Overnight Summary: The SP 500 closed Friday lower by -0.88% at 4967.23 from Thursday lower by -0.22% at 5011.12 . The overnight high was hit at 5,034.75 at 6:15 a.m. while the overnight low was hit at 4999.50 at 4:10 p.m. EDT. The range overnight is 35 points as of 7:05 a.m. EDT. Currently, the S&P 500 is higher by +25 points at 7:05 a.m. EDT.
- 3 & 6 month Treasury Bill Auctions at 11:30 a.m. EDT.
- Beats: None of note.
- Flat: None of note.
- Misses: None of note.
Capital Raises:
- IPOs Priced or News:
- New SPACs launched/News:
- Secondaries Priced:
- Notes Priced of note:
- Common Stock filings/Notes:
- Direct Offering:
- Exchangeable Subordinate Voting Shares:
- Selling Shareholders of note:
- QTTB files 1,682,045 shares of common stock by selling shareholders.
- Private Placement of Public Entity (PIPE):
- Mixed Shelf Offerings:
- EH files a mixed-shelf offering.
- ESQ files a $100 million mixed-shelf offering.
- ZLAB files mixed-shelf offering.
- Debt/Credit Filing and Notes:
- Tender Offer:
- Convertible Offering & Notes Filed:
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:
- News Items After the Close:
- The Score: TSLA, UAL, NFLX, AAPL, LYV, UNH Stocks That Defined the Week. (WSJ)
- Crown Castle (CCI) issues comments over Ted Miller’s attempt to disrupt the company.
- Nexstar (NXST) says CW Network will not renew its affiliation with Scripps-owned television stations in seven markets.
- Ratings Agency ups Greece’s outlook to Positive on debt reduction.
- News Items Over the Weekend:
- Volkswagen plant in Chattanooga, TN votes to unionize. (NYT)
- New Iran Sanctions passed by the House over the weekend. (Bloomberg)
- House passes bill that could ban TikTok on to the Senate where passage looks likely. (Yahoo)
- Telsa (TSLA) cuts price on 3 models. (Yahoo)
- Big stocks are winning in the selloff as well as when stocks rose. (WSJ)
- Barron’s:
- Positive View: AMD INTC META GOOG AMZN GM WHR STX MAT STLD MTDR SHW AMP AZN EADSY DTEGY AAPL of note.
- Cautious View: NVDA of note.
- Mixed View: None of note.
- Erlanger Type 1 Short Squeezes and Type 4 Long Squeezes reporting earnings this week:
- Exchange/Listing/Company Reorg and Personnel News:
- DASH names Jeffrey Blackburn to its board of directors.
- GTI CFO Tham Choi Kuen to resign due to health reasons, CEO Aiden Lee Ping to Wei to serve as CFO.
- ANET COO Anshul Sadana to resign as of May 21st.
- Buyback Announcements or News:
- SMAR authorizes a $150 million buyback.
- Stock Splits or News:
- Dividends Announcements or News:
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: Utilities, Energy, Financial, Consumer Defensive of note.
- Daily Negative Sectors: Technology, Communication Services, Consumer Cyclical of note.
- One Month Winners: Energy, Utilities,
Communication Services, Basic Materials, Industrialsof note. - Three Month Winners: Energy, Basic Materials, Industrials, Financial,
Technology, Communication Servicesof note. - Six Month Winners: Financials, Industrials, Technology and Communication Services of note.
- Twelve Month Winners: Communication Services, Technology, Industrials,
Consumer Cyclicaland Financial of note. - Year to Date Winners: Communication Services, Energy, Financials, Industrials, and Technology of note.
An Israeli strike late Thursday night led to a brief spike in oil prices, rattling investors before the opening bell Friday morning in New York. That added momentum to a pullback in the S&P 500 and Nasdaq Composite that saddled both with their longest daily losing streak in more than a year. By the time the closing bell rang Friday afternoon, the tech-heavy Nasdaq had racked up a 5.5% weekly decline, its worst such performance since 2022. The S&P 500 dropped 3.1% for the week, and the Dow Jones Industrial Average eked out a tiny gain. The Nasdaq and S&P 500 have both declined in each of the past three weeks as a stronger-than-expected U.S. economy buoys inflation and scrambles Wall Street forecasts for interest-rate cuts by the Federal Reserve. In fact, the NASDAQ indexes are lower the last four weeks. Those changing expectations are hammering the speculative artificial-intelligence-oriented tech stocks that propelled a market rally in recent months. (WSJ – Edited by QPI)
Upcoming Earnings Of Note:
- Monday After the Close:
- Tuesday Before the Open:
Earnings of Note This Morning:
- Beats: AZZ +0.23, TFC +0.12, VZ +0.03, ZION +0.01 of note.
- Flat: None of note.
- Misses: BOH -0.01 of note.
- Still to Report: ACI of note.
Company Earnings Guidance:
- Positive Guidance: of note.
- Negative Guidance: TFC of note.
Erlanger Research Advance/Decline Chart:
Gap Ups & Down In Early Pre-Market (+2% or down more than -2%):
- Gap Up: GTI +5.8%, AZZ +2.3%, GIL +2% of note.
- Gap Down: CNHI -4%, EH -3.8%, NX -2.2%, WISH -2.1% of note.
Insider Action: No stock see Insider buying with dumb short selling. 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: TikTok Vows Legal Battle As U.S. Presses For App’s Sale of Ban. (Bloomberg)
- U.S. Futures rise with Big Tech earnings in focus: Markets Wrap. (Bloomberg)
- Bloomberg: Daybreak Podcast: Wall Street Strategists split on profits path. (Podcast)
- Cruise Operator Viking set to go public with a valuation of $10.8 billion. (MarketWatch)
- Tesla slides -3% while Li Auto drops -8% as EV makers slash prices amid fierce competition. (CNBC)
- China is still years behind the U.S. despite Huawei’s breakthrough chips, Commerce Secretary Raimondo tells 60 Minutes. (CNBC)
- Bloomberg: The Big Take: Elon Musk’s Robotaxi dreams plunge Tesla into Chaos. (Podcast)
- Marketplace: When a senior is ill, can a algorithm decide the length of care. (Podcast)
- NY Times Daily: The evolving danger of the New Bird Flu. (Podcast)
- Wealthion: Crypto strategies. (Podcast)
- Adam Taggart’s Thoughtful Money: How low will we go? (Podcast)
Moving Average Update: Score sees a small bump up to 23% as the Dow Industrials just peaks above the 5 day.
Geopolitical:
- President’s Public Schedule:
- President Biden receives The Daily Briefing at 9:00 a.m. in Wilmington, DE.
- From there, President Biden heads to Triangle, VA to deliver remarks to commemorate Earth Day at 2:15 p.m. EDT.
- President Biden arrives back at the White House at 3:55 p.m. EDT.
Economic:
- None of note.
- 3 and 6 month Auctions at 11:30 a.m. EDT.
Federal Reserve / Treasury Speakers:
- Fed moves into Blackout Period for next week’s FOMC Meeting on Tuesday and Wednesday.
M&A Activity and News:
- None of note.
Meeting & Conferences of Note:
- Sellside Conferences:
- None of note.
- Top Shareholder Meetings: AVGO CR HBI HPQ ING NEE RNLX
- Fireside Chat: None of note.
- Investor/Analyst Day/Calls: LXRX of note.
- Update: None of note.
- R&D Day: None of note.
- Company Event:
- Industry Meetings:
- CEM Scottsdale Capital Event
- Cholangiocarcinoma Foundation Conference
- Society for Healthcare Epidemiology of America Conference
- Society for Industrial and Organizational Psychology Conference
- Spinal Cord Injury Investor Symposium
- World Congress Experience
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:
