• IPOs Priced or News:
  • GSUN: Golden Sun Education Group Ltd. Announces Pricing of US$17,600,000 Initial Public Offering.
• New SPACs launched/News: None of note.
• Secondaries Priced: None of note.
• Notes Priced of note:
  • KLAC: Prices Senior Notes Offering.
  • TNXP: Announces Pricing of $30 Million Private Placement of Convertible Redeemable Preferred Stock.
• Common Stock filings/Notes:
  • ACLX: Closing of Upsized Public Offering of Common Stock and Underwriters’ Full Exercise of Option to Purchase Additional Shares.
  • DTIL: Announces $50 Million Offering of Common Stock.. Jefferies bookmanager.
  • GBTG: Files for 485,526,872 share common stock offering related to warrants.
  • NOAH: Filed Form F-3ASR.. Class A Ordinary Shares.
• Pricing of Over-Allotment/Notes: None of note.
• Direct Offering: None of note.
• Selling Shareholders of note:
  • BBAI: Files for 113.25 million share common stock offering by selling shareholders.
• Private Placement of Public Entity (PIPE): None of note.
• Mixed Shelf Offerings:
  • STRR: Filed Form S-3.. $100,000,000 Mixed Shelf.
  • FIS: Filed Form S-3ASR.. Mixed Security Shelf.
• Convertible Offering & Notes Filed:
  • ORA: Intends to offer $350 million of Green Convertible Senior Notes.

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: LZB 12%, PRTK +10%, ENTA +10%, BMRN +4%, AVT +4%.
  • Trading Down: ORA -4%.

• News Since The Close:
  • La-Z-Boy (LZB) stock jumps more than 11% after furniture maker reports ‘record’ quarterly sales. (MarketWatch)
  • Citigroup sees a 40% chance of US recession going into next year and expects the Fed’s policies to take up to 18 months to take effect.
  • Poll: Fed To Lift Rates By 75 Basis Points In July, 50 Basis Points In September. (Reuters)
  • Finland Defense Chief: Finland Is Ready To Fight Russia If Attacked. (Reuters)
  • Disney (DIS): Abigail Disney to mount shareholder battle over CEO salary.  (TheWrap)
  • Federal Reserve Richmond President Thomas Barkin:
    • Says a 75bp rate hike seems sensible
    • Doesn’t see a severe financial crisis being in the cards -Barkin says he’s not predicting the U.S. will enter a recession
    • Anticipates continued volatility in economic indicators.
    • Confident that pandemic shocks will subside over time.
    • This could mean that inflation readings fluctuate before stabilizing.
    • There is a chance that we will see more deglobalization and labor shortages as a result of a lack of immigration..

• Exchange/Listing/Company Reorg and Personnel News:
  • Boeing (BA) Elects David L. Gitlin to Board of Directors.
  • KVH Industries (KVHI) names Brent Bruun President, Chief Executive Officer, and Director.
• Buyback Announcements:
  • Chesapeake Energy (CHK) corporation doubles its authorization for common stock and warrant repurchase from $1 billion to $2 billion.
  • Safe Bulkers, Inc. (SB) Announces Common Stock Repurchase Program up to 5 million shares.
• Stock Splits: 
  • FTNT 5-for-1 stock split will become effective on June 23.
• Dividends Announcements:
  • Delek US (DK) Announces Special Dividend of $0.20 per share.

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

S&P 500 -51, Dow Jones -353, NASDAQ -177, and Russell 2000 -23. Europe lower and Asia lower.  VIX Futures are at 30.91 from 31.35  yesterday morning and the VIX closed at 30.19 from 32.95 yesterday. Gold, Silver and Copper lower. WTI Crude Oil  and Brent Oil Futures lower and Natural Gas lower. $ is higher vs Euro, higher vs Pound and lower vs Yen. US 10 year Treasury sees yields at 3.196% from 3.271%  yesterday morning. Bitcoin is at $20,451 from $21,263.56 yesterday morning and is lower by -2.69% this morning. As of 8:02 a.m. EDT.

Sector Action – 06/21/22 Close (1/3/6/12/YTD Updated Weekly with Monday release):   

• Daily Positive Sectors: Energy, Consumer Cyclical, Consumer Defensive, Technology, Healthcare, Communication Services, Financial, Real Estate of note.
• Daily Negative Sectors: none of note.
• One Month Winners: none of note.
• Three Month Winners: none of note.
• Six Month Winners: Energy of note.
• Twelve Month Winners: Energy of note.
• Year to Date Winners: Energy of note.

Stocks continued to rebound after the long weekend.  Energy had a strong performance (last week’s laggard).  Updated 06/21/22 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: ENTA +8%, LZB +8%, HITI +5%.
• Gap Down: MFGP -17%, USO 4%, ORA -4%.

Insider Action: NXRT, AHCO, VST sees Insider buying with dumb short selling. AEO, DAWN sees Insider buying with smart short sellers. 06/21/22 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: WGO, LZB, REV, DOW, KFY, ABNB (CNBC)
• Five Things You Need to Know to Start Your Day (Bloomberg)
• Bloomberg Lead Story: Stocks fall on a hard landing scenario. (Bloomberg)
• Bloomberg Most Read Story: Rep Liz Cheney (R-WY) pays a hard price in Wyoming for crossing Trump. (Bloomberg)
• U.K. inflation hits 9.1% as food and energy cost remain high. (CNBC)
• President Biden to call for a three month removal of gasoline and diesel tax. (CNBC)
• Energy Secretary Jennifer Granholm to meet with energy companies tomorrow. (The Hill)
• Yield Curve inverts again. (Bloomberg)
• Mortgage applications rose 8% week over  week but lower -10% year over year. It was the largest one week jump in 13 years . Supply is up 17%. (CNBC)
• Daimler, the world’s largest truck manufacturer facing enormous supply chain issues still. (CNBC)
• BridgeBio (BBIO) announces positive data on BBP-812. (Release)
• Apple (AAPL) stock not priced for a recession. (WSJ)
• Robinhood Snacks looks at Kellogg (K) split into three companies. Travel hits wall as airlines struggle to bring back workers.

Moving Average Update:

• Small glimmer of hope as short term moving averages are crossed to the upside.  Not much hope with futures so negative this morning!  Score gets of the mat moving to 17% from 0%.  Updated 06/21/22 close.

Geopolitical: 

• Company Meetings: BB, MO, NDAQ, WDAY.
• Fireside Chat: Earthstone Energy (ESTE) President and CEO to Participate in Fireside Chat with Water Tower Research 2022.
• Investor/Analyst Day/Calls: ASLN, BTRS, CTKB, ESTE, GGPI, GLPG, IFS, MOD, PFHC, VLVLY, VXRT, ZS.
• Update: None of note.
• R&D Day: None of note.
• Company Event:
  • Amdocs (DOX) ESG Webinar 2022
• Industry Meetings:
  • CareVention HealthCare Advisory Summit 2022
  • America’s Health Insurance Plans (AHIP) 2022
  • EASL International Liver Congress 2022 (06/22/22-06/26/22)
  • Pacific Coast Builders’ Conference (PCBC) 2022
    • Previously posted and ongoing conferences:
      • International Consumer Product Health and Safety Organization (ICPHSO) North America Product Safety Training Workshop 2022 (06/21/22-06/22/22)
      • American Bankers Association’s Regulatory Compliance Conference 2022 (06/21/22-06/24/22)
      • International Microwave Symposium (IMS) 2022 (06/19/22-06/24/22)
      • Drug Information Association (DIA) Global Annual Meeting (06/19/22-06/23/22)
      • European Association for Cancer Research(EACR) Congress 2022 (06/20/22-06/23/22)
      • ChemCon Europe 2022 (06/20/22-06/24/22)
      • Customer Contact Week Las Vegas 2022 (06/20/22-06/23/22)
      • Connect IT Global Las Vegas 2022 (06/20/22-06/23/22)

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: