Overnight Summary: The S&P 500 closed Friday at 4545.86 from 4530.61 on Thursday. Futures have been moving higher since Friday’s close. The overnight high was hit at 6:20 a.m. EDT at 4,551. The low was hit at 4,527.50 at 8:25 p.m. EDT. At 7:20 a.m. EDT the current price is 4545.75 up +6.50 which is 0.14%.
Earnings Out After The Close:
- Beats: None of note.
- Flat: None of note.
- Misses: None of note.
- IPOs Priced or News: None of note.
- New SPACs launched/News:
- Iron Spark I Inc (ISAA): Hypebeast plans to list on NASDAQ through Merger with Iron Spark I.
- Secondaries Priced: None of note.
- Notes Priced of note: None of note.
- Common Stock filings/Notes:
- DLR: Filed Form 424B5.. $1,500,000,000 Common Stock.
- OLO: Filed Form S-3ASR.. 3,460,168 shares of Class A Common Stock.
- WE: Filed Form S-1.. 552,382 Shares of Class A Common Stock.
- WELL: Filed Form S-3ASR.. Common Stock Offering.
- Pricing of Over-Allotment/Notes: None of note.
- Direct Offering: None of note.
- Selling Shareholders of note:
- Valley National (VLY) files for common stock offering by selling shareholders.
- Private Placement of Public Entity (PIPE): None of note.
- Mixed Shelf Offerings:
- DM: Filed Form S-3ASR.. Mixed Shelf Offering.
- EWTX: Filed Form S-3.. $400 Million Mixed Security Shelf.
- FLS: Filed Form S-3ASR.. Mixed Shelf Offering.
- Nikola Corp. (NKLA) files for $1.2 billion mixed securities shelf offering.
- RXDX: Filed Form S-3ASR.. Mixed Shelf Offering.
- STNG: Filed Form F-3ASR.. Mixed Shelf Offering.
- TIL: Filed Form S-3ASR.. Mixed Shelf Offering.
- TIXT: Filed Form F-3ASR.. Mixed Shelf Offering.
- 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 Week:
- Weekly Wrap Up: Best and Worst performing large cap stocks:
- Trading Up: CLVS 61%, TISI 48%, NLSN 23%, GH 22%, IMGN 18%, SRI 18%, AMBC 17%, LNTH 17%, HMLP 17%, NVRO 16%, CALM 16%, SBS 16%, DO 16%, JRVR 15%, QURE 15%, LOVE 15%, TCMD 15%, VGR 14%.
- Trading Down: UXIN -31%, NEO -30%, CONN -24%, EVLO -21%, KLXE -18%, ARRY -16%, CASI -16%, RAD -15%, CGC -15%, ARCB -14%, HUBG -13%, JBHT -13%, LLL -13%, SAIA -13%, TLRY -13%, BCS -13%, NBEV -12%, SNBR -12%.
- News Items After the Close:
- DraftKings (DKNG) continues to pursue remaining gaming regulatory approvals necessary to consummate acquisition of Golden Nugget Online Gaming, co now expects deal to close on or prior to May 31.
- China aviation regulator CAAC: Working group consists of seven NTSB delegates and technical advisors arrives in China to join investigation into plane crash accident. (BA)
- Russian/Ukraine News:
- Nearly 300 civilians have been buried in mass graves in Bucha after Russian troops withdrew from the Kyiv-area suburb, one of several regions where evidence of war crimes is emerging.
- Ukrainian president says retreating Russian troops are deliberately mining areas as they withdraw or are pushed out – (Reuters)
- Russia to halt cooperation on International Space Station over ‘illegal’ sanctions.
- News Items Over the Weekend:
- Stocks That Defined the Week: MRNA, LULU, AMZN, HPQ, KR, INTU, WBA (WSJ)
- The Week in Business: A Jobs Recovery (NYT)
- China reports 13,146 new coronavirus cases, by far the biggest one-day increase on record.
- China expects sharp drop in holiday travel due to COVID outbreaks – (Reuters).
- North Korea threatens retaliation after ‘preemptive strike’ comment from South Korean official.
- Fed’s Daly says case for half-point rate rise in May has grown. (FT)
- JPMorgan (JPM) CEO Dimon: JPMorgan’s technology investments will increase ‘incremental investment’ expenses by nearly $2 billion in 2022. JPMorgan’s acquisitions will increase ‘incremental investment’ expenses by $700 million in 2022.
- Twitter (TWTR) climbs nearly 10 points higher after Elon Musk discloses 9.2% passive stake.
- Positive View: STRY, DHI, KBH, TMHC, TPH, PHM, TOL, LEN, MU, CLX, CPB, KR, BDX, PFE, DHR, D, NEE, DUK, AAP, DLTR, CAG, HSY, AMGN, ABBV, ATO, EXC.
- Negative View: None of note.
- Mixed View: None of note.
- Exchange/Listing/Company Reorg and Personnel News:
- Abiomed (ABMD) COO David Weber has retired.
- AnPac Bio (ANPC) Filed Request for a Hearing Regarding Continued Listing on NASDAQ, The Hearing was Granted and scheduled for Late April.
- Camber Energy (CEI) Discloses Communication From NYSE American.
- Constellation Brands (STZ) Confirms Receipt of Proposal to Transition to a Single Class Common Stock Structure.
- FREYR Battery (FREY) announced the appointment of Oscar Brown to the position of Group CFO.
- Glatfelter (GLT) Announces Chief Financial Officer Transition.
- Henry Schein (HSIC) announces retirement of Chief Administrative Officer and Appoints Chief Operating Officer.
- PBCT Halt – Additional Information Requested by NASDAQ.
- Starbucks (SBUX) Founder Howard Schultz Takes the Helm as Starbucks Chief Executive Officer.
- Sharps Compliance (SMED) appointed W. Patrick Mulloy as President & CEO.
- The Oncology Institute (TOI) appoints Mihir Shah as CFO immediately.
- Buyback Announcements:
- Starbucks (SBUX) to end stock buyback program as Schultz returns as CEO.
- Stock Splits: None of note.
- Dividends Announcements:
- Bank OZK (OZK) increases its quarterly dividend to $0.31 per share, a 3.3% rise.
What’s Happening This Morning: Futures value reflects the change with fair value.
S&P 500 +9 , Dow Jones +31, NASDAQ +66, and Russell 2000 +2. Europe higher and Asian markets higher as well. VIX Futures are at 22.20 from 22.78 from yesterday morning. Gold, Silver and Copper higher. WTI Crude Oil and Brent Oil Futures higher with Natural Gas lower. $ is higher vs Euro,higher vs Pound and higher vs Yen. US 10 year Treasury sees yields at 2.3975% from 2.406% . Bitcoin is at $46,170 from $45,291 Friday morning lower by 0.66% this morning from weekend trading. As of 8:10 a.m. EDT.
Friday’s Action – 04/01/22 Close:
- Daily Positive Sectors: Real Estate, Basic Materials, Utilities, Energy, Consumer Defensive, Healthcare of note.
- Daily Negative Sectors: Industrials 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 Basic Materials of note.
- Year to Date Winners: Energy, Utilities, and Basic Materials of note.
Indexes finished up completing the third straight week of gains. Strong Labor markets help propel the markets higher. Updated 04/01/22 close.
Upcoming Earnings Of Note: (sorted by market cap, highest to lowest with most visible names)
- Monday After the Close: None of note.
- Tuesday Before the Open: AYI, CGNT, LNN of note.
Earnings of Note This Morning:
- Beats: None of note.
- Flat: None of note.
- Misses: ATC (0.06).
- Still to Report: None of note.
- Positive Guidance: CAMT, PERI.
- Negative Guidance: None of note.
Erlanger Research Advance/Decline Chart: Updated through 04/01/22 close.
Gap Ups & Down In Early Pre-Market:
- Gap Up: TWTR +25%, BILI +11%, GATO +7%, CAMT +7%, NIO +7%, XPEV +6%, NIU +6, JD +6%, BIDU +5%, LI +5%, BABA +5%, PERI +4%, MOMO +4%, NTES +4%, DLTR +4%.
- Gap Down: None of note.
Insider Action: LCII, HPQ sees Insider buying with dumb short selling. ARMP sees Insider buying with smart short sellers. 04/01/22 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: TWTR, TSLA, SBUX, JPM, JD, NTES, BABA, TME, HTZ, NVS, GM, LOGI, CROX (CNBC)
- Five Things You Need to Know to Start Your Day. (Bloomberg)
- Attacks continue in Ukraine by the Russians but away from Kyiv. (NYT)
- Hong Kong Leader Carrie Lam will not seek a new term. (AP)
- White House looking at more sanctions against Russia for civilian executions. (The Washington Post)
- Omicron cases continue to surge in China increasing lockdowns. (Bloomberg)
- House looking at legislation this week to benefit restaurants to the tune of $55 billion. (Roll Call)
- Senate to vote on the Jackson nomination to the Supreme Court. (AP)
- Airlines cancelled or delayed over 12,000 flights this weekend due to weather and Florida and staffing issues. (USA Today)
- J.P. Morgan (JPM) CEO Jamie Dimon says due to Ukraine and inflation increase risks on the economy. (WSJ)
- Tesla (TSLA) CEO Elon Musk takes a 9% passive stake in Twitter (TWTR) and it is up 25%. (Marketwatch)
- Robinhood Snacks looks at how government wants to bring financial literacy to the classroom.
Moving Average Update:
- Score goes to 60% from 56%. Updated 04/01/22 close.
- President’s Public Schedule:
- The President departs New Castle, Delaware en route Washington, DC, 9:25 a.m. EDT
- The President arrives in Washington, DC, 10:20 a.m. EDT
- The President receives the President’s Daily Brief, 11:30 a.m. EDT
- The President delivers remarks on progress made on his Administration’s Trucking Action Plan to strengthen our nation’s supply chains; the Secretary of Transportation also delivers remarks, 1:45 p.m. EDT
- Press Briefing by Press Secretary Jen Psaki, 2:45 p.m. EDT
- February Factory Orders are due out at 10:00 a.m. EDT and are expected to fall to -0.6% from 1.4%.
- Investor Movement Index 12:30 p.m. EDT
Federal Reserve Speakers:
- Comfort Systems USA (FIX) Announces Acquisition.
- Korn/Ferry (KFY) acquires Patina Solutions Group.
- M&T Bank Corporation (MTB) Completes Acquisition of People’s United Financial, Inc. (PBCT).
Meeting & Conferences of Note:
- Sellside Conferences:
- B. Riley Esports Investor Day
- HSBC West Coast Financials Conference 2022 (04/04/22-04/08/22)
- Lytham Partners Spring Investor Conference 2022 (04/04/22-04/07/22)
- Previously Announced Conferences:
- Company Meetings: AVGO, CLBK.
- Fireside Chat:None of note.
- Investor/Analyst Day/Calls: PRPO, SMTK.
- Update: None of note.
- R&D Day: None of note.
- Company Event: Hewlett Packard Enterprise (HPE) Atmosphere 2022 Investor Debrief.
- Industry Meetings:
- American College of Cardiology
- Sea Air Space 2022 (04/04/22-04/06/22)
- Previously Posted and Ongoing Conferences:
- Annual Scientific Session & Expo 2022 (04/02/22-04/04/22)
- American Academy of Neurology AAN 74th Annual Meeting 2022 (04/02/22-04/07/22)
- Experimental Biology Conference 2022 (04/02/22-04/05/22)
- 31st Annual Meeting of the Society for Virology 2022 (03/30/22-04/04/22)
- BIO Europe Spring 2022 (03/28/22-04/06/22)
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:
Friday’s Upgrades and Downgrades: