Overnight Summary: The S&P 500 closed Friday lowered by -0.71% at 5505 from Thursday lower by -0.78% at 5544.59. The overnight high was hit at 5,584.25 at 6:55 a.m. EDT and the low was hit at 5553.50 at 10:15 p.m. EDT. The overnight range is 31 points. The current price is 5582.50 at 7:05 a.m. EDT higher by +28.75 points.
- President Joe Biden drops out of the campaign. (Letter to Country)
- There are both 3-month and 6-month Treasury auctions at 11:30 a.m. EDT.
- Beats: None of note.
- Flat: None of note.
- Misses: ETRN -0.02 of note.
- Yet to Report:
Capital Raises:
- IPOs For The Week:
- New IPOs/SPACs launched/News:
- IPOs Filed/Priced:
- Secondaries Filed or Priced:
- ATNF: Form S-1 Filed Offering
- AVRO: Form S-1.. Up to 2,969,583 Shares of Common Stock
- CDTX: Form S-1.. 16,800,000 shares of Common Stock
- INTZ: Form S-1.. 1,505,179 Shares of Common Stock
- MBIO: Form S-1.. 6,497,800 Shares of Common Stock
- Notes Priced:
- Direct Offering:
- Exchangeable Subordinate Voting Shares:
- Selling Shareholders of note:
- REKR files for 4,425,000 shares of common stock by selling shareholders.
- TECX files for 2,969,583 shares of common stock by selling shareholders.
- REZI files for 24.5 mln share offering by selling shareholder.
- NCSM Form S-3.. Up to $200,000,000 of Shares of Common Stock 1,667,734 Shares of Common Stock
Offered by Selling Stockholders
- Debt/Credit Filing and Notes:
- Mixed Shelf Offerings:
- SNTG: Form F-3.. $60,000,000 Mixed Shelf
- TPST: Form S-3.. $300,000,000 Mixed Shelf
- TTOO: Form S-3,, $150,000,000 Mixed Shelf
- PIPE:
- Convertible Offering & Notes Filed:
- Capital Raise Summary From The TradeXchange, bringing traders and investors real time news and Squawk Box, and other sources.
Biggest Movers Up & Down For The Week:
- Movers Up: CYRX (8.57 +19.53%), ANGO (7.05 +17.42%), AMN (56.87 +14.14%), CDNA (18.12 +13.86%), SERV (7.82 +241.48%), CHUY (37.22 +54.68%), RGS (28.08 +36.24%), VFC (16.44 +19.53%), BKU (36.96 +16.85%), STBA (41.08 +15.91%), FFIN (35.75 +15.77%), FFWM (6.52 +15.11%), HE (17.42 +66.97%).
- Movers Down: KRO (11.02 -15.75%), FIVE (77.77 -24.66%), DPZ (404.62 -17.67%), PLCE (7.63 -17.42%), M (16.29 -14.69%), INSG (9.96 -18.73%), SEDG (25.81 -18.45%), ASML (897.32 -17.32%), SGH (24.16 -16.4%), AMD (151.97 -16.32%), VECO (40.4 -14.39%), LPLA (210.55 -20.14%), SCHW (62.06 -17.67%), SIGI (82.27 -14.61%), ELF (177.27 -15.95%).
News After The Close :
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- Cadre Holdings (CDRE) experienced cybersecurity incident on July 15; not yet determined full impact of incident.
- Baxter (BAX) continues to make progress, with some critical systems and call centers fully back online. Other operations are being resumed on a manual basis until full restoration is possible. (Press Release)
- CMI awarded a $411 million modification to US Army contract to procure diesel engines.
- NOC awarded a $1.46 billion modification to previously awarded US Navy contract.
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Buybacks or Repurchases: Buybacks should be slow as most companies are in a blackout period as earnings season kicks into gear.
Exchange/Listing/Company Reorg and Personnel News:
- Safra Catz, CEO of Oracle, to leave Walt Disney (DIS) Board of Directors.
Dividends Announcements or News:
- Stocks Ex Div Today: CAT CVS BK GGG APA BMA PAC USAC SVC RDUS
- Stocks Ex Div Tomorrow: DELL NOK GBX
What’s Happening This Morning: Futures S&P 500 +29.50, NASDAQ 100 +164.75, Dow Jones +75, Russell 2000 +12.45. Asia is lower while Europe is higher this morning. VIX Futures are at 15.65 from 15.55 Friday while Bonds are at 4,224% from 4.21% on the 10-Year. Crude Oil and Brent are lower with Natural Gas higher. Gold is higher, Silver and Copper are lower. The U.S. Dollar is lower versus the Euro, lower versus the Pound and lower against the Yen. Bitcoin is at $67,330 from $64,067 higher by +0.04% this morning.
- Daily Positive Sectors: Healthcare and Utilities of note.
- Daily Negative Sectors: Technology, Energy, Financials, Consumer Cycliclas and Materials of note.
- One Month Winners: Real Estate,
Technology,Communication Services, Financials, Energy, Utilities and Consumer Cyclical of note. - Three Month Winners: Technology, Real Estate, Financials, Utilities and Communication Services
Healthcare, andConsumer Defensiveof note. - Six Month Winners: Technology, Communication Services, Financials, Utilities, Energy and
Industrialsof note. - Twelve Month Winners: Technology, Communication Services, Financials,
Healthcare, Industrials, and Energy,Consumer Cyclicalof note. - Year to Date Winners: Technology, Communication Services, Financials, Industrials, Utilities and Consumer Defensive
Healthcareof note.
Upcoming Earnings Of Note: (From Chartroom Software – sorted by market cap, highest to lowest with most visible names)
- Monday After the Close:
- Tuesday Before The Open:
Earnings of Note This Morning:
- Beats: TFC +0.25, IQV +0.08 of note.
- Flat: VZ of note.
- Misses: BOH -0.06 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: Friday’s continued weakness is starting to impact the A/D lines’ progress.
Gap Ups & Down In Early Pre-Market (+4% or down more than -4%):
- Gap Up: SSL +8.9%, DQ +7.6%, REKR +6.5%, ZYME +6.3%, SUZ +4.9%, XPEV +3.8%, CLW +2.2%, GOEV +2.2%, GT +2% of note.
- Gap Down: CRWD -3.7%, VSTO -2.6% of note.
Insider Action: No stocks see Insider buying with dumb short selling. SCHW 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.
- Bloomberg Lead Story: Biden Passes the Baton. Upending U.S. Politics. (Bloomberg)
- Markets Wrap: U.S. futures rise as traders look beyond Biden exit. (Bloomberg)
- China surprises with a rate cut after Xi’s big meeting disappoints. (Bloomberg)
- Barron’s – Wall Street is acting like Trump has won the election. (Barron’s)
- Vice President Harris sees a surge in big money support post Biden pulling out of the presidential race. (CNBC)
- Senator Joe Manchin (D-WV) weighs run against Harris. (Bloomberg)
- FAA looks at low altitude flight into Tampa by Southwest (LUV) that was diverted to Fort Lauderdale.
- Delta (DAL) has canceled over 500 flights today due to Crowdstrike/Microsoft issues. (CNBC)
- Morgan Stanley Strategist Mike Wilson sees small-cap rally losing steam. (Bloomberg)
- Bloomberg: The Big Take: Joe Biden’s $96 million bet on Kamala Harris. (Podcast)
- NY Times- The Daily: Joe Biden drops out. (Podcast)
- Marketplace: Investors react to Biden leaving the rate. (Podcast)
- Wealthion: Banking Crisis, Cars and Financial Armageddon. (Podcast)
Economic:
- None of note for today.
Geopolitical:
- President Biden leaves lockdown in Delaware with a mild case of Covid.
- The President does however receive the Daily Briefing today at 10:00 a.m. EDT.
- President Biden is meeting with Israel President Netanyahu at the White House, time is not available yet.
Federal Reserve Speakers
- Federal Reserve speakers are now in blackout mode as next week the FOMC meets on Tuesday and Wednesday.
M&A Activity and News:
- .
Moving Averages On Major Indexes: Moves from 70% to 60% of the moving averages being positive.
Meeting & Conferences of Note:
- Sellside Conferences:
- Fireside Chat: None of note.
- Top Shareholder Meetings: AINC, BNRE, SERV, SPEC, WOOF
- Investor/Analyst Day/Calls: IONS, ZOM
- Update: None of note.
- R&D Day: None of note.
- FDA Presentation:
- Company Event:
- Industry Meetings or Events:
- Farnborough Air Show
- National Homeland Security Conference
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.
