Overnight Summary: The S&P 500 closed yesterday at 4461.18 from 4463.12 on Friday. The S&P 500 fell for the first time in five days. The overnight high was hit at 5:20 a.m. EDT at 4472. The low came at 4433 at 9:05 p.m. EDT. The current level is 4466 up 14 points which is 0.31% at 7:15 a.m. EDT.
Earnings Out After The Close:
- Beats: NKE +0.15.
- Flat: None of note.
- Misses: TME (0.01).
- IPOs Priced or News: None of note.
- New SPACs launched/News:
- Motive Capital Corp. (MOTV) and Forge Global announce closing of business combination. The combined company will trade on the New York Stock Exchange under the ticker symbol “FRGE” starting today and renamed Forge Global Holdings.
- Viveon Health Acquisition Corp. (VHAQ) Announces Board and Stockholder Approval to Extend Period to Consummate Business Combination.
- Secondaries Priced:
- EDSA $10m offering at $3.65 per share with warrants at $3.52 per share.
- Notes Priced of note: None of note.
- Common Stock filings/Notes:
- AGTC: Proposed Public Offering of Common Stock.. Cantor Bookmanager.
- CIVI: Filed Form S-3ASR.. 34,137,492 Shares of Common Stock.
- LAZR: Filed Form S-3.. Up to 3,000,000 Shares of Class A Common Stock.
- Piedmont Lithium (PLL) announces public offering of 1.5 mln shares of common stock.
- STAB: Proposed Underwritten Public Offering.. Benchmark bookmanager.
- Pricing of Over-Allotment/Notes:
- Inari Medical (NARI) Announces Closing of Underwriters’ Over-Allotment Option in Connection with Offering of Common Stock.
- Direct Offering:
- BioSig Technologies, Inc. (BSGM) Announces $3 Million Financing with Family Office.
- Selling Shareholders of note: None of note
- Private Placement of Public Entity (PIPE): None of note
- Mixed Shelf Offerings:
- LPI: Filed Form S-3ASR.. Mixed Shelf.
- ORIC: Filed Form POSASR .. $350,000,000 Mixed Shelf .
- Convertible Offering & Notes Filed:
- First Savings Financial Group, Inc. (FSFG) Completes $31.0 Million Subordinated Notes Offering.
- Humana (HUM) Prices $750 Million Debt 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: HRT +16%, HBP +12%, NKE +6%, ZETA +4%.
- Trading Down: None of note.
- News After The Close:
- Microsoft (MSFT) received FTC request for information on Activision deal.
- Lockheed Martin (LMT) awarded $320 mln Air Force contract.
- Mynaric (MYNA) Receives $36 Million Order from Northrop Grumman (NOC).
- FTX Ventures invests $100 million in Dave (DAVE); companies form strategic partnership.
- Pfizer (PFE) Voluntary Nationwide Recall of Lots of ACCURETIC and two other generics. (Release)
- China Evergrande says company will not be able to publish its audited results for year ended December 31, 2021 on or before March 31, 2022.
- Tata Motors (TTM) to increase prices of its commercial vehicles from 1st April 2022.
- Russian/Ukraine News:
- President Biden “The magnitude of Russia’s cyber capacity is fairly consequential and it’s coming.” – CNN.
- Japan’s PM Kishida: Strongly opposes Russia’s decision to cancel peace talks.
- Exchange/Listing/Company Reorg and Personnel News:
- AnaptysBio (ANAB) appoints Daniel Faga to Interim CEO, effective immediately.
- Alibaba Group (BABA) Appoints New Independent Director to Board.
- Armada Hoffler Properties (AHH) announces Michael O’Hara, CFO, has resigned his title in preparation for his planned retirement from the company.
- Cnova NV (CNV) appoints CFO
- FreightCar America, Inc. (RAIL) Announces CFO Transition.
- HAE appoints new CFO.
- Kimberly-Clark (KMB) Announces Maria Henry to Retire; Nelson Urdaneta Named CFO.
- Phathom Pharmaceuticals (PHAT) Announces Appointment of Molly Henderson as Chief Financial and Business Officer.
- Precipio Inc. (PRPO) Announces the Resignation of its Chief Financial Officer and Appointment of Interim CFO.
- Buyback Announcements:
- Alibaba Group (BABA) Upsizes Share Repurchase to US$25 Billion from US$15 Billion.
- Lantern Pharma (LTRN) Announces Extension of Existing Share Repurchase Program.
- S&T Bancorp (STBA) extends share repurchase plan.
