Overnight Summary & Early Morning Trading: The S&P 500 finished Tuesday lower by -0.17% at 5396.63. Monday higher by 0.79% at 5405.97. Futures are lower this morning by -40 (-0.74%) at 5388 around 7:15 a.m. EDT. The range is now 800 points on the S&P 500 cash for the year, 5300 to 6100. Year to date the S&P 500 is down -8.25%.
Executive Summary: Trading was returning to normal after several volatile weeks. With two days left in the week before a holiday on Friday stocks failed to advance for a third day. Off a meaningful low, stocks can advance 5 to 10 days before pulling back. The conclusion is that yesterday was disappointing.
Key Events of Note Today:
- Retail Sales, Industrial Production, NAHB Housing Index and Weekly Crude Oil Inventories out today.
- 20 Year Bill Auction at 1:00 p.m. EDT.
Notable Earnings Out After The Close:
- Beats: UAL+0.17, FULT +0.11, HWC +0.09, OMC +0.05, JBHT +0.02, of note.
- Misses: IBKR -0.04 of note.
- IPOs For The Week: AIRO, CHA, HXHX, OMSE, PHOE
- New IPOs/SPACs launched/News: none of note.
- IPOs Filed/Priced: None of note.
- Secondaries Filed or Priced:
- BLBX: Form S-3.. 920,000 Shares of Common Stock
- DRMA: FORM S-3 – 10,007,352 Shares of Common Stock
- OST – Pricing of $5.0 million Registered Direct Offering – 9,090,908 Class A ordinary shares
- Notes Priced: None of note.
- Notes Files: None of note.
- Convertibles Filed: None of note.
- Direct Offering: None of note.
- Exchangeable Subordinate Voting Shares: None of note.
- Private Placements: None of note.
- Selling Shareholders of note:
- CALM files for 6,322,470 shares of common stock offering by selling shareholders.
- NUTX files for 78,424 shares of common stock by selling shareholders.
- INV files for 34,352,677 shares of common stock offering by selling shareholders.
- TENX: Form S-3.. Up to 378,346 Shares of Common Stock Up to 3,760,726 Shares of Common Stock Underlying Pre-FundedWarrants Offered by Selling Stockholders
- Mixed Shelf Offerings:
- SMLR files $500 mln mixed shelf securities offering
News After The Close:
- United Airlines (UAL) beat earnings estimates but was light on revenues.
- Interactive Brokers (IBKR) was light on earnings by 4 cents but overall seems like an overreaction as it increased its dividend and announced a 4-1 stock split..
- Meta Platforms (META) in late March offered to pay $450 mln to settle antitrust case related to buying and freezing out small startups, far from $30 bln FTC demanded. (WSJ)
- Nvidida (NVDA) expects Q1 results to include up to approximately $5.5 bln of charges associated with H20 products for inventory, purchase commitments, and related reserves as U.S. Government says no sales into China and related Asian countries.
- 10K or Qs Filings/Delays – (Filed), (Delayed) of note.
Exchange/Listing/Company Reorg and Personnel News:
- ARWR appoints Daniel Appel as CFO, effective May 13.
- TCBI announces that President and CEO Rob C. Holmes was confirmed as Chairman of the Board of Directors at the conclusion of TCBI’s 2025 Annual Meeting of Stockholders.
- CPB names Elizabeth Duggan as President of Snacks division.
- TARA appoints Leonardo Viana Nicacio, M.D., as Chief Medical Officer.
- AAPL VP of Western Europe and global enterprise sales, Mark Rogers, to leave this fall following 27 years at the company.
- IPG appoints Jason Alan Snyder as its first-ever Global Chief AI Officer.
- LAD announces that COO Adam Chamberlain will transition from his current role on June 1 to join Mercedes-Benz (MBGAF) USA as CEO.
Buybacks: None of note.
Dividends Announcements or News:
- Stocks Ex Div Today: PNC EOG BVN MGRC ALG FINV KWR WGO
- Stocks Ex Div Tomorrow: None of note.
- IBKR increased its quarterly dividend by 28% to $0.32 per share.
Stocks Moving Up & Down Yesterday:
- Gap Up: ICAD +73.1%, TTGT +7.5%, UAL +5.7%, CVGW +2.7%, FULT +2.6%, DGNX +2.3% of note.
- Gap Down: IBKR -6.3%, JBHT -5.5%, TARA -4.1%, NVDA -3.7%, CALM -2.8%, OMC -3.4%, NUTX -2.5%, RDNT -2% of note.
What’s Happening This Morning: (as of 7:45 a.m. EDT) Futures S&P 500 -35, NASDAQ -242, Dow Jones -12, Russell 2000 -5. Europe and Asia are lower ex China. Bonds are at 4.325% from 4.388% yesterday on the 10-Year. Crude Oil and Brent Crude are higher with Natural Gas higher. Gold and Silver higher with Copper lower. The U.S. Dollar is lower versus the Euro, lower against the Pound and lower against the Yen. Bitcoin is at $84,035 from $85,737 lower by $-4 at 0.00%.
- Daily Positive Sectors: Financials, Technology, Real Estate and Utilities of note.
- Daily Negative Sectors: Consumer Defensive, Consumer Cyclical, Healthcare and Industrials of note.
- One Month Winners: Consumer Defensive and Utilities of note.
- Three Month Winners: Consumer Defensive, Utilities and Materials of note.
- Six Month Winners: Consumer Defensive and Financials of note.
- Twelve Month Winners: Utilities, Financials, Consumer Defensive, Communication Services, Technology and Real Estate of note.
- Year to Date Winners: Consumer Defensive, Utilities and Materials 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:
- Thursday Before The Open:
Notable Earnings of Note This Morning:
- Flat: None of note
- Beats: TRV +1.10, ASML +0.56, ALV +0.48, USB+0.05, CBSH +0.05, FHN +0.02, CFG +0.02 of note.
- Misses: None of note.
- Still to Report: PLD PGR ABT
Company Earnings Guidance:
- Positive Guidance: None of note.
- Negative or Mixed Guidance: None of note.
Advance/Decline Daily Update: The A/D improved with yesterday’s action.
Gap Ups & Down In Early Pre-Market: (+2% or down more than -2%):
- Gap Up: ICAD +74.6%, BRKR +9%, TTGT +9%, NFGC +8.5%, UAL +6.6%, INV +3.9%, IPG +3.4%, SMLR +3.2%, CVGW +2.7%, FULT +2.6%of note.
- Gap Down: CYH -16.1%, GDOT -15.4%, IBKR -7.7%, KC -7%, JBHT -6.6%, THTX -6.4%, NVDA -5.7%, ASML -4.4%, TLX -4.3%, NPWR -4%, TARA -3.8%, ARWR -3.5%, CALM -2.7%, ALGM -2.4% of note.
Insider Action: FLWS sees Insider Buying with dumb short selling. GTE 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: China Open To Talks If U.S. Shows Respect. (Bloomberg)
- ASML warns and Semis sink. (Bloomberg)
- Five Things To Know Before The Market Opens. (CNBC)
Bolded Royal Blue means behind a Pay Wall.
Economic & Geopolitical:
- Economic Releases:
- March Retail Sales is due out at 8:30 a.m. EDT and expected to rise to 1.3% from 0.20%.
- March Industrial Production is due out at 9:15 a.m. EDT and is expected to drop to -0.30% from 0.70%.
- April NAHB Housing Index is due out at 10:00 a.m. EDT and is expected to remain at 39.
- Weekly Crude Oil Inventories are due out at 10:30 a.m. EDT.
- Federal Reserve Speakers of note today.
- There are 2 Fed speakers today.
- Federal Reserve Chairman Powell speaks at 1:30 p.m. EDT.
- Federal Reserve Cleveland President Beth Hammack speaks at 12:00 p.m. EDT.
- Federal Reserve Kansas City President Jeffrey Schmid speaks at 7:00 p.m. EDT.
- There are 2 Fed speakers today.
- President Trump’s Daily Schedule.
- President Trump receives his Intelligence Briefing at 11:30 p.m. EDT.
- President Trump participates in the Easter Prayer Service and Dinner at 6:30 p.m. EDT.
- President Trump, along with several key member of his Cabinet, meets with Japan to discuss trade. It was not on the official schedule, so no time posted.
M&A Activity and News:
- RadNet (RDNT) and iCAD (ICAD) enter merger agreement under which RadNet will acquire iCAD in an all stock transaction for ~$103 mln of ~$3.61/share in cash.
Moving Average Table: Moves from 33% to 37% week over week.
Meeting & Conferences of Note: (Not updated today, back tomorrow)
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- Sellside Conferences:
- Jefferies Power x Coin Conference
- Piper Sandler & Co. Spring Biopharma Symposium
- Sellside Conferences:
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- Shareholder Meetings: BENF, CCL, CNP, CTRI, MOLN, NBY, RF, SON, TRMD
- Top Analyst, Investor Meetings: IRIX
- Fireside Chat: None of note.
- R&D Day: None of note.
- FDA Presentation: None of note.
- Industry Meetings or Events:
- Canadian Circular Economy Summit
- Emerging Growth Conference
- European Conference on Interventional Oncology
- NY Auto Show
- OLED & XR KOREA
- Photonics Spectra Infrared Imaging Summit
- Touch Taiwan
- Unreal Deals: AI Deepfakes and Real Estate Fraud
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: BSX GO WTS ZWS BRO KAPA KRRO UMBF
- Downgrades: AGCO REVG VVX
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