Overnight Summary: The S&P 500 closed Thursday lower by -1.37% at 5446.68 from Wednesday higher by 1.58% at 5522.30. The overnight high was hit at 5,475 at 4:05 p.m. EDT and the low was hit at 5409 at 6:05 a.m. EDT. The overnight range is 66 points. The current price is 5420 at 8:15 a.m. EDT lower by -59.50 points.
- Jobs Data and Factory Orders are due out today.
Earnings Out After The Close:
- Beats: BKNG +3.27, MELI +1.95, BIO +1.10, MTD +0.62, DORM +0.48, FDP +0.46, RGA +0.40, MATX +0.31, CLFD +0.30, POST +0.30, AL +0.30, NXT +0.29, IRTC +0.28, CLX +0.27, RGNX +0.24, MSI +0.23, AMZN +0.23, EOG +0.21, ICFI +0.20, PCTY +0.19, ROKU +0.18, TWLO +0.17, SPXC +0.17, BFAM +0.15, TVTX +0.14, PCOR +0.14, RARE +0.14, DKNG +0.13, SNDX +0.11, MPWR +0.10, AAON +0.10, SQ +0.09, MTZ +0.09, TEAM +0.08, ACA +0.08, X +0.08, TNDM +0.07, HCC +0.06, NET +0.06, ACCO +0.06, AAPL +0.06, LMAT +0.05, BZH +0.05, MMSI +0.05, LOCO +0.05, XHR +0.04, REG +0.04, CPT +0.04, WKME +0.04, ARDX +0.04, AEE +0.04, FOXF +0.03, RNG +0.03, IAS +0.03, LASR +0.03, MIR +0.03, AXNX +0.03, OHI +0.03, SIMO +0.03, PRCT +0.02, ADPT +0.02, DRH +0.02, AES +0.02, AMH +0.02, RLJ +0.02, ED +0.02, BBAI +0.02, RYAN +0.02, SNAP +0.01, ALHC +0.01, OPEN +0.01, ALTR +0.01, ELME +0.01, FND +0.01, MCHP +0.01, SKT +0.01, VTR +0.01, FRT +0.01, RKT +0.01, SNCY +0.01, GDYN +0.01, SPT +0.01 of note.
- Flat: SWN +0.00, LEG +0.00, HUBG +0.00, HTGC +0.00, GEN +0.00, CUBE +0.00, RMD +0.00 of note.
- Misses: MSTR (4.81), CABO (1.26), VRTX (1.20), COIN (0.81), BECN (0.80), MARA (0.62), CIVI (0.60), XPOF (0.51), CE (0.34), ASUR (0.30), DASH (0.29), CC (0.19), OEC (0.16), TPC (0.15), VIR (0.13), CRSR (0.12), TROX (0.11), MP (0.08), CTOS (0.08), INTC (0.08), LNT (0.07), DRQ (0.07), PRU (0.06), CWST (0.06), GDDY (0.05), OTEX (0.04), SXI (0.04), OLED (0.04), CTRA (0.02), VREX (0.02), WK (0.02), STTK (0.01), WSC (0.01), SEM (0.01) of note.
Capital Raises:
- IPOs For The Week: ACTU AZI BLMZ FLAI NIPG PMAX ORKT PGHL OS CON LINE
- New IPOs/SPACs launched/News:
- IPOs Filed/Priced:
- Secondaries Filed or Priced:
- MSTR files Class A common stock offering
- LZM files $250 mln ordinary shares offering, relates to warrants.
- DLNG files for 15,595,000 common units by selling unitholder
- RAYA files 48,000,000 Class A Ordinary Shares
- Notes Priced:
- Direct Offering:
- Exchangeable Subordinate Voting Shares:
- Selling Shareholders of note:
- LIND files for 682,593 shares of common stock by selling shareholder.
- LZM files for 7,119,769 shares of common stock by selling shareholders.
- Debt/Credit Filing and Notes:
- Mixed Shelf Offerings:
- ETN files mixed shelf securities offering
- DX files $750 mln mixed shelf securities offering
- APTV files mixed shelf securities offering
- AMBC files mixed shelf securities offering
- TVTX files mixed shelf securities offering
- DLNG files $350 mln mixed shelf securities offering
- JRVR files $50,000,000 Mixed Shelf
- PIPE:
- Convertible Offering & Notes Filed:
- SGH announces proposed private offering of $150 mln of convertible senior notes due 2030
- Capital Raise Summary From The TradeXchange, bringing traders and investors real time news and Squawk Box, and other sources.
Biggest Movers Up & Down After The Close:
- Movers Up: TNDM +24%, IAS +16.3%, ARDX +13.3%, DASH +12.9%, MELI +12.5%, NET +11.6%, WLDN +10.4%, SIGA +9.4%, MPWR +7.1%, TWLO +6.7%, GDDY +6.5%, RARE +6.5%, AAON +5.9%, MTZ +5.7%, SQ +5.5%, CIVI +5.1% , RLJ +4.9%, ROKU +4.8%, CLX +4.4%, MSTR +4.3%, BFAM +4%, DORM +3.5%, VIR +3.1% , COIN +2.8%, MATX +2.7%, LOCO +2.3%, RGNX +2%,
- Movers Down: PCOR -19.7%, SNAP -19.5%, INTC -19.3%, XPOF -17.6%, FOXF -13.2%, TEAM -13.2%, LXRX -11.9%, TPC -10.2%, CTOS -8.8%, OPEN -8.5%, CC -7.8%, BECN -6.4%, AMZN -6.3%, NXT -5.9%, BKNG -5.3%, VREX -5.3%, IRTC -5% (also CFO to step down, names new CFO), AL -4.9%, OLED -4.8%, WSC -4.8%, LMAT -4.7%, ADPT -4.5%, CWST -4.2% , CE -4%, CRSR -3.4%, MP -3%, TROX -2.9%, OEC -2.6%, BZH -2.2%, SPT -2.1% of note.
News After The Close :
- Intel (INTC) cuts 15% of its workforce and eliminated its dividend in a massive blow to the company. (CNBC)
- Amazon (AMZN) reported a strong quarter but sold off in another case of buying the rumor and selling the news. (CNBC)
- Disney (DIS) sees upfront ad sales commitments up 5%. (Variety)
Buybacks or Repurchases: Buybacks should be slow as most companies are in a blackout period as earnings season kicks into gear.
- Draftkings (DKNG) authorizes a buyback of up to $1 billion.
- ZTS has approved a multi-year $6 bln share repurchase program as part of its capital allocation plans.
- PHIN authorizes a $250 mln increase to its previously approved $150 mln share repurchase program
Exchange/Listing/Company Reorg and Personnel News:
- WRBY appoints Ronald Williams as lead director and welcomes Bradley Singer to Board of Directors.
Dividends Announcements or News:
- Stocks Ex Div Today: RELX NSC JBHT MAS LW LEVI HXL
- Stocks Ex Div Tomorrow: C ETN VALE AMP DOC SYF LAZ CALM
- BCC increases quarterly cash dividend 5% to $0.21/share from $0.20/share and declares a special dividend of $5.00/share.
- KGS increases quarterly dividend 8% to $0.41/share from $0.38/share.
What’s Happening This Morning: Futures S&P 500 -63 NASDAQ 100 -333, Dow Jones -345 Russell 2000 -42. Asia and Europe are lower this morning. VIX Futures are at 18.86 from 16 yesterday while Bonds are at 3.94% from 4.061% on the 10-Year. Crude Oil and Brent are lower with Natural Gas higher. Gold, Silver and Copper higher. The U.S. Dollar is lower versus the Euro, higher versus the Pound and lower against the Yen. Bitcoin is at $64,706 from $64,861 higher by 2.27% this morning.
- Daily Positive Sectors: Utilities, Real Estate, Consumer Defensive and Healthcare of note.
- Daily Negative Sectors: Technology, Consumer Cyclical, Energy, Financials and Industrials of note.
- One Month Winners: Real Estate, Financials, Industrials and Utilities of note.
- Three Month Winners: Technology, Real Estate, Financials, Healthcare, Utilities and Communication Services of note.
- Six Month Winners: Utilities, Technology, Financials and Industrials of note.
- Twelve Month Winners: Technology, Communication Services, Financials, Industrials, Healthcare and Energy of note.
- Year to Date Winners: Technology, Communication Services, Financials, Industrials, Healthcare and Energy of note.
Upcoming Earnings Of Note: (From Chartroom Software – sorted by market cap, highest to lowest with most visible names)
- Friday After the Close:
- Monday Before The Open:
Earnings of Note This Morning:
- Beats: FLGT +0.45, PIPR +0.25, FLR +0.18, IMO +0.15, ENB +0.12, XOM +0.12, PRGO +0.07, USM +0.06, CBOE +0.05, PPL +0.05, OMI +0.03 of note.
- Flat: None of note.
- Misses: TWST -0.71, CVX -0.38, GTLS -0.30, MGA -0.09, BEP -0.01 of note.
- Still to Report: None of note.
Company Earnings Guidance:
- Positive Guidance: of note.
- Negative Guidance: of note.
Erlanger Research Advance/Decline Chart: A/D lines were weak on Thursday.
Gap Ups & Down In Early Pre-Market (+4% or down more than -4%):
- Gap Up: TNDM +25%, LNT +16.8%, IAS +12.9%, WLDN +11.5%, DASH +10.2%, MELI +9.3%, ARDX +9.3%, RARE +8.7%, SIGA +7.9%, MPWR +7%, NET +7%, GDDY +6.8%, LOCO +5.2%, RGNX +5.1%, MTZ +5%, TWLO +5%, LASR +5%, SQ +4.5%, WMG +4.2%, ROKU +4.2%, CLX +4.1%, RGA +3.9%, BFAM +3.9%, VIR +3.8%, AAON +3.6%, MMSI +3.5%, SIMO +3.3%, AMH +3.1%, LIND +2.9%, ACA +2.9%, RLJ +2.6%, XHR +2.6%, PHIN +2.5%, SNCY +2.4%, GEN +2.1%, DORM +2% of note.
- Gap Down: PCOR -22.1%, INTC -20.8%, XPOF -17.9%, TEAM -16.9%, SNAP -16.6%, PRLB -13.5%, AL -12%, LZM -11.9%, LXRX -10.9%, OPEN -10.3%, CTOS -9.2%, FOXF -9.1%, BECN -8.4%, AMZN -8.3%, BKNG -7.2%, MCHP -7.1%, SPT -6.1%, TPC -5.6%, VREX -4.7%, LMAT -4.7%, CC -4.5%, WSC -4.5%, OEC -4.5%, CWST -4.2%, MTD -4%, IRTC -3.8%, GLPG -3.6%, OLED -3.6%, ALHC -3.5%, DKNG -3.5%, RMD -3.5%, FLR -3.5%, CRSR -3.4%, EXPE -3.3%, PRU -3.3%, HASI -3.3%, ABNB -3.2%, POST -3.1%, BIO -3%, SEM -3%, CVX -3%, TROX -2.9%, ASUR -2.9%, PINS -2.3%, BZH -2.2%, CTRA -2.1% of note.
Insider Action: TALO sees Insider buying with dumb short selling. HSII 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: Stock Rout Deepens Before Jobs Data. (Bloomberg)
- 5 Things You Need To Know To Start Your Day. (CNBC)
- What You Need to Know To Start Your Day. (Bloomberg)
- Stocks Making The Biggest Moves Pre-Market – (CNBC)
- Markets Wrap: Stock Rout Deepens Before Jobs Data. (Bloomberg)
- Here’s everything you need to know about today’s jobs report. (CNBC)
- Exxon (XOM) beats on estimates due to -production gains. (CNBC)
- Bloomberg’s The Big Take: Why The World Is Running Out of Undersea Cables. (Bloomberg)
- Bloomberg’s Odd Lots: Lots More on the Risk of Fed Policy Error. (Podcast)
Economic:
- July Nonfarm Payrolls are due out at 8:30 a.m. EDT and is expected to fall to 170,000 from 206,000.
- June Factory Orders is due out at 10:00 a.m. EDT and is expected to rise by 0.4% from -0.5%.
- Baker Hughes Rig Count out at 1:00 p.m. EDT.
Geopolitical:
- President Biden receives the Daily Briefing today at 12:00 a.m. EDT.
- The president heads to Delaware at 9:00 a.m. EDT.
Federal Reserve Speakers
- None of note.
M&A Activity and News:
- None of note.
Moving Averages On Major Indexes: Moves from 88% to 40% of the moving averages being positive.
Meeting & Conferences of Note:
-
- Sellside Conferences:
- Fireside Chat: None of note.
- Top Shareholder Meetings: APDN of note.
- Investor/Analyst Day/Calls: None of note.
- Update: None of note.
- R&D Day: None of note.
- FDA Presentation:
- Company Event:
- Industry Meetings or Events: Note that Former President Trump will speak on Saturday at the Bitcoin Conference throwing his support behind Bitcoin.
- 2024 Olympics
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.
