Overnight Summary: Obviously futures on the S&P 500 are lower but it could be worse. Futures on the S&P 500 dropped to 4100 at 2:15 a.m. EST and now are at 4121.50 down -100.50 or -2.38%. Asia and Europe are lower as well and European indexes are down considerably more with Germany off -4.84% as an example.
Earnings Out After The Close:
- Beats: BKNG +2.31, XNCR +1.11, Y +0.95, FLGT +0.81, WLL +0.63, FNF +0.53, ECPG +0.52, GH +0.39, VAC +0.27, MED +0.26, BAND +0.22, RVLV +0.21, AAN +0.21, RGR +0.20, ACA +0.19, IMAX +0.18, HTZ +0.17, DK +0.16, OUT +0.16, CCRN +0.15, NTAP +0.15, CHDN +0.14, IAG +0.14, IIPR +0.12, NDLS +0.09, PODD +0.09, IR +0.08, ANSS +0.08, MYRG +0.08, STOR +0.07, NVRO +0.06, EBAY +0.06, FIVN +0.06, SPXC +0.05, OSUR +0.04, ORA +0.04, RMAX +0.04, EXR +0.04, HEI +0.03, STAA +0.03, ORCC +0.03, MRVI +0.03, IRTC +0.03, BBWI +0.03, CW +0.03, SUM +0.02, UCTT +0.02, LUNG +0.01, MSP +0.01, MGNI +0.01, MGRC +0.01.
- Flat: OLO +0.00, AGI +0.00, HBM +0.00, FRG +0.00, NGVT +0.00, MANT +0.00, OGS +0.00, AMED +0.00.
- Misses: SNBR (1.12), KALU (0.71), RCII (0.53), DRQ (0.33), ARNA (0.32), BMRN (0.31), GBT (0.23), CTRA (0.19), KW (0.19), FTI (0.11), ONEM (0.11), PAAS (0.09), SKLZ (0.09), NUVA (0.09), CHK (0.09), ALKT (0.08), HLF (0.07), WES (0.07), OLED (0.07), LHCG (0.06), CPE (0.06), REAL (0.03), FLS (0.03), GSHD (0.02), RLJ (0.02), VICI (0.01), FIX (0.01), NARI (0.01), BIRD (0.01), FUBO (0.01).
- IPOs Priced or News:
- Blue Water Vaccines (BWV) Announces Closing of Initial Public Offering.
- New SPACs launched/News: None of note.
- Secondaries Priced: None of note.
- Notes Priced of note: of note.
- Common Stock filings/Notes:
- CYRN: Filed Form S-3.. Up to 6,445,895 Ordinary Shares.
- Pricing of Over-Allotment: None of note.
- Direct Offering: None of note.
- Selling Shareholders of note: None of note.
- Private Placement of Public Entity (PIPE): None of note.
- Mixed Shelf Offerings:
- HL: Filed Form S-3ASR.. Mixed Shelf Offering.
- Voya Financial (VOYA) files for $2 bln mixed securities shelf offering.
- QSR: Filed Form S-3ASR.. Mixed Shelf Offering.
- Convertible Offering & Notes Filed:
- AN: Pricing of $700 Million Aggregate Principal Amount of Senior Notes.
- BSX: Filed Form S-3ASR.. Senior Debt Securities.
- BTU: Proposed Convertible Senior Notes Offering.
- LNT: Pricing of Senior Notes Offering.
- TWTR: Prices Offering of Senior Notes.
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: CLOV 19%, DH 14%, ROOT 10%, CCRN 9%, OUT 8%, LYV 7%, STAA 6%, CHDN 6%, MRVI 5%, RMO 5%, VBIV 5%.
- Trading Down: RCII -35%, SKLZ -30%, LUNG -20%, LMND -18%, FIVN -16%, OLO -15%, SNBR -12%, FLGT -11%, BAND -11%, BTU -10%, NTAP -9%, NDLS -8%, EBAY -8%, TRHC -8%, HLF -8%, BIRD -7%, AAN -5%, BKNG -5%, FLS -4%, FUBO -4%, ONEM -4%, IR -4%.
- News After The Close:
- Stocks making the biggest moves after hours: EBAY, BBWI, BIRD, REAL, BKNG (CNBC)
- Intel (INTC) acquires Linux consulting firm Linutronix.
- Ford (F) CEO Says Automaker Is ‘Under-Earning’ on EVs and Gas Models. (Bloomberg)
- Daredevil and the other Marvel Netflix (NFLX) shows are coming to Disney+ Canada (DIS) in March.
- Wheat (WEAT), Soybeans (SOYB) Hit Fresh Highs Amid Russia-Ukraine Conflict. (Bloomberg)
- United States Eyes Oil Reserves (USO) Release as Prices Rise on Ukraine. (Bloomberg)
- Hertz (HTZ) stock falls after quarterly loss, but rental-car company says it saw ‘recovery’ in travel demand. (MarketWatch)
- Citigroup (C) asks U.S. employees to return to office from March 21. (Reuters)
- Allbirds (BIRD) stock falls after lower Q1 revenue guidance. (MarketWatch)
- Noodles & Co. (NDLS) stock falls 20% after restaurant chain swings to surprise quarterly loss. (MarketWatch)
- Sleep Number (SNBR) stock falls 14% after mattress company sees Q1 supply-chain constraints. (MarketWatch)
- Estée Lauder (EL) Suspends Executive John Demsey After Backlash Over Instagram Post. (WSJ).
- Exchange/Listing/Company Reorg and Personnel News:
- ZimVie (ZIMV) will replace Tabula Rasa Healthcare (TRHC) in the S&P SmallCap 600.
- Adagio Therapeutics (ADGI ) announces the appointment of David Hering interim chief executive officer, effective immediately.
- Bath & Body Works (BBWI) Announces CEO Transition. (Reuters)
- H.B. Fuller (FUL) appoints Celeste Mastin as COO, effective March 7.
- Qualys (QLYS) Names Chief Accounting Officer.
- SailPoint (SAIL) announces Colleen Healy as CFO.
- Silgan Holdings (SLGN) appoints Anthony J. Allott as Non-Executive Chairman of the Board, effective April 1.
- Buyback Announcements:
- Coterra Energy (CTRA) announces $1.25 billion supplementary buyback authorization.
- EBAY expanded share repurchase authorization by an additional $4.0 billion.
- OneConnect (OCFT) Announces Share Repurchase Program.
- Teck (TECK) Authorizes up to $100 Million Share Buyback.
- Under Armour (UA) announces a $500 million share repurchase program.
- Cars.com (CARS) expands repurchase program by $200 million.
- Stock Splits: None of note.
- Dividends Announcements:
- Coterra Energy (CTRA) increases dividend to $0.50, a 20% rise.
- Danaher (DHR) increases quarterly cash dividend $0.04 to $0.25 per share.
- EBAY declared a quarterly dividend of $0.22 per share, a 22% increase from the prior quarterly dividend.
- Flushing Financial (FFIC) increases quarterly dividend $0.01 to $0.22 per share.
- McGrath RentCorp (MGRC) raises quarterly dividend to $0.455 per share, a 5% increase.
- SAP SE (SAP) increases dividend to €2.45 per share, a 32% raise.
- Silgan Holdings (SLGN) increases quarterly cash dividend $0.02 to $0.16 per share.
- Sturm, Ruger & Company, Inc. (RGR) Declares Dividend of $0.86 per share.
- Teck (TECK) Declares $0.625 per Share Dividend; Increases Annual Base Dividend to $0.50 per Share.
- Thermo Fisher (TMO) increases quarterly cash dividend $0.04 to $0.30 per share.
- Universal Display Corporation (OLED) Increases Quarterly Cash Dividend to $0.30 per share.
- Vistra Energy (VST) increases quarterly dividend $0.02 to $0.17 per share.
- The Wendy’s Company (WEN) increases quarterly dividend rate to $0.125 per share.
What’s Happening This Morning: Futures value reflects the change with fair value.
S&P 500 -103, Dow Jones -770, NASDAQ -421, and Russell 2000 -48.99. Asia and Europe much lower. VIX Futures are at 33.26 from 27.30 yesterday morning. Gold, Silver and Copper higher. WTI Crude Oil and Brent Oil Futures higher. Natural Gas is higher. $ is lower vs Euro, lower vs Pound and lower vs Yen. US 10 year Treasury with yields at 1.86% from 1.979% yesterday. Bitcoin is at $35,109 from $39,045.01 at -6.63%. As of 8:09 a.m. EST
Wednesday’s Action – 02/23/22 Close:
- Daily Positive Sectors: Energy of note.
- Daily Negative Sectors: Consumer Cyclical, Technology, Industrials, Real Estate, Communication Services, Financial, Utilities of note.
- One Month Winners: Energy and Basic Materials of note.
- Three Month Winners: Energy, Consumer Defensive and Basic Materials of note.
- Six Month Winners: Energy of note.
- Twelve Month Winners: Energy, Consumer Defensive, and Financials of note.
- Year to Date Winners: Energy of note.
Markets down again across the board. Commodities up with UNG gaining 2.87%. TLT down 1.38% to close at $136.68 Updated 02/23/22 close.
Upcoming Earnings Of Note: (sorted by market cap, highest to lowest with most visible names)
- Thursday After the Close: INTU, EOG, SQ, VMW, ADSK, MNST, ZS, OXY, CVNA, EIX, ETSY, AES, PLUG, FND, CUBE, LSI, UHS, GLPI, DLO, CABO, COLD, CHE, MP, NTRA, MTZ, SWCH, PAGS, FOXF, RHP, UNVR, CWK, SWN, ICUI, VICR, DNLI, SM, VIR, CARG, ENV, KWR, ALRM, MMSI, SFM, SEM, FTDR, CWH, FTAI, ABCL, IOVA, MDRX, NVTA, AXNX, CVET, CDNA, EBS, LAW, OPK, EVBG, ATSG, LPSN, CYRX, FOE, GDOT, ICFI, PING, TVTX, SUPN, CLNE, ZGNX, VTEX, PLYA, OII, CDXS, TVTY, ADUS, SILK, AMWL, HURN, LMAT, SGMO, VRAY, PRDO, MAX, MGNX, TMST, BOOM, VXRT, COLL, TPC, UPLD, OPRT, VAPO, TPIC, YMAB, TRHC of note.
- Friday Before the Open: CM, SRE, IEP, LAMR, BHVN, PNW, STWD, FL, CRI, QRTEA, UNIT, GTN, CNK, SSP, TREE, MODV, NWN, ECVT, STRA, IMGN, SLCA of note.
Earnings of Note This Morning:
- Beats: NTES +3.18, MRNA +1.48, OGE +1.32, IONS +1.10, KRTX +0.87, BABA +0.82, SEAS +0.60, IMOS +0.39, CBRE +0.37, IRM +0.28, ZNTL +0.22, CCOI +0.15, SHOO +0.15, HSC +0.15, TECK +0.15, HEES +0.14, PWR +0.13, EDIT +0.12, RY +0.12, SHYF +0.09, CQP +0.08, NRG +0.08, LNTH +0.08, TFX +0.07, TNK +0.06, EXLS +0.06, SIX +0.06, AEP +0.06, SAGE +0.04, RCKT +0.04, GTLS +0.04, ELAN +0.04, USPH +0.03, PZZA +0.03, NVMI +0.03, CGEN +0.03, EXPI +0.03, ATHM +0.03, SJI +0.03, PEG +0.02, DOCN +0.01, NOMD +0.01, NEM +0.01.
- Flat: PLNT +0.00, KDP +0.00, DISH +0.00.
- Misses: LNG (6.99), BALY (2.47), DISCA (0.77), UTHR (0.54), CARS (0.51), SWTX (0.42), NCLH (0.34), AMWD (0.27), AHCO (0.26), W (0.22), AMT (0.20), WOW (0.17), AGIO (0.17), BBIO (0.16), NTLA (0.15), NVCR (0.15), IBP (0.10), KYMR (0.09), PRMW (0.09), SPTN (0.08), BUD (0.06), ACIW (0.06), SRCL (0.05), FCN (0.03), EME (0.03), ACRS (0.01), LXP (0.01), NABL (0.01).
- Still to Report: AZUL , BLI , NKLA , PCRX , PRFT , SHLX , TNC , VCEL.
- Positive Guidance: XRX, NARI, MANT, REAL, MRVI, STOR, FLGT, FRG, UCTT, NGVT, MGRC, CLOV, CCRN, WTRG, EVH, XPER, EXLS, ACIW, SPTN, IRM,DOCN, LNTH, PWR, EME, NVMI, MGPI .
- Negative Guidance: NTAP, EBAY, GH, NVRO, OLED, AMED, SPXC, NDLS, VICI, SKLZ, BBWI, RCII, ONEM, RMAX, BAND, VAC, ORA, LUNG, PLNT, ELAN, NOMD, SHOO, IONS, HSC, BALY, NABL, SHYF.
Erlanger Research Advance/Decline Chart: Updated through 02/23/22 close.
Gap Ups & Down In Early Pre-Market:
- Gap Up: DH 14%, CCRN 8%, EVH 8%, HL 8%, VBIV 8%, USO 7%, OUT 7%, CLOV 7%, RCEL 7%, CHDN 7%, FNF 5%, PAAS 5%, RYI 5%, PBR 4%, AEM 4%, WLL 4%.
- Gap Down: RCII -38%, SKLZ -37%, LUNG -22%, LMND -22%, OLO -17%, FIVN -16%, BIRD -15%, FUBO -14%, SNBR -13%, HLF -13%, NDLS -11%, EBAY -11%, BAND -10%, NTAP -9%, FLGT -9%, MGNI -8%, TRHC -8%, ONEM -7%, BCS -7%, BKNG -7%, NOVA -6%, BBWI -6%, VAC -6%, DDD -6%, UCTT -6%, HTZ -6%, WES -6%, GH -6%, BMRN -6%, BTU -5%, IR -5%, RY -5%, AAN -5%, ECPG -5%, MED -5%, BUD -5%, NET -5%, FLS -5%, RVLV -4%, ROOT -4%, F -4%, ATHM -4%.
Insider Action: SPRO, BSET sees Insider buying with dumb short selling. No stock sees Insider buying with smart short sellers. 02/23/22 close.
Rags & Mags: Repeated stories from prior days never listed, i.e. “rehashed news”.
- Stocks Making The Biggest Moves: LYV, SEAS, GCI, BABA, MRNA, W. (CNBC)
- 5 Things To Know To Start Your Day. (Bloomberg)
- Covid cases at 121,906 cases from 203,533 with hospitalizations at 56,222 from 80,185. (CDC).
- Russia attacked Ukraine last night around 9:00 p.m. EST and was not limited to just the two provinces but rather a full scale invasion. (NYT)
- The Ukraine Army is at a major disadvantage against Russia. (NYT)
- Ukraine will fight against Russia noted the Ukraine President Zelensky. (Independent)
- U.K. expands sanctions against Russia this morning.
- China blames U.S. for increasing tensions between U.S. and Russia. China to expand wheat purchases. (CNBC)
- Ford (F) will not spin off Electronic Vehicle unit. (WSJ)
- Hertz (HTZ) noted that rental car shortage will continue. (WSJ)
- Robinhood Snacks looks at Russia invasion and note that consumers could get hit the hardest. Kanye West goes directly to consumers with latest album as streaming frustrations grow.
Moving Average Update:
- Score flat lined at zero for third day in a row. Updated 02/23/22 close.
- President’s Public Schedule: President Biden participates in a virtual G7 Leaders’ meeting to discuss the ongoing situation with regard to Russia and Ukraine, and priorities of the German G7 Presidency year; the Secretary of State and the Secretary of the Treasury also attend, 9:00 a.m. EST
- At some point this morning, President Biden will address the nation.
- The President receives the President’s Daily Brief, 11:15 a.m. EST
- Press Briefing by Press Secretary Jen Psaki, 2:00 p.m. EST
- Q4 GDP (second estimate) is due out at 8:30 a.m. EST and is expected to rise to 7.0% from 6,9%.
- Initial Jobless Claims 8:30 a.m. EST
- Chicago Fed Activity Index 8:30 a.m. EST
- New Home Sales 10:00 a.m. EST
- EIA Natural Gas Report 10:30 a.m. EST
- EIA Petroleum Report 11:00 a.m. EST
Federal Reserve Speakers:
- Federal Reserve Atlanta President Raphael Bostinc 11:10 a.m. EST
- Federal Reserve Cleveland President Loretta Mester 12:00 p.m. EST
- Federal Reserve Richmond President Thomas Barkin 12:00 p.m. EST
- Federal Research Board of Governors Christopher Waller 8:00 p.m. EST
- See INTC in the News after the close section.
- Cloudflare (NET) agrees to acquire Area 1 Security for approx. $162 million.
- 3D Systems (DDD) has entered into an agreement to acquire Titan Additive LLC.
- Ellington Financial (EFC) to Acquire Longbridge Financial.
- NetApp (NTAP) has acquired Fylamynt.
Meeting & Conferences of Note:
- Sellside Conferences:
- Aegis Capital Corp. Conference
- Bank of America Securities Virtual Animal Health Summit 2022
- The Barclays 39th Annual Industrial Select Conference 2022
- BMO Biopharma Spotlight Series
- Capital Link Jones Act & U.S. Flag Shipping Forum 2022 (02/24/22-02/25/22)
- Diamond Equity Research Conference 2022
- Jefferies Dental Summit 2022
- Gabelli & Company 32nd Annual Pump, Valve & Water Systems Symposium 2022
- Previously Announced Conferences:
- Aegis Virtual Conference 2022 (02/23/22-02/25/22)
- Barclays Industrial Select Conference (02/23/22-02/24/22)
- Citi Virtual Healthcare Conference 2022 (02/23/22-02/24/22)
- RBC Capital Markets Global Environmental, Social and Governance Conference 2022 (02/23/22-02/24/22)
- Wells Fargo Real Estate Securities Conference 2022 (02/23/22-02/24/22)
- Wolfe Research Global Auto, Auto Tech, and Mobility Conference 2022 (02/23/22-02/24/22)
- Citigroup Global Industrial Tech and Mobility Conference (02/22/22-02/24/22)
- Goldman Sachs European Digital Economy, Technology & Internet Conference 2022 (02/22/22-02/25/22)
- Company Meetings: ESSC, RJF, KNTK.
- Fireside Chat: HESM (w/ Morgan Stanley).
- Investor/Analyst Day/Calls: BECN, ESI, IMV, LYV, VRNS, WPRT.
- Update: None of note.
- R&D Day: HILS, IMV, IIVI.
- Company Event: None of note.
- Industry Meetings:
- CDC Advisory Committee on Immunization Practices Meeting
- Multidisciplinary Head And Neck Cancers Symposium 2022 (02/24/22-02/26/22)
- American College of Foot and Ankle Surgeons ACFAS Annual Scientific Conference 2022 (02/24/22-02/27/22)
- Americas Committee for Treatment and Research in Multiple Sclerosis (ACTRIMS) Forum 2022 (02/24/22-02/26/22)
- 7th Annual InterFace Seniors Housing West Conference 2022
- The Hacker and The CISO 2022
- Previously Posted and Ongoing Conferences:
- Congress of Neurological Surgeons Spine Summit 2022 (02/23/22-02/26/22)
- Consumer Analyst Group of New York Conference (CAGNY) 2022 (02/22/22-02/25/22)
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 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:
Wednesday’s Upgrades and Downgrades: