Overnight Summary and Early Morning Trading: Wednesday and Thursday are limited versions due to travel. Friday will be normal production.
- The S&P 500 finished Wednesday higher by 1.31% at 7619.38 from Tuesday lower by -0.38% at 7520.93.
- The S&P 500 sees support now at 7600 from 7500. Resistance is now at 7700 from 7600. In the last six months, support has moved from 6300 to 7700.
- The QQQ (Nasdaq-100 Index ETF) sees support now at 690 from 670. Resistance is now at 700 from 670 as the QQQ closed higher at 690.38 from 674.76
- Bond Market is at 4.99% from 5.00%.
Executive Summary:
- Bond Market have had yields below 5.00% from recent highs and closed last week at 4.864% from 4.933% the week before.
- Stocks moved into a four-week losing streak with the S&P 500 falling last week, ended 11/06 by -2.68%.
- U.S. moves into Week 40 of its attack on Iran, eight months.
- The S&P 500 lost -1% on four days last month. We clustered on the downside in October and now can do it again in November with a second down day of more than -1%.
Key Geopolitical Events of Note
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Economic news of note.
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Weekly- Crude Oil Inventories and Initial Jobless Claims of note.
- Monthly- Existing Home Sales and the Treasury Budget of note.
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President Trump’s Monday schedule:
- Participates in Executive Time at 8:00 a.m. EDT.
- Participates in a Policy Meeting at 10:30 a.m. EDT.
- Receives Intelligence Briefing at 11:00 a.m. EDT.
- Participates in a Pre-Tape Radio Interview at 12:30 p.m. EDT and 1:30 p.m. EDT.
- Participates in a Policy Meetings at 3:00 p.m. EDT and 4:00 p.m. EDT.
- Fed and Other Speakers of Note: Hammack (9:00 a.m. EDT), Barr (10:00 a.m. EDT), Goolsbee (11:30 a.m. EDT), Daly (1:10 p.m. EDT), Williams (6:30 p.m. EDT)
Capital Raises Announced After The Close:
- IPO Filings & News: Barrick (B) files S-1 for proposed American Barrick IPO; NYSE listing planned under ABGC
- Notes Files: None of note.
- Secondaries Filed Or Priced:
- CTRE pricing of common stock.
- Convertible Offerings Filed or Priced:
- GH proposes $500 million convertible senior notes offering due 2032.
- EPR prices $500 million convertible notes.
- Private Placement: None of note.
- Direct Offering: None of note.
- Selling Shareholders: None of note.
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Mixed Shelf Offerings: None of note.
After The Close:
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Earnings After The Close:
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Beat: FNV +0.15, CAE +0.14, VYLR +0.11, CTVA +0.04, DGII +0.02, TTEK +0.02 of note.
- Missed: AVEX (0.48), ENS (0.14) of note.
- Inline: None of note.
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Dividend Ex Update:
- Thursday: MSFT: $0.98 | AMAT: $0.53 | MAR: $0.73 | WPM: $0.20 | STRC: $0.03 | CNP: $0.24 | KGC: $0.04 | WWD: $0.32 | BWXT: $0.27 | LFUS: $0.80 | CGNX: $0.09 | CHRD: $1.30 | CON: $0.06 | LKQ: $0.30 | TPC: $0.09 | CGAU: $0.05 | MTRN: $0.14 | COLM: $0.30 | BTU: $0.07 | LMAT: $0.25
- Friday: RTX: $0.73 | AMGN: $2.52 | REGN: $0.94 | MCO: $1.03 | MFC: $0.35 | CMI: $2.20 | TEL: $0.78 | STRC: $0.10 | CCEP: $1.60 | FERG: $0.89 | RS: $1.25 | EVRG: $0.72 | SNA: $2.75 | CBC: $0.14 | PRI: $1.20 | BVN: $0.55 | ZWS: $0.13 | FBIN: $0.26 | LPX: $0.30 | SMG: $0.66 | USLM: $0.06 | PRK: $2.40 | LTC: $0.19 | HCI: $0.40 | WD: $0.68
- RLI declares $3.00 per share special cash dividend, quarterly dividend of $0.18 per share.
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News Of Note:
- Nvidia (NVDA) CEO Jensen Huang reportedly had relationship with executive under his supervision and the board is considering what to do. (NYT)
- Nvidia (NVDA) down over 8% in after-hours trading as Board of Directors is preparing to oust CEO Jensen Huang. (WSJ)
- Ingram Micro (INGM) will replace Pacira BioSciences Inc. (PCRX) in the S&P SmallCap 600 effective prior to the opening of trading on Tuesday, November 17.
- CoreWeave (CRWV) seeks to raise $4 bln in investment-grade loan offering. (Bloomberg)
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Movers Up & Down
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Pops: TTEK +9.5%, AVEX +8.7% higher.
- Drops: DGII -13.5%, CTVA -7.3%, CRWV -6.2%, RUM -1.7% lower.
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Executive Changes: None of note.
- Buyback
- IRTC authorizes $200 million share repurchase program.
- RNR renews share repurchase program, bringing total current authorization up to $750 million.
What’s Happening This Morning:
Futures S&P 500 -32, NASDAQ -279 and Dow Jones +48. Europe is higher and Asia is lower ex China. Bond yield is at 5.004% from 4.894% on the 10-Year. Crude Oil and Brent Crude are lower 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 $73,894 from $74,198.
Sector Action: 9 sectors higher and 9 lower.
- One-Month Winners: Technology, Utilities, Consumer Cyclical, Consumer Defensive and Communication Services of note.
- Three-Month Winners: Energy, Technology, Materials, Healthcare and Communication Services of note.
- Six-Month Winners: Technology, Energy, Financials, Healthcare and Consumer Defensive of note.
- Twelve-Month Winners: Energy, Technology, Materials, Industrials, Financials and Communication Services of note.
- Year-to-Date Winners: Energy, Technology, Materials, Industrials, Financials and Healthcare of note.
Upcoming Earnings Of Note: (Erlanger Chartroom Software – sorted by market cap, highest to lowest with most visible names)
- Thursday After the Close:
- Friday Before the Open:
Insider Activity: NTHI 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: NBIS +0.59, LGN +0.58, SPB +0.49, WWW +0.33, EYE +0.13, YETI +0.07, TWST +0.07, FIGR +0.07, NIQ +0.07, FPS +0.04, MBGL +0.02, SSYS +0.02, EPC +0.01 of note.
- Missed: ADIG (9.09), CDNL (0.73), MWH (0.05), XE (0.03), YSWY (0.03) of note.
- Flat: None of note.
- Still to Report: FRMI, LUNR of note.
Company Earnings Guidance:
- Positive Guidance: TWST, MWH, LGN of note
- Mixed: REZI, TDG of note.
- Negative or Mixed Guidance: ADIG of note.
Advance/Decline Line Chart: Still trying to find a meaningful bottom.
Economic & Geopolitical
- Federal Reserve Speakers See above note.
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President Trump’s Schedule: (see above)
Economic Data Due Out
- Weekly –
- Jobless Claims out at 8:30 a.m. EDT.
- Crude Oil Inventories are out at 10:30 a.m. EDT.
- Monthly
- October Existing Home Sales is due out at 10:00 a.m. EDT and expected to fall to 3.94 million from 3.99 million.
- October Treasury Budget is due out at 2:00 p.m. EDT as well and is expected to fall to $-300.00 billion from $-26 billion.
M&A Activity & Daily: None of note.
Pre-Market Changes:
- Pre-Market Gainers: AMD +3.90%, AVGO +3.00%, LLY +2.97%
- Pre-Market Decliners: NVDA -7.01%, MU -2.70%, INTC -1.90%, LRCX -1.90%
Moving Average Stats: 80% from 63% of stocks are positive with 28% from 20% of bonds are positive.
Rags & Mags:
- Nvidia Preparing to Oust CEO Jensen Huang After Affairs (WSJ)
- Nvidia’s (NVDA) board of directors convened to weigh removing co-founder and CEO Jensen Huang following revelations of a second extramarital affair with a direct subordinate, compounding an independent investigation into his prior relationship with an alleged Chinese intelligence asset. The governance crisis sent NVDA shares sliding over 7% in pre-market trading and sparked intense debate over succession across a company with a famously flat organizational structure.
- Anthropic’s IPO Is Said to Be Multiple Times Oversubscribed (Bloomberg)
- Frontier AI developer Anthropic’s roadshow is drawing orders worth several times the 825 million shares on offer ahead of next week’s expected Nasdaq listing under ticker ANT. Priced in an indicative range of $70 to $78 per share—targeting up to $90.4 billion across its public offering and concurrent private placements at a ~$1.4 trillion valuation—the deal demonstrates robust institutional appetite despite broader semiconductor volatility.
- Gold and silver extend losses as stronger U.S. inflation reinforces Fed rate-hike bets (CNBC)
- Precious metals retreated sharply on Thursday, with spot gold slipping below the $4,000-per-ounce threshold as a firmer-than-expected 0.4% monthly October CPI print bolstered expectations for a December Federal Reserve rate hike. Rising U.S. Treasury yields and a stronger U.S. dollar continue to weigh on non-yielding assets and rate-sensitive commodities across global trading desks.
- SoftBank-Led Round Values Agile Robots at $8.5 Billion (NYT)
- Industrial robotics startup Agile Robots secured $500 million in fresh funding led by SoftBank Group—with participation from NVDA, Hitachi, and T.Capital—vaulting its valuation to $8.5 billion. The capital injection is earmarked to accelerate U.S. market expansion and scale production of AI-powered industrial automation machines for global manufacturing partners.
- Stocks Fall as Nvidia Leadership Crisis Hits Tech: Markets Wrap (Bloomberg)
- U.S. equity futures retreated in early Thursday trading as leadership uncertainty at Nvidia (NVDA) weighed heavily on global technology benchmarks, pulling Nasdaq-100 futures down roughly 0.9% and S&P 500 futures lower by 0.4% while Dow futures held near flat. While NVDA dropped over 7% pre-market, chip rivals AMD (+3.9%) and AVGO (+3.0%) advanced as traders positioned for potential market-share shifts, whereas memory and AI supply-chain names including MU (-2.7%) and CRWV (-7.2%) traded lower. Across macro markets, 10-year Treasury yields hovered near 5.00% on heightened December Fed tightening odds, WTI crude edged down toward $85.30 a barrel, and spot gold slipped below $4,000 an ounce.
Meeting & Conferences of Note:
- Sellside Conferences:
- Baird Global Industrial Conference
- BMTechnology and Innovation Leaders Conference
- Cantor Fitzgerald Convergence
- JP Morgan U.S. Opportunities Forum
- Keefe Fintech Ecosystem Conference
- Stifel Healthcare Conference
- Truist Biopharma Symposium
- Wolfe Wealth Symposium
- Shareholder Meetings: ABAT, AMRK, CAH, CDT, ELTX, PPSI, QNRX, WVE of note.
- Top Analyst, Investor: ATI, BCTX, GPUS, KHC, MRNA, NERV, NTLA, PRAX, TWFG of note.
- Fireside Chat: None of note.
- FDA Presentation: None of note.
- R&D Day: None of note.
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Meetings:
- A.G.P. Consumer Showcase
- American College of Allergy Asthma and Immunology
- StoneX Dairy & Risk Management
- StoneX NAGGL 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: AMD, BABA, MPB, PTRN, RS of note.
Downgrades: IHRT of note.
Prediction Market: None today.