Overnight Summary: The S&P 500 closed Thursday at 3998.95 (higher by 0.99%) from 3959.90 (higher by 0.59%) on Wednesday. Futures are trading lower in the premarket session. The overnight high of 4004.75 was hit at 4:05 a.m. EDT. The low was hit at 3980 at 3:40 a.m. EDT, a range of 24 points high to low which is below the range of late with 45 the average range. At 7:25 a.m. EDT the current price is 3989.75 which is -0.29% and -11.50 points.
Earnings Out After The Close:
- Beats: UFPI +0.84, THC +0.71, WRB +0.27, ASB +0.12, MAT +0.12, VICR +0.11, HTH +0.10, WAL +0.09, PPG +0.09, OZK +0.08, FFBC +0.04, RHI +0.01, SNAP +0.01.
- Flat: GBCI +0.00.
- Misses: SIVB (2.02), SAM (0.31), STX (0.30), BJRI (0.15), COF (0.09), ISRG (0.06).
- IPOs Priced or News: None of note.
- New SPACs launched/News:
- ArcLight Clean Transition Corp. II (ACTD) completes business combination with OPAL Fuels; begin trading on the Nasdaq on July 22 under ticker “OPAL”.
- Secondaries Priced: None of note.
- Notes Priced of note: None of note.
- Common Stock filings/Notes:
- WULF: Filed Form S-3.. 5,787,732 Common Stock.
- WETG: Announces Uplisting to Nasdaq Capital Market and Closing of $40 Million Public Offering of 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:
- EW: Filed Form S-3ASR.. Mixed Security Shelf.
- GRPH: Filed Form S-3.. $300 Million Mixed Security Shelf.
- MOFG: Filed Form S-3.. $100 Million Mixed Security Shelf.
- SYF: Filed Form S-3ASR.. Mixed Shelf.
- Convertible Offering & Notes Filed:
- NKE: Filed Form S-3ASR.. Debt Security Shelf.
- RWAY: Prices Offering of 7.50% Notes due 2027.
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: HNGR +24%, NOVT +7%, OZK +5%, SIX +4%, UFPI +4%, THC +4%.
- Trading Down: SNAP -26%, ISRG -13%, STX -10%, CRSR -10%, SIVB -8%, SAM -8%, TTD -7%, SBTX -6%, PINS -6%, WDC -6%, APPS -6%, COF -5%, RHI -5%, META -5%, PUBM -5%, MGNI -4%.
- News Since The Close:
- Stocks making the biggest moves after hours: SNAP, META, MAT, SAM, ISRG, COF (CNBC)
- Social media and online ad stocks drop in wake of alarming Snap (SNAP) earnings report. (CNBC)
- Rivian (RIVN) stock rises as Amazon (AMZN) starts using EV maker’s electric delivery vans. (MarketWatch)
- Boston Beer (SAM) slashes earnings forecast as the downfall of hard seltzer continues. (MarketWatch)
- Textron (TXT) awarded $354 million U.S. Army contract.
- Exchange/Listing/Company Reorg and Personnel News:
- GMS promoted Travis Hendren to Chief Operating Officer.
- Invitation Homes (INVH) Announces Cash Dividend.
- Vera Bradley (VRA) announces planned retirement of President and CEO Robert Wallstrom.
- Verisk Analytics (VRSK) names Elizabeth Mann as Executive Vice President and CFO.
- Index changes:
- Novanta (NOVT) will replace Six Flags Entertainment (SIX) in the S&P MidCap 400.
- Six Flags Entertainment (SIX) will replace Natus Medical (NTUS) in the S&P SmallCap 600.
- Buyback Announcements or News:
- Intuitive Surgical (ISRG) increases share repurchase authorization to $3.5 billion.
- Magyar Bancorp, Inc. (MGYR) announces stock repurchase program.
- Snap Inc. (SNAP) announced today its Board of Directors has authorized a stock repurchase program of up to $500 million of its Class A common stock.
- Supervielle (SUPV) Announces a Program for the Repurchase of Own Shares.
- Stock Splits or News:
- CLRB 1 for 10 reverse split.
- GME trading split price this morning.
- Dividends Announcements or News:
- CenterPoint Energy (CNP) declares an increase to the regular Common Stock quarterly dividend to $0.1800 and Series A Preferred Stock dividend of $30.6250.
- SCHL: Regular Quarterly Dividend Raised 33% to $0.20 Per Share.
- South Plains Financial, Inc. (SPFI) Announces 9% Increase to Quarterly Cash Dividend.
- Valero Energy Corporation (VLO) Declares Regular Cash Dividend on Common Stock.
What’s Happening This Morning: Futures value reflects the change with fair value.
S&P 500 -5, Dow Jones +50, NASDAQ –28, and Russell 2000 +0.5. Europe higher and Asia higher ex Shanghai. VIX Futures are at 26.30 from 27 yesterday morning and the VIX closed at 23.88 from 24.50 yesterday. Gold higher, Silver lower and Copper higher. 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 2.818% from 3.045% yesterday morning. Bitcoin is at $23,444 from $22,903 yesterday morning and is higher by 1.71% this morning. As of 8:09 a.m. EDT.
Sector Action – 07/21/22 Close (1/3/6/12/YTD Updated Weekly with Monday release):
- Daily Positive Sectors: Consumer Cyclical, Technology, Healthcare, Basic Materials of note.
- Daily Negative Sectors: Energy of note.
- One Month Winners: Healthcare, Consumer Defensive, Utilities 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.
Slow start to the day but finished the last leg strong around the bend. SPX is a stones throw away from 4,000 after almost hitting 3,600 in June. NASDAQ was up 1.36%. TLT continued up closing at $116.59 for a 1.73% gain. Updated 07/21/22 close.
Upcoming Earnings Of Note: (sorted by market cap, highest to lowest with most visible names)
- Friday After the Close: none of note.
- Monday Before the Open: NEM, PHG, RPM, DORM, CBU, SQSP, BOH, SBSI of note.
Earnings of Note This Morning:
- Beats: NEP +2.37, ALV +0.54, HCA +0.50, AXP +0.16, ROP +0.10, SLB +0.10, RF +0.06, NEE +0.05, SXT +0.03, FBP +0.02.
- Flat: None of note.
- Misses: CLF (0.23), VZ (0.01).
- Still to Report: GNTX, TWTR.
- Positive Guidance: IPAR, SLB of note.
- Negative Guidance: DHI, CRSR, THC, STX, PPG, SAM, AKA, VZ of note.
Erlanger Research Advance/Decline Chart: Updated through 07/21/22 close.
Gap Ups & Down In Early Pre-Market:
- Gap Up: HNGR +24%, VICR +8%, AUPH +8%, THC +7%, NOVT +6%, OZK +5%, SIX +4%.
- Gap Down: SNAP -29%, STX -12%, ISRG -12%, CRSR -11%, SBTX -10%, SAM -9%, SIVB -9%, PINS -7%, TTD -7%, WDC -7%, APPS -6%, BJRI -5%, MGNI -5%, GRPH -5%, META -4%, MU -4%, VLRS -4%, PUBM -4%, RHI -4%.
Insider Action: sees Insider buying with dumb short selling. sees Insider buying with smart short sellers. 07/21/22 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: AXP, SLB, HCA, SNAP, CLF, VZ. (CNBC)
- Five Things You Need to Know to Start Your Day (Bloomberg)
- 5 things to know before the stock market opens Friday. (CNBC)
- Bloomberg Lead Story: Trump Insiders recall Jan 6th actions by the president and how he spurned please to stop riot. (Bloomberg)
- Bloomberg Most Read Story: Musk lieutenant scrutinized by internal memo Tesla Purchasing Memo indicating glass could have been purchased for Musk’s personal use. (Bloomberg)
- Germany to bailout energy giant Uniper to the tune of $15 billion as Russia hurts natural gas supplies forcing Uniper to buy gas at much higher spot prices. (CNBC)
- Nord Stream 1 pipeline flows to most of Europe remain stable but not close to 100% and flows to Poland from Germany were slower. (Reuters)
- Republican NY Governor Candidate Zeldin was attacked by a crazed man with a weapon. (Bloomberg)
- Bank of America stated “everyone is bearish but no one has sold.” (Bloomberg)
- FedEx (FDX) to suspend Sunday delivery in some markets. (WSJ)
- Russia and Ukraine cut a deal to export stranded grain out of the ports of Odessa. (FT)
- China to extend antidumping duties on steel from Japan and South Korea. (Reuters)
- Senate to finalize and pass the Semiconductor Bill next week. (CNN)
Moving Average Update:
- Score remains exactly at 80%. Updated 07/21/22 close.
- President’s Public Schedule:
- The President receives the President’s Daily Brief, 10:30 a.m. EDT
- Press Briefing by Press Secretary Karine Jean-Pierre and COVID-19 Coordinator Dr. Ashish Jha, 3:00 p.m. EDT
- On Friday, the Bank of Japan (BOJ) is also out with its latest announcement on Thursday night U.S
- PMI Composite Flash 9:45 a.m. EDT
- Baker Hughes Rig Count 1:00 p.m. EDT
Federal Reserve / Treasury Speakers:
- Fed Speakers are on a Blackout Period into the FOMC Meeting. Blackout Period from July 16-July 28.
- Hanger, Inc. (HNGR) Announces Definitive Agreement to be Acquired by Patient Square Capital for $18.75 Per Share in Cash.
Meeting & Conferences of Note:
- Sellside Conferences:
- None of note.
- Previously posted and ongoing conferences:
- Gordon Research Conference Mitochondria and Chloroplasts 2022 (07/17/22-07/22/22)
- Company Meetings: None of note.
- Fireside Chat: None of note.
- Investor/Analyst Day/Calls: SEE
- Update: None of note.
- R&D Day: None of note.
- Company Event: None of note.
- Industry Meetings:
- Federation of Defense & Corporate Counsel (FDCC) Annual Meeting 2022 (07/23/22-07/30/22)
- American Association for Clinical Chemistry (AACC) Annual Scientific Meeting and Clinical Lab Exposition 2022 (07/24/22-07/28/22)
- The 24th International Symposium on the Photochemistry and Photophysics of Coordination Compounds 2022 (07/24/22-07/29/22)
- Previously posted and ongoing conferences:
- Cardiovascular Innovations 2022 (07/21/22-07/23/22)
- San Diego Comic-Con International 2022 (07/21/22-07/24/22)
- Pan Pacific Lymphoma Conference (07/18/22-07/22/22)
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: