CAPIS Morning Note – 03/23/22: Futures Sliding Down. Russian Stocks Will Begin Limited Trading on Thursday.

Overnight Summary:  The S&P 500 closed yesterday at 4511.61 from 4461.18 on Monday. The S&P 500 now has one up and one down day this week so far. Most notable is that the S&P 500 closed above 4500.The overnight high was hit at 10:55 p.m. EDT at 4514. The low came at 4495 at 4:25…

Overnight Summary:  The S&P 500 closed yesterday at 4511.61 from 4461.18 on Monday. The S&P 500 now has one up and one down day this week so far. Most notable is that the S&P 500 closed above 4500.The overnight high was hit at 10:55 p.m. EDT at 4514. The low came at 4495 at 4:25 a.m. EDT. The current level is 4489 down 16 points which is -0.35% at 6:00 a.m. EDT.

Earnings Out After The Close:

  • Beats: AIR +0.05, ADBE +0.03.
  • Flat: None of note.
  • Misses: WOR (0.24), GAN (0.10), POSH (0.01), .

Capital Raises:

  • IPOs Priced or News: None of note.
  • New SPACs launched/News:
    • HUB Security, Developer of Confidential Computing Solutions for Enterprises & Governments, to Become Publicly Traded on Nasdaq Through Business Combination with Mount Rainier Acquisition Corp (RNER).
    • Tailwind Two Acquisition Corp. (TWNT) Shareholders Approve Previously Announced Business Combination with Terran Orbital.
  • Secondaries Priced:
    • PLL: Pricing of Upsized Public Offering of Common Stock.. 1.75 million shares @$65.
  • Notes Priced of note:
    • LOW: Prices $5 billion notes offering.
    • Extra Space (EXR) Announces Pricing of $400 Million of 3.900% Senior Notes due 2029.
  • Common Stock filings/Notes:
    • ARGX: launch of proposed global offering.. $500 million (approximately €453 million) of ordinary shares .. JPM, MS, Cowen and Leerink bookmanagers.
    • BioSig (BSGM) Announces Closing of Public Offering of Common Stock.
    • Bank of Montreal (BMO) Announces CAD$2.70 Billion Public Offering of Common Shares.
    • ML: Filed Form S-1.. 28,693,931 Shares of Class A Common Stock.
    • SEDG: Closing of Common Stock Offering.
  • Pricing of Over-Allotment/Notes:
    • MediWound (MDWD) Announces Exercise of Over-Allotment Option.
  • Direct Offering: None of note.
  • Selling Shareholders of note:
    • LFG: Secondary Offering of Class A Common Stock by Selling Stockholder.. 12,993,603 shares BCS and Jefferies bookmanager.
  • Private Placement of Public Entity (PIPE):
    • Histogen (HSTO) Announces $4.75 Million Private Placement.
  • Mixed Shelf Offerings: None of note.
  • Convertible Offering & Notes Filed:
    • Southwest Gas Corporation (SWX) Issues $600 Million of 4.05% Debt Due 2032.

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: MOR +6%, OPRA +5%.
    • Trading Down: GAN -16%, POSH -10%, WOR -8%, SNPO -7%, LFG -5%.
  • News After The Close:
    • Carl Icahn says feels that their could be a recession or even worse — believe markets are in for a rough landing. (CNBC)
    • Ryan Cohen scoops up 100,000 more shares of GameStop (GME), meme stock soars as much as 20% after hours (CNBC)
    • Federal Reserve Cleveland President Loretta Mester:
      • To Quell Inflation, Will Need to Raise Funds Rate to 2.5% in 2022.
      • Fed Will Also Need to Raise Rates Further in 2023.
      • Russian Attack On Ukraine Will Weigh On Fed Policy Decisions.
      • Front-Loading Rate Hikes Is Appealing; Can Slow Pace Or Speed Up In Second Half 2022 Depending On Inflation Data.
    • Russian/Ukraine News:
      • Ukraine official is hopeful of a phone call between Zelensky and China’s President XI.
      • President Biden, U.S. allies to unveil more sanctions on Russia, White House says. (MarketWatch)
      • Reuters Removes Tass Russian News Agency From Its Content Marketplace. (Reuters)
      • Putin plans to attend G20 summit in Indonesia, says Russia’s ambassador. (Reuters)
      • Bank of Russia will ban short selling in Russian shares March 24.
      • Nestle to suspend Russian production, stick to bare essentials.
  • Exchange/Listing/Company Reorg and Personnel News:
    • Alliance Data (ADS) to change name to Bread Financial and trade under “BFH” ticker starting April 4.
    • ANI Pharmaceuticals (ANIP) Appoints Experienced Commercial Leader, Renee P. Tannenbaum, Pharm.D., MBA, to Board of Directors.
    • Centene (CNC) names Vice Chairman Sarah London as Chief Executive Officer.
    • Energy Services of America (ESOA) to begin trading on Nasdaq capital market.
    • Etsy (ETSY) names Raina Moskowitz Chief Operating Officer; Expands Executive Team with the appointment of Kim Seymour as Chief Human Resources Officer.
    • Merck (MRK) Announces Retirement of Dr. Roy D. Baynes; Dr. Eliav Barr Appointed Head of Global Clinical Development and Chief Medical Officer.
    • OraSure (OSUR) Director Nancy Gagliano Selected to Serve as Interim Chief Executive Officer; Brings Extensive Diagnostics and Healthcare Leadership Experience to Role.
    • Ocugen (OCGN) Announces Appointment of Marna C. Whittington, PhD, to Board of Directors.
    • Privia Health (PRVA) Chief Financial Officer Jeff Sherman resigning.  To be replaced by David Mountcastle.
    • Michael Calbert Joins PVH Corp. (PVH) Board of Directors; Henry Nasella Not to Stand for Re-election.
    • Root, Inc. (ROOT) announces addition of Rob Bateman as Chief Financial Officer, starting April 11.
    • Himanshu H. Shah joins ReneSola Power (SOL) as a Director.
    • United Fire Group (UFCS) announces appointment of Eric Martin as Chief Financial Officer, starting April 18, 2022.
    • Utz Brands (UTZ) Chief Supply Chain Officer Thomas Lawrence announced his intention to retire from the Company, effective in April 2022.
    • XL Fleet (XL) announces that Tod Hynes has been appointed Chair of its Board of Advisors, and has stepped down as President of XL Fleet and member of its Board of Directors to work with additional organizations reducing fossil fuel consumption and combating climate change, effective March 21, 2022.
    • ZTEK was uplisted from OTC.
  • Buyback Announcements:
    • AutoZone (AZO) Authorizes Additional Stock Repurchase.
    • MOGO Announces $10M Buyback.
    • NetApp (NTAP) discloses authorization additional $1 billion for share repurchases.
  • Stock Splits: None of note.
  • Dividends Announcements:
    • Banco Santander-Chile (BSAC) summons annual shareholders meeting and proposes a dividend of 60% of 2021 net income attributable to shareholders.
    • ZIM Updates on Withholding Tax Procedures on April 2022 Cash Dividend.

What’s Happening This Morning: Futures value reflects the change with fair value.

S&P 500 -19 , Dow Jones -111, NASDAQ -107, and Russell 2000 -10. Asia and Europe higher ex France. VIX Futures are at 25.19 from 24.91 yesterday morning. Gold, Silver and Copper are higher. WTI Crude Oil and Brent Oil Futures are higher. Natural Gas is lower. $ is higher vs Euro, higher vs Pound and higher vs Yen. US 10 year Treasury sees yields at 2.368% from 2.342% yesterday. Bitcoin is at $42,005.12 from $42,566.17 yesterday at -1.3% this morning. As of 8:09 a.m. EDT.

Tuesday’s Action – 03/22/22 Close:  

  • Daily Positive Sectors: Consumer Cyclical, Communication Services, Technology, Financials of note.
  • Daily Negative Sectors: Energy and Basic Materials 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.

All indexes finished up with the NASDAQ leading the way at +1.95%.  TLT was down 1.28% to close at 128.68.  Updated 03/22/22 close.

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

  • Wednesday After the Close: TCOM, KBH, FUL, OLLI, OXM, SCS, COOK of note.
  • Thursday Before the Open: DRI, FDS, SNX, NEOG, MOM, KROS, KC of note.

Earnings of Note This Morning:

  • Beats: WGO +0.23, JKS +0.16, GIS +0.06.
  • Flat: None of note.
  • Misses: YOU (0.04).
  • Still to Report: CTAS, EPAC, EVGO.


  • Positive Guidance: SNPO, HA, PRVA, YOU, GIS.
  • Negative Guidance: POSH, ADBE, GAN.

Erlanger Research Advance/Decline Chart: Updated through 03/22/22 close.

Gap Ups & Down In Early Pre-Market:

  • Gap Up: GME +10%, ACB +8%, OPRA +5%.
  • Gap Down: AN -16%, PLL -9%, SNPO -7%, POSH -6%, LFG -6%, WOR -6%.

Insider Action: GME sees Insider buying with dumb short selling. SANA, JELD, KODK, DSGN sees Insider buying with smart short sellers. 03/22/22 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: GIS, WGO, GME, OKTA, ADBE, NLSN (CNBC)
  • Russia exploring options for potential cyberattacks on U.S. energy sector, FBI warns. (XOM, CVX, BP, SHEL, COP, OXY) (CBS)
  • Russian Stock Market Prepares for an Unusual Reopening (WSJ)
  • Starbucks (SBUX) cafe in hometown Seattle votes to unionize (Reuters)
  • Jamie Dimon (JPM) pushes Biden for domestic energy “Marshall Plan” (Axios)
  • EU to unveil landmark legislation to tackle market power of Big Tech. (AAPL, AMZN, GOOG, FB, TWTR, MSFT) (FT)
  • Tesla (TSLA) Could Take Back Europe’s EV Market (WSJ)
  • Robinhood Snacks looks at Tesla (TSLA) opening a gigafactory in Germany to compete in EV market. NFTs hit ag market as cows become latest rage.

Moving Average Update:

  • “Break on through to the other side!”  Not the Doors intent of the song but hey, indexes are breaking through the moving averages to the upside.  Score jump to 86% from 76%.  Updated 03/22/22 close.


  • President’s Public Schedule:
    • President Biden travels to Brussels, Belgium.


  • MBA Mortgage Applications 7:00 a.m. EDT
  • February New Home Sales are due out at 8:30 a.m. EDT and are expected to rise to 820,000 from 801,000.
  • EIA Petroleum Report 10:30 a.m. EDT

Federal Reserve Speakers:

  • Federal Reserve Chairman Powell spoke at 8:00 a.m. EDT.
  • Federal Reserve San Francisco President Mary Daly 11:45 a.m. EDT

M&A Activity:

  • Churchill Downs Incorporated (CHDN) Announces Definitive Agreement to Acquire Chasers Poker Room in Salem, New Hampshire.
  • New Mexico Water Service (CWT) to Acquire Monterey Water Company.
  • SiteOne Landscape Supply (SITE) acquires JK Enterprise.

Meeting & Conferences of Note:

  • Sellside Conferences:
    • BAC Health Care Back-to-Basics Conference
    • Enterprise Connect
    • Sidoti and Company, LLC Spring Small Cap Conference 2022 (03/23/22-03/24/22)
    • SVB Securities Biotech Mountain Meeting
      • Previously Announced  Conferences:
        • Berenberg Energy Transition Conference
        • Canaccord Genuity 17th Annual Musculoskeletal Conference 2022
        • D.A. Davidson Inaugural EV & Energy Transition Conference 2022
        • Bank of America Asia Pacific APAC Telecom, Media & Technology TMT Conference 2022 (03/14/22-03/26/22)
        • Citi Winter Biotech Virtual Bus Tour 2022 (03/21/22-03/23/22)
        • Citi European TMT Conference 2022 (03/21/22-03/24/22)
        • Credit Suisse Asian Investment Conference 2022 (03/21/22-03/30/22)
        • Guggenheim Healthcare Talks 2022 (03/16/22-04/01/22)
        • 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)
        • Jefferies Synthetic Biology Week 2022 (03/21/22-03/25/22)
        • JP Morgan: European Internet Seminars 2022 (03/21/22-03/30/22)
        • 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)
        • 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)
  • Company Meetings: None of note.
  • Fireside Chat: None of note.
  • Investor/Analyst Day/Calls: AMRC, AORT, BOSSY, NKLA, OXY, UPH, WEX, WOOF.
  • Update: DTE.
  • 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), TMUS 5G Event.
  • Industry Meetings:
    • Senate Hearing on Semis (INTC, MU, LRCX)
    • Annual National Association of Social Workers (NASW) Arkansas State Conference 2022 (03/23/22-03/25/22)
    • Jewish National Fund USA Conference 2022
      • Previously Posted and Ongoing Conferences:
        • 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)
        • 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:


Tuesday’s Upgrades and Downgrades: