Overnight Summary: The S&P 500 closed Thursday higher by 0.32% at 5241.53 from Wednesday higher by 0.89% at 5226.19. The overnight high was hit at 5311.75 at 6:50 a.m. EDT while the overnight low was hit at 5297.75 at 3:40 p.m. EST. The range overnight is 14 points as of 7:20 a.m. EST. The 10-day average of the overnight range is at 20.62 from 21.05. The average for May-January average was 20.88 from 20.87 during May-December. Currently, the S&P 500 is higher by +8 points at 7:25 a.m. EDT.
- Federal Reserve Vice Chair for Supervision Michael S. Barr (voter) 12:00 p.m. EDT
- Federal Reserve Atlanta President Raphael Bostic (voter) 4:00 p.m. EDT
Earnings Out After The Close:
- Beats: FDX +0.43, LULU +0.29, NKE +0.23, WS +0.15, AIR +0.01 of note.
- Flat: None of note.
- Misses: None of note.
Capital Raises:
- IPOs Priced or News:
- Auna S.A. (AUNA-NYSE) prices 30.0 million share IPO at $12.00 per share, below the expected $13-15 range.
- New SPACs launched/News: None of note.
- Secondaries Priced:
- BROS: Announces Pricing of Secondary Public Offering of Class A Common Stock – $34.
- ISPR: Announces Pricing of $12.3 Million Public Offering.
- STVN: Prices offering of 12.7 million ordinary shares at $26.00 per share.
- Notes Priced of note: None of note.
- Common Stock filings/Notes:
- BROS: Launch of Secondary Public Offering of Class A Common Stock.. 8,000,000 shares. (MS Underwriter)
- PRPL: Files for 71,855,291 shares of common stock by selling warrantholders; relates to warrants.
- SIFY: Announces Plans for Rights Offering to Shareholders.
- Direct Offering: None of note.
- Selling Shareholders of note:
- DNTH: Files 21,326,988 shares of common stock by selling shareholders.
- INDI: Files for 525,000 shares of common stock by selling shareholder.
- Private Placement of Public Entity (PIPE): None of note.
- Mixed Shelf Offerings:
- ADVM: Files $200 million mixed shelf securities offering.
- DMAC: Filed Form S-3.. $100,000,000 Mixed Shelf.
- LYRA: Filed Form S-3.. $300,000,000 Mixed Shelf.
- Debt/Credit Filing and Notes: None of note.
- Tender Offer: None of note.
- 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:
- BIOL: +25% Expects Continued Revenue Growth In 2024
- FDX: +12% Earnings
- LULU: -11% Earnings
- BROS: -4.5% Secondary Public Offering of Class A Common Stock.. 8,000,000 shares,, MS Underwriter
- NKE: -1.5% Earnings
- News Items After the Close:
- Stocks making the biggest moves after hours: LULU, FDX, NKE, BROS, RDDT (CNBC)
- Lululemon (LULU) Falls on Cautious Outlook, Challenges in US Market. (Bloomberg)
- Nike (NKE) shares slide on lackluster outlook, slowing China sales. (CNBC)
- FedEx’s (FDX) stock jumps 13% after logistics company raises guidance, trims spending. (MarketWatch)
- Exchange/Listing/Company Reorg and Personnel News:
- Evoke Pharma (EVOK) Announces Senior Leadership Transition with Promotion of Matthew J. D’Onofrio to Chief Executive Officer.
- Robinhood Markets, Inc. (HOOD) Co-Founder Baiju Bhatt To Step Down as Chief Creative Officer.
- Innovative Solutions (ISSC) appoints Jeffrey DiGiovanni as CFO.
- SentinelOne (S) COO Narayanan Srivatsan transitions from current role to newly created role of Chief Business Officer.
- SunPower (SPWR) Receives Notification of Deficiency from Nasdaq Related to Delayed Filing of Annual Report on Form 10-K.
- Tencent Music (TME) President/CTO resigns for personal reasons.
- Buyback Announcements or News:
- Banco Santander (SAN) expects over €6 billion in dividends and share buybacks against 2024 results.
- Clear Secure (YOU) announces a $100 million increase to its existing Class A Common Stock share repurchase program.
- ETAO International Co., Ltd. (ETAO) Increase of Authorized Shares and Alteration to Its Share Capital. (see Stock Split too)
- FedEx (FDX) authorizes new $5 billion share repurchase program.
- FVCBankcorp (FVCB) Announces Extension of Share Repurchase Program.
- TransAlta (TAC) enters into automatic share purchase plan.
- Stock Splits or News:
- Reverse split stocks for today MBRX 1/15 ATER 1/12 GRPH 1/7 BCAN 1/190.
- ETAO International Co., Ltd. (ETAO) Announces 1 for 20 Reverse Share Split.
- Dividends Announcements or News:
- Banco Santander (SAN) – See Buybacks.
- Clear Secure (YOU) announces a $0.32 per share special cash dividend payable on April 8.
- Friedman Industries (FRD) increases quarterly cash dividend to $0.04 per share from $0.02 per share.
- Independent Bank (INDB) increases quarterly cash dividend 4% to $0.57 per share from $0.55 per share.
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: Industrials, Financial, Real Estate, Basic Materials, Technology, Consumer Cyclical of note.
- Daily Negative Sectors: Communication Services of note.
- One Month Winners: Energy, Basic Materials
,Financial of note. - Three Month Winners: Technology, Communication Services, Industrials of note.
- Six Month Winners: Technology, Industrials, and Financial of note.
- Twelve Month Winners: Technology, Communication Services, and Financial of note.
- Year to Date Winners: Technology, Financial, Healthcare of note.
All three major U.S. stock indexes rose to new records Thursday, boosted by investors’ growing conviction that the post-Covid surge in borrowing costs is coming to an end soon. The Dow Jones Industrial Average led the way, adding 0.7%, or 269 points. The blue-chip index ended another good day shy of 40000 points. Industrial and bank stocks led the S&P 500 0.3% higher, and the tech-heavy Nasdaq Composite gained 0.2%. (WSJ – edited by QPI)
Upcoming Earnings Of Note:
- Friday After the Close: None of note.
- Monday Before the Open: None of note.
Earnings of Note This Morning:
- Beats: None of note. of note.
- Flat: None of note. of note.
- Misses: None of note. of note.
- Still to Report: None of note.
Company Earnings Guidance:
- Positive Guidance: None of note.
- Negative Guidance: ASO, LULU of note.
Erlanger Research Advance/Decline Chart:
Gap Ups & Down In Early Pre-Market (+2% or down more than -2%):
- Gap Up: FDX +12%, ETON +5%, YOU +4%, WS +4% of note.
- Gap Down: LULU -12%, HCM -7%, NKE -6%, BROS -6%, SCHL -4% of note.
Insider Action: No stock see Insider buying with dumb short selling. No stock see 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.
- 5 Things To Know Before the Stock Market Opens Today. (CNBC)
- What You Need To Know To Start Your Day. (Bloomberg)
- Morning Briefing For Bloomberg Subscribers. (Bloomberg)
- Bloomberg Lead Story: Apple Loses $113 Billion in Value As Regulators Close In. (Bloomberg)
- Stocks set for best year of the week after Fed’s dovish tilt: Markets Wrap. (Bloomberg)
- Japan’s Nikkei hits a new record as inflation accelerates. (CNBC)
- The U.S. urges Ukraine to halt attacks on Russia’s energy infrastructure. (Reuters)
- Stock Futures tick higher as new records set again. (CNBC)
- Congress tries to avoid a government shutdown at midnight. (Yahoo Finance)
- Bloomberg: The Big Take: 270,000 Overdose Deaths Thrust Fentanyl Into Heart of the US Presidential Race. (Podcast)
- NYT The Daily: A sit down with Sen. Chuck Schumer (D-NY) as he splits from Netanyahu (Podcast)
- Marketplace: Lawsuits, fines and tech at the heart of it all. (Podcast)
- Wealthion: Peter Schiff’s possible economic collapse. (Podcast)
- Adam Taggart Thoughtful Money: Lance Roberts: How high will stocks go? (Podcast)
Moving Average Update: Score 100% Day 2. The drum starts beating. How long can we last?
Geopolitical:
- President’s Public Schedule:
- The President receives the Presidential Daily Briefing, 10:00 a.m. EDT
- Press Briefing by Press Secretary Karine Jean-Pierre, 1:30 p.m. EDT
- The President departs the White House en route New Castle, Delaware, 4:40 p.m. EDT
- The President arrives in New Castle, Delaware, 5:35 p.m. EDT
Economic:
- Baker Hughes Rig Count 1:00 p.m. EDT
Federal Reserve / Treasury Speakers:
- Federal Reserve Vice Chair for Supervision Michael S. Barr (voter) 12:00 p.m. EDT
- Federal Reserve Atlanta President Raphael Bostic (voter) 4:00 p.m. EDT
- Federal Reserve Chair Jerome Powell to speak March 29 at San Francisco Fed Event.
M&A Activity and News:
- ChampionX (CHX) acquires RMSpumptools for $110 million.
Meeting & Conferences of Note:
- Sellside Conferences:
- New Street Research and BCG Fiber to the Future Conference
- Previously posted and ongoing conferences:
- None
- Previously posted and ongoing conferences:
- New Street Research and BCG Fiber to the Future Conference
- Top Shareholder Meetings: DWAC, EC, FMX, RCRT, RCRT
- Fireside Chat: None of note.
- Investor/Analyst Day/Calls: AFRM, AGR, ALVO, AZN
- Update: None of note.
- R&D Day: None of note.
- Company Event: None of note.
- Industry Meetings:
- BIO-Europe Spring
- European Lung Cancer Congress
- Vaccine Innovation Forum World
- Previously posted and ongoing conferences:
- BIO-Europe Spring
- Game Developers Conference
- Previously posted and ongoing conferences:
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:
