Overnight Summary: The S&P 500 closed Monday at 4008.01 (lower by -0.39%) from 4023.90 on Friday. Futures have traded higher overnight. The overnight high of 4083.75 was hit at 6:00 .m. EDT. The low was hit at 3997 at 4:00 p.m. EDT, a range of 86 points high to low which is above the typical range of late with 45 the average. At 7:55 a.m. EDT the current price is 4066 which is 1.55% and 62 points.
Earnings Out After The Close:
- Beats: TTWO +0.33, CCSI +0.06, SSYS +0.06, TME +0.01.
- Flat: None of note.
- Misses: GLBE (0.35), SHLS (0.02), GAN (0.01).
- IPOs Priced or News:
- Visionary Education Technology Holdings Group Inc. (VEDU) Announces Pricing of US$17 Million Firm Commitment Initial Public Offering.
- New SPACs launched/News: None of note.
- Secondaries Priced:
- IMPP: Pricing of $40 Million Underwritten Public Offering.. Priced @$0.55 per unit.
- Annaly Capital Mgmt (NLY) priced a public offering of 100,000,000 shares of its common stock for expected gross proceeds of approximately $645 million.
- Notes Priced of note: None of note.
- Common Stock filings/Notes:
- IONM: Filed Form 424B3.. 6,331,598 shares of our common stock.
- NLY: Public Offering of Common Stock 100,000,000 shares.. GS, BCS, BAC, JPM, RBC, UBS and WFC Bookmanager.
- TPST: Files Form S-3.. 6,355,932 Shares Common Stock.
- TRIB: Files Form F-3.. 2,500,000 American Depositary Shares.
- 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:
- ANGN: Files Form S-3.. $100 Million Mixed Shelf.
- IDA: Mixed Shelf Offering.
- IMPL: Files Form S-3.. $200 Million Mixed Shelf
- Convertible Offering & Notes Filed:
- PayPal (PYPL) Announces Pricing of Senior Notes Offering.
- RH Announces $500 Million Incremental Term Debt Financing.
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: FXLV +8%, SHLS +7%, NU +6%, GAN +6%, RKLB +5%, IONQ +4%.
- Trading Down: GLBE -27%, BZFD -10%, HPK -8%, ALBO -8%.
- News Since The Close:
- Stocks making the biggest moves after hours: UAL, TTWO, TME (CNBC)
- US to Extend COVID Public Health Emergency Beyond July.
- Intel (INTC) shareholders reject executive pay. (CNBC)
- Abbott (ABT) Enters into Consent Decree with U.S. Food and Drug Administration for its Sturgis, Mich., Plant; Agreement Creates Pathway to Reopen Facility.
- 13F Filings: Viking Global, Elliott Management, Soros Capital, Pershing Square, Corvex Management, Appaloosa, Duquesne, Tiger Global, Third Point, Berkshire Hathaway, Paulson & Co., Jana Partners, ValueAct, Greenlight Capital, Glenview Capital.
- Russian/Ukraine News:
- European Foreign Ministers Fail to Sway Hungary on Russian Oil Ban. (WSJ)
- U.N. Seeks to Ease Russian Blockade of Ukraine Grain Shipping to Avert Food Shortages. (WSJ)
- Exchange/Listing/Company Reorg and Personnel News:
- Biocept (BIOC) Announces a Delay in the Filing of its Quarterly Report on Form 10-Q.
- Brinker International, Inc. (EAT) announces CEO retirement and succession plan.
- Iris Energy (IREN) Announces CFO Appointment of Belinda Nucifora.
- KERN CFO departure.
- Mirati Therapeutics (MRTX) announces appointment of Laurie Stelzer as CFO.
- Meiwu Technology Company Limited (WNW) Received Nasdaq Notification Letter Regarding Bid Price Deficiency.
- MediWound (MDWD) Announces CEO Transition.
- Natural Gas Services (NGS) announced that Stephen C. Taylor, Chairman, President and Chief Executive Officer, will retire as President and Chief Executive Officer.
- Papa John’s (PZZA) named Max Wetzel Executive Vice President and Chief Operating Officer.
- RIVN CEO Buys 41,000 Shares.
- TeraWulf (WULF) appoints Patrick Fleury as CFO.
- NYSE to Suspend Trading Immediately in Weidai Ltd. (WEI) and Commence Delisting Proceedings.
- Buyback Announcements:
- LSB Industries (LXU) Announces Stock Repurchase Program Authorization of up to $50 Million.
- RenaissanceRe Holdings Ltd. (RNR) Announces Renewal of Share Repurchase Program up to $500 million.
- REPAY (RPAY) Announces Share Repurchase Program, Up to $50 Million.
- Zebra Technologies (ZBRA) Board Approves Additional $1 Billion Share Repurchase Authorization.
- Stock Splits:
- PTE announces 1-for-25 reverse stock split.
- Dividends Announcements:
- HNI raises quarterly dividend by $0.01 to $0.32 per share.
- Logitech Int’l SA (LOGI) increases yearly dividend 10% to CHF 0.96 per share.
- RenaissanceRe Holdings Ltd. (RNR) Announces Quarterly Dividend.
What’s Happening This Morning: Futures value reflects the change with fair value.
S&P 500 +61, Dow Jones +380, NASDAQ +237, and Russell 2000 +33. Europe and Asian higher. VIX Futures are at 27.27 from 27.28 yesterday morning and the VIX closed at 27.47 from 28.87 yesterday. Gold, Silver and Copper higher. 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 2.913% unchanged from yesterday. Bitcoin is at $30,359 from $30,038 yesterday morning and is higher by 2.14% this morning. As of 8:08 a.m. EDT.
Sector Action – 05/16/22 Close:
- Daily Positive Sectors: Energy, Healthcare, Utilities, Basic Materials of note.
- Daily Negative Sectors: Consumer Cyclical, Technology, Communication Services, Real Estate, Financial of note.
- One Month Winners: None of note.
- Three Month Winners: Energy, Utilities and Consumer Defensive of note.
- Six Month Winners: Energy, Utilities, and Consumer Defensive of note.
- Twelve Month Winners: Energy, Utilities, and Consumer Defensive of note.
- Year to Date Winners: Energy of note.
Continued weakness in large cap growth stocks kept the indexes in check to down. NASDAQ was down 1.20%. UNG was upu 4.30%. Updated 05/16/22 close.
Upcoming Earnings Of Note: (sorted by market cap, highest to lowest with most visible names)
- Tuesday After the Close: DOCS, DLO, MIME, NXGN, AGYS of note.
- Wednesday Before the Open: LOW, TGT, ADI, TJX, BIDU, TGI, DOYU of note.
Earnings of Note This Morning:
- Beats: JD +0.89, AER +0.67, SE +0.42, HD +0.40, ONON +0.09, HUYA +0.07, RSKD +0.06.
- Flat: IHS.
- Misses: WMT (0.18).
- Still to Report: none.
- Positive Guidance: SSYS, IONQ, ONON, HD, IHS of note.
- Negative Guidance: GLBE, TTWO, RKLB, WMT of note.
Erlanger Research Advance/Decline Chart: Updated through 05/16/22 close.
Gap Ups & Down In Early Pre-Market:
- Gap Up: NU +11%, GAN +10%, TTWO +7%, IONQ +7%, ONON +7%, COIN +7%, TME +6%, RKLB +6%, MVST +5%, UUUU +5%, DADA +5%, HLGN +5%, SHLS +5%, IREN +5%, UAL +4%, HD +4%, FFIE +4%, DAC +4%.
- Gap Down: GLBE -26%, BZFD -11%, ALBO -10%, NLY -4%, ALLT -4%.
Insider Action: YELL, XPEL, AHCO, MIDD, ARLO, BRKR sees Insider buying with dumb short selling. UWMC, HMST sees Insider buying with smart short sellers. 05/16/22 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: WMT, HD, C, UAL, TWTR, TTWO, JD, TME, RIDE (CNBC)
- Five Things You Need to Know to Start Your Day. (Bloomberg)
- Ukraine has ceded control of Mariupol to Russia. (Reuters)
- Turkish President Erdogan changes his opinion and will not allow Finland and Sweden to join NATO. (Bloomberg)
- Home Depot (HD) beat estimates and raised its full year outlook. (Market Watch)
- Walmart (WMT) cuts full year forecast on rising fuel and labor costs. (Market Watch)
- Taiwan Semiconductor (TSM) to raise prices further. (Bloomberg)
- Lordstown (RIDE) future depends on its ability to raise capital. (WSJ)
- Traders sold $7 billion worth of Tether. (FT)
- SpaceX might sell some shares so Musk can buy Twitter (TWTR). (NY Post)
- Nestle (NSRGY) looks to move baby formula to U.S. and Europe due to shortages. (Reuters)
- China Southern Airlines (ZNH) removes Boeing (BA) 737 Max from its fleet plans. (Bloomberg)
- Robinhood Snacks looks at JetBlue (JBLU) hostile move to takeover Spirit (SAVE). Marriott (MAR) moves to targeted ads.
Moving Average Update:
- Well…good news the score did not decline! Remains at 20% with 5 Day row green. Updated 05/16/22 close.
- President’s Public Schedule:
- The President and The First Lady depart the White House en route Joint Base Andrews, 8:10 a.m. EDT
- The President and The First Lady depart Joint Base Andrews en route Buffalo, New York, 8:30 a.m. EDT
- The President and The First Lady arrive in Buffalo, New York, 9:45 a.m. EDT
- The President and The First Lady pay their respects to the lives lost in Saturday’s tragic shooting, 10:25 a.m. EDT
- The President and The First Lady meet with families of victims, law enforcement and first responders, and community leaders to grieve and offer their condolences, 11:00 a.m. EDT
The President delivers remarks, 1:00 p.m. EDT
- The President and The First Lady depart Buffalo, New York en route Joint Base Andrews, 2:00 p.m. EDT
- The President and The First Lady arrive at Joint Base Andrews, 3:05 p.m. EDT
- The President and The First Lady arrive at the White House, 3:25 p.m. EDT
- The President and The First Lady host a reception to celebrate Asian American, Native Hawaiian, and Pacific Islander Heritage Month; The Vice President and The Second Gentleman attend, 4:00 p.m. EDT
- April Retail Sales are due out at 8:30 a.m. EDT and are expected to rise to 0.9% from 0.5%.
- April Industrial Production is due out at 9:15 a.m. EDT and expected to fall to 0.5% from 0.9%.
- Redbook Sales 8:55 a.m. EDT
- Business Inventories 10:00 a.m. EDT
- Housing Market Index 10:00 a.m. EDT
- API Crude Oil Data 4:30 p.m. EDT
Federal Reserve Speakers:
- Federal Reserve St. Louis President James Bullard 8:00 a.m. EDT
- Federal Reserve Philadelphia President Patrick Harker 9:15 a.m. EDT
- Federal Reserve Chairman Jerome Powell 2:00 p.m. EDT
- Federal Reserve Cleveland President Loretta Mester 2:30 p.m. EDT
- AMN Healthcare (AMN) Acquires Connetics USA, an International Nurse and Allied Recruitment Company.
- Brown & Brown (BRO) subsidiary acquires assets of Claim Technologies Incorporated.
- Clearfield (CLFD) has entered into a definitive agreement to acquire Finnish company Nestor Cables.
- Eneti Inc. (NETI) Announces Purchase of Common Shares by Scorpio Holdings Limited.
- KKR to acquire ContourGlobal for GBP 1.75 billion.
- Quidel (QDEL) Announces Stockholder Approval of Ortho Acquisition and Business Combination.
- SS&C Techs (SSNC) acquires MineralWare for $18 million in cash.
- WillScot Mobile Mini (WSC) acquires Elite Modular Leasing and Sales.
Meeting & Conferences of Note:
- Sellside Conferences:
- Bank of America Global Metals, Mining and Steel Conference 2022 (05/17/22-05/19/22)
- Bank of America Securities Transportation Airlines & Industrials Conference 2022 (05/17/22-05/19/22)
- Citigroup Frontier Markets Symposium
- Goldman Sachs Global Consumer Conference 2022 (05/17/22-05/18/22)
- Guggenheim Securities Radiopharmaceutical Day
- JP Morgan European Technology, Media and Telecoms Conference 2022 (05/17/22-05/19/22)
- Needham Technology & Media Conference
- Nomura KAKUSHIN Seminar
- RBC Capital Markets Canadian Automotive, Industrials and Transportation Conference 2022 (05/17/22-05/19/22)
- RBC Capital Markets Global Healthcare Conference 2022(05/17/22-05/18/22)
- Rosenblatt Securities Annual FinTech Summit 2022 (05/17/22-05/18/22)
- UBS Best of Europe One-on-One Conference 2022 (05/17/22-05/19/22)
- Previously Announced Conferences:
- Barclays Emerging Payments and FinTech Forum 2022 (05/16/22-05/17/22)
- JP Morgan Global Hydrogen Week
- JP Morgan 14th Annual Homebuilding and Building Products Conference 2022 (05/16/22-05/17/22)
- 34th annual Morningstar Investment Conference 2022 (05/16/22-05/18/22)
- Microcap Rodeo Spring Into Action Best Ideas Conference 2022 (05/16/22-05/20/22)
- Needham 17th Annual Technology & Media Conference 2022 (05/16/22-05/19/22)
- Wells Fargo Meetings – 2022 American Gas Association (AGA) (05/16/22-05/18/22)
- Canaccord Genuity Global Metals & Mining Conference 2022. (05/15/22-05/17/22)
- HSBC 9th Annual China Conference 2022 (05/10/22-05/20/22)
- Company Meetings: AMGN, AUVI, BKR, DRQ, FE, FYBR, HSY, INT, JPM, LEG, MSI, OSUR, PFG, SCHW, USM.
- Fireside Chat: ENVB, PLUG.
- Investor/Analyst Day/Calls: AYX, CAT, CKPT, ENSC, HSKA, JCI, LNTH, LNW, OSPN, RPRX, WING.
- Update: None of note.
- R&D Day: None of note.
- Company Event:
- Moderna, Inc. (MRNA) Science Day 2022.
- IN8bio (INAB) Company R&D Workshop.
- Wex (WEX) Spark 2022. (05/16/22-05/18/22)
- Intel (INTC) Network Builders Summit.
- Industry Meetings:
- American Gas Association AGA Financial Forum 2022(05/17/22-05/19/22)
- Wall Street Journal Future of Everything Festival 2022 (05/17/22-05/19/22)
- Previously Posted and Ongoing Conferences:
- American Society of Gene and Cell Therapy Meeting (05/16/22-05/18/22)
- American Thoracic Society (ATS) International Conference 2022 (05/13/22-05/18/22)
- ABGSC Life Science Summit (05/15/22-05/19/22)
- Energy Infrastructure Council (EIC) Investor Conference 2022 (05/15/22-05/18/22)
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: