Superstock Investor
Morning Briefing

Wednesday, April 22, 2020

Morning Matters:

Weekly Timing Chart Of The S&P 500

We are updating our look at the S&P 500 via our favorite chart of SPY through Tuesday's close.

The Weekly Displaced Moving Average (DMA) Channel (Yellow Band) sees the current price back in the channel. As such, bias is negative but could turn positive with a breakout above the channel.

[Image 1]

Second, the Erlanger Volume Swing (EVS) is at -7.77 from -1.66. Above 0 is good and below 0 is bad. The current action is now negative.

Third, the Erlanger Crossover Spread (EC) Spread is now positive at 51.46 from 34.49.

Last,the Erlanger Trend Direction (ETD) remains in rally mode.

So what is an investor to do here? We would recommend to be defensive and do not nibble yet.

Positioning in our Morning Matters Portfolio off this chart and several other indicators moved to 100% cash on February 28th (see Flash Alert #446.

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Market Matters:

Stocks Higher This Morning With S&P 500 +37

IPOs on deck: None of note.

IPOs Filed:  None of note.

Secondaries Priced: UAL of note.

Notes Priced of note: IPHI  of note.

Common Stock filings: VBIV UAL of note.

Mixed Shelf Offerings: AAWW STZ of note.

Convertible Offering Files: None  of note.

Senior Notes Filed: None of note.

Courtesy of IPO Financial

Earnings After The Close:

Beat: 

 USNA +0.66, CMG +0.42, CP +0.35, TXN +0.15, TER +0.13, CB +0.10, NBHC +0.09, CSL +0.08, MANH +0.07, HCSG +0.01, IBKR +0.01 of note.

Misses:

NAVI (0.14), WTFC (0.12), FULT (0.10), NFLX (0.07), UCBI (0.06), WRB (0.05), WAFD (0.03) of note.

Flat: SNAP

Gap Ups:

IMUX +75%, BNTX +48%, HCSG +29%, DKL +24%, SNAP +20%, MYOV +15%, TER +10%, STM +7%, USNA +6%, CETV +6%, EXPE +6%, CMG +6%, GME +5%, PFE +5%, QTNT +4%, ERIC +4%.

Gap Downs:

VBIV -30%, IBKR -7%, EXAS -4%, UAL -4%

Hourly Action This Past Week: Updated 4/21 Close

News After The Close (In Order)

Senate passes $484 billion stimulus bill to expand PPP by $320 with additional money to hospitals, testing and disaster relief.

US Foods (USFD) wins $480 million contract with the Defense Logistics Agency.

Quest Diagnostics (DGX) starts COVID-19 antibody testing.

Expedia (EXPE) may sell a stake to private equity firms reports The Wall Street Journal.

Raises Guidance: ENS NFLX (Q2) NEE

Lowers Guidance: 

Withdraws Guidance:  LYFT ENS  T KMB

Dividend Decreases:  DCP ANH

Dividend Increase: DKL NDAQ

Share Buybacks Stopped: DGX KMB

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

S&P 500 +45  Dow Jones Industrial Average +347 NASDAQ +155 Russell 2000 +23.61 . Fair values are lower.  Asia mixed  and Europe higher.

Gold, silver and copper higher. WTI Crude Oil lower and Brent Oil Futures higher. Natural Gas is lower. $ is lower vs Euro, lower vs Pound and lower vs Yen. US 10 year Treasury price is at $139.22 from $139.45 with yields at 0.597% from 0.55%.

Positive Sectors On Tuesday: None of note.

Negative Sectors On Tuesday:  Utilities, Materials, Energy and Services of note.

One Month Winners: Materials, Energy and Conglomerates  of note.

Three Month Winners: None of note.

Six Month Winners:  Healthcare and Technology of note.

Twelve Month Winners: Healthcare and Technology of note.

Year to Date: None of note.

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

Today After The Close: CSX LRCX KMI LVS ORLY XLNX AMTD AMP STX DFS SUI VAR ICLR GL GGG FNF AZPN of note.

Thursday Before The Open: LLY UNP ITW APD BX HSY CTXS TAL LUV DPX GWW WST TSCO FCX ODFL ALLE HBAN of note.

Earnings This Morning Of Note

Beat: 

BIIB +1.45, NEE +0.47, DAL +0.31, KMB +0.17, EVR +0.11, TMO +0.11, WWW +0.08, SLGN +0.07, TDY +0.07, DGX +0.06, NDAQ +0.05, LAD +0.05, IPG +0.02  of note.

Missed:

NEP (3.84), ERIC (0.15), FCFS (0.11), RCI (0.04), T (0.03) of note.

Flat: BKR STM

Still to Report:  APH, BOKF, KNX

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

Top News Story: 

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

5 Things To Know To Start Your Wednesday. (CNBC)

Stocks Making The Biggest Moves. (CNBC)

Coronavirus update: Russia faces challenges, antibody accuracy questioned.

Global Coronavirus Map update. 

U.S. Coronavirus Map update.

President Trump tweets he has instructed U.S. Navy to shoot down any Iranian gunboats that harass U.S. naval vessels.

Colorado to let stay at home order to expire next Monday. (Washington Examiner)

Spain to begin to ease lockdown by late May. (Reuters)

Chevron (CVX) required to end operations in Venezuela by that government. (Bloomberg)

Lab Corp (LH) expands serological testing for COVID-19.

Stock Index Tracking

Current through 4/20 close.  Expect moving averages to improve.

Bold means a change from prior day.

The advance/decline line model is now a buy on 4/2 close. Updated through 4/21 close. In 2019, the model was up 16.48% on the S&P 500 and this year is up 6.08% with the S&P 500 lower by -11.03% through Friday. Now 6 buy signals and 4 cash signals in 2019 and 2020. The latest buy is up 13.72% 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. Update through 4/20 close. EVL Ranges remain above normal and are highlighted in blue BUT are starting to drop.

Courtesy of Phil Erlanger Research, Inc.

Economic & Related:

Weekly API Petroleum Institute Inventory data saw a build of 13 million barrels.

Weekly MBA Mortgage Applications fell -0.3% from last week.

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

Geopolitical: 

President Trump will celebrate earth and arbor day at 12:00 p.m. EDT and then has lunch with the Secretary of State at 1:00 p.m. EDT.

The Coronavirus Task Force to meet at 5:00 p.m. EDT for their daily press conference.

Meetings, Calls & Conferences

Investor/Analyst Days & Conference Calls of Note: EH TRPX ZGNX INGIY RHHBY CRH MYOV (Conference Call) CNSP (Webcast) 

Sellside Conferences: None of note.

Industry Conferences: World Gold Forum (4/20-/23) of note. European Gold Forum (4/21-4/22)

M&A Activity

Upgrades & Downgrades – We are back to normal production as recs have returned to a normal level.

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Today's Superstock Investor Stock Scorecard:

Schlumberger NV (SLB)
by Superstock Investor


 

Energy names have been crushed. Worth a look as storage runs out of room. This morning we look at Schlumberger (SLB). The current price is $14.69 down from $69.52 two years ago.

Company Information

Company: Schlumberger NV
Sector: Energy
Industry: Oil & Gas Equip & Serv
Market Cap:  $87,792,400,000

Targets

  Price %Gain  
Current Price $43.25    
Price Target $36.76 -17.7%  
Upper Bound $45.95 6.3%  
Lower Bound $31.25 -27.8%  

Stock data last updated 03/19/2019.

Data provided by QPI, Inc. All information provided "as is" for informational purposes only, not intended for trading purposes or advice. QPI, Inc. is not liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. By accessing this page, you agree not to redistribute the information found herein.

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