Overnight Summary: Stock rallied from the close to 12:35 a.m. EST before giving up all gains into 2:30 a.m. EST. Then the S&P 500 turned on a dime and has rallied back to a new high at 4332.25 at 7:15 a.m. EST trading up +28.50 or +0.66%.
Earnings Out After The Close:
- Beats: RGNX +2.93, SGMS +0.93, JAZZ +0.58, SRPT +0.37, CDLX +0.21, JWN +0.20, BNFT +0.18, FSLR +0.17, AMC +0.13, IPAR +0.13, CELH +0.11, CRM +0.09, RPAY +0.08, ARLO +0.08, ROST +0.07, HPE +0.07, ZIP +0.06, TTEC +0.05, GRWG +0.02, HCAT +0.02, JAMF +0.01.
- Flat: AKA +0.00, GO +0.00, WW +0.00.
- Misses: PLBY (1.42), PLUG (0.22), INO (0.18), NSTG (0.17), VUZI (0.15), URBN (0.11), PRPL (0.09), CERT (0.08), INSG (0.05), DIBS (0.05), WISH (0.04), PETQ (0.03), SOFI (0.03), BGS (0.03), BROS (0.01), DOMO (0.01).
- IPOs Priced or News: None of note.
- New SPACs launched/News:
- Rigetti Computing (RGTI) Announces Closing of Business Combination with Supernova Partners Acquisition Company II, Ltd. (SNII); Begins Trading on Nasdaq Capital Market Today.
- Sound Point Acquisition Corp I, Ltd (SPCMU) Announces Pricing of Upsized $225 Million Initial Public Offering.
- SHUAA Partners Acquisition Corp I (SHUAU) Announces Pricing of $100 Million Initial Public Offering.
- Secondaries Priced: None of note.
- Notes Priced of note: None of note.
- Common Stock filings/Notes:
- GMBL: Filed Form 424B5.. 15,000,000 Shares of Common Stock.
- HOOK: Proposed Public Offering of Common Stock and Non-Voting Convertible Preferred Stock.. Leerink and RBC Bookmanagers.
- Pricing of Over-Allotment: None of note.
- Direct Offering: None of note.
- Selling Shareholders of note:
- Moody’s (MCO) files for 137,959 share common stock offering by selling shareholders.
- Private Placement of Public Entity (PIPE): None of note.
- Mixed Shelf Offerings:
- AHT: Filed Form S-3.. $300,000,000 Mixed Shelf.
- AMG: Filed Form S-3ASR Mixed Shelf Offering.
- CARA: Filed Form S-3.. $300,000,000 Mixed Shelf.
- HASI: Filed Form S-3ASR Mixed Shelf Offering.
- KAI: Filed Form S-3ASR Mixed Shelf Offering.
- NVTA: Filed Form S-3ASR Mixed Shelf Offering.
- PHVS: Filed Form F-3.. Up to $350Million Mixed Shelf.
- PRI: Filed Form S-3ASR Mixed Shelf Offering.
- T: Filed Form S-3ASR .. Mixed Shelf Offering.
- Convertible Offering & Notes Filed:
- Boston Scientific (BSX) Announces Cash Tender Offer for up to $2.5 Billion of Its Outstanding Debt Securities.
- ORLY: Filed Form S-3ASR.. Debt Securities.
- POST: Announces Pricing of Senior Notes Offering.
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: JWN 35%, SOFI 22%, SNDX 18%, SGMS 14%, CDLX 12%, ZIP 11%, ARLO 11%, PLBY 11%, JAMF 10%, ROST 9%, RGNX 8%, WW 7%, ORGO 6%, DOMO 5%, PETQ 5%, RPAY 5%, CRM 4%.
- Trading Down: KPTI -22%, AKA -21%, HOOK -18%, CERT -16%, CCXI -15%, FSLR -14%, PTRA -14%, VUZI -11%, INO -10%, CELH -10%, INSG -7%, CARA -6%, WISH -6%, ADV -5%, SRPT -5%.
