Overnight Summary: The S&P 500 closed Wednesday higher by 0.85% from Tuesday higher by 0.27% at 5375.32. The overnight high was hit at 5,443.75 at 3:20 a.m. EDT and the low was hit at 5423.75 at 4:05 p.m. EDT. The overnight range is 20 points. The current price is 5431.75 at 6:10 a.m. EDT up by +4.25.
- PPI is due out at 8:30 a.m. EDT and is expected to fall to 0.1% from 0.3%.
- 4 Week Bill Auction at 11:30 a.m. EDT.
- 30-Year Bond Auction is held at 1:00 p.m. EDT.
- Must See TV: Treasury Secretary Yellen on CNBC talking about a variety of issues but headline is on U.S. debt load. (CNBC)
- Beats: AVGO +0.11, CURV +0.05 of note.
- Flat: None of note.
- Misses: PLAY -0.61, PLCE -0.13 and OXM -0.02 of note.
Capital Raises:
- IPOs For The Week: EHGO KAPA OSTX QMMM TEM TLX WOK
- New IPOs/SPACs launched/News:
- IPOs Filed:
- KWE proposed public offering through ThinkEquity.
- Secondaries Filed or Priced:
- RARE proposed public offering of $350 million of common stock.
- Common Stock filings/Notes:
- RNA to offer $300 mln of shares of its common stock.
- JILL announces proposed public offering of 2 mln common stock.
- ARES announces offering of 2,65 mln Class A common shares.
- Notes Priced of note:
- Direct Offering:
- Exchangeable Subordinate Voting Shares:
- Selling Shareholders of note:
- Debt/Credit Filing and Notes:
- Mixed Shelf Offerings:
- FNV: files a $2 billion mixed shelf offering.
- VERI: files $300 mln mixed shelf securities offering
- Rights Offering:
- PIPE:
- Convertible Offering & Notes Filed:
- MSTR Proposed Private Offering of $500 Million of Convertible Senior Notes
- Capital Raise Summary From The TradeXchange, bringing traders and investors real time news and Squawk Box, and other sources.
News After The Close :
- Biggest Gainers and Losers:
- AVGO +12.1%, CURV 5.5%, PLCE +2.7%.
- PLAY -8.7%, OXM -2.7%, JILL -16%, PLNT -4.8%, PLAB -4.4%.
- CalPERS votes against Musk’s Tesla pay package. (Reuters)
- Broadcom (AVGO) to split stock 10-1. (MarketWatch)
- Oxford Industries (OXM) that owns Tommy Bahama and Lily Pulitzer says consumers are cautious. (MarketWatch)
- Dave & Busters (PLAY) continues to see sales lag. (MarketWatch)
- EQT’s Mountain Valley Pipeline preparing $7.85 bln pipe from WV to VA to operate following U.S. regulatory approval. (Reuters)
- Microsoft (MSFT) reports OpenAI’s annualized revs double since late 2023. (The Information)
- GE awarded $1.13 bln U.S. Army contract for T700 series turbine engines.
- RTX awarded $293 mln U.S. Special Operations Command contract and awarded $506.7 mln U.S. NASA contract to build Landsat Next instruments.
- AZN’s FARXIGA approved in the US for the treatment of pediatric type-2 diabetes. (Release)
- Jim Cramer interviewed PG&E (PGE) on Mad Money during Wednesday’s show. (CNBC).
Stock Splits or News: AVGO to split 10-1.
Buybacks or Repurchases:
- None of note.
Exchange/Listing/Company Reorg and Personnel News:
- PLAB places Richelle E. Burr, Chief Administrative Officer, on a paid administrative leave during the pendency of an ongoing internal review.
Dividends Announcements or News:
- Stocks Ex Div Today: TSM BABA ICE NXPI BAH CCK ADT
- WRB declares a special cash dividend of $0.50/share, increases regular quarterly cash dividend by 9.1% to $0.48/share.
- WFG increases quarterly cash dividend to $0.32/share from $0.30/share.
What’s Happening This Morning: Futures S&P 500 +5,47, NASDAQ 100 +120, Dow Jones -123, Russell 2000 -9. Asia is higher ex the Nikkei while Europe is lower this morning. VIX Futures are at 14.05 from 13.30 yesterday while Bonds at 4.312% from 4.40% yesterday on the 10-Year. The U.S. Dollar is higher versus the Euro, higher versus the Pound and higher against the Yen. Bitcoin is at $67.286 from $67,862 lower by -1.13% this morning.
- Daily Positive Sectors: Technology, Industrials, Consumer Cyclical and Real Estate of note.
- Daily Negative Sectors: Consumer Defensive, Energy and Utilities of note.
- One Month Winners: Technology, Healthcare, Communication Services and Real Estate of note.
- Three Month Winners: All led by Communication Services, Utilities, Technology, Consumer Defensive and Energy of note.
- Six Month Winners: Communication Services, Technology, Industrials, Healthcare and Financials of note.
- Twelve Month Winners: Communication Services, Technology, Financials, Industrials, and Healthcare of note.
- Year to Date Winners: Communication Services, Technology, Financials, Healthcare, Industrials and Consumer Defensive of note.
Upcoming Earnings Of Note: (From Chartroom Software – sorted by market cap, highest to lowest with most visible names)
- Thursday After the Close:
- Friday Before The Open: None of note
Earnings of Note This Morning:
- Beats: None of note.
- Flat: None of note.
- Misses: None of note.
- Still to Report: None of note.
Company Earnings Guidance:
- Positive Guidance: None of note.
- Negative Guidance: None of note.
Erlanger Research Advance/Decline Chart:
Gap Ups & Down In Early Pre-Market (+4% or down more than -4%):
- Gap Up: AVGO +12.8%, CURV +7.6%, DOMO +4.5%, ETRN +2.8%, CCSI +2.4%, NVDA +2.1% of note.
- Gap Down: JILL -16.5%, PLAY -10.4%, AGEN -4.5%, PLAB -4%, RARE -4%, OXM -2.9%, ARES -2.5%, CLLS -2.5% of note.
Insider Action: No stocks see Insider buying with dumb short selling. No stocks see Insider buying with smart short sellers.
Rags & Mags: Repeated stories from prior days never listed, i.e. “rehashed news”. Sorted by Global, U.S. and stock specific.
- 5 Things To Now Before The Market Opens on Thursday morning. (CNBC)
- What You Need To Know To Start Your Day. (Bloomberg)
- Stocks Making The Biggest Moves in Pre-Market: TSLA, PLAY, AVGO (CNBC)
- Market Wrap: Futures hold firm as traders weigh Fed’s path. (Bloomberg)
- Bloomberg Lead Story: Bond Market Splits From Fed On Rate Cuts. (Bloomberg)
- G-7 focuses on China and Russia after agreeing to Ukraine Aid. (Bloomberg)
- Tesla to raise Model 3 prices in Europe after EU tariffs on China EVs.
- Elon Musk wins his Tesla pay package. (Bloomberg)
- Bloomberg: Odd Lots: Musk dominates space like no one else. (Podcast)
- Bloomberg: Big Take: The Fed’s Great Rate Debate. (Podcast)
Geopolitical:
- President Biden’s Daily Schedule:
- There is a Daily Briefing scheduled for 3:00 a.m. EDT today as in Italy.
- President Biden is attending the G-7 meeting in Italy today.
Economic:
- May PPI is due out at 8:30 a.m. EDT and is expected to fall to 0.1% from 0.5%.
- Weekly Jobless Claims are due out at 8:30 a.m. EDT.
- Weekly Natural Gas Inventories Report is due out at 10:30 a.m. EDT.
Federal Reserve / Treasury Speakers:
- Federal Reserve Speakers are no longer in a blackout period.
- Federal Reserve New York President John Williams speaks at 12:00 p.m. EDT to clean up any open issues from Powell’s presser yesterday.
M&A Activity and News:
Moving Averages On Major Indexes: 84% from 63% of the moving averages are positive.
Meeting & Conferences of Note:
- Sellside Conferences:
- Bank of America Asia Conference
- Benchmark Giga USA and World Lithium Congress
- Evercore’s Consumer & Retail Virtual Conference.
- Goldman Sachs Global Healthcare Conference
- Jefferies Global FinTech
- Rosenblatt Technology Conference
- Sidoti June Virtual Small Cap Conference
- UBS Consumer Insights Day
- Wells Fargo Industrials Conference
- Top Shareholder Meetings: BEKE, BHM, GME, ICCC, IR, MTDR, NVAX, TSLA, VUZI, XELA
- Fireside Chat: None of note.
- Investor/Analyst Day/Calls: CLDI, HLIT, NEWT, OCUL, ONTF, R, RGA, SCHW, SGMT, STLA, URGN, WLK
- Update: None of note.
- R&D Day: None of note.
- FDA Presentation:
- Company Event:
- Industry Meetings:
- Apple WWD Conference
- East Coast IDEAS Conference
- World Vape Show
Top Tier Sell-side Upgrades & Downgrades:
The recommendations listed below in this “Upgrade/Downgrade” section are compiled from what we believe are Tier I, II and III firms. Recommendations posted are taken from a variety of sources each day and we only post upgrades or significant initiations as well as downgrades to underweight or sell. The purpose of this posting is to make the reader aware of market-moving recommendations. None of these recommendations should be interpreted as actual recommendations from CAPIS or its employees.
Today’s Upgrades and Downgrades:
Upgrades: KMB DPZ CMG CIVI INTU NKE BIRK
Downgrades: TEF NEP WEN JACK
