CAPIS Morning Note – 1/07/25: 6 Deals Announced Overnight. Futures Up Modestly

• IPOs For The Week: ALEH, CRGT, DGNX, DXST, FBGL, SKBL,
  SLGB, ZYBT
• New IPOs/SPACs launched/News: None of note.
• IPOs Filed/Priced: None of note. 
• Secondaries Filed or Priced:
• Notes Priced: WMB – Prices $1.5 Billion of Senior Notes
• Direct Offering: None of note.
• Exchangeable Subordinate Voting Shares: None of note.
• Selling Shareholders of note:
  • PAR files for 1,474,937 shares of common stock offering by selling shareholders
• Mixed Shelf Offerings:
  • OLMA files $200 mln mixed shelf securities offering.
• PIPE:
• Convertible Offerings & Notes Filed:

Capital Raise Summary From The TradeXchange, bringing traders and investors real time news and Squawk Box, and other sources.

Biggest Movers Up & Down After The Close:

• Movers Up: NARI +21.8%, MPTI +12%, KURA +2.9%,  RAIL +2.1%, SYM +2% of note. 
• Movers Down: SLRN -16.9%, DNLI -8.2%, of note.

News After The Close:

• APA announces changes to its organizational structure; to reduce officer-level positions by over 30% from 29 to 19 through a combination of planned retirements, departures, and role changes.
• DNLI study for ALS did not meet the primary endpoint of efficacy in slowing disease progression as compared with placebo.
• ASR announces that passenger traffic for December 2024 reached a total of 6.7 million passengers, representing an increase of 2.3% compared to December 2023.
• CBOE reports trading volume for December and Full Year 2024. (Press Release)
• Watching bird flu stocks (MRNA GSK SNY) following report of first bird flu death in US. (NYT)
• BA awarded $616 mln U.S. Air Force contract for the F-15 Eagle Passive Active Warning Survivability System full rate production.
•  10-K Delays: None of note.

Exchange/Listing/Company Reorg and Personnel News:

• ATNI appoints Paul Fenaroli as CEO and a member of the board, effective January 6.
• ULTA appoints Kecia Steelman as CEO, Dave Kimbell to retire after distinguished 11-year tenure.
• AZEK COO and CFO Peter Clifford resigning, effective January 24; Ryan Lada promoted to CFO.
•  SYM appointed Dr. James Kuffner as Chief Technology Officer, effective January 1.
• META appoints Dana White, John Elkann, and Charlie Songhurst to its board of directors.
•  NNN CFO Kevin Habicht to retire, effective March 31, 2025; Vincent Chao named as new CFO.
• KURA promotes Mollie Leoni, M.D. to Chief Medical Officer, Francis Burrows, Ph.D. to Chief Scientific Officer.
• KALU  appoints CEO Keith Harvey as Chairman of the Board following retirement of previous Executive Chair, Jack Hockema.

Buybacks:

• Stocks Ex Div Today: EIX ERIE DG LSTR CRCT PLPC
• Stocks Ex Div Tuesday: CMCSA GAP GNTX MAIN IDCC BDN

What’s Happening This Morning: (as of 8:05 a.m. EDT) Futures S&P 500 +10, NASDAQ +9, Dow Jones +90 and Russell 2000 +2.05. Europe is higher ex the FTSE with Asia higher. Bonds are at 4.62% from 4.592% on the 10-Year. Crude Oil and Brent are higher with Natural Gas lower.  Gold, Silver and Copper higher for a second day. The U.S. Dollar is lower versus the Euro, lower against the Pound and higher against the Yen. Bitcoin is at $100,839 from $99,099  lower by $1330 up -1.30%.

• Daily Positive Sectors:  Communication Services, Technology, Consumer Cyclicals, Materials and Energy were higher yesterday.
• Daily Negative Sectors: Real Estate, Consumer Defensive, Consumer Cyclical were lower.
• One Month Winners: Communication Services, Consumer Cyclical and Technology of note.
• Three Month Winners: Consumer Cyclical, Technology, Communication Services and Financials of note.
• Six Month Winners: Financials, Utilities, Consumer Cyclical,Technology and Utiltities of note.
• Twelve Month Winners: Financials, Technology, Consumer Cyclical, Utilities and Communication Services note.
• Year to Date Winners:  Energy, Utilities, Technology, Communication Services and Healthcare of note.

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

• Tuesday After the Close: 

• Wednesday Before The Open: 

Notable Earnings of Note This Morning:

• Gap Up: GETY +29.6%, NARI +21.3%, SSTK +13.2%, ZEPP +4.8%, NVX +4.2%, INMB +3.9%, RAIL +3.2%, LCID +2.9%, MPTI +2.7%, GFL +2.2%, ADC +2%, NVDA +2%  of note.
• Gap Down: SLRN -15.5%, DNLI -5.4%, HLIO -3.4%, IREN -3.1%, DOMO -2.5%, UMC -2.1%, KURA -2% of note.

Insider Action: None see Insider buying with dumb short selling. None see 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.

• Lead Story on Bloomberg: Nvidia Unveils Gaming Chips, Desktop PC to Protect Lead in AI. (Bloomberg)
• Market Wrap: Dollar extend losses, Nvidia drives tech stocks. (Bloomberg)
• Stocks Making The Biggest Moves: NVDA GETY TSLA. (CNBC)
• USGS reported 7.1 magnitude earthquake 14 miles from Shigatse, Tibet, China.
• China Central Bank made additional gold purchases in December. (Bloomberg)
• . (CNBC)
• UMC reports December sales increased 11.7% yr/yr to NT$18.97 bln.
• UBER collaborates with NVIDIA (NVDA) to accelerate autonomous mobility.
• NVDA puts Grace Blackwell on every desk and at every AI Developer’s fingertips, (Press Release)
• PAC reports December traffic increased 2.9% yr/yr 
• MBX Biosciences (MBX) announced Positive Phase 1 Topline Results for MBX 1416 for the Treatment of Post-bariatric Hypoglycemia. (Release)
• NYSE to close Thursday, January 9th for Former President James Earl Carter’s state funeral in Washington D.C. (CNBC)

M&A Activity and News:

• Stryker (SYK) announces definitive agreement to acquire Inari Medical (NARI) for $80/share in cash, a total of ~$4.9 bln.
• Phillips 66 (PSX) announced that it has entered into a definitive agreement to buy EPIC Y-Grade GP, LLC and EPIC Y-Grade, LP, which own various subsidiaries and long haul natural gas liquids pipelines, fractionation facilities and distribution systems for total cash consideration of $2.2 billion.
• NXP Semi (NXPI) acquires TTTech Auto for $625 million.
• BWX Technologies (BWTX) enters into an agreement to acquire Kinectrics for approximately $525 million.
• GFL Environmental (GFL) agrees to sell Environmental Services business valued at $8.0 billion.
• Shutterstock (SSTK) and Getty Images (GETY) to combine in merger of equals.

Moving Average Table: Moves from 57% positive to 73%.

Meeting & Conferences of Note:

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 is to make the reader aware of market-moving recommendations. None of these recommendations should be interpreted as actual recommendations from CAPIS or its employees.

• • • Upgrades:  IFF DLR BAC AEIS 
    • Downgrades:  PFRGE EE CBOE AWR AAPL