Overnight Summary: S&P 500 Futures have been dropping since the close at 4:00 p.m. EST. Currently the S&P 500 is at 4344.50 down -1.35% or 59 points. Asia was lower overnight and saw heavy selling. Europe is higher this morning in early trading.
Earnings Out After The Close:
- Beats: LOGI +0.49, WSFS +0.28, CR +0.13, STLD +0.07, SSB +0.07, IBM +0.06, IBTX +0.03, BRO +0.03, ELS +0.02, HOPE +0.02, ZION +0.02.
- Flat: None of note.
- Misses: None of note.
- IPOs Priced or News: None of note.
- New SPACs launched/News:
- DUET Acquisition Corp. (DUETU) Announces Closing of Initial Public Offering and Exercise of Over-Allotment Option.
- Sports Vetures Acquisition Corp (AKIC) to combine with DNEG.
- Secondaries Priced: None of note.
- Notes Priced of note: None of note.
- Common Stock filings/Notes:
- LULU: Filed Form S-3ASR.. 5,203,012 Shares Common Stock.
- Heliogen (HLGN) files for 8 million share common stock offering related to warrants.
- Pricing of Over-Allotment: None of note.
- Direct Offering: None of note.
- Selling Shareholders of note:
- Heliogen (HLGN) files for 124 million share common stock offering by selling shareholders.
- Private Placement of Public Entity (PIPE): None of note.
- Mixed Shelf Offerings:
- IIPR: Filed Form S-3ASR.. Mixed Shelf Offering.
- XAIR: Filed Form S-3.. $200Million Mixed Security Shelf.
- Convertible Offering & Notes Filed: None of note.
- Note Offerings Filed: None of note.
Capital Raise Summary From The TradeXchange, bringing traders and investors real time news and Squawk Box, and other sources.
News After The Close:
- After Hours:
- Trading Up: SDC +11%, CFB +5%, IBTX +4%, CPLP +3%.
- Trading Down: none of note.
- News After The Close:
- FDA: Cites Data That Omicron Estimated To Account For 99% Of U.S. Covid-19 Cases As Of Jan. 15.
- Short sellers are up $114 billion this year with winning bets against Tesla (TSLA) and Netflix (NFLX). (CNBC)
- Walmart’s (WMT) Mexico Unit Considering ‘Strategic Alternatives’ in Central America. (US News)
- Kohl’s (KSS) shares surge as takeover offers emerge from suitors including Sycamore. (CNBC)
- Ray Dalio: Crypto Has Received Far Too Much Attention.
- Exchange/Listing/Company Reorg and Personnel News:
- Acadia Realty Trust (AKR) announces resignation of COO Christopher Conlon.
- AnPac Bio (ANPC) Receives NASDAQ Notification Regarding Minimum Market Value of Publicly Held Shares Deficiency.
- CSX (CSX) appoints Sean R. Pelkey as CFO, effective immediately.
- ICF International (ICFI) appoints Barry Broadus as CFO, starting February 28, 2022.
- Luxfer (LXFR) Announces CFO Transition.
- NEWP Appointments Dr. Rui Feng as CEO and Chairman of the Board.
- Chesapeake Energy (CHK) names Josh Viets as COO.
- NextEra Energy (NEE) names John Ketchum to CEO, former CEO Jim Robo becomes Executive Chairman.
- Tarena (TEDU) Announces Receipt of Nasdaq Notification Regarding Minimum Market Value of Publicly Held Shares.
- Buyback Announcements:
- Argan, Inc. (AGX) Announces Increase to Share Repurchase Program.
- Flexsteel Industries (FLXS) board approves $30M in share repurchase program.
- Hope Bancorp (HOPE) Announces New $50 Million Stock Repurchase Program.
- Allscripts (MDRX) Announces New Share Repurchase Program.
- Stock Splits: None of note.
- Dividends Announcements:
- Crane (CR) increases dividend +$0.04 to $0.47 per share.
- Capital Product Partners L.P. (CPLP) Announces Increased Cash Quarterly Distribution by 50% to $0.15.
- Hess Midstream LP (HESM) Announces Increased Quarterly Distribution.
- Shutterstock (SSTK) increases dividend to $0.24 from $0.21.
What’s Happening This Morning: Futures value reflects the change with fair value.
S&P 500 -62 , Dow Jones -277 , NASDAQ -286 and Russell 2000 -30. Asia lower and Europe higher. VIX Futures are at 29.82 from 27.93 yesterday morning. Gold, Silver and Copper lower. WTI Crude Oil and Brent Oil Futures higher. Natural Gas is lower. $ is higher vs Euro, higher vs Pound and higher vs Yen. US 10 year Treasury price is at $127.27 from $128.52 yesterday with yields at 1.77% from 1.74% yesterday morning. Bitcoin at $36,661 from $33,576 yesterday morning and -0.08%. As of 8:12 a.m. EST.
Monday’s Action – 01/24/22 Close:
- Daily Positive Sectors: Consumer Cyclical, Technology, Industrials of note.
- Daily Negative Sectors: Utilities, Basic Materials, Financials of note.
- One Month Winners: Energy and Consumer Defensive of note.
- Three Month Winners: Materials, Consumer Defensive and Energy of note.
- Six Month Winners: Energy, Consumer Defensive and Utilities of note.
- Twelve Month Winners: Energy, Real Estate, and Financials of note.
- Year to Date Winners: Energy of note.
Turn around Tuesday….but on Monday! Buy the dip was flavor of the day as indexes pulled back almost 4% only to finish in the green. Updated 01/24/22 close.
Upcoming Earnings Of Note: (sorted by market cap, highest to lowest with most visible names)
- Tuesday After the Close: MSFT, TXN, CNI, COF, BXP, FFIV, RNR, CADE, UMBF, SLGN, ZWS, WSBC, RNST, TRMK, VBTX, FCF, MRTN, LRN, NXGN, HA, AGYS of note.
- Wednesday Before the Open: ABT, T, BA, ANTM, ADP, NSC, FCX, PGR, GD, TEL, APH, KMB, GLW, NDAQ, HES, TDY, ROL, MKTX, KNX, OSK, NYCB, FBP, FBC, MNRO, EAT, RES of note.
Earnings of Note This Morning:
- Beats: ERIC +0.88, AXP +0.35, LMT +0.33, MMM +0.29, PCAR +0.16, ADM +0.14, PII +0.13, GE +0.10, IVZ +0.10, UMC +0.08, RTX +0.06, XRX +0.04, VZ +0.03, CVLT +0.02, AUB +0.01, NEE +0.01, JNJ +0.01
- Flat: None of note.
- Misses: NEP (0.39), BANC (0.26), LFKN (0.01)
- Still to Report: GATX
- Positive Guidance: IPAR, MDRX, MXCT, PII, JNJ, NEE, VZ, XRX
- Negative Guidance: CR, GE, GSHD, HAYW, RTX
Erlanger Research Advance/Decline Chart: Updated through 01/24/22 close.
Gap Ups & Down In Early Pre-Market:
- Gap Up: LOGI +8%, SDC +8%, ERIC +6%, BRO +6%, HLGN +5%, CFB +5%, IBTX +4%, CPLP +3%, IBM +3%
- Gap Down: CS -3%
Insider Action: SAFE sees Insider buying with dumb short selling. SFIX sees Insider buying with smart short sellers. 01/24/22 close.
Rags & Mags: Repeated stories from prior days never listed, i.e. “rehashed news”.
- Stocks Making The Biggest Moves: MMM, JNJ, GE, AXP, PII, IBM, ERIC, LOGI, PETS, ZION, MDRX. (CNBC)
- 5 Things To Know To Start Your Day. (Bloomberg)
- Covid-19 Cases fall to 222,235 from 363,060 cases a week ago and yet Hospitalizations rise to 136,135 from 135,361. (CDC)
- White House provides readout of the president’s video call with European leaders on Ukraine.
- Diplomatic solutions are still open with Russia on the Ukraine conflict. (NYT)
- Nvidia (NVDA) is starting to end plans for the Arm Holdings takeover. (Bloomberg)
- Amazon (AMZN) to open Amazon Go stores in suburbs. (USA Today)
- LyondellBassell (LYB) unlikely to quickly sell its refinery. (Reuters)
- Robinhood Snacks looks at insurance perks for safe drivers. Taco Bell (YUM) starts a Business School to help out franchises.
Moving Average Update:
- Score remains at 0%. Updated 01/24/22 close.
- President’s Public Schedule:
- The President and The Vice President receive the President’s Daily Brief, 10:15 a.m. EST
- Press Briefing by Press Secretary Jen Psaki, 12:15 p.m. EST
- Redbook Sales 8:55 a.m. EST
- November S&P Case-Shiller Home Price Index is due out at 9:00 a.m. EST and estimate are for 25 from 31.90 it came in last month at 18.40%.
- FHFA HPI 9:00 a.m. EST
- January Consumer Confidence is due out at 10:00 a.m. EST and is expected to fall to 112 from 115.80.
- Richmond Fed Mfg Index 10:00 a.m. EST
- The Federal Reserve Open Market Committee (FOMC) begins its two-day meeting.
- API Crude Oil Data 4:30 p.m. EST
Federal Reserve Speakers:
- FOMC (Federal Reserve Open Market Committee) meets today and Wednesday so Fed speakers are on embargo.
- J.P. Morgan (JPM) to Acquire a Stake in Viva Wallet.
Meeting & Conferences of Note:
- Sellside Conferences:
- Baird Vehicle Technology & Mobility Conference
- Capital Link’s Corporate Presentation
- Degroof Healthcare Conference
- Edison Group Open House: Global Healthcare 2022 (01/25/22-01/27/22)
- Jefferies Winter Restaurant, Foodservice, Gaming, Lodging & Leisure Summit
- Previously Announced Conferences: None of note
- Company Meetings: BDX, CFFN, GFAI, HRL, J, OGEN, SCHN, V, VINO
- Fireside Chat: None of note.
- Investor/Analyst Day/Calls: CNXC, INTZ, MOTS, MTNB, OTLK, VACC
- Update: None of note.
- R&D Day: ONTC
- Company Event: Check Point Software (CPX) 360
- Industry Meetings:
- Advanced Therapies Week 2022
- ASCO American Society of Clinical Oncology Plenary Series Program 2022
- Investor 2022 Top Picks Conference
- Lung Cancer World R&D Virtual Summit 2022 (01/25/22-01/26/22)
- Maui Derm for Dermatologists
- Washington Auto Show
- Previously Posted and Ongoing Conferences: None of note.
MTop Tier Sell-side 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 it to make the reader aware of market moving recommendations. None of these recommendations should be interpreted as actual recommendations from CAPIS or its employees.
Today’s Upgrades and Downgrades:
Monday’s Upgrades and Downgrades: