Overnight Summary: The S&P 500 closed Monday at 4136.28 up 0.30% from Friday at 4124.08 down by -0.16%. The overnight high of 4151.50 was hit at 3:55 a.m. EDT. The low was hit at 4135.25 at 3:10 a.m. EDT, a range of ~16 points high to low which is a low-vol night. At 7:15 a.m. EDT, the current price was 4147which is -0.07% and -3 points.
Earnings Out After The Close:
- Beats: NVTS +0.01 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: None of note.
- Secondaries Priced:
- CHRS: priced its underwritten public offering of 11,764,706 shares of its common stock at a price to the public of $4.25 per share.
- DCO: Prices offering of 2.0 million shares of common stock at $40.00 per share.
- NOG: Prices offering of 6.65 million shares of common stock for gross proceeds of ~$199.5 million.
- SOVO: Announces Pricing of Secondary Public Offering.
- Notes Priced of note: None of note.
- Common Stock filings/Notes:
- CHRS: Proposed Public Offering of Common Stock.. $50.0 million of shares. (JPM and Citi bookmanager)
- DCO: Public Offering of Common Stock 2,000,000 shares. (GS, Citi, RBC and B.Riley Bookmanagers)
- GFAI: Closing of Underwritten Public Offering and Exercise of Full Over-Allotment Option.
- HARP: Form 424B5 Filed.. Up to $8,500,000 of Shares of Common Stock.
- MICS: Announces Termination of its At-the-Market Equity Program.
- NEPT: Closes US$4 Million Public Offering.
- NOG: Public Offering of Common Stock.. 6,650,000 shares. (RBC and MS Bookmanager)
- QIPT: Files prospectus to sell up to $40.0 shares of common stock.
- SOVO: announces offering of 10M shares of common stock for holders.
- Direct Offering: None of note.
- Selling Shareholders of note:
- AGL: Announces Secondary Offering 70,000,000 shares of its common stock by selling shareholder, to repurchase approximately $200 mln from underwriters at same per share price to be paid.
- FWRG: Announces Secondary Offering of 3.5 million Common Stock by Advent International Corporation.
- MIST: Files for 13,888,850 common stock offering by selling shareholders.
- Private Placement of Public Entity (PIPE): None of note.
- Mixed Shelf Offerings:
- KOD: Files for $350 million mixed securities shelf offering.
- SILK: Files mixed shelf securities offering.
- Debt/Credit Filing and Notes: None of note.
- Tender Offer: None of note.
- Convertible Offering & Notes Filed:
- HOPE: Completion of 2.00% Convertible Senior Notes Repurchase Pursuant to Contractual Put Right.
- OCEA: Closes Initial $10 million Tranche of $27 million Private Placement Convertible Note Facility.
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: NU +6.1%, COF +5.6%, PX +4% of note.
- Trading Down: DCO -10%, CHRS -8%, AGL -7%, NOG -4% of note.
- News After The Close:
- U.S. Energy Department announces plans to buy up to 3 million barrels of crude oil for the SPR. (MarketWatch)
- Silicon Valley Bank’s Ex-CEO says Fedand Social Media contributed to its collapse. (Bloomberg)
- Peacock to carry one NFL Playoff Game exclusively next season. (WSJ)
- U.S. Virgin Islands issue a subpoena to Elon Musk in Jeffrey Epstein lawsuit. (CNBC)
- Exchange/Listing/Company Reorg and Personnel News:
- Bill.com (BILL) concludes it had material weakness in internal control over financial reporting related to information systems as of June 30, 2022.
- Bruker (BRKR) Announces New Two-Year Share Repurchase Authorization of up to $500 Million. (see Dividends)
- Celyad Oncology (CYAD) Announces Receipt of Nasdaq Delisting Notice.
- Danaos (DAC) announces COO Iraklis Prokopakis will retire during 4Q23; current Deputy COO Dimitris Vastarouchas appointed COO.
- Gatos Silver (GATO) Announces Delay in Filing Its Financial Statements for the First Quarter of 2023.
- Great Elm Group, Inc. (GEG) Announces CFO Transition.
- Intuitive (ISRG) Announces Executive Leadership Changes.
- nVent (NVT) Names CEO Beth Wozniak to Additional Position of Chair of the Board.
- Omnicell (OMCL) appoints Nchacha E. Etta as CFO.
- Plus Therapeutics (PSTV) Regains Compliance with Nasdaq Listing Requirements.
- SunPower (SPWR) Appoints Chief Financial Officer.
- So-Young International (SY) COO Rui Cai has resigned.
- VirnetX (VHC) Receives NYSE Failure to Satisfy a Continued Listing Rule Notification.
- Buyback Announcements or News:
- agilon health (AGL) Announces Share Repurchase.
- ARKO Corp. (ARKO) Increases its Original Share Repurchase Program From $50 Million to $100 Million.
- HF Sinclair (DINO) in slide presentation says it plans to continue stock repurchases in 2023.
- Pyxis Tankers (PXS) Announces $2.0 Million Common Share Re-purchase Program.
- Stock Splits or News:
- Dividends Announcements or News:
- AMGN Goes ex div tomorrow for $2.13.
- Bruker (BRKR) Board Declares Quarterly Dividend.
- P10, Inc. (PX) approves 8% increase in its annual dividend to $0.13 per share.
What’s Happening This Morning: Futures value reflects the change with fair value.
S&P 500 -5, Dow Jones -97, NASDAQ -1, and Russell 2000 -7. (as of 7:58 a.m. EDT). Asia is higher ex the ASX 200 and Europe is higher as well. VIX Futures are at 20.20 from 20.30 yesterday. Gold, Silver and Copper lower. WTI Crude Oil and Brent Crude Oil lower with Natural Gas lower as well. US 10-year Treasury sees yields at 3.478% from 3.491% yesterday. The U.S. Dollar is lower versus the Euro, lower versus the Pound and lower against the Yen. Bitcoin is at $27,093 from $27,425 yesterday, higher by -1.13%.
Sector Action – (1/3/6/12/YTD Updated Weekly with Monday release):
- Daily Positive Sectors: Basic Materials, Financial, Technology, Industrials, Consumer Cyclical, Energy of note.
- Daily Negative Sectors: Utilities of note.
- One Month Winners: Communication Services, Consumer Defensive, Technology of note.
- Three Month Winners: Communication Services, Technology, Consumer Defensive of note.
- Six Month Winners: Communication Services, Technology, Consumer Cyclical of note.
- Twelve Month Winners: Technology, Industrials, Healthcare of note.
- Year to Date Winners: Communication Services, Technology, Consumer Cyclical of note.
U.S. stocks finished higher on Monday, with the Dow Jones Industrial Average snapping a five-day losing streak, as investors continued to monitor talks about a deal to raise the federal government’s debt ceiling. The S&P 500 gained 12.37 points, or 0.3%, to 4,136.47. The Dow Jones Industrial Average rose by 47.98 points, or 0.1%, to 33,348.60. The Nasdaq Composite advanced by 80.47 points, or 0.7%, to 12,365.21. (MarketWatch – edited by QPI)
Upcoming Earnings Of Note: (From Chartroom Software – sorted by market cap, highest to lowest with most visible names)
- Wednesday Before the Open:
Earnings of Note This Morning:
- Beats: BIDU +3.31, PSFE +0.71, HUYA +0.34, TME +0.09, SSYS +0.08, ONON +0.05, HD +0.01 of note.
- Flat: of note.
- Misses: SE (0.58) of note.
- Still to Report: None of note.
Guidance:
- Positive Guidance: AI, MNDY, NVTS, ONON of note.
- Negative Guidance: HD of note.
Erlanger Research Advance/Decline Chart:
Gap Ups & Down In Early Pre-Market:
- Gap Up: NU +7%, PX +6%, COF +5%, QIPT +5%, DISH +4% of note.
- Gap Down: DCO -15%, AGL -9%, CHRS -9%, FWRG -8%, VOD -6%, SOVO -6%, SE -5%, RUM -5%, MIST -5%, RH -4%, HD -4%, CBAY -4% of note.
Insider Action: CENX, OXY, SCWX sees Insider buying with dumb short selling. HEAR 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 moves premarket: HD, COF, DISH, SE, SGEN, NU (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: Yellen warns “Time is Running Out” Ahead of Biden-McCarthy meet. (Bloomberg)
- Bloomberg Most Shared Story: Chicago’s Empty Office Towers Threaten Its Future As a Major Financial Hub. (Bloomberg)
- Havens gain as U.S. Debt stalemate sidelines traders: Market Wrap. (Bloomberg)
- President Biden and House Speaker McCarthy to meet again today on U.S. debt ceiling. (CNBC)
- Former Vice President Mike Pence edges closer to a White House bid. (WSJ)
- Wells Fargo (WFC) to pay $1 billion in class-action lawsuit. (Bloomberg)
- Home Depot (HD) forecasts weak demand and what it means for the economy. (CNBC)
- Vodaphone (VOD) cuts 11,000 jobs and drops 7%. (CNBC)
- Warren Buffet’s Berkshire Hathaway (BRKB) takes a $1 billion stake in Capital One (COF). (Reuters)
- Baidu (BIDU) swings to a profit as beats estimates. (MarketWatch)
Moving Average Update:
- Score jumps to 77% from 54%.
Geopolitical:
- President’s Public Schedule:
- The President receives the Presidential Daily Briefing, 9:30 a.m. EDT
- Press Briefing by Press Secretary Karine Jean-Pierre, 1:45 p.m. EDT
- The President meets with Speaker Kevin McCarthy, Leader Chuck Schumer, Leader Mitch McConnell, and Leader Hakeem Jeffries, 3:00 p.m. EDT
- The President, The First Lady, and The Second Gentleman deliver remarks at a celebration of Jewish American Heritage Month; The Vice President attends, 4:30 p.m. EDT
Economic:
- April Retail Sales is due out at 8:30 a.m. EDT and is expected to rise to 0.7% from -1.0%.
- Redbook Sales 8:55 a.m. EDT
- April Industrial Production is due out at 9:15 a.m. EDT and is expected to fall to 0.0% from 0.4%.
- May NAHB Housing Index is due out at 10:00 a.m. EDT and is expected to stay at 45.
- Business Inventories 10:00 a.m. EDT
- API Crude Oil Data 4:30 p.m. EDT
Federal Reserve / Treasury Speakers:
- Federal Reserve Cleveland President Loretta Mester 8:15 a.m. EDT
- Federal Reserve Atlanta President Raphael Bostic 8:55 a.m. EDT
- Federal Reserve Vice Chair for Supervision Michael S. Barr 10:00 a.m. EDT
- Federal Reserve New York President John Williams 12:15 p.m. EDT
- Federal Reserve Bank of Dallas Lorie Logan 3:15 p.m. EDT
M&A Activity:
- Rumble (RUM) acquires live streaming platform CallIn.
Meeting & Conferences of Note:
- Sellside Conferences:
- Canaccord Quebec Growth Conference
- Credit Suisse Renewables and Utilities Conference (05/16/23-05/17/23)
- Goldman Sachs Global Staples Forum
- Jefferies Airlines Summit
- Jefferies Virtual Internet Summit
- JP Morgan Homebuilding & Building Products Conference (05/16/23-05/17/23)
- Mizuho Neurosciences Summit
- MoffettNathanson Technology Media and Telecom Conference (05/16/23-05/18/23)
- Needham Technology & Media Conference (05/16/23-05/18/23)
- RBC Global Healthcare Conference (05/16/23-05/17/23)
- Wells Fargo Financial Services Investor Conf (05/16/23-05/17/23)
- Previously posted and ongoing conferences:
- Bank of America Global Metals, Mining and Steel Conference. (05/15/23-05/19/23)
- D.A. Davidson Annual Financial Institutions Conference (05/15/23-05/17/23)
- JMP Securities Life Sciences Conference (05/15/23-05/16/23)
- JP Morgan European TMT Conference (05/15/23-05/16/23)
- Top Shareholder Meetings: COP, HSY, JBLU, JOE, JPM, NWL, SRAD, TSLA, WEN
- Fireside Chat: ADTH
- Investor/Analyst Day/Calls: CRS, DRRX, GROY, ITRG, KFS, LUCD, ON, PLAY, PTC, XFOR
- Update: None of note.
- R&D Day: None of note.
- Company Event: None of note.
- 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:
