Overnight Summary: The S&P 500 closed Friday at 4145.19 (lower by -0.16%) from 4151.94 (lower by -0.08%) on Thursday. The overnight high of 4169.50 was hit at 7:00 a.m. EDT. The low was hit at 4130.75 at 7:00 p.m. EDT, a range of 38.75 points high to low which is slightly below the range of late with 45 the average range. At 7:25 a.m. EDT the current price is 4166 which is 0.46% and 19.25 points.
Breaking News: Chinese military drills continue close to Taiwan. (Bloomberg)
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:
- Secondaries Priced:
- Notes Priced of note:
- Common Stock filings/Notes:
- Pricing of Over-Allotment/Notes: None of note.
- Direct Offering: None of note.
- Selling Shareholders of note:
- ALTR files common stock offering of 2,935,564 shares by selling shareholder.
- LPG files common stock offering of 2,867,618 shares by selling shareholder.
- NETI files common stock offering of 4,512,836 shares by selling shareholders.
- VIA files common stock offering of 20.8 million shares by selling shareholders.
- Private Placement of Public Entity (PIPE): None of note.
- Mixed Shelf Offerings:
- LPG files $500 million mixed shelf offering.
- ZTS file mixed shelf offering.
- PTGX files mixed shelf offering.
- RITM files mixed shelf offering.
- IPI files mixed shelf offering.
- VIA files mixed shelf offering.
- Debt Filing: None of note.
- 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:
- News Items After the Close:
- California DMW accuses Tesla (TSLA) of falsely advertising autopilot features. (LA Times)
- Walmart (WMT) is buying Volt Systems no terms.
- News Items Over the Weekend:
- The Week in Business: . (NYT)
- Federal Reserve Governor Bowman looks for similar interest rate hikes as we have seen until inflation slows.
- President Biden exits isolation as tests negative for Covid-19.
- Ceasefire in Gaza after several days of fighting.
- Barron’s:
- Positive View: GE DG DLTR PYPL EADSY
- Cautious View: BX .
- Mixed View: None of note.
- Exchange/Listing/Company Reorg and Personnel News:
- Carlyle (CG) CEO to step down, reaffirms guidance.
- Buyback Announcements or News: Dexcom (DXCM) files an accelerated share repurchase.
- Stock Splits or News: Tesla (TSLA) Board approves previously announced 3:1 split to go into effect 8/25.
- Dividends Announcements or News:
What’s Happening This Morning: Futures value reflects the change with fair value.
S&P 500 +, Dow Jones +, NASDAQ +, and Russell 2000 +. Europe and Asia higher. VIX Futures are at 23.17 from 24.20 yesterday morning and the VIX closed at 21.95 from 23.93 yesterday. Gold and Silver higher with Copper lower. WTI Crude Oil and Brent Oil Futures lower and Natural Gas lower. $ is lower vs Euro, lower vs Pound and lower vs Yen. US 10 year Treasury sees yields at 2.803% this morning. Bitcoin is at $$24,066.45 and is higher by 3.80%% this morning. As of 8:20 a.m. EDT.
Sector Action – 08/05/22 Close (1/3/6/12/YTD Updated Weekly with Monday release):
- Daily Positive Sectors: Energy, Materials and Financials of note.
- Daily Negative Sectors: Consumer Cyclical, Communication Services and Utilities of note.
- One Month Winners: Consumer Cyclical, Technology, Industrials, Energy, Financials and Utilities of note.
- Three Month Winners: Technology, Utilities and Consumer Cyclical of note.
- Six Month Winners: Energy and Utilities of note.
- Twelve Month Winners: Energy and Utilities of note.
- Year to Date Winners: Energy and Utilities of note.
. Updated 08/05/22 close.
Upcoming Earnings Of Note: (sorted by market cap, highest to lowest with most visible names)
- Monday After the Close: AIG, IFF, OKE, TTWO, PFG, AZPN, ACM, SWCH, AVLR, SWAV, TREX, VAC, BWXT, PRI, QLYS, TXG, NVAX, DOCN, ICUI, CBT, TPTX, AEL, AAON, CARG, NHI, FRPT, GDRX, VSAT, ACAD, HLIO, GBT, TASK, APPS, DOOR, ESE, SKT, LGND, PRAA, DDD, HIMS, ME, HBM, LMND, PRIM, PRA, FGEN, ENTA, BLNK, VECO, LPSN, VVNT, MRC, PRDO, BIRD, YMAB, ACCO, EGIO, IGMS, KOD, VXRT, SDC, GRPN, OPRT, WPRT, VRM, EHTH, ENDP, NCMI of note.
- Tuesday Before the Open: EMR, SYY, TDG, GFS, OLPX, CLVT, H, TPG, ARMK, PLNT, CPRI, RL, NVEI, HR, INGR, REYN, PRGO, IONS, LPX, ITCI, IAA, NCLH, NOVT, HGV, AHCO, SAVE, EVGO, GBDC, SKIN, STER, VERX, BHC, AVNS, TNC, DIN, KYMR, SNCY, RDNT, CRNC, CEVA, EBIX, EXK, AMRS, ECOM, HRTX of note.
Earnings of Note This Morning:
- Beats: WTI +0.95, DINO +0.88, RETA +0.61, MNDY +0.42, ELAN +0.11, THS +0.09, GOLD +0.02, D +0.02 and ENR +0.01.
- Flat: None of note.
- Misses: BNTX -0.63, VTRS -0.57, KRTX -0.07, HEP -0.07, PLTR -0.04, TSN -0.03, RDWR -0.02.
- Still to Report: .
Guidance:
- Positive Guidance: RETA, THS of note.
- Negative Guidance: ELAN, ENR, PLTR, VTRS of note.
Erlanger Research Advance/Decline Chart: Updated through 08/05/22 close.
Gap Ups & Down In Early Pre-Market:
- Gap Up: KOD +27.3%, KRTX +19.6%, MYOV +12.6%, DINO +8%, KOS +5%, DNN +3.4%, HEP +3.2%, TSLA +2.8%, HCM +2.7%, GH +2.3%, TWTR +1.7%.
- Gap Down: BNTX -3.9%, VIA -2.4%, NETI -2%.
Insider Action: None of note Insider buying with dumb short selling. None of note with Insider buying with smart short sellers. 08/05/22 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: PLTR TSN GOLD CVS (CNBC)
- 5 Things To Know This Morning. (CNBC)
- Five Things You Need to Know to Start Your Day (Bloomberg)
- Bloomberg Lead Story: Stock Futures Rise as Traders Assess Fed Hikes. (Bloomberg)
- Bloomberg Most Read Story: Carve out on the Carry Tax. (Bloomberg)
- Hong Kong lowers Covid-19 quarantine to three days. (WSJ)
- Senate passes the Inflation Reduction Bill. Heads to House.
- Winners and losers in the Tax and Energy Bill. (Bloomberg)
- U.S. and Iran close to a nuclear deal. (WSJ)
- Federal Reserve San Francisco President Mary Daly says September meeting sees 50 basis points as not the only choice. (Bloomberg)
Moving Average Update:
- Score remains at 80%. Updated 08/05/22 close.
Geopolitical:
- President’s Public Schedule:
- President Biden heads from Delaware to Kentucky to see the recent flooding. Will be there 11:45 a.m. EDT to 4:20 p.m. EDT.
- Arrives at the White House at 5:55 p.m. EDT.
Economic:
Federal Reserve / Treasury Speakers:
- No Federal Reserve Speakers on the schedule for today.
M&A Activity:
- Pfizer (PFE) to buy Global Blood Therapeutics (GBT) for $68.50 a share.
Meeting & Conferences of Note:
- Sellside Conferences:
- BTIG Biotech Conference.
- Canaccord Genuity Annual Conference
- Cowen Annual Communication Infrastructure Summit 2022
- Wells Fargo Annual Fin Tech & Technology Services Forum 2022
- UBS Financial Services Conference
- Previously posted and ongoing conferences:
- Company Meetings:
- DTE Business Update.
- LAZR Business Update.
- Fireside Chat: None of note.
- Investor/Analyst Day/Calls: PTLO Investor Day.
- Update: None of note.
- R&D Day: None of note.
- Company Event:
- Industry Meetings:
- None of note.
- Previously posted and ongoing conferences:
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:
