The Daily Briefing For May 7th: A Head Scratcher, 266,000 Versus Estimates of a Million

by Geoff Garbacz | 05/07/2021 8:51 AM

Rebel Yell Morning Market Report

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The Daily Briefing For May 7th: A Head Scratcher, 266,000 Versus Estimates of a Million

Breaking News: Pfizer (PFE) and BioNtech (BNTX) seeks full approval for their Covid-19 vaccine. (CNBC)

Not A Fun Fact: In the Fed’s latest Financial Stability Report they warn of “significant declines” in stocks as valuation continue to rise. (Fed Report) SEE NEWS AFTER THE CLOSE

Earnings Of Note After The Close:

Beats: IAC +3.89, BCC +1.76, TSE +1.52, WFG +1.43, ET +1.04, GRPN +0.99, MTD +0.98, FLGT +0.70, ROKU +0.67, KWR +0.65, PRAA +0.52, FNF +0.40, YMAB +0.40, MTZ +0.37, STMP +0.36, EXPE +0.35, GH +0.34, AMN +0.33, TDC +0.30, NTRA +0.29, EOG +0.28, OLED +0.28, CSOD +0.27, ENDP +0.26, NFG +0.26, MSI +0.25, SEM +0.25, SQ +0.25, FOXF +0.23, CHUY +0.23, PCTY +0.21, CVNA +0.20, ACMR +0.19, RVLV +0.18, YELP +0.18, OPRT +0.17, FND +0.16, DIOD +0.15, REG +0.15, CWK +0.15, FNKO +0.14, SYNA +0.14, SHAK +0.13, SXI +0.13, MTX +0.12, MCHP +0.11, LYV +0.10, ALTR +0.10, AXON +0.10, CARG +0.10, SFM +0.10, USM +0.10, APPN +0.08, HCAT +0.08, CMBM +0.08, OEC +0.07, OTEX +0.06, BL +0.06, PBYI +0.06, UIS +0.06, LNT +0.05, BILL +0.05, PTON +0.05, EXEL +0.05, DBX +0.05, PGNY +0.05, SWX +0.05, CABO +0.05, AIG +0.04, ED +0.04, MCK +0.04, PK +0.04, AVLR +0.04, CDXS +0.04, CLI +0.04, NKTR +0.04, ENV +0.03, CVET +0.03, DDOG +0.03, GPRO +0.03, RPD +0.03, MAIN +0.03, DRH +0.02, FTDR +0.02, LASR +0.02, NWSA +0.02, AMH +0.01, CGNX +0.01, LOCO +0.01, HTA +0.01, PRDO +0.01, SPXC +0.01, FROG +0.01, CERT +0.01, MP +0.01, ZIOP +0.01, CDK +0.01

 Flat:  COLD +0.00, NTUS +0.00, RMAX +0.00, SVMK +0.00, TRHC +0.00

 Misses: Y (1.05), RGA (1.01), QDEL (0.80), COLL (0.58), MRTX (0.53), ICUI (0.41), SCOR (0.40), PFSI (0.28), POST (0.27), XLRN (0.23), BYND (0.21), REZI (0.19), IRTC (0.19), BECN (0.18), AXNX (0.16), AL (0.16), ENTA (0.15), FRG (0.14), KROS (0.10), AMC (0.10), PODD (0.09), PLNT (0.09), AGO (0.08), TDS (0.07), TRIP (0.07), TPIC (0.06), PBA (0.06), CSII (0.05), CNXN (0.05), TRUE (0.04), IOVA (0.03), IGMS (0.03), MNST (0.02), TWST (0.02), WPM (0.02), ANGI (0.02), ZGNX (0.01), NET (0.01), CLNE (0.01), WPRT (0.01), AQN (0.01), CORT (0.01)

Capital Raises:

IPOs Priced or News: Talaris Therapeutics (TALS) priced at $17 which is mid range of pricing $16 to $18. Waterdrop (WDH) priced at $12.00.

New SPACs launched: Live Oak Acquisition Corp (LOKB) to take Navitas Semiconductor public.

Secondaries Priced: VVOS of note.

Notes Priced of note:  BR of note.

Common Stock filings:  FSTX HST 0f note.

Selling Shareholders of note:  ASTS EXPE of note.

Private Placement of Public Entity (PIPE): 

Mixed Shelf Offerings: ALNA ATLC BDX ORIC VYNE PBPB 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:

Federal Reserve releases the Financial Stability Report for May, 2021. 

CACI International (CACI) wins $500 million Air Force contract.

BAE Systems (BAESY) wins $330 million Defense Logistics Agency contract.

Amazon (AMZN) postpones Prime Day in Canada and India due to Covid-19.

After Hours: BILL +19% ANGI +9% NET +8% GRPN +7%  GPRO +7% SCORE +7% AXON +7% PTON +6% and AUPH -20% APPN -13% STMP -9% SHAK -9% FROG -8%  BYND -6%

Dividend Raises: MCHP WPM AQN NOG

Split Announcement:

Raises Guidance: SFM AXON BILL MSI MCHP ROKU DBX 

Mixed Guidance:

Lowers Guidance: APPN PTON

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 +8 Dow Jones Industrial Average +88 NASDAQ +17  Russell 2000 +8  Fair values are higher except for the Russell 2000. Asia mixed and Europe higher. VIX is at 19.61 from 20.10  this morning in futures. VIX closed at $18.39 from $19.15.

Gold higher, silver lower and copper higher. WTI Crude Oil and Brent Oil Futures lower. Natural Gas is higher. $ is lower vs Euro, lower vs Pound and higher vs Yen. US 10 year Treasury price is at $132.58 from $132.64 with the yield at from 1.58%.  Bitcoin $57,799 from $55,478.71 and this morning at $532 and 0.93%.

Thursday’s Action – 5/5.  Equity indexes were  able to recover from early losses to close positive.

Positive Sectors On Thursday: Consumer Defensive, Materials, Financials and Utilities.

Negative Sectors On Thursday: Healthcare.

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: ES, UNVR, AKTS of note.

Monday Before the Open: DUK, APD, MAR, TTD, TDG, TSN, WB, USFD, COTY, CHH, GTES of note.

 Earnings This Morning Of Note:

Beats: ATH +1.39, AMCX +1.12, LEA +0.78, SPB +0.77, MSGE +0.72, SR +0.68, CI +0.33, MODV +0.32, JOUT +0.30, QRTEA +0.23, ITT +0.19, MMI +0.18, ELAN +0.14, CVE +0.13, TILE +0.12, ENB +0.10, MSGN +0.08, MD +0.08, TRP +0.06, AVNS +0.05, FLR +0.04, LXP +0.03, AMRX +0.02, VTR +0.02, CCJ +0.01

 Flat:  none

 Misses: CRON (0.33), NFE (0.30), CNK (0.27), SSP (0.14), IBP (0.14), STNG (0.02), UI (0.01), TU (0.01), ESNT (0.01)

 Still to Report: AXL, BPY, ROAD, DKNG, KOP, NKLA

 Insider Purchases:

Below is the list of insider buys from yesterday and this morning. WY is moderately shorted with shorts down 12.73%, the squeeze is on. Updated 5/7.

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

Gap Ups & Down In Early Pre-Market:

Gap up: 

IBIO +27%, TTOO +18%, EB +17%, BILL +16%, NKTX +14%, GPRO +9%, ANGI +9%, ROKU +9%, CSOD +8%, DDOG +8%, RVLV +7%, NET +7%, GRPN +6%, PBYI +6%, NTRA +6%, FLGT +5%, SVMK +5%, ET +5%, PTON +5%, EXPE +5%, TSE +5%, ZGNX +5%, BNTX +5%, MP +4%, MTZ +4%, FND +4%, WFG +4%, AMC +4%, AXON +4%

Gap down: 

AUPH -16%, APPN -14%, FROG -10%, SHAK -8%, YMAB -8%, STMP -7%, BYND -7%, TDC -6%, MNST -5%, VIR -5%, AL -5%, GH -5%, ICUI -5%, PFSI -4%, CLNE -4%, SFM -4%

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

Stocks making the biggest moves BYND ROKU PTON  (CNBC)

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

Covid-19 Stats: 41,909 cases and was at 53,051 a week ago. 730 deaths versus 876 a week ago.  Hospitalizations 33,808 versus 37,226 a week ago. (CDC)

India Covid-19 cases hit record level and strict lockdown coming. (AP)

Japan extends its state of emergency to May 31st.

13 House Democrats concerned about raising the capital gains tax and impact on family farms. (WSJ)

Rep. Liz Cheney (R-WY) may be ousted from her #3 position in the Republican Party. Trump influence still there. (CNN)

Florida Governor Ron DeSantis (R) signs controversial voting bill. (CNN)

Vaccine patent waivers could take month to develop. (WSJ)

Health officials have paused the Johnson & Johnson (JNJ) vaccine due to issues at Emergent BioSolutions (EBS) plant in Baltimore. (WSJ)

Tesla (TSLA) raised prices on two models. (Electrek)

Robinhood Snacks features Moderna (MRNA) and first profits with vaccination patent waivers discussed. Uber (UBER) earnings reviewed.

Index Moving Averages: 5/6 Close – Nice improvement yesterday.

Geopolitical:

The President receives the President’s Daily Brief, 10:30 a.m. EDT

Press Briefing by White House COVID-19 Response Team and public health officials, 10:30 a.m. EDT

The President delivers remarks on the April jobs report, 11:30 a.m. EDT

The President has lunch with The Vice President, Private Dining Room, 12:30 p.m. EDT

Press Briefing by Press Secretary Jen Psaki and Secretary of the Treasury Janet Yellen, 12:30 p.m. EDT

The President and The Vice President receive the Weekly Economic Briefing, Roosevelt Room, 1:45 p.m. EDT

The President meets with his Jobs Cabinet; The Vice President also attends, Blue Room, 3:15 p.m. EDT

The President departs the White House en route Camp David, The Ellipse, 5:30 p.m. EDT

Economic:

April Nonfarm Payroll is due out at 8:30 a.m. EDT and is expected to rise to 1,000,000 from 916,000 while the unemployment rate is expected to drop to 5.8% from 6%.

M&A Activity

Meetings of Note:

Sellside Meeting:  D.A. Davidson Financial Institutions Conference (5/5-5/7) Credit Suisse eXtreme Services Conference (5/6-5/7)

Company Meetings: None of note.

Industry Meetings: None of note.

Upgrades & Downgrades:

Thursday’s Recommendations

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