Overnight Summary & Early Morning Trading:
- The S&P 500 finished Thursday higher by 0.26% at 7041.28 from Wednesday higher by 0.80% at 7022.95.
- The S&P 500 sees support now at 7000 from 6900. Resistance is now at 7100 from 70900. A gain of two levels this week.
- S&P 500 hit its sixth All-Time Closing High of 2026 yesterday. It has been almost three months from the last new all-time high and now we have had two in a row.
- Futures are higher this morning by +13.50 up by +0.19% at 7090.50 on the SP 500 at 6:55 a.m. EDT.
- Bond Market is lower today on price with the 10-Year Yield at 4.297% from 4.278%.
Executive Summary:
- Stocks had a second up week, gaining 3.56%, and up 7.03% in the last two weeks. We are now up 0.91% since the peak in January on the S&P 500. We are out of the “Danger Zone”. The A B C Pattern is over having never hit the C Wave.
- U.S. moves into Week Eight of its attack on Iran. Key to this week is to see how the U.S. Blockade plays out and negotiations evolve.
Key Events of Note Today:
- Economic news of note is still backed up due to the government shutdown, but we will be producing what is scheduled to be reported.
- Weekly -Baker Hughes of note.
- Monthly – None are out this morning.
- Fed Speakers of Note today: Daly at 11:30 a.m. EDT, Barkin at 12:15 p.m. EDT and Waller 2:00 p.m. EDT
- President Trump’s schedule:
- Participates in Executive Time at 11:00 a.m. EDT.
- Heads to Phoneix from Las Vegas at 1:30 p.m. EDT.
- Delivers Remarks to TPUSA at 5:00 p.m. EDT.
Notable Earnings Out After The Close:
- Beats: NFLX +0.47, WAFD +0.07, FFIN +0.03 of note.
- Misses: AA -0.13, CNS -0.02 of note.
- Flat: FNB SFNC of note.
Capital Raises:
- IPOs For The Week: None of note.
- New IPOs/SPACs launched/News: None of note.
- IPOs Filed/Priced: None of note.
- Secondaries Filed Or Priced:
- ACXP – Closing of up to $7.1 Million Registered Direct Offering Priced At-The-Market Under Nasdaq Rules.
- ALLO – Closing of $200.4 Million Public Offering of Common Stock.
- OLB: Form S-1.. 6,428,570 Shares of Common Stock.
- RNXT: Form S-3.. 8,438,790 Shares of Common Stock.
- TRVI commences public offering of $150.0 million of shares of common stock..
- SYRE – Closing of Public Offering and Full Exercise of the Underwriters’ Option to Purchase Additional Shares for Gross Proceeds of $463.5 Million.
- Notes Filed Or Priced: None of note.
- Convertible Offerings Filed or Priced: None of note.
- Private Placement: None of note.
- Direct Offering: None of note.
- Exchangeable Subordinate Voting Shares: None of note.
- Private Placements:
- IVT – Enters into a Private Placement Offering of $250 Million Senior Unsecured Notes.
- Selling Shareholders:
- VWAV files for 6,148,943 share common stock offering by selling shareholders, relates to warrants.
- Mixed Shelf Offerings:
- ISBA files for $75 million mixed securities shelf offering.
- SCLX: Form S-3.. $500,000,000 Mixed Shelf,
News After The Close:
- 10K or 10Q Delays – None of note.
- Netflix (NFLX) beat on estimates and revenues but gave weak guidance and Reed Hasting will leave company sooner than later.
- Knight Swift (KNX) lowers Q1 EPS guidance below consensus, issues in-line Q2 EPS guidance.
- Krispy Kreme (DNUT) announces expansion into the Netherlands.
- AST SpaceMobile (ASTS) announces that BlueBird 7 is scheduled to launch on April 19 from the Kennedy Space Center Visitor Complex in Cape Canaveral, Florida.
- FAA announces new action, known as scheduling reduction, to prevent widespread flight delays at Chicago O’Hare International Airport.
After The Close Winners: BZAI +27%, NI +2%, RDNT +2%.
After The Close Losers: NFLX -9%, AA -4% KNX -3%.
Buybacks: None of note.
Executive, Corporate Changes:
- OPRT names Doug Bland as CEO
Dividends Announcements or News:
- Top Names Ex-Dividend Today: ING DEO WSM PNR RVTY AYI WDFC WB DCOM of note.
- Top Names Ex-Dividend Monday: None of note.
What’s Happening This Morning: (as of 7:30 a.m. EDT)
- Futures S&P 500 +19, NASDAQ 100 +58, Dow Jones +208. Europe is higher ex FTSE while Asia is lower ex China. Bond yield is at 4.297% from 4.27% on the 10-Year. Crude Oil and Brent Crude are lower with Natural Gas higher. Gold lower with Silver higher and Copper lower. The U.S. Dollar is lower versus the Euro, lower against the Pound and lower against the Yen. Bitcoin is at $75,517 from $74,349 up $304 from $74,028 which was lower by -0.31% down $233 on Thursday.
Sector Action:
- Daily Positive Sectors: Energy, Real Estate, Technology, Utilities and Communication Services led the way higher.
- Daily Negative Sectors: Healthcare, Industrials, Financials and Consumer Cyclicals were lower.
- One Month Winners: Energy of note.
- Three-Month Winners: Energy, Materials, Utilities, Consumer Defensive and Industrials of note.
- Six-Month Winners: Energy, Materials, Utilities, Industrials, Healthcare and Consumer Defensive of note.
- Twelve-Month Winners: Materials, Energy, Industrials, Utilities, Communication Services and Technology of note.
- Year to Date Winners: Energy, Materials, Consumer Defensive, Utilities and Industrials of note.
Bolded means the Sector is new to the period in which it falls.
Upcoming Earnings Of Note: (Erlanger Chartroom Software – sorted by market cap, highest to lowest with most visible names)
- Today After the Close: None of note.
- Monday Before The Open:
Notable Earnings of Note This Morning:
- Beat: FITB+0.25, ALV +0.22, TFC +0.09, RF +0.02 of note.
- Missed: IIIN -0.37 of note.
- Flat: None of note.
- Still to Report: STT BMI ALLY of note.
Company Earnings Guidance:
- Positive Guidance: After The Close & This Morning – None of note.
- Mixed – TFC of note.
- Negative or Mixed Guidance: After The Close & This Morning – NFLX of note.
Advance/Decline Daily Update:
Gap Ups & Down In Early Pre-Market: (+2% or down more than -2%):
- GapUp: MCBS +9%, of note.
- GapDown: QDEL -16.5%, of note.
Insider Action: NMM sees Insider Buying with dumb short selling. None see Insider Buying with smart short sellers. Above $100,000 in purchases with high shorts but no history: None of note.
Rags & Mags: Repeated stories from prior days never listed, i.e. “rehashed news”. Sorted by Global, U.S. and stock specific.
- WSJ Lead Story: Trump Bets Economic Pain Will Open The Strait of Hormuz. (WSJ)
- Market Wrap: Stocks Rise As S&P 500 Eyes Third Week of 3% Gains. (Bloomberg)
- NY Times Lead Story: The Deal Buys Lebanon Time, But Not A Way Out. (NYT)
- USA Today: How Far Does $5 Go At Most Fast Food Chains? (USA Today)
- Netflix Shares Tank on Lackluster Earnings. (Bloomberg)
Economic & Geopolitical:
- Federal Reserve Speakers of note today:
- Federal Reserve San Francisco President Mary Daly speaks at 11:30 a.m. EDT.
- Federal Reserve Richmond President Thomas Barkin speaks at 12:15 p.m. EDT.
- Federal Reserve Governor Christopher Waller speaks at 2:00 p.m. EDT.
- President Trump’s schedule for today:
- Participates in Executive Time at 11:00 a.m. EDT.
- Heads to Phoneix from Las Vegas at 1:30 p.m. EDT.
- Delivers Remarks to TPUSA at 5:00 p.m. EDT.
- Economic Data Out –
- Weekly –
- Baker Hughes Rig Count is out at 1:00 p.m. EDT.
- Monthly –
- None of note.
- Weekly –
M&A Activity & Daily: None of note.
Moving Average Table: 100% from 100% of Equities are Positive, and 40% from 68% Bonds are Positive.
Meeting & Conferences of Note:
- Sellside Conferences:
- Jefferies & Venrock Boston Biotech Summit
- Top Analyst, Investor: None of note.
- Shareholder Meetings: BA CCL LECO YYAI of note.
- Fireside Chat: None of note.
- FDA Presentation: None of note.
- R&D Day: None of note.
- Meetings:
- International Monetary Fund / World Bank Spring Meetings
- AACR Annual Meeting through Apr. 22
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.
- Upgrades: ONTO KWR of note.
- Downgrades CLX FLNC NXPI of note.