CAPIS Morning Note – 04/24/23: Busy Earnings Week Ahead That Is Tech Heavy, Stocks Modestly Lower.

Overnight Summary: The S&P 500 closed Friday at 4133.52 higher by 0.09% from Thursday lower by -0.60% at 4129.70. The overnight high of 4152.50 was hit at 7:15 p.m. EDT. The low was hit at 4133.50 at 2:15 a.m. EDT, a range of ~19 points high to low which is well below the recent range […]

Overnight Summary: The S&P 500 closed Friday at 4133.52 higher by 0.09% from Thursday lower by -0.60% at 4129.70. The overnight high of 4152.50 was hit at 7:15 p.m. EDT. The low was hit at 4133.50 at 2:15 a.m. EDT, a range of ~19 points high to low which is well below the recent range of 45. At 7:05 a.m. EDT, the current price was 4151 which is -0.14% and -5.75 points. The biggest drop hit around between 10:oo p.m. EDT and 2:00 a.m. EDT as it fell 14 points. From there, it has rallied 18 points.

Earnings Out After The Close: 

  • Beats: None of note.
  • Flat:  None of note.
  • Misses:  None of note.

Unusual Options Activity:

Daily Screen in Erlanger Chartroom that highlights unusual Call and Put Options activity in the S&P 500.  It looks for volume outliers relative to the Open interest in Calls or puts.  Usually, the stock price activity reflects the outlier situation (earnings/buyout/announcement), but once in a while, you can uncover stocks prior to a pop or drop.

 

Capital Raises:

  • IPOs Priced or News: None of note.
  • New SPACs launched/News:
    • Sagaliam Acquisition Corp. (SAGA) to extend the time available to consummate its business combination to May 23, 2023.
    • Skydeck Acquisition Corp. (SKYA) will redeem its Public Shares and will not consummate an initial business combination.
  • Secondaries Priced: None of note.
  • Notes Priced of note: None of note.
  • Common Stock filings/Notes:
    • LPTX: Filed Form S-3.. 147,073,093 Shares Common Stock.
    • OCEA: Filed Form S-1.. 12,050,054 Shares Of Common Stock Issuable Upon Exercise Of Warrants.
    • PALI: Filed Form S-1.. 3,925,492 shares of Common Stock.
    • PCVX: Announces Closing of $575 Million Public Offering Including Full Exercise of Underwriters’ Option to Purchase Additional Shares.
    • RMED: Filed Form S-3.. 14,023,539 Shares of Common Stock.
    • SBET: Filed Form S-1.. 27,984,673 Ordinary Shares.
    • SBEV: Filed Form S-3.. 3,500,000 Shares of Common Stock.
    • SCLX: Files for $300 mln common stock offering.
    • TGAN: Filed Form S-3.. 3,019,811 Shares of Common Stock.
  • Direct Offering: None of note.
  • Selling Shareholders of note: None of note.
  • Private Placement of Public Entity (PIPE):
    • APLT: Announces $30 Million Private Placement of Equity.
  • Mixed Shelf Offerings:
    • ADN: Filed Form S-3.. $200,000,000 Mixed Shelf.
    • BPTS: Filed Form F-3.. $100 Million Mixed Shelf Offering.
    • DRCT: Filed Form S-3.. $300 Million Mixed Shelf Offering.
    • GNPX: Filed Form S-3.. $200 Million Mixed Shelf Offering.
    • HARP: Filed Form S-3.. $250 Million Mixed Security Shelf.
    • OTLY: Filed Form F-3ASR — Mixed Shelf offering.
    • PSHG: Filed Form F-3.. $250 Million Mixed Security Shelf.
  • Debt/Credit Filing and Notes:
    • DBD: Further Extends Exchange Offer with Respect to its Outstanding 8.50% Senior Notes Due 2024.
  • 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 Week:

  • Weekly Wrap Up: Best and Worst performing large cap stocks:
    • Trading Up: LIND 34.4%, TAST 29.0%, MDGL 26.7%, ALLK 20.3%, AMRX 20.2%, RILY 17.3%, LIVN 17.1%, CBAY 16.4%, UBX 16.3%, ABEO 15.1%, EDU 14.9%, GLT 13.7%, RLI 13.7%, RCUS 13.5%, BJRI 13.1%, CYH 12.8%, CYRX 12.5%.
    • Trading Down: CAMP -20.8%, SQM -19.8%, TRUP -19.5%, BIG -19.4%, EXTR -18.0%, EGHT -16.8%, NINE -15.8%, TUP -15.3%, ALB -15.1%, COMM -14.7%, NOK -14.0%, UIS -13.7%, EGBN -13.5%, EBS -13.2%, TELL -13.1%, BMA -13.1%.
  • News Items After the Close:
    • SVB Financial Group (SIVB) CFO and CEO have resigned. (MarketWatch)
    • JETS – FAA Acting Chief Billy Nolen to Depart. (WSJ)
    • U.K. saw a major credit rating agency up it to “Stable” from “Negative”.
    • Egypt was revised to “Negative” by the same credit rating agency.
    • Federal Reserve Governor Lisa Cook gave a speech on the economy and hit on inflation lasting longer. (Speech)
    • Lockheed Martin (LMT) awarded a $2.45 billion US Army contract for PATRIOT Advanced Capability-3 missile production.
    • General Dynamics (GD) awarded a $847 million US Navy contract to support Navy aircraft carriers in the Mid-Atlantic region.
  • News Items Over the Weekend:
    • Stocks that Defined the Week: T, NFLX, TSLA, BZFD, BBBY, PG, META (WSJ)
    • The Week in Business: A Trial With a Twist (NYT)
    • Why the Banking Mess Isn’t Over. (WSJ)
    • NBCUniversal CEO Jeff Shell to Depart After Company Probe Into Inappropriate Conduct. (WSJ)
    • Bed Bath & Beyond (BBBY) Files for Bankruptcy. (WSJ)
      • Effective on April 22, 2023, appointed Holly Etlin to serve as the Chief Restructuring Officer of company.
    • Tesla (TSLA) has only installed 3,000 Solar Roof systems in the U.S., far below forecast, study finds. (CNBC)
    • Amazon (AMZN), Facebook (META), Google (GOOG) Headline Busy Earnings Week for Tech. (WSJ)
    • US House To Vote On Republican Debt Limit Bill This Week. (Reuters)
    •  Barron’s:
      • Positive View: AAPL, AMZN, GOOG, NVDA, QCOM, AMBA, MU, BB, TSLA, EQT, KMI, WHR, EXPE of note.
      • Cautious View: None 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:
    • ALPP: Announces Receipt of Nasdaq Notice of Additional Staff Determination.
    • CMCSA CEO of NBCUniversal steps down after reports of an inappropriate relationship.
    • Castor Maritime (CTRM) receives Nasdaq receipt for non compliance.
    • EVTV: Announces Receipt of Expected Notice from Nasdaq Related to Delayed Filing of Annual Report on Form 10-K.
    • Extreme Networks (EXTR) has appointed Kevin Rhodes as Executive Vice President and Chief Financial Officer.
    • Fidelity Nat’l (FIS) Info COO Ido Gileadi to step down at year end.
    • GEHI Appoints New Chief Financial Officer.
    • LifeWallet (LIFW) Receives Nasdaq Notification of Non-Compliance with Listing Rule 5250(c)(1) and Advises that Restatement Pertains to Non-Cash Adjustments as it Works to File its Form 10-K.
    • MOGU Announces Resignation and Appointment of Directors.
    • QLGN: Receives Nasdaq Notice Regarding Delayed Form 10-K Filing.
    • Tiziana Life Sciences Ltd. (TLSA) Regains Compliance with Nasdaq Listing Minimum Bid Price Rule.
    • UAMY: Receives NYSE Notice Regarding Delayed Form 10-K Filing.
    • Waste Connections (WCN) Names Ronald J. Mittelstaedt As President And CEO.
  • Buyback Announcements or News: None of note.
  • Stock Splits or News: None of note.
  • Dividends Announcements or News: 
    • Portland Gen Elec (POR) raises quarterly dividend by 5% to $0.475 per share.

What’s Happening This Morning: Futures value reflects the change with fair value.

S&P 500 -2, Dow Jones -23,  NASDAQ -9, and Russell 2000 -1. (as of 8:00 a.m. EDT).  Asia lower ex the Nikkei and Europe lower ex the DAX. VIX Futures are at 19.90 from 19.50 yesterday.  Gold and Silver higher with Copper lower. WTI Crude Oil and Brent Crude Oil lower with Natural Gas lower as well. US 10-year Treasury sees yields at 3.545% from 3.538% Friday. The U.S. Dollar is lower versus the Euro, lower versus the Pound and higher against the Yen. Bitcoin is at $27,410 from $28,005  Fridday, lower by -0.32%.

Sector Action – (1/3/6/12/YTD Updated Weekly with Monday release):  

  • Daily Positive Sectors: Healthcare, Consumer Cyclical, Consumer Defensive of note.
  • Daily Negative Sectors: Basic Materials, Energy of note.
  • One Month Winners: Utilities, Healthcare, Energy Communication Services, Basic Materials of note.
  • Three Month Winners: Technology, Communication Services, Consumer Defensive Consumer Cyclical of note.
  • Six Month Winners: Technology, Basic Materials, Industrial Communication Services of note.
  • Twelve Month Winners: Energy Industrials of note.
  • Year to Date Winners: Technology, Communication Services, Consumer Cyclical of note.

Stocks ended a choppy session slightly higher Friday, with major indexes suffering small weekly declines as investors weighed corporate earnings and the economic outlook. The Dow Jones Industrial Average fell -0.23%, to close near 33,809 for the week, while the S&5 400 lost 0.1% and the Nasdaq declined 0.42%. (MarketWatch – edited by QPI)

Click here for a video explanation of Erlanger Value Lines.

Upcoming Earnings Of Note: (From Chartroom Software – sorted by market cap, highest to lowest with most visible names)

  • Monday After the Close:

  • Tuesday Before the Open:

Earnings of Note This Morning:

  • Beats: PHG +0.14, KO +0.03 of note.
  • Flat: None of note.
  • Misses: BOH (0.09) of note.
  • Still to Report: None of note.

Guidance:

  • Positive Guidance: MRC of note.
  • Negative Guidance: None of note.

Erlanger Research Advance/Decline Chart:

Gap Ups & Down In Early Pre-Market:

  • Gap Up: PHG +11%, IDYA +7%, PRDS +7% of note.
  • Gap Down: BBBY -37%, OCEA -4% of note.

Insider Action: SCWX sees Insider buying with dumb short selling.  No stock 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.

  • Stocks making the biggest premarket moves: KO, FSLR, AI, MDT, BBBY, TSLA, CS, ALB (CNBC)
  • 5 things to know before the stock market opens. (CNBC)
  • 5 Things You Need to Know to Start Your Day. (Bloomberg) 
  • Bloomberg Lead Story: Credit Suisse (CS) Deposit Flight Hit $200 Billion Before UBS Rescue. (Bloomberg)
  • Bloomberg Most Shared Story: Bitcoin ‘Halving’ Due Next Year Spurs Predictions of Rally in Token Past $50,000. (Bloomberg)
  • Hedge Funds Place Biggest Ever Short On Benchmark Treasuries. (Bloomberg)
  • Morgan Stanley sees risks to stocks from earnings, Fed. (Bloomberg)
  • Coca-Cola (KO) beats earnings estimates, fueled by price hikes and higher demand. (CNBC)
  • LVMH becomes the first European company to surpass$500 billion in market value. (CNBC)
  • Foghorn Therapeutics (FHTX) drops -21% in pre-market on pause in cancer trial. (MarketWatch)

Moving Average Update:

  • Score settles at 62%.

Geopolitical: 

  • President’s Public Schedule:
    • The President receives the Presidential Daily Briefing, 9:30 a.m. EDT
    • The President and The Vice President have lunch, 12:00 p.m. EDT
    • Press Briefing by Press Secretary Karine Jean-Pierre and National Security Advisor Jake Sullivan, 1:15 p.m. EDT
    • The President, The First Lady, and the Secretary of Education honor the Council of Chief State School Officers’ 2023 Teachers of the Year, 2:00 p.m. EDT
    • The President meets with Tennessee State Representatives Justin Jones, Justin Pearson, and Gloria Johnson, 3:15 p.m. EDT

Economic:

  • Chicago Fed Activity Index 8:30 a.m. EDT
  • Dallas Fed Mfg Survey 10:30 a.m. EDT

Federal Reserve / Treasury Speakers: None of note.

M&A Activity:

  • Axonics Modulation (AXNX) announced the acquisition of a placement solution from Radian, LLC.
  • Eaton (ETN) Acquires 49% Stake in Jiangsu Ryan Electrical Co. Ltd.
  • Freedom Holding Corp. (FRHC) to acquire the Aviata and Сhocotravel service platforms from Chocofamily Holding for $32.3 million.

Meeting & Conferences of Note:

  • Sellside Conferences: None of note.
      •  Previously posted and ongoing conferences: None of note.
  • Company Meetings: HPQ, ING
  • Fireside Chat: None of note.
  • Investor/Analyst Day/Calls: CARM, DARE, TNYA, VIGL
  • Update: None of note.
  • R&D Day: None of note.
  • Company Event:
    • RE/MAX (RMAX) Global Commercial Symposium.
    • Renault Group Tech Session Software Defined Vehicle Deep dive
  • Industry Meetings:

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:

Previous Day’s Upgrades and Downgrades:

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