Overnight Summary: The S&P 500 closed Thursday at from 4300.17 on Wednesday down -3.56%. Futures have traded lower overnight. The overnight high of 4157was hit at 4:50 p.m. EDT. The low was hit at 4,112.75 at 3:45 a.m. EDT, a range of 45 points high to low which has been a typical range of late with 45 the average. At 7:10 a.m. EDT the current price is 4125.75 which is -0.42% and -17.50 points.
Earnings Out After The Close:
- Beats: CABO +15.09, Y +2.95, XNCR +1.03, RGA +0.95, BCC +0.90, MTD +0.59, UNM +0.57, PFSI +0.49, LYV +0.38, AL +0.37, VIR +0.31, EOG +0.31, PCTY +0.31, AMN +0.26, IRTC +0.26, CWK +0.25, LCID +0.24, RDFN +0.23, CODI +0.23, ENDP +0.22, ZG +0.22, TPIC +0.21, GDOT +0.21, SYNA +0.20, AVLR +0.20, FRG +0.20, GH +0.19, FOXF +0.18, NKTR +0.18, ILMN +0.18, OPEN +0.18, TWST +0.17, AXNX +0.17, TXRH +0.17, VAC +0.17, AOSL +0.16, WW +0.16, PODD +0.16, ATSG +0.16, PBA +0.14, BOOM +0.14, POST +0.14, WWE +0.13, FLT +0.12, FNKO +0.12, MP +0.12, ZIMV +0.12, COLD +0.11, DLB +0.10, MRVI +0.10, BL +0.09, SEM +0.09, USM +0.09, BECN +0.09, RSG +0.09, ALTR +0.08, BILL +0.08, MTZ +0.08, YELP +0.08, PLYA +0.08, NTRA +0.07, HUBS +0.07, APPN +0.07, PGNY +0.07, DRH +0.07, G +0.07, SXI +0.06, GDYN +0.06, AAON +0.06, ALRM +0.06, NFG +0.06, IOVA +0.05, ATGE +0.05, SKT +0.05, CHUY +0.04, PECO +0.04, SHAK +0.04, LASR +0.04, CMBM +0.04, PRDO +0.03, CDK +0.03, VTR +0.03, OLED +0.03, PBYI +0.03, GPRO +0.03, CVET +0.03, CGNX +0.03, RCKT +0.03, OEC +0.03, TWOU +0.02, TDC +0.02, FND +0.02, PBH +0.02, SAIL +0.02, WISH +0.02, PYCR +0.02, KTOS +0.02, CFLT +0.02, VRAY +0.02, CDXS +0.02, LPRO +0.02, ENV +0.02, AVDX +0.01, NWSA +0.01, NLOK +0.01, KWR +0.01, LESL +0.01, NET +0.01, WPM +0.01.
- Flat: CCXI +0.00, CERT +0.00, BBDC +0.00, AMH +0.00, DBX +0.00, AEE +0.00.
- Misses: HCC (0.79), PRI (0.62), CMP (0.57), RARE (0.41), HMN (0.34), DVA (0.26), BE (0.21), MCK (0.21), MAX (0.18), FUBO (0.16), CORT (0.14), CRSR (0.12), INGN (0.11), SG (0.09), ALKT (0.09), CDNA (0.09), TVTX (0.09), MELI (0.09), DNLI (0.08), AES (0.06), DASH (0.06), MDRX (0.06), MNST (0.06), BGS (0.05), VLDR (0.04), FTDR (0.04), SPCE (0.04), CLNE (0.03), CYRX (0.03), SQ (0.02), VRTX (0.02), SGMO (0.01), HTGC (0.01), HTA (0.01), ED (0.01), SPWR (0.01), TVTY (0.01).
- IPOs Priced or News:
- Bausch + Lomb (BLCO – NYSE) prices 35.0 million share IPO at $18.00 per share, below the $21-24 expected range.
- PepGen (PEPG) prices 9.0 million share IPO at $12, below the $13-$15 expected price range.
- New SPACs launched/News:
- Cartesian Growth Corporation II (RENE) Announces Pricing of $200 Million Initial Public Offering.
- Secondaries Priced:
- DBGI: Prices Offering .. 37,389,800 shares @$0.25.
- Notes Priced of note: None of note.
- Common Stock filings/Notes:
- EWTX: Filed Form 424B5.. $125,000,000 Common Stock.
- EVOP: Filed Form S-3ASR.. Stock Shelf.
- Pricing of Over-Allotment/Notes: None of note.
- Direct Offering: None of note.
- Selling Shareholders of note: None of note.
- Private Placement of Public Entity (PIPE): None of note.
- Mixed Shelf Offerings:
- EEFT: Filed Form S-3ASR.. Mixed Security Shelf.
- TTI: Filed Form S-3.. $400 Million Mixed Shelf Offering.
- Telephone and Data (TDS) files mixed securities shelf offering.
- Convertible Offering & Notes Filed:
- GATX: Filed Form S-3ASR.. Debt Securities.
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: BBIG +31, IRTC +28%, FNKO +28%, OPEN +13%, VRAY +11%, CCXI +10%, NTRA +10%, SQ +8%, GDYN +8%, AVLR +8%, DASH +7%, PBH +7%, PBYI +7%, MELI +6%, PGNY +6%, VIR +6%, HUBS +6%, STEM +6%, ATEC +5%, PLYA +4%, BBDC +4%, ATSG +4%, SKT +4%, NOG +4%, TXRH +4%, UNM +4%.
- Trading Down: FTDR -26%, ENDP -21%, PRCT -20%, BILL -17%, NET -10%, FUBO -10%, CGNX -10%, ZG -9%, BE -9%, LESL -9%, CFLT -8%, LAZR -7%, CMP -6%, DVA -6%, DLB -6%, AOSL -5%, PTON -4%.
- News Since The Close:
- Stocks making the biggest moves after hours: DASH, ZG, DBX, SG, LYV, SPCE (CNBC)
- FDA limits use of J&J’s (JNJ) Covid-19 vaccine for adults. (CNBC)
- Peloton (PTON) Seeks Minority Investment to Shore Up Business. (WSJ)
- Zillow (Z) stock falls 9% after disappointing forecast in ‘uncertain’ real-estate environment. (MarketWatch)
- DoorDash (DASH) rises after reporting 35% sales growth. (CNBC)
- Sony: FTC aiming to open investigation into SONY’s $3.6 bln purchase of Bungie Gaming.
- Lockheed Martin (LMT) awarded $370 mln Navy contract modification.
- Teledyne FLIR (TDY) Awarded $500 Million U.S. Army Contract for Family of Weapons Sights-Individual Program.
- Granite (GVA) Wins More Work in Guam with $36 Million Navy Contract.
- Number of Americans hospitalized with COVID-19 tops 18,000, an increase of 15% from last week.
- U.S. COVID update: New cases continue to rise, up 23% from last week – New cases: 76,301 – Average: 69,198 (+2,039) – States reporting: 33/50 – In hospital: 18,214 (+412) – In ICU: 2,127 (+93) – New deaths: 318 – Average: 361 (-13).
- Taiwan Defense Ministry says 18 Chinese air force planes entered Taiwan’s air defense zone on Friday.
- Russian/Ukraine News:
- All-out war on Ukraine? Putin could be gearing up for something big on May 9. (CNBC)
- Russia’s Kremlin: Hostile Rhetoric Coming From Poland, Could Be Source Of Threat. (Reuters)
- Exchange/Listing/Company Reorg and Personnel News:
- Nasdaq Hearing Panel Grants AnPac Bio’s (ANPC) Request to Transfer Securities from The Nasdaq Global Market to The Nasdaq Capital Market.
- Apollo Medical (AMEH) announces departure of Eric Chin as CFO.
- Autohome (ATHM) appoints Mr. Craig Yan Zeng as its CFO.
- Boxed (BOXD) expands leadership team with three key executive hires.
- Definitive Healthcare (DH) has appointed Robert Musslewhite as the company’s next CEO.
- T2 Biosystems (TTOO) Announces Receipt of Nasdaq Delisting Notice.
- Velodyne Lidar (VLDR) appoints Mark Weinswig as CFO.
- Buyback Announcements:
- Eastman (EMN) Announces $500 Million Accelerated Share Repurchase.
- ING Groep (ING) reports Q1 results; starts €380 million share buyback program.
- Standex (SXI) announces new $100 million share repurchase authorization.
- ZG: Our Board of Directors has approved an additional $1 billion share repurchase authorization. We have approximately $100 million remaining under the previously approved $750 million share repurchase authorization.
- Stock Splits: None of note.
- Dividends Announcements:
- Boise Cascade (BCC) declares supplemental dividend of $2.50 per share.
- Diamondrock Hospitality (DRH) expects to recommence the quarterly dividend on its common shares beginning in Q3 of 2022.
- Enerplus (ERF) announces a 30% dividend increase effective with the June 2022 dividend payment
- Murphy USA (MUSA) increases quarterly cash dividend $0.02 to $0.31 per share.
- PFSI Board of Directors declared a first quarter cash dividend of $0.20 per share.
- RLI Corp (RLI) increases quarterly cash dividend $0.01 to $0.26 per share.
- Universal Display (OLED) announced a second quarter cash dividend of $0.30 per share on the Company’s common stock.
What’s Happening This Morning: Futures value reflects the change with fair value.
S&P 500 -21, Dow Jones -129, NASDAQ -80, and Russell 2000 -7. Europe lower and Asian lower ex Nikkei. VIX Futures are at 31.75 from 26.40 yesterday morning and the VIX closed at 31.20 from 25.42 on Thursday. Gold and Silver higher with Copper lower. WTI Crude Oil and Brent Oil Futures higher with Natural Gas higher. $ is lower vs Euro, lower vs Pound and higher vs Yen. US 10 year Treasury sees yields at 3.091% from 2.939% yesterday. Bitcoin is at$35,797 from $39,538 yesterday morning and is lower by -0.71% this morning. As of 8:02 a.m. EDT.
Sector Action – 05/05/22 Close:
- Daily Positive Sectors: None of note.
- Daily Negative Sectors: All – but the following stood out: Consumer Cyclical, Techonolgy, Communication Services, Basic Materials, Financial, Industrials of note.
- One Month Winners: Consumer Defensive of note.
- Three Month Winners: Energy, Utilities and Basic Materials of note.
- Six Month Winners: Energy, Basic Materials, Utilities of note.
- Twelve Month Winners: Energy, Utilities, and Consumer Defensive of note.
- Year to Date Winners: Energy of note.
Nothing positive to note about this day….can’t put lipstick on a pig. It was ugly. Updated 05/05/22 close.
Upcoming Earnings Of Note: (sorted by market cap, highest to lowest with most visible names)
- Friday After the Close: BLDP, WPRT of note.
- Monday Before the Open: DUK, BNTX, TSN, TTD, PLTR, VTRS, JLL, CLVT, ACM, DINO, RCM, BHVN, COTY, TWKS, HGV, TGNA, ATHM, MAC, THS, HSKA, CRNC, RDNT, RETA, RCKT, RIDE of note.
Earnings of Note This Morning:
- Beats: NRG +6.54, CI +0.83, TAC +0.56, SR +0.31, GT +0.16, GTN +0.15, TILE +0.12, IMGN +0.11, PRLB +0.10, BEP +0.07, SSP +0.05, ACMR +0.05, FYBR +0.03, SPB +0.03, EAF +0.03.
- Flat: TU +0.00.
- Misses: ESNT (0.26), PACK (0.16), CNK (0.14), UAA (0.11), QRTEA (0.10), ECOM (0.09), DISH (0.07), FLR (0.06), ENB (0.01).
- Still to Report: AXL, ABR, ROAD, DKNG, IEP, KOP, FLOW.
- Positive Guidance: AAWW, NSIT, IDCC, ADTN, AXNX, PCTY, FLT, OPEN, BILL, NET, ZIMV, NTRA, FNKO, MTD, LESL, CFLT, BGS, PYCR, UNM, BL, AMN, AVLR, GDOT, BOOM, PRDO, ALKT, IRTC, ATGE, AVDX, CYRX, PECO, PRCT, ATEC, DBX, GDYN, TILE, CI, GTN of note.
- Negative Guidance: SWI, CRSR, WW, CMBM, SHAK, VLDR, MCK, CGNX, FTDR, ZG, TDC, HUBS, DLB, ENV, MAX, FUBO, PGNY, LASR, MTZ, IHRT, ENDP, NLOK, VTR, ECOM of note.
Erlanger Research Advance/Decline Chart: Updated through 05/05/22 close.
Gap Ups & Down In Early Pre-Market:
- Gap Up: BBIG 33%, IRTC 24%, FNKO 22%, OPEN 14%, CCXI 13%, HYZN 10%, GDYN 10%, TWST 9%, ATEC 9%, VRAY 9%, AVLR 8%, PGNY 8%, G 8%, PLYA 8%, TPIC 8%, PBH 7%, PBYI 7%, FLT 7%, DASH 7%, LFG 7%, MELI 6%, SG 6%, SQ 6%, BBDC 5%, ZIMV 5%, DAR 5%, WWE 5%, ATSG 4%, AMH 4%, WW 4%.
- Gap Down: FTDR -21%, BILL -18%, FUBO -18%, ENDP -12%, ZG -11%, AOSL -11%, MAX -10%, NET -9%, PRI -9%, BE -8%, CMP -8%, DVA -7%, DLB -7%, CGNX -7%, CRSR -6%, LAZR -6%, PFSI -5%, VAC -5%, MTZ -5%, CDXS -5%, NLOK -5%, LESL -4%, TDC -4%, GPRO -4%.
Insider Action: No stock sees Insider buying with dumb short selling. GHL sees Insider buying with smart short sellers. 05/05/22 close.
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 Moves: UAA, CI, DKNG, SPCE, SQ, SHAK (CNBC)
- Five Things You Need to Know to Start Your Day. (Bloomberg)
- Chinese President Xi confirmed zero policy on Covid-19. (FT)
- French Central Bank Executive Francois Villeroy de Galhau said European rates will get back to positive by year end. (Reuters)
- U.S. Dollar hitting a 20 year high. (Reuters)
- Zillow CEO Rich Barton says housing market is “softening, full stop”, during a conference call. (Bloomberg)
- U.S. officials in China for audit deal discussions. (Reuters)
- Robinhood Snacks looks at eCommerce stocks down as shoppers slow spending. Shell made a record $9.1 Billion despite a $4 billion loss in leaving Russia.
Moving Average Update:
- Boom goes the dynamite (other way now)! Score flat lines at 0% again. Updated 05/05/22 close.
- President’s Public Schedule:
- The President departs the White House en route Joint Base Andrews, 11:10 a.m. EDT
- The President departs Joint Base Andrews en route Hebron, Kentucky, 11:30 a.m. EDT
- The President arrives in Hebron, Kentucky, 1:00 p.m. EDT
- The President meets with manufacturing leaders, sees new additive manufacturing technologies at work, 3:00 p.m. EDT
- The President delivers remarks calling on Congress to pass legislation like the Bipartisan Innovation Act, which will create good-paying jobs, boost domestic manufacturing, and lower prices for working families, 3:45 p.m. EDT
- The President departs Hebron, Kentucky en route New Castle, Delaware, 5:30 p.m. EDT
- The President arrives in New Castle, Delaware, 6:55 p.m. EDT
- April Nonfarm Payrolls are due out at 8:30 a.m. EDT and expected to fall to 395,000 from 431,000.
- April Unemployment Rate is due out at 8:30 a.m. EDT as well and is expected to remain 3.60%.
- Baker Hughes Rig Count 1:00 p.m. EDT
- Consumer Credit 3:00 p.m. EDT
Federal Reserve Speakers:
- Federal Reserve New York President John Williams 9:15 a.m. EDT
- Federal Reserve Minneapolis President Neel Kashkari 11:00 a.m. EDT
- Federal Research Atlanta President Raphael Bostic 3:20 p.m. EDT
- Federal Research Board of Governors Christopher Waller 7:15 p.m. EDT
- Federal Reserve St. Louis President James Bullard 7:15 p.m. EDT.
- Federal Reserve San Francisco President Mary Daly 8:00 p.m. EDT
Meeting & Conferences of Note:
- Sellside Conferences:
- DA Davidson Financial Institutions Conference
- Previously Announced Conferences:
- Piper Special District Conference
- Santander’s 22nd Annual Mexico “Cinco de Mayo” Conference 2022 (05/05/22-05/06/22)
- D.A. Davidson 24th Annual Financial Institutions Conference 2022 (05/04/22-05/06/22)
- European Small and Mid Cap Symposium 2022 (05/03/22-05/06/22)
- Company Meetings: CL, CMS, DOV, ETR, ITW, LEV, MAN, MAR, PIPR, PRGO, R, THC.
- Fireside Chat: None of note.
- Investor/Analyst Day/Calls: OSK.
- Update: None of note.
- R&D Day: None of note.
- Company Event: None of note.
- Industry Meetings:
- American Association of Immunologists (AAI) IMMUNOLOGY2022 (05/06/22-05/10/22)
- 2022 American College of Obstetricians and Gynecologists Annual Meeting (05/06/22-05/07/22)
- Previously Posted and Ongoing Conferences:
- International Society for Cell and Gene Therapy (ISCT) Annual Meeting 2022 (05/04/22-05/07/22)
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: