The Daily Briefing For March 2nd: Crazy Morning For Futures

by Geoff Garbacz | 03/02/2020 9:48 AM

Rebel Yell Morning Market Report

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The Daily Briefing For March 2nd: Crazy Morning For Futures

Breaking News: Jack Welch the former CEO of General Electric has died this morning at the age of 84.

IPOs on deck: None of note.

IPOs Filed:  None of note.

Secondaries Priced: None of note.

Notes Priced: None of note.

Common Stock filings:None of note.

Mixed Shelf Offerings:  FBNC HT POST WLKP FTAI ARES EXTN AIV  of note.

Convertible Offering Files: None of note.

Senior Notes Filed: None of note.

Private Placement filings: DMTK of note.

Courtesy of IPO Financial

Earnings After The Close:

Beat: 

None of note.

Missed: 

None  of note.

Hourly Action This Week: Updated 2/28 Close

News After The Close (In Order of Time)

Fitch affirms ratings on Ireland A+, Switzerland AAA, and Norway AAA.

Sanofi (SNY) agrees to $11.85 million settlement regarding patient assistance.

Harley Davidson (HOG) CEO Matthew Levatich steps down and  Jochen Zeitz named Acting President and CEO.

New Oriental Education & Technology (EDU) lowers Q3 revenue guidance due to Coronavirus.

TAL Education (TAL) lowers Q4 revenues due to Coronavirus.

General Motors (GM) hires 1,200 employess due to demand for SUVs.

President Trump held a press conference on Saturday announcing the death of a Coronavirus patient in Washington state.

Former Vice President Joe Biden wins the South Carolina primary with 48% of the vote.

Democratic Candidates Tom Steyer and Pete Buttigieg withdraw from the Democratic Presidental Campaign.

WHO moves the risk of Coronavrius to “very high”  and the window to control is narrowing.

U.S. announces deal with Afghanistan to withdraw troops.

Stock Buybacks: STL  AAOI OPBK MRKR RFP

Dividend Increases:

Gap Higher: JD +5%, GDX +4%

Gap Lower: CCL -8%

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

S&P 500 -19 Dow Jones Industrial Average -140  NASDAQ -42 Russell 2000 -17. Fair values are lower. Asia and Europe lower.

Gold, silver and copper higher. WTI Crude Oil and Brent Oil Futures higher. Natural Gas is higher. $ is lower vs Euro, higher vs Pound and lower vs Yen. US 10 year Treasury price is at $135.33 from $134.16 with yields a 1.07% from 1.213%.  Prices as of 8:30 a.m. EDT.

Positive Sectors On Friday: Technology of note.

Negative Sectors On Friday: All others lower lead by Utilities, Financials and Industrials.

One Month Winners: None of note.

Three Month Winners: Conglomerates.

Six Month Winners:  Technology, Healthcare and Consumer Goods.

Twelve Month Winners: Technology, Consumer Goods,Utilities, Services and Healthcare.

Year to Date: Conglomerates.

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

Today After The Close:  CBPO TERP FGEN JOYY SQM PTCT LVGO KWR IPAR of note.

Tuesday Before The Open: TGT AZO SE KSS IGT CRON FLR MYE BNED of note.

Earnings This Morning Of Note

Beat: 

PEGI +0.52, DHC +0.28, JD +0.11, CORE +0.06, CIR +0.05, EVRG +0.01 of note.

Flat

EGRX +0.00

Missed:

WSC (0.19), HRTX (0.09), GTT (0.05), XRAY (0.02), NWN (0.02) of note.

Still to Report: EBIX, TZOO

 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 the Market Opens. (CNBC)

Stocks Moving This Morning. (CNBC)

Coronavirus update: 2 Dead in U.S. and first case in NYC. (CNBC)

Coronavirus Map. (Bloomberg)

Volatile overnight session. (CNBC)

10 Year hits 1.04% overnight. (CNBC)

Multiple sellside firms say not enough pain yet to call a bottom. (CNBC)

Coronavirus pushes global economy to a recession. (Bloomberg)

Biden’s results in South Carolins shake up the Democratic Campaign. (NYT)

Stock Index Tracking

Current through 2/28 close. A real struggle now.

Bold means a change from prior day.

The advance/decline line model is now back in cash. Updated through 2/28 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 -7.80%. 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 2/28 close.

Courtesy of Phil Erlanger Research, Inc.

Economic & Related:

January Construction Spending is due out at 10:00 a.m. EDT and is expected to rise to 0.7% from -0.25%.

February ISM Manufacturing Index is due out at 10:00 a.m. EDT and is expected to fall to 50.3 from 50.9.

Geopolitical:      

President Trump will meet with the President of Columbia at 10:30 a.m. EDT, receive his intelligence briefing at 11:45 a.m. EDT, lunches with the Vice President, meets with Pharmaceutical executives and the Coronavirus Task Force at 3:00 p.m. EDT and then departs to Charlotte, NC for  a Keep America Great Rally.

Meetings, Calls & Conferences

Investor/Analyst Days & Conference Calls of Note:  NXPI ZGNX (Conference Call) MVRBY (R&D Day) ETN (Investor Day) 

Sellside Conferences: Credit Suisse Annual Energy Conference (3/2-3/4). Raymond James Annual Investors Conference (3/1-3/4). Citi Global Property CEO Conference (3/1-3/4). Cowen & Co Annua Healthcare Conference (3/2-3/4). Morgan Stanley Media & Telecom Conference (3/2-3/5).

Industry Conferences: AFCEA West 2020 Conference (3/2-3/3).

M&A Activity

Gilead Sciences (GILD) to buy Forty Seven (FTSV) for $99.50 a share.

Upgrades & Downgrades through 8:30 a.m. EDT 3/2

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