• IPOs Priced or News: None of note.
• New SPACs launched/News:
  • ARYA Sciences Acquisition Corp IV (ARYD) and Adagio Medical have entered a definitive agreement for a business combination.
  • Helix Acquisition Corp. II (HLXB) Announces Closing of $184 Million Initial Public Offering, Including the Full Exercise of the Underwriter’s Option to Purchase Additional Shares.
• Secondaries Priced:
  • AZTR: Pricing of Public Offering.. 16.667 Million at $0.30.
  • IMNM: Prices offering of 10 million shares of common stock at $20.00 per share.
  • LRMR: Announces the pricing of its previously announced underwritten public offering of 17,162,472 shares of its common stock at a price to the public of $8.74/share, for gross proceeds of approximately $150.0 million.
  • NAMS: Prices $175.3 million offering of ordinary shares and pre-funded warrants.
  • OMH: Announces Pricing of Upsized $4.8 Million Public Offering of Ordinary Shares.
• Notes Priced of note: None of note.
• Common Stock filings/Notes:
  • IMNM: Proposed Public Offering of Common Stock. $200.0 million of shares. (JPM, TD Cowen, Leerink and Guggenheim Bookmanagers)
  • LRMR: Has commenced an underwritten public offering of shares of its common stock and, in lieu of shares of common stock to certain investors that so choose, pre-funded warrants to purchase shares of common stock. (Leerink Citiand Guggenheim Bookmanagers)
  • NAMS: Announces the commencement of an underwritten public offering of the Company’s ordinary shares, with a nominal value of €0.12 per share and, to certain investors that so choose in lieu of Ordinary Shares, pre-funded warrants to purchase Ordinary Shares. (Jefferies, Leerink Piper and RBC Bookmanagers)
  • REVG: Proposed Secondary Offering of Common Stock and Concurrent Share Repurchase.
• Direct Offering: None of note.
• Selling Shareholders of note:
  • IMUX: Files for 44,751,286 of common stock by selling shareholders; relates to warrants.
• Private Placement of Public Entity (PIPE): None of note.
• Mixed Shelf Offerings:
  • MAR: Files mixed shelf securities offering.
  • UNP: Files mixed shelf securities offering.
  • VTGN: Files $350 million mixed shelf securities offering.
• Debt/Credit Filing and Notes: None of note.
• Tender Offer:
  • MANU: Sir Jim Ratcliffe and Trawlers Limited Extend Tender Offer for Up To 25% of the Outstanding Class A Shares of Manchester United plc.
  • CMI: Launches exchange offer to fully split off its remaining interest in Atmus Filtration Technologies (ATMU)
• Convertible Offering & Notes 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 Movers: 
  • BREA: +186% Multiple SC 13Gs Filed 
  • SNTG: +65% SC 13G Filed by Unit Giant 58.93%
  • ELWS: +41% sc 13G Filed by Hiroki Yamamoto and Satoshi Kobayashi
  • LYFT: +17% Earnings 
  • ALSN: +15% Earnings 
  • LRMR: +14% Proposed Underwritten Public Offering
  • HOOD: +7.5% Earnings 
  • KTOS: +7% Wins $579M Single Award IDIQ for Space Force SATCOM C2 System
  • DVA: +4% Earnings 
  • ZG: +3.5% Earnings 
  • QDEL: -30% Earnings 
  • EVA: -24% BK Talk on name
  • UPST: -23% Earnings  
  • BL: -11% Earnings 
  • CRSR: -7.5% Earnings 
  • ABNB: -4.5% Earnings 
  • MGM: -3.5% Earnings 
  • AKAM: -3% Earnings 
  • CART: -3% Earnings 
• News Items After the Close:
  • Stocks making the biggest moves after hours: LYFT, HOOD, ABNB, MGM, GDDY, AKAM, ZG, MODG, IAC, UPST, DVA, CART, ANGI  (CNBC)
  • LYFT Earnings Typo Sends Stock Soaring. (WSJ)
  • House Republicans Prevail on Second Try Impeaching DHS Secretary Mayorkas. (Bloomberg)
  • Apple’s (AAPL) Longest-Serving Designer to Depart Company. (Bloomberg)
  • Shopify (SHOP) President says international business is a ‘massive area of growth’. (CNBC)
  • Robinhood’s (HOOD) stock soars as retail investors wade back into the market. (MarketWatch)
  • Instacart (CART) announces layoffs, departure of chief operating officer. (MarketWatch)
  • Bezos Sells $4 Billion of Amazon (AMZN) Stock in Four Trading Days. (Bloomberg)
  • JPMORGAN: “While core #PCE .. is running much closer to target [than CPI], the fact that these two measures are sending notably divergent signals .. will be concerning for Fed officials .. We continue to look for the Fed to begin easing at the June meeting.” — (CARL Q CNBC)
  • Granite Constr (GVA) awarded the $112 million final construction option in Denali National Park by the Federal Highway Administration.

• Exchange/Listing/Company Reorg and Personnel News:
  • BIOLASE, Inc. (BIOL) Granted Extension by Nasdaq to Regain Compliance with the Stockholders’ Equity Continued Listing Requirement.
  • enGene Holdings (ENGN) announces leadership succession plan; Jason Hanson intends to resign from his role as Chief Executive Officer.
  • Funko (FNKO) discloses Andrew Perlmutter, President, tendered his resignation as President.
  • Hawaiian Electric (HE) provides liquidity update on the call: continuing to pursue additional financing; expect $200-250 mln of additional liquidity.
  • Instacart (CART) COO Asha Sharma resigns from her position, effective March 1; Co announces restructuring plan that includes a reduction of 250 employees or 7% of the Co’s global workforce.
  • Mitek (MITK) Announces Receipt of Notice from Nasdaq.
  • NVTA Files for Bankruptcy.
• Buyback Announcements or News: 
  • Airbnb (ABNB) authorizes a new repurchase program of up to $6.0 billion.
  • Barrick (GOLD) declares new share repurchase program up to $1.0 billion. (see Dividend)
  • CNH Industrial (CNHI) authorizes an additional $500 million for repurchases.
  • Global Payments (GPN) Board of Directors approved an increase in the company’s share repurchase authorization capacity to $2 billion.
  • Instacart (CART) authorizes additional $500 million for share repurchases.
  • UBER: Announces Inaugural $7 Billion Share Repurchase Authorization.
  • WAB:  Announced $1.0 Billion Share Buyback Authorization. (see Dividend)
• Stock Splits or News:
  • Reverse split stocks today EJH 1/5  DTIL 1/30 VRM 1/80
  • Shineco (SISI) Announces 1-for-10 Reverse Stock Split to Regain Compliance with Nasdaq Minimum Bid Requirement.
  • Williams Cos (WMB) increases dividend by 6.1% on annualized basis.
  • YieldMax (TSLY) announces a 1-for-2 reverse split.
• Dividends Announcements or News:
  • Barrick (GOLD) declares dividend.
  • Kinsale Capital (KNSL) increases quarterly cash dividend to $0.15 per share from $0.14 per share.
  • Robert Half (RHI) increases quarterly cash dividend to $0.53 per share from $0.48 per share.
  • WaFd, Inc. (WAFD) increases quarterly cash dividend to $0.26 per share from $0.25 per share.
  • WAB: 17.6% Increase in Quarterly Dividend.

What’s Happening This Morning: Futures value reflects the change with fair value.

Sector Action – (1/3/6/12/YTD Updated Weekly with Monday release):  

• Daily Positive Sectors: None of note.
• Daily Negative Sectors: Basic Materials, Real Estate, Technology, Consumer Cyclical, Utilities, Industrials, Communication Services, Financial, Energy, Healthcare, Consumer Defensive of note.
• One Month Winners: Technology, Communication Services, and Industrials of note.
• Three Month Winners: Technology, Industrials, Communication Services of note.
• Six Month Winners: Technology, Communication Services, and Financial of note.
• Twelve Month Winners: Technology, Communication Services, and Consumer Cyclical of note.
• Year to Date Winners:  Technology, Communication Services, and Healthcare of note.

A hotter-than-expected inflation report sent stocks tumbling Tuesday and sparked worries about just how soon the Federal Reserve will start cutting interest rates.  The tech-heavy Nasdaq Composite shed 1.8%, while the Dow Jones Industrial Average declined 1.4%, or about 525 points. The benchmark S&P 500 fell 1.4%, pulled lower by all 11 of its sectors. Even worse was the Russell 2000 that fell -3.96%. The trading session was the worst for stocks on a release day for the Consumer-Price Index since 2022.  Major indexes have soared in recent months on bets that the Fed’s work to tame inflation was nearly done and the central bank would soon pivot to cutting rates. Tuesday’s report, though only slightly stronger than expected, appeared to throw cold water on some of these hopes.  (WSJ – edited by QPI)

Upcoming Earnings Of Note: (From Chartroom Software – sorted by market cap, highest to lowest with most visible names)

• Gap Up: ALSN +20.3%, LYFT +19%, LRMR +12%, HOOD +11%, MCY +8%, REZI +8%, FLYX +8%, STTK +8%, CDXS +7%, ZG +6%, KTOS +6%, MRC +6%, IAC +5%, MRCY +5%, DVA +4% of note.
• Gap Down: QDEL -39%, UPST -19%, BL -13%, CC -6%, ABNB -5%, CRSR -5%, GNRC -4% of note.

Insider Action: MRCY, PEPG, VFC sees Insider buying with dumb short selling.  UFCS sees Insider buying with smart short sellers.

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

• What You Need To Know To Start Your Day. (Bloomberg)
• 5 Things To Know Before the Stock Market Opens Today. (CNBC)
• Bloomberg Lead Story: Democrat Tom Suozzi wins New York House Seat Vacated by Santos. (Bloomberg)
• Bloomberg Most Shared Story: Lyft corrects earnings margin gain to 50 basis points from 500. (Bloomberg)
• Stocks, Bonds reclaim solid ground after CPI miss: Markets Wrap. (Bloomberg)
• Israel hit by missiles from Hezbollah in Lebanon prompting Israel fighter jets to begin strikes in Lebanon. (Bloomberg)
• Mortgage rates surge higher, causing homebuyers to pullback. (CNBC)
• Bloomberg: Merryn Talks:  The risk and reward of coming space gold rush. (Podcast)
• NY Times Daily: The Biden Problem that Democrats can no longer ignore. (NYT)
• NPR Marketplace: Dating Apps can get pretty intimate with your data. (Marketplace)
• Wealthion:  Inflation Fears: Shades of 1974. (Podcast)

Podcasts are presented to provide interesting viewpoints on current issues. We do not necessarily support each viewpoint. They are more meant to get you thinking!

Moving Average Update: Pullback takes the score down to 45% from three days ago being at 100%.

Geopolitical: 

M&A Activity and News: 

• Shoe Carnival (SCVL) aquires Rogan Shoes for $45 million.

Top 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 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.

Today’s Upgrades and Downgrades:

Previous Day’s Upgrades and Downgrades: