The Daily Briefing For March 23rd: Stocks All Over The Place As We Await A Stimulus Bill

by Geoff Garbacz | 03/23/2020 11:07 AM

Rebel Yell Morning Market Report

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The Daily Briefing For March 23rd: Stocks All Over The Place As We Await A Stimulus Bill

Breaking News: Federal Reserve announces unlimited bond purchases across all types of bonds and will lend to Main Street as well.

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: None of note.

Mixed Shelf Offerings: SPPI CLF of note.

Convertible Offering Files: None of note.

Senior Notes Filed: None of note.

Courtesy of IPO Financial

Earnings After The Close:

Beat: 

None of note.

Missed: 

 None 0f note.

Hourly Action This Past Week: Updated 3/20 Close

News After The Close (In Order of Time)

Cummins (CUM) suspends production at its Midrange  Engine Plant.

German Chancellor Angela Merkel moves to self quarantine after doctor test positive.

International Olympic Committee considers postponing the Olympics.

Barron’s positive on RHHBY TMO BAC C GS JPM MS WFC CMA MTB PNC USB PTON TMUS T VZ  and negative on BA.

Store closures: VRA

Lowers Guidance: VRA SDC M

Withdraws Guidance:  VRA DESP CMI EEFT

Stock Buybacks Stopped: AUB VRA DAL

Dividend Cuts: M DAL (suspends)

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

S&P 500 +40 Dow Jones Industrial Average +384  NASDAQ +164 Russell 2000 +51. Fair values are higher.  Asia mixed and Europe mixed.

Gold and silver higher and copper lower. WTI Crude Oil higher  and Brent Oil Futures lower. Natural Gas is lower. $ is lower vs Euro, lower vs Pound and lower vs Yen. US 10 year Treasury price is at $138.31 from $136.14  with yields at 0.742% from 1.024%.

Positive Sectors On Friday: None of note.

Negative Sectors On Friday: All lower led by Utilities, Consumer Goods, Industrials and Healthcare.

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:  ADUS of note.

Tuesday Before The Open:  NKE SNX GO SCS AIR HOME of note.

Earnings This Morning Of Note

Beat: 

None of note.

Misses:

SY (0.19) of note.

Still To Report:  

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

Top News Story: Senate fails to get 60 votes to pass Coronavirus Stimulus Bill. (WSJ)

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

5 Things To Know Before Stock Market Opens On Monday. (CNBC)

Stocks Moving This Morning. (CNBC)

Coronavirus update New Zealand to lockdown and Hong Kong to ban visitors. (CNBC)

President Trump activates the National Guard in New York, Washington and California. (CNN)

NIH Head Anthony Fauci says too early to say U.S. has failed  in its “pandemic preparedness”. (CNBC)

NYSE to have its first all electronic trading day. (CNBC)

Stock Index Tracking

Current through 3/20 close.

Bold means a change from prior day.

The advance/decline line model remains in cash. Updated through 3/20 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 -28.66% 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 3/20 close.

Courtesy of Phil Erlanger Research, Inc.

Economic & Related:

None of note today.

Geopolitical:      

President Trump will have lunch with the Vice President.

Senate will hold a procedural vote on the pending Coronavirus Stimulus Bill at 9:45 a.m. EDT.

Coronavirus Task Force holds a briefing at 5:30 a.m. EDT.

Meetings, Calls & Conferences

Investor/Analyst Days & Conference Calls of Note: KEX (Webcast) EVBG (Investor Day)

Sellside Conferences: None of note.

Industry Conferences: American Academy of Dermatology Annual Meeting (3/20-3/24) , not confirmed.

M&A Activity

Upgrades & Downgrades are back today!


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