Overnight Summary: The S&P 500 closed Monday lower by -0.96% at 5695.94 from Friday higher by 0.90% at 5751.07. The overnight high was hit at 5769 at 6:10 a.m. EDT and the low was hit at 5725.25 at 6:30 p.m. EDT. The overnight range is 44 points. The current price is 5763.25 at 6:45 a.m. EDT higher by +18.50 points.
Executive Summary: Hurricane Milton has gained steam in the Gulf of Mexico and will reach Tampa and cross the upper part of Florida on Wednesday.
Article of Note: “America’s Flood Insurance System Requires Urgent Fixes” by Mark Gongloff (Bloomberg)
Key Events of Note Today:
- 3-Year Treasury Auction at 1:00 p.m. EDT.
- NFIB Business Optimism for September was out at 6:00 a.m. EDT and came in at 91.5 from 91.2 last month.
Earnings Out After The Close
- Beats: None of note.
- Flat: None of note.
- Misses: None of note.
- IPOs For The Week:
- New IPOs/SPACs launched/News:
- IPOs Filed/Priced:
- Secondaries Filed or Priced:
- SRRK commences $275 mln public offering of its common stock
- KTTA: Form S-3.. 3,743,905 Shares of Common Stock
- NYXH Raises $27 Million through its At-the-Market Offering
- Notes Priced:
- PATK – Pricing and Upsize of Private Offering of $500 Million of Senior Notes
- Direct Offering:
- Exchangeable Subordinate Voting Shares: None of note.
- Selling Shareholders of note:
- Debt/Credit Filing and Notes: None of note.
- Mixed Shelf Offerings:
- GLSI files mixed shelf securities offering
- SRRK files mixed shelf securities offering
- PIPE:
- SOBR – Pricing of $8.2 Million Private Placement
- Convertible Offering & Notes Filed:
- ARES Launch of Offering of Series B Mandatory Convertible Preferred Stock
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: DOCU +5.1%,PRCT+4.9%,CYH +3.8%, SAM +3.5%, NUVB +3%, RLI + 2%.
- Movers Down: GLSI -3.3%, BDTX -2.2%
News After The Close:
-
- CALM approved $40 mln in new capital projects to further expand the company’s cage-free production capabilities.
- RLI estimates pretax net catastrophe losses from Hurricanes Beryl and Helene of $35 to $40 million, to be reflected in Q3.
- CYH announces development partnership aimed at revolutionizing the call center experience for patients through the implementation of conversational AI
- PENN expects Q3 Retail Operations adjusted EBITDAR to be in the range of $465-475 million; raises Interactive adjusted EBITDA outlook
- NDAQ reports September volumes. (Release)
- PBR reports that the Total Utilization Factor of its refineries reached 96.8% in September, representing the highest monthly result in 2024
- 10Q Delays: None of note.
- NASDAQ Delisting Notice: None of note.
Buybacks or Repurchases:
- SAM ups buyback by $400 million.
Exchange/Listing/Company Reorg and Personnel News:
- BHE names Bryan Schumaker as CFO
- NUVB names former Sanofi exec as CFO
- BWMN President Michael Bruen to retire
- MTCH announces appointment of Steven Bailey as Chief Financial Officer, effective March 1st, 2025; Gary Swidler to transition out of CFO role and continue as President
- AAPL Global Head of Procurement Dan Rosckes to retire. (Bloomberg)
- DOCU to join S&P MidCap 400 and MDU Resources Group to join S&P SmallCap 600 replacing CHUY that is being bought by Darden (DRI).
Dividends Announcements or News:
- Stocks Ex Div Today: ROP DG MTN GBCI AMRK WLY TR MAIN
- Stocks Ex Div Tomorrow: MA AMT BBVA LEN NYT GAP GNTX KRG IDCC HUYA BDN
What’s Happening This Morning: Futures S&P 500 +24 NASDAQ 100 +99 Dow Jones +71 Russell 2000 +12.31 (at 8:15 a.m. EDT). Asia is lower ex China while Europe is lower. VIX Futures are at 19.52 from 19.05 yesterday while Bonds are at 4.03% from 4.00% on the 10-Year. Crude Oil and Brent are higher with Natural Gas lower. Gold is higher with Silver and Copper lower for a second day. The U.S. Dollar is lower versus the Euro, lower versus the Pound and lower against the Yen. Bitcoin is at $62,541 from $63,005 lower by -753 -1.20% this morning.
- Daily Positive Sectors: Energy of note.
- Daily Negative Sectors: All others led by Utilities, Communication Services and Consumer Cyclicals of note.
- One Month Winners: Consumer Cyclicals, Materials, Communication Services and Technology of note.
- Three Month Winners: Utilities, Real Estate, Financials, Industrials, and Consumer Defensive of note.
