Overnight Summary & Early Morning Trading: The S&P 500 finished Wednesday lower by -2.24% at 5275.70. Tuesday lower by -0.17% at 5396.63. Futures are higher this morning by 17 (+0.35%) at 5320 around 7:30 a.m. EDT. The range is now 900 points on the S&P 500 cash for the year, 5200 to 6100. Year to date the S&P 500 is down -10.30% from -8.25% yesterday morning.
Executive Summary: Trading was returning to normal after several volatile weeks but that has ended. We are back to a FUBAR market.
Key Events of Note Today:
- Housing Start and Philly Fed Index as well as weekly data for Jobless Claims and Natural Gas Inventories out today.
- 5-Year TIPS Auction at 1:00 p.m. EDT.
Notable Earnings Out After The Close:
- Beats: AA +0.47, SNV +0.18, SLG +0.10, OZK +0.06, REXR +0.04, CNS +0.03, FNB +0.02, HOMB +0.02 of note.
- Misses: SFNC -0.09, CSX -0.03, FR -0.02, KMI -0.01 of note.
- Flat: LBRT TFIN 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: None of note.
- NMAX files for 25,633,636 shares of Class B common stock offering.
- QXO announces common stock offering of $500 mln.
- TRNR: FORM S-1 – 6,846,970 Shares of Common Stock.
- INLX: Form S-3.. $12,869,040 Common Stock and Warrants.
- 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: None of note.
- Mixed Shelf Offerings: None of note.
News After The Close:
- Pfizer (PFE) announced that the U.S. Centers for Disease Control and Prevention’s Advisory Committee on Immunization Practices voted to expand its recommendation for the use of Respiratory Syncytial Virus (RSV) vaccines approved for adults 50-59 years of age at increased risk of RSV-associated lower respiratory tract disease.
- Zoom (ZM) amid an outage hitting over 50,000 users.
- Intel (INTC) ticking lower after needing a license to export AI chips to China.
- 10K or Qs Filings/Delays – (Filed), (Delayed) None of note.
Exchange/Listing/Company Reorg and Personnel News:
- DD announces that Karin De Bondt and Anne Noonan will become members of the future board of directors for the independent Electronics public company.
- S Chief Intelligence and Public Policy Officer Chris Krebs to resign to more freely challenge government probe.
- QUBT announces retirement of CEO and President William McGann, effective May 12; Yuping Huang names as interim CEO and President.
Buybacks:
- GAM authorizes repurchase of an additional 2,000,000 outstanding shares of common stock when the shares are trading at a discount from the underlying net asset value by at least 8%.
Dividends Announcements or News:
- Stocks Ex Div Today: CL SM EME GEV WSM
- Stocks Ex Div Tomorrow: None of note.
- COST approves a quarterly increase in its cash dividend to $1.30/share from $1.16/share.
- KMI raises its quarterly dividend by 2% to $0.2925 per share.
Stocks Moving Up & Down Yesterday:
- Gap Up: REXR +2.9%, LBRT +2.3%, FNB +2.2%, MRC +2.1% of note.
- Gap Down: QXO -5.3%, of note.
What’s Happening This Morning: (as of 7:45 a.m. EDT)
Futures S&P 500 +17, NASDAQ +98, Dow Jones -580, Russell 2000 +4. Europe is lower and Asia is higher. Bonds are at 4.30% from 4.325% yesterday on the 10-Year. Crude Oil and Brent Crude are higher with Natural Gas higher. Gold, Silver and Copper lower. The U.S. Dollar is higher versus the Euro, higher against the Pound and higher against the Yen. Bitcoin is at $84,433 from $84,035 higher by $285 at +0.33%.
- Daily Positive Sectors: Energy of note.
- Daily Negative Sectors: Technology, Consumer Cyclical, Communication Services 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)
- Thursday After the Close: NFLX
- Monday Before The Open: BOH
Notable Earnings of Note This Morning:
- Flat: None of note
- Beats: IIIN +0.23, AXP +0.17, KEY +0.06, BX +0.06, TSM +0.05, MMC +0.04, RF +0.03, HBAN +0.03, FITB +0.01 of note.
- Misses: SNA -0.30, FOR -0.11, UNH -0.09, DHI -0.05, TCBI -0.03 of note.
- Still to Report: STT MAN SCHW BMI ALLY TFC of note.
Company Earnings Guidance:
- Positive Guidance: None of note.
- Negative or Mixed Guidance: None of note.
Advance/Decline Daily Update: The A/Ddeteriorated with yesterday’s action.
Gap Ups & Down In Early Pre-Market: (+2% or down more than -2%):
- Gap Up: RF +12.5%, LBRT +12%, EVO +8.9%, MESO +7.6%, RTO +6%, IIIN +5%, SFNC +4.8%, REXR +4.4%, OZK +4.2%, TSM +3.1%, SLG +2.8%, SSL +2%, GTE +2%, TFIN +2% of note.
- Gap Down: UNH -19.2%, TCBI -6.2%, QXO -5.8%, SNA -5.7%, FR -4.1%, DHI -3.1%, AA -2.5% of note.
Insider Action: No names see 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: United Healthcare Plunges on Rising Care Costs. (Bloomberg)
- President Trump said big progress made on Japan Tariff Deal. (Bloomberg)
- President Trump blasts Federal Reserve Chairman Powell over not lowering rates this morning on Truth Social. (Bloomberg)
- Taiwan Semi (TSM) nails earnings report. (CNBC)
- ECB looks to cut rates this morning. (CNBC)
- Five Things To Know Before The Market Opens. (CNBC)
Bolded Royal Blue means behind a Pay Wall.
Economic & Geopolitical:
- Economic Releases:
- March Housing Starts are due out at 8:30 a.m. EDT and is expected to fall to 1,418,000 from 1,501,000.
- April Philadelphia Fed Index is due out at the same time and expected to fall 10 10 from 12.50.
- Weekly Jobless Claims are out at 8:30 a.m. EDT.
- Weekly Natural Gas Inventories are out at 10:30 a.m EDT.
- Federal Reserve Speakers of note today.
- There is one Fed speaker today.
- Federal Reserve Governor Michael Barr speaks at 11:45 a.m. EDT.
- There is one Fed speaker today.
- President Trump’s Daily Schedule.
- Meets with Italian Prime Minister at 12:00 p.m. EDT.
- Signs Executive Orders at 4:00 p.m. EDT and then goes on an Easter Egg Hunt.
M&A Activity and News:
- None of note.
Moving Average Table: Moves from 37% to 16% week over week.
Meeting & Conferences of Note:
- Sellside Conferences:
- Piper Sandler & Co. Spring Biopharma Symposium
- Shareholder Meetings: GNLN, HUM, KBH, TXN
- Top Analyst, Investor Meetings: EGY, IMO, SCHW
- Fireside Chat: None of note.
- R&D Day: None of note.
- FDA Presentation: None of note.
- Industry Meetings or Events:
- Canadian Circular Economy Summit
- Healing Lyme Summit
- NY Auto Show
- OLED & XR KOREA
- Skyline Signature Series Webinar
- TE25-2: Collaborative Autonomy Integration
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: BAC NDAQ SU WRBY
- Downgrades: GCPL PYPL
