Overnight Summary: The S&P 500 closed Friday at 3583.07 (lower by  -2.37%) from Thursday at 3669.91 (higher by 2.60%).  The overnight high of 3648.25 was hit at 6:15 a.m. EDT. The low was hit at 3590.50 at 6:05 p.m. EDT, a range of 58.25 points high to low which is above the recent range of 45.  At 7:10 a.m. EDT, the S&P 500 was up +41.25 points which is +1.15%.  

Breaking News:  CEO Harold Hamm and his Family taking Continental Resources (CLR) private at $74.28 a share.

Earnings Out After The Close: 

• IPOs Priced or News:
  • Snail(SNAL) files to sell 5 million share in IPO, expected to price between $5-$7.
• New SPACs launched/News:
  • Blockchain Moon Acquisition Corp (BMAQ) and DLTx ASA announce business combination.
• Secondaries Priced: None of note.
• Notes Priced of note:
  • AMC: AMC’s Subsidiary Odeon Finco PLC Prices Senior Secured Notes Offering.
• Common Stock filings/Notes:
  • PTE: Filed Form S-1.. Up to $15,000,000 Common Stock Warrants.
  • WTRG: entered into sales agreements for up to $500 million common stock to be offered and sold from time to time through the Sales Agents.
• Pricing of Over-Allotment/Notes: None of note.
• Direct Offering: None of note.
• Selling Shareholders of note:
  • SYRS: Filed Form S-3.. 27,627,824 Shares Common Stock offering by selling shareholders.
• Private Placement of Public Entity (PIPE):
  • BBLN: Announces Private Placement Financing.
• Mixed Shelf Offerings:
  • BKSY: Filed Form S-3.. $200,000,000 Mixed Shelf.
  • BMEA: Filed Form S-3.. $350 Million Mixed Shelf.
  • UBX: Filed Form S-3.. $250,000,000 Mixed Shelf.
  • VMAR: Filed Form F-3.. US$50,000,000 Mixed Shelf.
• Debt Filing/Notes: None of note.
• Tender Offer: None of note.
  • PG Recommends Stockholders Reject Mini-Tender Offer From TRC Capital Investment Corporation
• 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 Week:

• Weekly Wrap Up: Best and Worst performing large cap stocks:
  • Trading Up: BAK 26.9%, RETA 26.3%, NVAX 22.5%, LOCO 21.0%, NTNX 19.4%, BGNE 16.7%, GLOP 14.2%, MRNA 12.8%, MFA 12.7%, UVE 12.5%, CALM 11.3%, CASH 11.0%, SIBN 10.8%, STNG 10.6%, AMGN 10.1%, EURN 10.1%, ORC 9.8%.
  • Trading Down: BEAT -32.8%, OMI -32.7%, FIVN -29.0%, RIGL -28.0%, CRBP -25.5%, SPWR -23.5%, MLCO -22.4%, TAL -21.9%, GLT -20.5%, CCJ -20.1%, CAMP -19.8%, OFIX -19.1%, DOMO -19.1%.

• News Items After the Close:
  • Fox Corporation (FOX, FOXA) Forms Special Committee to Begin Exploring a Potential Combination with News Corporation (NWSA).
  • U.S. jury convicts Nikola (NKLA) founder of fraud.
• News Items Over the Weekend:
  • Stocks That Defined the Week: JPM, META, ACI, TGT, DIS, WAG, DPZ (WSJ)
  • The Week in Business: Prices Keep Climbing (NYT)
  • Federal Reserve St. Louis President James Bullard: US Has A Serious Inflation Problem – Front Loading Fed Policy Is The Right Strategy.
  • South Korea expects North Korea to conduct a nuclear test “at any time” — presidential office put on a “24-hour readiness regime,” Yonhap reports. (Disclose Tv)
  • Mystery Stock Surge Is Probably Just Another Bear Market Rally. (WSJ)
  • Multiple blasts hit Kyiv in new attack by Russia as Ukraine claims “kamikaze drones” were used.
  • China delays the release of major economic data for the third quarter, without giving a reason or a new date. (Disclose Tv)
  •  Barron’s:
    • Positive View: BHP, RIO, FCX, AA, GOLD, NEM, ORCL, DAL, SNCY, ALK, UAL, CCJ, TJX, ROST, BURL, CARR, JCI, TT
    • Cautious View: None of note.
    • Mixed View: None of note.

• Exchange/Listing/Company Reorg and Personnel News:
  • Array Tech (ARRY) COO Kenneth Stacherski provided notice of his intention to resign.
  • Boxed, Inc. (BOXD) Announces Receipt of Continued Listing Standard Notice from NYSE.
  • Farmmi (FAMI) Receives NASDAQ Notification Regarding Minimum Bid Requirements.
  • Green Dot Corporation (GDOT) Appoints George Gresham as Chief Executive Officer and President.
  • Chris Henson Joins Hooker Furnishings Corp. (HOFT) Board of Directors.
  • KalVista Pharmaceuticals (KALV) announces appointment of Brian J.G. Pereira, M.D. as Board Chairman.
  • Stewart Info (STC) extends contract of CEO Frederick Eppinger through end of 2025.
  • Turning Point Brands (TPB) appoints Graham Purdy as CEO.
  • Washington REIT (WRE) has changed its name and rebranded as Elme Communities.
• Buyback Announcements or News: None of note.
• Stock Splits or News: None of note.
• Dividends Announcements or News: 
  • BitNile Holdings (NILE) Subsidiary, Imperalis Holdings (to be Renamed TurnOnGreen), Files Registration Statement Related to Planned Dividend to BitNile Holdings. Shareholders

What’s Happening This Morning: Futures value reflects the change with fair value.

Sector Action – (1/3/6/12/YTD Updated Weekly with Monday release):  

• Daily Positive Sectors: none of note.
• Daily Negative Sectors: Basic Materials, Consumer Cyclical, Energy, Technology, Real Estate, Industrials, Communication Services of note.
• One Month Winners:  Energy of note.
• Three Month Winners:  Energy of note.
• Six Month Winners: Energy of note.
• Twelve Month Winners: Energy of note.
• Year to Date Winners: Energy of note.

SPX closed just below the 3,600 after having a 100 point swing day.  Positive vibes in the morning retreated through out the day.  NASDAQ was down 3.08%..

Click here for a video explanation of Erlanger Value Lines.

Upcoming Earnings Of Note: (sorted by market cap, highest to lowest with most visible names)

Gap Ups & Down In Early Pre-Market:

• Gap Up: MIST +36%, NWSA +6%.
• Gap Down: None of note.

Insider Action:  EVA sees Insider buying with dumb short selling.  No stock 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.

• Stocks Making The Biggest Moves: CLR BAC AAPL FOXA NWSA BK  (CNBC)
• Five Things You Need to Know to Start Your Day. (Bloomberg)
• Five Things to Know This Morning. (CNBC)
• Bloomberg Lead Story: Goldman Sachs Shakes Up Leadership Ranks. (Bloomberg)
• Bloomberg Most Read Story:  Key Takeaways From President Xi’s Two Hour Speech. (Bloomberg)
• Chinese President Xi says China will win the chip battle. (Bloomberg)
• China delays third quarter economic data and does not give a date it will release the data. (NYT)
• China’s new growth goal will change how they attract foreign investors. (CNBC)
• BMW (BMWYY) to move some EV production from U.K. to China. (Sunday Times)
• Apple (AAPL) aims to introduce M2 iPad Pro. (Bloomberg)
• Goldman Sachs (GS) to combine investment banking and trading units. (WSJ)

Moving Average Update:

• Like a yo-yo.  Score jumps to 42% only to snap back to 3%.

Geopolitical: 

• Five Fed members to speak this week before the black-out prior to the next FOMC meeting.

M&A Activity:

• Archaea Energy (LFG) to be Acquired by BP for Approximately $4.1 Billion.
• CI&T Inc. (CINT) to acquire NTERSOL Consulting.
• Continental Resources (CLR) Announces Definitive Agreement to Be Acquired by the Hamm Family.
• ESAB Corp. (ESAB) acquired Ohio Medical from a private investor group for a cash purchase price of $127 million.
• Nikola (NKLA) Completes Acquisition of Romeo Power.
• Uranium Energy Corp (UEC) Completes Acquisition of the World-Class Development-Stage Roughrider Uranium Project From Rio Tinto.

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 it 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: