Overnight Summary: The S&P 500 closed Thursday lower by -0.13% at 4258.19 from Wednesday higher by 0.81% at 4263.75. The overnight high was hit at 4305.25 at 6:45 a.m. EDT while the low was hit at 4281.75 at 2:05 a.m. EDT. The range overnight was 25 points as of 7:30 a.m. EDT. The 10-day average of the overnight range is at 28.70 from 28 down from a peak of 31.50 on 8/15. The average for May-September average was 20.96 from 21.10 in May through August and the September average was 19.87. Currently, the S&P 500 is higher by +7.75 points which is +0.18% at 7:35 a.m. EDT.
Earnings Out After The Close:
- Beats: LEVI +0.01 of note.
- Flat: None of note.
- Misses: None of note.
- IPOs Priced or News:
- The Birkenstock IPO Is Coming. Nobody Mention Crocs (CROX). (WSJ)
- New SPACs launched/News:
- AltC Acquisition Corp. (ALCC) Announces Stockholder Approval of Extension Amendment Proposal at Special Meeting and Extends the Redemption Reversal Deadline.
- FAST Acquisition Corp. II (FZT) closes previously announced combination with Falcon’s Beyond Global, LLC.
- Mobiv Acquisition Corp (MOBV) Announces Extension of Deadline to Complete Business Combination.
- Quetta Acquisition Corporation (QETA) Announces Pricing of $60 Million Initial Public Offering.
- Secondaries Priced:
- OMQS: Pricing of Public Offering 3,000,000 shares @$1. (ThinkEquity bookmanager)
- Notes Priced of note:
- RIVN: Prices offering of $1.5 billion of 3.625% green convertible senior notes due 2030.
- Common Stock filings/Notes:
- AUVI: Filed Form S-1.. Files to sell Units.
- BHVN: Announces Closing of Public Offering and Full Exercise of the Underwriters’ Option to Purchase Additional Shares.
- LAZY: Provides Update on Previously Announced Rights Offering.
- OMQS: Proposed Public Offering of Common Stock. (ThinkEquity bookmanager)
- VMAR: Filed Form F-3.. 745,740 Common Shares.
- Direct Offering:
- KA: Announces Closing of $3 Million Registered Direct Offering Priced At-The-Market under Nasdaq Rules.
- PIXY: Announces $2.5 Million Registered Direct Offering and Concurrent Private Placement.
- Selling Shareholders of note:
- CLRB: Filed Form S-3.. Up to 34,487,159 Shares of Common Stock Offered by the Selling Stockholders.
- DUOT: Filed Form S-1.. 806,452 Shares of Common Stock Offered by Selling Stockholders.
- Private Placement of Public Entity (PIPE): None of note.
- Mixed Shelf Offerings:
- LAC: Filed Form F-3.. $750 Million Mixed Security Shelf.
- Debt/Credit Filing and Notes:
- RDN: Announces Closing of $353 Million Mortgage Insurance-Linked Notes Transaction.
- Tender Offer: 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 and Over the Holiday:
- After Hours:
- Trading Up: JNPR +4% of note.
- Trading Down: AEHR -11%, PKE -5% of note.
- News Items After the Close:
- Google (GOOGL) stopped Samsung from expanding search app offering, former executive says. (Reuters)
- Levi’s (LEVI) stock falls on cautious outlook, amid ‘continued softness’ in U.S. retail trends. (MarketWatch)
- Juniper Networks (JNPR) discloses in SEC filing that it approved a restructuring plan, including headcount reduction of 440 employees. (SECFiling)
- Exxon Mobil (XOM) Closing In on Megadeal With Shale Driller Pioneer (PXD). (WSJ)
- JPMorgan’s (JPM) Marko Kolanovic braces for 20% market plunge, delivers recession warning. (CNBC)
- China plans to ease one of the biggest hurdles for foreign business. (CNBC)
- BofA Bull & Bear indicator drops to a 5-month low of 2.6.
- AMC Entertainment (AMC) announced that as of Oct 4, the Taylor Swift concert film has sold over $100 million in advance tickets globally.
- Northrop Grumman (NOC) awarded $235 million U.S. Air Force contract modification.
- Granite Constr (GVA) awarded a contract valued at approximately $45 million by the Utah Department of Transportation
- Exchange/Listing/Company Reorg and Personnel News:
- Intel (INTC) appoints Sandra Rivera as CEO of Programmable Solutions Group, its standalone business.
- Kolibri Global Energy Inc. to Begin Trading on Nasdaq Stock Market.
- Navidea Biopharmaceuticals, Inc. (NAVB) Announces NYSE American’s Decision to Suspend Trading In Its Common Stock.
- Safeguard Scientifics’ (SFE) Board of Directors Approves Plan to Voluntarily Terminate Registration of Its Common Stock with the SEC and Voluntarily Delist from Nasdaq.
- Buyback Announcements or News:
- Apogee Enterprises (APOG) Announces Increased Share Repurchase Authorization by 2 million shares.. (see Dividend below)
- Stock Splits or News:
- Cano Health (CANO) Files Preliminary Proxy Statement with the SEC to initiate plan for Reverse Stock Split.
- Dividends Announcements or News:
- Apogee Enterprises (APOG) Declares Quarterly Cash Dividend.
- Esports Entertainment Group, Inc. (GMBL) Announces Preferred Stock Dividend.
- Insider Sales Of Note: None of note.
What’s Happening This Morning: Futures value reflects the change with fair value.
