Overnight Summary: Stocks are modestly lower in the U.S. and mixed overseas. Asia saw China higher and Japan was closed for a holiday. Mixed in European trading. S&P 500 Futures traded down to 4650 at 7:00 p.m. EST before rallying to 4682 at 2:00 a.m. EST before dropping to 4660.25 down -7.50 at 7:20 a.m. EST. Since then, futures have continued to drop to where the S&P 500 is now down -34 points.
Earnings Out After The Close:
- Beats: None.
- Flat: None.
- Misses: None.
- IPOs Priced or News: None of note.
- New SPACs launched:
- Secondaries Priced:
- SWIM priced 12,000,000 shares of common stock at $19.50.
- Notes Priced of note: KREF priced 4,400,000 share of preferred stock at $25 a share.
- Common Stock filings/Notes:
- AHH: Public Offering of 3.5 million share of common stock.
- Pricing of Over-Allotment: None of note.
- Direct Offering: None of note.
- Selling Shareholders of note:
- NAKD: Public Offering of 188,958,629 ordinary share offering.
- Private Placement of Public Entity (PIPE): None of note.
- Mixed Shelf Offerings:
- Note Offerings Filed: None of note.
- Convertible Offering & Notes Filed:
Capital Raise Summary From The TradeXchange, bringing traders and investors real time news and Squawk Box as well as other sources.
News After The Close:
- After The Close Biggest Winners & Losers:
- Week’s Biggest Gainers: VCRA +22% RES +27% PBF +26% LBRT +26% LPI +20% RIG +19% OIS +19% PUMP +19% CVI +18% MUR +18%
- Week’s Biggest Losers: ATHN -55% GRTS -50% CALX -25% CYRS -24% CYTK -23% RGEN -22% HUBS -22% AMBA -22% HIMX -21% HUM -21% ENPH -21% ROKU -20% TECH -19% NTRA -19% %
- News After The Close:
- Dole plc (DOLE) recalls salads produced in Springfield, OH and Soledad, CA facilities.
- UPS being impacted by weather on its deliveries.
- WEC Energy Group (WEC) reaffirms EPS guidance for FY 2022.
- PayPal (PYPL) may launch its own stablecoin as part of move into cyrpto. (Bloomberg)
- Barron’s + on PTRA MGM HOOD BIIB KO VRTX.
- Exchange/Listing/ Company Reorg and Personnel News
- Millicom International Cellular (TIGO) CFO Tim Pennington to retire.
- Pixelworks (PXLW) CFO Elias Nader has resigned and replaced by Haley Aman.
- Sorrento Therapeutics (SRNE) CFO Najj Asghar passed away unexpectedly.
- Consensus Cloud Solutions (CCSI) names James Malone as CFO.
- SmileDirectClub (SDC) CFO Kyle Wailes to step down.
- Buyback Announcements
- West Pharm (WST) to buyback up to 650,000 shares of common stock.
- Stock Splits:
What’s Happening This Morning:
S&P 500 -28, Dow Jones -98, NASDAQ -186 and Russell 2000 -18.31. Asia mixed and Europe lower. VIX Futures are at 21.21 from 20.85 Friday morning. Gold, Silver and Copper lower. WTI Crude Oil and Brent Oil Futures lower. Natural Gas is higher. $ is higher vs Euro, lower vs Pound and higher vs Yen. US 10 year Treasury price is at $128.58 from $128.50 yesterday with yields at 1,771% from 1.73% Friday morning. Bitcoin at $41,043 from $42,440 Friday morning and -3.41%. As of 8:05 a.m. EST.
Friday’s Action – 1/7 Close:
- Daily Positive Sectors: Energy, Materials and Financials.
- Daily Negative Sectors: Technology, Consumer Cyclical and Healthcare.
- One Month Winners: Energy, Financials and Consumer Defensive of note.
- Three Month Winners: Materials, Consumer Defensive and Real Estate of note.
- Six Month Winners: Energy, Technology and Utilities of note.
- Twelve Month Winners: Energy, Real Estate, and Technology of note.
- Year to Date Winners: Energy, Financials, Materials and Consumer Defensive of note.
Selling into the close brought the major indexes down for the day again. Stocks selloff post the FOMC meeting minutes continues. Bonds sold off as well. Updated 1/7 close.
Upcoming Earnings Of Note: (sorted by market cap, highest to lowest with most visible names)
- Monday After the Close: ACCD of note.
- Tuesday Before the Open: ACI INFO SNX of note.
Earnings of Note This Morning:
- Beats: AZZ +0.03 CMC +0.43 TLRY +0.07
- Flat: None.
- Still to Report: None.
Erlanger Research Advance/Decline Chart: Updated through 1/7 close. Both the S&P 500 and the Daily Market A/D Line were lower yesterday.
Gap Ups & Down In Early Pre-Market:
- Gap Up: MOLN +19.3%, OCGN +8.4%, BEAM +8%, SWAV +6.4%, BMRN +5.6%, NSTG +5.3%, PTRA +3.4%, HGEN +3.2%, HOLX +3%
- Gap Down: EXEL -3.8%, LFC -2.5%
Insider Action: Insider action of note this morning with heavy short selling where the short get it wrong CDLX.
Rags & Mags: Highlighted Stories may be clicked through to the original story. Repeated stories from prior days never listed, i.e. “rehashed news”.
- Stocks Making the Biggest Moves: (CNBC)
- Covid cases rose to 831,304 cases from 486,428 a week ago. Hospitalizations rise to over 100,000 at 107,982 from 67,324. (CDC)
- Supreme Court likely to rule soon on the vaccine mandate which it heard on Friday. (CNN)
- U.S. is setting up a series of sanctions if they invade Ukraine. U.S. and Russia to speak today. (NYT)
- New variant Deltacon (Combo of Delta and Omicron) found in Cypress. (CNBC)
- Shockwave (SWAV) has some potential takeover bids. (Bloomberg)
- 5 Things to Know to Start Your Day. (Bloomberg)
- Positive Guidance NSTG EBS HOLX ISO EXAS SGHT
- Negative Guidance ALNY EXEL RPID
- Royal Caribbean (RCL) paused some operations due to Omicron. (Reuters)
- Airlines cancelled over 5,000 flights over the weekend.
- Supply chains causing some houses to fail to be finished. (WSJ)
- Ocugen (OCGN) reports COVAXIN booster dose Phase Two study demonstrates robust immune responses and long term safety.
- Beam Therapeutics (BEAM) and Pfizer (PFE) enter a research collaboration to advance novel in vivo base editing programs for range of rare diseases.
Moving Average Update:
- Score fell to 27% from 33%. Updated 1/7 close.
- Releases of note this week include the weekly chain store sales, oil/gas numbers, mortgage applications and NFIB Small Business Optimism, CPI, PPI, Retail Sales, Industrial Production and University of Michigan Consumer Sentiment.
Federal Reserve Speakers:
- Take Two Interactive (TTWO) to buy Zynga (ZNGA) for $9.82 in cash and stock.
Meeting & Conferences of Note:
- Sellside Conferences: Jefferies Software, JP Morgan Healthcare, Needham Growth, RBC Canadian Bank CEO, UBS Winter Infrastructure & Energy
- Previously Posted and Ongoing Conferences:
- Company Meetings: None of note.
- Fireside Chat: None of note.
- Investor/Analyst Day/Calls: EXC
- Update: None of note.
- R&D Day: None of note.
- Company Event: None of note.
- Industry Meetings: ASSA 2022
- Previously Posted and Ongoing Conferences:
Top Tier Sellside 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 should be interpreted as actual recommendations from CAPIS or its employees.
Friday’s Upgrades & Downgrades