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Market Matters:

Stocks Futures Higher On The S&P 500
by Geoff Garbacz

November 23, 2020

Lead Story: AstraZeneca (AZN) is the third drug company in three weeks out with news on vaccine efficacy. AstraZenecca see 90% efficacy but Leerink Swan is now questioning that. Stay tuned.

Market Tone:  Lots of back and forth the last couple of weeks after the initial bounce off the September lows followed by October weakness into month’s end. Expect volatility to continue post election until the President recognizes the President-Elect which is getting closer day by day.

Covid-19 Statistics: Recovered stats no longer tracked as only 37 reporting this statistic.

Total Cases 12,077,354 from 11,927,256

Deaths 247,932 from 247,043

New Tests 1,726,449 from 1,977,400

New Cases 150,098 from 178,309 with positivity rate +8.6% (down 1.4%)

Daily Deaths 889

Current Hospitalizations 83,782 from 83,227

Capital Raises:

IPOs Priced: 

Secondaries Priced: None of note.

Notes Priced of note: None of note.

Common Stock filings:  UAL of note.

Selling Shareholders of note:  PEIX CURI of note.

Mixed Shelf Offerings: ERTS CASI APD SOLO  of note.

Convertible Offering Files: None of note.

Senior Notes Filed: None of note.

Earnings Out After The Close on Friday:

Beats: None of note.

Misses: None of note.

News After The Close & Over The Weekend:

Fitch downgrades South Africa to BB- and affirms Portugal at BBB.

Georgia certifies Joe Biden as the winner of the Presidential election.

Amazon  (AMZN) to remove HBO from Amazon channels as concession to WarnerMedia. (CNBC)

Pfizer (PFE) will roll out the COvid-19 vaccine in Latin America rapidly after it gets Emergency Use Authorization in the U.S.

European Union (EU) thinks Brexit Deal is now 95% done.

Federal Reserve agrees to return used monies to Treasury allocated to CARES Act.

Pennsylvania Judge dismisses Trump lawsuit over voter certification.

Barron’s + on CVS WBA PLUG KNDI and mixed on BA.

Dividend Increase: MKC SJI

Raises Guidance: 

Stock Buyback New Or Increase: AON MOG.A NP

Hourly Action:

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

S&P 500 +24  Dow Jones Industrial Average +212  NASDAQ +50  Russell 2000 +18. Fair values are lower.  Asia mixed with only Nikkei lower and Europe higher. VIX is at 24.05 from  24.40 this morning in futures. VIX closed at from 22.83 and the three month futures at from 25.80.

Gold, silver and copper lower. WTI Crude Oil and Brent Oil Futures higher. Natural Gas is higher. $ is lower vs Euro, lower vs Pound and lower vs Yen. US 10 year Treasury price is at $138.33 from $138.44 with the yield at from 0.834%.

Positive Sectors On Friday: Consumer Cyclicals, Materials and Healthcare of note.

Negative Sectors On Friday: Financials, Industrials and Technology  of note. 

One Month Winners: Energy, Financials Real Estate and Industrials  of note.

Three Month Winners: Industrials, Communication Services, Utilities and Financials of note.

Six Month Winners: Consumer Cyclical, Industrials, Technology and Materials of note.

Twelve Month Winners: Technology, Consumer Cyclical, Communication Services and Healthcare of note.

Year to Date: Technology, Consumer Cyclical, Communication Services, Healthcare and Materials of note.

Upcoming Earnings Of: (sorted by market cap, highest to lowest with most visible names)

Today After the Close: A, NTNX, URBN, CBT, AMBA, ENTA of note.

Tuesday Before the Open: MDT, ADI, BBY, HRL, DLTR, TIF, BURL, SJM, PLAN, EV, DKS, CBRL of note.

Earnings This Morning Of Note:

Beats: KFY +0.49, TWST, +0.17. BZUN +0.15,

Flat:  none

Misses: WMG (0.04)

Still to Report: none

Erlanger Research Advance/Decline Chart –  Updated 11/20 Close. Near term top?

Gap Ups & Down In Early Pre-Market:

Gap Up:

SDGR +8%, PEIX +6%, EIGR +6%, REGN +5%, NCLH +4%, CCL +4%, RCL +4%

Gap Down:

SOLO -10%, BZUN -6%

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

5 Things To Know Before The Market Opens. (CNBC)

Stocks Making The Biggest Moves – REGN MRK. (CNBC)

Biggest Analyst Calls – ROKU GPS MRNA. (CNBC)

AstraZeneca (AZN) reports its vaccine hit primary endpoints  with 90% efficacy when given as a half dose.

Regeneron Pharmaceuticals (REGN) receives Emergency Use Authorization for its Antibody cocktail.

Oxford notes could have 3 billion doses next year.

White House considers action against China over economic sabotage.

President-Elect Joe Biden will announce some cabinet members this week. (Bloomberg)

Bold means a change from prior day.

Economic:

None of note.

Geopolitical & Related:

President Trump has no public events scheduled.

2 & 5 Year Treasury Auction at 1:00 p.m. EST with $57 billion in 5s and in 2s.

Federal Reserve Speakers:

Investor Meetings & Conferences of Note:

ALGN  (Investor and/or Analyst Day)  (R&D Day)  (Webcast) EIGR (Conference call)

Sellside Conferences: Canaccord Genuity Health & Wellness Conference. (11/23) Credit Suisse Structured Heart Forum.

Industry Conferences:

M&A:

Kepmer (KMPR) to buy American Access for $370 million.

Merck (MRK) to buy  the remaining share of OncoImmune for $475 million

Upgrades & Downgrades: We missed Friday’s notables. They are included today. Monday’s will be in tomorrow.

Friday

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