CAPIS Morning Note – 07/10/26: SK Hynix To Debut In US Trading Today. S&P 500 Higher and NASDAQ 100 Lower.

Overnight Summary and Early Morning Trading: The S&P 500 finished Thursday higher by 0.81% at 7543.64 from Wednesday lower by -0.28% at 7482.71. The S&P 500 sees support now at 7500 from 7400. Resistance is now at 7600 from 7500. In the last four months, support has moved from 6300 to 7500. S&P 500 hit […]

Overnight Summary and Early Morning Trading:

  • The S&P 500 finished Thursday higher by 0.81% at 7543.64 from Wednesday lower by -0.28% at 7482.71.
  • The S&P 500 sees support now at 7500 from 7400. Resistance is now at 7600 from 7500. In the last four months, support has moved from 6300 to 7500.
  • S&P 500 hit its 25th All-Time Closing High of 2026 on Tuesday, 6/2/26.
  • Bond Market is higher today on price with the 10-Year Yield at 4.537% from 4.577%.

Executive Summary:

  • Stocks are now in a two-week winning streak, with the S&P 500 gaining 1.76% in the last week.
  • U.S. moves into Week 20 of its attack on Iran, almost six months. Is the deal really a deal and a conclusion to the war going to really happen this week or just another week of kicking the can down the road?
  • 1 Day Winning Streak on the S&P 500.

Key Geopolitical Events of Note:

  • Economic news of note.
    • Weekly –
      • Baker Hughes Rig Count at 1:00 p.m. EDT.
    • Monthly-
      • None of note.
  • Fed Speakers of Note today: None of note.
  • President Trump’s schedule:
    • Participates in Executive Time at 8:00 a.m. EDT.
    • Participates in a Policy Meeting at 1:30 p.m. EDT.
    • Participates in a Swearing-In Ceremony for the Special Envoy for American Landowners at 3:00 p.m. EDT.

Capital Raises of Note/Pricings:

  • IPO Filings & News: None of note.
  • Secondaries Filed Or Priced:
    • CLGN: FORM F-3 – 31,047,068 Ordinary Shares.
  • Notes Filed Or Priced:
    • FIGR – Pricing of Private Offering of $600 Million of Senior Notes.
  • Convertible Offerings Filed or Priced:
    • FRMI announces proposed offering of $350 million of convertible senior notes with capped call anti-dilution protection.
  • Private Placement:
    • CUE – $50.0 Million Private Placement.
  • Direct Offering: None of note.
  • Exchangeable Subordinate Voting Shares: None of note.
  • Selling Shareholders: None of note
  • Mixed Shelf Offerings:
    • NNNN files mixed securities shelf offering. 

Notable Earnings Out After The Close:

  • Beats: WDFC+0.77 of note.
  • Misses: None of note.
  • Flat: None of note.

Winners From After The Close: WDFC +14.6%, AZZ +6.9%, SEI +3.6%,  SGML +3.2%, BYRN +2.9%,  BZAI +2.5%.

Losers From After The Close: FRMI -16.3%, KRUS -9.8%, BKD -6.7%, NNNN -5.9%, MDA -5.7%, LEVI -5.6%, NFLX -1.7%.

After The Close:

  • Sigma Lithium (SGML) announces that it exceeded its production guidance for Q2 by 6%.
  • Bausch & Lomb (BLCO) announces Phase 2 results for glaucoma neuroprotective candidate; Phase 2 study did not meet its primary endpoint.
  • SK hynix (SKHY) prices IPO at $149 per ADS, raising approximately $26 billion in proceeds. (Bloomberg)
  • FirstSun Capital Bancorp (FSUN) expects second quarter 2026 financial results to be adversely affected by charge-offs.
  • White House issues proclamation on commercial aircraft, jet engine, and parts imports.
  • Netflix (NFLX) considering live TV and bundle offerings to boost engagement. (WSJ)

Executive, Corporate Changes:

  • SKYW names Wade Steel president and COO of SkyWest Airlines.
  • Solaris Energy Infrastructure (SEI) will replace Catalyst Pharmaceuticals (CPRX) in the S&P SmallCap 600 effective prior to the opening of trading on Wednesday, July 15 (CPRX) in the S&P SmallCap 600 effective prior to the opening of trading on Wednesday, July 15.
  • CAE to move U.S. listing to Nasdaq from NYSE on July 23.
  • EOSE names Marie Martin chief legal officer; adds Haiyan Song to board.
  • SRE names Justin Bird CFO, Karen Sedgwick SoCalGas CEO upon close of KKR deal.
  • MDLN discloses that COO Stephen Miller intends to retire, effective August 30, 2026, for health related reasons.
  • FUBO names former Disney streaming executive Alisa Bowen CEO.

Buybacks of Note: None of note.

Dividend Calendar:

  • R raises quarterly dividend to $1.01/share from $0.91/share.
  • ORCL MRVL TD VZ T BTI SUNB NTAP DRI LEN TOL LNC MORN SAIC BRC AAP BKU AEO HLIO for Friday.

What Happening This Morning:

Futures S&P 500 +2, NASDAQ 100 -57, Dow Jones +119. Europe is higher and Asia is higher ex Shanghai. Bond yield is at 4.541% from 4.589% on the 10-Year. Crude Oil and Brent Crude are lower with Natural Gas lower. Gold, Silver and Copper are lower. The U.S. Dollar is lower versus the Euro, lower against the Pound and lower against the Yen. Bitcoin is at $64,375 from $62.600.

Sector Action:

  • Daily Technology, Consumer Cyclical, Materials, Financials and Industrials were higher.
  • Daily Consumer Defensive, Energy, Utilities, Healthcare were lower.
  • One Month Winners: Technology, Communication Services, Consumer Defensive, Healthcare and Real Estate of note.
  • Three-Month Winners: Energy, Materials, Utilities, Consumer Defensive and Industrials of note.
  • Six-Month Winners: Energy, Materials, Utilities, Industrials, Healthcare and Consumer Defensive of note.
  • Twelve-Month Winners: Materials, Energy, Industrials, Utilities, Communication Services and Technology of note.
  • Year to Date Winners: Energy, Materials, Consumer Defensive, 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)

  • Friday After the Close: None of note.
  • Monday Before The Open:

Notable Earnings of Note This Morning:

  • Beat: DAL+0.07 of note.
  • Missed: None of note.
  • Flat: None of note.
  • Still to Report: None of note.

Company Earnings Guidance:

  • Positive Guidance: After The Close & This Morning –  DAL of note.
  • Mixed – None of none.
  • Negative or Mixed Guidance: After The Close & This Morning – of note.

Advance/Decline Daily Update: Market Breadth remains in good shape.

Gap Ups & Down In Early Pre-Market: (+2% or down more than -2%):

  • Gap Up:  EQPT +16%, WDFC +12.4%, CRCL +12.2%, SEI +3.9%, SKM +3%, MESO +2.8%,  of note
  • Gap Down: FRMI -13%, BKD -8.2%, FSUN -4.4%, NNNN -1.9%  of note.

Insider Action: GGAL sees 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: None of note.

Other Trading Action: None of note.

Rags & Mags: Repeated stories from prior days never listed, i.e. “rehashed news”. Sorted by Global, U.S. and stock specific. Bolded source means paywall.

  • Open AI #2 Steps Down. (WSJ)
  • Does Trump Have A C Plan For Iran? (NYT)
  • Today is National French Fry Day, Where to Get Free Fries. (USA Today)
  • US and Iran Continue Talks Despite Strikes Against Each Other. (Bloomberg)
  • SK Hynix raises $26.5 billion in Biggest Foreign Debut in US. (Bloomberg)

Economic & Geopolitical:

  • Federal Reserve Speakers of note today: None of note.
  • President Trump’s schedule for today:
    • Participates in Executive Time at 1:00 a.m. EDT.
    • Participates in a Policy Meeting at 1:30 p.m. EDT.
    • Participates in a Swearing-In Ceremony for the Special Envoy for American Landowners at 3:00 p.m. EDT.
  • Economic Data Out –
    • Weekly
      • Baker Hughes Rig Count is out at 1:00 p.m. EDT.
    • Monthly
      • None of note.

M&A Activity & Daily: None of note.

Moving Average Table: 87% from 56% of Equities are Positive, and 8% from 0% Bonds are Positive.

Meeting & Conferences of Note:

  • Sellside Conferences:
    • Bank of America Convertible Bond Investor Conference
  • Top Analyst, Investor: None of note.
  • Shareholder Meetings: CHWY PL PSQH of note.
  • Fireside Chat: None of note.
  • FDA Presentation: None of note.
  • R&D Day: None of note.
  • Meetings:
    • CJS Securities New Ideas Summer Conference
    • Piper Sandler Ophthalmology Symposium

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. (NOTE THAT BELOW WERE LATE RECOMMENDATIONS YESTERDAY AND THIS MORNING’S CHANGES)

Upgrades: TOST NEXN  of note.

Downgrades: PSKY MAT GSBD  of note.

Initiations:   Buys: HONA TWIN CELH LEU of note.  Sells: None of note.