{"id":12854,"date":"2020-06-18T05:54:50","date_gmt":"2020-06-18T10:54:50","guid":{"rendered":"https:\/\/www.eoption.com\/2020\/06\/18\/morning-preview-june-18-2020\/"},"modified":"2020-06-18T05:54:50","modified_gmt":"2020-06-18T10:54:50","slug":"morning-preview-june-18-2020","status":"publish","type":"post","link":"https:\/\/www.eoption.com\/morning-preview-june-18-2020\/","title":{"rendered":"Morning Preview: June 18, 2020"},"content":{"rendered":"
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Early Look<\/o:p><\/span><\/b><\/p>\n

Thursday, June 18, 2020<\/span><\/b><\/o:p><\/span><\/b><\/p>\n\n\n\n\n\n\n
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Futures<\/o:p><\/span><\/p>\n<\/td>\n

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Up\/Down<\/o:p><\/span><\/p>\n<\/td>\n

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%<\/o:p><\/span><\/p>\n<\/td>\n

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Last<\/o:p><\/span><\/p>\n<\/td>\n<\/tr>\n

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DJ Industrials<\/span><\/b><\/o:p><\/span><\/p>\n<\/td>\n

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-25.00<\/span><\/o:p><\/span><\/b><\/p>\n<\/td>\n

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0.10%<\/span><\/o:p><\/span><\/b><\/p>\n<\/td>\n

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26,000<\/span><\/o:p><\/span><\/b><\/p>\n<\/td>\n<\/tr>\n

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S&P 500<\/span><\/b><\/o:p><\/span><\/p>\n<\/td>\n

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-3.50<\/span><\/o:p><\/span><\/b><\/p>\n<\/td>\n

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0.11%<\/span><\/o:p><\/span><\/b><\/p>\n<\/td>\n

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3,103<\/span><\/o:p><\/span><\/b><\/p>\n<\/td>\n<\/tr>\n

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Nasdaq<\/span><\/b><\/o:p><\/span><\/p>\n<\/td>\n

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7.50<\/span><\/o:p><\/span><\/b><\/p>\n<\/td>\n

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0.07%<\/span><\/o:p><\/span><\/b><\/p>\n<\/td>\n

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9,990<\/span><\/o:p><\/span><\/b><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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Stock futures are mixed with the Nasdaq looking to add to yesterday’s gains, while the S&P looks to open slightly lower ahead of the weekly jobless claims data at 8:30 AM<\/span>, where 1.29M individuals are expected to have filed for first time unemployment and nearly 20M are expected to have remained on unemployment. Investors continue to weigh the recent uptick in new COVID<\/span>-19 cases against the reopening of the economy as stocks remain more than 40% off their March lows. Major averages slumped in the final hour of trade Wednesday to snap its three-day winning streak following increases in coronavirus cases in several parts of the country (Texas, Florida, Arizona, California). Investors also parsed the second day of Congressional testimony by Federal Reserve Chairman Powell in which he underscored the lasting toll of the pandemic. In Asian markets, The Nikkei Index fell -100 points to 22,355, the Shanghai Index inched higher 3 points to 2,939 and the Hang Seng Index dipped -16 points to 24,464. In Europe, the German DAX<\/span> is lower by roughly 60-points to 12,320, while the FTSE 100 is down around -15 points to 6,235. With stocks having recouped much of last week’s losses, all eyes remain fixed on economic data and the rising cases of COVID<\/span>-19 heading into the trading day. <\/o:p><\/p>\n

Market Closing Prices Yesterday<\/o:p><\/p>\n

·     <\/span><\/span><\/span>The S&P 500 Index<\/b> slipped -11.25 points<\/span>, or 0.36%, to 3,113.49<\/o:p><\/p>\n

·     <\/span><\/span><\/span>The Dow Jones Industrial Average<\/b> fell -170.37 points<\/span>, or 0.65%, to 26,119.61<\/o:p><\/p>\n

·     <\/span><\/span><\/span>The Nasdaq Composite <\/b>gained 14.66 points<\/span>,<\/span> or 0.15%, to 9,910.53<\/o:p><\/p>\n

·     <\/span><\/span><\/span>The Russell 2000 Index<\/b> declined -25.73 points<\/span>, or 1.77% to 1,426.53<\/o:p><\/p>\n

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<\/a><\/a><\/a>Economic Calendar for Today<\/o:p><\/a><\/p>\n

·     <\/span><\/span><\/span>8:30 AM EST      Weekly Jobless Claims…est. 1.29M<\/o:p><\/p>\n

·     <\/span><\/span><\/span>8:30 AM EST      Continuing Claims…est. 19.85M<\/o:p><\/p>\n

·     <\/span><\/span><\/span>8:30 AM EST      Philly Fed Survey Outlook for June…est. (-22.7)<\/o:p><\/p>\n

·     <\/span><\/span><\/span>10:00 AM EST    Leading Index for May…est. 2.4%<\/o:p><\/p>\n

·     <\/span><\/span><\/span>10:30 AM EST    Weekly EIA Natural Gas Inventory Data<\/o:p><\/p>\n

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Earnings Calendar: <\/o:p><\/p>\n

·     <\/span><\/span><\/span>Earnings Before the Open: CMC<\/span>, DBI<\/span>, KR<\/span>, RGS<\/span><\/o:p><\/p>\n

·     <\/span><\/span><\/span>Earnings After the Close: AMSWA<\/span>, HOME<\/span>, LIVX<\/span>, SWBI<\/span><\/o:p><\/p>\n

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Macro<\/o:p><\/span><\/p>\n<\/td>\n

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Up\/Down<\/o:p><\/span><\/p>\n<\/td>\n

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Last<\/o:p><\/span><\/p>\n<\/td>\n<\/tr>\n

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WTI Crude<\/span><\/b><\/o:p><\/span><\/p>\n<\/td>\n

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0.30<\/span><\/o:p><\/span><\/b><\/p>\n<\/td>\n

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38.26<\/span><\/o:p><\/span><\/b><\/p>\n<\/td>\n<\/tr>\n

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Brent<\/span><\/b><\/o:p><\/span><\/p>\n<\/td>\n

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0.43<\/span><\/o:p><\/span><\/b><\/p>\n<\/td>\n

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41.14<\/span><\/o:p><\/span><\/b><\/p>\n<\/td>\n<\/tr>\n

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Gold<\/span><\/b><\/o:p><\/span><\/p>\n<\/td>\n

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-2.00<\/span><\/o:p><\/span><\/b><\/p>\n<\/td>\n

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1,733.60<\/span><\/o:p><\/span><\/b><\/p>\n<\/td>\n<\/tr>\n

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EUR\/USD<\/o:p><\/span><\/b><\/p>\n<\/td>\n

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0.0002<\/span><\/o:p><\/span><\/p>\n<\/td>\n

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1.1246<\/span><\/o:p><\/span><\/b><\/p>\n<\/td>\n<\/tr>\n

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JPY\/USD<\/o:p><\/span><\/b><\/p>\n<\/td>\n

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0.03<\/o:p><\/span><\/p>\n<\/td>\n

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107.04<\/o:p><\/span><\/p>\n<\/td>\n<\/tr>\n

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10-Year Note<\/o:p><\/span><\/b><\/p>\n<\/td>\n

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-0.029<\/span><\/o:p><\/span><\/p>\n<\/td>\n

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0.708%<\/span><\/o:p><\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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World News<\/o:p><\/p>\n

·     <\/span><\/span><\/span>President Donald Trump<\/b> asked Chinese President Xi Jinping to buy U.S. farm products in order to help him win agricultural states in the November election, according to a new book by former national-security adviser John Bolton.<\/o:p><\/p>\n

·     <\/span><\/span><\/span>Federal prosecutors<\/b> are considering criminal charges against the former National Security Advisor John Bolton over the release of confidential White House information in his expected book, the LA Times reported citing people familiar with discussions. The DoJ is expected to seek a temporary restraining order from a federal judge that would block Bolton and his publisher<\/o:p><\/p>\n

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Sector News Breakdown<\/o:p><\/span><\/p>\n

Consumer<\/o:p><\/p>\n

·     <\/span><\/span><\/span>Carnival (CCL<\/span>)<\/b> Q2 EPS loss ($3.30) on revs $0.7B vs. est. loss ($1.56) and $1.13B; said it was seeing growing demand from new booking for next year; as of May 31, about half the guests with bookings have requested cash refunds. For 2021, capacity available for sale are within historical ranges, but at prices that are down in the low to mid-single digit percentage ranges<\/o:p><\/p>\n

·     <\/span><\/span><\/span>Fox Factory (FOXF<\/span>)<\/b> 2.4M share Spot Secondary priced at $76.00<\/o:p><\/p>\n

·     <\/span><\/span><\/span>Noodles & Co (NDLS<\/span>)<\/b> Quarter-to-date company-owned comparable restaurant sales -39.8%, and quarter-to-date franchise comparable restaurant sales -39.8%; quarter-to-date system-wide comparable restaurant sales -34.1%<\/o:p><\/p>\n

·     <\/span><\/span><\/span>Fox Factory (FOXF<\/span>)<\/b> files automatic mixed securities shelf<\/o:p><\/p>\n

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Energy<\/o:p><\/p>\n

·     <\/span><\/span><\/span>BP Plc (BP<\/span>)<\/b> has raised $12B of debt with equity-like features, locking in low interest rates as it seeks to fortify its balance sheet, Financial Times reported. The company reportedly raised $5B in U.S. dollars, €4.75B in euros and £1.25B in sterling while locking in annual interest costs as low as 3.25% on some of its new euro notes.<\/o:p><\/p>\n

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Financials<\/o:p><\/p>\n

·     <\/span><\/span><\/span>Invesco Mortgage (IVZ<\/span>)<\/b> cuts quarterly dividend to 2c<\/o:p><\/p>\n

·     <\/span><\/span><\/span>Independent Bank Group (IBTX<\/span>)<\/b> is joining the S&P SmallCap 600 index, replacing Progenics Pharmaceuticals (PGNX<\/span>)<\/b>, which is set to be acquired by Lantheus Holdings.<\/o:p><\/p>\n

·     <\/span><\/span><\/span>Macerich’s (MAC<\/span>)<\/b> said all of its 47 major retail properties nationwide are now open for business and said several centers are demonstrating a strong return to business, with traffic numbers approaching near normal levels<\/o:p><\/p>\n

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Healthcare<\/o:p><\/p>\n

·     <\/span><\/span><\/span>Adamas Pharmaceuticals (ADMS<\/span>)<\/b> has decided to terminate development of ADS-5102 (amantadine) extended-release capsules for the treatment multiple sclerosis (MS) patients with walking impairment citing limited commercial opportunity<\/o:p><\/p>\n

·     <\/span><\/span><\/span>Eloxx Pharmaceuticals (ELOX<\/span>)<\/b> announced that enrollment in its Phase 2 clinical trial for ELX-02 in cystic fibrosis has been resumed in Israel and Europe after being temporarily paused in response to the COVID-19 pandemic.<\/o:p><\/p>\n

·     <\/span><\/span><\/span>The European Commission (EC) is in advanced negotiations with Johnson & Johnson (JNJ<\/span>)<\/b> to reserve\/buy an initial supply of its COVID-19 vaccine<\/o:p><\/p>\n

·     <\/span><\/span><\/span>Ideaya Biosciences (IDYA<\/span>)<\/b> 6.677M share Secondary priced at $15.00<\/o:p><\/p>\n

·     <\/span><\/span><\/span>Iveric bio (ISEE<\/span>)<\/b> 24.536M share Spot Secondary priced at $4.09<\/o:p><\/p>\n

·     <\/span><\/span><\/span>Provention Bio (PRVB<\/span>)<\/b> 6.6M share Secondary priced at $14.50<\/o:p><\/p>\n

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Industrials & Materials<\/o:p><\/p>\n

·     <\/span><\/span><\/span>ABM Industries (ABM<\/span>)<\/b> 2Q adj EPS $0.60 vs. est. $0.29 on revs $1.5B vs. est. $1.49B; announces CFO transition<\/o:p><\/p>\n

·     <\/span><\/span><\/span>U.S. Steel (X<\/span>)<\/b> 50M share Spot Secondary priced at $8.58<\/o:p><\/p>\n

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Technology, Media & Telecom<\/o:p><\/p>\n

·     <\/span><\/span><\/span>AT&T (T<\/span>)<\/b> CCO Stephens said at the CSFB Comm Conference that the company expects to reach nationwide 5G coverage this summer; said the 5G network covered 120M at the end of Q1, and covers more than 160M people in 327 markets today.<\/o:p><\/p>\n

·     <\/span><\/span><\/span>T-Mobile (TMUS<\/span>)<\/b> raised its forecast for customer additions, pointing to a quicker recovery in its retail business than expected as now says it expects postpaid net additions for Q2 of 800,000-900,000, up from previous guidance for 0-150,000<\/o:p><\/p>\n

·     <\/span><\/span><\/span>Datadog, Inc. (DDOG<\/span>)<\/b> says integration with Amazon EFS for AWS Lambda brings single-click correlation between AWS Lambda and the underlying Elastic File System.<\/o:p><\/p>\n

·     <\/span><\/span><\/span>JD.com Inc. (JD<\/span>)<\/b> shares rose on its first day of trading in Hong Kong, as the Chinese e-commerce company completed a secondary listing<\/p>\n<\/div>\n

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