The Daily Briefing for March 26th: Futures All Over The Place
Breaking News:Treasury Secretary Steven Mnuchin to be interviewed on CNBC at 9:00 a.m. EDT.
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:
YRD +0.39, MU +0.08, SCVL +0.03 of note.
MFA +36%, SCVL +10%, GRFS +9%, NBLX +8%, GPMT +8%, YRD +8%, MU +6%
AOBC -7%, MCFT -6%, SPWR -5%, BITA -5%, M -4%
Hourly Action This Past Week: Updated 3/24 Close
News After The Close (In Order)
Redfin (RDFN) sees home buying demand slowing since 3/18.
Ford (F) sees rating agency cut its rating to junk.
Macy’s (M) sees rating agency cut its rating to a second level of junk.
Salesforce (CRM) announces will not cut employees over the next few months.
Withdraws Guidance: WYND MCFT HBI AVB BYD SPWR OUT DLX AXL TEX AOBC CRI
Stock Buybacks Stopped: WYND TEX
Dividend Cut Or Suspended: BYD NBLX SBRA CIO INN MFA ALK
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 -167 NASDAQ -30 Russell 2000 -7. Fair values are mixed. Asia and Europe lower.
Gold higher, silver and copper lower. WTI Crude Oil 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 $137.73 from $137.13 with yields at 0.775% from 0.856%.
Positive Sectors On Wednesday: All led by Materials, Energy, Industrial Goods and Financials.
Negative Sectors On Wednesday: Amazing none of note for the first time in quite a while.
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: LULU HTHT JEF SAIC KBH RH PRGS OXM AFYA GME SPWH of note.
Friday Before The Open: SCWX of note.
Earnings This Morning Of Note
CSIQ +0.61, SIG +0.18, BITA +0.16, FDS +0.06, TITN +0.01 of note.
ERJ (0.51), WOR (0.41), MOV (0.06) of note.
Still To Report:
Rags & Mags: Highlighted Stories may be clicked through to the original story.
Top News Story: U.S. Senate passes Stimulus Bill 96-0 and sends to the House for approval. House vote on Friday. (CNBC)
5 Things To Know To Start Your Day. (Bloomberg)
5 Things To Know Before Stock Market Opens On Thursday. (CNBC)
Stocks Moving This Morning. (CNBC)
Coronavirus update: Spain’s death toll passes China.
Federal Reserve Chairman Jerome Powell interviewed on The Today Show and notes that could see a good rebound once on the backside of the virus. (Bloomberg)
Slack (WORK) sees users grow by 2 million to 12.5 million.
House Representative Alexandria Ocasio-Cortez threatens to force a recorded vote, delaying of Stimulus Bill passage for days.
Moody’s downgrades Toyota (TM), Honda (HM), Nissan (NSANY) and Yamaha (YAMCY).
AMC Entertainment (AMC) puts all corporate executives on furlough. (Reuters)
Stock Index Tracking
Current through 3/25 close.
Bold means a change from prior day.
The advance/decline line model remains in cash. Updated through 3/25 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 3/25 close.
Courtesy of Phil Erlanger Research, Inc.
Economic & Related:
Weekly Jobless Claims are due out at 8:30 a.m. EDT.
Q4 GDP is due out at 8:30 a.m. EDT and is expected to remain at 2.1%.
Weekly Natural Gas Inventories are due out at 10:30 a.m. EDT.
The Bank of England (BOE) announced its latest interest rate decision.
President Trump will be on a call with G20 Leaders at 8:00 a.m. EDT.
President Trump to be interviewed on Fox News with Sean Hannity at 9:00 p.m. EDT.
Coronavirus Task Force holds a briefing at 6:00 p.m. EDT.
$32 Billion of 7 Year Notes are auctioned at 1:00 p.m. EDT.
Meetings, Calls & Conferences
Investor/Analyst Days & Conference Calls of Note: HPE CNI IMXI CAPR TROX (Conference Call) WORK MMP (Webcast) PAC (Investor Day) ZSAN RHP (Update)
Sellside Conferences: None of note.
Upgrades & Downgrades updated through 8:45 a.m. EDT.