Overnight Summary: The S&P 500 closed Monday higher by 0.30% at 5987.37 from Friday higher by 0.35% at 5969.34. The overnight high was hit at 6018.75 at 6:20 p.m. EDT and the low was hit at 5976.25 at 8:00 p.m. EDT. The overnight range is 43 points. The current price is 6015.50 at 6:50 a.m. The S&P 500 is higher by +9 higher by +0.15% this morning.
Executive Summary: A shortened trading week that typically moves higher into Thanksgiving and Black Friday. Enjoy along with your Turkey and stuffing!
Key Events of Note Today:
- Economic releases of note include the Case-Shiller Home Price Index, Consumer Confidence, New Home Sales and Richmond Fed Index. API Crude Oil Index due at 4:30 p.m. EDT.
- 5-Year Bond Auction at 1:00 p.m. EDT.
Daily Chart Request: Want to see an Erlanger Chart? Simply email us at [email protected].
Next up is Amgen (AMGN). The stock was weak technically with a rank of 10%. Short Intensity has fallen to 32% with the Short Ratio a t3.63. This morning the stock is at $260.50 down -11.39%. What to Do: We would not buy here as it drops even more. If long, then we would sell the position. To Short or Not To Short: We are okay being short or shorting this name that is falling to a new low.
Notable Earnings Out After The Close
- Beats: WWD +0.15, ZM +0.07, FLNC +0.06, A +0.05, CENT +0.04, SMTC +0.03 and NJR +0.01 of note.
- Flat: None of note.
- Misses: ENTA -0.20 and LESL -0.09 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:
- MAC announces commencement of public offering of 18 mln shares of common stock
- CDT: Form S-3.. 75,000,000 Shares of Common Stock
- CYN: Form S-3.. 405,125 Shares of Common Stock
- GRYP: Form S-3.. 17,757,576 Shares of Common Stock
- REPL: Pricing of Upsized Public Offering 6,923,000 shares @$13
- Notes Priced:
- BXMT Pricing of Offering of Senior Secured Notes
- Direct Offering:
- Exchangeable Subordinate Voting Shares: None of note.
- Selling Shareholders of note:
- MREO files for 26,638,972 ordinary shares offering by selling shareholders in the form of ADSs.
- NVVE: Form S-1.. Up to 3,918,034 Shares of Common Stock by Selling Stockholder
- Mixed Shelf Offerings:
- MSGM: Form, S-3.. $100,000,000 Mixed Shelf
- PIPE:
- Convertible Offerings & Notes Filed:
- ATRO announces $150 million convertible senior notes offering
- OII: Form S-3ASR Senior Debt Securities
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: SMTC +13.4%, WWD +11.4%, RUM +4% and DAN +2.8% of note.
- Movers Down: ALEC -30.8%, LESL -19.1%, ATRO -14.8%, BLBD -4.8%, KSS -4.7%, ENTA -2.3% of note.
News After The Close:,
- Trump calls for tariffs on China of 10% and 25% on Mexico and Canada.
- Vista Outdoor (VSTO) stockholders approve CSG transaction to acquire The Kinetic Group (KNIT).
- Zimmer Biomet (ZBH) receives FDA approval for Oxford Cementless Partial Knee, only cementless partial knee replacement implant in the U.S.
- European Union proposing to sanction Chinese firms helping Russian companies develop attack drones deployed against Ukraine. (Bloomberg)
- BAESY awarded $212 mln U.S. Navy contract.
- Federal Court Jury Issues Unanimous Verdict that Natera (NTRA) Engaged in False Advertising and Unfair Competition in Deliberate Attempt to Damage Guardant Health’s (GH) Colorectal Cancer Test, Guardant Reveal.
- 10-K “Delays – None of note.
Buybacks or Repurchases:
- ICFI approves increase to its repurchase program, authorizing up to $300 mln for buybacks
Exchange/Listing/Company Reorg and Personnel News:
- KSS CEO Tom Kingsbury to step down, effective January 15; Ashley Buchanan appointed as successor
- DAN announces the appointment of R. Bruce McDonald as CEO and plans to sell off its highway business, and new cost reduction actions; Company also reaffirms FY24 guidance.
- CLBK appoints Matthew Smith as COO, effective November 25.
Dividends Announcements or News:
- Stocks Ex Div Today: JNJ SPGI XYL LH YUMC WLK EQH VOYA IGT AVA SPB PSEC MNR CRAI
- Stocks Ex Div Tomorrow: HD TMUS NEM EA L EG TTEK CHRD BRFS PVH CATY CCS ENR FLNG ADEA PAHC
What’s Happening This Morning: Futures S&P 500 -1.21, NASDAQ -16, Dow Jones +40 and Russell 2000 +9.88. Europe is higher. Asia is higher as well. Bonds are at 4.359% from 4.39% for the 10-Year. VIX Futures are at 16.75 from 16.10. Crude Oil and Brent are lower with Natural Gas higher. Gold and Silver are lower with Copper higher. The U.S. Dollar is lower versus the Euro, lower versus the Pound and lower against the Yen. Bitcoin is at $98,140 from $98,772 Friday morning higher by +$1357 with Futures up +1.39% this morning.
- Daily Positive Sectors: Real Estate, Consumer Cyclicals, Industrials, Healthcare and Financials of note.
- Daily Negative Sectors: Energy, Technology and Utilities of note.
- One Month Winners: Financials, Consumer Cyclicals, Energy, Industrials and Communication Services and of note.
- Three Month Winners: Consumer Cyclicals, Financials, Industrials, Utilities, Technology and Communication Services of note.
- Six Month Winners: Financials, Real Estate, Utilities, Consumer Cyclical and Technology of note.
- Twelve Month Winners: Financials, Technology, Industrials, Utilities and Communication Services note.
- Year to Date Winners: Technology, Financials, Utilities, Communication Services and Industrials 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: SJM+0.25, EMBC +0.15, DKS +0.07, TITN +0.04, ADI +0.03 of note.
- Misses: AMWD -0.29, KSS -0.08, BBY -0.04 of note.
- Still to Report:
Company Earnings Guidance:
- Positive Guidance: ZM SMTC NJR of note.
- Negative or Mixed Guidance: CENT LESL of note.
Advance/Decline Daily Update: The A/D Line hit a wall last Tuesday and rolled over having broken its monthly moving average but has now broken out to new highs.
Gap Ups & Down In Early Pre-Market (+2% or down more than -2%):
- Gap Up: PSTX +222.4%, SMTC +19.2%, WWD +9.9%, BBY +8%, UHT +7.5%, EXAS +7%, RUM +5.6%, BCYC +5.3%, RIVN +4.7%, DAN +2.8%
- Gap Down: ALEC -23.2%, ATRO -17.7%, LESL -16.2%, BLBD -13.6%, ZM -7.2%, CAN -6.7%, CENT -5.7%, SNBR -4.6%, KSS -3.2%, MT -2.5%, FLNC -2%
Insider Action: No names see Insider buying with dumb short selling. TTSH 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.
- Lead Story on Bloomberg: Trump Tariff Threats Rattle Markets Overnight. (Bloomberg)
- 5 Things To Know Before The Market Opens. (CNBC)
- Stocks Making The Biggest Moves: Check back not out yet. (CNBC)
- Market Wrap: Relief rally starts to frey on Trump Tariff Threats. (Bloomberg)
- Qualcomm (QCOM) takeover interest of Intel (INTC) said to cool. (Bloomberg)
- Best Buy (BBY) cuts full-year forecast. (CNBC)
- Amgen (AMGN) says weight loss drug cuts weight by 20%, yet not enough as stock lower. (CNBC)
- Bloomberg: The Big Take – Why Wall Street cheered Scott Bessent. (Podcast)
Economic:
- September Case -Shiller Home Price Index is due out at 9:00 a.m. EDT and came in last month at 5.20% and are expected to drop to 4.70%.
- November Consumer Confidence is due out at 10:00 a.m. EDT and expected to come in at 113 from 108.70 last month.
Geopolitical:
- No Federal Reserve speakers of note today.
- FOMC Minutes are due out at 2:00 p.m. EDT.
- President Biden received the Daily Briefing at 10:00 a.m. EDT.
- President Biden and the First Lady head to Nantucket for Thanksgiving at 1:45 p.m. EDT.
- Watch our Twitter feed, Bullet86, for an impromptu appearances.
M&A Activity and News:
- None of note.
Moving Averages On Major Equity Indexes: Moves from 94% to 100%.
Meeting & Conferences of Note:
-
- Sellside Conferences:
- Bank of America Securities Asia Internet & AI Conference
- Bernstein’s The Premium Review Conference
- Goldman Sachs Energy Clean Tech & Utilities Conference
- Goldman Sachs European Artificial Intelligence Enablers Symposium
- Macquarie Global Energy Transition & Commodities Conference
- Needham Growth Conference
- TD Securities Technology Conference
- Sellside Conferences:
-
- Fireside Chat: None of note.
- Top Analyst, Investor Meetings: None of note.
- Shareholder Meetings: ICU, MTEM, TTGT, VVOS
- Update: None of note.
- R&D Day: None of note.
- FDA Presentation:
- Company Event: None of note.
- Industry Meetings or Events:
- British Society for Immunology (BSI) Immune Therapies Summit
- Furey Research Partners Hidden Gems Conference
- LA Auto Show
- National Bank of Canada London CEO Mining 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: LHX NRG HBI FIBK CVX CPRI AIT
Downgrades: ALEC
