The Daily Briefing For May 19th: Futures Getting Crushed

by Geoff Garbacz | 05/19/2021 8:35 AM

Rebel Yell Morning Market Report

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The Daily Briefing For May 19th: Futures Getting Crushed

Breaking News: Crypto is crashing this morning as under $40,000. (CNBC)

Earnings Of Note After The Close:

Beats: TTWO +0.90, TCOM +0.27, AGYS +0.02

Flat:  None

Misses: STE (0.16)

Capital Raises: 

IPOs Priced or News: Squarespace (SQSP) with a pricing at $50.

New SPACs launched: 

Secondaries Priced: PRPL of note.

Notes Priced of note: COIN AMT ATKR SQ of note.

Common Stock filings: LAD LAND AIRC SCYX  0f note.

Selling Shareholders of note:  PRPL of note.

Private Placement of Public Entity (PIPE):

Mixed Shelf Offerings: NAKD of note.

Convertible Offering & Notes Filed:  None of note.

Note Offerings Filed: None of note.

Capital Raise Summary From The TradeXchange, bringing traders and investors real time news and Squawk Box, and other sources.

News After The Close:

Estee Lauder (EL) increases ownership in DECIEM Beauty Group from 29% to 76%.

A.H. Belo (AHC) announces a reverse stock split.

President Biden pitches $174 billion Electronic Vehicle Plan to compete against China.

House passes bill on Hate Crimes against Asians and had already cleared the Senate. Biden to sign.

Afterhours of note: ALTA +7.5% IBEX +5% TCOM +4% TTWO +3.3% and IOVA -8% LAD -4% PRPL -4%

Dividend Raises: SEE NOC 

Split Announcement:

Raises Guidance: TCS 

Mixed Guidance:

Lowers Guidance: 

Buyback Announcements: VVV 

What’s Happening This Morning: Futures value reflects the change with fair value.

S&P 500 -39 Dow Jones Industrial Average -285 NASDAQ -181  Russell 2000 -30  Fair values are lower except for the Russell 2000. Asia mixed and Europe lower. VIX is at 23.05 from 21.65 in futures. VIX closed at 21.34 from 19.72.

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 $132.27 from $132.36 with the yield at 1.642%.  Bitcoin $38643 from $44817.50 and this morning at $-4398.24 and -10.20%.

Tuesday’s Action – 5/18.  Equity indexes were lower after two days of buying.

Positive Sectors On Tuesday: Healthcare, Utilities and Real Estate of note.

Negative Sectors On Tuesday: Energy, Industrials and Materials 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.

Stocks were lower yesterday, Bonds higher, U.S. Dollar lower and Commodities lower ex Gold.

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

Today After the Close: CSCO, BEKE, SNPS, CPRT, ZTO, KEYS, LB, SQM, GDS, JEF, IIPR, SUMO, SCVL of note.

Thursday Before the Open: HRL, ATHM, RL, KSS, LSPD, WMS, BJ, WOOF, BRC, CSIQ, MNRO, LAC, PLCE, TGI of note.

Earnings This Morning Of Note:

Beats: TGT +1.67, LOW +0.77, VIPS +0.24, ADI +0.09, DAVA +0.06

Flat:  none

Misses: EXP (0.26), JD (0.24)

Still to Report: CAE, TJX

Insider Purchases:

Below is the list of insider buys from yesterday and this morning. VAPO sees shorts having made their money and now insiders are buying stock. NOTV sees short squeezed. Updated 5/18.

Erlanger Research Advance/Decline Chart/Table –Updated through 5/18.

Gap Ups & Down In Early Pre-Market:

Gap up: ALTA +7%, IBEX +5%, MNMD +5%, AGTI +4%

Gap down: STE -21%, PRPL -10%, IOVA -7%, ETWO -5%, VIPS -4%, COIN -4%

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

Stocks making the biggest moves TGT LOW MSTR KMX  (CNBC)

Yield on 10 Yr at 1.67% in front of Fed Minutes. (CNBC)

U.S. warship passed through the Taiwan Strait and Chinese are upset.

European Parliament to freeze investment agreement with China. (Politico)

Senate passes “Endless Frontier Act” to counter China through research initiatives. (NYT)

China bans financial companies from crypto business. (Reuters)

Southwest (LUV) offered positive guidance for May and June travel.

Index Moving Averages: 5/18 Close – Nice improvement again on Tuesday despite losses.

Geopolitical:

The President departs the White House en route Joint Base Andrews, The Ellipse, 8:15 a.m. EDT

The President receives the President’s Daily Brief, Joint Base Andrews, 9:00 a.m. EDT

Principal Deputy Press Secretary Karine Jean-Pierre will speak aboard Air Force One en route North Kingstown, Rhode Island, 9:05 a.m. EDT

The President arrives at the United States Coast Guard Academy, 10:45 a.m. EDT

The President participates in the United States Coast Guard Academy’s Commencement Exercises and delivers the keynote address, 11:00 a.m. EDT

The President returns to the White House, The Ellips, 4:35 p.m. EDT

Federal Reserve Speakers:

Federal Reserve St. Louis President James Bullard 10:00 a.m. EDT.

Federal Reserve Atlanta President Raphael Bostic 11:35 a.m. EDT.

Economic:

API Petroleum Institute  Crude Oil +620,000 and Gasoline draws 2,840,000.

Weekly Crude Oil Inventories are due out at 10:30 a.m. EDT.

Federal Reserve Open Market Committee (FOMC) Minutes from the last meeting are due out at 2:00 p.m. EDT.

M&A Activity

Glacier Bancorp (GBCI) to buy Altabancorp (ALTA) for $933.5 million.

Meetings of Note:

Sellside Meeting: Needham Technology & Media Conference (5/17-20)  RBC Capital Markets Canadian Automotive, Industrials and Transportation Conference (5/17-19) Bank of America Global Metals, Mining and Steel Conference (5/18-19) RBC Global Healthcare Conference (5/18-19) Morgan Stanley Life After Covid (5/18 -5/21)

Company Meetings: (Update)  (Investor Day)  (Conference Call)

Industry Meetings: American Thoracic Society Annual Conference (5/14-5/19)

Upgrades & Downgrades:

Tuesday’s Recommendations

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