• IPOs Priced or News:
  • Phoenix Motor Inc. (PEV) Announces Pricing of $15,750,000 Initial Public Offering.
• New SPACs launched/News: None of note.
• Secondaries Priced:
  • Wintrust Financial Corporation (WTFC) Announces Pricing of Upsized $258 Million Common Stock Offering at $86.00 per share.
• Notes Priced of note:
  • ALLE: Announces Pricing of $600 Million of Senior Notes.
  • CBT: Prices $400 Million 5.000% Senior Notes Due 2032.
  • KBH: Pricing of Senior Notes Due 2030.
• Common Stock filings/Notes:
  • BTOG: Announces Closing of $5 Million Underwritten Public Offering of Ordinary Shares.
  • BYFC: Issues $150 million of Preferred Stock to the U.S. Department of the Treasury Under the Emergency Capital Investment Program.
  • CDRE: launches public offering of common stock; company is offering 1.75 million shares and selling stockholders are offering 1.75 million shares.
  • PALI: Filed Form 424B5.. 3,646,690 Shares of Common Stock.
  • SLGG: Filed Form S-3.. 7,379,300 shares.
  • TCBP: Closing of $4 Million Underwritten Public Offering.
    
  • WTFC: Public Offering of Common Stock 2.7 million .. RBC and RJ Bookmanagers.
• Pricing of Over-Allotment/Notes: None of note.
• Direct Offering: None of note.
• Selling Shareholders of note:
  • BFRI: Filed Form S-1.. 9,695,143 Shares of Common Stock Offered by the Selling Stockholder
  • CCSI: files for 2 million share common stock offering by selling shareholders.
  • Genius Sports (GENI) files for 150,104,209 ordinary share offering by selling shareholders.
• Private Placement of Public Entity (PIPE): None of note.
• Mixed Shelf Offerings: None of note.
• Convertible Offering & Notes Filed: None of note.

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: DBVT +38%, NVAX +13%, PNTG +5%, CURV +4%, DOCU +4%.
  • Trading Down: SMAR +5%.

• News Since The Close:
  • The Daily National Average Gasoline Price for a Gallon of Unleaded is at an All Time High of $4.919/gal.
  • Citadel Securities, Virtu Build Crypto Plan With Brokerages. (Bloomberg)
  • World Bank says “stagflation risk rises amid sharp slowdown in growth”.
  • Ray Dalio: ‘Great Pain’ Will Force Central Banks To Cut Rates. (AFR)
  • Wall Street’s regulator is about to announce rule changes that would force trading firms to directly compete to execute trades from retail investors in a bid to boost competition for orders and improve deals for retail investors, according to four industry sources. 
  • CDC raises Monkeypox Alert to level 2, recommends masks during travel. (NY Post)
  • Spirit Airlines (SAVE) postpones special meeting of stockholders until June 30, 2022.
  • Russian/Ukraine News
    • Microsoft (MSFT) slashes Russia operations after war clouds outlook.
    • Kremlin restates that for Russian grain to be delivered to international markets, sanctions on Russia must be lifted

• Exchange/Listing/Company Reorg and Personnel News:
  • CERN Halt – Additional Information Requested by NASDAQ.
  • EZGO Announces Receipt of Nasdaq Notification Regarding Minimum Bid Price Deficiency
  • Pennant Group (PNTG) appoints current President Brent Guerisoli to succeed Daniel Walker as CEO.
  • SVF Investment Corp. 3 (SVFC) completes combination with Symbotic; to trade under symbol “SYM”.
  • Teradyne (TER) appoints Greg Smith as President.
• Buyback Announcements:
  • Eiger BioPharmaceuticals (EIGR) Enters into $75M Term Loan Agreement and $5M Stock Purchase Agreement with Innovatus Capital Partners to Refinance Existing Debt Facility and Further Strengthen Cash Position Ahead of Key Milestones.
  • OneConnect Financial (OCFT) upsizes its share repurchase program.
  • Paycom Software, Inc. (PAYC) Increases Stock Repurchase Plan.
• Stock Splits: None of note.
• Dividends Announcements:
  • Casey’s General (CASY) increases quarterly dividend to $0.38 per share, 9% boost.
  • International Seaways (INSW) increases quarterly cash dividend $0.06 to $0.12 per share.

What’s Happening This Morning: Futures value reflects the change with fair value.

S&P 500 -13, Dow Jones -126, NASDAQ -26, and Russell 2000 -5. Europe lower and Asia higher.  VIX Futures are at 24.85 from 26.30 yesterday morning and the VIX closed at 24.35 from 25.07  yesterday. Gold,  Silver and Copper lower. WTI Crude Oil  and Brent Oil Futures higher and Natural Gas higher. $ is lower vs Euro, higher vs Pound and higher vs Yen. US 10 year Treasury sees yields at 3.01% from 3.018% from yesterday morning. Bitcoin is at $30,401.95 from $29,470.64  yesterday morning and is lower by -1.29% this morning but did rally yesterday to clear $30,000 again. As of 8:07 a.m. EDT.

Sector Action – 06/07/22 Close (1/3/6/12/YTD Updated Weekly with Monday release):   

• Daily Positive Sectors: Energy, Healthcare, Real Estate, Technology, Industrials, Basic Materials of note.
• Daily Negative Sectors: none of note.
• One Month Winners: Energy and Utilities of note.
• Three Month Winners: Energy and Utilities of note.
• Six Month Winners: Energy, Utilities, and Basic Materials of note.
• Twelve Month Winners: Energy and Utilities of note.
• Year to Date Winners: Energy, Utilities, and Basic Materials of note.

Little bit of opposite action from Monday’s gap up and fade, today we gap down and find strength.  Early worries with TGT warning were brushed off to finish in the green for all indexes.  TLT got in on the action with a pop of 1.01%.  Updated 06/07/22 close.

Upcoming Earnings Of Note: (sorted by market cap, highest to lowest with most visible names)

Gap Ups & Down In Early Pre-Market:

• Gap Up: DBVT +17%, NVAX +17%, CURV +7%, DOCU +4%.
• Gap Down: SMAR -7%, CCSI -6%, CS -6%, CDRE -4%, WTFC -4%.

Insider Action: CBTX sees Insider buying with dumb short selling.  No stock sees Insider buying with smart short sellers. 06/07/22 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: CPB MRNA WDC THO (CNBC)
• Five Things You Need to Know to Start Your Day (Bloomberg)
• Bloomberg Lead Story: San Francisco Voters oust Progressive DA Chesa Boudin. (Bloomberg)
• Bloomberg Most Read Story: Apple (AAPL) to use common charging point on products after EU Deal. (Bloomberg)
• Sweden’s road to NATO membership is complicated by politics in the country. (NYT)
• China’s tech outlook improves. (Bloomberg)
• Mortgage demand falls to lowest level in 22 years, thank you rising rates and slowing home sales. (CNBC)
• April property sales in commercial real estate down -16% . (WSJ)
• Federal Reserve GDP Tracker shows economy “could be” on the verge of a recession. (CNBC)
• Hasbro (HAS) to likely win activist board challenge. (Reuters)
• TSMC (TSM) sales to rise 30% this year. (Bloomberg)
• Microsoft (MSFT) to cut back Russian efforts. (MarketWatch)
• Affirm (AFRM) CEO says not concerned about competition from Apple (AAPL) on buy now, pay later. (Bloomberg)
• Robinhood Snacks looks at the news from the Apple (AAPL) Developers Conference. Taco Bell goes with a futuristic new store.

Moving Average Update:

• Score improves to 65% from 48%.  Updated 06/07/22 close.

Geopolitical: 

• Company Meetings: AEO, ANF, CAT, EBAY, DINO, DVN, EBAY, LULU, OFS, SAIC, TGT.
• Fireside Chat: None of note.
• Investor/Analyst Day/Calls: ALDX, BOSSY, DTIL, OEC, SHW, SPOT, TALS, TLSS.
• Update: None of note.
• R&D Day: None of note.
• Company Event:
  • AAPL Annual Worldwide Developers Conference (06/06/22-06/10/22)
  • Qualys Security Conference San Francisco 2022 (06/06/22-06/08/22)
  • Plymouth Industrial REIT (PLYM) Provides virtual presentation REITweek 2022
  • Socket Mobile, Inc. (SCKT) React Native App Development Webinar
• Industry Meetings:
  • American Society for Mass Spectrometry’s 70th Annual Meeting
  • Investing in Space Summit 2022
  • NYSE Healthcare & Technology Virtual Investor Day 2022
  • S&P Global Ratings 38th Annual Conference 2022 (06/08/22-06/09/22)
    • Previously posted and ongoing conferences:
      • American Psychiatric Association Annual Meeting (Online version) 2022 (06/06/22-06/10/22)
      • NAREIT REITweek Investor Conference 2022 (06/06/22-06/09/22)
      • American Transplant Congress 2022 (ATC) (06/03/22-06/08/22)
      • American Association of Airport Executives Conference & Exposition 2022 (06/05/22-06/08/22)

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: