Meeting & Conferences of Note:
CAPIS Morning Note – 04/29/22: Up Thursday, Down Friday, and Potentially Another Down Week Based On Pre-Market
Overnight Summary: The S&P 500 closed Thursday at 4287.50 up 2.47% from 4183.90 on Wednesday. Futures have traded lower overnight but are off their low but not by much. The overnight high of 4280 was hit at 2:40 a.m. EDT. The low was hit at 4,235.50 at 6:00 p.m. EDT, a range of 453 points…
Overnight Summary: The S&P 500 closed Thursday at 4287.50 up 2.47% from 4183.90 on Wednesday. Futures have traded lower overnight but are off their low but not by much. The overnight high of 4280 was hit at 2:40 a.m. EDT. The low was hit at 4,235.50 at 6:00 p.m. EDT, a range of 453 points high to low. At 7:25 a.m. EDT the current price is 4242.50 which is -0.96% and -41.25 points.
Earnings Out After The Close:
- Beats: WIRE +5.02, BIO +1.83, CSL +1.79, COOP +1.32, HUBG +1.09, CE +1.03, MHK +0.87, BZH +0.40, ROG +0.39, TFII +0.38, SSB +0.38, SKYW +0.36, PEGA +0.33, MERC +0.32, GILD +0.31, KLAC +0.31, TEX +0.27, AEM +0.23, ACA +0.20, SGEN +0.20, COLM +0.18, WFG +0.18, ETD +0.17, WDC +0.16, TEAM +0.15, OMCL +0.15, OLN +0.14, CINF +0.13, ATUS +0.13, OMF +0.13, MTX +0.11, EBS +0.11, KNSL +0.11, HIG +0.11, COHU +0.10, X +0.10, AAPL +0.09, FIVN +0.09, SPSC +0.08, WU +0.08, EVTC +0.08, INTC +0.08, LHX +0.07, NPTN +0.07, PFG +0.07, POWI +0.06, AX +0.06, AJG +0.05, LNT +0.05, MGRC +0.05, FBHS +0.05, KN +0.05, EXPO +0.04, OSIS +0.04, MITK +0.04, FSLR +0.03, SWN +0.03, SYK +0.03, AVTR +0.02, GLPI +0.02, ENSG +0.02, DLR +0.02, CAMP +0.02, ROKU +0.02, AMK +0.01, OFC +0.01, CPT +0.01, SM +0.01, CWST +0.01, ECVT +0.01.
- Flat: RMAX +0.00, CUBE +0.00, LTC +0.00, CUZ +0.00, ATR +0.00, SSNC +0.00.
- Misses: AMZN (16.06), FTAI (2.23), FIBK (0.56), LYLT (0.26), CASH (0.24), DXCM (0.20), ACCD (0.18), LPLA (0.17), RMD (0.12), HOOD (0.10), IMAX (0.10), DRQ (0.09), ULCC (0.08), VRSN (0.07), NOV (0.07), FHI (0.06), TRUP (0.05), ZEN (0.03), EMN (0.03), SHLX (0.02), NATI (0.02), OIS (0.02), LMAT (0.01), NWE (0.01).
- IPOs Priced or News: None of note.
- New SPACs launched/News:
- Spring Valley Acquisition Corp. (SV) Shareholders Approve Business Combination with NuScale Power.
- Secondaries Priced:
- NKTX: Closing of Upsized Public Offering of Common Stock and Underwriters’ Full Exercise of Option to Purchase Additional Shares.
- Sono Group N.V. (SEV) prices follow-on offering of 10 mln ordinary shares at $4.00 per share.
- Notes Priced of note:
- Waste Management (WM) Announces Pricing of $1 Billion Senior Notes.
- Common Stock filings/Notes:
- CWT: Filed Form S-3ASR — Common Stock.
- GLYC: Filed Form 424B5.. $100,000,000 Common Stock.
- Liberty Oilfield Services (LBRT) commences underwritten public secondary offering of 14.5 mln shares of its Class A common stock by Schlumberger Technology Corporation.
- Pricing of Over-Allotment/Notes: None of note.
- Direct Offering: None of note.
- Selling Shareholders of note:
- 2seventy bio (TSVT) files for 13,934,427 share common stock offering by selling shareholders.
- Liberty Energy Inc. (LBRT) Announces Secondary Offering of Class A Common Stock by Selling Stockholder
- Private Placement of Public Entity (PIPE): None of note.
- Mixed Shelf Offerings:
- Helmerich & Payne (HP) files mixed securities shelf offering.
- Convertible Offering & Notes Filed:
- STORE Capital (STOR) Announces $600 Million Long-Term Debt Financing at a Fixed Rate of 3.68%.
- Abeona Therapeutics (ABEO) Announces Pricing of $25 Million Private Placement of Convertible Redeemable Preferred Stock.
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:
- Trading Up: FNCH 36%, ZYME 34%, INFU 12%, HUBG 11%, MHK 11%, TPH 7%, NARI 6%, FBHS 5%, BZH 5%, CE 5%, OLN 5%, CVGI 4%, MERC 4%, FIVN 4%.
- Trading Down: ACCD -30%, TRUP -13%, HOOD -11%, EBS -10%, NATI -10%, AMZN -9%, TEAM -7%, ALDX -6%, CENX -5%, WFG -4%, IMAX -4%, INTC -4%.
- News Since The Close:
- Stocks making the biggest moves after hours: AMZN, AAPL, HOOD, INTC, WDC, ROKU, MHK (CNBC)
- Tesla (TSLA) CEO Elon Musk Plans to Buy Twitter (TWTR). Senate Democrats Have Some Questions. (Bloomberg)
- Amazon (AMZN) Posts First Quarterly Loss Since 2015 as Costs, Rivian (RIVN) Stake Weigh on Results. (WSJ)
- Amazon (AMZN) takes $7.6 billion loss on Rivian (RIVN) stake after EV company’s stock plunge.
- Apple (AAPL) Says Covid-19 Lockdowns in China Loom Over Sales. (WSJ)
- Intel (INTC) beats but offers disappointing guidance. (CNBC)
- Robinhood (HOOD) shares fall as retail brokerage reports shrinking revenue, fewer active users. (CNBC)
- Goldman (GS) sees Yen Falling Further With Or Without Intervention. (Bloomberg)
- Goldman (GS) Offers Its First Bitcoin-Backed Loan in Crypto Push. (Bloomberg)
- Senator Joe Manchin (D -WV) Says ‘Ludicrous’ Electric Vehicle Tax Credit Not Needed. (Bloomberg)
- North Korea preparing for first nuclear test since 2017, warn experts. (FT)
- Russian/Ukraine News:
- Explosions Rock Kyiv Again As Russians Rain Fire On Ukraine. (AP)
- Russian Central Bank says cutting key interest rate to 14% from 17% from May 4. (AFP)
- President Biden Seeks New Aid for Ukraine as Russia Makes Slow Progress in Seizing East. (WSJ)
- Ukrainian Forces Get Crash Course on Javelin Missiles from U.S. Volunteers. (WSJ)
- China Calls Russia Relationship a ‘New Model’ for the World.
- Alarmed by Russia’s Invasion, Europe Rethinks Its China Ties.
- Exchange/Listing/Company Reorg and Personnel News:
- Inari Medical (NARI) to join S&P MidCap 400 and Tri Pointe Homes (TPH) to join S&P SmallCap 600.
- Aldeyra Therapeutics (ALDX) announces that Chief Financial Officer and Treasurer Joshua Reed tendered his resignation to pursue other career opportunities.
- Astrea Acquisition Corp. (ASAX) Receives NASDAQ Notification of Non-Compliance With Listing Rules.
- Ecovyst (ECVT) Announces Kurt Bitting as New Chief Executive Officer and Kevin Fogarty as New Chairman of the Board of Directors.
- Fortune Brands Home & Security (FBHS) intends to split into two publicly traded companies.
- iRhythm (IRTC) announces that Mintu Turakhia will join iRhythm in the new role of Chief Medical Officer and Chief Scientific Officer.
- Omega Therapeutics (OMGA) appoints Joshua Reed as Chief Financial Officer.
- Papa John’s (PZZA) announces the retirement of Chief Operating Officer, International.
- SmartRent (SMRT) announces the appointment of Hiroshi Okamoto as chief financial officer.
- Tantech (TANH) Receives NASDAQ Notification Regarding Minimum Bid Requirements.
- Buyback Announcements:
- AAPL The board of directors has also authorized an increase of $90 billion to the existing share repurchase program.
- Columbia Sportswear Company (COLM) Announces $500 Million Increase to Stock Repurchase Authorization.
- Ecovyst (ECVT) Announces Share Repurchase Program.
- Knowles (KN) adds $150 million to its existing stock repurchase program.
- Novo Nordisk A/S (NVO): The ongoing share repurchase program is expanded by DKK 2 billion to DKK 24 billion.
- Phillips 66 (PSX) Announces Resumption of Share Repurchases.
- Provident Financial Holdings (PROV) Announces New Stock Repurchase Plan.
- XOM: Announced increase in share repurchase program up to a total of $30 billion through 2023.
- Stock Splits: None of note.
- Dividends Announcements:
- AAPL Board of directors has declared a cash dividend of $0.23 per share of the Company’s common stock, an increase of 5 percent.
- Agnico Eagle’s (AEM) Board of Directors has declared a quarterly cash dividend of $0.40 per common share.
- Avery Dennison (AVY) increases quarterly dividend $0.07 to $0.75 per share.
- FTAI: Board Declares Dividend of $0.33 per Common Share.
- Marathon Oil (MRO) increases quarterly base dividend $0.01 to $0.08 per share.
- Parker-Hannifin (PH) increases quarterly cash dividend $0.30 to $1.33 per share.
- Sysco (SYY) increases quarterly cash dividend $0.02 to $0.49 per share.
- TC Energy (TRP) Declared a quarterly dividend of $0.90 per common share.
What’s Happening This Morning: Futures value reflects the change with fair value.
S&P 500 -40, Dow Jones -143, NASDAQ -186, and Russell 2000 -10. Europe higher and Asian higher. VIX Futures are at 29.65 from 27.50 yesterday morning and the VIX closed at 33.52 from 27.02 on Monday. Gold, Silver and Copper higher. WTI Crude Oil and Brent Oil Futures higher with Natural Gas lower. $ is lower vs Euro, lower vs Pound and lower vs Yen. US 10 year Treasury sees yields at 2.868% from 2.819%. Bitcoin is at $38,825 from $39,630 yesterday morning and is lower by -3.12% this morning. As of 8:09 a.m. EDT.
Sector Action – 04/28/22 Close:
- Daily Positive Sectors: Technology, Communication Services, Energy, Consumer Cyclical, Real Estate, Financial, Basic Materials Consumer Defensive, Industrials, Utilities, Healthcare of note.
- Daily Negative Sectors: None of note.
- One Month Winners: Real Estate, Consumer Defensive, and Utilities of note.
- Three Month Winners: Energy, Utilities and Basic Materials of note.
- Six Month Winners: Energy, Consumer Defensive, Utilities of note.
- Twelve Month Winners: Energy, Utilities, and Real Estate of note.
- Year to Date Winners: Energy, Utilities, and Basic Materials of note.
Tech stocks lead the way as all indexes bounced. FB started the charge in the morning with a view of growth. NDX jumped 3.48%. UNG was down 5.32%. Updated 04/28/22 close.
Upcoming Earnings Of Note: (sorted by market cap, highest to lowest with most visible names)
- Friday After the Close: None of note.
- Monday Before the Open: MCO, EPD, LHX, GPN, WEC, ON, CNA, SAIA, AMG, PK, TKR, SIX, ITRI, FSS, NPO, JELD, GPRE, AKTS of note.
Earnings of Note This Morning:
- Beats: ARCB +0.95, PIPR +0.62, LNTH +0.51, LYB +0.45, CRI +0.27, CHTR +0.24, AZN +0.21, MOG.A +0.21, MGA +0.18, SLCA +0.12, WPC +0.11, GTLS +0.10, NWL +0.09, WY +0.08, BMY +0.07, BLMN +0.06, AB +0.06, NVT +0.06, SXT +0.05, SYNH +0.05, PSX +0.05, CBOE +0.05, HON +0.05, PFS +0.03, AON +0.02, ABBV +0.02, TRP +0.01, WETF +0.01, B +0.01.
- Flat: None of note.
- Misses: XOM (0.16), CVX (0.08), IMO (0.03), CL (0.01).
- Still to Report: NMRK.
- Positive Guidance: GWW, ITGR, FIVN, FSLR, FBHS, EVTC, BZH, CPT, CE, HUBG, CWST, LYLT, ECVT, GTLS, NVT, SXT, LNTH, BLMN of note.
- Negative Guidance: NATI, AMZN, ROKU, SGEN, ACCD, WU, RMAX, KN, LMAT, CRI of note.
Erlanger Research Advance/Decline Chart: Updated through 04/27/22 close.
Gap Ups & Down In Early Pre-Market:
- Gap Up: ZYME +48%, FNCH +36%, HUBG +16%, MHK +10%, FIVN +7%, CVGI 7%, IMAB +6%, TPH +6%, NARI +6%, ROKU +5%, CE +5%, BZH +5%, TEX +4%, TFII +4%, MERC +4%, AVTR +4%, COOP +4%, WIRE +4%, FBHS +4%, MITK +4%.
- Gap Down: ACCD -36%, HOOD -11%, ALDX -11%, TRUP -10%, NATI -9%, AMZN -8%, SEV -8%, TEAM -6%, COLM -6%, CENX -5%, LYLT -5%, NWG -5%, CINF -5%, TSVT -5%, VRSN -4%, EBS -4%, DXCM -4%, IMAX -4%.
Insider Action: SPRO, HMTV, WBD, HBAN sees Insider buying with dumb short selling. BCOV, NKTX sees Insider buying with smart short sellers. 04/28/22 close.
Rags & Mags: Repeated stories from prior days never listed, i.e. “rehashed news”. Sorted by Global, U.S. and stock specific.
- Five Things You Need to Know to Start Your Day. (Bloomberg)
- Ukranian President Zelensky wants a strong response to shelling of Kyiv yesterday. (Guardian)
- Federal Reserve may be done raising rates as soon as they start. (Bloomberg)
- Tesla (TSLA) recalls some Model 3s in China. (Reuters)
- Solar industry to face a slowdown over supply chain issues. (Reuters)
- Robinhood Snacks looks at Apple (AAPL) earnings. Carvana (CVNA) gets funding as it struggles.
Moving Average Update:
- We got a row of green! Score gets off the mat at 20%. Updated 04/28/22 close.
- President’s Public Schedule:
- The President receives the President’s Daily Brief, 10:15 a.m. EDT
- The President holds a phone call with President Andrés Manuel López Obrador of Mexico to discuss North America priorities for the region, 1:00 p.m. EDT
- Press Briefing by Press Secretary Jen Psaki, 2:00 p.m. EDT
- The President joins a meeting with Inspectors General to discuss his long-standing commitment to oversight, accountability, and transparency when delivering results for all Americans, 3:15 p.m. EDT
- March Personal Income is due out at 8:30 a.m. EDT and expected to fall to 0.4% from 0.5%.
- PCE Prices – Core is due out at 8:30 a.m. EDT and is expected to fall to 0.3% from 0.4%.
- April Chicago PMI is due out at 9:45 a.m. EDT and is expected to fall to 62% from 62.9%.
- April University of Michigan Consumer Sentiment -Final is due out 10:00 a.m. EDT and expected to remain at 65.7%.
- Baker Hughes Rig Count 1:00 p.m. EDT
- Farm Prices 3:00 p.m. EDT
Federal Reserve Speakers:
- None of note.
- Archaea Energy (LFG) subsidiary agrees to acquire NextGen Power for $215 million in cash.
- Beacon (BECN) Announces Acquisition of Wichita Falls Builders Wholesale.
- GTY Technology Holdings Inc. (GTYH) Enters Agreement to be Acquired by GI Partners.
- Redwood Trust (RWT) agrees to acquire Riverbend Funding.
- Timken (TKR) to acquire Spinea, s.r.o., a European manufacturer of highly engineered cycloidal reduction gears and actuators.
- Zymeworks (ZYME): All Blue Falcons confirms non-binding proposal to acquire company for $10.50 per Share in cash.
- Sellside Conferences:
- Deutsche Bank AG Q1 2022 Conference Call for Fixed Income investors
- Previously Announced Conferences:
- UBS Asia Healthcare Virtual Conference 2022 (04/27/22-04/29/22)
- Previously Announced Conferences:
- Deutsche Bank AG Q1 2022 Conference Call for Fixed Income investors
- Company Meetings: ABT, AEM, AFYA, ASML, BA, DISH, K.
- Fireside Chat: None of note.
- Investor/Analyst Day/Calls: CRTG, GVDNY.
- Update: Rezolute (RZLT) Conference Call on Data Presented at Pediatric Endocrine Society Meeting (05/01/22).
- R&D Day: None of note.
- Company Event: Berkshire Hathaway Inc (BRK.A and BRK.B). question and answer business meeting (04/30/22)
- Industry Meetings:
- National Black Nurse Practitioner Association (NBNPA) 3rd Annual Educational Conference 2022 (04/29/22-04/30/22)
- The Association for Research in Vision and Ophthalmology ARVO 2022 (05/01/22-05/04/22)
- Milken Institute Global Conference 2022 (05/01/22-05/04/22)
- Previously Posted and Ongoing Conferences:
- Society of Biological Psychiatry (SOBP) Annual Meeting 2022 (04/28/22-04/30/22)
- Ms. Medicine Women’s Health Matters Conference 2022 (04/28/22-04/30/22)
- International Conference on Fatty Liver (04/28/22-04/30/22)
- Pediatric Endocrine Society Annual Meeting 2022 (04/28/22-05/01/22)
- Previously Posted and Ongoing Conferences:
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: