Monday, August 31, 2020
The Week Ahead For August 31st
The NASDAQ 100, Dow Jones Industrial Average, Russell 200 and S&P 500 were higher for the week.
1.Geopolitical and Fiscal Events. The evasive stimulus bill will drive headlines for a third week. There are multiple Federal Reserve speakers this week.
2.Economic Releases. Releases of note this week include the weekly chain store sales, oil/gas numbers, mortgage applications and jobless claims as well as ISM Manufacturing Index, ADP Employment, Factory Orders, Beige Book, ISM Non-Manufacturing Index, Nonfarm Payrolls and Unemployment Rate.
3.Earnings Releases. Notable releases this upcoming week include ZM SCSC HRB HOME CRWD CPRT AVGO DOCU COO CPB.
Monday, August 31
Federal Reserve Vice Chairman Richard Clarida at 9:00 a.m. EDT.
Federal Reserve Atlanta President Raphael Bostic will speak, time uncertain.
Tuesday, September 1
August ISM Manfacturing is due out at 10:00 a.m. EDT and is expected to rise to 54.5% from 54.2%.
July Construction Spending is due out at 10:00 a.m. EDT and is expected to rise to 1.0% from 0.70%.
Federal Reserve Governor Lael Brainard will speak, time uncertain.
Treasury Secretary Steven Mnuchin will testify before the House.
Wednesday, September 2
July Factory Orders is due out at 10:00 a.m. EDT and is expected to drop to 5.7% from 6.2%.
August ADP Employment Change Index is due out at 8:15 a.m. EDT and is expected to rise to 1,210,000 from 167,000.
Federal Reserve Beige Book is due out at 2:00 p.m. EDT.
Federal Reserve Presidents Williams, Mester and Daly all speak but time uncertain.
Alliant Energy (LNT) will hold their analyst meeting and is a Type 4. We note the stock does have an Erlanger Options Rank at 73% so there could be a Put Squeeze, upside move of 1 to 3 weeks emerging.
Thursday, September 3
ISM Non-manufacturing Index is due out at 10:00 a.m. EDT and is expected to fall to 56.7% from 58.1%.
Federal Reserve Chicago President Charles Evans will speak, time uncertain.
Friday, September 4
Monthly Nonfarm Payrolls is due out at 8:30 a.m. EDT and is expected to fall to 1.40 million from 1.763 million. The unemployment is expected to drop under 10% to 9.8% from 10.2%.
Markets are closed next Monday.
Stocks Futures Are Higher By +7 On The S&P 500
Fun Fact: If the S&P 500 is higher today it will be higher 18 of the last 19 Mondays, quite impressive.
Covid-19 Update With Latest Data (No Update Over Weekend)
Cases reported 44,264
Positivity Rate 5.91%
Mortality Rate at 2.96% no change
source COVID tracking project
IPOs Filed: GoodRx files to go public.
Secondaries Priced: NIO of note.
Notes Priced of note: None of note.
Common Stock filings: HLI FREQ AVYA of note, AMC (selling shareholders).
Mixed Shelf Offerings: CYAD ABUS ASMB TRN RPAY of note.
Convertible Offering Files: None of note.
Senior Notes Filed: None of note.
Courtesy of IPO Financial
Hourly Action – 8/27 Close – Mixed week continues.
Earnings After The Close:
None of note.
None of note.
News After The Close:
AT&T (T) looks to sell DirecTV wiht potential bidders to include Apollo Global Mgmt (APO).
Apple (AAPL) suspends Epic Games’ developer account.
Pinterest (PINS) terminates lease for office same near its San Francisco headquarters.
New bidders for TikTok assets Centricus Asset Mgmt and Triller offer $20 billion.
Abbott Labs (ABT) wins $760 million contract from the US Defense Logistics Agency on its rapid antigen test for Covid -19.
In Barron’s over the weekend + TOL TMHC MGA MCD VNO SLG ESRT.
Stock Splits Effective Today: AAPL TSLA.