- Yext (YEXT) Announces $100 Million Share Repurchase Program.
- Stock Splits: None of note.
- Dividends Announcements:
- Columbus McKinnon (CMCO) to increase quarterly dividend $0.01 to $0.07 per share.
- Cousins Properties (CUZ) increases quarterly cash dividend $0.01 to $0.32 per share.
What’s Happening This Morning: Futures value reflects the change with fair value.
S&P 500 +10, Dow Jones +145, NASDAQ +11, and Russell 2000 +7. Asia and Europe higher ex France. VIX Futures are at 24.91 from 26 from 27.90 Friday morning. Gold, Silver and Copper higher. WTI Crude Oil lower 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 2.342% from 2.182% yesterday. Bitcoin is at $42,956 from $41,328 yesterday at 4.61% this morning. As of 8:08 a.m. EDT
Monday’s Action – 03/21/22 Close:
- Daily Positive Sectors: Energy, Basic Materials, Utilities of note.
- Daily Negative Sectors: Consumer Cyclical, Real Estate, Communication Services, Healthcare of note.
- One Month Winners: Energy, Utilities and Basic Materials of note.
- Three Month Winners: Energy, Utilities and Basic Materials of note.
- Six Month Winners: Energy, Basic Materials, Utilities of note.
- Twelve Month Winners: Energy, Utilities, and Real Estate of note.
- Year to Date Winners: Energy and Basic Materials of note.
Federal Reserve Chairman Jerome Powell is committed to curbing inflation though rate hikes causing the markets to have a lower day. The Russell 2000 was down almost 1%. USO was up 6.56% on the day. Updated 03/21/22 close.
Upcoming Earnings Of Note: (sorted by market cap, highest to lowest with most visible names)
- Tuesday After the Close: ADBE, PAGS, WOR, AIR of note.
- Wednesday Before the Open: CTAS, GIS, EVGO, YOU, JKS, WGO, EPAC of note.
Earnings of Note This Morning:
- Beats: GDS +1.18, HUYA +0.46.
- Flat: None of note.
- Misses: CYTX (0.14).
- Still to Report: CCL.
- Positive Guidance: HRT, SON.
- Negative Guidance: GDS.
Erlanger Research Advance/Decline Chart: Updated through 03/21/22 close.
Gap Ups & Down In Early Pre-Market:
- Gap Up: HBP +10%, BABA +8%, TME +7%, YEXT +7%, NKE +6%, CUZ +4%, HUYA +4%.
- Gap Down: DAVE -6%.
Insider Action: SKYW, AZO sees Insider buying with dumb short selling. RVMD, PCT sees Insider buying with smart short sellers. 03/21/22 close.
Rags & Mags: Repeated stories from prior days never listed, i.e. “rehashed news”. Sorted by Global, U.S. and stock specific.
- Stocks Making The Biggest Moves: NKE OKTA BABA (CNBC)
- Five Things You Need To Know To Start Your Day (Bloomberg)
- Russian military increases air and sea attacks as they struggle to advance on the ground. (NYT)
- Department of Justice wants Google (GOOGL) to turn over documents in antitrust cases. (WSJ)
- 10 Year Yield hits highest level since 2019. (CNBC)
- TSMC (TSM) sees orders increasing for auto chips. (Digitimes)
- China’s securities regulator has asked some U.S.-listed Chinese firms including Alibaba (BABA), Baidu (BIDU) and JD.com (JD) to prepare for more audit disclosures. (Reuters)
- Pfizer (PFE) to Supply UNICEF up to 4 Million Treatment Courses of Novel COVID-19 Oral Treatment for Low- and Middle-Income Countries.
- Goldman (GS) Expects Interest Rate Hike By 50bps at May, June Meetings. (Reuters)
- Robinhood Snacks looks at Berkshire Hathaway (BRKB) purchase of Alleghany (Y). Match (MTCH) looks to expand Tinder for single parents.
Moving Average Update:
- Score remains at 76%. Updated 03/21/22 close.
- President’s Public Schedule:
- Redbook Sales 8:55 a.m. EDT
- Richmond Fed Mfg. Index 10:00 a.m. EDT
- API Crude Oil Data 4:30 p.m. EDT
Federal Reserve Speakers:
- Federal Reserve New York President John Williams 10:30 a.m. EDT
- Federal Reserve San Francisco President Mary Daly 2:00 p.m. EDT
- Federal Reserve Cleveland President Loretta Mester 5:00 p.m. EDT
- Atlas Technical Consultants (ATCX) announces acquisition of 1 Alliance Geomatics.
- FCPT Announces Acquisition (FCPT) of a Smokey Bones Restaurant Property for $4.4 Million. Also announces acquisition of a Fresenius Property for $2.7 Million.
- Huttig Building Products (HBP) to be acquired by Woodgrain for $10.70 per share.
- Luminar Technologies (LAZR) to acquire high-performance laser manufacturer Freedom Photonics.
- Zeta Global (ZETA) agrees to acquire ArcaMax.
Meeting & Conferences of Note:
- Sellside Conferences:
- Berenberg Energy Transition Conference
- Canaccord Genuity 17th Annual Musculoskeletal Conference 2022
- Citi Winter Biotech Virtual Bus Tour 2022 (03/21/22-03/23/22)
- Citi European TMT Conference 2022 (03/21/22-03/24/22)
- D.A. Davidson Inaugural EV & Energy Transition Conference 2022
- Goldman Sachs 4th Annual Neuroscience Innovation Forum Digital Conference 2022 (03/21/22-03/23/22)
- HSBC Oil and Gas Investor Trip 2022 (03/21/22-03/25/22)
- JP Morgan Global Environmental, Social, and Governance ESG Conference 2022 (03/21/22-03/24/22)
- KeyBanc Capital Markets Life Sciences & MedTech Investor Forum 2022 (03/21/22-03/24/22)
- Morgan Stanley Virtual Hong Kong Summit 2022 (03/21/22-03/24/22)
- National Bank Financial Markets NBF 20th Annual Financial Conference 2022 (03/21/22-03/23/22)
- Oppenheimer Transportation Technology Bus Tour
- Truist Securities Atlanta Bank Summit
- UBS Engineering, Infrastructure, Construction and Rental Conference 2022
- Previously Announced Conferences:
- Bank of America Electronic Payments Symposium 2022 (03/21/22-03/22/22)
- Credit Suisse Asian Investment Conference 2022 (03/21/22-03/30/22)
- DB Securities Shipping Summit
- Goldman Sachs Chemical Intensity Days Conference 2022 (03/21/22-03/22/22)
- Jefferies Synthetic Biology Week 2022 (03/21/22-03/25/22)
- Jefferies Insurtech Conference
- JP Morgan: European Internet Seminars 2022 (03/21/22-03/30/22)
- Piper Sandler 22nd Annual Energy Conference 2022 (03/21/22-03/23/22)
- Scotia Howard Weil Energy Conference 2022 (03/21/22-03/23/22)
- SocGen Energy Transition Conference 2022 (03/21/22-03/25/22)
- Wolfe Research Software “March Madness” Conference 2022 (03/21/22-03/23/22)
- Guggenheim Healthcare Talks 2022 (03/16/22-04/01/22)
- Bank of America Asia Pacific APAC Telecom, Media & Technology TMT Conference 2022 (03/14/22-03/26/22)
- Company Meetings: CNI, TWNT.
- Fireside Chat: MVIS (w/ Cantor Fitzgerald).
- Investor/Analyst Day/Calls: ATRA, AURA, BWAY, CFST, CCL, NTAP, NVDA, OTIC, REAL.
- Update: None of note.
- R&D Day: None of note.
- Company Event: ADDYY Innovation Day (03/21/22-03/30/22), NVIDIA GTC 2022 ( 03/21/22-03/24/22), AIQUY, DOMO, NSPR.
- Industry Meetings:
- 41st International Symposium on Intensive Care and Emergency Medicine (ISICEM) 2022 (03/22/22-03/25/22)
- Annual Clinical Genetics Meeting (ACMG) 2022 (03/22/22-03/26/22)
- World Petrochemical Conference (WPC) (03/22/22-03/25/22)
- Swiss Mining Institute Forum 2022 (03/22/22-03/24/22)
- 121 Mining Investment APAC Virtual 2022 (03/22/22-03/24/22)
- Sachs Neuroscience Innovation Forum 2022
- World Agri-Tech Innovation Summit 2022 (03/22/22-03/23/22)
- Previously Posted and Ongoing Conferences:
- Hotels, Restaurants and Catering (HRC) 2022 (03/21/22-03/23/22)
- Annual Rainmaker conference 2022 (03/21/22-03/23/22)
- GOMACTech conference 2022 (03/21/22-03/24/22)
- Chief Information Systems Officers Association (CISOA) Technology Summit 2022 (03/20/22-03/23/22)
- Applied Power Electronics Conference (APEC) 2022 – Houston (03/20/22-03/24/22)
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:
Monday’s Upgrades and Downgrades: