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Morning Note

"CAPIS Morning Note – 12/12/19 Tariff Decision Today Instead of Sunday?"

posted by CAPIS on 12/12/2019 am31 7:31 am

by CAPIS

12/12/2019 am31 7:31 am

IPOs on deck: Bill.com (BILL) and EHang Holdings (EH) of note.

IPOs Filed: None filed after the close.

Secondaries Priced: MNRL FTSV LVGO  AKTS ASMB MNTA of note.

Notes Priced:   PI of note.

Common Stock filings: FTSV ASMB AKTS TGI  ASMB of note.

Mixed Shelf Offerings filed:  None of note.

Convertible Offering Files: None of note.

Senior Notes Filed:  None of note.

Courtesy of IPO Financial

Earnings After The Close:

Beat:

 TLRD +0.10, NX +0.04, LULU +0.03, OXM +0.02 of note.

Flat:

MESA NDSN

Missed:

None of note.

Hourly Action This Week:

Close of 12/11.

News After The Close (In Order of Time)

FormFactor (FORM) raises guidance.

Harold Hamm moves to Executive Chairman at Continental Resources (CLR).

Jack in the Box (JACK) initiates a success plan for Chairman and CEO Lenny Comma.

Vecco Instruments (VECO) CFO/COO Shubham Maheshwari to resign.

Stock Repurchase Announcements: COT R

Dividend Increase: AMGN ZTS CLGX AIN

Gap Higher: LMPX +21%, FORM +11%, AMRS +10%.

Gap Lower: AKTS -9%, ASMB -6%, NX -4%, OXM -4%, LULU -42%.

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 -4 NASDAQ +2 Russell 2000 +.62. Fair values are lower. Asia mixed and Europe mixed.

Gold and silver higher with copper lower. WTI Crude Oil and Brent Oil Futures higher. Natural Gas is higher. $ is higher vs Euro, higher vs Pound and higher vs Yen. US 10 year Treasury price is at $129.20 from $128.92 with yields at  from 1.807%. Prices as of 8:30 a.m. EDT.

Positive Sectors On Wednesday: Conglomerates, Industrials and Technology of note.

Negative Sectors On Wednesday: Conglomerates, Real Estate, Financials and Heakthcare of note.

One Month Winners: Healthcare, Industrials and Technology.

Three Month Winners: Industrials, Financials and Healthcare.

Six Month Winners: Consumer Goods, Industrials, Technology and Healthcare.

Twelve Month Winners: Technology, Industrials and Services.

Year to Date: Technology, Industrials, Technology, Consumer Goods, Services and Financials.

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

Today After The Close:  

ORCL ADBE COST AVGO  of note.

Friday Before The Open:

None of note.

Earnings This Morning Of Note

Beat:

None of note.

Missed:    

CIEN (0.05), LOVE (0.04) of note.

Still To Report: NIO

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

Top News Story:  President Trump may decide today on commencing 15% tariff on China before Sunday. (CNBC)

Five Things You Need To Know To Start Your Day. (Bloomberg)

Five  Things To Know To Start Your Day. (CNBC)

Stocks making the biggest moves. (CNBC)

ECB left rates unchanged at 0%. (CNBC)

U.K. holds elections today. Brexit outcome ahead. (CNBC)

Saudi Aramco value now over $2 trillion. (CNBC)

Bipartisan bill on immigration and status of undocumented farm workers passed the House. (CNN)

Boeing (BA) and Southwest (LUV) settle over compensation for the 737 Max not being delivered to Southwest. Terms are private but Southwest will compensate employees. (MarketWatch)

Delta Air Lines CEO Ed Bastian interviewed on CNBC. Raises guidance. (CNBC)

Notable Data Points

Most stock indexes remain strong. Current through 12/11.

Bold means a change from prior day.

The advance/decline line model is now a buy though it is struggling with the recent action. Updated through 12/11. Year to date model up 13.81% on the S&P 500. 5 buy signals and 4 cash signals in 2019. Current signal is a buy and is up 5.08%.

YTD 64% (-1% change week over week) of stocks are higher and 36% are lower. Updated  through 12/6 close.

Courtesy of Phil Erlanger Research, Inc.

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. Update through 12/11.

Economic & Related:

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

November PPI is due out at 8:30 a.m. EDT and is expected to fall to 0.2% from 0.4%.

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

Geopolitical:      

President Trump  will meet with his trade team and Secretary of Treaury Mnuchin but the team is not detailed yet. Decision may be forthcoming in trade. Delivers remarks at 11:15 on Child Care and Paid Leave for government workers.

The European Central Bank (ECB) holds its first meeting with new ECB Head Christine Lagarde in charge. No rate change expected.

House Judiciary Committee to conclude testimony on Impeachment Proceedings on President Trump.

Conferences & Analyst Meetings:

Investor/Analyst Days & Conference Calls of Note: NXGN INTC ENPH NEWR TKR ALB DAL MET  CS  (Investor Day) CLR  (Connference Call)

Sellside Conferences: Morgan Stanley Space Summit National Security The New Space Race (12/10-12/12). Barclays Global TMT Conference (12/11-12/12). Capital One Securities Energy Conference (12/11-12/12).

Industry Conferences: LD Micro Annual Main Event Conference (12/10-12/12). Gartner Identity & Access Management Summit (12/10-12/12). 4th Annual AI Summit. Citi Global 1X1 Healthcare Conference (12/11-12/12).Suntrust Robinson Humphrey Maxin and Relaxin Conference. Jefferies Crossover Consumer Finance Summit. Bank of America Water Conference. Jefferies Office & Industrials REIT Summit.

M&A Activity

Asbury Automotive (ABG) to acquire some assets from Park Place Dealerships for $1 billion.

Upgrades & Downgrades

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