The Daily Briefing For May 4th: Stocks Lower

by Geoff Garbacz | 05/04/2021 1:08 PM

Rebel Yell Morning Market Report

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The Daily Briefing For May 4th: Stocks Lower

Breaking News: Chinese Military Aircraft enters Taiwan air space reported at 7:45 a.m. EDT. It should be noted this has been happening at a greater frequency.

Earnings Of Note After The Close:

Beats: CAR +2.03, FANG +1.04, XPO +0.47, CBT +0.42, AGR +0.40, CR +0.39, SCI +0.32, IRBT +0.32, RBC +0.30, WWD +0.29, LGND +0.29, NSP +0.26, ATCO +0.26, LEG +0.22, PLOW +0.22, NTR +0.20, SANM +0.19, KMT +0.11, FLS +0.09, MYGN +0.09, JKHY +0.09, MOS +0.09, O +0.09, FN +0.07, WMB +0.07, AWR +0.06, CC +0.06, VRNS +0.05, OTTR +0.05, BRX +0.04, OHI +0.04, BWXT +0.02, QGEN +0.02, ZI +0.02, SHO +0.02, MWA +0.01, HLIT +0.01, LTHM +0.01

Flat:  ADUS +0.00

Misses: MAXR (1.15), RMBS (0.30), FRPT (0.28), RHP (0.23), VNOM (0.12), AWK (0.06), SEDG (0.04), OGS (0.03), VNO (0.02), BLDP (0.02), IAG (0.02), RIG (0.02), CHGG (0.02), EVER (0.01), KFRC (0.01)

Capital Raises:

IPOs Priced or News: None of note.

New SPACs launched:

Secondaries Priced: SYNH of note.

Notes Priced of note:  None of note.

Common Stock filings:  BOOM  0f note.

Selling Shareholders of note: ASO SYNH FANG of note.

Private Placement of Public Entity (PIPE): INVA 

Mixed Shelf Offerings:  BOOM KROS GDYN  ARI  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:

SmileDirectClub (SDC) was hacked on 4/14 and will impact sales in Q2.

Sunstone Hotel (SHO) suspended dividend.

Microsoft Co-Founder Bill Gates and wife Melinda to divorce but for now the Gates Foundation to continue.

Under Armour (UAA) to settle SEC Investigation and pay $9 million in penalties.

Index Changes seeR1 (RCM) join the S&P 400 MidCap and The Bancorp (TBBK) join the S&P 600 before trading on 5/7.

Pfizer (PFE) and BioNTech (BTNX) propose to vaccinate 12 to 15 year olds. (NYT)

Granite Construction (GVA) wins $160 million contract for Texas dam project.

General Motors (GM) fixes issues with the Chevrolet Bolt EVs and safety recall on vehicles from 2017 to 2019.

After Hours:

Dividend Raises: WTS BAX MSA 

Split Announcement:

Raises Guidance: PFE UAA 

Mixed Guidance:

Lowers Guidance: HLIT 

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 -23 Dow Jones Industrial Average -144 NASDAQ -119  Russell 2000 -19  Fair values are lower except for the Russell 2000. Asia and Europe mixed. VIX is at 20.30 from 19.90 this morning in futures. VIX closed at $18.31 from $17.61.

Gold lower, silver higher and copper lower. WTI Crude Oil and Brent Oil Futures higher. Natural Gas is lower. $ is higher vs Euro, higher vs Pound and higher vs Yen. US 10 year Treasury price is at $132.22 from $131.97 with the yield at 1.612% from 1.644%.  Bitcoin $55,949 from $58,732.49 on Monday and this morning at $-1597 and -2.78%.

Monday’s Action – 5/3.  Equity indexes were mixed with others mixed as well ex commodities that rose.

Positive Sectors On Monday: Energy, Materials and Industrials.

Negative Sectors On Monday: Communications Services, Technology and Consumer Cyclical.

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: TMUS, MELI, ATVI, PRU, MTCH, ALC, CTVA, ZG, PXD, VRSK, XLNX, RNG, ANET, PAYC, EXAS, LYFT, CZR, PEAK, AMCR, AKAM, MPWR, PKI, DVN of note.

Wednesday Before the Open: GM, EMR, EXC, SRE, TT, GOLD, HLT, PEG, CCL, CDW, ABC, CERN, HZNP, FTS, CNHI, WRK, SMG, BWA, DNB, BRKR of note.

Earnings This Morning Of Note:

Beats: LGIH +1.70, BG +1.65, NXST +1.17, IT +0.95, VIRT +0.89, LCII +0.77, IDXX +0.63, CMI +0.56, WLK +0.50, MLM +0.49, LPX +0.41, ZBRA +0.40, ARCB +0.40, HSIC +0.39, MPC +0.36, CRL +0.34, CVS +0.33, BERY +0.28, RGEN +0.26, LDOS +0.26, CRSR +0.25, INGR +0.24, VMC +0.24, ETN +0.22, COP +0.21, XYL +0.19, ZBH +0.19, MBUU +0.17, KKR +0.16, TRI +0.16, DD +0.15, PFE +0.15, ARNC +0.14, WMG +0.13, RACE +0.12, UAA +0.12, LAMR +0.12, HSC +0.11, APO +0.11, IAA +0.10, BHC +0.09, BR +0.09, PINC +0.09, VSH +0.08, MPLX +0.07, CTLT +0.07, SEE +0.06, AME +0.06, LNTH +0.06, INCY +0.04, GPN +0.03, NS +0.01, GCP +0.01

Flat:  BEP +0.00, HEP +0.00

Misses: RCM (2.45), ATC (0.64), LANC (0.16), ETRN (0.08), FI (0.02), SAGE (0.01), DEA (0.01), MTOR (0.01)

Still to Report: CWH, LNG, CQP, CVLT, D, EXPD, FSS, BEN, IPGP, NNN, PCRX, SABR, SPNS, SYY, TNC, UFPT

 Insider Purchases:

Below is the list of insider buys from yesterday and this morning. APAM and WHG are heavily and moderately shorted with short usually making money. Updated 5/4.

Erlanger Research Advance/Decline Chart/Table –Updated through 5/3.

Gap Ups & Down In Early Pre-Market:

Gap up: VXRT +18%, UFS +15%, TBBK +12%, REGI +8%, TRI +7%, KYMR +7%, MYGN +5%, PLOW +4%, GAIA +4%, LEG +4%, RILY +4%, CC +4%, CR +4%

Gap down: ARCB -26%, BLDP -12%, MAXR -10%, IRBT -8%, FRPT -6%, SDC -6%, SHO -6%, BOOM -5%, LGND -5%, MOS -5%, RCM -4%

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

Stocks making the biggest moves CVS IRBT PFE VXRT UAA (CNBC)

5 Things To Know before the market opens. (CNBC)

Covid Cases: Cases 33,452 from 34,641 a week ago. Dosing up to 44.70% of the population. 31.98% of population fully vaccinated. Deaths at 423 from 294. (CDC)

27 States are now fully reopened as vaccinated  at 40%. (WSJ)

Treasury Secretary Yellen to appoint a new banking regulator. (Reuters)

Office space availability hits a new high in New York City. (Reuters)

European Union to let vaccinated Americans visit in late June. (The Washington Post)

Is Clorox (CLX) playing with the numbers> (WSJ)

Robinhood Snacks features discussion of Apple (AAPL) vs Epic Games court battle and impact on App Store. Estee Lauder (EL) saw sales jump 16%  but stock fell 8% = opportunity.

Index Moving Averages: A couple indexes broke their 5 and 10 day moving averages but with the action this morning that could be a distant memory. 4/30 Close

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Geopolitical:

Monday night saw the RBA rate decision announced and heady policy steady.

G-7 Foreign Ministers meet in London today to discuss China and Russia.

The President receives the President’s Daily Brief, 10:15 a.m. EDT

Press Briefing by Press Secretary Jen Psaki, 12:30 p.m. EDT

The President delivers remarks on the COVID-19 response and the vaccination program, State Dining Room, 2:30 p.m. EDT

Economic:

March Factory Orders are due out at 10:00 a.m. EDT and is expected to rise to 0.7% from -0.8%.

API Petroleum Institute weekly data is due out at 4:30 p.m. EDT.

M&A Activity

R1 (RCM) to buy VisitPay for $300 million in cash.

Booz Allen Hamilton (BAH) to buy Liberty IT Solutions for $725 million.

Meetings of Note:

Sellside Meeting: Gulf South Bank Conference (5/3 -5/4) Truist Securities Life Sciences Conference (5/4-5/5) BMO Capital Markets Global Reserve & Asset Managers Conference (5/4-5/6)

Company Meetings:  UNP MYGN (Investor Day)

Industry Meetings: World Vaccine Congress (5/4-5/6)

Upgrades & Downgrades:

Monday’s Recommendations

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