• IPOs Priced or News:
  • Nano Labs Ltd (NA) Announces Pricing of Initial Public Offering.. 1,770,000 American Depositary Shares (“ADS”) at a price to public of US$11.50 per ADS.
• New SPACs launched/News:
  • Falcon’s Beyond, a Leading Global Entertainment Development Company, to Become a Public Company Through a Business Combination with FAST Acquisition Corp. II (FZT).
• Secondaries Priced: None of note.
• Notes Priced of note: None of note.
• Common Stock filings/Notes:
  • ABVC: Filed Form 424B3.. 2,255,000 Shares of Common Stock Underlying Previously Issued Warrants.
  • EMMS: Emmis Communications Corporation Confirms Commencement of Tender Offer to Repurchase up to One Million Class A Common Shares at Prices Not Greater Than $3.75 nor Less Than $2.75 per share.
  • GLSI: Filed Form 424B5.. Up to $100,000,000 Shares of Common Stock.
  • GMVD: Fild Form F-3.. $50,000,000 Ordinary Shares.
  • PLRX: Proposed Public Offering of Common Stock.. $150.0 million of its common stock .. JPM and Cowen bookmanager.
  • WAVD: Filed Form S-1 4,500,000 Shares of common stock.
• Pricing of Over-Allotment/Notes: None of note.
• Direct Offering: None of note.
• Selling Shareholders of note:
  • AERC: Filed Form S-1.. 3,000,000 Shares of Common Stock offered by the Selling Stockholder.
  • HOOK: Filed Form S-3.. 1,666,666 Shares of Common Stock Offered by the Selling Stockholder.
  • XCUR: Filed Form S-3.. 867,369 Shares Common Stock Offered by the Selling Stockholders.
• Private Placement of Public Entity (PIPE): None of note.
• Mixed Shelf Offerings:
  • CANO: Filed Form S-3.. $500Million 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.

• After Hours: 
  • Trading Up: WPRT +20%.
  • Trading Down: VOXX -9%, PSMT -4%.

• News Since The Close:
  • Twitter (TWTR) says Mr. Musk’s termination is invalid and wrongful, and it constitutes a repudiation of their obligations under the Agreement. Twitter says it has breached none of its obligations under the Agreement, and Twitter has not suffered and is not likely to suffer a Company Material Adverse Effect.
  • White House: U.S. believes Iran is set to provide Russia with unmanned aircraft, training for Ukraine war. (AP)
  • EV maker Rivian (RIVN) plans to cut hunderds of jobs. (Bloomberg)
  • Gap Inc. (GPS) Announces CEO Sonia Syngal and Bob Martin Gap Executive Chairman named as interim President and CEO.
  • GameStop (GME) Launches NFT Marketplace.
  • Monthly Assets Under Management: CNS $87.9 billion (down $6.4 billion), AMK $82.1 billion.

• Exchange/Listing/Company Reorg and Personnel News:
  • Aerojet Rocketdyne (AJRD) appoints Thomas A. Corcoran independent Chairman of the Board.
  • Arbe’s (ARBE) Shareholders Extend their Lock-Up Period.
  • Clarivate (CLVT) CEO and Executive Chair Jerre Stead is retiring from his CEO role.
  • Dollar General (DG) announced Todd Vasos’s will retire as Chief Executive Officer.
  • The Estée Lauder Companies (EL) Elects a New Member to Its Board of Directors.
  • Fulcrum Therapeutics (FULC) Announces Departure of Chief Medical Officer.
  • Stealth Biotherapeutics (MITO) announces receipt of non-compliance notice from NASDAQ.
  • Energy Vault (NRGV) Announces Voluntary Extension of Lock-up Restrictions for Management and Senior Officers.
    Dave & Buster’s Entertainment, Inc. (PLAY) Announces New Executive Leadership Team.
  • Lordstown Motors (RIDE) Announces Executive Appointments.
  • SQZ Biotechnologies (SQZ) Appoints Micah Zajic as Chief Financial Officer.
• Buyback Announcements or News:
  • Alta Equipment Group (ALTG) approved a $12.5 million share repurchase program.
  • Greenwich LifeSciences (GLSI) Announces Suspension of Share Repurchase Program.
• Stock Splits or News:
  • GPL –  10-for-1 reverse stock split.
• Dividends Announcements or News: 
  • Alta Equipment Group (ALTG) initiated a regular quarterly common stock dividend of $0.057 per share.

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

S&P 500 -17, Dow Jones -206, NASDAQ -2, and Russell 2000 –8. Europe and Asia lower.  VIX Futures are at 27.58 from 26.50 yesterday morning and the VIX closed at 26.17 from 24.64 yesterday. Gold flat  with Silver and Copper lower. WTI Crude Oil  and Brent Oil Futures lower and Natural Gas higher. $ is lower vs Euro, higher vs Pound and lower vs Yen. US 10 year Treasury sees yields at 2.917% from 3.058% yesterday morning. Bitcoin is at $19,707.19 from $20,545 yesterday morning and is lower by -3.77% this morning. As of 8:05 a.m. EDT.

Sector Action – 07/11/22 Close (1/3/6/12/YTD Updated Weekly with Monday release):   

• Daily Positive Sectors: Utilities of note.
• Daily Negative Sectors: Consumer Cyclical, Communication Services, Technology, Basic Materials, Real Estate, Energy 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.

Stocks opened lower and remained in that position through out the day.  Volume was below average.  UNG spiked 7%.  TLT was up 1.72% to close at 114.44.  Updated 07/11/22 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: GOEV +23%, GLSI +10%, WPRT +7%, ALLG +4%.
• Gap Down: FULC -12%, GPS -7%, PLRX -5%, FLR -4%, PSMT -4%.

Insider Action: No stock sees Insider buying with dumb short selling.  No stock sees Insider buying with smart short sellers. 07/11/22 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: PEP GPS PTON PLAY PSMT GOEV (CNBC)
• 5 things to know before the stock market opens Tuesday (CNBC)
• Five Things You Need to Know to Start Your Day (Bloomberg)
• Bloomberg Lead Story: U.S. Inflation Path to Keep Fed on Aggressive Path. (Bloomberg)
• Bloomberg Most Read Story: Biden Administration to again extend Covid Public Health Emergency. (Bloomberg)
• Putin to travel to Iran on July 19th to meet with Iranian Leader Raisi and Turkey’s Erdogan. (Bloomberg)
• IEA Chief warns about worst yet to come of global energy crisis. (Bloomberg)
• Heathrow Airport limiting passenger traffic due to staff shortages and surging demand for flights. (WSJ)
• Morale is reported to be poor at Twitter (Twitter). (Wired)
• Box office sales nearing pre-pandemic levels. (CNBC)
• Pelton (PTON) to stop building its own bikes and treadmills. (Bloomberg)
• Alphabet’s (GOOGL) Google unit counter sues Match (MTCH). (Bloomberg)
• Meta (META) formerly known as Facebook firing underperforming employees. (The Information)
• Robinhood Snacks looks at Twitter’s response to Musk refusal to buy Twitter (TWTR). Binance allowed Iranians to trade crypto despite sanctions against the country.

Moving Average Update:

• Score drops to 34% from 60%.  Updated 07/11/22 close.

Geopolitical: 

• Federal Reserve Richmond President Thomas Barkin 12:30 p.m. EDT

M&A Activity:

• None of note.

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: