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Tuesday 2/11/2020
 
MORNING NOTES:      
 
 
S&P’s this morning        High 335.83 Low 335.10 Change 0.28%
 
Tokyo Closed  Hong Kong +342.54 London +59.33 Germany +114.86
 
S&P Futures are positive this morning as traders start to focus on Jerome Powell’s testimony today. He is likely to be questioned on the economic impact of the coronavirus outbreak, the Fed activity in the Repo market and to continue an overall dovish tone which is positive for the financial markets.
Asian markets were higher overnight. While the coronavirus continues to dominate the headline, traders are looking ahead and expecting the additional stimulus action from the Chinese government. Major brokers have been reducing their GDP estimates for China, by introducing additional stimulus measures China is setting the country up to exceed growth forecasts for the 3 & 4 quarters of 2020. Chinese health officials state that the coronavirus outbreak has killed 1,016 people and infected 42,638 people. Yesterday’s figures were 901 killed with 40,171 people infected.
European stocks are higher this morning as traders are reacting positively to China’s efforts to contain the coronavirus outbreak. Infections rates appear to have slowed creating a sign that China’s containment strategy is working.
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OIL PRICES:
Oil prices are trading higher this morning. As equity prices are rebounding, so are oil prices. China’s demand concerns for oil is being closely monitored. News reports indicate that China is pushing refiners for deferred deliveries of oil. Also, there are reports indicating that China’s building construction will resume normal activities which is a positive indicator for China’s economic growth. In OPEC news, the cartel and its members are awaiting commentary from Russia on Saudi Arabia’s planned production limitations proposal. Later today, the American Petroleum Institute will be releasing its stockpile estimates.
 
WTI is at $50.45 a barrel, Brent Crude is at $54.31 a barrel.  
 
 
 
 For news on oil type in .OIL or “OPEC” into NewsWare
Economic:    
Federal Reserve Chairman Jerome Powell is scheduled to speak to the House Financial Committee today on the Fed’s monetary policy. The equity markets will be paying close attention to his speech and any comments he might make related to the economic impact of the coronavirus. His live comments are likely to be consistent with the release of his remarks at 8:30 am ET. The Financial Committee is likely to quiz Powell on its liquidity injections in the repo markets. In addition to Powell’s testimony, four other fed officials will be talking today. The European Central Bank President Christine Lagarde is scheduled to speak to the European Parliament at 9 a.m. ET and the Bank of England Gov. Mark Carney will be appearing before the Lords Economic Affairs Committee at 10:35 a.m. ET
 
 
Economic Reports: 
 
At 08:55 am ET Redbook report on Retail Sales.
At 10:00 am ET JOLTS report
 
Fed Speak:  
At 06:00 am ET Mary Daly is scheduled to speak.
At 10:00 am ET Fed Chairman Powell will be speaking to Congress.
At 12:15 pm ET Vice Chair Randal Quarles is scheduled to speak.
At 01:30 pm ET St Louis Fed President James Bullard is schedule to speak.
At 02:15 pm ET Minn Fed President Neel Kashkarl is scheduled to speak.
 
 
To access Economic news type  .Economic into NewsWare.
 
 
Options Activity:                                                                            
Bullish option activity in MAT, S & TMUS
Bearish option activity in HLT, RCL & YUMC
To access news related to options type .OPTIONS into NewsWare
 
 
Sector Update: Headlines to Note-
 
Retail:
DENN    To release earnings this afternoon, expected price move is $1,74.
CVS      To release earnings Wednesday morning, expected price move is $3.60.
TRIP      To release earnings Wednesday afternoon, expected price move is $3.30.
 
 
FDA/Drug Makers:
AIM       Stated that it has “Filed” patent applications for its coronavirus vaccine.
FENC   Completed rolling submission of NDA for Pedmark.submits MAA in Europe.
IDXG     Medicare reimbursement to increase $1800 – $3000 for thyroid nodules evaluator.
 
 
DOW 30:
CVX      Said to be increasing it oil production in Venezuela.
BA         FAA is said to narrow the issues for resolution in the flight ban of the 737 Max.
UTX      To spin off Otis Worldwide Corp into an independent publicly traded co in Q2.
 
 
Rumors:
SPY       U.S accuses 4 members of China’s military in the 2017 Equifax data breach.
LYFT     To release earnings this afternoon, expected price move is $4.75
EXAS    To release earnings this afternoon, expected price move is $4.25.
 
 
 *Information displayed above is for informational purposes only. Trading involves the risk of capital and we are not making any predictions on future events or movements in equity prices.  All investors are advised to conduct their own independent research into individual stocks before making a purchase decision. In addition, investors are advised that past stock performance is not indicative of future price action.

 

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