Overnight Summary: The S&P 500 closed Wednesday higher by +0.01% at 5709.54. The overnight high was hit at 5772.75 at 6:05 p.m. EDT and the low was hit at 5726 at 3:50 a.m. EDT. The overnight range is 50 points. The current price is 5740.50 at 6:45 a.m. EDT lower by -19 points.
Executive Summary: We are in travel mode today so not as in depth. Back to normal tomorrow.
Earnings Out After The Close:
- Beats: LEVI +0.02 of note.
- Flat: None of note.
- Misses: None of note.
- IPOs For The Week: None of note.
- New IPOs/SPACs launched/News:
- IPOs Filed/Priced:
- Secondaries Filed or Priced:
- Notes Priced:
- Direct Offering:
- Exchangeable Subordinate Voting Shares: None of note.
- Selling Shareholders of note:
- Debt/Credit Filing and Notes: None of note.
- Mixed Shelf Offerings:
- FLNG files mixed shelf securities offering
- 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: FNF +2.2%, LUV +2%
- Movers Down: LEVI -9.8%, NG -2.5%
News After The Close:
-
- PSN awarded position on $4 bln defense contract
- LEVI sees FY24 $1.17-1.27 vs $1.25 FactSet Consensus; sees revs $6.24 bln vs $6.32 bln FactSet Consensus and announces strategic review of Dockers.
- TM pushing back production of EVs in North America to 1H26 amid slowing sales
- National Labor Relations Board Region 31 issues formal complaint against AMZN affirming it is a joint employer of its drivers
- 10-Q or 10-K Delays: None of note.
- FAA concludes review of UAL after finding no major safety issues.
- BDX reaches agreement to resolve vast majority of its existing hernia litigation
- President Biden signs law which exempts certain projects relating to the production of semiconductors from environmental reviews
- 10Q Delays: LASE
- NASDAQ Delisting Notice: None of note.
Buybacks or Repurchases:
- LMT authorizes the purchase of up to an additional $3 billion of Lockheed Martin common stock under its share repurchase program.
Exchange/Listing/Company Reorg and Personnel News:
- BIGC appoints Travis Hess as CEO, current board member Ellen Siminoff will assume the role of Executive Chair of the Board, effective immediately; reiterates Q3 guidance.
- MUR promotes Eric Hambly to be its next CEO, effective January 1, 2025; he succeeds Roger Jenkins, who will retire.
Dividends Announcements or News:
- Stocks Ex Div Today: ABM, AFB, AWF, BBD, BBDO, CPB, CUZ, LZRFY, PGR, SLVM, SSBI, SSD, UNVGY, VLGEA, XOMAO, XOMAP
- Stocks Ex Div Tomorrow: JPM AXP MMC BMY TDG SYY NTAP DGX MORN SNN GL RGLD CHX HASI
- LMT increases quarterly cash dividend to $3.30/share from $3.15/share
What’s Happening This Morning: Futures S&P 500 -8.50 NASDAQ 100 -5 Dow Jones -87 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 3.80% from 3.76% on the 10-Year. Crude Oil and Brent are higher with Natural Gas higher as well. Gold, Silver and Copper are down. The U.S. Dollar is higher versus the Euro, higher versus the Pound and higher against the Yen. Bitcoin is at $60,691 from $60,942 up by 434 +0.76% this morning.
- Daily Positive Sectors: Energy, Technology and Financials of note.
- Daily Negative Sectors: Consumer Defensive, Consumer Cyclicals, Real Estate and Communication Services 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)
- Thursday After the Close: None of note
- Friday Before The Open: APOG
Earnings of Note This Morning:
- Beats: STZ +0.24, ANGO +0.04 of note.
- Flat: None of note.
- Misses: None of note.
- Still to Report: None.
Company Earnings Guidance:
- Positive Guidance: None of note.
- Negative or Mixed Guidance: None of note.
Advance/Decline Daily Update:
Gap Ups & Down In Early Pre-Market (+2% or down more than -2%):
- Gap Up: ANGO +11%, CLW +4.8%, CDXS +3.2%, FNF +2.3%, ABVX +2.1%, IMMP +2%
- Gap Down: LEVI -11.4%, HIMS -7.3%, AIN -6.5%, NVAX -5.7%, EQX -5%, JOBY -3.3%, ETON -2.9%, GMED -2.3%
Insider Action: PBF and LUV 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.
- 5 Things To Know Before The Market Opens. (CNBC)
- What You Need to Know To Start Your Day. (Bloomberg)
- Pre-Market Movers: NVDA LEVI STZ (CNBC)
- Bloomberg Lead Story: Israel Hits Beirut As World Awaits. (Bloomberg)
- Markets Wrap: US Futures Fall, As Oil Gains As Mideast Risks Rise. (Bloomberg)
- Bloomberg Big Take: . (Podcast)
Economic:
- Out today Factory Orders, ISM Non-Manufacturing along with weekly Jobless Claims and Weekly Natural Gas Inventories.
Geopolitical:
- 8:00a.m. EDT President Biden receives the President’s Daily Brief.
- President Biden heads to Florida and Georgia to review Hurricane Helene recovery efforts at 12:05 p.m. EDT.
Federal Reserve Speakers:
- 10:40 a.m. EDT Federal Reserve Atlanta President Raphael Bostic at 8:30 a.m. EDT.
M&A Activity and News:
- None of note.
Moving Averages On Major Equity Indexes:
Meeting & Conferences of Note:
-
- Sellside Conferences:
- JP Morgan Southern Cone & Andean Opportunities Conference
- Previously Highlighted:
- Jefferies Private Medtech Summit
- Previously Highlighted:
- JP Morgan Southern Cone & Andean Opportunities Conference
- Sellside Conferences:
-
- Fireside Chat: None of note.
- Top Shareholder Meetings: CMRE SOAR
- Investor/Analyst Day/Calls: NDSN WES
- Update: None of note.
- R&D Day: None of note.
- FDA Presentation: None of note.
- Company Event: None of note.
- Industry Meetings or Events:
- Biennial Scientific Meeting of the Asia Pacific Pediatric Endocrine Society
- International Conference on Silicon Carbide and Related Materials
- World Rett Syndrome Congress
- Biennial Scientific Meeting of the Asia Pacific Pediatric Endocrine Society
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.
Upgrades: IVT EQT
Downgrades: WOLF WIT CHPT BTI
