The Daily Briefing For May 12th: Futures Rebound Off Morning Lows But Now Lower

IPOs on deck: None of note.

IPOs Filed:  None of note.

Secondaries Priced: ATRC AKBA LXP REXR EQIX MT BMRN STRO PTGX  of note.

Notes Priced of note: PXD  of note.

Common Stock filings:  AKBA MYOK  STRO LXP CHEF BLK QTWO PING REXR EPD  AXLA ATCO  BGNE   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:

 CABO +2.31, BHF +0.86, CZR +0.60, RETA +0.41, KWR +0.38, IIVI +0.33, GDOT +0.20, KAMN +0.17, ENSG +0.16, FOE +0.14, LOGI +0.11, AFG +0.11, FBM +0.09, BE +0.09, CBT +0.08, G +0.08, DDOG +0.08, MESA +0.04, GWPH +0.04, GO +0.04, IFF +0.03, TME +0.03, MIME +0.03, NSA +0.02, AMN +0.01, RPAY +0.01 of note.

Flat: ETH +0.00, EXTR +0.00, EZPW +0.00, HALO +0.00, JCOM +0.00

Misses: 

AMBC (5.27), HHC (3.68), SUN (2.50), ERI (2.37), EB (1.48), SGMS (1.47), TLRY (1.33), ECPG (1.13), ET (0.64), HTZ (0.59), MBI (0.48), FSCT (0.30), SPG (0.17), AIMT (0.16), AEE (0.12), PLYA (0.11), IPAR (0.11), TXG (0.09), GSKY (0.09), XLRN (0.07), AMCR (0.05), DRH (0.05), FATE (0.05), SCSC (0.05), CDLX (0.04), NHI (0.04), DIOD (0.03), SGMO (0.02), LTHM (0.02), CSOD (0.02)  of note.

Gap Ups:

CBAY +157%, GMDA +85%, FBM +49%, NVAX +35%, IIVI +27%, BHF +14%, IVR +12%, GDOT +11%, IFF +8%, VOD +8%, GWPH +8%, PSEC +8%, SPG +6%, ENSG +6%, DDOG +6%, LOGI +5%, LOGI +5%, GO +5%, AEG +4%

Gap Downs: 

GNFT -65%, STRO -16%, EB -12%, AXLA -10%, AKBA -7%, HALO -7%, SQNS -7%, CSOD -7%, GSKY -7%, FATE -6%, DIOD -6%, TLRY -6%, CHEF -6%, SGMO -6%, TME -5%, AIMT -5%, SUN -5%, LXP -5%, JCOM -4%, HTZ -4%, AEE -4%, BLK -4%, QTWO -4%

Hourly Action This Past Week: Updated 5/8 Close

News After The Close (In Order)

Tesla (TSLA) restarts production  at Hayward facility against Alameda County rules.

Unisys (UIS) wins $630 million Air Force contract.

President Trump Press Conference  reviewed testing, states he is not in favor of reopening China Trade Deal and ends press conference early after friction with reporter from CBS and CNN.

Lowers Guidance: G (Q2) EXTR (Q4) MIME (Q1) AFG 

Raises Guidance: IIVI DDOG

Withdraws 2020 Guidance: NSA GDOT JCOM SPG NHI IR

Dividend Increase: 

Dividend Cut: 

Share Buyback Announcements: 

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

S&P 500 +11 Dow Jones Industrial Average +113 NASDAQ +27 Russell 2000 +13.56 Fair values are lower.  Asia  and Europe mixed to lower.

Gold and silver higher with copper lower. WTI Crude Oil and Brent Oil Futures higher. Natural Gas is flat. $ is lower vs Euro, lower vs Pound and lower vs Yen. US 10 year Treasury price is at $138.70 from $138.95  unchanged with yields at from 0.6991%.

Positive Sectors On Tuesday: Healthcare, Technology and Communication Services of note .

Negative Sectors On Tuesday: Materials, Energy and Real Estate of note.

One Month Winners: Materials, Conglomerates, Financials and Services of note.

Three Month Winners: None of note.

Six Month Winners:  Healthcare and Technology of note.

Twelve Month Winners: Healthcare, Technology and Consumer Goods of note.

Year to Date: None of note.

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

Today After The Close:  ALC PAGS ADPT RXN NVST PGNY EGHT RLJ OR SWAV INFN VREX HCAT of note.

Wednesday Before The Open: CYBR DOYU TSEM PGTI DDS TGI of note.

Earnings This Morning Of Note

Beat:

NOVT +0.19, VSH +0.06, MAC +0.04, TUFN +0.03, DT +0.03, FLOW +0.03  of note.

Missed:

HMC (41.29), CVLT (0.08), DUK (0.04), IR (0.02) of note.

Flat:  

Still to Report: BNTX, FI

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

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

Stocks Making The Biggest Moves. (CNBC)

5 Things To Know Before The Market Opens For Tuesday. (CNBC)

Coronavirus update: Burger King opens dining rooms and WHO sees promise in treatments.

U.S. Coronavirus Map update.

Federal Reserve begins to buy corporate bond ETFs. (CNBC)

IHME announces midpoint guidance of COVID-19 deaths through 8/4 to `137,184 from 134,475 deaths.

China issues 79 waivers for retaliatory tariffs. (Reuters)

Dr. Anthony Fauci to testify at Senate Hearing at 10:00 a.m. EDT. (NYT)

Boeing (BA) CEO Dave Calhoun notes that a major U.S. airline will go out of business this year. (Bloomberg)

Stock Index Tracking

Current through 5/11 close.  Moving averages remain strong.

Bold means a change from prior day.

The advance/decline line model is now a buy on 4/2 close. Updated through 5/8  close. In 2019, the model was up 16.48% on the S&P 500 and this year is up 8.31% with the S&P 500 lower by -9.32% through Friday. Now 6 buy signals and 4 cash signals in 2019 and 2020. The latest buy is up 15.94% through Friday’s close.

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. Updated through 5/11 close. EVL Ranges remain above normal and are highlighted in blue BUT are starting to drop.

Courtesy of Phil Erlanger Research, Inc.

Economic & Related:

April NFIB Small Business Optimism is due out at 6:00 a.m. EDT and came in last month at 80.

April CPI is due out at 8:30 a.m. EDT and is expected to fall to -0.8% from -0.4%.

Weekly API Petroleum Institute Data is due out at 4:30 p.m. EDT.

Geopolitical & Related

Federal Reserve Minneapolis President Neel Kashkari speaks at 9:00 a.m. EDT.

Federal Reserve Governor Randall Quarles speaks at 10:00 a.m. EDT as does Federal Reserve Philadelphia President Patrick Harker.

President Trump will receive his intelligence briefing at 12:00 p.m. EDT and then meet with Senate Republicans at 4:00 p.m. EDT. Press Secretary Kayleigh McEnany holds a briefing at 2:00 p.m. EDT.

$32 billion 10 Year Note auction at 1:00 p.m. EDT.

Federal Reserve Cleveland President Loretta Mester speaks at 5:00 p.m. EDT.

Meetings, Calls & Conferences

Investor/Analyst Days & Conference Calls of Note: NPTN (Conference Call) 

Sellside Conferences: Credit Suisse Mexico Conference (5/11-5/14). Merrill Lynch Bank of America Transportation and Industrials Conference (5/11-5/14). Bank of America Merrill Lynch Global Virtual Healthcare Conference (5/12-5/14). JP Morgan Annual Global Technology, Media And Communication Virtual Conference (5/12-5/14).

Industry Conferences: None of note.

M&A Activity

Upgrades & Downgrades  – None of note today.