What’s Happening This Morning: Futures value reflects the change with fair value. We will still indicate the fair value direction.
S&P 500 +3 Dow Jones Industrial Average +22 NASDAQ +29 Russell 2000 +4.06. Fair values are lower. Asia mixed and Europe mixed. VIX October futures are at 26.85 from 27.41 this morning. Current VIX is at 22.96 from 24.37.
Gold lower with silver and copper higher. WTI Crude Oil and Brent Oil Futures higher. Natural Gas is lower. $ is lower vs Euro, higher vs Pound and higher vs Yen. US 10 year Treasury price is at $138.95 from $139.03 with yields at 0.738% from 0.734% .
Positive Sectors On Friday: Materials, Energy, Technology and Financials of note.
Negative Sectors On Friday: None of note.
One Month Winners: Industrials, Consumer Cyclical and Consumer Defensive of note.
Three Month Winners: Consumer Cyclical, Technology and Industrials of note.
Six Month Winners: Consumer Cyclical, Technology, Materials and Healthcare of note.
Twelve Month Winners: Technology, Consumer Cyclical and Communication Services of note.
Year to Date: Technology, Consumer Cyclical, Healthcare and Communication Services of note.
Upcoming Earnings Of (sorted by market cap, highest to lowest)
Today After The Close: ZM HTHT SCSC of note.
Tuesday Morning: None of note.
Gap Up: AIMT +169%, AKCA +52%, AMRN +8%, NGM +8%
Gap Down: LPCN -18%, AVYA -9%, NIO -6%, ABUS -4%
Earnings This Morning Of Note
CTLT +0.12 of note.
None of note.
Erlanger Research Advance/Decline Line Chart – Stocks rebounded sharply on Friday. Close 8/28.
Courtesy of Phil Erlanger Research Inc.
Rags & Mags: Highlighted Stories may be clicked through to the original story.
5 Things to Know Before The Market Opens Today. (CNBC)
Stocks Making The Biggest Moves. (CNBC)
Coronavirus Update: U.S. cases approach 6 million, more states seeing rise again. (CNBC)
China saw August Manufacturing Activity rise by missed estimates, slightly. (CNBC)
Berkshire Hathaway (BRKB) and Warren Buffet take 5% stakes in five Japanese trading companies. (CNBC)
AMC Entertainment (AMC) sells Baltic Region for $77 million.
Stock Index Trading
Current through 8/28 close. All indexes see moving averages positive.
Bold means a change from prior day.
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. Updated through 8/27 close. EVL Ranges are again starting to get back to normal with the recent action, pay attention The Erlanger Value Line are available in Bloomberg for your review. Simply visit the Bloomberg App store at APP(GO) then find Erlanger Research and setup a trial.
None of note today.
Economic Releases of note this week include the weekly chain store sales, oil/gas numbers, mortgage applications and jobless claims as well as ISM Manufacturing Index, ADP Employment, Factory Orders, Beige Book, ISM Non-Manufacturing Index, Nonfarm Payrolls and Unemployment Rate.
Geopolitical & Related
President Trump will lunch with the vice president and then meet with the Attorney General and Acting Secretary of Homeland Security.
Federal Reserve Richard Clarida will speak at 9:00 a.m. EDT.
Investor Events & Conference Calls
CUE (Business Update Call & Webcast)
Industry Conferences: The 16th Annual PEGS Boston Summit (8/31 to 9/4). 2020 IAAO Annual Conference (8/30-9/1).
Nestle to buy Aimmmune (AIMT) for $2 billion.
LF Capital Acquisition (LFAC) to merge with Landsea Homes.
Rosetta Stone (RST) to be bought by Cambium Learning Group for $30 a share.
Upgrades & Downgrades For Monday 8/31 –
Today's Superstock Investor Stock Scorecard:
Guess?, Inc. (GES)
by Superstock Investor
Guess Inc (GES) will report earnings this week. Estimate are for a loss of $-0.58 against $0.38. The current price is $12.07.
Stock data last updated 03/19/2019.
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