• IPOs Priced or News:
  • Ryde Group Ltd (RYDE) Announces Pricing of Initial Public Offering.
  • SMXT: Exercise of Overallotment Option From Initial Public Offering.
• New SPACs launched/News: None of note.
• Secondaries Priced:
  • AKRO: Prices offering of 11.0 million shares of common stock at $29.00 per share.
  • ALB: Upsizes and prices an offering of 40 million depositary shares at $50 per share.
  • BBIO: Prices offering of 8,620,690 shares of its common stock at $29.00 per share.
  • LSEA: Prices secondary offering of 2,434,783 shares of common stock at $11.60 per share.
  • NSSC: Prices offering of 2.0 million shares of common stock at $40.75 per share.
  • VNOM: Prices secondary offering of 11.5 million shares of common stock at for gross proceeds of $402.5 million.
• Notes Priced of note:
  • KOS: Prices offering of $350 million of its 3.125% convertible senior notes due 2030.
  • LIVN: Prices offering of $300 million of 2.50% convertible senior notes due 2029.
  • LNG: Pricing of $1.5 Billion Senior Notes due 2034.
  • MSTR: Announces Pricing of Offering of Convertible Senior Notes.
  • NFE: Announces Upsizing and Pricing of $750 Million of Senior Secured Notes.
  • RITM: Pricing of Offering of Senior Unsecured Notes.
  • SOFI: Prices offering of $750 million of 1.25% convertible senior notes due 2029.
  • TNDM: Prices offering of $275.0 million of 1.50% Convertible Senior Notes due 2029.
• Common Stock filings/Notes:
  • APGE: Commences public offering of ~$350 million of shares of its common stock.
  • HSCS: Filed Form S-1.. 34,684,859 Shares of Common Stock.
  • ITGR: C$10 Million Bought Deal Public Offering.
• Direct Offering: None of note.
• Selling Shareholders of note:
  • LSEA: Files for 2,434,783 shares of common stock by selling shareholder.
  • NSSC: Files for 2,300,000 shares of its common stock by Chairman of the Board and President and Chief Executive Officer, Richard Soloway.
  • TXO: see Mixed Shelf Offerings.
  • VNOM: Launches secondary offering of 11.5 million common shares by Diamondback Energy (FANG).
• Private Placement of Public Entity (PIPE): None of note.
• Mixed Shelf Offerings:
  • BAC: Files mixed shelf securities offering.
  • FUBO: Files mixed shelf securities offering; also files for 86,667,030 shares of common stock issuable upon conversion of convertible notes by selling shareholders.
  • TXO: Files $250 million mixed shelf securities offering; also files for 11,470,901 common units by selling unitholders.
• Debt/Credit Filing and Notes:
  • AIRT $15.0 Million in Private and Non-Recourse Debt Transaction, Propelling Strategic Growth Initiatives.
  • MGA: Senior Notes Offering.
• Tender Offer: None of note.
• Convertible Offering & Notes Filed:.
  • FUBO: see Mixed Shelf Offerings.
  • XRX: Proposes $300 million convertible senior notes. (see buyback)

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: 
  • MRAI: +52% “OFF-CYCLE” NEW CLIENT AGREEMENT
  • CRWD: +25% Earnings
  • BASE: +13% Earnings
  • CXDO: +8% Earnings
  • BOX: +3% Earnings
  • HSCS: -19% Filed Form S-1.. 34,684,859 Shares of Common Stock.
  • ODD: -12% Earnings
  • JWN: -10% Earnings
  • XRX: -8% Offering of Senior Unsecured Notes
  • CHPT: -6.5% Earnings
• News Items After the Close:
  • Stocks making the biggest moves after hours: JWN, CRWD, BOX, HCP, ROST (CNBC)
  • CrowdStrike (CRWD) shares surge on earnings beat, strong full-year guidance. (CNBC)
  • Fed Chair Powell testifying to House on Wednesday. What investors are expecting. (CNBC)
  • Nordstrom (JWN) shares fall 10% as retailer warns of potential sales declines in 2024 (CNBC)
  • Box (BOX) posts first $1 billion fiscal year as AI sales pick up, sending stock flying (MarketWatch)
  • Ross Stores (ROST) says that housing and food costs continue to pressure its customers. (MarketWatch)
  • TSLA Morgan Stanley: “is both an auto stock + an energy, AI/robotics company. In fact, our valuation of the core auto business ($68/share) represents just 21% of our $320 price target. Negative developments in the global EV market very much matter to Tesla and should reasonably have a negative near-term impact ..” (CQ CNBC)
  • AAPL Morgan Stanley: “.. Apple’s share price reacted positively following its decision to cancel the $AAPL Car project. We suspect other companies .. will also react positively as they pull capital away from robo-taxis .. mass commercialization .. of humanoid robots may outpace AVs over the next decade.” (CQ CNBC)

• Exchange/Listing/Company Reorg and Personnel News:
  • Atlas Energy Solutions (AESI) completes previously announced acquisition of Hi-Crush and announces promotion of John Turner to CEO.
  • NYSE to Commence Delisting Proceedings Against BowFlex Inc. (BFX).
  • Dada (DADA) announces results of previously disclosed independent review; net revs overstated in certain periods; prepared remediation plan as a response.
  • United Natural Foods (UNFI) announces that Giorgio “Matteo” Tarditi has been named President and Chief Financial Officer.
• Buyback Announcements or News:
  • BOX Board of Directors authorized an expansion of its stock repurchase program by $100 million.
  • Denny’s (DENN) entered into a pre-arranged stock trading plan for the purpose of repurchasing a limited number of shares of the Company’s common stock in accordance with guidelines specified under Rule 10b5-1.
  • HashiCorp (HCP) approves $250 million for repurchases.
  • Ross Stores (ROST) new $2.1 billion share repurchase authorization. (see Dividends)
  • Taylor Morrison Home (TMHC) entered into an accelerated share repurchase agreement.
  • Xerox (XRX) $45 million repurchase.
• Stock Splits or News:
  • Affimed (AFMD) Announces 1-for-10 Reverse Stock Split.
  • APVO to trade reverse split price 1/44 today
  • Canoo Inc. (GOEV) Announces 1-for-23 Reverse Stock Split Effective March 8, 2024.
• Dividends Announcements or News:
  • Ross Stores (ROST) increases dividend by 10%.

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: Energy of note.
• Daily Negative Sectors: Technology, Real Estate, Consumer Cyclical, Basic Materials, Healthcare, Industrials of note.
• One Month Winners: Consumer Cyclical, Technology, Industrial of note.
• Three Month Winners: Technology, Industrial, Healthcare of note.
• Six Month Winners: Technology, Financial, and Communication Services of note.
• Twelve Month Winners: Technology, Communication Services, and Consumer Cyclical of note.
• Year to Date Winners:  Technology, Healthcare, Communication Services of note.

Nearly all of the Magnificent Seven tech stocks fell Tuesday, dragging major indexes down from their recent records.  Chip maker Nvidia (NVDA) the biggest winner of the market’s artificial-intelligence mania—was the only member of the group to post a gain.  In 2023, the group made up of Alphabet, Amazon.com, Apple, Meta Platforms, Microsoft, Nvidia and Tesla powered the market, helping to drive the S&P 500 up 24%. Stocks have continued to march higher in the new year, with the broad U.S. stock index and the tech-heavy Nasdaq Composite closing at records Friday.  But trading has taken on a cautious tone so far this week ahead of key economic data, including the monthly jobs report Friday. Major indexes retreated Tuesday, extending their declines from Monday.  The S&P 500 fell 1%, while the Nasdaq Composite lost 1.7%. The Dow Jones Industrial Average slid 1%, or about 405 points.  (WSJ – edited by QPI)

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

• Gap Up: CRWD +23%, VINC +17%, DADA +15%, JD +11%, BASE +9%, HIVE +6%, IREN +6%, ZS +4%, SOFI +4%, BGNE +4% of note.
• Gap Down: JWN -10%, XRX -10%, ODD -10%, MRNS -8%, VNOM -7%, MLNK -5%, NUVL -5%, NSSC -4%, NVEI -4%, CHPT -4%, PYXS -4% of note.

Insider Action: JXN sees Insider buying with dumb short selling.  IE, DAR 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: Nikki Haley to End 2024 Presidential Bid. (Bloomberg)
• Stocks rise as traders seek more clues from Powell: Markets Wrap. (Bloomberg)
• Foot Locker (FL) falls as heavy promotions hurt earnings. (CNBC)
• Abercrombie & Fitch (ANF) blow-out earnings. (CNBC)
• Bloomberg The Big Take: Biden- Trump Race is On! (Podcast)
• NYT The Daily:  Unhappy Voters Who Could Swing The Election. (Podcast)
• Marketplace: One year after Silicon Valley and “all hell broke loose”.  (Podcast)
• Wealthion:  Market defiance of the Fed. (Podcast)

Moving Average Update: Score slides down to 65% from 100%.

Geopolitical: 

M&A Activity and News:

• CrowdStrike (CRWD) agrees to acquire Flow Security.
• Vishay (VSH) acquires Nexperia’s Newport Wafer Fab for $177 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: