Overnight Summary & Early Morning Trading: The S&P 500 finished Wednesday higher by 9.52% at 5456.90. Tuesday lower by -1.57% at 4982.77. Futures are lower this morning by -100 (-1.82%) at 5391 around 7:20 a.m. EDT. The range is now 700 points on the S&P 500 for the year, 5400 to 6100, a drop of 500 from 1200 points since Tuesday. Thought for the upcoming day: Was yesterday just a dream?
Article of Note: Bloomberg Odd Lots: Rob Kapplan and Fed’s Thinking on Tariffs. (Podcast)
Chart of the Day: New Short Squeeze with new Short Interest Data. NYSE and NASDAQ saw short interest both rise less than -1% but again to new highs.
Breaking News: Good interview with Kevin Hassert on CNBC. Bond market rout added to urgency to move ahead on tariffs. (CNBC)
Key Events of Note Today:
- CPI up at 8:30 a.m. EDT.
- 30-year Treasury Auction at 1:00 p.m. EDT.
- We now have a reprieve of 90 days on the tariffs so the pressure has been removed for the time being.
Notable Earnings Out After The Close
- Beats: STZ +0.35, PSMT +0,01 of note.
- Misses: None of note.
- IPOs For The Week: ALEH, FATN, LAWR, MB, OMSE, PHOE, RYET
- New IPOs/SPACs launched/News:
- IPOs Filed/Priced:
- Secondaries Filed or Priced:
- LUCD Proposed Public Offering of Common Stock
- MDRR: FORM S-3 – $100,000,000 Common Stock
- VERO $1.1 Million Registered Direct Offering of Common Stock Priced At-The-Market Under
Nasdaq Rules
- Notes Priced:
- Notes Files:
- Convertibles Filed:
- Direct Offering:
- RCAT Announces $30 Million Registered Direct Offering of Common Stock
- Exchangeable Subordinate Voting Shares: None of note.
- Private Placements:
- Selling Shareholders of note:
- TE files for 65,877,960 share common stock offering by selling shareholders; also files for 5 mln convertible preferred stock offering by selling shareholders.
- Mixed Shelf Offerings:
News After The Close:
- Costco (COST) reports March adjusted comparable sales of +9.1%.
- Newsmax (NMAX) is ticking lower on report that court ruled that co defamed Dominion Voting Systems with false reporting.
- Constellation Brands (STZ) signs agreement with The Wine Group to divest mainstream wine brands; Also is undergoing a review of its organizational structuring.
- U.S. Steel (X) -11% down sharply after hours after Trump says he does not want to see it owned by Japan.
- Enact Holdings (ACT) to join S&P SmallCap 600.
- 10K or Qs Filings/Delays – (Filed), (Delayed) of note.
Exchange/Listing/Company Reorg and Personnel News:
- MSGE appoints David Collins as CFO, effective April 14
- ALE announces promotion of Josh Kunkel to CEO, succeeding Matt Hankey; effective June 1
Buybacks
- UNF announces $100 million share repurchase authorization.
Dividends Announcements or News:
- Stocks Ex Div Today: ORCL CRM T VZ ACN INTU GIS DRI ZTO UDR SFD TIMB LNC.
- Stocks Ex Div Tomorrow: AMT GD LYG MRVL TOL HMY SNX VIPS SAIC BKU AAP AEO GNL PMT MOMO
Stocks Moving Up & Down Yesterday:
Gap Up: ACT +5.9%, of note.
Gap Down: LUCD -19.4%, STZ -2.9%, DEA -2.6% of note.
What’s Happening This Morning: (as of 8:15 a.m. EDT) Futures S&P 500 -97, NASDAQ -425, Dow Jones -527 , Russell 2000 -54. Europe is higher and Asia is higher. ex China’s Nifty 50. Bonds are at 4.308% from 4.46% yesterday on the 10-Year. Crude Oil and Brent Crude are lower with Natural Gas lower. 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 $81,661 from $76,218 lower by $-643 at -0.78%.
- Daily Positive Sectors: All!!
- Daily Negative Sectors: None it is not a dream.
- One Month Winners: None of note.
- Three Month Winners: Consumer Defensive of note.
- Six Month Winners: None of note.
- Twelve Month Winners: Utilities, Consumer Defensive, Financials, Communication Services and Real Estate of note.
- Year to Date Winners: Consumer Defensive 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)
- Thursday After the Close: None of note.
- Friday Before The Open:
Notable Earnings of Note This Morning:
- Flat: None of note
- Beats: LOVE +0.26 of note.
- Misses: KMX -0.08 of note.
- Still to Report:
Company Earnings Guidance:
- Positive Guidance: None of note.
- Negative or Mixed Guidance: NEOG of note.
Advance/Decline Daily Update: The A/D is finally off the low.
Gap Ups & Down In Early Pre-Market: (+2% or down more than -2%):
- Gap Up: KROS +18.4%, ACT +4.9%, IDYA +2% of note.
- Gap Down: LUCD -21.8%, X -11.4%, STM -6.5%, DEA -6%, NMAX -5.6%, LTM -4.3%, ET -3.7%, SATL -3.7%, STZ -3.5%, ASX -3.4%, ST -3.2%, VCTR -3%, BWXT -2.9%, PSMT -2.6%, APAM -2.5%, SPY -2.3%, IWM -2.3%, AMZN -2.1% of note.
Insider Action: PBF FLWS 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.
- Bloomberg: Trump Tariff Concerns Still Weigh On The Dollar and Futures. (Bloomberg)
- EU says it will put tariff countermeasures on hold for 90 days.
- House delays vote on tax-cut, debt limit plam amid deficit spat. (Bloomberg)
- Market Wrap: . (Bloomberg)
- Stocks making the biggest moves: . (CNBC)
- Five Things To Know Before The Market Opens. (CNBC)
- Bloomberg Odd Lots: Rob Kapplan and Fed’s Thinking on Tariffs. (Podcast)
Bolded Royal Blue means behind a Pay Wall.
Economic & Geopolitical:
- Economic Releases:
- Weekly Jobless Claims are due out at 8:30 a.m. EDT.
- March CPI is due out at 8:30 a.m. EDT and is expected to fall to 0.10% from 0.20%.
- Weekly Natural Gas Inventories is due out at 10:30 p.m. EDT.
- Federal Reserve Speakers of note today.
- There are 6 Fed speakers today!!!
- Federal Reserve Dallas President Lorrie Logan at 9:30 a.m. EDT.
- Federal Reserve Governor Michelle Bowman at 10:00 a.m. EDT.
- Federal Reserve Kansas City President Jeffrey Schmid at 10:00 a.m. EDT.
- Federal Reserve Chicago President Austan Goolsbee at 12:00 p.m. EDT.
- Federal Reserve Philadelphia President Patrick Harker at 12:30 p.m. EDT.
- Federal Reserve Boston President Susan Collins at 4:00 p.m. EDT.
- There are 6 Fed speakers today!!!
- President Trump’s Daily Schedule.
- President Trump signs Executive Orders at 2:30 p.m. EDT.
- President Trump receives his Intelligence Briefing at 10:00 a.m. EDT.
- President Trump holds a Cabinet Meeting at 11:00 a.m. EDT.
- President Trump participates in the swearing in of the next Solicitor General at 12:30 p.m. EDT.
- President Trump participates in a bill signing at 4:00 p.m. EDT.
M&A Activity and News:
Moving Average Table: Moves from 0% to 33%. Other asset classes included for today.
Meeting & Conferences of Note: (Not updated today, back tomorrow)
-
- Sellside Conferences:
- Deutsche Bank Healthcare REIT Summit
- Needham Healthcare Conference
- Sellside Conferences:
-
- Shareholder Meetings: AKBA, ARDX, DOW, ICU, LFCR, ML, TVTX, UNCY
- Top Analyst, Investor Meetings: OGI, SKYH, SNX
- Update: None of note.
- Fireside Chat
- R&D Day: None of note.
- FDA Presentation:
- ARGX: PDUFA Decision date for VYVGART SC
pre-filled syringe
- ARGX: PDUFA Decision date for VYVGART SC
- Industry Meetings or Events:
- Canva Create
- CyberArk IMPACT
- Google Cloud Next
- LD Micro Conference
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: DAL
- Downgrades: F
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