Overnight Summary: The SP 500 closed Thursday higher by 0.74% at 5199.06 from Wednesday lower by -0.95% at 5160.64. The overnight high was hit at 5,247 at 3:00 a.m. while the overnight low was hit at 5214.50 at 6:55 a.m. EDT. The range overnight is 34 points as of 7:15 a.m. EDT. Currently, the S&P 500 is lower by -23 points at 7:20 a.m. EDT.
Executive Summary: Earnings season is now underway. All beat estimates but color is mixed. That said, stocks are off the lows.
- March Import and Export Prices are due out at 8:30 a.m. EDT and last month rose by 0.30% and 0.80%.
- April University of Michigan Consumer Sentiment is due out at 10:00 a.m. EDT and is expected to fall to 78.80 from 79.40.
Earnings Out After The Close:
- Beats: AGX +0.14.
- Flat: None of note.
- Misses: None of note.
- IPOs Priced or News: None of note.
- New SPACs launched/News: None of note.
- Secondaries Priced:
- LGVN closes $5.2 million offering.
- Notes Priced of note:
- OWL prices Senior Notes Offering.
- Common Stock filings/Notes:
- NRIX files a $125 million common stock offering.
- HOTH files 5,030,000 shares of common stock.
- IDAI files 5.600,000 shares of common stock.
- NRIX files for $125 million of common stock.
- WISA files for up to 52,274,894 shares of common stock.
- Direct Offering: None of note.
- Exchangeable Subordinate Voting Shares:
- Selling Shareholders of note:
- Private Placement of Public Entity (PIPE): None of note.
- Mixed Shelf Offerings:
- GNW files a mixed shelf offering.
- ACT files a mixed 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 :
- After Hours Movers:
- News Items After the Close:
- NASDAQ (NDAQ) reports monthly and quarterly volumes and other stats.
- Molina Healthcare (MOH) wins a Comprehensive Health Care Program contract in Michigan.
- President Biden looking at blocking oil and gas development across half of Alaska’s North Slope. (Bloomberg)
- Lockheed Martin (LMT) wins $4.1 billion U.S. Missile Defense Agency contract.
- Global Life (GL) refutes short seller allegations by Fuzzy Panda Research.
- JELD-WEN (JELD) closes manufacturing facilities in CA and WI.
- Exchange/Listing/Company Reorg and Personnel News:
- Brixmor Property (BRX) CEO James Taylor to take a temporary medical leave of absence.
- Buyback Announcements or News: None of note.
- Stock Splits or News:
- Dividends Announcements or News:
- Targa Resources (TRGP) ups dividend by 50% to $0.75, yield of 2.6%.
What’s Happening This Morning: Futures value reflects the change with fair value.
S&P 500 ,Dow Jones , NASDAQ , Russell . (as of 7:56 a.m. EST). Asia lower ex the Nikkei while Europe is higher this morning. VIX Futures are at 15.50 from 16. Gold,Silver and Copper are higher this morning. WTI Crude Oil and Brent Crude Oil are higher with Natural Gas lower. US 10-year Treasury sees its yield at 4,522% from 4.554%. The U.S. Dollar is higher versus the Euro, higher versus the Pound and lower against the Yen. Bitcoin is at $70.760 from $70.430 higher by +0.58% this morning.
Sector Action – (1/3/6/12/YTD Updated Weekly with Monday release):
- Daily Positive Sectors: Technology, Communication Services and Consumer Cyclical note.
- Daily Negative Sectors: Financial, Utilities, Energy of note.
- One Month Winners: Energy, Communication Services, Basic Materials and Industrials of note.
- Three Month Winners: Technology, Communication Services, Industrials, Energy and Financials of note.
- Six Month Winners: Technology, Financials, Industrials of note.
- Twelve Month Winners: Technology, Communication Services, and Financial of note.
- Year to Date Winners: Energy, Communication Services, Technology and Financials of note.
Upcoming Earnings Of Note:
- Friday After the Close: None of note.
- Monday Before the Open: SCHW, GS and MTB.
Earnings of Note This Morning:
- Beats: BLK +0.43, JPM +0.27 and WFC +0.14.
- Flat: None of note.
- Misses: .
- 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: AGX +11.7%, GL +11%, BIO +5%, BLK +2.5%, MBUU +2.2% of note.
- Gap Down: APLD -11.7%, NRIX -7%, DHT -2.5%, ONEW -2% of note.
Insider Action: No stock see Insider buying with dumb short selling. SGH sees 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)
- Bloomberg Lead Story: JP Morgan (JPM) falls after net interest income miss, higher expense guidance. (Bloomberg)
- U.S. futures drop as traders parse bank earnings: Markets Wrap. (Bloomberg)
- Israel preparing for Iran attack in the next two days. (WSJ)
- China’s imports and exports fell. (Bloomberg)
- Blackrock hits $10.5 trillion in assets with bond inflows. (Bloomberg)
- Southwest (LUV) expects Boeing (BA) deliveries to be half of previous estimates. (Reuters)
- Bloomberg: Daybreak Podcast: Oil gains as Israel braces for attack. (Podcast)
- Bloomberg The Big Take: How the U.S. Steel purchase became about the election. (Podcast)
- Marketplace: Tesla settles autopilot suit, inflation spokes tech investors and Biden’s CHIP Act. (Podcast)
Moving Average Update: Score rebounds to 63% from 34%.
Geopolitical:
- President’s Public Schedule:
- President Biden receives the Daily Briefing at 12:00 p.m. EDT.
- President Biden delivers virtual remarks to the National Action Network Convention at 2:45 p.m. EDT.
- President Biden head to Delaware for the weekend at 5:15 p.m. EDT.
Economic:
- March Import and Export Prices are due out at 8:30 a.m. EDT and last month rose by 0.30% and 0.80%.
- April University of Michigan Consumer Sentiment is due out at 10:00 a.m. EDT and is expected to fall to 78.80 from 79.40.
Federal Reserve / Treasury Speakers:
- Federal Reserve Kansas City President Jeffrey Schmid speaks at 1:00 p.m. EDT.
- Federal Reserve Atlanta President Raphael Bostic speaks at 2:30 p.m. EDT.
- Federal Reserve San Francisco President Mary Daly speaks at 3:30 p.m. EDT.
M&A Activity and News:
Meeting & Conferences of Note:
- Sellside Conferences:
- Top Shareholder Meetings: None of note.
- Fireside Chat: None of note.
- Investor/Analyst Day/Calls: CGTX ENLV
- Update: None of note.
- R&D Day: None of note.
- Company Event:
- Industry Meetings:
- Spinal Cord Injury Investor Symposium
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:
