Overnight Summary & Early Morning Trading: The S&P 500 finished Tuesday higher by 0.38% at 5633.07 from Monday higher by 0.55% at 5611.85. Futures are lower this morning by -21 (-0.37%) at 5653.50 around 6:00 a.m. EDT. The range is 500 points on the S&P 500 for the year, 5600 to 6100 a drop of 100 points. Thought for the upcoming week: Moving above 5600 on the cash is a big deal after moving above this level Monday. Can it hold today?
Breaking News: MBA Mortgage Applications fell -1.6% week over week. Out at 7:00 a.m. EDT.
Key Events of Note Today:
- Several economic data points due out see Economic section.
Notable Earnings Out After The Close
- Beats: None of note.
- Misses: NCNO -0.07 of note.
- IPOs For The Week: BGIN, ENGS, OMSE, SMA, UYSC, WXM
- New IPOs/SPACs launched/News:
- IPOs Filed/Priced:
- Secondaries Filed or Priced:
- Notes Priced:
- Notes Files: ED: FORM S-3ASR – Debt Securities
- Direct Offering: None of note.
- Exchangeable Subordinate Voting Shares: None of note.
- Private Placements:
- Selling Shareholders of note:
- ABSI files for 5,714,285 share common stock offering by selling shareholder.
- VNOM files for 12,493,967 share common stock offering by selling shareholders.
- Mixed Shelf Offerings:
- ED files mixed securities shelf offering.
- GLOB files mixed securities shelf offering
- VZLA files for $600 mln mixed securities shelf offering
- AIM files $200 million offering.
- BOLD files $400 million offering.
- GCTS files $200 million offering.
- NSPR files $200 million offering.
- OMEX files $50 million offering.
News After The Close:
- Eli Lilly (LLY) states it has no affiliation with Hims & Hers Health (HIMS). Notes that Zepbound is availble for those on insurance for only $25 a month and $349 a month if uninsured.
- Trump Economic Team preparing a new tariff option ahead of his April 2 trade policy announcement. (WSJ)
- Susan Crawford wins the Wisconsin Supreme Court race solidifying the Democrats hold on the Supreme Court.
- Republicans win two House special election races in Florida.
- Newsmax (NMAX) share soars another 179%. Chris Ruddy joins the billionaire class and then some.
- 10K or Qs Filings/Delays – (Filed), BZAI (Delayed) of note.
Exchange/Listing/Company Reorg and Personnel News:
- META Head of AI Research announces departure.
Buybacks
- NCNO authorizes $100 mln stock repurchase plan.
Dividends Announcements or News:
- Stocks Ex Div Today: CMCSA RSG BBDO BBD ACM BRX ESE CVBF UPBD
- Stocks Ex Div Tomorrow: CSCO PGR MMC PWR TME EC PPC CPB GL MTCH SSD CUZ ABM BDN
- OZK increases quarterly cash dividend 2.38% to $0.43/share from $0.42/share.
- UMH increases quarterly cash dividend 4.7% to $0.225/share from $0.215/share.
Stocks Moving After The Close:
Gap Up: TTEC +20.2%, DOMO +3.7% of note.
Gap Down: NCNO -25.7%, AJG -2.8% of note.
What’s Happening This Morning: (as of 8:25 a.m. EDT) Futures S&P 500 -36, NASDAQ -152, Dow Jones -202, Russell 2000 -15.94. Europe is lower and Asia is higher. Bonds are at 4.146% from 4.157% yesterday on the 10-Year. Crude Oil and Brent Crude are lower 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 $84,965 from $83,976 lower by $32 at -0.04%.
- Daily Positive Sectors: Consumer Cyclicals, Technology, Communication Services and Industrials.
- Daily Negative Sectors: Healthcare and Financials led the way lower.
- One Month Winners: Energy and Utilities of note.
- Three Month Winners: Energy, Materials, Healthcare, Utilities and Financials of note.
- Six Month Winners: Financials, Energy, Consumer Defensive, Communication Services and Utilities of note.
- Twelve Month Winners: Utilities, Financials, Communication Services, Consumer Defensive, Real Estate and Technology of note.
- Year to Date Winners: Energy, Materials, Healthcare, Utilities, Financials, Consumer Defensive and Real Estate of note.
Bolded means the Sector is new to the period in which it falls.
Upcoming Earnings Of Note: (From Chartroom Software – sorted by market cap, highest to lowest with most visible names)
- Wednesday After the Close: RH PENG
- Thursday Before The Open:
Notable Earnings of Note This Morning:
- Flat: None of note
- Beats: ANGO +0.05, BB +0.03 of note.
- Misses: None of note.
- Still to Report:
Company Earnings Guidance:
- Positive Guidance: None of note.
- Negative or Mixed Guidance: Noneof note.
Advance/Decline Daily Update: The A/D continues to struggle.
Gap Ups & Down In Early Pre-Market: (+2% or down more than -2%):
- Gap Up: TTEC +24.5%, ACIU +22%, MIR +18.4%, EWTX +9.1%, GLSI +7.2%, VZLA +3%, UVE +2.2%of note.
- Gap Down: NCNO -33.1%, CSTL -3.9%, WRD -2% of note.
Insider Action: No names see Insider Buying with dumb short selling. No names 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.
- Bloomberg: Tariff Plans Still In Limbo. (Bloomberg)
- Stocks Making The Biggest Moves: Not out yet. (CNBC)
- Boeing (BA) CEO faces Senate on plane maker’s recovery. (CNBC)
- Wall Street Trading Desks warn S&P 500 fall will get worse. (Bloomberg)
Bolded Royal Blue means behind a Pay Wall.
Economic & Geopolitical:
- Economic Releases:
- March ADP Employment Report is due out at 8:15 a.m. EDT and expected to rise to 120,000 from 77,000.
- February Factory Orders are due out at 10:00 a.m. EDT and are expected to fall to 0.4% from 1.7%.
- Weekly Crude Oil Inventories are out with its update at 10:30 a.m. EDT.
- Federal Reserve Speakers of note today.
- Federal Reserve Governor Adriana Kugler speaks at 4:30 p.m. EDT.
- President Trump’s Daily Schedule.
- President Trump holds an event in the Rose Garden at 4:00 p.m. EDT to unveil his Tariff plan.
M&A Activity and News:
Moving Average Table: Remains at 0%.
Meeting & Conferences of Note: (Not updated today, back tomorrow)
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- Sellside Conferences:
- Bank of America Nuclear Conference
- Citi Clinic at the Cleveland Clinic Conference
- H.C. Wainwright AI Based Drug Discovery & Development Conf
- Jefferies Power x Data Virtual Conference
- JP Morgan Napa Valley Biotech Forum
- JP Morgan Retail Round Up
- Morgan Stanley Latin America Executive Conference
- Piper Cardio Day with ACC Takeaways
- Wolfe/Nomura Clean Energy Infrastructure Conference
- Sellside Conferences:
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- Shareholder Meetings: COO, HPE, MBOT, SLB, SNX
- Top Analyst, Investor Meetings: ANGO, EWTX, FLR, MRX, STGW, TSLA, YEXT
- Update: None of note.
- Fireside Chat
- R&D Day: None of note.
- FDA Presentation:
- EWTX: Data Presentation for EDG-7500
- ALDX: PDUFA Decision for Reproxalap
- Industry Meetings or Events:
- AD/PD 2025 Alzheimer’s & Parkinson’s Diseases Conference
- A.G.P.’s Energy Conference
- B2B Summit North America
- National Retail Federation Retail & the Consumer
- Optical Fiber Communications Conference and Exhibition
- Van Lanschot Kempen European Real Estate Seminar
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: ALGT SPWH SSB IDA
- Downgrades:
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