Overnight Summary: The S&P 500 closed Monday higher by 0.39% at 5893.62 from Friday lower by -1.32% at 5870.62. The overnight high was hit at 5933.75 at 11:30 a.m. EDT and the low was hit at 5882 at 4:30 a.m. EDT. The overnight range is 52 points. The current price is 5897 at 6:15 a.m. The S&P 500 is lower by -23 down -0.39% this morning.
Executive Summary: Tensions are higher as DEFCON level has to go up a notch this morning.
Key Events of Note Today:
- Bill Auction at 11:30 a.m. EDT.
Notable Earnings Out After The Close
- Beats: TCOM +1.82, ACM +0.03, BRBR +0.01of note.
- Flat: SYM of note.
- Misses: None of note.
- IPOs For The Week: AGH, JUNS, LHAI, MSW, NAMI, PRB, ZSPC
- New IPOs/SPACs launched/News:
- IPOs Filed/Priced:
- Secondaries Filed or Priced:
- SYRE commences $200 mln common stock offering and pre-funded warrants
- Notes Priced:
- Direct Offering:
- Exchangeable Subordinate Voting Shares: None of note.
- Selling Shareholders of note:
- Mixed Shelf Offerings:
- SEI files $500 mln mixed shelf securities offering.
- OSK files mixed shelf securities offering.
- ADTN files $200 mln mixed shelf securities offering
- FFIC files $400 mln mixed shelf securities offering
- PIPE:
- MSTR to offer $1.75 bln aggregate principal amount of its 0% convertible senior notes due 2029 in a private offering.
- OMCL intends to offer $150 mln aggregate principal amount of Convertible Senior Notes in a private placement
- Convertible Offerings & 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 After The Close:
- Movers Up: SMCI +26%, SYM +24%, ECX +5.6%, ERII +5.4%, TCOM +3.7%, MCHP +2.7% of note.
- Movers Down: INCY -10.4%, PTGX -3.4%, DJT -2.3% of note.
News After The Close:,
- GRAIL (GRAL) announces first patient tested with blood-based assay in Phase 3 adjuvant lung cancer study. GRAL was spun off from Illumina (ILMN).
- IRM acquires two data center development sites in Virginia, adding estimated 350+ megawatts of planned future capacity.
- ADM updates its filings and is now current.
- INCY announces that it will pause enrollment in the ongoing Phase 2 study of MRGPRX2 (INCB000262) in chronic spontaneous urticaria (CSU).
- SMCI engages BDO USA, P.C. as its independent auditor, effective immediately.
- WY plans to invest approximately $500 mln to build new TimberStrand facility, expanding its engineered wood products capacity in the U.S. South.
- AMTM awarded $389 mln U.S. Army contract modification
- The Department of Justice pushes Alphabet (GOOGL) to sell Chrome.
- 10-K Delays –
- Barron’s: +/- on CAG SJM KLG TSN LW KHC HSY. (Barron’s)
Buybacks or Repurchases:
- ERII approves share repurchase program for up to $50.0 mln of company’s common stock.
Exchange/Listing/Company Reorg and Personnel News:
-
- MCHP CEO Ganesh Moorthy to retire; Steve Sanghi appointed interim CEO, effective today
- AHH names COO Shawn Tibbetts as its new CEO, effective January 1, 2025
- AMD Chief Accounting Officer Darla Smith resigns, effective November 18; Philip Carter appointed successor.
- KWR appoints Joseph Berquist as CEO and President, and a member of the Board of Directors, effective immediately.
- WEN names Ken Cook as Chief Financial Officer, effective December 2, 2024. Cook will succeed Gunther Plosch who will depart the company at the end of the year after a transition with Cook.
Dividends Announcements or News:
- Stocks Ex Div Today: EQNR E PRU CTSH TS STE WMG FTI BWXT LSTR TKR OGS STR OMAB PRG NRP DLX
- Stocks Ex Div Wednesday: TGT AFL MPC VLO KSPI MKTX HAS LPX ZWS BC COLM ORA POWL
What’s Happening This Morning: Futures S&P 500 -1 NASDAQ +40 Dow Jones -74 Bonds are at 4.365% from 4.77% on the 10-Year. Crude Oil and Brent are lower with Natural Gas higher. Gold and Silver are higher with Copper lower. The U.S. Dollar is higher versus the Euro, higher versus the Pound and lower against the Yen. Bitcoin is at $91,624 from $89,844 yesterday morning higher by +$206 with Futures up +0.23% this morning.
- Daily Positive Sectors: Materials, Energy, Communication Services and Consumer Cyclicals of note.
- Daily Negative Sectors: Healthcare of note.
- One Month Winners: Communication Services, Financials, Consumer Cyclicals, Industrials and Technology and of note.
- Three Month Winners: Consumer Cyclicals, Technology, Financials, Industrials and Communication Services of note.
- Six Month Winners: Technology, Utilities, Real Estate, Financials, and Consumer Cyclical of note.
- Twelve Month Winners: Technology, Financials, Utilities, Communication Services and Industrials note.
- Year to Date Winners: Technology, Communication Services, Financials and Utilities of note.
Upcoming Earnings Of Note: (From Chartroom Software – sorted by market cap, highest to lowest with most visible names)
- Tuesday After the Close:
- Wednesday Before The Open:
Notable Earnings of Note This Morning:
- Beats: GDS +1.05, KC +0.78, BERY +0.19, WB +0.09, LOW +0.07, ENR +0.05, VIK +0.05, WMT +0.05, AS +0.04, VVV +0.04, MDT +0.01 of note.
- Misses: J -0.45, OCSL -0.11, VIPS -0.02 of note.
- Still to Report:
Company Earnings Guidance:
- Positive Guidance: None of note.
- Negative or Mixed Guidance: None of note.
Advance/Decline Daily Update: The A/D Line hit a wall last Tuesday and rolled over having broken its monthly moving average.
Gap Ups & Down In Early Pre-Market (+2% or down more than -2%):
- Gap Up: SYM +29.7%, SMCI +26.4%, FSUN +8.3%, KC +6.7%, WB +5.8%, FINV +5.5%, TCOM +4.7%, BERY +4.1%, VIR +3.7%, XPEV +3.7%, PLL +2.9%, ERII +2.7%, MARA +2.7%, ATAT +2.6%, BWLP +2.3%,
- Gap Down: INCY -12.3%, FFIC -12.2%, HMST -7.1%, DJT -6%, J -3.8%, BTM -3.6%, PTGX -3.4%, LEU -3.3%, ACM -3.3%, OCSL -2.9%, SYRE -2.3%, AVAV -2.1%, IIIN -2%
Insider Action: None of note see Insider buying with dumb short selling. None of note 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.
- Stocks making the biggest move in pre-market Check back for today’s listing. (CNBC)
- Walmart (WMT) hikes outlook. (CNBC)
- Lowes (LOW) beats but offers lower guidance. (CNBC)
- Druckenmiller piles into regional bank stocks and health care bet. (CNBC)
Economic:
- October Housing Starts are due out at 8:30 a.m. EDT and came in last month at 1.354,000 and are expected to drop to 1,340,000.
- API Crude Oil Data is due out at 4:30 p.m. EDT.
Geopolitical:
- Several Federal Reserve speakers today.
- Federal Reserve Kansas City Fed President Jeffrey Schmid speaks at 1:10 p.m. EDT.
- President Biden received the Daily Briefing at 8:00 a.m. EDT from Rio de Janeiro, Brazil.
- President Biden is in Brazil for day two of the G-20 Summit.
- President Biden holds a working lunch with President Lula da Silva of Brazil at 8:15 a.m. EDT.
- The president returns to the White House at 10:45 p.m. EDT.
- Watch our Twitter feed, Bullet86, for an impromptu appearances.
M&A Activity and News:
- .
Moving Averages On Major Equity Indexes: Move from 57% to 60%.
Meeting & Conferences of Note:
-
- Sellside Conferences:
- Bernstein Industrials Forum
- Craig-Hallum Alpha Select Conference
- Jefferies London Healthcare Conference
- Jefferies Miami Consumer Conference
- J.P. Morgan Global TMT Conference
- Needham Security Networking & Communications Conference
- RBC’s TIMT Conference
- ROTH Technology Conference
- Stifel Healthcare Conference
- Seaport Digital Media & Advertising Conference
- Stephens Investment Conference
- TD Securities Energy Conference
- Wolfe Healthcare Conference
- Sellside Conferences:
-
- Fireside Chat: None of note.
- Top Analyst, Investor Meetings: CPB, CNTM, COSM, KSPI. TOMZ
- Shareholder Meetings: AEIS, BL, CTVA, ENLT, GLRE, KAR, LMND, QCOM, TRP, VIR
- Update: None of note.
- R&D Day: None of note.
- FDA Presentation:
- Company Event: None of note.
- Industry Meetings or Events:
- AASLD Conference
- American Heart Association Scientific
- College of Rheumatology Convergence
- Nareit’s REITworld Annual Conference
- New York Stock Exchange Investor Access
- REITworld: Investor 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.
Upgrades: PRDSY FIX BNS BNS AWK ACRS (2)
Downgrades: SABR ERJ