- News After The Close:
- Stocks making the biggest moves after hours: JWN, SOFI, CRM, HPE (CNBC)
- Russian ETFs Offer Hint of Where the Moscow Exchange Is Headed. (WSJ)
- Ford (F) Plans Wednesday Announcement About Acceleration of Ambitious Ford+ Plan for Growth and Value Creation.
- ExxonMobil (XOM) to halt oil production in Russia, suspend new investments there amid war with Ukraine. (FoxBusiness)
- Dexcom (DXCM) gets FDA Breakthrough Device Designation for Dexcom CGM in hospital settings.
- First Solar (FSLR) stock falls after mixed Q4, lower guidance. (MarketWatch)
- MLB cancels Opening Day and some regular season games after owners fail to reach deal with players (CNBC).
- World Bank preparing $3 billion emergency aid package for Ukraine AFP.
- Exchange/Listing/Company Reorg and Personnel News:
- 1stDibs (DIBS) Names New Chief Financial Officer – Thomas Etergino.
- Advantage Solutions (ADV) announces retirement of Tanya Domier as CEO on April 1.
- Domo (DOMO) Josh James, CEO, steps down. Company appoints John Mellor as CEO.
- Faraday Future (FFIE) Announces Management Transition.
- Inseego (INSG) Ashish Sharma appointed CEO, Dan Mondor to become Executive Chairman.
- Miromatrix (MIRO) Names Jim Douglas as New Chief Financial Officer.
- Moving iMage Technologies (MITQ) Receives Notice from NYSE American Regarding Late Filing of Quarterly Report on Form 10-Q.
- SCVX Transfers Listing to NYSE American.
- Viad Corp (VVI) promotes Derek P. Linde to Chief Operating Officer.
- Buyback Announcements:
- Dycom (DY) Announces Authorization of a New $150 Million Stock Repurchase Program.
- Southside Bancshares, Inc. (SBSI) Announces Stock Repurchase Plan of up to 1 million in common shares.
- SGMS: Authorizes $750 Million Share Repurchase Program.
- Radware (RDWR) Announces New $80 Million Share Repurchase Plan.
- Ross Stores (ROST) authorizes $1.9 billion for share repurchases.
- ZipRecruiter (ZIP) announces $100 million share repurchase authorization.
- Stock Splits:
- CEI: 8k filing – The Company is therefore not considering such a reverse stock split at this time.
- Dividends Announcements:
- American Financial (AFG) declares special, one-time cash dividend of $2.00 per share.
- Hewlett Packard Enterprise (HPE) declares dividend.
- Hess (HES) increases quarterly dividend $0.125 to $0.375 per share.
- Inter Parfums (IPAR) raises annual dividend to $2.00 per share.
- Marten Transport (MRTN) increases quarterly cash dividend to $0.06 per share.
- Ross Stores (ROST) increases quarterly dividend to $0.31 per share.
What’s Happening This Morning: Futures value reflects the change with fair value.
S&P 500 +25, Dow Jones +209 , NASDAQ +89, and Russell 2000 +11. Asia lower and Europe higher. VIX Futures are at 31.05 from 29.39 yesterday morning. Gold and Silver lower with Copper higher. WTI Crude Oil and Brent Oil Futures higher. Natural Gas is higher. $ is higher vs Euro, lower vs Pound and higher vs Yen. US 10 year Treasury with yields at 1.767% from 1.742% yesterday. Bitcoin is at $43,954 from $43,983 at -0.07%. As of 8:09 a.m. EST
Monday’s Action – 03/01/22 Close:
- Daily Positive Sectors: Energy of note.
- Daily Negative Sectors: Financial, Consumer Cyclical, Industrials, Technology, Communication Services of note.
- One Month Winners: Energy, Healthcare and Basic Materials of note.
- Three Month Winners: Energy, Consumer Defensive and Basic Materials of note.
- Six Month Winners: Energy, Basic Materials, Consumer Defensive of note.
- Twelve Month Winners: Energy, Utilities, and Financials of note.
- Year to Date Winners: Energy and Basic Materials of note.
SP 500 dropped 1.55% – enough for “correction territory”. Russell 2000 was down 1.93%. TLT continued an upward march closing at 141.30, up 1.16%. USO jumped 6.43% with GLD, SLV and UNG all up. Updated 03/01/22 close.
Upcoming Earnings Of Note: (sorted by market cap, highest to lowest with most visible names)
- Wednesday After the Close: VEEV, OKTA, SPLK, PSTG, PLAN, DSGX, NTNX, JXN, AEO, SGFY, GEF, FLYW, AI, RSI, ZUO of note.
- Thursday Before the Open: TD, CNQ, KR, BBY, BILI, TTC, GMS, UTZ, GOGO, HLLY, MTLS, BIG of note.
Earnings of Note This Morning:
- Beats: DLTR +0.24, DY +0.11, STER +0.06, DIN +0.05, PDCO +0.05.
- Flat: None.
- Misses: BHG (0.86), ANF (0.13), DCI (0.10), AMRX (0.02), HAYW (0.02).
- Still to Report: None.
- Positive Guidance: KTB, BSY, KSS, TWNK, FOUR, ZIP, PETQ, JWN, ARLO, BROS, DCI, BHG, PDCO, STER.
- Negative Guidance: PRIM, SHC, HUM, SJM, PRGO, FSS, EHTH, WW, ROST, HCAT, GRWG, GO, BNFT, BGS, AKA, PRPL, DIBS, FSLR, PTRA, AMRX, GOCO.
Erlanger Research Advance/Decline Chart: Updated through 03/01/22 close.
Gap Ups & Down In Early Pre-Market:
- Gap Up: JWN +33%, SOFI +15%, ARLO +13%, ADAG +13%, CDLX +12%, SNDX +12%, SGMS +11%, PLBY +10%, DOMO +10%, PLBY +10%, RGNX +9%, ZIP +9%, ROST +9%, HPE +5%, PETQ +5%, WW +4%, ANF +4.%, CRM +4%.
- Gap Down: KPTI -27%, AKA -22%, CERT -16%, FSLR -15%, HOOK -13%, CCXI -13%, VUZI -12%, CELH -11%, INO -10%, PRPL -8%, DIBS -8%, WISH -6%, CARA -5%, SRPT -4%.
Insider Action: OEC, STRA, BIGC sees Insider buying with dumb short selling. NDLS, PSN sees Insider buying with smart short sellers. 02/28/22 close.
Rags & Mags: Repeated stories from prior days never listed, i.e. “rehashed news”.
- Stocks making the biggest moves premarket: CRM, F, JWN, HPE, ROST, SOFI (CNBC)
- 5 Things To Know To Start Your Day. (Bloomberg)
- Five Things to Know this Morning. (CNBC)
- Nord Stream 2 terminates employee contracts due to U.S. sanctions. (Twitter)
- Russian Intelligence Officers opposed to invasion tipped off Ukraine to a possible assassination attempt on Ukraine President Zelensky. (Newsweek)
- OPEC+ to raise April output by 400,000 BPD in line with current plan by the Oil Ministers.
- EU looks at whether crypto assets being used to get around sanctions on Russia.
- Sanctions on Russia increase the odds of a bond default by Russia. (JP Morgan)
- Russian banks limit transfers by non Russians to $5,000. (TASS)
- Kyiv Mayor notes that Russian troops are closer to the city.
- EU approves sanctions on Belarus as well, from a senior EU diplomat.
- White House looks at sanctions on iron and steel conglomerate USMANOV. (The Washington Post)
- Senator Joe Manchin (D-WV) sat with the Republicans at the State of the Union. (The Hill)
- Review of the State of the Union. (CNN)
- Government funding hits wall over funding for Ukraine. (WSJ)
- Exxon (XOM) to suspend all operations in Russia and make no new investments.
- Ford (F) ends Russian JV and helps Ukrainian refugees.
- Robinhood Snacks looks at how companies from BP, Apple (AAPL) and Disney (DIS) cut ties with Russia. Nike (NKE) to sell less at Foot Locker (FL) and more directly as tries to create demand with less supply.
Moving Average Update:
- Score drops to 6% from 43% as short term moving averages get breached to the downside. Updated 03/01/22 close.
- President’s Public Schedule:
- The President receives the President’s Daily Brief, 9:15 a.m. EST
- The President and The First Lady depart the White House en route Duluth, Minnesota, 10:15 a.m. EST
- The President and The First Lady deliver remarks on Building a Better America and how the Bipartisan Infrastructure Law delivers for the American people by rebuilding roads and bridges and creating good-paying, union jobs, 3:15 PM
- The President and the First Lady depart Duluth, Minnesota en route Joint Base Andrews, 5:10 PM
- The President and The First Lady arrive at the White House, 7:40 PM
- MBA Mortgage Applications 7:00 a.m. EST
- EIA Petroleum Report 10:30 a.m. EST
- February ADP Employment Report is due out at 8:15 a.m. EST and is expected to rise to 350,000 from -301,000.
- Federal Reserve Chairman Powell begins two day of Humphrey Hawkins testimony before the House and Senate.
- Beige Book 2:00 p.m. EST
Federal Reserve Speakers:
- Federal Reserve Chicago President Charles Evans 9:00 a.m. EST
- Federal Reserve St. Louis President James Bullard 9:30 a.m. EST
- Federal Research Chair Jerome Powell 10:00 a.m. EST
- Computer Programs (CPSI) acquires Healthcare Resource Group.
- Lincoln Electric (LECO) announces acquisition of Kestra.
- Netflix (NFLX) to acquire Next Games.
- Standex International (SXI) announces acquisition of Sensor Solutions for approximately $9.7 million.
- Verisk Analytics (VRSK) acquired Opta, Canadian provider of property intelligence and innovative technology solutions.
Meeting & Conferences of Note:
- Sellside Conferences:
- Bank of America Global Securities Agriculture and Materials Conference 2022 (03/02/22-03/04/22)
- Barclays Investment Grade Energy & Pipeline Corporate Day 2022 (03/02/22-03/03/22)
- BMO Digital Advertising Summit 2022 (03/02/22-03/04/22)
- Cowen Mobility Disruption Conference 2022 (03/02/22-03/04/22)
- Jefferies Cannabis Summit 2022
- Wedbush Real Estate Technology Conference 2022 (03/02/22-03/03/22)
- Previously Announced Conferences:
- Bank of America Power, Utilities & Clean Energy Leaders Conference 2022 (03/01/22-03/03/22)
- Berenberg Thematic Software Conference 2022 (03/01/22-03/02/22)
- Credit Suisse London Global Healthcare Conference 2022 (03/01/22-03/03/22)
- Jefferies Payments & FinTech Summit 2022 (03/01/22-03/02/22)
- Keefe, Bruyette and Woods (KBW) Payments Finance and Technology (FinTech) Conference 2022 (03/01/22-03/03/22)
- Deutsche Bank ESG Conference (02/28/22-03/02/22)
- JP Morgan Global High Yield & Leveraged Finance Conference (02/28/22-03/02/22)
- Morgan Stanley Energy and Power Conference (02/28/22-03/02/22
- BMO Capital Markets 31st Global Metals & Mining Conference 2022 (02/27/22-03/02/22)
- Credit Suisse 27th Annual Energy Summit 2022 (02/27/22-03/02/22)
- Company Meetings: None of note.
- Fireside Chat: None of note.
- Investor/Analyst Day/Calls: BLKB, C, PLTK, SPR, VRNT, XOM.
- Update: CMPR, PFG.
- R&D Day: None of note.
- Company Event: F.
- Industry Meetings:
- 2nd Annual Food, Packaging & Sustainability Sonoco Fresh Summit 2022 (03/02/22-03/04/22)
- Previously Posted and Ongoing Conferences:
- 4th Chronic Kidney Disease Drug Development Summit (previously CKD3) 2022 (03/01/22-03/03/22)
- American Society for Experimental Neurotherapeutics (ASENT) Annual Meeting 2022 (02/27/22-03/03/22)
- Inspire 2022 (02/27/22-03/02/22)
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:
Tuesday’s Upgrades and Downgrades: