Overnight Summary: The S&P 500 closed Monday higher by 0.42% at 5762.48 from Monday higher by 0.42% at 5762.48. The overnight high was hit at 5763.00 at 9:09 p.m. EDT and the low was hit at 5736.75 at 5:11 a.m. EDT. The overnight range is 27 points. The current price is 5747.25 at 6:51 a.m. EDT lower by -13 points.
Most Important Article Of the Morning: Israel Vows Retaliation for Massive Iranian Missile Attack (Bloomberg)
Executive Summary: .
- US Mortgage Applications, Petroleum Report, ADP Employment Report.
- Fed Speak Musalem, Bowman, Barkin.
- EZ Unemployment Rate.
Earnings Out After The Close:
- Beats: NKE +0.18, LW +0.01 of note.
- Flat: None of note.
- Misses: CALM (0.30), RGP (0.01) of note.
- IPOs For The Week: None of note.
- New IPOs/SPACs launched/News:
- AgEagle Aerial Systems Inc. (UAVS) Announces Closing of $6.5 Million Public Offering.
- IPOs Filed/Priced:
- StandardAero (SARO) Announces Pricing of its Upsized Initial Public Offering.
- Secondaries Filed or Priced:
- ACON: Form 8K… securities purchase agreement.
- BNZI: Form RW Filed.
- LILM: FORM F-3 – Up to 6,147,311 Class A Shares.
- MCRB: Form S-3.. 14,285,715 Shares of Common Stock.
- VUZI: FORM S-3 – 15,384,607 Shares of Common Stock.
- Notes Priced:
- FERG Prices $750 Million of Senior Unsecured Notes.
- Direct Offering:
- CLNN: Closing of $7.3 Million Registered Direct Offering and Concurrent Private Placements and Amendment of Debt Facility.
- Exchangeable Subordinate Voting Shares: None of note.
- Selling Shareholders of note:
- DNTH files for 23,655,372 shares of common stock offering by selling shareholders.
- Debt/Credit Filing and Notes: None of note.
- Mixed Shelf Offerings:
- CLDI: Form S-3.. $25,000,000 Mixed Shelf.
- EYEN: Form S-3.. $100,000,000 Mixed Shelf.
- NMRA: Form S-3ASR – Mixed Shelf.
- DNTH files $500 million mixed shelf securities offering.
- TEL: Form S-3ASR Mixed Shelf.
- PIPE: 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.
Biggest Movers Up & Down After The Close:
- Movers Up:
- ICCT: +80% Agreement to Divest MSP Division to T20 in an Asset Sale.
- HWH: +36% SC 13D/A Filed.
- TGL: +31% Termination of its At-The-Market Offering Program.
- CLEU: +17% entered into subscription agreements.
- VCIG: +14% Secures Additional US$30 Million Investment Commitment from Alumni Capital LP.
- Movers Down:
- NKE: -8.5% Earnings
- LPLA: -4.5% Termination of President and CEO Dan H. Arnold
- RGP: -3.7% Earnings
News After The Close:
-
- NKE CFO says expect q2 revenue to be down in the 8% to 10% range. (conf call)
- Iran’s armed forces: If Israel responds to the Iranian attack it will be met with ‘vast destruction of its infrastructure.’ (state media)
- The Busiest Port on the East Coast Comes to a Stop. (NYTimes)
- 500 Starbucks (SBUX) locations have voted to unionize as labor talks continue.
- Striking Boeing (BA) union asks CEO to ‘truly engage’ after workers’ health coverage cut. (Reuters)
- Former President Donald Trump has withdrawn from a planned interview with CBS’s “60 Minutes,” the network announced.
- ICF International (ICFI) awarded a $75 million single-award blanket purchase agreement by The U.S. Environmental Protection Agency Office of Water.
- Great Lakes Dredge & Dock (GLDD) announces receipt of several dredging awards totaling $342.3 million.
- 10-Q or 10-K Delays: None of note.
- NASDAQ Delisting Notice: None of note.
Buybacks or Repurchases: None of note.
Exchange/Listing/Company Reorg and Personnel News:
- BlackBerry (BB) Appoints Lisa Bahash to its Board of Directors.
- Crescent Energy (CRGY) will replace Perficient (PRFT) in the S&P SmallCap 600.
- EQT Corp. (EQT) to reduce its workforce by approximately 15% as part of integration process following Equitrans Midstream Corporation acquisition.
- LPL Financial (LPLA) terminates CEO Dan H. Arnold.
- Mitek Systems (MITK) appoints Ed West as CEO.
- Nexa Resources (NEXA) Announces Board and Management Changes.
- Opendoor Technologies (OPEN) announces appointment of Selim Freiha as CFO. Previously served as VP at GOOG.
- Service Corp (SCI) announces leadership promotions; COO promoted to President; CFO taking on additional role.
- Teladoc (TDOC) COO Michael Waters to resign.
- WiSA Technologies (WISA) Hires Stanley Mbugua as VP of Finance and Chief Accounting Officer.
- Zepp (ZEPP) Regains Compliance with NYSE Minimum Price Continued Listing Criterion.
Dividends Announcements or News:
- Cal-Maine Foods (CALM) to pay dividend of $1.02 per share.
- Bank OZK (OZK) increases quarterly cash dividend 2.5% to $0.41 per share.
- Stocks Ex Div Today: CMCSA, CSCO, CGW, ERIC
- Stocks Ex Div Tomorrow: ABM, AFB, AWF, BBD, BBDO, CPB, CUZ, LZRFY, PGR, SLVM, SSBI, SSD, UNVGY, VLGEA, XOMAO, XOMAP
What’s Happening This Morning: Futures S&P 500 -16 NASDAQ 100 -38 Dow Jones -146 Russell 2000 -6 (at 7:54 a.m. EDT). Asia is mixed while Europe is flat to mixed. VIX Futures are at 19.69 from 18.05 yesterday while Bonds are at 3.76% from 3.743% on the 10-Year. Crude Oil and Brent are higher with Natural Gas higher as well. Gold and Silver are down. The U.S. Dollar is higher versus the Euro, higher versus the Pound and higher against the Yen. Bitcoin is at $60,942 down by 913 (1.48%) this morning.
- Daily Positive Sectors: Energy, Utilities, and Communication Services of note.
- Daily Negative Sectors: Technology, Financial, Helathcare, Real Estate and Industrials of note.
- One Month Winners: Consumer Cyclicals, Utilities, Materials and Industrials of note.
- Three Month Winners: Utilities, Real Estate, Financials, Materials and Consumer Defensive of note.
- Six Month Winners: Utilities, Real Estate, Financials, Materials and Consumer Defensive of note.
- Twelve Month Winners: Technology, Financials, Communication Services, Industrials, Utilities and Real Estate note.
- Year to Date Winners: Technology, Utilities, Financials, Communication Services, Consumer Defensive and Industrials of note.
Upcoming Earnings Of Note: (From Chartroom Software – sorted by market cap, highest to lowest with most visible names)
- Wednesday After the Close:
- Thursday Before The Open:
Earnings of Note This Morning:
- Beats: RPM +0.09 of note.
- Flat: None of note.
- Misses: CAG (0.07) of note.
- Still to Report: None.
Company Earnings Guidance:
- Positive Guidance: None of note.
- Negative or Mixed Guidance: RPM of note.
Advance/Decline Daily Update:
Gap Ups & Down In Early Pre-Market (+2% or down more than -2%):
- Gap Up: API, ICCT, MTC, KXIN, HWH, AGBA, DUO, TIGR, TGL, OCFT, MODV, LX, BNZI, YRD, KRKR, QSG, BEKE, XAIR, GSIW
- Gap Down: AKTS, UAVS, ZENA, FXP, PAVS, AZI, ZCMD, CNTM, ATOS, BNTC, NA, TRP, RGF, SLE, NUWE, ZKIN, CJJD, MPU, HCWC
Insider Action: HP, TALO see Insider buying with dumb short selling. CLNN 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.
- 5 Things To Know Before The Market Opens. (CNBC)
- What You Need to Know To Start Your Day. (Bloomberg)
- Pre-Market Movers: (CNBC)
- Gainers: PAYX, APA, COP, MRO, WYNN, LMT
- Decliners: AMTM, HUM, DELL, MRNA, CDW, TER
- Bloomberg Lead Story: Israel Vows Retaliation for Massive Iranian Missile Attack (Bloomberg)
- Markets Wrap: Bloomberg Brief (Bloomberg)
- Port strikes will ‘disproportionately’ hit America’s auto industry, Goldman says (MarketWatch)
- Five VP Debate Moments That Mattered Most. (WSJ)
- Vance Makes a Better Case for Trump Than Trump (WSJEditoralBoard)
- BAC comments on AAPL: “SensorTower data on developer revenues shows that Apple’s App Store revenue for fiscal Q4 increased to $7.8B, up 13.6% YoY. For September, App Store revenues grew 14% YoY globally and 6% YoY in China.” “We reiterate a Buy rating on Apple, citing long-term hardware, services, and margin tailwinds.”
- Wells Fargo on META (Overweight; PT $652): “We anticipate another robust quarter and solid forward guide but don’t expect it to materially change our above-consensus ’25 EPS estimate of $27+. The stock is increasingly seen as an AI winner but likely range-bound until the ’25 OpEx/CapEx guide on the 4Q:24 EPS call. We maintain our above-consensus 3Q constant FX (cc) ad growth at +21% y/y based on positive checks and expect total revenue near the high end of guidance ($38.5-41B / WFSe $40.7B). Our 3Q forecast implies a 2-point cc deceleration on a 9-point tougher comp.”
- This tiny North Carolina mining town is crucial to the semiconductor industry. Helene just wrecked it. (MarketWatch)
- Bloomberg Big Take: Lazard, King of Emerging-Market Debt, Faces a New World Order. (Podcast)
Economic:
- 7:00 a.m. EDT MBA Mortgage Applications
- MBA Mortgage Applications: Composite: -1.3%. Purchase: +0.7%. ReFi: -2.9%
- U.S MBA 30-Yr Mortgage Rate Actual: 6.14% vs. 6.13% Previous
- U.S MBA Mortgage Applications (WOW) Actual: -1.3% VS 11.0% Previous
- 8:15 a.m. EDT ADP Employment Report
- 10:30 a.m. EDT EIA Petroleum Status Report
Geopolitical:
- 10:00a.m. EDT The President receives the President’s Daily Brief.
- 11:40 a.m. EDT The President departs the White House en route to Joint Base Andrews en route to Greenville, South Carolina.
- 1:45 p.m. EDT The President receives an aerial tour of impacted areas.
- 3:45 p.m. EDT The President arrives to Raleigh, North Carolina.
- 4:15 p.m. EDT The President receives an Operational Briefing.
- 6:55 p.m. EDT The President departs Raleigh, North Carolina en route to Joint Base Andrews
- 8:15 p.m. EDT The President arrives to the White House
Federal Reserve Speakers:
- 10:05 a.m. EDT Federal Reserve St. Louis President Alberto G. Musalem (non-voter)
- 11:00 a.m. EDT Federal Reserve Board of Governors Michelle Bowman (voter)
- 12:15 p.m. EDT Federal Reserve Richmond President Thomas Barkin (voter)
M&A Activity and News:
- Summit Midstream Partners (SMC) to acquire Tall Oak Midstream Operating, LLC and its subsidiaries for a mix of cash and equity.
Moving Averages On Major Equity Indexes:
Meeting & Conferences of Note:
-
- Sellside Conferences:
- Jefferies Private Medtech Summit
- Previously Highlighted:
- Mizuho REIT Conference
- UBS Ophthalmology Day
- Wolfe Utilities Midstream and Clean Energy Conference
- Previously Highlighted:
- Jefferies Private Medtech Summit
- Sellside Conferences:
-
- Fireside Chat: None of note.
- Top Shareholder Meetings: AI, BNGO, BTBT
- Investor/Analyst Day/Calls: ABOS, AIOT, GENE, GRI, VERA
- Update: None of note.
- R&D Day: None of note.
- FDA Presentation: None of note.
- Company Event: None of note.
- Industry Meetings or Events:
- APTA TRANSform Conference
- Copenhagen International Symposium
- Global Photonics Forum
- International Society for Stem Cell Research
- Previously Highlighted:
- American Society for Radiation Oncology
- Society of Plastics Engineers TPGlobal Automotive Conference
- Previously Highlighted:
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 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.
