Market Weekly: May 24 – 30 2020

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    [color=blue][i][b]Where have we been and where are we … wishing all a great & safe week
    YAY — just returned from my 1st socially distant CHURCH service
    We to wear mask at all times, all song books + bibles gone, Pews marked with 6 feet spacing
    collection box instead of offering plates .. zero touch of anything, etc. (A++ on following safety)
    Still, what a JOY to return back to house of worship 8)
    and with 2 services (9 & 11) – I went to early bird service & back home to enjoy rest of day 8)

    and remembering the protection of our leaders, troops, & VETs 8).[/b][/i][/color]



    Earnings This Week Am Watching:

    Costco (NASDAQ:COST) stands out as a potential earnings winner after Walmart (NYSE:WMT), Target (NYSE:TGT) and BJ’s Wholesale Club (NYSE:BJ) all impressed with their sales numbers.

    Bank of Nova Scotia (NYSE:BNS), Viasat (NASDAQ:VSAT), Booz Allen Hamilton (NYSE:BAH) and AutoZone (NYSE:AZO) on May 26;

    Vipshop (NYSE:VIPS), Royal Bank of Canada (NYSE:RY), Ralph Lauren (NYSE:RL), HP (NYSE:HPQ), NetApp (NASDAQ:NTAP) and Autodesk (NASDAQ:ADSK) on May 27;

    Dollar General (NYSE:DG), Dollar Tree (NASDAQ:DLTR), Nio (NYSE:NIO), (NYSE:CRM), Dell (NYSE:DELL), Marvell Technologies (NASDAQ:MRVL) and GameStop (NYSE:GME) on May 28;

    Canopy Growth (NYSE:OTC:CGC) and Genesco (NYSE:GCO) on May 29.


    [size=5]IPO watch:[/size]

    The analyst quiet period expires on Lyra Therapeutics (NASDAQ:LYRA) on May 26.

    There are no new pricings scheduled, but IPOs expected around the corner include Chinese delivery platform Dada Nexus (DADA), fibrosis biotech Pliant Therapeutics (PLRX), immuno-oncology biotech Kiromic BioPharma (KRBP), grocery giant Albertsons (ACI), sales platform ZoomInfo (ZI) and micro-cap coffee packager NuZee (OTCQB:NUZE).


    [color=purple][size=5][b]SpaceX’s first crewed flight is scheduled for May 27.
    The SpaceX mission will send NASA astronauts Bob Behnken and Doug Hurley to the International Space Station aboard a Crew Dragon capsule as part of a $2.6B deal with NASA’s Commercial Crew Program to conduct six such flights. SpaceX is providing NASA astronauts just the fifth space system for liftoff in U.S. history to follow on the Mercury, Gemini, Apollo and shuttle programs.

    The mission will have a bit of showmanship with the two astronauts making their way to the launchpad in a Tesla (NASDAQ:TSLA) Model X. – something for Tesla algos to run wild on

    A successful mission could throw a spotlight back on the space sector and upstarts like Virgin Galactic (NYSE:SPCE) and Blue Origin (BORGN). There is also Boeing (NYSE:BA) to consider with the company still moving forward with its seven-astronaut Starliner capsule.

    Stocks in the in the space sector, there is the Procure Space ETF (NASDAQ:UFO). Holdings include ORBCOMM (NASDAQ:ORBC), Sky Perfect (OTC:SKPJY), DISH Network (NASDAQ:DISH), Maxar Technologies (NYSE:MAXR), Garmin (NASDAQ:GRMN), Trimble (NASDAQ:TRMB) Viasat, Eutelsat Communications (OTCPK:EUTLF), Northrop Grumman (NYSE:NOC), Lockheed Martin (NYSE:LMT), Iridium Communications (NASDAQ:IRDM) and Virgin Galactic.


    [size=5][b] American Society of Clinical Oncology (ASCO)

    Meeting is in a virtual format for the first time ever this year and starts on May 29.

    As many as 40K medical professionals and scientists typically attend the meeting in person every year, this year’s online event could draw even more interest.

    Some notable presentations include Amgen’s (NASDAQ:AMGN) pipeline update, data from AstraZeneca’s (NYSE:AZN) Phase 3 trial on Tagrisso, more Keytruda data from Merck (NYSE:MRK), a poster presentation from Atreca (NASDAQ:BCEL), an oral presentation by bluebird bio (NASDAQ:BLUE) on ide-cel, abstracts from Clovis Oncology (NASDAQ:CLVS) and multiple abstracts from Incyte (NASDAQ:INCY).

    Watch for updates from Bristol-Myers Squibb (NYSE:BMY), bluebird bio, Johnson & Johnson (NYSE:JNJ), Seattle Genetics (NASDAQ:SGEN), Gilead Sciences (NASDAQ:GILD), AVEO Pharmaceuticals (NASDAQ:AVEO) and Celyad (NASDAQ:CYAD).


    With reopening look for commentary on Restaurant sector

    The likes of CNBC will be play by play on early numbers, especially for chain operators like Dine Brands (NYSE:DIN), Brinker International (NYSE:EAT) and Darden Restaurants (NYSE:DRI) to see which concepts are pandemic survivors.

    In a recent survey by Cowen, 77% of respondents indicated that they would be going out less than in the past, with 50% indicating that they would avoid going out to bars and restaurants altogether (at least for a while).

    Cowen is also hosting a Restaurant & Food Technology Summit next week, which could include industry updates from Blaze Pizza (Private), Chick-fil-A (Private), (Private), EVO Payments (NASDAQ:EVOP), FreshDirect (Private), HelloFresh (OTC:HLFFF), Shake Shack (NYSE:SHAK), TouchBistro and Zuul Kitchens (Private).


    [size=5]FDA PDUFA Upcoming dates[/size]

    Evofem Biosciences’ (NASDAQ:EVFM) application on Amphora
    Regeneron Pharmaceuticals (NASDAQ:REGN)
    -Sanofi’s (NASDAQ:SNY) Dupixent.

    Data on Oncolytics Biotech’s (NASDAQ:OTC:ONCY) Pelareorep and Tecentriq is also due to be presented next week.

    Participant unofficial momentum mover

    The biggest increases in positions over the last three days were for:

    AstraZeneca (AZN), Delta Air Lines (NYSE:DAL), Aurora Cannabis (NYSE:OTC:ACB), Amazon and American Airlines (NASDAQ:AAL).

    The biggest drops in positions were for Luckin Coffee (NASDAQ:LK), Novavax (NASDAQ:NVAX), Sorrento Therapeutics (NASDAQ:SRNE), Gilead Sciences and Co-Diagnostics (NASDAQ:CODX).


    Latest Nasdaq report on short interest data is also due out next week.

    Stocks with high levels of short interest as a percentage of the total float at last check included: (NASDAQ:MTCH), Bed Bath & Beyond (NASDAQ:BBBY), SmileDirectClub (NASDAQ:SDC), Waitr Holdings (NASDAQ:WTRH) and GameStop (GME) at the very top of the list with more than 100% of float shorted.


    [b]The Bernstein 36th Annual Virtual Strategic Decisions Conference 2020[/b]

    Westlake Chemical (NYSE:WLK), Yum China (NYSE:YUMC), Air Products and Chemicals (NYSE:APD), Citizens Financial Group (NYSE:CFG), 3M Company (NYSE:MMM), Boston Scientific (NYSE:BSX), Estee Lauder (NYSE:EL), Northrop Grumman (NGC), Goldman Sachs (NYSE:GS), Regeneron Pharmaceuticals, Johnson & Johnson, Visa (NYSE:V), Micron (NASDAQ:MU), V, Blackstone Group (NYSE:BX), American Airlines, Sprouts Farmers Market (NASDAQ:SFM), Applied Material (NASDAQ:AMAT), Mosaic (NYSE:MOS), JPMorgan (NYSE:JPM), Canadian National Railway (NYSE:CNI), American Express (NYSE:AXP), TE Connectivity (NYSE:TEL), PayPal (NASDAQ:PYPL), KKR, Citigroup (NYSE:C), Sysco (NYSE:SYY), Uber (NYSE:UBER), Dow (NYSE:DOW), DuPont (NYSE:DD) and Home Depot (NYSE:HD).


    Target date to reopen the gaming industry in Nevade.

    Nevada Governor Steve Sisolak set June 4 as the target date to reopen the gaming industry in the state.

    That timeline gives operators Caesars Entertainment (NASDAQ:CZR), MGM Resorts (NYSE:MGM), Boyd Gaming (NYSE:BYD), Wynn Resorts (NASDAQ:WYNN), Las Vegas Sands (NYSE:LVS), Full House Resorts (NASDAQ:FLL) and Red Rock Resorts (NASDAQ:RRR) next week to prepare.

    Casinos have been closed in the state since March 17.


    Tesla first true standalone store in Motor City Detroit Michigan

    Tesla could open its first true standalone store in Michigan as early as next week, alongside a service center in the upscale community of Clarkston north of Detroit.

    The EV automaker is making the symbolic brick-and-mortar play in Michigan just as traditional auto dealers have shifted to more online interaction. Tesla and online seller Carvana (NYSE:CVNA) have both rallied during the stay-at-home period that began in the middle part of March.


    Notable annual meetings:

    Next week’s annual shareholder meeting.

    Amazon (AMZN) Amazon executives have declined to provide official COVID-19 case counts, saying infection rates in company facilities tend to match or run slightly below those in surrounding communities.

    Shopify’s (NYSE:SHOP) annual meeting with shares up 107% YTD punters will be euphoric

    Under Armour (NYSE:UAA) and MGM Resorts (MGM) hold their annual meetings amid a tough environment.


    [b]KeyBank Industrials & Basic Materials Conference
    The KeyBank conference scheduled for Boston from May 26-28 is promised to provide insight and a comprehensive view of the landscape from C-level management teams across leading industrial and basic materials companies.

    Virtual presentations are on tap from Harsco (NYSE:HSC), Pool Corporation (NASDAQ:POOL), Quanta Services (NYSE:PWR), Gates Industrial (NYSE:GTES), Regal Beloit (NYSE:RBC), Rexnord (NYSE:RXN), Watts Water Technologies (NYSE:WTS), J.B. Hunt Transport (NASDAQ:JBHT) and Timken (NYSE:TKR).


    Barron’s Weekend:

    The cover story covers the existential threat that small businesses face in the U.S. and the struggle for many to jump through administrative hurdles or get the attention of banks for PPP loans.

    The publication notes that Q1 earnings results turned in last week confirmed a trend long in place among U.S. retailers of large, well-capitalized chains with big e-commerce units growing rapidly, while smaller companies are struggling to stay relevant amid the virus pandemic.

    Retail giants Walmart, Target, Home Depot and Lowe’s (NYSE:LOW) are all setting themselves up for the longer term with market share grabs, while Urban Outfitters (NASDAQ:URBN) and Kohl’s (NYSE:KSS) are seen getting weaker.

    Investors are pointed to look at the recent boom in the convertible bond market, with Columbia Convertible Securities (MUTF:PACIX), Franklin Convertible Securities (MUTF:FISCX), Calamos Convertible & High Income (NASDAQ:CHY), Ellsworth Growth & Income (NYSEMKT:ECF), SPDR Bloomberg Barclays Convertible Securities (NYSEARCA:CWB) and iShares Convertible Bond (BATS:ICVT) all seen as intriguing opportunities.

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