The Daily Briefing For March 24th: Futures Higher On Hopes Of A Stimulus Bill

by Geoff Garbacz | 03/24/2020 9:22 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 24th: Futures Higher On Hopes Of A Stimulus Bill

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: None 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.

Gap Ups: ZG +36%, CTMX +29%, VAPO +28%, ARCC +13%, NAT +6%, IRBT +4%, GILD +4%

Gap Downs: MIST -75%, LC -1%

Hourly Action This Past Week: Updated 3/20 Close

News After The Close (In Order of Time)

Gilead Sciences' (GILD) Remdesivir receives orphan drug designation from FDA for COVID-19.

Booking Holdings (BKNG) reducing marketing spend and puts in a hiring freeze.

Thor Industries (THO) suspends all production in North America.

Goodyear Tire (GT) cuts stock hours.

New Zealand to quarantine for four weeks.

In Monday's Coronavirus Taskforce, President Trump states he may reopen the economy next week, however has no authority to do so on a state or local level.

Store closures: 

Lowers Guidance: 

Withdraws Guidance:  GLP IRBT TWTR (Q1) AMAT (Q2) WRI IPAR APTV ZG GM 

Stock Buybacks Stopped: PACW INTC

Dividend Cut Or Suspended: APTV JWN BJRI

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

S&P 500 +84 Dow Jones Industrial Average +764  NASDAQ +270 Russell 2000 +42. Fair values are mixed.  Asia and Europe higher.

Gold, silver and copper higher. WTI Crude Oil higher  and Brent Oil Futures higher. Natural Gas is higher. $ is lower vs Euro, lower vs Pound and lower vs Yen. US 10 year Treasury price is at $137.91 from $138.31 with yields at 0.821% from  0.742%.

Positive Sectors On Monday: None of note.

Negative Sectors On Monday: All lower led by Industrials, Utilities, Financial 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: NKE SNX GO SCS AIR HOME of note.

Wednesday Before The Open:  PAYX WGO of note.

Earnings This Morning Of Note

Beat: 

 KRTX +0.16, QIWI +0.05, INFO +0.02 of note.

Misses:

LX (0.75) of note.

Still To Report:  NEOGI

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

Top News Story:

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

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

Stocks Moving This Morning. (CNBC)

Coronavirus update  Spain sees cases rise. (CNBC)

Washington state issues a "stay at home order. (CNBC)

China to lift lockdown on Wuhan. (CNBC)

Coronavirus Stimulus Bill is getting closer to being signed. (CNBC)

U.S. airlines are calling for a volunteer shut down. (WSJ)

Stock Index Tracking

Current through 3/23 close.

Bold means a change from prior day.

The advance/decline line model remains in cash. Updated through 3/23 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% through last Friday. 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 3/23 close.

Courtesy of Phil Erlanger Research, Inc.

Economic & Related:

February New Home Sales are due out at 10:00 a.m. EDT and is expected to fall to 761,000 from 764,000.

The latest NYSE and NASDAQ Short Interest is due after the close for data from February 26th through March 11th when the S&P 500 fell -12.03%.

API Petroleum Institute will release their weekly Crude Oil and Gasoline Inventory Numbers at 4:30 p.m. EDT.

Geopolitical:      

President Trump will participate in a virtual town hall with Fox News at 12:30 p.m. EDT.

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

$40 Billion of 2 Year Notes are auctioned at 1:00 p.m. EDT.

Meetings, Calls & Conferences

Investor/Analyst Days & Conference Calls of Note:  SQ SLGL AVY ADS NVDA  (Conference Call) ALB (Webcast)  SRE  PRMW SQ TWOU (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 updated through 8:45 a.m. EDT.

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