January 9, 2021
Technical Analysis:
Inflection Points
And Boom Goes the New High List
There are two market signals we think important to flag this week due to
the bullish implications for the S&P 500:
1)
a four-year high in the
number of net new 52-week highs on the NYSE (337); and
2)
the breakout
in the 10-year US Treasury yield.
Emerging Markets
are also closing in on
a breakout above its 2007 peak.
The OPCO
Trifecta
is a stock that
1)
is fundamentally rated
Outperform
by research,
2)
screens positively in our trend work, and
3)
is supported
by top-down portfolio tailwinds.
Additions: PZZA, LULU, FTDR, ESTC, OLED, FOCS, MRNA, CSII
Removals: DPZ, BABA, RDFN, EQIX
Highlighted Portfolio Ideas
High Beta
(
SPHB
):
FOCS, OLED, XPO
Consumer Cyclicals
(
XLY
):
FTDR, LULU, PZZA
Biotechnology
(
XBI
):
IOVA, MRNA, NVTA
HC Equipment
(
IHI
)
& Services
(
IHF
):
ADUS, CHE, CSII
Software
(
IGV
):
ESTC, MDB, NET
Inflection Points Topics:
Market Indicators
Large-cap 50/50
And Boom Goes the New High List
There are two market signals we think important to flag this week
:
1)
a four-year high in the number of net new 52-week highs on the
NYSE; and
2)
the breakout in the 10-year US Treasury yield. Starting with breadth,
last week’s 337 net new highs marked the highest
count since Dec. 2016
—such evidence of broad-based internal breadth reaffirms our bull market thesis. Similar to subsequent action in
2017,
we believe this is the point in the cycle for the market to transition from choppy base building to a steadier uptrend
. For the S&P
500, we see support at 3,660 (Jan. low and approaching 50-day average) and little identifiable resistance.
Most net new highs since Dec. 2016
S&P 500
[ls]
NYSE Net New 52W Highs
BREAKOUT ALERT: 10-year US Treasury Yield
Regarding interest rates,
the 10-year US Treasury yield’s breakout above its June peak (0.96%) is a critical signal given the bullish
implication for the S&P 500 and cyclicals broadly
. This meaningful higher high completes the 10-year’s nine-month base dating back to its
Q1’20 collapse, by our analysis. We see an inflection in its 200-day average as added confirmation too. As discussed in our
Big Numbers
outlook,
the next major resistance level is around 1.35%
loosely marking its 2012, 2016, and 2019 lows as well as a key retracement of its
2018 to 2020 decline. Overall,
we anticipate additional upside in the 10-year US Treasury yield
.
10-year US Treasury Yield
w/ 200-day m.a.
We see upside to ~1.35%
Rising Rates Still a Tailwind for Beta
Interest rates have been a key driver of the swings between high-beta cyclicals (HB) and low-volatility defensives (LV) meaning we expect
an additional rise in rates to prove supportive toward our recommendation for the former
. Over the last decade, the spread between the
10Y UST yield and its 200-day average has peaked around 75bps, and this extreme has led the peak in the HB vs. LV ratio by about a year.
Currently, the spread stands at 35bps meaning
1)
the 10-year has room to rise and
2)
the peak in the HB vs. LV ratio should be at least a
year away, based on this work. Overall,
although beta is near-term extended, we recommend sticking with its accelerating trend
.
Less-extended
OPCO Trifectas
with a
beta of at least 1.2
include
FOCS, OLED
, and
XPO
.
Rates not yet
overbought—Stick
with beta’s breakout
10-year US Treasury Yield: Deviation from 200-day average (bps)
S&P: High-Beta vs. Low Volatility
Rates reach an extreme Rates reach an extreme Risk peaks Risk peaks Rates not yet extreme
Buy OPCO Beta
OPCO Trifectas
with a
beta of at least 1.2
include
FOCS, OLED
, and
XPO.
Universal Display Corp.
(
OLED
)
The OPCO
Trifecta
is a stock that is:
1)
Fundamentally rated
Outperform
by research,
2)
Screens positively in our trend work, and is
3)
Supported by top-down portfolio tailwinds.
Portfolio theme:
Beta of at least 1.2
XPO Logistics, Inc.
(
XPO
)
Focus Financial Partners, Inc.
(
FOCS
)
Consumer Cyclicals Regaining Leadership
The
Consumer Discretionary SPDR
(
XLY
) has rallied to a new cycle high and is showing signs of regaining its leadership vs. the S&P 500, by
our analysis.
We see this as the “right” leadership and another positive for the market
.
OPCO Trifectas
from the Consumer Discretionary
sector include
FTDR, LULU
, and
PZZA
.
Source: Oppenheimer & Co. and Bloomberg.
Consumer Discretionary SPDR (
XLY
)
w/ 200-day m.a.
Relative to S&P 500
w/ 200-day m.a.
Buy OPCO Consumer Discretionary
OPCO Trifectas
from the
Consumer Discretionary
sector include
FTDR, LULU
, and
PZZA
.
Lululemon Athletica, Inc.
(
LULU
)
The OPCO
Trifecta
is a stock that is:
1)
Fundamentally rated
Outperform
by research,
2)
Screens positively in our trend work, and is
3)
Supported by top-down portfolio tailwinds.
Portfolio theme:
Consumer Discretionary sector
frontdoor, Inc.
(
FTDR
)
Papa John’s International
, Inc.
(
PZZA
)
Biotech Is Equally Strong
Leadership in the
small-cap Biotechnology
industry has been, and remains, a key reason for our bullish stance towards small-cap growth.
We like the
S&P Biotech SPDR
(
XBI
) for exposure to the industry because the ETF’s equal weighting tilts towards smaller stocks. Relative to
the S&P 500, XBI has consolidated since breaking through July resistance and should ultimately resume higher given its positively sloped
trend, in our view.
OPCO Trifectas
from the Biotechnology industry include
IOVA, MRNA
, and
NVTA.
Source: Oppenheimer & Co. and Bloomberg.
S&P Biotech SPDR (
XBI
)
w/ 200-day m.a.
Biotech strength is one reason for our preference toward small-cap growth
Relative to S&P 500
Buy OPCO Biotechnology
OPCO Trifectas
from the
Biotechnology
industry include
IOVA, MRNA
, and
NVTA.
Moderna, Inc.
(
MRNA
)
The OPCO
Trifecta
is a stock that is:
1)
Fundamentally rated
Outperform
by research,
2)
Screens positively in our trend work, and is
3)
Supported by top-down portfolio tailwinds.
Portfolio theme:
SMID-cap Biotechnology industry
Invitae Corp.
(
NVTA
)
Iovance Biotherapeutics, Inc.
(
IOVA
)
SMID-cap HC Equipment & Services Also Strong
Within Health Care, we’re also bullish on the
HC Equipment
(
IHI
)
& Services
(
IHF
) industry group which is just starting to break higher vs.
the S&P 500, in our view. Here too, we’re especially upbeat on strength in the SMID-cap part of the benchmark.
OPCO Trifectas
from the
industry group include
ADUS, CHE
, and
CSII.
Source: Oppenheimer & Co. and Bloomberg.
S&P 400 HC Equipment & Services
w/ 200-day m.a.
Fresh relative breakout
Relative to S&P 500
Buy OPCO HC Equipment & Services
OPCO Trifectas
from the
HC Equipment & Services
industry group include
ADUS, CHE
, and
CSII.
Cardiovascular Systems, Inc.
(
CSII
)
Addus HomeCare Corp.
(
ADUS
)
The OPCO
Trifecta
is a stock that is:
1)
Fundamentally rated
Outperform
by research,
2)
Screens positively in our trend work, and is
3)
Supported by top-down portfolio tailwinds.
Portfolio theme:
SMID-cap HC Equipment &
Services industry group
Chemed Corp.
(
CHE
)
Defending Software & Services
We highlighted the breakout in
Software & Services
in
December
and the industry group has subsequently corrected. We’re defending this
recommendation because support levels are intact. Specifically, the
iShares Software ETF
(
IGV
) has corrected into its prior breakout point
at $337 and remains above the bullish slope of its smoothed trend vs. the S&P 500, by our analysis.
