CAPIS Morning Note – 2/14/25: S&P 500 Clears 6100 Yesterday.

• IPOs For The Week: BTAI, GSAT, KORU, NEXN, NIVF, RIME, SCCO,
  TCBP 
• New IPOs/SPACs launched/News:
• IPOs Filed/Priced: None of note. 
• Secondaries Filed or Priced:
  • BIRK files ordinary shares offering.
  •  
• Notes Priced:
• Direct Offering: None of note.
• Exchangeable Subordinate Voting Shares: None of note.
• Selling Shareholders of note:
• Mixed Shelf Offerings:
  • CMI files mixed shelf securities offering.
  • KHC files mixed shelf securities offering.
  • EXC files $12.575 bln mixed shelf securities offering.
  • VRTX files mixed shelf securities offering.  
• PIPE:
• Convertible Offerings & Notes Filed:

Biggest Movers Up & Down Yesterday:

• Movers Up:  NUS +23.1%, ABNB +14.6%, PCOR +11.9%, ROKU +11.6%, DKNG +7%, YELP +3.1% of note. 
• Movers Down:  INFA -32.7%, AENT -13.1%, EGAN -12.1%, ISSC -11.1%, CLW -10.7% TWLO -6%, PANW -5%, AMAT -4.6% of note.

News After The Close:

• Lending Club (LC) secures investment grade rating from fitch on $100 million structured loan certificates transaction with a top global insurance company.
• Clearwater Paper (CLW) eliminating more than 10% of all positions across the company.
• Gamestop (GME) to invest in Bitcoin. (CNBC)
• Hedge Funds have begun to file 13 Fs.
• Index Changes:
  • KAI to join S&P 600 replacing NARI which is being bought by Stryker (SYK).
• 10K or Qs Delays – none of note.

Exchange/Listing/Company Reorg and Personnel News:

• CAE appoints Calin Rovinescu as Chair of the Board.
• VRSN CFO George E. Kilguss III to retire effective May 31, 2025. 
• ORRF promotes Adam Metz to COO, effective immediately.
• CPRI announced the promotion of Philippa Newman to Chief Brand and Product Officer, effective immediately  

Buybacks:

• TNC authorized a new share repurchase program of up to 2,000,000 shares of the Company’s common stock, effective February 11, 2025.

• Stocks Ex Div Today: LLY CVX SHEL SIEGY AMGN SCHW KKR SBUX COP DUK CTAS MMM EMR EQNR TFC COR KR MSCI OTIS WEC HSY SW CHD CMS TER GEN BAH JEF CF DOC TECH SJM AIT WAL IVZ AGCO OSK MSA REYN SIGI FCFS MGY IBOC KGS MMS SBRA ALE.
• Stocks Ex Div Tomorrow: 
• FISI increases quarterly cash dividend to $0.31/share from $0.30/share. 
• KRT increases quarterly cash dividend to $0.45/share from $0.40/share.
• RLI increases quarterly cash dividend 3.4% to $0.15/share.
• KNX increases quarterly cash dividend to $0.18/share from $0.16/share.

What’s Happening This Morning: (as of 8:15 a.m. EDT) Futures S&P 500 -9.50, NASDAQ -36.75, Dow Jones -118 and Russell 2000 -2.38. Europe is mixed with Asia mixed as well. Bonds are at 4.53% from 4.603%yesterday on the 10-Year. Crude Oil and Brent Crude are higher with Natural Gas higher. Gold, Silver and Copper higher. The U.S. Dollar is lower versus the Euro, lower against the Pound and lower against the Yen. Bitcoin is at $96,648 from $95,864 higher by $486 by 0.51%.  Additional Comments:

• Daily Positive Sectors:All were higher led by Consumer Cyclical, Materials and Technology.
• Daily Negative Sectors: None of note.
• One Month Winners: All except for Technology of note.
• Three Month Winners: Communication Services, Consumer Cyclical, Financials and Technology of note.
• Six Month Winners: Consumer Cyclical, Financials, Communication Services, Technology, Utilities and Industrials of note.
• Twelve Month Winners: Technology, Communication Services, Financials, Consumer Cyclical and Utilities note.
• Year to Date Winners: Communication Services, Materials, Financials, Healthcare and Utiltities 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.

• Tuesday Before The Open:

Notable Earnings of Note This Morning:

• Gap Up: NUS +24.1%, ROKU +14.6%, ABNB +13.6%, PCOR +11.7%, FROG +11.4%, ELME +8.5%, GME +7.5%, KAI +5.9%, DKNG +5.4%, ZK +5.2%, GT +4.9%, EAF +4.5%, HL +3.6%, FLUT +3.4%, THTX +3.1%, DXCM +2.9%, YELP +2.7%, PDM +2.5%, WYNN +2.1%, AGI +2% of note.
• Gap Down: INFA -34%, IFRX -18.9%, AENT -12.7%, KN -12.3%, NPCE -11.5%, CLW -11.2%, DVA -9%, TWLO -8.8%, EGAN -7.7%, TCX -6.7%, ISSC -6.5%, SA -6.4%, PANW -5.7%, MGA -5.7%, PDFS -5.6%, AMAT -5.1%, BFAM -5%, GDDY -4.8%, NWG -4%, AEE -3.3%, COHU -3%, RARE -2.8%, KNSL -2.3% of note.

Insider Action: None see Insider Buying with dumb short selling. None 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: UK Backs Ukraine’s NATO Ambitions Despite U.S. Opposition. (Bloomberg)
• Market Wrap: US Stock Futures move lower after a day of Tariff drama. (Bloomberg)
• Stocks Making The Biggest Moves: . (CNBC)
• Moderna beats on revenues but lower on earnings. (CNBC)
• US and India to double bilateral trade over the next five years. (CNBC)
• Bloomberg Odd Lots: This is why people are so in love with Gold. (Podcast)

M&A Activity and News:

• .

Moving Average Table:  Drops to 63% from 67%.

Meeting & Conferences of Note:

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: MGM WST WMG ROKU BRX 
    • Downgrades: GLPG PCG