Meeting & Conferences of Note:
CAPIS Morning Note – 11/01/21: Futures Point to Record Highs to Start November
Overnight Summary: SP 500 Futures moved to a new high this morning with a 18 point range up 15 points. Japan was very strong up 2.6% with China flat. German Retail Sales were weaker than expected for September. Earnings Out After The Close: Beats: VER +0.03 Flat: None Misses: None Capital Raises: IPOs Priced or…
Overnight Summary: SP 500 Futures moved to a new high this morning with a 18 point range up 15 points. Japan was very strong up 2.6% with China flat. German Retail Sales were weaker than expected for September.
Earnings Out After The Close:
- Beats: VER +0.03
- Flat: None
- Misses: None
- IPOs Priced or News:
- LIAN: Pricing of Initial Public Offering 20,312,500 ADR Priced @$16 at midpoint of range of $15 to $17.
- FRSH: Partial Early Lock-Up Release on November 4, 2021
- MRAI: Closing of Initial Public Offering and Full Exercise of Over-Allotment Option
- Lulu’s Fashion Lounge (LVLU) launches 3 million share IPO and looks to be priced at $16 to $19.
- New SPACs launched: TDAC Trident Acquisitions Corp. closes combination with Lottery.com; to trade under symbol “LTRY” starting today.
- Secondaries Priced: None of note
- Notes Priced of note:
- C: Citigroup Announces $1.5 Billion Redemption of 2.312% Fixed Rate / Floating Rate Notes due 2022 and $500 Million Redemption of Floating Rate Notes due 2022
- Common Stock filings/Notes:
- TKAT: Filed Form S-3/A Addendum .. 571,429 Common Stock
- CASI: Filed Form 424B5.. $20,000,000 Common Stock
- Pricing of Over-Allotment: None of note.
- Direct Offering: None of note.
- Selling Shareholders of note: MIGI REKR JOBY MARK of note.
- Private Placement of Public Entity (PIPE): None of note.
- Mixed Shelf Offerings:
- ABVC: Filed Form S-3.. $50,000,000 Mixed Shelf
- AUID files $200M mixed securities shelf
- CWST: Filed Form S-3ASR.. Mixed Shelf
- FISI: Filed Form S-3.. $100,000,000 Mixed Shelf
- DPW: Filed Form S-3.. $350,000,000 Mixed Shelf
- WRAP: Filed Form S-3.. $150,000,000 Mixed Shelf
- 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:
- Weekly Wrap Up: Best and Worst performing large cap stocks:
- Trading Up: Lucid LCID +53%, Wolfspeed WOLF +34%, Enphase ENPH +31%, QunatumScape QS +25%, Tesla TSLA +22%, Marqeta MQ +20%, Teradyne TER +19%, Plug Power PLUG +17%, SolarEdge SEDG +17%, Chewy CHWY +16%, Suncor SU +15%, Spotify SPOT +14%
- Trading Down: KE Holding BEKE -27%, Zendesk ZEN -25%, Pinterest PINS -23%, Alnylam Pharm ALNY -20%, Twilio TWLO -19%, NovoCure NVCR -15%, Twitter TWTR -14%, Aluminum ACH -14%, Full Truck YMM -13%, CoStar CSGP -13%, Lufax LU -13%, Garmin GRMN -13%, Didi Global DIDI -12%
- News Items:
- The Week That Was: Tesla hits $1 trillion valuation and Facebook becomes ‘Meta’ (CNBC)
- Stocks Power Through Negative Signs From Apple, Amazon (Wall Street Journal)
- Bit Digital (BTBT) falls -18% after close.
- General Electric (GE) wins $1.58 billion contract for F-15EX Lots 2+ propulsion system procurement
- Zimmer Biomet (ZBH) announced that Controller and Chief Accounting Officer Carrie Nichol to leave and pursue another employment opportunity.
- Gamestop (GME) COO Jenna Ownes has left as last Monday.
- U.S. Covid cases fall to less than half of peak delta levels as country approaches holiday season (CNBC)
- ETFs Are a Bad Way to Bet on Bitcoin (Wall Street Journal)
- Amazon (AMZN) reveals 20% stake in electric-vehicle maker Rivian (CNBC)
- Positive View: F, GM, VWAGY, ALB, MSGS, MSGE, AMCX, SONO, HTZZ, SPOT, RCL, CCL, NCLH, CNK
- Negative View: none of note
- Dividend Announcements:
- TAIT: Taitron Announces Quarterly Cash Dividend Increase of 12.5%
- SXC SunCoke Energy, Inc. Declares Cash Dividend
- Stock Split: None of note.
- Exchange/Listing News: None of note
- Buyback Announcements: None of note
What’s Happening This Morning: Futures value reflects the change with fair value.
S&P 500 +18 Dow Jones Industrial Average +146 NASDAQ +59 Russell 2000 +11.40. Asia mixed and Europe higher. VIX is at 19.30 from 18.95 in futures from yesterday. Gold higher with silver and copper lower. WTI Crude Oil and Brent Oil Futures higher. Natural Gas is lower. $ is lower vs Euro, higher vs Pound and higher vs Yen. US 10 year Treasury price is at $130.50 from $130.47 with yields at 1.587% from 1.603% Friday morning. Bitcoin at $61,959 from $61,043 Friday morning up +2% in early morning trading. As of 8:20 a.m. EDT.
Friday’s Action – 10/29 Close:
- Positive Sectors Friday: Healthcare, Communication Services
- Negative Sectors Friday: Energy, Real Estate, Basic Materials, Utilities, Financials.
- One Month Winners: Consumer Cyclicals, Technology, Industrials of note.
- Three Month Winners: Energy, Financials, and Technology of note.
- Six Month Winners: Energy, Technology and Communication Services of note.
- Twelve Month Winners: Energy, Financials and Technology of note.
- Year to Date Winners: Energy, Financials, and Communication Services of note.
Stocks were modestly higher across the board. Commodities were mixed but UNG pulled back 4.25%. Updated 10/29 Close.
Upcoming Earnings Of Note: (sorted by market cap, highest to lowest with most visible names)
- Monday After the Close: PSA, NXPI, NTR, SPG, SBAC, WMB, MCK, ANET, ZI, O, FANG, CLX, HOLX, MOS, BRKR, CAR, RRX, CACC, NBIX, CHGG, VNO, VRNS, LEG, BWXT, NSP, CRUS, RHP, UNVR, EDU, OGS, FN, KMT, OTTR, RMBS, RIG of note.
- Tuesday Before the Open: PFE, EL, COP, BP, ETN, KKR, TRI, IDXX, EPD, GPN, MPC, ROK, APO, CMI, PEG, MPLX, AME, WEC, ZBRA, GNRC, IT, MLM, XYL, CTLT, WAT, TECH, J, IEP, INCY, LDOS, WLK, HSIC, MMP, UAA, RL, SEE, IPGP, IAA, NNN, OMCL, INGR, SRCL of note.
Earnings of Note This Morning:
- Beats: CNA +0.19, ON +0.13, AMG +0.09, JELD +0.09, TKR +0.02
- Flat: none
- Misses: AKTS (0.05), OIS (0.03)
- Still to Report: BEN, PCG
Erlanger Research Advance/Decline Chart: Updated through 10/29 close.
Gap Ups & Down In Early Pre-Market:
- Gap Up: ANIP +15%, NVAX +10%, MIGI +8%, XPEV +3%
- Gap Down: BTBT -14%, JELD -5%, NIO -4%, OIS -4%, MARK -4%
Insider Action: CCI sees Insider buying with dumb short selling and XRX has smart short sellers with insider buys. 10/29 close
Rags & Mags: Highlighted Stories may be clicked through to the original story. Repeated stories from prior days never listed, i.e. “rehashed news”.
- Five Things To Know To Start Your Day. (Bloomberg)
- Five Things To Know This Morning. (CNBC)
- Stocks Making The Biggest Moves HOG, SPOT, TRVG. (CNBC)
- G-20 leaders agree to global minimum tax agreement.
- President Biden releases fact sheet for climate actions at Cop26 Conference that he will talk about later today.
- U.S. and EU agree to drop tariffs on steel.
- House Progressives to support Infrastructure Bill and Budget Reconciliation Bill. Question is will Senate moderates the Budget Reconciliation Bill. (CNN)
- Treasury Secretary Yellen notes that President Biden to make Fed Chairman decision soon.(Reuters)
- Treasury Secretary Yellen notes that China Tariffs could be dropped on both sides. (Reuters)
- 42% of parents not likely to get younger children vaccinated. (NYT)
- Moderna (MRNA) provides update on timing of EUA for adolescents, while FDA requires more time.
- American Airlines (AAL) cancelled 1600 flights over the weekend due to weather and staff shortages. (WSJ)
- Roblox (RBLX) is back online after being down since Thursday. (WSJ)
- Robinhood looks at the G-20 as focuses on climate change, Covid and the economy. Also, looks at Post Halloween scaries to stocks – shipping delays, supply shortages and rising labor costs.
Moving Average Update:
- Score remains at 100%. Updated 10/29 close.
- President’s Public Schedule:
- The President departs Rome, Italy en route Edinburgh, United Kingdom (8:45 AM Local), 3:45 a.m. EDT
- Principal Deputy Press Secretary Karine Jean-Pierre and National Security Advisor Jake Sullivan will speak aboard Air Force One en route Edinburgh, United Kingdom (9:30 AM Local), 4:30 a.m. EDT
- The President arrives in Edinburgh, United Kingdom (10:30 AM Local), 6:30 a.m. EDT
- Press Briefing by White House COVID-19 Response Team and public health officials (11:00 AM Local), 7:00 a.m. EDT
- The President greets with The Right Honorable Boris Johnson, M.P., Prime Minister of the United Kingdom of Great Britain and Northern Ireland, and His Excellency António Guterres, Secretary General of the United Nations (11:30 AM), 7:30 a.m. EDT
- The President attends the COP26 Opening Session (12:00 PM Local), 8:00 a.m. EDT
- The President delivers the COP26 Leader Statement (1:00 PM Local), 9:00 a.m. EDT
- The President attends an event on action and solidarity (2:30 PM Local), 10:30 a.m. EDT
- The President participates in a bilateral meeting with His Excellency Joko Widodo, President of the Republic of Indonesia (4:00 PM Local), 12:00 p.m. EDT
- The President attends a reception hosted by The Right Honorable Boris Johnson, M.P., Prime Minister of the United Kingdom of Great Britain and Northern Ireland (6:45 PM Local), 2:45 p.m. EDT
- Fed Speakers:
- None of note through Wednesday as the Federal Reserve Open Market Committee meets tomorrow and Wednesday.
- October ISM Manufacturing Index is due out at 10:00 a.m. EDT and is expected to fall to 60.5% from 61.1%.
- September Construction Spending is due out at 10:00 a.m. EDT and is expected to rise to 0.5% from 0.0%.
- VICI MGP: VICI Properties Stockholders Approve Issuance of Common Stock for Acquisition of MGM Growth Properties LLC
- BAM Brookfield Asset Management to buy AusNet in $7.7B deal
- Sellside Conferences: Credit Suisse China Investment Conference (11/1-5) Citi China Investor Conference (11/1-3) Bank of America China Conference (11/1-12) Goldman Sachs China Conference (11/1-5)
- Company Meetings: ANET (Investor/Analyst Day) F (Fireside Chat)
Upgrades & Downgrades: