CAPIS Morning Note – 05/13/26: PPI Out at 8:30 a.m. EDT, Stocks Rebound Into Number.

Overnight Summary and Early Morning Trading: The S&P 500 finished Tuesday lower by -0.16% at 7400.96 from Monday higher by 0.19% at 7412.84. The S&P 500 sees support now at 7400 from 7300. Resistance is now at 7500 from 7400. In the last two months, support has moved from 6300 to 7400. S&P 500 hit […]

Overnight Summary and Early Morning Trading: 

  • The S&P 500 finished Tuesday lower by -0.16% at 7400.96 from Monday higher by 0.19% at 7412.84.
  • The S&P 500 sees support now at 7400 from 7300. Resistance is now at 7500 from 7400. In the last two months, support has moved from 6300 to 7400.
  • S&P 500 hit its 16th All-Time Closing High of 2026 on Monday.
  • Futures are higher this morning by +17 higher by +0.23% at 7443.50 on the SP 500 at 6:20 a.m. EDT.
  • Bond Market is lower today on price with the 10-Year Yield at 4.465% from 4.429%.

Executive Summary:

  • Stocks had a sixth up week, with the S&P 500 gaining 16.17% in the last six weeks. We are now up 6.03% since the peak in January on the S&P 500 as of last Friday’s close.
  • U.S. moves into Week 12 of its attack on Iran. Key to this week is to see if an end to the war can be negotiated before Trump heads to China.
  • Trump lands in China and begins a couple days of meetings with Xi and his team.
  • Economic news of note.
    • Weekly – Crude Oil Inventories and MBA Mortgage Appplications of note.
    • Monthly – PPI of note.
  • Fed Speakers of Note today:  Collins 11:30a.m. EDT, Kashkari 1:15 p.m. EDT and Logan 7:00 p.m. EDT.
  • Treasury 30 Year Auction at 1:00 p.m. EDT.
  • President Trump’s schedule:
    • President Trump arrives in Beijing, China.
    • Participates in Executive Time at 8:00 p.m. EDT.
    • Participates in a Greeting with Chinese President Xi at 10:00 p.m. EDT.
    • Participates in a Bilateral Meeting with Chinese President Xi at 10:15 p.m. EDT.

Notable Earnings Out After The Close: 

  • Beats:  FNV +0.27, MAZE +0.13, NXT +0.13, REZI +0.05, ATRO+0.03, BGS +0.03, RZLT +0.02 of note. 
  • Misses: ANDG -0.41, QXO -.02, KRM -0.01 of note. 
  • Flat: RGTI of note.

Capital Raises:

  • IPOs For The Week: AVLN BWGC PS RIKU SBMT of note.
  • New IPOs/SPACs launched/News: IPOs Ahead This Week: Cerebras Systems said to target up to $4 billion raised in IPO.
  • IPOs Filed/Priced: None of note.
  • Secondaries Filed Or Priced:
    • REI announces proposed public offering of $60 mln shares of common stock.
    • RCAT announces proposed public offering of $200 mln shares of common stock.
    • AEP announces the commencement of a registered underwritten offering of $2,600,000,000 of shares of its common stock.
    • ACHV: FORM S-3 – 49,418,069 Shares of Common Stock – 100,500 Shares of Common Stock Underlying Pre-Funded Warrants
    • AMST: Form S-1.. Up to 4,836,245 Shares of Common Stock
    • SBFM: FORM S-1 – Up to 5,825,242 Shares of Common Stock underlying the Pre-Funded Warrants – Up to 23,300,968 Shares of Common Stock underlying the Series C Warrants
    • WLDS: FORM F-3 – Up to 5,082,873 Ordinary Shares
  • Notes Filed Or Priced:
    • FTV – Pricing of Offering of Senior Notes
    • MCY: Form S-3ASR.. Debt Securities
    • MUSA – Announces Pricing of Notes Offering
  • Convertible Offerings Filed or Priced:
    • MIRM announces proposed $600 mln convertible senior notes offering.
  • Private Placement: None of note.
  • Direct Offering: None of note.
  • Exchangeable Subordinate Voting Shares: None of note.
  • Private Placements:
  • Selling Shareholders:
    • ACHV files for 99,037,138 share common stock offering by selling stockholders.
    • HYPR files for 1,083,335 share common stock offering by selling securityholders. 
    • PROF files for 921,428 share common stock offering by selling shareholders.
    • FLNC – Pricing of Secondary Offering of Class A Common Stock by Existing Controlling Stockholders
  • Mixed Shelf Offerings:
    • RCAT files mixed securities shelf offering.
    • BELFB files mixed securities shelf offering.
    • PALI files for $300 mln mixed securities shelf offering.
    • CODX: Form S-3.. $150,000,000 Mixed Shelf

After The Close:

  • Anthropic reportedly looking to raise $30 bln at a $900 bln valuation. (Bloomberg)
  • Copper prices at all time high. (MarketWatch)
  • Delay in 10-Q Filings: DAN GNE NFE GENC  

Tuesday’s Winners: SLS +19.3%, VELO +19.1%, NXT +9.7%,  AIP +6.4%, HYLN +5.2%, ELMD +5.1%, BGS +4%  

Tuesday Losers: QUIK -16.6%, TLSI -13.3%, INR -11%, KRMN -10.6%,  NCMI -6.2%, OKLO -2.6%.

Executive, Corporate Changes:

  • QTRX announces that Vandana Sriram, its Chief Financial Officer will depart the Company. A search for her successor is ongoing, and Ms. Sriram will continue as CFO through June 15, 2026, to ensure continuity and a successful transition.
  • ALHC names CEO John Kao Chairman, Shane Hochradel as COO.

Buybacks:

  • IIIV approves $100 mln share repurchase program.

Dividend Announcements:

  • Top Names Ex-Dividend Wednesday: ED MT ST WT AER OWL PHG TGT URI CAKE FTAI KVUE PAYX PCAR SCCO WELL of note.
  • Top Names Ex-Dividend Thursday:  of note.
  • PKG announces a 20% increase in cash dividend for an annual payout of $6.00 per share from $5.00 per share.
  • BGS reduces quarterly dividend to $0.095/sh from $0.19/sh

What’s Happening This Morning: (as of 7:45 a.m. EDT)

  • Futures S&P 500+17, NASDAQ 100 +220, Dow Jones -138. Europe is higher ex France while Asia is higher ex Australia. Bond yield is at 4.465% from 4.429% on the 10-Year. Crude Oil is lower and Brent Crude is higher with Natural Gas lower. Gold, Silver and Copper are higher. The U.S. Dollar is higher versus the Euro, higher against the Pound and higher against the Yen. Bitcoin is at $80.807 higher by +0.04% up by $31 from $80,668 lower by -1.56%  down by $-1277.

Sector Action: 

  • Daily Positive Sectors: Healthcare, Consumer Defensive, Energy and Financials were higher. 
  • Daily Negative Sectors: Technology, Consumer Cyclicals, Industrials and Utilities.
  • One Month Winners: Technology, Communication Services, Consumer Defensive, Healthcare and Real Estate 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.

  • Thursday Before The Open:

Notable Earnings of Note This Morning: 

  • Beat: VSH+0.03, DT +0.02, EYE +0.02, GLBE +0.01, KRBT +0.01, TSEM +0.01 of note. 
  • Missed: BABA -5.52, WIXL -0.49, BIRK -0.09 of note. 
  • Flat:  None of note.
  • Still to Report: Several of note.

Company Earnings Guidance: 

  • Positive Guidance: After The Close & This Morning –  DT KRNT TSEM ATRO of note.
  • Mixed – None of none.B
  • Negative or Mixed Guidance: After The Close & This Morning – ANDG NXT REZI of note.

Advance/Decline Daily Update:

Gap Ups & Down In Early Pre-Market: (+2% or down more than -2%): 

  • Gap Up: EOSE +32.7%, VELO +23.5%, AIP +20.5%, SLS +15.9%, HQI +14.1%, NXT +13.7%, BRSL +10.5%, ANDG +8.8%, CPA +8.7%, PSNL +7.6%, CMPS +7.3%, GLBE +6%, ICL +5.8%, ORLA +4.5%, IPHA +4.4%, VYGR +4.1%, EYE +4%, XWIN +3.8%, FLNC +3.7%, TRMD +3.5%, MAZE +3.3%, ELMD +3%, TII +3%, VEON +2.9%, SOPH +2.8%, GYRE +2.7% of note.
  • Gap Down: REI -19.1%, WIX -14.3%, TLSI -13.7%, RCAT -11.4%, REZI -9.4%, DT -8.3%, BIRK -6.8%, ELVR -6.3%, QUIK -6.2%, KRMN -5.4%, HIW -4.5%, AEP -3.7%, INR -3.5%, ATRO -3.5%, BELFB -3.4%, AVR -3.1%, GENC -3%, ACHV -2.3%, HYPR -2.3%of note.
  • of note.

Insider Action: HSIC HUBS NCLH sees Insider Buying with dumb short selling. BSM LILA see Insider Buying with smart short sellers. Above $100,000 in purchases with high shorts but no history: LODE of note.

Other Trading Action: 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: China’s Two Billion Feet Are Running From Nike. (WSJ)
  • NY Times Lead Story: Iran’s Military is Stronger Than Trump Claims. (NYT)
  • USA Today:  Most Cars Cost Over $49,000. (USA Today)
  • Bloomberg: Nvidia CEO Joins Trump in China at Last Minute. (Bloomberg)

Economic & Geopolitical:

  • Federal Reserve Speakers of note today:
    • Federal Reserve New York President John Williams spoke at 3:15 a.m. EDT.
    • Federal Reserve Chicago President Austan Goolsbee speaks at 1:00 p.m. EDT.
  • President Trump’s schedule for today:
    • President Trump arrives in Beijing, China.
    • Participates in Executive Time at 8:00 p.m. EDT.
    • Participates in a Greeting with Chinese President Xi at 10:00 p.m. EDT.
    • Participates in a Bilateral Meeting with Chinese President Xi at 10:15 p.m. EDT.
  • Economic Data Out –
    • Weekly –
      • Crude Oil Inventories out at 10:30 a.m. EDT of note.
      • MBA Mortgage Applications are due out at 7:00 a.m. EDT.
    • Monthly –
      • April PPI is due out at 8:30 a.m. EDT and is expected to fall to 0.4% from 0.5%.

M&A Activity & Daily: None of note.

Moving Average Table: 93% from 100% of Equities are Positive, and 0% from 8% Bonds are Positive. 

Meeting & Conferences of Note:

  • Sellside Conferences:
    • BAC Healthcare Conference
    • BAC Global Metals, Mining and Steel Conference
    • BAC Industrials, Transportation & Airlines Conference
    • BMO Global Farm to Market Conference
    • BMO North American Real Estate Conference
    • Canaccord The Nuclear Nexus:
    • Evercore Private Markets Forum
    • Houlihan Lokey Global Conference
    • MoffettNathanson Media, Internet & Communications Conference
    • Needham Technology, Media, & Consumer Conference
    • WFC Financial Services Investor Conference
    • Wolfe Badishkanian Small Group May Conference
  • Top Analyst, Investor: AMD FSLR GSAT INTC KMI PPL SO SPG SWKS U of note.
  • Shareholder Meetings: ASTE CPAY EXLS FLEX MAS of note.
  • Fireside Chat: None of note.
  • FDA Presentation: None of note.
  • R&D Day: None of note.
  • Meetings:
    • ASGCT

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:  AKAM BEKE CORT MTZ OPHC ST VG  of note.
Downgrades: GTM of note.