Overnight Summary & Early Morning Trading:
- The S&P 500 finished Thursday lower by -1.66% at 6737.49 from Wednesday higher by 0.06% at 6850.92.
- S&P 500 hit its 34th All-Time Closing High of 2025 last Tuesday.
- Futures are lower this morning by -33 (-0.49%) at 6727 on the S&P 500 around 6:15 a.m. EST.
- Year to date the S&P 500 is up by 14.55% from 16.47% yesterday’s close.
Executive Summary:
- Bond Market is unchanged today with the 10-Year Yield down at 4.09%.
- The S&P 500 broke below 6800 and where futures are this morning, we could open below 6700 on the cash, making the next “big whole support level” at 6600.
- Moving Average Table is turning red quickly which is a concern.
Key Events of Note Today:
- Economic news of note today includes Natural Gas Inventories with no PPI and Retail Sales which were scheduled for today.
- Federal Reserve Speakers – Schmid, Bostic, and Logan of note.
- President Trump heads to Palm Beach in the late afternoon.
- Steph Curry ends deal with UA.
- AMAT puts up strong numbers.
Notable Earnings Out After The Close:
- Beats: BZH+0.22, FIGR +0.18, SOBO +0.07, AMAT +0.06, NMAX +0.04 of note.
- Misses: STUB -1.40, STRZ -1.30, WYFI -0.35, GLOB -0.01
- Flat: DLO
Capital Raises:
- IPOs For The Week: None of note.
- New IPOs/SPACs launched/News: None of note.
- IPOs Filed/Priced: None of note.
- Secondaries Filed or Priced:
- ELTX: Form S-3.. 103,225 Shares of Common Stock.
- FENC – Pricing of Offering of Common Shares.
- GRAL files Common Stock Offering.
- INHD – $50 Million “At-the-Market” Equity Offering Program.
- TELA – Pricing of $13.0 Million Underwritten Registered Direct Offering of Common Stock and Pre-Funded Warrants.
- VSTM Proposed Public Offering of Common Stock.
- Notes Filed Or Priced:
- CLSK – Closing of Upsized $1.15 Billion Zero-Coupon Convertible Notes Offering.
- G – Pricing of 4.950% Senior Notes due 2030 by Genpact UK Finco plc and Genpact USA, Inc.
- GHC – Pricing of $500 Million Private Offering of Senior Notes.
- GMRE – Pricing of Public Offering of 8.00% Series B Preferred Stock.
- PDM – Pricing of Senior Notes Offering.
- Convertibles Filed or Priced: None of note.
- Direct Offering: None of note.
- Exchangeable Subordinate Voting Shares: None of note.
- Private Placements: None of note.
- Selling Shareholders:
- LTRY: Form S-3.. Primary Offering of $300,000,000 of Company Securities Selling Shareholder Offering 110,000,000 Shares of Company common stock registered on behalf of Selling Shareholders.
- Mixed Shelf Offerings:
- BDTX: Form S-3.. $500,000,000 Mixed Shelf.
- EQ: Form S-3.. $250,000,000 Mixed Shelf.
- FBK: Form S-3ASR Mixed Shelf.
- FOSL: Form S-3.. $150,000,000 Mixed Shelf.
- GRAL: Form S-3ASR — Mixed Shelf and Common Stock Offering.
- GWH: Form S-3.. $300,000,000 Mixed Shelf.
- PROF: Form S-3.. $150,000,000 Mixed Shelf.
- TLSI: FORM S-3.. $150,000,000 Mixed Shelf.
- TRVI: Form S-3ASR Mixed Shelf Offering.
News After The Close:
- Applied Materials (AMAT) beat on earnings and revenues and guided in line.
- Robinhood Markets (HOOD) reports monthly operating data for October and they were strong.
- LMT awarded a $453.96 million modification to Air Force contract.
- NOC awarded a $303.6 million Air Force contract.
- Under Armour (UA) announces plans to separate Curry Brand from Under Armour, ending a partnership that has redefined performance product and athlete-led storytelling for more than a decade.
- 10-Q Delays: None of note.
Exchange/Listing/Company Reorg and Personnel News:
- HDSN appoints Kenneth Gaglione as Chairman of the Board, President and Chief Executive Officer, effective November 24, 2025.
- RLI announces that CFO Todd Bryant will retire from the CFO role on December 31.
- DG names Emily Taylor as COO, effective November 16.
Buybacks:
- AIZ authorizes $700 million share repurchase program.
Dividends Announcements or News:
- Stocks Ex Div Today of note: None of note.
- Stocks Ex Div Monday of note: None of note.
- AIZ approves common stock dividend increase of 10% to $0.88 per share from $0.80 per share.
What’s Happening This Morning: (as of 7:35 a.m. EST)
- Futures S&P 500 -61 NASDAQ 100 -332 Dow Jones -282 Europe is lower and Asia is lower ex China. Bond yield is at 4.09% on the 10-Year, unchanged. Crude Oil and Brent Crude are higher with Natural Gas lower. Gold, Silver and Copper are lower. The U.S. Dollar is higher versus the Euro, higher against the Pound and lower against the Yen. Bitcoin is at $95,550 from $103,159 lower by -2.84% which is $-2764.
Sector Action:
- Daily Positive Sectors: None were higher.
- Daily Negative Sectors: All were lower.
- One Month Winners: Healthcare Services, Utilities, Technology, Industrials, Materials and Consumer Defensive of note.
- Three-Month Winners: Communication Services, Technology, Materials, Utilities and Healthcare of note.
- Six-Month Winners: Technology, Communication Services, Industrials and Consumer Cyclicals of note.
- Twelve-Month Winners: Communication Services, Technology, Financials, Consumer Cyclical, and Industrials of note.
- Year to Date Winners: Communication Services, Materials, Technology, Financials, Utilities and Industrials of note.
Bolded means the Sector is new to the period in which it falls.
Upcoming Earnings Of Note: (Erlanger Chartroom Software – sorted by market cap, highest to lowest with most visible names)
- Today After the Close: None of note
- Monday Before The Open:
Notable Earnings of Note This Morning:
- Beats: None of note.
- Misses: SR -0.08, SRRK -0.06
- Flat: None of note.
- Still to Report: None of note.
Company Earnings Guidance:
- Positive Guidance: This Morning – SR of note.
- Negative or Mixed Guidance: This Morning – None of note.
Advance/Decline Daily Update:
Gap Ups & Down In Early Pre-Market: (+2% or down more than -2%):
- GapUp: OWLT +18.1%, OMER +16.4%, AVDL +16.2%, TOI +12%, BZH +7.4%, RLX +5.6%, EPRX +4.3%, RNAC +3.7%, WBD +2.6%, ANGX +2.1%, FIGR +2.1%, GPRO +2% of note.
- GapDown: TSSI -40.3%, STUB -17.4%, WYFI -14.7%, CV -10.2%, VSTM -9.6%, FOSL -7.6%, TE -6.9%, AMAT -5.9%, PROF -4.7%, TRVI -4.1%, GRAL -3.7%, INBX -3.6%, HOOD -3.4%, VRT -3.4%, BMNR -3.3%, CHRS -3.2%, DJT -2.7%, INTC -2.7%, BHST -2.7%, AMD -2.5%, FENC -2.5%, GLOB -2.3%, of note.
Options Activity: Calls and Puts Top Ten Names Sorted Volume. Highlighted names are new to the most active list. CRWV on the put side saw unusually heavy volume.
Insider Action: UPST LUNR see Insider Buying with dumb short selling. None see Insider Buying with smart short sellers. Above $100,000 in purchases with high shorts but no history: GLXY.
Rags & Mags: Repeated stories from prior days never listed, i.e. “rehashed news”. Sorted by Global, U.S. and stock specific.
- Bloomberg Lead Story: Trump Readies Tariff Cuts, Trade Deals in Affordability Push. (Bloomberg)
- Bitcoin Bear Market deepens as investor sell $870 million of ETFs. (Bloomberg)
- China’s Economy stumbles on slump in investment. (Bloomberg)
Bolded on story link means behind a Pay Wall.
Economic & Geopolitical:
- Federal Reserve Speakers of note today:
- Federal Reserve Atlanta President Raphael Bostic at 9:20 a.m. EST
- Federal Reserve Kansas CityPresident Jeffrey Schmid at 10:05 a.m. EST
- Federal Reserve Dallas President Lorrie Logan at 2:20 p.m. EST
- President Trump schedule for today – heads to Palm Beach in the late afternoon.
- Economic Releases:
- Weekly Natural Gas Inventories are due out at 10:30 a.m. EST.
- Due out but not being reported today are PPI and Retail Sales.
M&A Activity & Daily Changes: None of note.
Moving Average Table:
Meeting & Conferences of Note:
- Sellside Conferences:
- Cantor Crypto & AI/Energy Infrastructure Conference
- DB Gaming, Lodging, Leisure & Restaurant One on One Conference
- DB Residential REIT Summit
- Top Analyst, Investor: AIOT SCHW TFX TRC
- Shareholder Meetings: CNSP FOXA NVO SYY
- Fireside Chat: None of note.
- FDA Presentation: None of note.
- R&D Day: None of note.
- Meetings:
- UN Climate Change 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.
- Upgrades: GAP SHAK SRE of note.
- Downgrades: AESI IHS VNT of note.