Shortened trading session as U.S. Stock Markets close at 1:00 p.m. EDT and the bond market closes at 2:00 p.m. EST.
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. With yesterday’s concession by President Trump that he will respect the Electoral College’s decision can we FINALLY shake the volatility? Time will tell.
Covid-19 Statistics: Recovered stats no longer tracked as only 37 reporting this statistic.
Total Cases 12,706,167 from 12,581,085
Deaths 250,925 from 248,897
New Tests 1,150,227 from 1,720,705
New Cases 125,082 from 183,601 with positivity rate +10.8% (up 1.5)
Daily Deaths 1,319
Current Hospitalizations 90,481 from 89,959
Secondaries Priced: None of note.
Notes Priced of note: None of note.
Common Stock filings: None of note.
Selling Shareholders of note: CERE EPIX GRBK of note.
Mixed Shelf Offerings: EPIX IBIO QMCO GRBK of note.
Convertible Offering Files: None of note.
Senior Notes Filed: None of note.
Earnings Out After The Close:
News After The Close:
Altimeter Capital takes a 4.2% stake in Trivago (TRVG).
Northrop Grumman (NOC) wins a $4.8 billion contract for Global Hawk.
Index Changes – Concentrix (CNXC) goes into the S&P 400 replacing AMC Networks (AMCX) which moves to the S&P 600 replacing R.R. Donnelley (RRD). Also, Aaron’s (AAN) will replace Geospace (GEOS) in the S&P 600.
Y-mAbs Therapeutics (YMAB) gets FDA approval for DANYELZA in the use of neuroblastoma in bone or bone marrow.
Supreme Court votes 5-4 in favor of churches over Covid-19 restrictions.
Department of Justice is looking into insider trading by Georgia U.S. Senator David Perdue’s stock trading in CDLX. (NYT)
AstraZenaca (AZN) formally announced mistake in vaccine dosages.
Stock Buyback New Or Increase:
Hourly Action: Last only three hours were positive. Close 11/23.
What’s Happening This Morning: Futures value reflects the change with fair value. We will still indicate the fair value direction.
S&P 500 +12 Dow Jones Industrial Average +84 NASDAQ +80 Russell 2000 +3. Fair values are lower. Asia higher and Europe mixed. VIX is at 23.85 this morning in futures. VIX closed at 21.25 from 21.64 and the three month futures at 24.42 from 24.84.
Gold and silver lower with copper higher. WTI Crude Oil lower and Brent Oil Futures higher. Natural Gas is lower. $ is lower vs Euro, higher vs Pound and lower vs Yen. US 10 year Treasury price is at $138.44 from $138.28 with the yield at 0.878%.
Positive Sectors On Wednesday: Technology, Consumer Defensive and Consumer Cyclical of note.
Negative Sectors On Wednesday: Energy, Industrials and Materials 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: none of note.
Monday Before the Open: ATHM, NJR, ADNT, OGI of note.
Earnings This Morning Of Note:
Still to Report: none
Erlanger Research Advance/Decline Chart – Updated 11/25 Close.
Gap Ups & Down In Early Pre-Market:
APXT +33%, SFT +24%, TOUR +13%, YMAB +10%, LCA +8%, CERE +7%, SPCE +7%, AMCX +6%, QS +4%
RIOT -18%, YJ -15%, CAN -9%, MSTR -8%, LI -5%, KNDI -5%, XPEV -5%, WORK -4%, NKLA -4%
Rags & Mags: Highlighted Stories may be clicked through to the original story.
Stocks Making The Biggest Moves – DIS AZN AMZN. (CNBC)
Coronavirus Update: U.S. deaths top 1500 BUT easing begins. (CNBC)
Airline passenger traffic was the highest on Wednesday since March. (TSA Data)
U.S. make strike Iran. (Axios)
Walt Disney (DIS) to eliminate 32,000 jobs in first half of 2021. (CNBC)
Bitcoin plunges below $17,000. (CNBC)
Tesla (TSLA) sees U.S. regulators open probe into 115,000 Teslas over suspension system. (CNBC)
Thanksgiving online sales are up +33%. (TechCrunch)
Amazon (AMZN) has hired 400,000 workers in the last 10 months. (NYT)
Stock Index Trading:
Current through 11/25 close. Nirvana has faded but has returned and overall confidence is at 100%.
Bold means a change from prior day.
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 11/23 close. 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. Volatility cannot end until the EVL Range becomes normal again, i.e. no blue highlighting.
None of note.
Geopolitical & Related:
President Trump will head to Camp David at 3:00 p.m. EST.
Investor Meetings & Conferences of Note:
RHBBY (Diagnostics Day).
Sellside Conferences: None of note.
Industry Conferences: Greater New York Dental Meeting (11/27-12/2)
None of note.
Upgrades & Downgrades: A quiet day as we wake up after Thanksgiving with zero notables recommendations.