S&P 500 +2, Dow Jones +23, NASDAQ +13, and Russell 2000 +4. (as of 7:57 a.m. EDT). Asia is higher ex the Nikkei while Europe is higher this morning. VIX Futures are at 19.60 from 17.92 yesterday. Gold, Silver and Copper higher this morning. WTI Crude Oil and Brent Crude Oil are higher with Natural Gas higher as well. US 10-year Treasury sees yields at 4.749% from 4.723% yesterday. The U.S. Dollar is lower versus the Euro, lower versus the Pound and higher against the Yen. Bitcoin is at $27,701 today, higher by +0.78%.
Sector Action – (1/3/6/12/YTD Updated Weekly with Monday release):
- Daily Positive Sectors: Healthcare, Real Estate, Financial of note.
- Daily Negative Sectors: Consumer Defensive, Consumer Cyclical, Basi Materials, Industrials of note.
- One Month Winners: Energy of note.
- Three Month Winners: Energy, Communication Services of note.
- Six Month Winners: Communication Services, Energy, and Technology of note.
- Twelve Month Winners: Technology, Communication Services, and Energy of note.
- Year to Date Winners: Communication Services, Technology, Consumer Cyclical of note.
U.S. stocks edged lower Thursday and Treasury yields stabilized as investors looked ahead to Friday’s jobs report. Major indexes spent most of the day lower before turning positive in the afternoon and then dipping again. Some investors said the market seemed to be in a holding pattern ahead of the morning release of the September employment report. That could hold clues to the Federal Reserve’s progress in its fight against inflation and what could happen at its November meeting and beyond. The S&P 500 fell 0.1%, while the Dow Jones Industrial Average edged down less than 0.1%, or about 10 points. The tech-heavy Nasdaq Composite dropped 0.1%. (WSJ – edited by QPI)
Upcoming Earnings Of Note: (From Chartroom Software – sorted by market cap, highest to lowest with most visible names)
- Friday After the Close: None of note.
- Monday Before the Open: None of note.
Earnings of Note This Morning:
- Beats: None of note.
- Flat: None of note.
- Misses: None of note.
- Still to Report: None of note.
Company Earnings Guidance:
- Positive Guidance: LW of note.
- Negative Guidance: SAND, LEVI of note.
Erlanger Research Advance/Decline Chart:
Gap Ups & Down In Early Pre-Market:
- Gap Up: None of note.
- Gap Down: AEHR -12%, PKE -8% of note.
Insider Action: No stock sees Insider buying with dumb short selling. AURO, FNKO 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.
- 5 Things Need To Know to Start Your Day. (Bloomberg)
- 5 Things to Know Before the Stock Market Opens. (CNBC)
- Bloomberg Lead Story: September Jobs Report May Be Last Good One Before Sharp Slowdown. (Bloomberg)
- Bloomberg Most Shared Story: Ozempic is Making People Buy Less Food, Walmart Says. (Bloomberg)
- Stock futures signal recovery before US Jobs Data: MarketWrap. (Bloomberg)
- Former President Trump endorses Rep Jim Jordan (R-OH) for House Speaker. (Bloomberg)
- Biden Administration expected to soon tighten chip tool restrictions against China. (Reuters)
- Grantham Mayo CEO Jeremy Grantham says no one should invest in the U.S. (Bloomberg)
- Tesla (TSLA) lowers the price on Model 3 and Y vehicles. (Reuters)
- NPR Morning Report Marketplace: Streaming data transparency a vast and contested terrain for Hollywood creatives. (Podcast)
- NY Times The Daily: A Republican examines his vote to oust House Speaker McCarthy. (Podcast)
- BBC Global News: Russian airstrike kills at least 50 at a funeral in Ukraine. (Podcast)
- Bloomberg: Can AI Beat The Market? Do We Want It To? (Podcast)
- Wealthion: As yields surge, how much pain is left for bonds, stocks? (Podcast)
Moving Average Update:
- Score settles down to 20%.
Geopolitical:
- President’s Public Schedule:
- The President delivers remarks on the September Jobs Report and National Manufacturing Day, 11:30 a.m. EDT
- The President is joined by President Frank-Walter Steinmeier of Germany as he drops by the White House to commemorate German-American Day, 4:05 p.m. EDT
Economic:
- September Nonfarm Payrolls is due out at 8:30 a.m. EDT and is expected to fall to 158,000 from 187,000. The unemployment rate is expected to drop to 3.70% from 3.80%.
- Baker Hughes Rig Count 1:00 p.m. EDT
- August Consumer Credit is due out at 3:00 p.m. EDT and expected to rise to $12 billion from $10.4 billion.
Federal Reserve / Treasury Speakers:
- Federal Reserve Board of Governors Christopher Waller 12:00 p.m. EDT
M&A Activity and News: None of note.
Meeting & Conferences of Note:
- Sellside Conferences: None of note.
-
- Previously posted and ongoing conferences:
- Deutsche Bank dbAccess Virtual Copper CEO Conference 2023 (10/05/23-10/06/23)
- Top Shareholder Meetings: APO
- Fireside Chat: None of note.
- Investor/Analyst Day/Calls: QSI, SMR, TSM, XRTX
- Update: None of note.
- R&D Day: None of note.
- Company Event: None of note.
- Industry Meetings:
- AACR Special Conference In Cancer Research: Ovarian Cancer
- Hypertrophic Cardiomyopathy Medical Society (HCMS) Scientific Sessions 2023
- Heart Failure Society of America (HFSA) Annual Scientific Meeting 2023 (10/06/23-10/10/23)
- European College of Neuropsychopharmacology (ECNP) Congress 2023 (10/07/23-10/10/23)
- The Eye and The Chip World Research Congress on Artificial Vision 2023 (10/08/23-10/10/23)
- CHEST Annual Meeting (The American College of Chest Physicians) 2023 (10/08/23-10/11/23)
- Previously posted and ongoing conferences:
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.
Today’s Upgrades and Downgrades:
Previous Day’s Upgrades and Downgrades:
