Overnight Summary and Erly Morning Trading:
- The S&P 500 finished Friday higher by 0.86% at 7656.98 from Thursday lower by -0.58% at 7591.70.
- The S&P 500 sees support now at 7600 from 7500. Resistance is now at 7700 from 7600. In the last five months, support has moved from 6300 to 7500.
- The QQQ (Nasdaq-100 Index ETF) sees support now at 710 from 700. Resistance is now at 720 from 710 as the QQQ closed higher at 714.88
- Bond Market is lower today on price with the 10-Year Yield at 4.967% from 4.94%.
Executive Summary:
- Stocks move into a one-week losing streak with the S&P 500 falling -0.80% in the last week, ended 9/11.
- U.S. moves into Week 30 of its attack on Iran, six months. Iran is attacking U.S. assets in the Gulf.
- The S&P 500 is now on a 1-day winning streak.
Key Geopolitical Events of Note
- Economic news of note.
- Weekly – None of note.
- Monthly- None of note.
- 3&6 Month Bill Auction at 11:30 a.m. EDT.
- President Trump’s schedule:
- Participates in Executive Time at 8:00 a.m. EDT.
- Participates in a Policy Meeting at 11:00 a.m. EDT.
- Participates in a Policy Meeting at 12:30 p.m. EDT.
- Participates in a Policy Meeting at 2:00 p.m. EDT.
- Participates in a Policy Meeting at 3:30 p.m. EDT.
- Participates in a Policy Meeting at 5:00 p.m. EDT.
- Fed and Other Speakers of Note:
- Federal Reserve Speakers are in blackout through September 15th.
Capital Raises of Note/Pricings:
- IPO Filings & News: due out this week: None of note.
- Secondaries Filed Or Priced:
- SBLK prices 4.4 million common share offering at €24.50 per share.
- GLW files prospectus supplement; relates to equity distribution agreement of up to $2 billion of common stock.
- Notes Filed Or Priced: None of note.
- Convertible Offerings Filed or Priced: None of note
- Private Placement: None of note.
- Direct Offering: None of note.
- Exchangeable Subordinate Voting Shares: None of note.
- Selling Shareholders:
- AGEN files for 221,525 share common stock offering by selling shareholders.
- ZBIO files for 7,000,000 share common stock offering by selling stockholder.
- CRWD files for 2,118,022 share common stock offering by selling stockholder.
- QVCG files for 37,625,663 share common stock offering by selling stockholders.
- Mixed Shelf Offerings:
- NAUT files for $300 million mixed securities shelf offering.
AFTER THE CLOSE:
- Earnings After The Close:
- Beats: None of note.
- Misses: None of note.
- Flat: None of note.
- Movers Last Week from SP 500:
- Pops: LITE +9.00% | HPE +7.15% | TKO +5.89% | EIX +4.95% | CIEN +4.24% | GLW +4.22%
- Drops: COO -22.98% | CASY -16.46% | FDS -14.00% | PTC -12.55% | AMGN -12.48%
- News After The Close
- AstraZeneca (AZNZ) announces update on SERENA-4 Phase III trial of Etcamah in combination with palbociclib; did not meet primary objective.
- Trilogy Metals (TMQ) closes $35.6 million strategic equity investment by the U.S. Department of War.
- Executive Changes of Note:
- AMRZ names Mario Gross president of Building Envelope.
- Dividends Going Ex
- Dividends Going Ex on Monday: UNH: $2.32 | TROW: $1.30 | MO: $1.11 | CCI: $1.06 | MRK: $0.85 | EMN: $0.84 | JJSF: $0.80 | ECL: $0.73 | GATX: $0.66 | CTBI: $0.65 | PB: $0.60 | STC: $0.55 | NXRT: $0.53 | ARCC: $0.48 | MTH: $0.48 | TMO: $0.47 | LDOS: $0.43 | RNR: $0.41 | IBP: $0.39 | UGI: $0.38 | SCI: $0.36 | AME: $0.34 | UCB: $0.26 | BYD: $0.20 | M: $0.19 | SBCF: $0.19 | TECK: $0.13 | GPK: $0.11 | GIII: $0.10 | HUN: $0.09 | NX: $0.08 | PSKY: $0.05 | TDS: $0.04
- Dividends Going Ex on Tuesday: XEL: $0.59 | KO: $0.53 | ARCC: $0.48 | DVN: $0.32 | BN: $0.27 | FISI: $0.32
- FRO declares one time special dividend of $0.80 per share after sale of two VLLCs.
- Buybacks of Note: None of note.
What Happening This Morning:
Futures S&P 500-51, NASDAQ 100 -462 and Dow Jones -72. Europe is lower ex FTSE and Asia is mixed. Bond yield is at 4.969% from 4.94% on the 10-Year. Crude Oil and Brent Crude are higher with Natural Gas higher. Gold, Silver and Copper are lower. The U.S. Dollar is higher versus the Euro, higher against the Pound and higher against the Yen. Bitcoin is at $77,793 from $76,979.
Sector Action:
- One-Month Winners: Technology, Communication Services, 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, B, Consumer Defensive, Utilities and Industrials of note.
Upcoming Earnings Of Note: (Erlanger Chartroom Software – sorted by market cap, highest to lowest with most visible names)
- Monday After the Close: None of note.
- Tuesday Before The Open: None of note.
Insider Activity: None see Insider Buying with dumb short selling. None sees Insider Buying with smart short sellers. Above $100,000 in purchases with high shorts but no history: None of note.
Notable Earnings of Note This Morning:
- Beat: None of note.
- Missed: None of note.
- Flat: None of note.
- Still to Report: None of note.
Company Earnings Guidance:
- Positive Guidance: None of note
- Mixed –None of note.
- Negative or Mixed Guidance: None of note.
Advance/Decline Line Chart:
Economic & Geopolitical
- Federal Reserve Speakers of note today:
- Federal Reserve Speakers are in blackout through September 15th.
- President Trump’s schedule for today:
- Participates in Executive Time at 8:00 a.m. EDT.
- Participates in a Policy Meeting at 11:00 a.m. EDT.
- Participates in a Policy Meeting at 12:30 p.m. EDT.
- Participates in a Policy Meeting at 2:00 p.m. EDT.
- Participates in a Policy Meeting at 3:30 p.m. EDT.
- Participates in a Policy Meeting at 5:00 p.m. EDT.
- Economic Data Out –
- Weekly – None of note.
- Monthly- None of note.
M&A Activity & Daily: None of note.
Pre-Market Changes:
- Higher: ELMT +39.2%, FEIM +27.8%, BMM +15.1%, AENT +14%, SRRK +10.1%, TLX +8.9%, CPRT +7.9%, DFTX +7.7%, RH +6.9%, SIBN +5.5%, SMMT +5.5%, CRWD +5.4%, EVCM +5.4%, ORCL +4.7%, NAUT +4.3%, GSK +3.8%, BNTX +3.1%, CATX +3%, VG +2.8%, DSGX +2.4%
- Lower: CLLS -29.2%, ZUMZ -14.8%, GLW -7.6%, NBTX -7.2%, AGEN -6.1%, VSAT -3.7%, MRAM -3.5%, ORCL -3.2%, EDRY -2.9%, DJCO -2.8%, ADBE -2.3%.
Moving Averages Summary: Stocks are at 47% from 23% above their respective moving averages and Bonds at 0% still unchanged.
Rags & Mags:
- Sam Altman of Open AI says “Could lose control”. (CNBC)
- Clarity Act Faces Make Or Break Senate Vote on Tuesday. (CNBC)
- Brent Crude Oil hits $108 as Saudi shuts down pipeline that bypasses Strait of Hormuz. (CNBC)
- OpenAI IPO not expected this year. (Fortune)
- Tariff on Irish whiskey to be scrapped. (WSJ).
- The Great AI Slowdown? Editorial Board. (WSJ)
- AI company leaders worried about speed of development. (WSJ)
- EPA Set To Erase Limits on Pollution From Power Plants. (NYT)
- China Rejects AI “FearMongering” After Amodei Urges Slowdown. (Bloomberg)
Meeting & Conferences of Note:
- Sellside Conferences:
- Barclays Financial Services Conference
- GS Global Consumer & Retail Conference
- H.C. Wainwright Global Investment Conference
- Jefferies Healthcare Services and Technology Conference
- Morgan Stanley Latin America Conference
- Morgan Stanley Global Healthcare Conference
- Piper Growth Frontiers Conference
- Wells Fargo Net Lease REIT Conference
- Top Analyst, Investor: BALY SWMR note.
- Shareholder Meetings: DECK of note.
- Fireside Chat: None of note.
- FDA Presentation: None of note.
- R&D Day: None of note.
- Meetings: None of note.
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: ALGT CAPR CHYM of note.
Downgrades: CCI CHIR MARA STLA WHL of note.