- Six Month Winners: Utilities, Real Estate, mmmTechnology, Consumer Defensive and Financials of note.
- Twelve Month Winners: Technology, Utilities, Financials, Communication Services, Industrials and Real Estate note.
- Year to Date Winners: Technology, Utilities, Communication Services, Financials, Industrials and Consumer Defensive of note.
Upcoming Earnings Of Note: (From Chartroom Software – sorted by market cap, highest to lowest with most visible names)
- Tuesday After the Close: None of note
- Wednesday Before The Open: None of note
Earnings of Note This Morning:
- Beats: ACCD +0.14, PEP +0.02 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: PEP of note.
Advance/Decline Daily Update: The A/D Line saw weakness yesterday.
Gap Ups & Down In Early Pre-Market (+2% or down more than -2%):
- Gap Up: CANF +10%, DOCU +5.6%, RLI +5%, PRCT +4%, ARMN +3.9%, CYH +3.8%, HON +3.3%, OPT +3.2%, NUVB +2.8%, SAM +2.6%, MBUU +2.5%
- Gap Down: BIDU -9.2%, SRRK -4.5%, BDTX -3%, CALM -2.9%
Insider Action: LFCR sees Insider buying with dumb short selling. None of note 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: DOCU WYNN NVDA (CNBC)
- Bloomberg Lead Story: China’s Stock Euphoria Cools. (Bloomberg)
- Markets Wrap: Europe falls on lack of more China stimulus. (Podcast)
- Democratic Presidential Candidate Kamala Harris was interviewed on 60 Minutes last night. (CBS News)
- Milton barrels towards Florida with 155 MPH winds. (Bloomberg)
- Israel to holds talks in U.S. as tensions build on Iran riposte. (Bloomberg)
- Amazon (AMZN) Prime Day kicks off.
- Honeywell (HON) to spinoff Advanced Materials to shareholders.
- Pepsi (PEP) beats on estimates but guidance is weak. (CNBC)
- Bloomberg Big Take: One Year Later, A Region In Conflict. (Podcast)
- Wealthion: Institutions are selling, major reset ahead. (Podcast)
- Marketplace: A village of hackers is beefing up election security. (Podcast)
- The NY Times Daily: How NAFTA broke American politics. (Podcast)
Economic:
- NFIB Business Optimism for September was out at 6:00 a.m. EDT and came in at 91.5 from 91.2 last month.
- Weekly API Crude Oil Inventories are due out at 4:30 p.m. EDT.
Geopolitical:
- President Biden receives the President’s Daily Brief at 9:00 a.m. EDT and then a briefing on Hurricanes Helene and Milton at 10:00 a.m. EDT.
- President Biden heads to speak in Milwaukee at 1:45 p.m. EDT on replacing lead pipes and new jobs for that effort. Then heads to Philadelphia for a campaign event at 6:45 p.m. EDT.
Federal Reserve Speakers:
- Federal Reserve Atlanta President Raphael Bostic will speak at 12:45 p.m. EDT.
- Federal Reserve Boston President Susan Collins will speak at 4:00 p.m. EDT.
- Federal Reserve Vice Chairman Phillip Jefferson will speak at 7:30 p.m. EDT.
M&A Activity and News:
Moving Averages On Major Equity Indexes: Move to 57% positive from 100%.
Meeting & Conferences of Note:
-
- Sellside Conferences:
- BNP Paribas Sminaire Biotech & Sant
- BMO Capital Markets’ Oncology Summit
- JP Morgan Software Forum
- Needham Private Biotech Company
- Oppenheimer Targeted Radiopharmaceutical Therapies
- TD Cowen MedTools Conference
- TD Cowen Nuclear Fuel Cycle & Next Generation Nuclear
- Wainwright Viral Hepatitis Virtual Conference
- Sellside Conferences:
-
- Fireside Chat: None of note.
- Top Shareholder Meetings: GM, HBIO, PG, PRTC, SVRA, TECH, TRVI, UTHR
- Investor/Analyst Day/Calls: GM, MIST, SBRA, WYNN
- Update: None of note.
- R&D Day: None of note.
- FDA Presentation:
- BMY: PDUFA Decision date on Opdivo® (nivolumab) +
chemotherapy - EWTX: Data Presentation on EDG-5506
- ZEAL: PDUFA Decision date on dasiglucagon
- BMY: PDUFA Decision date on Opdivo® (nivolumab) +
- Company Event: None of note.
- Industry Meetings or Events:
- AHCA/NCAL Convention & Expo
- Annual Congress of the World Muscle Society
- Annual Oligonucleotide Therapeutics Society
- Global Gaming Expo
- John Tumazos Very Independent Research Conference
- National Association of Convenience Stores Show
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: MCD SAVA WAT AFRM
Downgrades: AXP