OPCO Trifectas
from the industry group
include
ESTC, MDB
, and
NET.
Source: Oppenheimer & Co. and Bloomberg.
Nice SaaS pullback
iShares Software (
IGV
)
w/ 200-day m.a.
Relative to S&P 500
Buy OPCO Software & Services
OPCO Trifectas
from the
Software & Services
industry group include
ESTC, MDB
, and
NET.
Elastic NV
(
ESTC
)
The OPCO
Trifecta
is a stock that is:
1)
Fundamentally rated
Outperform
by research,
2)
Screens positively in our trend work, and is
3)
Supported by top-down portfolio tailwinds.
Portfolio theme:
SMID-cap Software & Services
industry group
MongoDB, Inc.
(
MDB
)
Cloudfare, Inc.
(
NET
)
The OPCO Trifecta
The OPCO
Trifecta
is a stock that
1)
is fundamentally rated
Outperform
by research,
2)
screens positively in our trend
work, and
3)
is supported by top-down portfolio tailwinds.
Our attempt is to maintain a dynamic list of our top ideas, deleting when necessary and adding/highlighting when
tactical. The size of the list will vary. Please inquire about being added to the daily distribution of our
Color for
Fundamental Focus Calls
report for additional OPCO covered ideas.
Additions
Removals
Source: Oppenheimer & Co. and Bloomberg.
Ticker Name
Analyst
Sector
Mkt Cap
($mm)
Reason for
Addition
PZZA
PAPA JOHN'S INTL INC
Brian Bittner
Consumer Discretionary
3,141 OPCO Top Idea
LULU
LULULEMON ATHLETICA INC
Brian Nagel
Consumer Discretionary
48,680 OPCO Top Idea
FTDR
FRONTDOOR INC
Ian Zaffino
Consumer Discretionary
4,399
Trend
ESTC
ELASTIC NV
Ittai Kidron
Information Technology
12,771
Trend
OLED
UNIVERSAL DISPLAY CORP
Martin Yang
Information Technology
11,084
Trend
FOCS
FOCUS FINANCIAL PARTNERS-A
Owen Lau
Financials
3,234
Trend
MRNA
MODERNA INC
Hartaj Singh
Health Care
46,579
Trend
CSII
CARDIOVASCULAR SYSTEMS INC
Suraj Kalia
Health Care
1,839 OPCO Top Idea
Ticker Name
Triple
Play Date
Removal
Date
Analyst
Sector
Mkt Cap
($mm)
Reason for
Removal
DPZ
DOMINO'S PIZZA INC
9-May-20
8-Jan-21
Brian Bittner
Consumer Discretionary
15,081 Replaced/PZZA
BABA
ALIBABA GROUP HOLDING-SP ADR
5-Jun-20
8-Jan-21
Jason Helfstein
Consumer Discretionary
604,953
Trend
RDFN
REDFIN CORP
27-Nov-20
8-Jan-21
Jason Helfstein
Real Estate
7,211 Fundamental
The OPCO Trifecta
Ticker Name Trifecta Date OPCO Rating Analyst MOscore Industry Group
Mkt Cap ($mm)
SBUX STARBUCKS CORP 23-Oct-20 O Brian Bittner 2 Consumer Services 121,263 PZZA PAPA JOHN'S INTL INC 8-Jan-21 O Brian Bittner 2 Consumer Services 3,141 LULU LULULEMON ATHLETICA INC 8-Jan-21 O Brian Nagel 1 Consumer Durables & Apparel 48,680 HELE HELEN OF TROY LTD 14-Aug-20 O Rupesh Parikh 2 Consumer Durables & Apparel 5,533 DG DOLLAR GENERAL CORP 9-May-20 O Rupesh Parikh 1 Retailing 52,810 WMT WALMART INC 9-May-20 O Rupesh Parikh 1 Food & Staples Retailing 414,688 COST COSTCO WHOLESALE CORP 9-May-20 O Rupesh Parikh 1 Food & Staples Retailing 163,967 EL ESTEE LAUDER COMPANIES-CL A 23-Oct-20 O Rupesh Parikh 2 Household & Personal Products 94,068 TEL TE CONNECTIVITY LTD 27-Nov-20 O Christopher Glynn 1 Technology Hardware & Equipmen 42,444 ALB ALBEMARLE CORP 14-Aug-20 O Colin Rusch 1 Materials 19,598 ROK ROCKWELL AUTOMATION INC 14-Aug-20 O Noah Kaye 2 Capital Goods 30,098 ITRI ITRON INC 27-Nov-20 O Noah Kaye 3 Technology Hardware & Equipmen 4,348 XPO XPO LOGISTICS INC 23-Oct-20 O Scott Schneeberger 2 Transportation 11,568
ACA ARCOSA INC 14-Aug-20 O Ian Zaffino Capital Goods 2,933
FTDR FRONTDOOR INC 8-Jan-21 O Ian Zaffino Consumer Services 4,399 AAPL APPLE INC 9-May-20 O Andrew Uerkwitz 1 Technology Hardware & Equipmen 2,170,201 TTWO TAKE-TWO INTERACTIVE SOFTWRE 10-Jul-20 O Andrew Uerkwitz 1 Media & Entertainment 23,748 AMZN AMAZON.COM INC 9-May-20 O Jason Helfstein 1 Retailing 1,604,151
ETSY ETSY INC 9-May-20 O Jason Helfstein 1 Retailing 21,494
NFLX NETFLIX INC 9-May-20 O Jason Helfstein 2 Media & Entertainment 227,175 ROKU ROKU INC 10-Jul-20 O Jason Helfstein 1 Media & Entertainment 47,069 FB FACEBOOK INC-CLASS A 5-Jun-20 O Jason Helfstein 1 Media & Entertainment 772,443 TCEHY TENCENT HOLDINGS LTD-UNS ADR 9-May-20 O Jason Helfstein 1 Media & Entertainment 696,355 SNAP SNAP INC - A 5-Jun-20 O Jason Helfstein 1 Media & Entertainment 76,511 CRM SALESFORCE.COM INC 10-Jul-20 O Brian Schwartz 2 Software & Services 200,276 WDAY WORKDAY INC-CLASS A 18-Sep-20 O Brian Schwartz 2 Software & Services 54,049 TTD TRADE DESK INC/THE -CLASS A 5-Jun-20 O Brian Schwartz 1 Software & Services 35,274 RNG RINGCENTRAL INC-CLASS A 9-May-20 O Brian Schwartz 1 Software & Services 34,735 MDLA MEDALLIA INC 27-Nov-20 O Brian Schwartz Software & Services 4,829 COUP COUPA SOFTWARE INC 9-May-20 O Koji Ikeda 1 Software & Services 23,485 OKTA OKTA INC 9-May-20 O Shaul Eyal 1 Software & Services 31,913 CRWD CROWDSTRIKE HOLDINGS INC - A 10-Jul-20 O Shaul Eyal Software & Services 48,147 NET CLOUDFLARE INC - CLASS A 14-Aug-20 O Shaul Eyal Software & Services 23,643 MDB MONGODB INC 9-May-20 O Ittai Kidron 1 Software & Services 20,625 TEAM ATLASSIAN CORP PLC-CLASS A 9-May-20 O Ittai Kidron 1 Software & Services 57,102 ESTC ELASTIC NV 8-Jan-21 O Ittai Kidron Software & Services 12,771 OLED UNIVERSAL DISPLAY CORP 8-Jan-21 O Martin Yang 2 Semiconductors & Semiconductor 11,084 NVDA NVIDIA CORP 9-May-20 O Richard Schafer 1 Semiconductors & Semiconductor 324,028 AVGO BROADCOM INC 18-Sep-20 O Richard Schafer 1 Semiconductors & Semiconductor 176,156 TXN TEXAS INSTRUMENTS INC 18-Sep-20 O Richard Schafer 1 Semiconductors & Semiconductor 152,296 MRVL MARVELL TECHNOLOGY GROUP LTD 10-Jul-20 O Richard Schafer 1 Semiconductors & Semiconductor 32,451 QRVO QORVO INC 14-Aug-20 O Richard Schafer 1 Semiconductors & Semiconductor 20,165 MPWR MONOLITHIC POWER SYSTEMS INC 9-May-20 O Richard Schafer 1 Semiconductors & Semiconductor 16,852 SMTC SEMTECH CORP 14-Aug-20 O Richard Schafer 1 Semiconductors & Semiconductor 4,838 KKR KKR & CO INC 5-Jun-20 O Christopher Kotowski 2 Diversified Financials 34,387 MS MORGAN STANLEY 27-Nov-20 O Christopher Kotowski 1 Diversified Financials 137,517 FOCS FOCUS FINANCIAL PARTNERS-A 8-Jan-21 O Owen Lau Diversified Financials 3,234 SPGI S&P GLOBAL INC 5-Jun-20 O Owen Lau 2 Diversified Financials 79,556 NDAQ NASDAQ INC 9-May-20 O Owen Lau 2 Diversified Financials 22,158 MRNA MODERNA INC 8-Jan-21 O Hartaj Singh Pharmaceuticals, Biotechnology 46,579 CRSP CRISPR THERAPEUTICS AG 14-Aug-20 O Jay Olson 1 Pharmaceuticals, Biotechnology 12,850 NVTA INVITAE CORP 18-Sep-20 O Kevin Degeeter 1 Pharmaceuticals, Biotechnology 8,459 IOVA IOVANCE BIOTHERAPEUTICS INC 10-Jul-20 O Mark Breidenbach 2 Pharmaceuticals, Biotechnology 7,024 CHE CHEMED CORP 14-Aug-20 O Michael Wiederhorn 3 Health Care Equipment & Servic 8,662 LHCG LHC GROUP INC 5-Jun-20 O Michael Wiederhorn 1 Health Care Equipment & Servic 6,922 ADUS ADDUS HOMECARE CORP 14-Aug-20 O Michael Wiederhorn 3 Health Care Equipment & Servic 1,919 UNH UNITEDHEALTH GROUP INC 9-May-20 O Michael Wiederhorn 2 Health Care Equipment & Servic 342,752 HUM HUMANA INC 9-May-20 O Michael Wiederhorn 3 Health Care Equipment & Servic 57,822 TNDM TANDEM DIABETES CARE INC 9-May-20 O Steven Lichtman 3 Health Care Equipment & Servic 5,791 EW EDWARDS LIFESCIENCES CORP 14-Aug-20 O Suraj Kalia 3 Health Care Equipment & Servic 54,497
Bonus Chart: Emerging Markets Breakout
This week’s bonus chart highlights a breakout for MSCI Emerging Markets. The index has rallied above its January 2018 peak and is closing
in on a test of its 2007 peak. In accordance with our global bull market outlook,
we expect a larger breakout above this major 13-year
resistance level
.
Source: Oppenheimer & Co. and Bloomberg
MSCI Emerging Markets
Key Takeaways
UW
MW
OW
Energy
X
Materials
X
Industrials
X
Capital Goods
x
Commercial & Professional Services
x
Transportation
x
Consumer Discretionary
X
Automobiles & Components
x
Consumer Durables & Apparel
x
Consumer Services
x
Retailing
x
Consumer Staples
X
Food & Staples Retailing
x
Food, Beverage & Tobacco
x
Household & Personal Products
x
Health Care
X
HC Equipment & Services
x
Pharmaceuticals, Biotechnology & Life Sciences
x
Financials
X
Banks
x
Diversified Financials
x
Insurance
x
REITs
X
Technology
X
Software & Services
x
Technology Hardware & Equipment
x
Semis & Semi Equipment
x
Communication Services
X
Telecommunication Services
x
S&P 500 Sector and Industry Group Ranks
Market Outlook and Portfolio Themes
Broad-based breakaway leads us to expect a
continuation of the S&P 500’s recovery.
We expect the market to swing between Beta and Safety
around a long-term bid for Growth.
US over World, Small over Big, Cyclicals over Defensives,
Growth over Value, Industrial Metals over Energy.
Top Sector and Industry Ideas
TEC: Semiconductors, Software
FIN: Capital Markets
IND: Capital Goods, Road & Rail
DIS: Internet, Specialty Retail, Homebuilders
CSV: Interactive Services, Entertainment
HLC: HC Equipment & Services, Biotechnology
Sector & Industry Snapshot: week of January 8
Our Sector & Industry Snapshot is a current and concise overview of the leaders and laggards
throughout the equity market. As a proxy for trend and momentum, this tool screens a
comprehensive list of broad market indexes, S&P sectors (relative to SPX), and all GICS level 3
industries relative to their respective sector. It is designed to be a differentiated performance
table and an unbiased starting point to help generate trend-following or mean-reverting ideas.
RSI
calculates the avg. gain / avg. loss in a security over a specified period; in this case 14 weeks. High
readings (colored red; above 60) mark overbought and low readings (colored green; below 40) mark
oversold. Neutral readings are colored yellow (between 40 and 60).
As a proxy for
Trend
we use the crossover between the 50-day and 200-day moving average. A positive
percentage (colored green) indicates how far the 50D is above the 200D and a negative percentage
(colored red) indicates how far the 50D is below the 200D.
Absolute Price Momentum RSI Trend Industry (GICL3) vs. Sector (GICL1) RSI Trend Industry (GICL3) vs. Sector (GICL1) RSI Trend
S&P 500 Index 69 12% Metals & Mining 62 2% Life Sciences Tools & Services 66 8% WTI Crude Oil future 67 19% Paper & Forest Products 57 1% Health Care Technology 59 3% 10-Year U.S. Treasury Yield 64 24% Construction Materials 55 1% Health Care Providers & Services 59 4% Gold spot 50 2% Chemicals 43 -1% Health Care Equipment & Supplies 57 3% U.S. Dollar Index (DXY) 34 -4% Containers & Packaging 37 2% Pharmaceuticals 36 -4% Biotechnology 33 -8%
Relative to S&P 500 RSI Trend Industry (GICL3) vs. Sector (GICL1) RSI Trend
Russell 2000 73 10% Construction & Engineering 75 8% Industry (GICL3) vs. Sector (GICL1) RSI Trend
S&P 600 Small Cap 72 8% Machinery 71 3% Commercial Banks 65 2% S&P 400 Mid Cap 69 6% Electrical Equipment 70 2% Consumer Finance 57 7% S&P 500 Equal Weight 62 3% Marine 62 3% Thrifts & Mortgage Finance 56 4% MSCI Emerging Markets 62 4% Building Products 60 4% Capital Markets 53 -1% NASDAQ-100 59 3% Trading Companies & Distributors 58 0% Diversified Financial Services 31 -2% MSCI EAFE Developed Markets 55 0% Road & Rail 56 -2% Insurance 25 -2% Dow Jones Industrial Average 42 -1% Industrial Conglomerates 51 2%
S&P 100 Index 41 0% Airlines 50 6% Industry (GICL3) vs. Sector (GICL1) RSI Trend
Professional Services 45 -3% Real Estate Management & Develop 72 21%
Relative to S&P 500 RSI Trend Commercial Services & Supplies 44 -2% Equity REITs 29 -1% Materials 65 4% Air Freight & Logistics 37 6%
Financials 62 2% Aerospace & Defense 30 -8% Industry (GICL3) vs. Sector (GICL1) RSI Trend
Consumer Discretionary 55 1% Electronic Equipment 69 7% Technology 55 2% Industry (GICL3) vs. Sector (GICL1) RSI Trend Semis & Semi Equipment 64 5% Energy 53 -7% Auto Components 71 12% Computers & Peripherals 59 6% Industrials 52 5% Automobiles 67 16% IT Services 43 -4% Health Care 47 -5% Textiles, Apparel & Luxury 64 10% Communications Equipment 42 -11% Communication Services 44 1% Leisure Equipment & Products 62 6% Software 32 -4% Utilities 33 -6% Multiline Retail 58 3%
REITs 29 -8% Distributors 53 2% Industry (GICL2) vs. Sector (GICL1) RSI Trend
Consumer Staples 28 -4% Hotels, Restaurants & Leisure 48 3% Media & Entertainment 57 1% Household Durables 43 3% Telecommunication Services 33 -10%
Relative to S&P 500 RSI Trend Speciality Retail 41 -3%
Russell 2000 Growth 74 10% Internet & Catalog Retail 37 -3% Industry (GICL3) vs. Sector (GICL1) RSI Trend
S&P 500 High Beta 69 13% Diversified Consumer Services 35 -10% Independent Power Producers 81 23%
Russell 2000 Value 68 9% Electric Utilities 72 1%
Russell 1000 Growth 55 2% Industry (GICL3) vs. Sector (GICL1) RSI Trend Water Utilities 66 3% Russell 1000 Value 55 0% Personal Products 69 12% Gas Utilities 41 -4% S&P High Yield Dividend 47 -1% Food & Staples Retailing 59 2% Multi-Utilities 20 -2% S&P 500 Low Volatility 26 -5% Tobacco 52 -3%
Beverages 48 1%
Industry (GICL3) vs. Sector (GICL1) RSI Trend Food Products 43 -3% As of 08-Jan-21 Energy Equipment & Services 71 14% Household Products 40 -1%
S&P 1500 Technology S&P 1500 REITs
S&P 1500 Communication Services
S&P 1500 Utilities S&P 1500 Health Care S&P 1500 Materials
S&P 1500 Industrials
S&P 1500 Consumer Discretionary
S&P 1500 Financials Key Market Indexes
Broad Market Equity Averages
S&P 500 Sectors
Styles
S&P 1500 Consumer Staples
Stock prices of companies/ETFs mentioned in this report (as of January 8, 2021)
Ticker Primary Exchange Last Price
IGV
Cboe BZX
355.3
IHF
NYSE Arca
251.9
IHI
NYSE Arca
341.1
SPHB
NYSE Arca
60.5
XBI
NYSE Arca
151.6
Disclosure Appendix
Important Disclosure Footnotes for Companies Mentioned in this Report that Are
Covered by Oppenheimer & Co. Inc:
Stock Prices as of January 9, 2021
Apple Inc. (AAPL - NASDAQ, $132.05, OUTPERFORM)
Arcosa, Inc. (ACA - NYSE, $61.00, OUTPERFORM)
Addus HomeCare Corporation (ADUS - NASDAQ, $121.67, OUTPERFORM)
Albemarle (ALB - NYSE, $184.10, OUTPERFORM)
Amazon.Com, Inc. (AMZN - NASDAQ, $3,182.70, OUTPERFORM)
Broadcom Ltd. (AVGO - NYSE, $445.64, OUTPERFORM)
Alibaba Group Holding Ltd. (BABA - NYSE, $236.19, OUTPERFORM)
Chemed Corporation (CHE - NYSE, $547.70, OUTPERFORM)
Costco Wholesale Corp. (COST - NASDAQ, $369.94, OUTPERFORM)
Coupa Software, Inc. (COUP - NASDAQ, $345.00, OUTPERFORM)
Salesforce.com (CRM - NYSE, $222.04, OUTPERFORM)
CRISPR Therapeutics (CRSP - NASDAQ, $193.82, OUTPERFORM)
CrowdStrike Holdings, Inc. (CRWD - NASDAQ, $223.73, OUTPERFORM)
Cardiovascular Systems, Inc. (CSII - NASDAQ, $46.37, OUTPERFORM)
Dollar General Corporation (DG - NYSE, $215.81, OUTPERFORM)
Domino's Pizza, Inc. (DPZ - NYSE, $388.83, OUTPERFORM)
Estée Lauder (EL - NYSE, $260.73, OUTPERFORM)
Equinix Inc. (EQIX - NASDAQ, $692.46, OUTPERFORM)
Elastic N.V. (ESTC - NYSE, $152.15, OUTPERFORM)
Etsy, Inc. (ETSY - NASDAQ, $175.65, OUTPERFORM)
Edwards LifeSciences (EW - NASDAQ, $90.67, OUTPERFORM)
Facebook, Inc. (FB - NASDAQ, $267.57, OUTPERFORM)
Focus Financial Partners (FOCS - NASDAQ, $47.67, OUTPERFORM)
frontdoor, inc. (FTDR - NASDAQ, $52.10, OUTPERFORM)
Helen of Troy Limited (HELE - NASDAQ, $214.10, OUTPERFORM)
Humana, Inc. (HUM - NYSE, $436.77, OUTPERFORM)
Iovance Biotherapeutics (IOVA - NASDAQ, $50.52, OUTPERFORM)
Itron, Inc. (ITRI - NASDAQ, $103.17, OUTPERFORM)
KKR & Co. (KKR - NYSE, $40.49, OUTPERFORM)
LHC Group, Inc. (LHCG - NASDAQ, $221.64, OUTPERFORM)
Lululemon Athletica Inc. (LULU - NASDAQ, $365.46, OUTPERFORM)
MongoDB, Inc. (MDB - NASDAQ, $359.86, OUTPERFORM)
Medallia, Inc. (MDLA - NYSE, $35.54, OUTPERFORM)
Monolithic Power Systems (MPWR - NASDAQ, $387.41, OUTPERFORM)
Moderna, Inc. (MRNA - NASDAQ, $112.75, OUTPERFORM)
Marvell Technology Group (MRVL - NASDAQ, $49.08, OUTPERFORM)
Morgan Stanley (MS - NYSE, $75.25, OUTPERFORM)
MSCI Inc. (MSCI - NYSE, $452.68, OUTPERFORM)
Nasdaq Inc. (NDAQ - NASDAQ, $138.81, OUTPERFORM)
Cloudflare (NET - NYSE, $79.15, OUTPERFORM)
Netflix, Inc. (NFLX - NASDAQ, $510.40, OUTPERFORM)
NVIDIA Corp. (NVDA - NASDAQ, $531.07, OUTPERFORM)
InVitae Corp. (NVTA - NYSE, $51.13, OUTPERFORM)
Okta, Inc. (OKTA - NASDAQ, $253.12, OUTPERFORM)
Universal Display Corp. (OLED - NASDAQ, $247.17, OUTPERFORM)
Papa John's International, Inc. (PZZA - NASDAQ, $93.47, OUTPERFORM)
Qorvo, Inc. (QRVO - NASDAQ, $179.40, OUTPERFORM)
Redfin Corporation (RDFN - NASDAQ, $76.51, PERFORM)
RingCentral (RNG - NYSE, $387.95, OUTPERFORM)
Rockwell Automation (ROK - NYSE, $261.81, OUTPERFORM)
Roku, Inc. (ROKU - NASDAQ, $399.13, OUTPERFORM)
Starbucks Corporation (SBUX - NASDAQ, $105.67, OUTPERFORM)
Semtech Corp. (SMTC - OTC, $74.29, OUTPERFORM)
Snap Inc. (SNAP - NYSE, $52.73, OUTPERFORM)
S&P Global Inc. (SPGI - NYSE, $326.85, OUTPERFORM)
Tencent Holdings Ltd. (TCEHY - OTC PK, $76.94, OUTPERFORM)
Atlassian Corporation Plc (TEAM - NASDAQ, $235.48, OUTPERFORM)
TE Connectivity Ltd. (TEL - NYSE, $130.47, OUTPERFORM)
Tandem Diabetes Care, Inc. (TNDM - NASDAQ, $97.59, OUTPERFORM)
The Trade Desk, Inc. (TTD - NASDAQ, $795.81, OUTPERFORM)
Take-Two Interactive Software (TTWO - NASDAQ, $210.43, OUTPERFORM)
Texas Instruments (TXN - NYSE, $171.16, OUTPERFORM)
UnitedHealth Group, Inc. (UNH - NYSE, $363.39, OUTPERFORM)
Workday, Inc. (WDAY - NYSE, $227.65, OUTPERFORM)
Walmart Inc. (WMT - NYSE, $146.63, OUTPERFORM)
XPO Logistics, Inc. (XPO - NYSE American, $125.90, OUTPERFORM)
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This report was produced at January 8, 2021 11:56 EST and disseminated at January 9, 2021 07:00 EST.
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