Overnight Summary & Early Morning Trading: The S&P 500 finished Wednesday higher by +0.24% at 6144.15. Tuesday higher by 0.24% at 6129.58. The overnight high was hit at 6159.50 at 6:00 p.m. EDT and the low was hit at 6141.75 at 1:25 a.m. EDT. The overnight range is 18 points. The current price is lower at 7:00 a.m by -0.23% at 6149.25. down by -13.75 points.
Executive Summary: The S&P 500 is now 25 points higher than its prior high on January 23rd. A move to 6200 would be impressive. Otherwise, there could be a retest of 6100 and then 6000. Be patient here.
Articles of Note: “Trump Tilts Towards a Ukraine Sellout.” The WSJ Editorial Board.
*Note that certain articles highlighted may require a subscription. We highlight noted sources like the WSJ or Bloomberg that have wide audiences.
Daily Chart: Lam Research (LRCX) is a new Type 1 Short Squeeze. It is a good-looking chart and the shorts look to be squeezed.
Key Events of Note Today:
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- Five economic indicators are due out including three weekly and two monthly.
- 30-Year TIPS Auction at 1:00 p.m. EDT.
Notable Earnings Out After The Close
- Beats: VAL +0.83, NRDS +0.53, ANSS +0.49, TS +0.45, BMRN +0.39, MFC +0.37, CVNA +0.25, EXAS +0.25, HLF+0.17, OEC +0.14, CAKE +0.12, AWK+0.09, MGRC +0.09, AWR +0.06, HST +0.04, PRAA +0.03, SKT +0.02, CHDN +0.01, SBRA +0.01 of note.
- Flat: None of note.
- Misses: BHC -0.88, RS -0.52, JXN -0.23, TOST -0.12, KALU -0.08, OII -0.03, IMAX -0.01 of note.
- 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:
- CVNA files for Class A common stock offering
- Notes Priced:
- ACI Pricing of Its Senior Notes Offering
- FM Pricing and Upsizing of Senior Notes Offering
- Direct Offering: None of note.
- Exchangeable Subordinate Voting Shares: None of note.
- Selling Shareholders of note:
- NB files for 8,630,739 shares of common stock offering by selling shareholders.
- KVYO files common stock offering by selling shareholders.
- OPI: FORM S-3 – 5,700,900 Common Shares of Beneficial Interest Offered by Selling Shareholders
- Mixed Shelf Offerings:
- LLY files mixed shelf securities offering.
- FOLD files mixed shelf securities offering.
- FVRR files mixed shelf securities offering.
- IVT: Form S-3ASR Mixed Shelf.
- SNEX: Form S-3ASR Mixed Shelf.
- TMQ: Form S-3.. $50,000,000 Mixed Shelf
- PIPE:
- BOXL Pricing of $2.8 Million Private Placement Priced At-the-Market Under Nasdaq Rules
- Convertible Offerings & Notes Filed:
Biggest Movers Up & Down After The Close:
- Movers Up: CWAN +15.6%, HLF +15.6%, LUNG +12.8%, BMRN +8.1%, MCW +7.8%, NRDS +7.3% of note.
- Movers Down: VMEO -12.8%, ENVX -11.7%, CVNA -10.1%; TRUP -8.4%, ROG -6.6%, ACVA -6.5%, TFII -6%, IMAX -5.6%, MFC -5.2% of note.
News After The Close:
- Applied Materials (AMAT) accelerates chip defect review with next-gen ebeam system. (Release)
- Carl Icahn increases active stake to 9.52% in JetBlue (JBLU).
- Hedge Funds have begun to file 13 Fs.
- Index Changes:
- SanDisk (SNDK) will replace Leslie (LESL) in the S&P SmallCap 600 effective prior to the opening of trading on Tuesday, February 25.
- 10K or Qs Delays – none of note.
Exchange/Listing/Company Reorg and Personnel News:
- SFBS appoints David Sparacio as CFO, effective on March 10.
- HLF named Stephan Gratziani as CEO, he succeeds Michael Johnson who will transition to the role of Executive Chairman.
- NRDS names John Lee as Chief Financial Officer, effective March 17. Lee joins NerdWallet from Divvy Homes, where he served as Chief Financial Officer and Chief Operating Officer.
- UIS elected Chris Arrasmith to Executive Vice President and Chief Operating Officer, effective April 1, 2025.
- ABG appointed Daniel Clara as COO, effective Feb 17.
- ZI Chief Technology Officer Ali Dasdan informed the Company of his decision to depart to pursue a new opportunity; last day with the Company is anticipated to be March 2, 2025.
Buybacks:
- ONB Board of Directors approved a stock repurchase program which authorizes the repurchase of up to $200 mln of the Company’s common stock.
- AXS announces a new $400 mln share repurchase authorization.
Dividends Announcements or News:
- Stocks Ex Div Today: MSFT AMAT REGN DFS CNP STE WWD LFUS ZWS ENR MTRN LTC BHLB FLNG SBSI.
- Stocks Ex Div Tomorrow: AZN RTX BP GSK HLT CMI TEL YUM WAB EFX PPG TPG CG RPRX MAS J PRI FBIN BBWI TIMB ACT WFRD OGS SMG FBP USLM WAFD PBI VSTS LUCK HCI PDM.
- O increases quarterly cash dividend 1.5% to $0.268/share from $0.264/share.
- JXN increases quarterly cash dividend 14% to $0.80/share from $0.70/share.
- RS increases dividend to $1.20 from $1.10.
- LAMR increases quarterly cash dividend to $1.55/share from $1.40/share.
- TMO increases quarterly cash dividend 10% to $0.43/share from $0.39/share.
- MFC increases quarterly cash dividend 10% to $0.44/share from $0.40/share.
What’s Happening This Morning: (as of 8:15 a.m. EDT) Futures S&P 500 -, NASDAQ , Dow Jones – and Russell 2000 – . Europe is higher ex the FTSE with Asia lower. Bonds are at 4.521% from 4.57% yesterday on the 10-Year. Crude Oil and Brent Crude are higher with Natural Gas lower. Gold, Silver and Copper are higher. The U.S. Dollar is lower versus the Euro, lower against the Pound and lower against the Yen. Bitcoin is at $97,483 from $96,216 higher by $1190 by +1.24%.
- Daily Positive Sectors: All were higher led by Healthcare, Consumer Defensive, Energy, Utilities and Real Estate.
- Daily Negative Sectors: Materials, Consumer Cyclical, Financials and Industrials of note.
- One Month Winners: All except for Energy 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)
- Thursday After the Close:
- Friday Before The Open:
Notable Earnings of Note This Morning:
- Beats: NETS +2.55, BABA +1.92, LNG +1.62, ATHM +0.42, CCJ +0.35, PWR +0.32, LAUR +0.20, BLDR +0.19, TECK +0.19, DAN +0.15, HAS +0.11, ULS +0.10 of note. (>0.10)
- Flat: CWK GRAB AG of note.
- Misses: CSTM -0.38, SWTX -0.33, BBIO -0.28, W -0.26, DINO -0.13, DNB -0.02, SO -0.01 of note.
- Still to Report: None of note.
Company Earnings Guidance:
- Positive Guidance: BMRN CAKE CWAN KVYO of note.
- Negative or Mixed Guidance: RS SBRA of note.
Advance/Decline Daily Update: The A/D fell to major support making new lows and now is off those lows.
Gap Ups & Down In Early Pre-Market: (+2% or down more than -2%):
- Gap Up: CWAN +20.1%, HLF +19.6%, LUNG +18.7%, AMPL +14.9%, FTAI +11.7%, UTZ +9.9%, MCW +9.6%, BMRN +9.1%, NRDS +8%, BILI +6.8%, BABA +6.4%, AHH +6.3%, LYG +5.7%, DAO +5.3%, BHC +4.9%, FPI +4.8%, APLS +4.6%, ZBIO +4.2%, PAAS +4%, RELY +4%, WDH +3.7%, OEC +3.3%, ATHM +3%, PDFS +2.6%, ICLR +2.5%, CIB +2.4%, VALE +2.3%, LKQ +2.3%, NOG +2.2%, PRAA +2% of note.
- Gap Down: INDV -18.2%, VMEO -13.9%, INSG -13.7%, NICE -13.6%, CCSI -10.4%, TRUP -9.9%, ACVA -9.9%, AEG -9%, CVNA -8.8%, IQ -8.3%, TFII -5.6%, KVYO -5.3%, EQX -5%, NB -4.9%, BIRK -4.6%, LAMR -4.5%, IMAX -4.3%, TS -4%, NTES -4%, ECO -3.9%, NMRK -3.5%, ROG -3.1%, VTLE -2.8%, DVAX -2.7%, TGB -2.4%, OII -2.2%, NDSN -2.1%, TOST -2% of note.
Insider Action: SLDB BRKR see Insider Buying with dumb short selling. None 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: Bessent Says U.S. A Long Way From Boosting Longer Term Debt Sales. (Bloomberg)
- Market Wrap: US Stock Futures slip but Gold hits a new high. (Bloomberg)
- Stocks Making The Biggest Moves: Check back yet to post. (CNBC)
- 5 Things To Know Before the Market Opens. (CNBC)
- Alibaba (BABA) came in with strong revenues and earning. Stock is higher. (CNBC)
- Walmart (WMT) beat estimates on earnings and revenues but guidance was not as strong. (CNBC)
- Bloomberg: Odd Lots- The plan to get America building ships again. (Podcast)
Economic:
- February Philadelphia Fed Index is due out at 8:30 a.m. EDT and expected to fall 20.50 from 44.3 when released.
- January Leading Indicators are expected to come in at 0.0% from -0.1% when released at 10:00 a.m. EDT.
- Weekly Jobless Claims are due out at 8:30 a.m. EDT.
- Weekly Natural Gas Inventories are due out at 10:30 a.m. EDT.
- Weekly Crude Oil Inventories are due out at 12:00 p.m. EDT.
Geopolitical: (Watch our Twitter feed, Bullet86, for any impromptu appearances)
- President Trump’s Daily Schedule.
- President Trump speaks at 3:00 p.m. EDT for Black History Month.
- President Trump delivers remarks to the Republican Governor’s Meeting at 7:20 p.m. EDT.
- Federal Reserve Chicago President Austan Goolsbee to speak at 9:30 a.m. EDT.
- Federal Reserve St. Louis President Alberto Musalem to speak at 12:00 p.m. EDT.
- Federal Reserve Governor Michael Barr to speak at 2:00 p.m. EDT.
- Federal Reserve Governor Adriana Kugler to speak at 5:00 p.m. EDT.
M&A Activity and News:
Moving Average Table: Falls to 80% from 90%.
Meeting & Conferences of Note:
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- Sellside Conferences:
- Barclays Industrial Select Conference
- Citi Global Industrial Tech and Mobility Conference
- Sellside Conferences:
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- Shareholder Meetings: RJF, MATW, MYGN
- Top Analyst, Investor Meetings: LFWD, NAAS, V
- Update: None of note.
- Fireside Chat
- R&D Day: None of note.
- FDA Presentation:
- Industry Meetings or Events:
- CAGNY Conference
- NEO: The Conference for Neonatology
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.
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- Upgrades: SNOW PHG ORA NXPI
- Downgrades: SEDG (2)
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