The Daily Briefing For March 4th, Futures Trying To Get Back To Positive

by Geoff Garbacz | 03/04/2021 9:11 AM

Rebel Yell Morning Market Report

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The Daily Briefing For March 4th, Futures Trying To Get Back To Positive

Breaking News: 

Covid-19 Statistics: 

Total Cases 28,520,365 from 28,453,529

Deaths 508,665 from 506,373

New Tests 1,401,364 from 1,349,529

New Cases 66,836 from 54,248 with positivity rate of 4.7% (up 0.7)

Daily Deaths 2,449

Current Hospitalizations 45,462 from 46,388

**** The COVID Tracking Project will stop collecting data on March 7, 2021 ***

Earnings Out After The Close Of Note:

Beats: SPLK +0.35, TCOM +0.22, YEXT +0.08, OKTA +0.07, SQM +0.05, DSGX +0.04, AEO +0.03

Flat: MRVL +0.00

Misses: RRGB (0.71), SNOW (0.53), VRM (0.07), GCP (0.01)

Capital Raises:

IPOs Priced or News: 

New SPACs launched: 

Secondaries Priced: COHU DGII SLQT VICI of note.

Notes Priced of note: ABNB of note.

Common Stock filings:  AES CMTL DX LASR RADA SINO  SLRX of note.

Selling Shareholders of note: STKL  VAC of note.

Mixed Shelf Offerings: ASTC LASR of note.

Convertible Offering Files: CUTR TYL of note.

Summary From The Trade Exchange bringing traders and investors real time news and Squawk Box.

News After The Close:

CBOE saw February trading volumes Options Average Daily Volume (ADV)  up 19% and U.S. Equities ADV up 54%.

NASDAQ February trading volumes U.S. Equity Options Volume 284 million against 293 million in January and 185 million one year ago.

Amazon (AMZN) talking to NFL about picking up more games.

Walt Disney (DIS) to close 20% of physical stores as shifts to e-commerce.

fuboTV (FUBO) secures deals for fubo Sportsbook in Indiana and New Jersey through Caesar’s Entertainment (CZR)

Snap (SNAP) CEO Evan Spiegel says could ssee 50% growth for a couple years.

Dividend Raises: AEO

Split Announcement:

Raises Guidance: 

Lowers Guidance: 

Stock Buyback New Or Increase: AEO

Insider Buys: DISCA CERN CWH STRA ADC IHRT CNP CACI PRMW AMED KW (source The Trade Exchange)

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

S&P 500 -2  Dow Jones Industrial Average +29  NASDAQ -3 Russell 2000 -3. Fair values are mixed. Asia and Europe lower. VIX is at 25.80 from 23.95  this morning in futures. VIX closed at 26.67 from 24.10  and the three month futures at 28.79 from 27.16.

Gold, silver  and copper lower. WTI Crude Oil and Brent Oil Futures lower. Natural Gas is lower. $ is higher vs Euro, higher vs Pound and higher vs Yen. US 10 year Treasury price is at $133.11 from $133.30  with the yield at 1.481% from 1.446%.

Positive Sectors On Wednesday:  Energy and Financials.

Negative Sectors On Wednesday: Technology, Communication Services and Consumer Cyclical of note.

One Month Winners: Energy, Financials and Communication Services of note.

Three Month Winners: Materials, Industrials and Financials of note.

Six Month Winners: Energy, Financials and Materials of note.

Twelve Month Winners:  Consumer Cyclical, Technology and Materials of note.

Year to Date: Energy, Communication Services, Financials and Materials of note.

Upcoming Earnings Of: (sorted by market cap, highest to lowest with most visible names)

Today After the Close: AQN, AVGO, CERT, CHUY, COO, COST, FLGT, GPS, GWRE, IMAX, JAMF, MDLA, NX, OPEN, SCOR, SDC, SWBI, WORK of note.

Friday Before the Open: BIG, GSX, HIBB of note.

Earnings This Morning Of Note:

Beats: BURL +0.32, GMS +0.13, CIEN +0.07, MEI +0.04, BJ +0.03, AHCO +0.02

Flat: none

Misses: ATC (0.17), BZUN (0.12), FOUR (0.08), PRPL (0.05), SDGR (0.01)

Still to Report: AZUL, BALY, CNQ, CRAI, JW.A, KR, MIK, TTC

Erlanger Research Advance/Decline Chart/Table –Updated through 3/3. Breadth failed to extend Monday gains.

  

Gap Ups & Down In Early Pre-Market:

Gap up:

CLNE +8%, CNR +6%, RMNI +5%, GLPG +4%, SPLK +4%

Gap down:

YEXT -16%, VRM -14%, OKTA -9%, RADA -6%, AES -6%, MRVL -5%, SPWR -5%, LASR -5%, DKNG -4%, DX -4%, BJS -4%

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

Stocks Making The Biggest Moves – OKTA MRVL VRM BJ BURL CIEN RKT CVAC AMZN SNOW SPLK  (CNBC)

5 Things To Know Before The Market Opens (CNBC)

House passes Voting Rights Bill but will die in the Senate. (NYT)

Senate to pass Stimulus Bill over weekend as waiting on a official cost estimate. (Bloomberg)

FedEx (FDX) had weeks of delays due to winter storm. (WSJ)

Walmart (WMT) may take FlipKart public through a SPAC merger. (Bloomberg)

Exxon (XOM) files $11.7 billion lawsuit against Macquarie Energy over missed deliveries. (Reuters)

Index Results

Current through 3/3 close. Overall confidence moves from 57% to 33%.

Bold means a change from prior day.

3/3 results.

Geopolitical:

The President and The Vice President receive the President’s Daily Brief, Oval Office, 10:30 a.m. EST

Press Briefing by Press Secretary Jen Psaki and Secretary of Veterans Affairs Denis McDonough, Privacy Policy (https://www.whitehouse.gov/privacy/), 12:45 p.m. EST

The President, The Vice President, and the Secretary of Transportation meet with a bipartisan group of House Members on infrastructure, Oval Office, 2:00 p.m. EST

The President participates in a virtual call to congratulate the NASA JPL Perseverance team on the successful Mars landing, Roosevelt Room, 5:00 p.m. EST

Federal Reserve Chairman Powell to speak at 1:00 p.m. EST.

Economic:

Weekly Jobless Claims are due out at 8:30 a.m. EST.

January Factory Orders are due out at 10:00 a.m. EST and is expected to rise to 2.0% from 1.1%.

Weekly Natural Gas Inventories are due out at 10:30 a.m. EST.

Meetings, Sellside Conferences and Industry Conferences

AEE BDRBF TSQ   (Investor/Analyst Day) TMUS (C Call) WRAP SMCI NXTC (Update)

Sellside Confrerences: Cowen & Co Healthcare Conference (3/1-4) Morgan Stanley TMT (3/1-4)  Bank of America Agriculture and Materials Conference (3/3-4) Wells Fargo Bank and Tech Pop Up Conference (3/4-5) Wedbush Real Estate Technology Conference (3/4-5) Cannaccord Genuity Sustainability Virtual Conference (3/4) Goldman Sachs Consumer and Retail Call (3/4)

Industry Conferences: BM Metal & Mining Conference (3/1-5)

M&A Activity:

Bio-Techne (TECH) to buy Asuragen for $215 million in cash.

Upgrades & Downgrades of Note This Morning: Note that downgrades remain prevalent in February. 

Wednesday’s Sellside Recommendations below.

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