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Market Matters:

Stocks Futures On The S&P 500 Higher Early. Lower Late
by Geoff Garbacz

March 3, 2021

Breaking News: Stocks give up gains as yields rise.

Covid-19 Statistics: 

Total Cases 28,453,529 from 28,399,281

Deaths 506,373 from 504,488

New Tests 1,349,529 from 1,224,297

New Cases 54,248 from 48,092 with positivity rate of 4.0% (up 0.1)

Daily Deaths 1,885

Current Hospitalizations 46,388 from 46,738

Earnings Out After The Close Of Note:

Beats: VEEV +0.15, HPE +0.11, BOX +0.11, GO +0.09, DAR +0.07, AMBA +0.06, URBN +0.03

Flat: none

Misses: FUBO (1.80), ROST (0.33), BGS (0.08), JWN (0.02)

Capital Raises:

IPOs Priced or News: Oscar Health (OSCR) priced at $39 above range of $36 to $38.

New SPACs launched: Powered Brands (POWRU) to separate into POW.

Secondaries Priced: INDT MGY HAE MORF CDLX HSKA ASLN SSYS     of note.

Notes Priced of note: CABO BYND FSLY  of note.

Common Stock filings: ICAD DGII SSYS PLXP FVRR ORC ATHM    of note.

Selling Shareholders of note: MGY EBON AX of note.

Mixed Shelf Offerings:  RVMD  SSYS AX of note.

Convertible Offering Files: REAL ABNB NRIX CDAY  of note.

Summary From The Trade Exchange bringing traders and investors real time news and Squawk Box.

News After The Close:

Intercontinental Exchange (ICE) CFO Scott Hill to retire mid May.

White House notes will have enough vaccine for all adults by end of May.

SEC Nominee Gary Gensler notes that cryptocurrencies need more regulations.

Dividend Raises: ROST CCMP

Split Announcement:

Raises Guidance: VEEV HPE MRVI LYFT 

Lowers Guidance: ROST WEN

Stock Buyback New Or Increase: CCMP

Insider Buys: SREV CREE CTHR RYN JMP SAIL ATEX UNVR DRTT SATS ARNC SLG  (source The Trade Exchange)

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

S&P 500 -10  Dow Jones Industrial Average -12  NASDAQ -67 Russell 2000 +1. Fair values are mixed. Asia and Europe higher. VIX is at 23.95 from 24.50 this morning in futures. VIX closed at 24.10 from 23.35 and the three month futures at 27.16 from 26.78.

Gold, silver  and 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 $133.30 from $133.23  with the yield at 1.446% from 1.46%.

Positive Sectors On Tuesday:  Materials and Financials.

Negative Sectors On Tuesday: Technology, Consumer Cyclical and Real Estate of note.

One Month Winners: Energy, Financials and Communication Services of note.

Three Month Winners: Materials, Industrials and Financials of note.

Six Month Winners: Energy, Financials and Materials of note.

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

Year to Date: Energy, Communication Services, Financials and Materials of note.

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

Today After the Close: SNOW, OKTA, MRVL, SPLK, TCOM, SQM, JEF, VRM, DSGX, AEO, YEXT, RRGB of note.

Thursday Before the Open: CNQ, KR, CCL, BURL, WB, TTC, CIEN, BZUN, SDGR, FOUR, BJ, TPTX, NAV of note.

Earnings This Morning Of Note:

Beats: STLA +0.98, EYE +0.31, PDCO +0.07, DLTR +0.01

Flat: none

Misses: DY (0.14), WEN (0.01)

Still to Report: BF.B

Erlanger Research Advance/Decline Chart/Table –Updated through 3/2. Breadth failed to extend Monday gains.

  

Gap Ups & Down In Early Pre-Market:

Gap up:

KMPH +97%, GENE +25%, MRVI +21%, MFGP +18%, BGFV +14%, EBON +12%, AMBA +9%, CAP +8%, QTRX +6%, SRNE +4%, LYFT +4%, EYE +4%

Gap down:

PLXP -13%, ARNA -8%, MGY -8%, FUBO -7%, GO -6%, SSYS -5%, FVRR -5%, BGS -5%, ROST -4%, REAL -4%

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

Stocks Making The Biggest Moves – LYFT LVS WEN  (CNBC)

5 Things To Know Before The Market Opens (CNBC)

White House withdraws the nomination of Office of Management & Budget (OMB) nominee Neera Tanden. (CNN)

JP Morgan (JPM) to reduce office space in NYC. (Bloomberg)

Netflix (NFLX) to expand content in India. (FT)

Samsung looking at four sites for new chip plant in the U.S. (Reuters)

Las Vegas Sands (LVS) to sell $6.25 properties to VICI Properties (VICI).

Ocugen (OCGN) Phase III COVAXIN 81% effective against Covid-19.

ICE out with trading volumes for February, large increases across the board.

Robinhood Morning Note focuses on Target (TGT) amazing growth and One Medical (ONEM) troubles over letting people skip the line on vaccine.

Index Results

Current through 3/2 close. Overall confidence moves from 90% to 57%.

Bold means a change from prior day.

3/2 results.

Geopolitical:

The President and The Vice President receive the President’s Daily Brief, Oval Office, 9:50 a.m. EST

Press Briefing by White House COVID-19 Response Team and public health officials, The White House, 11:00 a.m. EST

Press Briefing by Press Secretary Jen Psaki, James S. Brady Press Briefing Room, 12:30 p.m. EST

The President holds a bipartisan meeting on cancer; The Vice President also attends, Oval Office, 1:45 p.m. EST

The President participates in a virtual event with the House Democratic Caucus, South Court Auditorium, 5:00 p.m. EST

Economic:

MBA Mortgage Applications came out at 7:00 a.m. EST and  rose 0.5% after last week falling -11.4%.

January ADP Employment Index is due out at 10:00 a.m. EST and is expected to fall to 150,000 from 180,000. Came in at 117,000 against estimates of 180,000.

February ISM Non-Manufacturing Index is due out at 10:00 a.m. EST and is expected to rise to 59% from 58.7%.

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

The March Federal Reserve Beige Book is due out at 2:00 p.m. EST.

Federal Reserve Governor Lael Brainard speaks at 1:00 p.m. EST.

Federal Reserve San Francisco President Mary Daly speaks at 2:00 p.m. EST.

Meetings, Sellside Conferences and Industry Conferences

SSP NVT AES EPD XOM AGCO ANTM  (Investor/Analyst Day) CAP (C Call) DTE (Update)

Sellside Confrerences: JP Morgan High Leveraged Finance Conference (3/1-3), BM Metal & Mining Conference (3/1-5) Cowen & Co Healthcare Conference (3/1-4) Raymond James Institutional Investors Conference Call (3/1-3) Credit Suisse Energy Summit (3/1-3) Morgan Stanley TMT (3/1-4) Morgan Stanley Energy & Power Conference (3/1-3) Bank of America Agriculture and Materials Conference (3/3-4) Jefferies Paper & Packaging (3/3) Needham Virtual Cannabis Conference (3/3)

Industry Conferences:

M&A Activity:

Accel Entertainment (ACEL) to buy Century Gaming for $140 million in cash and stock.

Boston Scientific (BSX) to buy Lumenis LTD for $1.07 billion in cash.

Upgrades & Downgrades of Note This Morning: Note that downgrades remain prevalent in February. 

Tuesday’s Sellside Recommendations below.

Market Matters Archives

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