Morning Preview: March 09, 2021

Auto PostDaily Market Report

Early Look

Tuesday, March 9, 2021









S&P 500










Global stock markets and U.S. futures are heading higher, rebounding off sharp declines on Monday as a decline in bond yields helps ease inflation concern pressures. The 10-year yield dips to lows around 1.52% (falls 6 bps), down from yesterday highs of about 1.6%, prompting a rebound in growth stocks such as technology as Nasdaq futures outperform (up over 2.2% after a 2.4% drop Monday). U.S. Treasury Secretary Janet Yellen said on Monday that President Joe Biden’s coronavirus aid package would provide enough resources to fuel a “very strong” U.S. economic recovery, and noted “there are tools” to deal with inflation. The dollar takes a breather after touching its best levels since November while Bitcoin prices extend its gains, rising over 4% as it tops the $54,000 level. In Asian markets, The Nikkei Index jumps 289 points to 29,027, the Shanghai Index slides -62 points to 3,359 and the Hang Seng Index advances 232 points to 28,772. In Europe, the German DAX is up about 50 points to 14,430, adding to its record high levels the day prior, while the FTSE 100 is higher by about 50 points to 6,770.


U.S. Treasury yields advanced on Monday as investors continued to price in higher inflation and more upbeat prospects for the U.S. economy as it emerges from the coronavirus pandemic. The U.S. 5-year and 7-year note yields were up between five to six basis points, while that of the benchmark 10-year note hit a nearly 13-month high. Investors remain focused on this week’s $120 billion auction of 3-, 10-, and 30-year Treasuries, especially after last week’s soft auction. The U.S. dollar hit a 3-1/2-month high on Monday on expectations of strong U.S. economic growth and rising inflation. After falling 4% in the last quarter of 2020, the dollar has strengthened nearly 2.5% year-to-date as investors expect the broad rise in U.S. bond yields to weigh on frothy equity valuations. The dollar index (DXY) was up 0.53% at 92.38 against a basket of six major currencies, its highest level since Nov. 24


Market Closing Prices Yesterday

·     The S&P 500 Index slipped -20.59 points, or 0.54%, to 3,821.35

·     The Dow Jones Industrial Average rose 306.14 points, or 0.97%, to 31,802.44

·     The Nasdaq Composite plunged -310.99 points, or 2.41%, to 12,609.16

·     The Russell 2000 Index advanced 10.77 points, or 0.49% to 2,202.928


Events Calendar for Today

·     6:00 AM EST      NFIB Business Optimism for February

·     7:45 AM ET         ICSC Weekly Retail Sales

·     8:55 AM ET         Johnson/Redbook Weekly Sales

·     4:30 PM ET         API Weekly Inventory Data


Earnings Calendar:

·     Earnings Before the Open: AHC, ANIP, BNED, BW, CMD, DKS, DXPE, MRNS, NAV, PLCE, SYNL, THO, VTNR, XENT, XERS



Other Key Events:

·     Barclay’s Global Healthcare Conference (virtual), 3/9-3/11

·     Citigroup Global Property Conference (virtual), 3/8-3/11

·     Deutsche Bank Internet and Telecom Conference (virtual), 3/8-3/10

·     HC Wainwright Global Life Sciences Conference (virtual), 3/9-3/10

·     Truist Securities Technology, Internet & Services Conference, 3/9-3/10

·     UBS Global Consumer & Retail Conference (virtual), 3/9-3/10

·     Wolfe FinTech Forum (virtual), 3/9-3/11

·     China PPI, CPI data for February





















10-Year Note





Sector News Breakdown


· (PRTS) Q4 EPS loss (7c) vs. est. loss (10c); Q4 revenue $119.7M vs. est. $91.97M

·     Casey’s General Stores (CASY) Q3 fuel same-store gallons sold down 12.1% YoY; Q3 fuel gross profit increased 37% with a fuel margin of 32.9c per gallon

·     Del Taco Restaurants (TACO) Q4 adj EPS 20c vs. est. 14c; Q4 revenue $156.7M vs. est. $155.1M; Q4 system-wide comparable sales +3.8% vs. +0.40% YoY and company-owned restaurant comp sales +0.6% vs. +0.40% YoY; Q4 adj Ebitda and op margins down YoY

·     Stitch Fix (SFIX) Q2 EPS loss (20c) vs. est. loss (22c); Q2 revenue $504.09M vs. est. $512.22M; Q2 active clients of nearly 3.9M, an increase of 408,000 or 12% YoY and 110,000 clients quarter over quarter; Q2 net revenue per active client of $467, a decrease of 7% YoY

·     Waitr Holdings (WTRH) 4Q EPS $0.02 vs. est. $0.04 on revs $46.8Mm vs. est. $51.4Mm, avg daily orders 34,628, active diners as of Dec. 31 were approx 2Mm


Energy, Industrials and Materials

·     Azul (AZUL) reports February passenger traffic declined 34.4% Y/Y to 1.7B revenue passenger kilometers; domestic traffic -14.2% Y/Y and International traffic -96.6% Y/Y for the month

·     Turquoise Hill Resources (TRQ) topped Q4 earnings and revenues, with a boost from higher prices and production of copper and gold at its Oyu Tolgoi mine in Mongolia; Q4 copper production climbed 26% Y/Y to 41.6K metric tons, while gold production more than tripled from a year earlier to 88K oz.

·     Cactus (WHD) files to sell 5.5M in common stock for holders

·     Itron Inc. (ITRI) has commenced a registered public offering of $350 mln of common stock of company

·     SJW Group (SJW) 1.03M share Spot Secondary priced at $59.00



·     Benefitfocus (BNFT) Q4 EPS 4c vs. est. 5c; Q4 revenue $76.23M vs. est. $74.83M; sees Q1 EPS loss (16c)-(10c) vs. est. (12c); sees Q1 revenue $59M-$61M below est. $64.04M and sees Q1 adjusted EBITDA $9M-$11M

·     Cohen & Steers, Inc. (CNS) preliminary assets under management of $83.1 billion as of February 28, 2021, an increase of $1.9 billion from assets under management at January 31, 2021. The increase was due to net inflows of $229 million and market appreciation of $1.9 billion, partially offset by distributions of $202 million.

·     Pzena Investment Management Inc (PZN) total prelim Aum as of Feb end of $46.4 Bln



·     Acadia Pharma (ACAD) shares fell over -30% after hours after the FDA identified deficiencies during its ongoing review of co’s marketing application for its drug candidate Pimavanserin to treat hallucinations and delusions associated with dementia-related psychosis; FDA had assigned a target action date of April 3 for the application

·     Avid BioServices (CDMO) 3Q EPS $0.01 vs. est. ($0.03) on revs $21.8Mm vs. est. $19.1Mm, says signed $74Mm new business during qtr w/ backlog $120Mm; guides FY revs $88-91Mm vs. est. $86.3Mm

·     Castle Biosciences (CSTL) 4Q EPS ($0.23) vs. est. ($0.12) on revs $17.3Mm vs. est. $15.8Mm; says expects to launch an app based on I31-GEP and ITR later in 2021

·     SI-Bone (SIBN) Q EPS ($0.28) vs. est. ($0.30) on revs $22.1Mm vs. est. $22.1Mm; guides FY21 revs $92-94Mm vs. est. $94.8Mm

·     Syndax Pharma (SNDX) 4Q EPS ($0.44) vs. est. ($0.49), reports end of year cash balance $293.1Mm providing cash runway into 2023

·     Xenon Pharmaceuticals (XENE) announces collaboration with the Icahn School of Medicine at Mount Sinai (Mount Sinai) to facilitate an investigator-sponsored Phase 2 proof-of-concept, randomized, parallel-arm, placebo-controlled clinical trial of XEN1101 for the treatment of major depressive disorder


Technology, Media & Telecom

·     ContextLogic (WISH) 4Q EPS ($3.04) vs. est. ($3.03) on revs $794Mm vs. est. $736Mm, MAUs -10% YoY to 104Mm during 4Q; guides 1Q revs almost +70% YoY

·     Shift (SFT) Q4 EPS loss (7c) vs. est. loss (42c); Q4 revenue $73.41M vs. est. $73M; Q4 total units sold rose 147% to 4,666; sees Q1 revenue $90M-$95M above est. $72.6M and sees FY21 revenue over $450M vs. est. $392.07M; sees FY21 adj EBITDA margin better than down 25%

·     Synchronoss (SNCR) Q4 EPS loss (19c) vs. est. loss (20c); Q4 revenue $69.4M vs. est. $67.83M; expects its revenue for full year 2021 to be in range of $275M-$285M (est. $282.3M); expects adjusted Ebitda for full year 2021 to be in range $30M-$35M

·     Acer (ACEYY) reports Feb. 2021 revenues at NT$20.32B, up 80.9% Y/Y; YTD consolidated revenues up 76.8% to NT$43.81B

·     Zoom Video (ZM) CEO Eric Yuan transferred roughly 40% of his ownership in the company, a stake valued at about $6B, after Zoom’s shares more than tripled last year – WSJ


Market commentary provided by Hammerstone Markets, Inc, a firm separate from and not affiliated with Regal Securities. Regal Securities has not participated in the creation of the content, and does not explicitly or implicitly endorse the content.

Live Trading

Open an Account

Paper Trading