilators as well. (CNBC)

Stock Index Tracking

Current through 3/18 close.

Bold means a change from prior day.

The advance/decline line model is now back in cash. Updated through 3/18 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 -25.77% 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 3/18 close.

Courtesy of Phil Erlanger Research, Inc.

Economic & Related:

Weekly Jobless Claims are due out at 8:30 a.m. EDT.

March Philadelphia Federal Reserve Index is due out at 8:30 a.m. EDT and are expected to fall to 10 from 36.7.

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

Geopolitical:      

President Trump will participate in the Coronavirus Task Force meeting and then heads to FEMA for a 2:00 meeting with the governors of all states.  ALSO THERE IS A PENDING PRESS CONFERENCE TODAY WITH “IMPORTANT NEWS” FROM FDA ON CORONAVIRUS , TIME PENDING. WILL POST ON TWITTER Bullet86 WHEN KNOW TIME.

Coronavirus Task Force holds a briefing at 11:00 a.m. EDT.

Meetings, Calls & Conferences

Investor/Analyst Days & Conference Calls of Note: OPRX (Conference Call) BOX (Webcast) HSY (Investor Day) MAR (Update)

Sellside Conferences: None of note.

Industry Conferences: None of note.

M&A Activity

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

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