The Daily Briefing For March 27th: Futures Lower As Profit Taking Begins On Rally

by Geoff Garbacz | 03/27/2020 9:16 AM

Rebel Yell Morning Market Report

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The Daily Briefing For March 27th: Futures Lower As Profit Taking Begins On Rally

Breaking News: U.K. Prime Minister Boris Johnson tests positive for coronavirus. (CNBC)

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: VRSK of note.

Convertible Offering Files: None of note.

Senior Notes Filed: None of note.

Courtesy of IPO Financial

Earnings After The Close:

Beat: 

GME +0.48, SAIC +0.24, KBH +0.19, JEF +0.14, PRGS +0.06, LULU +0.03, SPWH +0.02 of note.

Missed:

HTHT (0.14), GTBIF (0.02), OXM (0.01) of note.

Gap Ups: 

SMG +17%, GME +16%, SPWH +14%, KBH +7%, VIR +5%, SAIC +4%,

Gap Downs: 

AI -22%, BGCP -14%, CCL -7%, VMW -6%, LULU -5%, AFYA -4%, HLT -4%, RCL -4%,

Hourly Action This Past Week: Updated 3/26 Close

News After The Close (In Order)

Spirit Airlines (SAVE) sees weakness in internal controls over financial reporting.

Fitch keeps U.S. at AAA rating.

There will be salary cuts and deferrals at General Motors (GM) per CNBC.

General Motors (GM) will extend shutdown beyond March 30th with no restart date.

G-20 will inject $5 trillion into the global economy.

Lowers Guidance: PRGS

Withdraws Guidance: LULU GME KBH LEA KRNT  GPS VRTU DELL VMW HLT ACC RCII TAP  MAC

Stock Buybacks Stopped: CVTI LEA HLT EQT AGM RCII

Dividend Cut Or Suspended: BGCP LEA GPS

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

S&P 500 -82 Dow Jones Industrial Average -712  NASDAQ -221  Russell 2000 -36. Fair values are mixed.  Asia higher and Europe lower.

Gold, 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 $138.16 from $137.73 from  yields at 0.774% from 0.775%.

Positive Sectors On Thursday:  All led by Utilities, Industrials, Healthcare and Technology.

Negative Sectors On Thursday: Amazing none of note for the second day in a row, that could change today.

One Month Winners: None of note.

Three Month Winners: None of note.

Six Month Winners:  None of note.

Twelve Month Winners: Technology up 0.5% all others in the red.

Year to Date: None of note.

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

Today After The Close: None of note.

Monday Before The Open: CALM GNLN of note.

Earnings This Morning Of Note

Beat: 

SCWX +0.03 of note.

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 Friday. (CNBC)

Stocks Moving This Morning. (CNBC)

Coronavirus update: Russia sees cases rise and Hungary imposes national lockdown.

U.S. has more coronavirus cases than any other country. (NYT)

President Trump spoke with Chinese President Xi and they are working together.

Trump Administration seeks export licenses for chip companies that will ship to Huawei. (WSJ)

Novartis (NVS) says too early to know if hydroxychloroquine is a game changer. (CNBC)

Tesla (TSLA) to cut staff at Nevada plant by 75%. (Reuters)

Apache (APA) responds to a ratings cut yesterday.

Hedge Fund Titan Leon Cooperman optimistic that stock prices have bottom, range is now 2200 to 2800. (CNBC)

Stock Index Tracking

Current through 3/26 close.

Bold means a change from prior day.

The advance/decline line model remains in cash. Updated through 3/26 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 -18.59% throughyesterday. 5 buy signals and 4 cash signals in 2019. We moved to cash at 3116.31 on the S&P 500 and could move back to a buy at the close today.

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 3/26 close.

Courtesy of Phil Erlanger Research, Inc.

Economic & Related:

February Personal Income is due out 8:30 a.m. EDT and the estimate is for a decrease to 0.4% from 0.6%. It came in at 0.4%.

Geopolitical:      

House to begin debate on the stimulus package at 9:00 a.m. EDT. Voice vote could be blocked leading to a recorded vote that could take longer.

President Trump to receive his latest intelligence briefing at 12:00 p.m. EDT.

Coronavirus Task Force holds a briefing at 6:00 p.m. EDT.

Meetings, Calls & Conferences

Investor/Analyst Days & Conference Calls of Note: KAR (Update)

Sellside Conferences: None of note.

Industry Conferences: None of note.

M&A Activity

Upgrades & Downgrades  not updated due to extreme number of changes.

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