Overnight Summary- Markets were weak overnight but are starting to improve. The S&P 500 got down to 4260 and is now at 4311.
Earnings Out After The Close
Beats: JEF +0.51
Flat: None of note.
Misses: None of note.
IPOs Priced or News: None of note.
New SPACs launched:
Secondaries Priced: None of note.
Notes Priced of note: AFIN of note.
Common Stock filings: CRXT LODE SOLO of note.
Pricing of Over-Allotment:
Direct Offering: PETZ
Selling Shareholders of note: None of note.
Private Placement of Public Entity (PIPE): TRVI of note.
Mixed Shelf Offerings: RMTI TWOU of note.
Convertible Offering & Notes Filed: None of note.
Note Offerings 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:
Zoom (ZM) and Five Nine (FIVN) cancel deal after price of Zoom falls 26% and Five Nine shareholders vote against deal.
House & Senate pass legislation to avoid a government shutdown.
Parsons (PSN) wins a $145 million Army contract.
Fluor (FLR) wins a $1.2 billion Navy contract.
General Dynamics (GD) wins at $480 million Navy contract.
General Electric (GE) wins a $280 million Defense Logistics Agency contract.
Boeing (BA) wins a $390 million Army contract.
GlaxoSmithKline (GSK) wins at $280 million Army contract.
Index Changes: SPWR to join S&P 400 on 10/5 to replace Cimarex Energy (XEC) which is being bought by Cabot Oil & Gas (COG).
After Hours- Higher: SPWR +10% HLBZ +6% IFF +4% Lower: CRXT -3%
Dividend Announcements: Increases: CNP
Buyback Announcements: ASND CHDN
What’s Happening This Morning: Futures value reflects the change with fair value.
S&P 500 +19 Dow Jones Industrial Average +175 NASDAQ +56 Russell 2000 +11. Fair values are mixed. Asia and Europe mixed. VIX is at 22.45 from 22.26 in futures from yesterday. Gold lower with silver and copper lower. WTI Crude Oil and Brent Oil Futures lower. Natural Gas is lower. $ is lower vs Euro, lower vs Pound and lower vs Yen. US 10 year Treasury price is at $131.97 from $131.58 with yields at 1.493% from 1.532% yesterday morning. Bitcoin at $47646 from $43,209 yesterday morning, trading at $3874 or 8.94%.
Thursday’s Action – 9/30 Close.
Positive Sectors Thursday: None of note.
Negative Sectors Thursday: Consumer Defensive, Industrials and Real Estate of note.
One Month Winners: Technology, Communication Services, Real Estate and Energy of note.
Three Month Winners: Technology, Communication Services and Healthcare of note.
Six Month Winners: Technology, Communication Services and Real Estate of note.
Twelve Month Winners: Communication Services, Energy, Technology, Financials and Industrials of note.
Year to Date: Energy, Communication Services, Energy, Financials, Real Estate and Technology of note.
Stocks were lower, Bonds were flat, U.S. Dollar lower and Commodities higher. Updated 9/30 Close.
Upcoming Earnings Of: (sorted by market cap, highest to lowest with most visible names)
Today 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.
Erlanger Research Advance/Decline Chart –Updated through 9/30 close. Heading back to the August lows?
Gap Ups & Down In Early Pre-Market:
Gap up: SPWR +9%, HLX +7%, HLBZ +5%, RIDE +5%, MRK +4%, NAT +3%
Gap down: PDCE -3%, LODE -3%
Insider Action: Of note, LPTX UIC SAFE see Insider buying with dumb short selling and smart short sellers in FEIM SXT. 9/28
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 MRK RIDE COTY ZM FIVN.
Covid Stats: Cases 111,086 from 121,918 a week ago. Deaths 2,008 from 1,961 a week ago. Hospitalizations 81,373 from 73,437.
House delays $1 trillion Infrastructure Bill to possibly today but deal is still “far off”. (NY Times)
Senator Joe Manchin (D-WV) says Budget Reconciliation Bill needs to come down to $1.5 trillion. (CNN)
U.S. Trade Representative Katherine Tai will unveil Biden’s China Trade Policy on Monday. (Reuters)
General Motors (GM) and Ford (F) extend production delays due to chip shortages. (Reuters)
Morgan Stanley (MS) and Interactive Brokers (IBKR) being looked at over handling of funds from Venezuela. (WSJ)
Merck (MRK) seeks approval for Oral Covid-19 treatment. (CNBC)
Moving Average Update
Score at 20% from 23% unchanged. Updated 9/30 Close.
President Biden gets the Daily Briefing at 9:30 a.m. EDT.
Press Briefing by White House Covid-19 Response Team and public health officials at 11:00 a.m. EDT.
Press Briefing by Press Secretary Jen Psaki.
Federal Reserve New York President John Williams speaks at 12:45 p.m. EDT.
Federal Reserve Philadelphia President Patrick Harker speaks at 11:00 a.m. EDT.
August Personal Income is due out at 8:30 a.m. EDT and expected to fall to 0.2% from 1.1%.
August PCE Prices – Core is due out at 8:30 a.m. EDT and is expected to fall to 0.2% from 0.3%.
September ISM Manufacturing Index is due out at 10:00 a.m. EDT and is expected to fall to 59.5% from 59.9%.
August Construction Spending is due out at 10:00 a.m. EDT and is expected to rise to 0.4% from 0.3%.
September University of Michigan Consumer Sentiment (final) is due out at 10:00 a.m. EDT and is expected to remain at 71.00.
Silgan Holdings (SLGN) to buy Unicep Packaging for $237 million.
ArcBest (ARCB) to buy MoLo Solutions for $235 MoLo Solutions for $235 million in cash.
Meeting & Conferences of Note:
Sellside Conferences: Jefferies Gene Therapy/Editing Summit (10/1-2) J.P. Morgan Italian Conference (10/1)
Company Meetings: KDP (Investor/Analyst Day) RGNX (Conference Call)
Conferences of Note: American Society For Bone & Mineral Research (10/1-4)
Upgrades & Downgrades: Today recs see 11 notable upgrades and 4 downgrade.
Thursday Recommendations of Note: