Overnight Summary: The S&P 500 closed Monday at 3749.63 (lower by -3.88%) from Friday at 3900.86 (lower by -2.91%). Futures have trading higher overnight. The overnight high of 3807.50 was hit at 2:20 a.m. EDT. The low was hit at 3741.50 at 4:05 p.m. EDT, a range of 66 points high to low which is well above the range of late with 45 the average. At 7:20 a.m. EDT the current price is 3764.50 which is 0.37% and 13.75 points.
Breaking News: Coinbase (COIN) lays of 18% of workforce as faces “Crypto Winter”. (CNBC)
Earnings Out After The Close:
- Beats: ORCL +0.16.
- Flat: None of note.
- Misses: None of note.
- IPOs Priced or News: None of note.
- New SPACs launched/News:
- Moringa Acquisition Corp (MACA) agrees to combine with Holisto.
- Northern Lights Acquisition Corp. (NLIT) Announces Date of Special Meeting to Approve Acquisition of Safe Harbor Financial.
- Software Acquisition Group Inc. III (SWAG): Nogin announces appointment of Jonathan Huberman as Co-CEO.
- Secondaries Priced:
- COGT: Pricing of Upsized Public Offering of Shares of Common Stock and Pre-funded Warrants.. Priced @$8.25.
- Notes Priced of note: None of note.
- Common Stock filings/Notes:
- DAWN: Announces Proposed Public Offering of Common Stock..
- Pricing of Over-Allotment/Notes: None of note.
- Direct Offering: None of note.
- Selling Shareholders of note: None of nte.
- Private Placement of Public Entity (PIPE):
- VERA: Filed Form 424B5.. $150 Million Sales Agreement with Cowen.
- Mixed Shelf Offerings:
- DOW: Filed Form S-3ASR.. Mixed Shelf Offering.
- Convertible Offering & Notes Filed:
- DHX: Enters Into New Upsized Credit Facility.
- MTG: Announces Redemption of Outstanding 5.750% Senior Notes due 2023.
- NOC: Announces Expiration and Final Results of Registered Exchange Offer for Notes Issued in Connection with Prior Private Exchange Offer
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: MOR +17%, EYE +15%, ORCL +14%, OSG +10%, BRZE +5%, APLD +4%.
- Trading Down: OM -23%, EPER -8%.
- News Since The Close:
- Oracle (ORCL) shares rise on better-than-expected earnings report. (CNBC)
- Charles Schwab (SCHW) to pay $187 million to settle SEC charges that it misled robo-advisor clients on fees. (CNBC)
- Goldman Sachs revising its Fed Forecast to include 75Bp hikes in June and July. (Reuters)
- Elon Musk To Attend All Hands Twitter (TWTR) Meeting This Week. (Business Insider)
- 1980s-era rate hikes designed to fight inflation will create more market turmoil, Canaccord’s Tony Dwyer predicts. (CNBC)
- ICFI: Defense Health Agency Selects ICF for $30 Million Contract.
- Russia’s energy giant Gazprom said Tuesday it would be reducing the daily gas deliveries via the Nord Stream pipeline to Germany due to the “repair” of compressor units by German company Siemens (AFP)
- Exchange/Listing/Company Reorg and Personnel News:
- Applied Blockchain (APLD) Announces Expiration of Share Lock-Up.
- JOAN: Announces the Addition of Mario Sampson to Leadership Team.
- Finance of America (FOA) CEO Patricia L. Cook to step down.
- Groupon (GRPN) appoints Dusan Senkypl to the Board of Directors; Jan Barta appointed as Board observer.
- National Vision (EYE) will replace Renewable Energy (REGI) in the S&P SmallCap 600.
- NaaS Technology Inc. (NAAS) Announces Successful NASDAQ Listing, becoming China’s First Listed Pure Play Electric Vehicle Charging Service Company.
- Nexstar Media Group (NXST) Announces Shareholder Approval to Eliminate Class B and Class C Share Classes.
- PacWest Bancorp (PACW) appoints Paul W. Taylor as President.
- ScottsMiracle-Gro (SMG) Announces the Appointment of Governor Brian Sandoval to its Board of Directors.
- United Rentals (URI) CFO Jessica Graziano will be leaving the company for another opportunity.
- Zynex (ZYXI) Announces Change of Auditor.
- Buyback Announcements:
- Beacon (BECN) Announces Additional $250 Million Accelerated Share Repurchase Program.
- Centerspace (CSR) announces $50 Million buyback program
- FISI: Announces Stock Repurchase Program.
- GAN Limited (GAN) extends its previously authorized $5 million share repurchase program.
- NETI: purchased 373,834 common shares of the Company at an average price of $6.54 per share in the open market. The Company currently has 40,738,704 common shares outstanding, of which SHL and its affiliates own 8,377,093 or 20.56%.
- Overseas Shipholding Group (OSG) authorizes the repurchase of up to five million shares of its stock.
- Qudian Inc. (QD) Announces up to US$200 Million Share Repurchase Program.
- Stock Splits: None of note.
- Dividends Announcements:
- Sunlands Technology Group (STG) Announces Special Cash Dividend.
What’s Happening This Morning: Futures value reflects the change with fair value.
S&P 500 +15, Dow Jones +96, NASDAQ +72, and Russell 2000 +2. Europe lower and Asia higher ex Japan down -1.32%. VIX Futures are at 32.60 from 30.80 on Monday morning and the VIX closed at 34.02 from 27.75 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 3.328% from 3.255% yesterday morning. Bitcoin is at $21,957 from $23,652 yesterday morning and is lower by -5.26% this morning. As of 8:04 a.m. EDT.
Sector Action – 06/13/22 Close (1/3/6/12/YTD Updated Weekly with Monday release):
- Daily Positive Sectors: none of note.
- Daily Negative Sectors: All – but notable: Consumer Cyclical, Technology, Real Estate, Energy, Basic Materials, Utilities, Communication Services of note.
- One Month Winners: Energy, Consumer Cyclical and Basic Materials of note.
- Three Month Winners: Energy and Utilities of note.
- Six Month Winners: Energy and Utilities of note.
- Twelve Month Winners: Energy and Utilities of note.
- Year to Date Winners: Energy of note.
New 52 weeks lows for all indexes on above average volume. Treasuries got hammered. TLT down 3.14% to close at $110.20. Updated 06/13/22 close.
Upcoming Earnings Of Note: (sorted by market cap, highest to lowest with most visible names)
- Tuesday After the Close: none of note.
- Wednesday Before the Open: none of note.
Earnings of Note This Morning:
- Beats: CNM +0.14.
- Flat: None of note.
- Misses: None of note.
- Still to Report: None of note.
- Positive Guidance: BRZE, ORCL, TWI of note.
- Negative Guidance: none of note.
Erlanger Research Advance/Decline Chart: Updated through 06/13/22 close.
Gap Ups & Down In Early Pre-Market:
- Gap Up: EYE +13%, ORCL +13%, WULF +7%, HYZN +7%, BRZE +7%, OSG +7%, MOR +6%, ICFI +5%.
- Gap Down: OM -21%, RDBX -9%, XPER -8%, MNTS -4%.
Insider Action: PINE, AHCO, MTW sees Insider buying with dumb short selling. SSTK sees Insider buying with smart short sellers. 06/13/22 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: CLR ORCL EYE COIN (CNBC)
- Five Things You Need to Know to Start Your Day (Bloomberg)
- Bloomberg Lead Story: Yield curve inverts, Wall Street’s favorite recession indicator. (Bloomberg)
- Bloomberg Most Read Story: Crypto market drops below $1 trillion. (Bloomberg)
- Beijing Covid-19 cases hit three week high amid lockdown fears. (Bloomberg)
- Alibaba (BABA) and Tencent (TCEHY) cloud services are falling behind rivals. (FT)
- President Biden asking U.S. Trade Representative to look at “exemption process” to see if some items can be exempted from China tariffs. (Axios)
- Federal Reserve Open Market Committee (FOMC) likely to raise rates by 75 basis points on Wednesday. (CNBC)
- Where does Federal Reserve St. Louis President James Bullard go for apology, on being correct on inflation while all other Fed heads got it wrong? (Bloomberg)
- 2s and 10s inverted briefly yesterday. (CNBC)
- PIMCO warns that U.S. pension funds will be hit with write downs of Russian debt. (Bloomberg)
- Large tech companies to make concessions over EU disinformation policy. (FT)
- JP Morgan (JPM) and Goldman Sachs (GS) stop trading Russian debt. (Bloomberg)
- Robinhood Snacks looks at the McDonald’s (MCD) rebrand in Russia, Tasty & That’s It, opens stores in Moscow. Crypto lender Celsius pauses withdrawals.
Moving Average Update:
- Score definitely a hard ZERO….again! Updated 06/13/22 close.
- President’s Public Schedule:
- The President departs the White House en route Joint Base Andrews, 8:10 a.m. EDT
- The President departs Joint Base Andrews en route Philadelphia International Airport, 8:30 a.m. EDT
- The President arrives in Philadelphia, Pennsylvania, 9:15 a.m. EDT
- The President delivers remarks on his strategy of building an economy around the power and possibilities of working people—an economy that rewards work, not just wealth—at the 29th AFL-CIO Quadrennial Constitutional Convention, 11:00 a.m. EDT
- The President departs Philadelphia International Airport en route Joint Base Andrews, 12:25 p.m. EDT
- The President arrives at Joint Base Andrews, 1:10 p.m. EDT
- The President arrives at the White House, 1:30 p.m. EDT
- NFIB Small Business Optimism May: 93.1 (est 93.0; prev 93.2).
- May PPI is due out at 8:30 a.m. EDT and is expected to come in high like CPI at 0.8% from 0.5%.
- Redbook Sales 8:55 a.m. EDT
Federal Reserve / Treasury Speakers:
- AssetMark (AMK) to Acquire Adhesion Wealth, Accelerating RIA Offering
- CONMED (CNMD) Completes Acquisition of In2Bones Global, Inc.
- Continental Resources (CLR) announces receipt of “take private” proposal from Hamm Family of $70 per share.
- CrossFirst Bankshares (CFB) agrees to acquire Farmers & Stockmens Bank in an all-cash transaction.
- Oshkosh Corporation (OSK) Acquires Maxi-Métal Inc.
- ResMed (RMD) acquires MEDIFOX DAN for $1 billion.
Meeting & Conferences of Note:
- Sellside Conferences:
- Bank of America Healthcare in Napa Forum
- Citi 11th Annual European Healthcare Conference 2022 (06/14/22-06/16/22)
- Credit Suisse 24th Annual Communications Conference 2022 (06/14/22-06/15/22)
- Credit Suisse Energy in Transition Conference 2022 (06/14/22-06/15/22)
- Deutsche Bank 19th annual dbAccess Global Consumer Conference 2022 (06/14/22-06/16/22)
- Evercore ISI Global Clean Energy & Transition Technologies Summit 2022 (06/14/22-06/15/22)
- Exane BNP Paribas 24th European CEO Conference 2022 (06/14/22-06/17/22)
- Goldman Sachs Digital Infrastructure Conference
- Goldman Sachs Brazil Disruption Conference
- Jefferies Virtual A&D ESG Summit 2022
- JP Morgan European Insurance Conference 2022 (06/14/22-06/16/22)
- The Nasdaq International Investor Conference 2022
- Oppenheimer 22nd Annual Consumer Growth and E-Commerce Conference 2022 (06/14/22-06/15/22)
- RBC Capital Markets Financial Technology Conference 2022
- Scotiabank ESG Conference and Sustainability Summit 2022 (06/14/22-06/15/22)
- Previously posted and ongoing conferences:
- Barclays European Internet & Emerging Tech / FinTech Conference (06/10/22-06/14/22)
- Deutsche Bank Global Auto Industry Conference (06/14/22-06/16/22)
- Goldman Sachs 43nd Annual Global Healthcare Conference 2022 (06/13/22-06/16/22)
- HSBC 6th Annual Asia Credit Conference 2022 (06/13/22-06/24/22)
- Morgan Stanley 13th Annual US Financials Payments & CRE Conference 2022 (06/13/22-06/15/22)
- SEMICON West
- Wells Fargo Streaming & Connectivity Conference 2022 (06/13/22-06/14/22)
- Company Meetings: CZR, DUNE, FIVE, QVBC.
- Fireside Chat:
- Affirm (AFRM) Webcast CFO Fireside Chat 2022.
- Investor/Analyst Day/Calls: ANF, CASY, CFB, DD, DESP, GMDA, GTOR, KAR, NEE, SCHW.
- Alnylam Pharmaceuticals (ALNY) Conference Call to Discuss FDA Approval of AMVUTTRA (Vutrisiran).
- R&D Day: None of note.
- Company Event:
- Cisco (CSCO) Live 2022 (06/12/22-06/15/22)
- Pega (PEGA) World iNspire Conference 2021 (06/12/22-06/14/22)
- Technicolor Capital (TCLRY) Markets Day 2022
- Verint (VRNT)Engage Customer Engagement Conference 2022 (06/13/22-06/16/22)
- Industry Meetings:
- ISSCR 2022 – International Society for Stem Cell Research Annual Meeting / Conference (06/14/22-06/18/22)
- 2022 FDLI Annual Conference Food and Drug Law Institute (06/14/22-06/15/22)
- American Society for Nutrition’s Annual Conference ‘Nutrition 2022’ (06/14/22-06/16/22)
- Previously posted and ongoing conferences:
- 12th International Advanced Automotive Battery Conference (AABC) Europe 2022 (06/13/22-06/15/22)
- Biotechnology Innovation Organization (BIO) International Convention 2022 (06/13/22-06/16/22)
- Prospectors & Developers Association of Canada (PDAC) Mining International Trade Show & Conference (In Person) 2022 (06/13/22-06/15/22)
- Endocrine Society Annual Meeting ENDO 2022 (06/11/22-06/14/22)
- The 20th International Symposium on Pediatric Neuro-Oncology (ISPNO) Annual Meeting 2022 (06/11/22-06/15/22)
- Society of Nuclear Medicine and Molecular Imaging (SNMMI) Annual Meeting 2022 (06/11/22-06/14/22)
- Society for Human Resource Management (SHRM) Annual Conference & Expo 2022 (06/11/22-06/15/22)
- Vaccine Technology VIII: An Engineering Conferences International (ECI) Conference Series 2022 (06/11/22-06/17/22)
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: