Overnight Summary: The S&P 500 closed Friday lower by -0.16% at 5464.62 from Thursday lower by -0.25% at 5473.17. The overnight high was hit at 5,546 at 4:30 a.m. EDT and the low was hit at 5519.75 at 9:25 a.m. EDT. The overnight range is 27 points. The current price is 5534 at 8:25 a.m. EDT lower by -0.50.
- 3 & 6 month T Bill Auction at 11:30 a.m. EDT.
- Beats: None of note.
- Flat: None of note.
- Misses: None of note.
Capital Raises:
- IPOs For The Week: ACTU, GLE, LB, MJID, NVA, OSTX, QMMM,
TBN, WBTN, WOK. - New IPOs/SPACs launched/News:
- IPOs Filed/Priced:.
- Secondaries Filed or Priced:
- AISP files for share common stock offering.
- Notes Priced of note:
- Direct Offering:
- Exchangeable Subordinate Voting Shares:
- Selling Shareholders of note:
- BV files for 54,241,750 share common stock offering by selling shareholders.
- NYCB files for 850 mln share common stock offering by selling shareholders, relates to warrants.
- TRTX files for 2,647,059 share common stock offering by selling shareholder.
- CRNX files a common stock offering by selling shareholders.
- Debt/Credit Filing and Notes:
- Mixed Shelf Offerings:
- ITI filed a $150 million mixed-shelf offering.
- TRIB filed a $50 million mixed-shelf offering.
- BSVN filed a $50 million mixed-shelf offering.
- CRNX files a mixed-shelf offering.
- AUMN files a $75 million mixed-shelf offering.
- NEOV files a $75 million mixed-shelf offering.
- GLRE files a mixed-shelf offering.
- PIPE:
- Convertible Offering & Notes Filed:
- 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 Last Week Of Note:
- SRPT (161.19 +31.22%), ITCI (76.57 +12.99%), MD (8.12 +12.15%) SSL (7.65 +16.19%) HTZ (4.1 +25.77%), SPR (33.43 +13.89%), SAVE (3.92 +13.15%), CMRE (16.88 +12.5%) AAN (9.91 +31.37%), MPAA (6.66 +19.35%), SFIX (3.99 +15.51%), PENN (19.67 +13.02%), CATO (6.12 +12.09%) CMTL (3.68 +73.35%), HIMX (8.19 +24.02%) HMST (11.15 +27.28%) KNOP (7.57 +11.93%)
- ATRA (8.36 -34.6%), SLDB (6.47 -18.1%), URGN (16.35 -14.84%), CRBP (43.78 -12.61%), AZUL (4.24 -16.86%), ENPH (106.33 -14.67%), AVAV (188.31 -12.51%), GME (23.74 -17.28%), SNBR (10.69 -15.16%), SEDG (32.87 -17.54%)
- Under Armour (UA) settles class action litigation and will pay $434 million to shareholders.
- Penske Auto (PAG) discloses a cybersecurity incident at CDK Global that impacted the company.
- DJT announces the cash exercise of warrants on June 20th and 21st that will bring in $69.4 million.
- LMT awarded a $977.6 mln contract modification to previously awarded US Air Force contract.
- RTX awarded a $264.6 mln US Air Force contract.
- Barron’s + on META DE CAT PYPL JNJ CAH IONS, INCY, IOVA, AI and +/- on GEV WPIC.
Buybacks or Repurchases:
- None of note.
Exchange/Listing/Company Reorg and Personnel News:
- STOK Chief Operating Officer and Chief Business Officer, Huw Nash Ph.D, has stepped down from the position of Chief Operating Officer, effective immediately.
- OCSL COO Matthew Stewart resigns.
- KRRO Steve Colletti, Ph.D., notified co of his intent to resign as Chief Scientific Officer effective August 2.
Dividends Announcements or News:
- Stocks Ex Div Today: AVGO FDX JCI WRB FIZZ
What’s Happening This Morning: Futures S&P 500 +2.13, NASDAQ 100 -25, Dow Jones +80 , Russell 2000 -1.37. Asia is lower ex the Nikkei while Europe is higher this morning. VIX Futures are at 14.47 from 14.93 on Friday while Bonds at 4.263% from 4.228% yesterday on the 10-Year. Crude Oil and Brent are higher along with Natural Gas. Gold and Silver are higher with Copper lower today. The U.S. Dollar is lower versus the Euro, lower versus the Pound and lower against the Yen. Bitcoin is at $61,241 from $63.910 lower by -4.48% this morning.
- Daily Positive Sectors: Communication Services, Consumer Cyclical, Healthcare and Real Estate of note.
- Daily Negative Sectors: Technology, Energy and Utilities of note.
- One Month Winners: Technology, Healthcare and Communication Services,
Consumer DefensiveandReal Estateof note. - Three Month Winners: Communication Services, Utilities, Technology, Consumer Defensive and Healthcare of note.
- Six Month Winners: Communication Services, Technology, Industrials, Healthcare and Financials of note.
- Twelve Month Winners: Communication Services, Technology, Financials, Industrials, and Consumer Cyclical
Healthcareof note. - Year to Date Winners: Communication Services, Technology, Financials, Healthcare and Consumer Defensive
Utilitiesof note.
Upcoming Earnings Of Note: (From Chartroom Software – sorted by market cap, highest to lowest with most visible names)
- Monday After the Close: None of note.
- Tuesday Before The Open: SNX 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: RXO +11.8%, ARGX +8.5%, ALT +8.4%, DJT +7.3%, PUK +6.5%, CDLR +5.6%, FREY +4.2%, NXE +4.2%, MNKD +3.7%, TERN +3.7%, BHR +2.9%, MUFG +2%, GUTS +2% of note.
- Gap Down: GTHX -17.7%, RMD -12.1%, STOK -7%, MSTR -5.9%, BITB -5%, HIVE -4.9%, GBTC -4.8%, IBIT -4.8%, BRRR -4.6%, BTCO -4.6%, COIN -3.7%, HUT -3.3%, GOEV -3.2%, TNDM -3%, UAA -2.9%, SBS -2% of note.
Insider Action: PBF and DOMO see Insider buying with dumb short selling. VRE sees 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 Monday morning. (CNBC)
- What You Need To Know To Start Your Day. (Bloomberg)
- Market Wrap: Stocks rise as Trader’s await inflation cues. (Bloomberg)
- Bloomberg Lead Story: How Long Can High Rates Last? Maybe Forever. (Bloomberg)
- Jain Capital raises $5.3 billion and will start trading July 1st, largest raise since Exodus Point. (Bloomberg)
- Barron’s “What Will Happen When The Bears Wake Up?”. (Barron’s)
- Bloomberg: The Big Take: How Jeff Yassis influencing the election. (Podcast)
- Bloomberg: Odd Lots: Tom Lee says S&P 500 could hit 15,000 by 2030. (Podcast)
- President Biden’s Daily Schedule:
- There is a Daily Briefing scheduled for 10:00 a.m. EDT today.
- President Biden is at Camp David preparing for his debate with Donald Trump later this week.
Economic:
- Dallas Federal Reserve Manufacturing Survey due out at 10:30 a.m. EDT.
Federal Reserve Speakers
- Federal Reserve Governor Christopher Waller spoke overnight at 3:00 a.m. EDT.
- Federal Reserve Chicago President Austan Goolsbee speaks at 8:30 a.m. EDT.
- Federal Reserve San Francisco President Mary Daly speaks at 2:00 p.m. EDT.
M&A Activity and News:
- None of note.
Moving Averages On Major Indexes: Stays at 73% of the moving averages positive.
Meeting & Conferences of Note:
- Sellside Conferences:
- Oppenheimer Novel Targets in Summit
- TD Cowen Tool/Dx Revolution Conference
- Top Shareholder Meetings: APO, CNTY, CWCO, GIGM, NIO, NVGS, XOS
- Fireside Chat: None of note.
- Investor/Analyst Day/Calls: GUTS, JBT
- Update: None of note.
- R&D Day: None of note.
- FDA Presentation:
- Company Event:
- Industry Meetings:
- Amercian Diabetes Association Sessions
- Peripheral Nerve Society Meeting.
- Spinal Cord Injury Investor Symposium
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:
