Market Weekly: September 6 – 12 2020

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    [color=purple][i][b]Where have we been and where are we… wishing all a great & safe week ahead
    HAPPY LABOR DAY holiday also … 2020 may be one of worst years for many but it has been
    great gardening year ever & great close encounters with deer & nature in SW VA 8)

    Despite many critiques by media — Our family loves USA & this is were
    WE WANNA BE (as noted in one of best Jazz performances all time) 🙂 [/b][/i][/color]



    [color=purple][b][i]Good TUESDAY morning & hope all had great & safe LABOR DAY holiday
    DOW & NASDAQ futures are down — as more selling from record highs continues
    Wild weather continues with huge wildfire season in California, and 2 new storms in tropics
    Denver also had wild weather swing from 100F to SNOW in less than 24 hours[/i][/b][/color]


    Gapping down

    In reaction to earnings/guidance:

    ACB -0.5% (guidance update)
    Select ETFs showing early weakness:

    XLK -3.5%, QQQ -3.4%, SMH -3.2%, IGV -2.3%
    Other news:

    CRBP -73% (announced topline results from the 52-week Phase 3 RESOLVE-1 study of lenabasum in patients with diffuse cutaneous systemic sclerosis)
    TTWO -17.2% (files for 603,817 share common stock offering by selling shareholders)
    SBBP -15.6% (positive and statistically significant top-line results from the pivotal phase 3 Logics study of Recorlev for the treatment of endogenous cushing’s syndrome)
    TSLA -13.2% (not added to S&P 500 (expectation that it would))
    DOCU -5.5% (may be related to lack of inclusion in S&P 500)
    RIG -4.5% (files for 67,696,498 share common stock offering by selling shareholder)
    ZM -4.3% (cautious article in Barrons; also – may be related to lack of inclusion in S&P 500)
    FOUR -3.1% (transaction update)
    GERN -1.6% (files for $350 mln mixed securities shelf offering)

    Analyst comments:

    NOK -5.4% (downgraded to Mkt Perform from Strong Buy at Raymond James)
    DSX -4.2% (downgraded to Hold from Buy at Pareto)
    PAGS -3.2% (downgraded to Neutral from Buy at Goldman)
    FAST -2.9% (downgraded to Underperform from Mkt Perform at Raymond James)
    WYNN -2.5% (downgraded to Neutral from Buy at Goldman and removed from Conviction Buy List)
    ROP -1.7% (downgraded to Underweight from Neutral at JP Morgan)


    TSLA Tesla Whacked after surprise S&P 500 snub (352.66 -64.66)

    After Tesla (TSLA) posted its fourth straight quarterly profit on July 22, the electric vehicle maker cleared the final hurdle to be included in the S&P 500. Given the prominence and popularity of the company, combined with TSLA’s impressive recent financial performance, many market participants considered its inclusion a mere formality.

    However, to the surprise of many, the S&P 500 committee opted to pass on adding TSLA, instead choosing Etsy (ETSY), Teradyne (TER), and Catalent (CTLT) in the latest index adjustment. These three companies will replace H&R Block (HRB), Coty (COTY), and Kohl’s (KSS).


    Gapping up

    In reaction to earnings/guidance:

    PRGS +0.7% (guidance update)

    Other news:

    ALBO +90% (phase 3 trial meets both primary endpoints for Odevixibat in PFIC)
    NKLA +35% (Nikola Corporation and General Motors (GM) form strategic partnership; Nikola badger to be engineered and manufactured by General Motors)
    SPRO +23.1% (announces topline results from ADAPT-PO)
    KMDA +18.6% (announces completion of enrollment and initial interim results from its ongoing Phase 1/2 open-label clinical trial in Israel of the company’s anti-SARS-CoV-2 plasma-derived hyperimmune immunoglobulin product as a potential treatment for coronavirus disease)
    VRNA +9.8% (initiates pilot study with pMDI Ensifentrine in US patients hospitalized with COVID-19)
    VXX +8.7% (trading higher with futures indicated lower)
    BYSI +8.5% (receives Breakthrough Therapy Designation for the chemotherapy-induced neutropenia indication from both the FDA and China’s Center for Drug Evaluation of the National Medical Products Administration)
    GRFS +4% (to acquire Alkahest for $146 mln)
    OCUL +3.5% (received a letter from the FDA closing out the Warning Letter it received from the FDA on October 18, 2018 concerning ReSure Sealant)
    CHDN +2.9% (following Derby weekend)
    LMNL +2.4% (announces resubmission of biologics license application to FDA for Ryplazim for treatment of congenital plasminogen deficiency)
    BPMC +2.3% (receives FDA approval for GAVRETO)
    ETSY +1.9% (will move to the S&P 500)
    AZN +1.7% (New analyses from Breztri Aerosphere Phase III ETHOS trial to be presented at the European Respiratory Society International Congress 2020)

    Analyst comments:

    CWH +1.8% (upgraded to Overweight from Neutral at JP Morgan)
    PLAY +1.7% (upgraded to Buy from Hold at Deutsche Bank)
    DIS +0.9% (upgraded to Buy from Hold at Deutsche Bank)
    AA +0.8% (upgraded to Buy from Neutral at BofA Securities)


    [color=red][size=6][b]Dow 27,500.89 -632.42 -2.25%
    S&P 500 3,331.84 -95.12 -2.78%
    Nasdaq 10,847.69 -465.44 -4.11%
    GlobalDow 3,019.19 -48.94 -1.60%
    Gold 1,938.90 4.60 0.24%
    Oil 36.88 -2.89 -7.27% [/b][/size][/color]


    Gapping down
    In reaction to earnings/guidance:

    WORK -16.5%, CASY -5.2%, LULU -5%, COUP -4.6%, NAV -4.6%, SCWX -3.9%, ABM -2.3%, LOVE -1.6%

    Other news:

    ATNX -9.4% (announced a public offering of 10.0 mln common shares)
    TIF -9.2% (files lawsuit against LVMH (LVMUY) to enforce merger agreement)
    AZEK -7.7% (launched secondary public offering of 25.0 mln shares of Class A common stock),
    ARCE -5.6% (priced an underwritten public offering of 2,500,000 Class A common shares to be issued by Arco at a public offering price of $44.80/share)
    VRM -4% (commenced public offering of 9.0 mln common shares)
    SCWX -3.9% (to acquire Delve Laboratories)
    AZN -2.7% (COVID-19 vaccine trial on hold following suspected serious adverse event, per Stat)
    ALK -2% (provides investor updates; Q3 planning assumptions include capacity to be down ~55%)
    UAL -1.2% (continues to see a significant impact in demand for air travel)
    UAA -1.2% (announced $75 mln increase to 2020 restructuring plan)
    Analyst comments:

    ESS -0.5% (downgraded to Sell from Neutral at Goldman)
    GOGO -0.5% (downgraded to Market Perform from Outperform at Cowen)


    Gapping up
    In reaction to earnings/guidance:

    QRVO +6.4%, ST +3.6%, GLW +2.1% (expects Q3 sales to grow by a low-teen percentage sequentially vs high-single digit consensus), PHR +1.8%, HQY +1.3%

    Other news:

    ITCI +68.5% (announces topline results from its Phase 3 clinical trial (Study 402) evaluating lumateperone as adjunctive therapy to lithium or valproate in the treatment of major depressive episodes associated with Bipolar I or Bipolar II disorder)
    SCOR +23.1% (granted new US patent for device co-location identification)
    NNOX +17.7% (enters distribution agreement with SPI Medical for the deployment and introduction of Nanox’s medical imaging services in Mexico)
    DTIL +11.4% (FDA has granted Fast Track Designation to PBCAR269A for the treatment of relapsed/refractory multiple myeloma)
    KOS +11.2% (to farm down of a portfolio of exploration assets to Shell (RDS.A) for up to $200 mln)
    BNTX +6.1% (BioNTech and Pfizer to potentially supply the EU with 200 mln doses of mRNA-based vaccine candidate against SARS-CoV-2)
    CI +3.6% (expands offerings to customers who access health coverage through the Affordable Care Act marketplace)
    TECK +2.7% (production guidance)
    PFE +1.3% (BioNTech and Pfizer to potentially supply the EU with 200 mln doses of mRNA-based vaccine candidate against SARS-CoV-2)

    Analyst comments:

    SPCE +5% (upgraded to Outperform from Neutral at Credit Suisse)
    SDC +2.6% (upgraded to Peer Perform from Underperform at Wolfe Research)
    DKNG +2.5% (initiated with an Outperform at Evercore ISI)
    AZUL +2.2% (upgraded to Buy from Hold at Deutsche Bank)
    ARMK +2.1% (upgraded to Buy from Neutral at Goldman)
    VLRS +2% (upgraded to Buy from Hold at Deutsche Bank)
    INVH +1.6% (upgraded to Buy from Sell at Goldman)
    THO +1.6% (upgraded to Outperform from Market Perform at BMO Capital Markets)


    [size=6][color=limegreen][b]RALLY TIME DOOMERS — SUPER GREEN 😉 😆 😆 😆 😆
    DOW (+500) & NASDAQ (+300) are ROARING back to life again 8)[/b][/color][/size]


    [b]US sells record $35 billion 10-year notes reopening at 0.704% vs 0.696% WI = 0.8 bps tail
    Prior was 0.677%[/b]

    Bid to cover 2.3 vs 2.41 prior


    [color=purple][size=5][b]Doom to Boom

    [color=green][size=5]Nasdaq best one day gain since April
    All 6 big tech stocks up
    Microsoft, Amazon $AMZN, Alphabet $GOOGL, Facebook $FB, Tesla $TSLA and Apple $AAPL.
    Though $MSFT came off after WSJ #TikTok report
    Nasdaq +294 points or 2.7% to 11,142[/size][/color]


    [color=limegreen][size=5][b]Dow 27,940.47 439.58 1.60%
    S&P 500 3,398.96 67.12 2.01%
    Nasdaq 11,141.56 293.87 2.71%
    GlobalDow 3,062.48 5.87 0.19%
    Gold 1,954.20 -0.70 -0.04%
    Oil 37.36 -0.69 -1.81%[/b][/size][/color]


    [size=4][b]La Nina is a cyclical event contributing to Atlantic hurricane & West coast fire season

    La Niña. The cousin of better-known El Niño is a cooling of equatorial waters in the eastern and central Pacific Ocean and can impact atmospheric conditions worldwide. In California, the La Niña weather pattern is known for bringing above-average precipitation to the far northern reaches of the state near the Oregon border and delivering below-average precipitation to the central part of Northern California and even drier conditions into Southern California. Historical data, however, reveals that a number of outcomes are possible.


    [color=red][size=5][b]Dow 27,534.58 -405.89 -1.45%
    S&P 500 3,339.19 -59.77 -1.76%
    Nasdaq 10,919.59 -221.97 -1.99%
    GlobalDow 3,032.12 -24.49 -0.80%
    Gold 1,950.70 -4.20 -0.21%
    Oil 36.99 -1.06 -2.79% [/b][/size][/color]

    Some of best of all time from former Steely Dan star 8)


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