Overnight Summary: The S&P 500 closed Friday lower by -0.14% at 5234.18 from Thursday higher by 0.32% at 5241.53. The overnight high was hit at 5295 at 9:45 p.m. EDT while the overnight low was hit at 5275 at 7:15 a.m. EST. The range overnight is 20 points as of 7:25 a.m. EST. The 10-day average of the overnight range is at 20.84 from 20.62. The average for May-January average was 20.88 from 20.87 during May-December. Currently, the S&P 500 is lower by -17.50 points at 7:25 a.m. EDT.
- Federal Reserve Atlanta President Raphael Bostic 8:25 a.m. EDT voter
- New Home Sales 10:00 a.m. EDT
- Federal Reserve Board of Governors Lisa D. Cook 10:30 a.m. EDT voter
- 7-Yr Note Auction 1:00 p.m. EDT
- Federal Reserve Chicago President Austan Goolsbee to be on Yahoo Finance
Earnings Out After The Close:
- Beats: None of note.
- Flat: None of note.
- Misses: None of note.
Capital Raises:
- IPOs Priced or News: None of note.
- New SPACs launched/News:
- Digital World Acquisition Corp (DWAC) stockholders confirmed approval the proposed merger with Trump Media & Technology Group Corp.
- Secondaries Priced:
- NKTX: Prices $240 million offering consisting of common stock and warrants.
- Notes Priced of note:
- HLT: Announces Pricing of Senior Notes Offering.
- Common Stock filings/Notes:
- ACET: Enters into an Open Market Sales Agreement to sell shares of its common stock.
- EFSH: Filed Form RW.
- JZXN: Filed Form RW.
- MOTS: FORM S-3 – 4,400,001 Shares of Common Stock.
- Direct Offering:
- BTAI: Announces $25 million registered direct offering at $2.90 per share.
- GDC: Announces Registered Direct Offering.
- NLSP: Announces Closing of $1.75 Million Registered Direct Offering.
- Selling Shareholders of note:
- APLT: Files for 14,285,714 shares of common stock by selling shareholders.
- CNXC: Files for 13,166,053 shares common stock offering by selling shareholders.
- DNLI: Files for 29,290,754 shares of common stock by selling shareholders.
- DSP: Files $100 million mixed shelf securities offering; also files for 10,000,000 shares of common stock by selling shareholders.
- Private Placement of Public Entity (PIPE): None of note.
- Mixed Shelf Offerings:
- AEMD: Filed Form S-1.. Mixed Shelf.
- HXL: Files mixed shelf securities offering.
- INDO: Filed Form F-3.. US$50,000,000 Mixed Shelf.
- NEE: Files mixed securities shelf offering.
- NTR: Files mixed shelf securities offering.
- UUUU: Files mixed securities shelf offering.
- 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 and Over the Weekend:
- Weekly Wrap Up: Best and Worst performing large cap stocks:
- Trading Up: CGC 137.7%, STI 85.1%, ACB 50.5%, TLRY 31.8%, GTHX 28.9%, AKBA 27.7%, FGEN 25.8%, BAK 25.7%, CRON 23.3%, GES 21.2%, CEPU 20.9%, BMA 19.5%, INFN 19.1%, GPS 18.9%, SIGA 18.8%, CYH 17.8%, MU 17.8%, SGH 17.5%, ARRY 17.2%.
- Trading Down: CMTL -30.0%, TSE -25.2%, CRBP -19.9%, IRBT -19.0%, BZUN -18.9%, EGRX -16.0%, FIVE -15.0%, JKS -14.1%, RCUS -13.3%, EAF -13.2%, BEAT -13.1%, LULU -12.9%, COMM -12.9%, LXRX -12.7%, ABEO -12.3%, NIO -12.2%.
- News Items After the Close:
- Nasdaq notches fresh peak as U.S. stocks score weekly gains. (MarketWatch)
- Federal Reserve Atlanta President Raphael Bostic:
- Less Confident On Inflation Than I Was In December || Strong Economy Means Fed Can Be Patient.
- Says He Now Expects Just One Rate Cut In 2024.
- Not Expecting Large Spike In Unemployment.
- The Score: Stocks That Defined the Week – UL, AAPL, RDDT, PARA, FDX (WSJ)
- Century Aluminum (CENX) Selected by U.S. Department of Energy to Receive $500 Million Investment to Build New Green Aluminum Smelter to Accelerate Industrial Decarbonization.
- News Items Over the Weekend:
- Biden signs $1.2 trillion spending bill averting a government shutdown. (Politico)
- Monday is Trump’s deadline to get $464 million bond. What happens if he does not get the bond. (CNN)
- Chuck Todd of NBC News and Meet The Press attacked NBC over hiring of former RNC Chairman. (NYT)
- United Airlines (UAL) to face more scrutiny from FAA in coming weeks. (NYT)
- A revived ISIS rampages Moscow. (WSJ)
- Fed Chairman Powell to support job market even if it means lingering inflation. (Bloomberg)
- China told by U.S. CEO it faces a “fork in the road”. (Reuters)
- Barron’s:
- Positive View: NGLOY, LOW, WMT, VSCO, SHOP, RL, NKE, LULU, MU, ZG of note.
- Cautious View: DWAC, AAPL of note.
- Mixed View: None of note.
- Exchange/Listing/Company Reorg and Personnel News:
- B. Riley Financial (RILY) Announces Notification of Delinquency with Nasdaq.
- Bitfarms (BITF) announces CEO transition.
- Captivision Inc. (CAPT) announces that Gary R. Garrabrant has been appointed Chairman and Chief Executive Officer of the company.
- Chemours (CC) names Denise Dignam as CEO, she had been interim CEO; Matthew Abbott will remain as Interim CFO as co searches for permanent CFO.
- Dyne Therapeutics (DYN) announces the appointment of John Cox as president, chief executive officer and a member of the Board of Directors.
- Hallador Energy (HNRG) appoints Marjorie Hargrave as CFO.
- Luna Innovations (LUNA) announces CEO transition.
- Match Group (MTCH) Appoints Laura Jones and Spencer Rascoff to the Board of Directors.
- Buyback Announcements or News:
- GrowGeneration (GRWG) Announces Share Repurchase Program.
- United Therapeutics (UTHR) announces $1 billion accelerated share repurchase program.
- Stock Splits or News:
- Castor Maritime Inc. (CTRM) Announces Reverse Stock Split to be Effective March 27, 2024.
- INTZ to trade 1/20 for today.
- Dividends Announcements or News: None of note.
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: Communication Services of note.
- Daily Negative Sectors: Real Estate, Financial, Basic Materials, Consumer Cyclical of note.
- One Month Winners: Energy, Basic Materials
,Industrials,Financialof note. - Three Month Winners: Technology, Communication Services, Industrials of note.
- Six Month Winners: Technology, Industrials, and Communication Services,
Financialof note. - Twelve Month Winners: Technology, Communication Services, and Financial of note.
- Year to Date Winners: Technology, Communication Services, Industrials,
Financial, Healthcareof note.
A drop in shares of retailers pushed stocks lower to end the week, putting a pause on a breathtaking rally that has driven stocks to records. The Dow Jones Industrial Average lost 0.8%, or 305 points. The S&P 500 shed 0.1%. The Nasdaq Composite, meanwhile, edged 0.2% higher to a new record. Nike (NKE) shares dropped 6.9% after the sneaker giant reported flat quarterly sales and cut its revenue outlook for the year. Lululemon’s shares plunged more than 15% after the company’s chief executive expressed caution about consumer demand and said the company has been navigating a slower start to the year. (WSJ – edited by QPI)
Upcoming Earnings Of Note:
- Monday After the Close: None of note.
- Tuesday Before the Open: GDS, MKC, SNX 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: None of note.
Erlanger Research Advance/Decline Chart:
Gap Ups & Down In Early Pre-Market (+2% or down more than -2%):
- Gap Up: MASI +13%, BDSX +8%, DWAC +6%, CNXC +6% of note.
- Gap Down: None 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: Moscow attack suspects paraded into court as two plead guilty. (Bloomberg)
- Stocks pullback as traders await fresh catalysts: Markets Wrap. (Bloomberg)
- EU probe Meta, Alphabet and Apple in test of new digital law. (Bloomberg)
- China to block AMD and Intel chips in government computers. (CNBC)
- Bloomberg: The Big Take: Once high flying bankers in Hong Kong become a lost generation. (Podcast)
- NYT The Daily: A terrorist attack in Russia. (Podcast)
- Marketplace: Could restoring hurt global trade. (Podcast)
- Wealthion: Bitcoin versus Gold in 2024. (Podcast)
- Adam Taggart Thoughtful Money: Gold to be the best asset class. (Podcast)
Moving Average Update: Score 100% Day 3.
Geopolitical:
- President’s Public Schedule:
- The President and The Vice President receive the Presidential Daily Brief, 11:45 a.m. EDT
- The President has lunch with The Vice President, 12:30 p.m. EDT
- Press Briefing by Press Secretary Karine Jean-Pierre, 1:00 p.m. EDT
Economic:
- Chicago Fed Activity Index 8:30 a.m. EDT
- New Home Sales 10:00 a.m. EDT
- Dallas Fed Mfg Survey 10:30 a.m. EDT
- 7-Yr Note Auction 1:00 p.m. EDT
Federal Reserve / Treasury Speakers:
- Federal Reserve Atlanta President Raphael Bostic 8:25 a.m. EDT voter
- Federal Reserve Board of Governors Lisa D. Cook 10:30 a.m. EDT voter
- Federal Reserve Chicago President Austan Goolsbee to be on Yahoo Finance
M&A Activity and News:
- Vista Outdoor (VSTO): Revelyst has acquired PinSeeker.
Meeting & Conferences of Note:
- Sellside Conferences:
- BOFA Sun City Conference
- Canaccord Genuity Genetic Medicine for Generalists
- Mizuho Israel Growth Conference
- Wells Fargo Clean Energy Symposium
- Previously posted and ongoing conferences:
- None
- Previously posted and ongoing conferences:
- Top Shareholder Meetings: ARRW, BNZI, IMUX, LCTX, MGAM, MMSI, PALI, RNXT
- Fireside Chat: None of note.
- Investor/Analyst Day/Calls: ED, EU, MO, PGEN, UPS
- Update: None of note.
- R&D Day: None of note.
- Company Event:
- Adobe (ADBE) Summit
- Industry Meetings:
- BIO-Europe Spring
- National Home Infusion Association (NHIA) 2024 Conference
- Optical Fiber Communication Conference
- Partner Conference Empower
- Plastics Recycling Conference
- Tau2024 Global Conference
- Previously posted and ongoing conferences: None of note.
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:
