Overnight Summary: The S&P 500 closed Wednesday at 3719.04 (higher by 1.97%) from  Tuesday at 3647.29 (lower by -0.21%). The overnight high of 3736 was hit at 12:45 a.m. EDT. The low of 3677.25 was hit at 3:55 a.m. EDT, a range of 59 points high to low which is above the recent range of 45. At 7:55 a.m. EDT the current price is 3633.25 down -27.04 points, -0.74%.

Earnings Out After The Close:

• IPOs Priced or News:
  • Porsche (POAHY) launches IPO on Frankfurt Stock Exchange.
• New SPACs launched/News:
  • Atlas Corp (ATCO) confirms receipt of revised proposal from Poseidon Acquisition Corp. to acquire all outstanding shares of ATCO for $15.50 per share in cash.
  • Consumer Direct Holdings plans to become a publicly traded company via merger with DTRT Health Acquisition (DTRT).
  • Silver Crest Acquisition Corp. (SLCR) completes business combination with Tims China.
• Secondaries Priced:
  • ADC: Prices 5 million shares of its common stock at a public offering price of $66.85 per share in connection with the forward sale agreements.
  • AMPS: Prices offering of 7.0 million shares of common stock sold by Blackstone (BX) at $11.50 per share.
  • VEEE: Prices Spot secondary @$2.75.
• Notes Priced of note: None of note.
• Common Stock filings/Notes:
  • ADC: Commences public offering of 5.0 million shares of common stock.
  • AMPS: Secondary Underwritten Public Offering of Class a Common Stock — 7Million shares. JPM, Citi and EVERCORE BOOKMANAGER
  • INVZ: Files Form F-3 Shelf Registration for up to $200 million of common stock, debt securities, warrants and units in one or more offerings.
  • HYRE: Filed Form S-1.. 5,789,716 Shares of Common Stock.
  • MNTS: launches 3-yr, $50 million at-the-market equity program.
  • VALN: Launch of Approximately $40 Million in a Proposed Global Offering of American Depositary Shares and Ordinary Shares. GS, Jefferies, Guggenheim and Garnier Bookmanager
    
  • VJET: Proposed Offering of Ordinary Shares.
• Pricing of Over-Allotment/Notes: None of note.
• Direct Offering:
  • VJET: Announces Pricing of $4.4 Million Registered Direct Offering..
• Selling Shareholders of note:
  • DINO: Entered into a Stock Purchase Agreement with REH Company (selling stockholder).
• Private Placement of Public Entity (PIPE):
  • CNXA: $5.0 Million Private Placement.. Spartan exclusive agent.
• Mixed Shelf Offerings:
  • CTLT: Filed Form S-3ASR.. Mixed Shelf Offering.
  • IVVD: Filed Form S-3.. $400,000,000 Mixed Shelf.
  • JUPW: Filed Form S-3.. $100,000,000 Mixed Shelf.
• Debt Filing/Notes: 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:

• After Hours: 
  • Trading Up: DCFC +6%, MTN +4%.
  • Trading Down: AMPS -13%, SUNL -12%, IVVD -5%.

• News Since The Close:
  • Treasury Secretary Janet Yellen Tells White House She’ll Stay Past November Midterms. (Bloomberg)
  • Software Firm Workiva (WK) Said to Draw Thoma Bravo, TPG Interest. (Bloomberg)
  • Private equity funds (Carlyle Group – CG) approach Italy’s soccer league Lega Serie A to explore media rights deal (Reuters)
  • Turkey will continue to cut interest rates. (Reuters)

• Exchange/Listing/Company Reorg and Personnel News:
  • 5E Advanced Materials (FEAM) CEO Henri Tausch to step down.
  • Angel Oak Mortgage (AOMR) named Sreeni Prabhu as Chief Executive Officer and President.
  • Avita Medical (RCEL) appoints James Corbett as CEO.
  • Bilibili (BILI) submitted with the Hong Kong Stock Exchange an announcement of voluntary conversion to dual-primary listing on The Main Board of The Stock Exchange of Hong Kong Limited.
  • GoDaddy (GDDY) Independent Chair Chuck Robel to retire.
  • Newmont (NEM) Announces Executive Leadership Change.
  • Tesla (TSLA) appointed Airbnb (ABNB) co-founder Joe Gebbia to its Board of Directors.
  • Vodafone PLC (VOD) Chief Technology Officer Johan Wibergh will retire.
• Buyback Announcements or News:
  • eXp World Holdings (EXPI) amended repurchase plan.  the total dollar amount of all aggregate purchases under the Purchase Plan during any calendar month shall not exceed $13,300,000, not including any commissions or fees.
    Guidewire (GWRE) Announces $200 Million Accelerated Share Repurchase Program.
  • MINISO (MNSO) Announces US$100 Million Share Repurchase Program.
  • Ovintiv (OVV) receives regulatory approvals for the renewal of its share buyback program of up to 10% of its public float.
• Stock Splits or News: None of note.
• Dividends Announcements or News: 
  • City Holding Company (CHCO) Increases Quarterly Dividend On Common Shares.
  • Fortis (FTS) increases its quarterly dividend 6% to $0.565 per share.
  • Johnson Outdoors (JOUT) increased quarterly cash dividend.  Class A shareholders will now receive a $0.31 dividend per share and Class B shareholders a $0.2818 dividend per share.
  • Starbucks (SBUX) Announces Increase in Quarterly Cash Dividend.

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

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

• Daily Positive Sectors: Energy, Basic Materials, Communication Services, Consumer Cyclical, Healthcare, Industrials, Real Estate of note.
• Daily Negative Sectors: None of note.
• One Month Winners:  none of note.
• Three Month Winners:  Utilities of note.
• Six Month Winners: None of note.
• Twelve Month Winners: Energy and Utilities of note.
• Year to Date Winners: Energy of note.

The coil finally let go as oversold conditions provided a big bounce today.  Russell 2000 bounced 3.17%.  TLT protected the 100 level and bounced $3.38 to 104.33.

Click here for a video explanation of Erlanger Value Lines.

Upcoming Earnings Of Note: (sorted by market cap, highest to lowest with most visible names)

Gap Ups & Down In Early Pre-Market:

• Gap Up: DCFC +5%, IVVD +4%.
• Gap Down: SUNL -23%, AMPS -15%, CTLT -5%, MLKN -4%.

Insider Action: OXY sees Insider buying with dumb short selling.  TCDA, OII, BRT, BCOV, SUP sees Insider buying with smart short sellers. 

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: AAPL KMX, BBBY, MLKN, MTN, RAD  (CNBC)
• Five Things To Know Before Market Opens. (CNBC)
• Five Things You Need to Know to Start Your Day (Bloomberg)
• Bloomberg Lead Story: Hurricane Ian makes landfall. (Bloomberg)
• Bloomberg Most Read Story: Apple (AAPL) ditches iPhone production. (Bloomberg)
• Hedge Fund Manager Jim Chanos notes the most underreported story is the demise of Chinese real estate market. (CNBC)
• British Prime Minister Liz Truss stays the course on Tax Cuts. (FT)
• Russian President Putin and the apparent world leader will annex 15% of Ukraine tomorrow despite a decimated army, pulling the ultimate power grab. (Reuters)
• OPEC+ will discuss output reductions at next week’s meetings. (Reuters)
• Nord Stream pipeline now has multiple leaks. (Bloomberg)
• Porsche shares begin to trade in Germany. (CNBC)
• Meanwhile, U.S. Officials are concerned that problems in Great Britain could spill over and impact U.S. economy. Really? What about Germany while they are at it. (Bloomberg)
• There are 2 million Florida residents with no power this morning, moves to a Tropical Storm with lots of rain causing massive flooding. (NYT)
• Toyota (TM) saw August production up 44%. (Reuters)
• Chevron (CVX) sells California headquarters and continues to expand Texas operations. (WSJ)
• Bank of America downgrades Apple (AAPL) says the party is over. (CNBC)
• XPO Logistics (XPO) to spinoff RXO. (Release)

Moving Average Update:

• Score goes from 0% to 20% with all indexes crossing the shortest duration moving average (5 Day).

Geopolitical: 

• Federal Reserve Cleveland President Loretta Mester 1:00 p.m. EDT 
  
• Federal Reserve San Francisco President Mary Daly 4:45 p.m. EDT 

M&A Activity:

• Devon Energy (DVN) Completes Acquisition of Eagle Ford Bolt-On.
• Idera Pharmaceuticals (IDRA) Acquires Aceragen.
• LMF Acquisition Opportunities (LMAO) and SeaStar Medical Announce Effectiveness of Registration Statement and Special Meeting of Stockholders to be Held October 18, 2022 to Approve Business Combination.

• Previously posted and ongoing conferences:
  • Bernsteins 19th Pan European Annual Strategic Decisions Conference 2022 (09/28/22-09/29/22)
  • Credit Suisse 2022 Education & Healthcare Conference (09/26/22-09/30/22)
  • Guggenheim Nantucket Therapeutics Conference (09/27/22-09/29/22)
  • Lytham Partners Fall Investor Conference (09/28/22-09/29/22)
    
  • Macquarie Asia Looking Into a Post Covid World Conference (09/28/22-09/29/22)
  • Oppenheimer Navigating the ESG & Climate Transition (09/28/22-09/29/22)
    
  • Santander Euro-Latam Conference (09/28/22-09/29/22)
  • William Blair’s Innovations in Solid Organ and Hematopoietic Stem Cell Transplant Virtual Event (09/28/22-09/29/22)
  • Wolfe Research Utilities, Midstream & Clean Energy Conference (09/28/22-09/30/22)
• Company Meetings: HOFV, IGAC, SLNY
• Fireside Chat: None of note.
• Investor/Analyst Day/Calls: AGI, EDAP, HUM, ILMN, INTU, JAMF, OTCM, VMC
  
• Update: NEWT
• R&D Day: None of note.
• Company Event:
  • Illumina (ILMN) Genomics Forum (09/28/22-10/01/22)
  • Eyecelerator (EYEN) at AAO 2022.
  • ZETA Live 2022.
• Industry Meetings:
  • International Gynecologic Cancer Society (ICGS) Annual Meeting 2022 (09/29/22-10/01/22)
  • 77th Annual Meeting of the American Society for Surgery of the Hand (ASSH) 2022  (09/29/22-10/01/22)
    • Previously posted and ongoing conferences:
      • CRI-ENCI-AACR 6th International Cancer Immunotherapy Conference (CICON) 2022 (09/28/22-10/01/22)
      • Next Generation Protein Therapeutics Summit 2022 (09/28/22-09/30/22)
      • Society of Hematologic Oncology (SOHO) 10th Annual Meeting 2022 (09/28/22-10/01/22)
      • Rivkin Center and American Association for Cancer Research (AACR) 14th Biennial Ovarian Cancer Research Symposium (09/28/22-09/29/22)
      • Mobile World Congress (09/28/22-09/30/22)
      • BioProcess International Conference and Exhibition 2022 (09/27/22-09/30/22)
      • UiPath FORWARD 5 2022 (09/27/22-09/29/22)
      • Ion Implantation Technology (IIT) 2022 (09/25/22-09/29/22)

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: