Overnight Summary: The S&P 500 closed Friday at 3899.38 (lower by -0.08%) from 3845.08 (higher by 0.36%) on Thursday. Futures are trading lower in the premarket session. The overnight high of 3899.75 was hit at 7:50 p.m. EDT. The low was hit at 3863.50 at 2:10 a.m. EDT, a range of 36 points high to low which is below the range of late with 45 the average range. At 7:15 a.m. EDT the current price is 3883.50 which is -0.45% and -17.75 points.
Earnings Out After The Close:
- Beats: None of note.
- Flat: None of note.
- Misses: None of note.
- IPOs Priced or News: None of note.
- New SPACs launched/News: None of note.
- Secondaries Priced: None of note.
- Notes Priced of note: None of note.
- Common Stock filings/Notes:
- LLAP: Filed Form S-1.. Up to 27,714,791 Shares of Common Stock.
- LODE: Filed Form S-1.. up to $11,187,363 shares.
- OP: Filed Form F-1/A Addendum Lifting Offering to Up to 53,339,023 Units consisting of Common Stock or Pre-Funded Warrants.
- RKLY: Filed Form S-1.. Up to 87,567,895 Ordinary Shares.
- SNAX: Filed Form S-1.. 11,502,355 Shares of Class A Common Stock.
- 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:
- AYLA: Filed Form S-1.. Mixed Shelf Offering.
- PPTA: Filed Form S-3.. $500,000,000 Mixed Shelf.
- 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 and Over the Week:
- Weekly Wrap Up: Best and Worst performing large cap stocks:
- Trading Up: LXRX 47.4%, RFP 38.5%, NVAX 31.5%, GTHX 29.2%, COWN 27.0%, IRTC 25.0%, RGS 24.8%, CBAY 24.0%, AVLR 22.1%, SENS 22.1%, HRTX 21.7%, NVTA 21.7%, PACB 21.4%, TGTX 21.3%, FIXX 21.3%.
- Trading Down: CTMX -29.1%, SWM -17.1%, KRNT -16.4%, QRTEA -15.5%, OMER -13.8%, SQQQ -13.1%, GRFS -12.7%, FMX -12.1%, UVV -12.0%, EGO -11.6%, MAG -11.1%, DK -10.5%, SA -10.5%, LOMA -10.4%, KOS -10.4%, NBR -10.4%, IPI -9.8%, CCXI -9.8%.
- News Items After the Close:
- Twitter (TWTR): Elon Musk sent a letter to Twitter formally notifying Twitter that Elon Musk is terminating their merger agreement.
- TWTR- Last line of filing — Accordingly, for all of these reasons, Mr. Musk hereby exercises X Holdings I, Inc.’s right to terminate the Merger Agreement and abandon the transaction contemplated thereby, and this letter constitutes formal notice of X Holding I, Inc.’s termination of the Merger Agreement pursuant to Section 8.1(d)(i) thereof.
- News Items Over the Weekend:
- Stocks that Defined the Week: SHEL, F, AMZN, AAL, SGEN, LEVI, MRK, TWTR (WSJ)
- The Week in Business: A Rude Awakening for Start-ups. (NYT)
- Twitter (TWTR) hires Wachtell Lipton; aims to file suit early in week. Confident in merger agreement and intends to close transaction at $54.20 per share. Skadden to defend Musk.
- China’s top market regulator said on Sunday it has imposed a fine of 500,000 yuan ($74,700) each on companies including Alibaba, #Tencent and SoftBank for failing to report deals. Global Times.
- Federal Reserve report finds 75% of $800 billion Paycheck Protection Program didn’t reach employees.
- Macau will shut almost all business premises including casinos for a week as a Covid outbreak in the gambling hub shows few signs of slowing down. (BBC News)
- Positive View: LLY, JWN, MSFT, BRK.B, AAPL, F, LOW, WSO.
- Cautious View: None of note.
- Mixed View: None of note.
- Exchange/Listing/Company Reorg and Personnel News:
- Alexandria RE (ARE) Co-Chief Executive Officer of Alexandria Real Estate Equities Stephen A. Richardson tendered his resignation.
- Calliditas (CALT) announces additions to the management team.
- IMV Receives Nasdaq Notification Regarding Minimum Bid Price Deficiency.
- PureTech (PRTC) Founded Entity Akili Announces Public Company Board of Director Nominees.
- Suncor Energy (SU) announced that the Board of Directors and chief executive officer Mark Little, have mutually agreed that Mr. Little will step down as president and chief executive officer and resign from the Board, effective immediately.
- Mr. Pengjun Lu, Chief Technology Officer of Vipshop Holdings Limited (VIPS) has tendered the resignation from his current position with the Company due to personal reasons, effective July 11, 2022.
- Buyback Announcements or News: None of note.
- Stock Splits or News: None of note.
- Dividends Announcements or News: None of note.
What’s Happening This Morning: Futures value reflects the change with fair value.
S&P 500 -29, Dow Jones -192 , NASDAQ -115, and Russell 2000 -14. Europe lower and Asia lower ex Japan. VIX Futures are at 26.50 from 26.85 yesterday morning and the VIX closed at 24.64 from 26.08 Friday. Gold, Silver and Copper lower. WTI Crude Oil and Brent Oil Futures lower and Natural Gas higher. $ is higher vs Euro, higher vs Pound and higher vs Yen. US 10 year Treasury sees yields at 3.058% from 2.983% yesterday morning. Bitcoin is at $20,545 from $21,532 Friday morning and is lower by -1.31% this morning. As of 8:05 a.m. EDT.
Sector Action – 07/08/22 Close (1/3/6/12/YTD Updated Weekly with Monday release):
- Daily Positive Sectors: Healthcare of note.
- Daily Negative Sectors: Basic Materials, Real Estate, Industrials, Utilities, Consumer Cyclical, Consumer Defensive of note.
- One Month Winners: Healthcare of note.
- Three Month Winners: none of note.
- Six Month Winners: Energy of note.
- Twelve Month Winners: Energy and Utilities of note.
- Year to Date Winners: Energy of note.
June jobs number had the markets opening lower before finding a little upside momentum. Stocks finished mostly flat to mixed. Updated 07/08/22 close.
Upcoming Earnings Of Note: (sorted by market cap, highest to lowest with most visible names)
- Monday After the Close: PEP, PSMT of note.
- Tuesday Before the Open: ANGO of note.
Earnings of Note This Morning:
- Beats: AZZ +0.39.
- Flat: None of note.
- Misses: GBX (0.48).
- Still to Report: None of note.
- Positive Guidance: CAMT, AZZ of note.
- Negative Guidance: none of note.
Erlanger Research Advance/Decline Chart: Updated through 07/08/22 close.
Gap Ups & Down In Early Pre-Market:
- Gap Up: DWAC +19%, HITI +6%, CAMT +4%.
- Gap Down: SWVL -9%, TWTR -6%, LVS -5%, GBX -5%, VIPS -4%.
Insider Action: TELA sees Insider buying with dumb short selling. No stock sees Insider buying with smart short sellers. 07/08/22 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: TWTR, WYNN, LVS, LULU, UBER, BABA, JD, MAT, NIO, PDD, BIDU, QRVO (CNBC)
- Five Things To Know Before The Stock Market Opens Monday. (CNBC)
- Five Things You Need to Know to Start Your Day (Bloomberg)
- Bloomberg Lead Story: U.S. Equity Futures Drop On Twitter News. (Bloomberg)
- Bloomberg Most Read Story: Who shot Shinzo Abe and why? (Bloomberg)
- Covid-19 Virus BA 2.75 raises concerns globally. (Bloomberg)
- Russia halts Nord Stream AG pipeline for maintenance until July 21st to Europe. (CNBC)
- Macau shuts casinos for the week as Covid-19 spreads (CNBC)
- President Biden to travel to Saudi Arabia this week. (WSJ)
- Global minimum tax implementation is delayed. (WSJ)
- Baby formula plant in Michigan reopened. (Reuters)
- Deere (DE) loses patent case to AGCO Corp (AGCO). (Bloomberg)
- Starbucks (SBUX) halts sales of new chicken sandwich. (WSJ)
- Walt Disney’s (DIS) Thor:Love and Thunder pulls in $143 million in domestic sales. (CNBC)
- Amazon (AMZN) Prime Day is here this week, 7/12 and 7/13. (CNBC)
- Uber (UBER) broke laws at it attempted to lobby politicians. (The Guardian)
- Robinhood Snacks looks at inflation balloon and it may be deflating but slowly.
Moving Average Update:
- Score remains at 60%. Updated 07/08/22 close.
- President’s Public Schedule:
- The President receives the President’s Daily Brief, 9:00 a.m. EDT
- Press Briefing by Press Secretary Karine Jean-Pierre, 3:45 p.m. EDT
- The President and The Vice President receive a briefing from National Aeronautics and Space Administration officials and preview the first images from the Webb Space Telescope — the highest-resolution images of the infrared universe ever captured, 5:00 p.m. EDT
Federal Reserve / Treasury Speakers:
- Federal Reserve New York President John Williams 2:00 p.m. EDT
- Cbiz (CBZ) acquires Stinnett & Associates, professional advisory firm with offices in Oklahoma, Texas and Colorado.
- CRH Announces Completion of Barrette Acquisition.
- CURO Announces Closing of Sale of Legacy U.S. Direct Lending Business for $345 million.
- CTO Realty Growth (CTO) Announces Acquisition of Grocery-Anchored Retail Property in Atlanta, Georgia for $80.2 Million.
- Genius Group (GNS) acquires California based University of Antelope Valley.
- Innoviva (INVA) to Acquire La Jolla Pharmaceutical Company (LJPC) for $6.23/share in cash.
- Royal Gold (RGLD) Announces Agreement to Acquire Great Bear Royalties Corp. to Gain Royalty Exposure to the Emerging World-Class Great Bear Project.
- TITN: Titan Machinery Inc. Announces Strategic Acquisition of Heartland Ag Systems.
- Swvl (SWVL) to acquire Mexico-based Urbvan Mobility.
Meeting & Conferences of Note:
- Sellside Conferences:
- CEO Summit with SEMICON West
- Demy Colton Biotech CEO Summit
- Mizuho Securities FORTUNE Brainstorm Tech
- William Blair Biotech Focus Conference 2022 (07/11/22-07/13/22)
- Previously posted and ongoing conferences:
- Company Meetings: MNSO
- Fireside Chat: None of note.
- Investor/Analyst Day/Calls: DE, TGT
- Update: TSK.
- R&D Day: PLRX.
- Company Event: None of note.
- Industry Meetings:
- Controlled Release Society (CRS) 2022 Annual Meeting & Expo (07/11/22-07/15/22)
- World Orphan Drug Congress USA 2022 (07/11/22-07/13/22)
- Previously posted and ongoing conferences:
- International Society on Thrombosis and Haemostasis (ISTH) Congress 2022 (07/09/22-07/13/22)
- Tissue Engineering and Regenerative Medicine International Society (TERMIS) Conference 2022 (07/10/22-07/13/22)
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: