CAPIS Morning Note – 12/13/24: NASDAQ Composite Breaks Back Below 20,000. Above Today?

• IPOs For The Week: ALEH, FTRK, HIT, MIMI, MTRS, NTCL, PHH, YSXT
• New IPOs/SPACs launched/News: None of note.
• IPOs Filed/Priced: None of note.
• Secondaries Filed or Priced:
  • WASH commences public offering of $55,000,000 of its common stock
  • INO to offer and sell shares of its common stock and accompanying warrants to purchase shares of its common stock.
  • CADL announces launch of public offering of $80.0 mln of common stock.
  • GAIA files for 10,000,000 shares of Class A common stock offering.
• Notes Priced: None of note.
• Direct Offering: None of note.
• Exchangeable Subordinate Voting Shares: None of note.
• Selling Shareholders of note: None of note.
• Mixed Shelf Offerings:
  • LYB files mixed shelf securities offering.
  • LINC files $150 mln mixed shelf securities offering.
• PIPE: None of note.
• Convertible Offerings & Notes Filed:
  • CLSK to offer $550 million aggregate principal amount 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: RH +18.2%,EVGO +13%, RPTX -35.8% +11.3%, VIR +6.3%, CAN +3.2%, RWT +2.6%, BLND +2.5% , EDIT +2.1% of note. 
• Movers Down:  RPTX -35.8%,  CADL -23.7%,INO -20.7%, WASH -4.0%, CLSK -2.7%, NOG -2.1% of note.

News After The Close:

• • 10-K Delays – none of note.
  • CORT announces positive results in treatment phase of CATALYST trial in patients with hypercortisolism (Cushing’s Syndrome) and difficult-to-control diabetes.
  • Texas Attorney General Ken Paxton launching investigations in Reddit (RDDT), Instagram (META), others over children’s privacy.

Buybacks or Repurchases: 

• ACA renews its $50 million share repurchase program, effective January 1, 2025 through December 31, 2026.
• NEU authorizes new $500 million share repurchase authorization.

Exchange/Listing/Company Reorg and Personnel News:

• WDFC announces the appointment of Eric P. Etchart as non-executive chairman of the board of directors, effective today, succeeding Gregory Sandfort as chairman, who retired from the board.
• DAR CFO Brad Phillips to retire; names Robert Day as successor, effective June 15, 2025.
• MG announces appointment of Hani Hammad as Chief Operating Officer, effective January 1, 2025.
• PNW and Arizona Public Service, or APS, Chairman and CEO Jeff Guldner to retire, effective March 31; APS President Ted Geisler to assume Chairman and CEO roles.

• Stocks Ex Div Today: ADP, ALB, BR, CB, CCI, DVN, DLR, DPZ, GRMN, GILD, GPN, HCA, MSI, PSA, STX, TROW, TXT, TMO, VRSK, WMT, WMB
• Stocks Ex Div Monday: AIG, DTE, EMN, EXR, HES, ICE, IRM, LDOS, MRK, META, PARA, PLD, REG, DIS, WRB
• ERIE increases quarterly dividend by 7.1% to $1.365/share.
• ZTS increases quarterly cash dividend 16% to $0.50/share from $0.432/share.
• RWT approves a 5.9% increase to its quarterly dividend to $0.18/share  approves a 5.9% increase to its quarterly dividend to $0.18/share.
• WPC increases its quarterly dividend by 0.6% to $0.88/share.
• EIX increases quarterly cash dividend 6.1% to $0.8275/share from $0.78/share.
• SEIC raises its semi-annual dividend by 6.5% to $0.49/share.
• ANDE increases its quarterly dividend by 2.6% to $0.195/share; annual yield of 1.7%.
• PFE increases its quarterly dividend by 2.3% to $0.43/share; annual yield of 6.8%.

What’s Happening This Morning: (as of 7:20 a.m. EDT) Futures S&P 500 +21, NASDAQ +159, Dow Jones +67  and Russell 2000  . Europe is higher with Asia is lower ex China. Bonds are at 4.34% from 4.30% on the 10-Year. Crude Oil and Brent are higher with Natural Gas lower. Gold, Silver and Copper lower. The U.S. Dollar is lower versus the Euro, higher against the Pound and higher against the Yen. Bitcoin is at $100,407 from $100,820 higher by $465.19 up +0.45%.

• Daily Positive Sectors: Only Consumer Defensive was higher yesterday.
• Daily Negative Sectors: All others lower led by Materials, Healthcare and Energy of note.
• One Month Winners: Consumer Cyclicals, Financials, Industrials, Energy and Utilities of note.
• Three Month Winners: Consumer Cyclicals, Financials, Communication Services, Industrials, Utilities, Consumer Defensive and Technology 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)

• Friday After the Close: None of note.
• Monday Before The Open:  None of note

Notable Earnings of Note This Morning:

• Gap Up: RH +18%, AVGO +14.1%, EVGO +12.5%, LINC +6.2%, CAN +5.1%, BMEA +4.8%, PLAY +3.8%, VIR +3.5%, RWT +2.8%, HWC +2.8%, DCOM +2.7%, BLKB +2.7%, ESPR +2.7%, PGY +2.2%, CORT +2.1%,
• Gap Down: RPTX -38%, CADL -31%, INO -22.1%, EDIT -9%, BCYC -4.5%, CLSK -2.5%, CIM -2.3%, WASH -2.2%

Insider Action: JXN sees Insider buying with dumb short selling. TTSH 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.

• Lead Story on Bloomberg:  Broadcom shares jump after Chipmaker predicts AI sales surge. (Bloomberg)
• Market Wrap: Wall Street to extend Tech Rally. (Bloomberg)
• Chinese President Xi will not attend Trump’s inauguration. (CBS)
• Bloomberg: The Big Take – The Global Fertility Trade. (Podcast)

M&A Activity and News: None of note.

Moving Averages On Major Equity Indexes: Moves back down to 63% from 80%.

Meeting & Conferences of Note:

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:  GLPI, GIS, UPST, CRM, CNC, CIEN, AMPL
  • Downgrades:  EGHT, DHI