Overnight Summary & Early Morning Trading:
- The S&P 500 finished Friday higher by 0.26% at 6840.20, up from Thursday’s close of 6822.34, which was lower by -0.99%.
- S&P 500 hit its 34th All-Time Closing High of 2025 last Tuesday.
- Futures are higher this morning by +25 (+0.36%) at 6900.25 on the S&P 500 around 6:15 a.m. EDT.
- Year to date the S&P 500 is up by 16.30% from 15.99% Thursday’s close.
Executive Summary:
- November trading has been strong last 11 years, averaging 3.82% on the S&P 500 for that period. Only one down year in those last 11 years.
- Fed Speakers are back this week, and today sees two speak, with 11 due for the week.
- Bond yield on the 10-Year is at 4.101% from 4.10%.
Key Events of Note Today:
- Economic news of note today includes Construction Spending and ISM Manufacturing Index, but due to the government shutdown, we are probably not going to get them.
- Federal Reserve Speakers – 2 see below. 11 for the week so far.
- President Trump is at the White House and will participate in Tele-Rallies in Virginia and New Jersey at 7:00 p.m. and 7:30 p.m. EDT.
Notable Earnings Out After The Close:
- Beats: None of note.
- Misses: None of note.
- Flat: None of note.
Capital Raises:
- IPOs For The Week: BGIN, DTDT, ELCG, MKTR, MMTX, NPT, POAS
- New IPOs/SPACs launched/News: None of note.
- IPOs Filed/Priced: None of note.
- Secondaries Filed or Priced:
- ADAG: Form F-3.. 10,625,000 Ordinary Shares or 8,500,000 American Depositary Shares.
- APLD: Form S-3ASR 1,035,197 Shares of common stock.
- CYBN – Closing of $175 Million Registered Direct Offering.
- OBIO: Form S-3.. Up to 8,027,890 Shares of Common Stock.
- Notes Filed Or Priced:
- WULF – Closing of $1.025 Billion 0.00% Convertible Notes Offering.
- Convertibles Filed: None of note.
- Direct Offering: None of note.
- Exchangeable Subordinate Voting Shares: None of note.
- Private Placements: None of note.
- Selling Shareholders of note:
- SLXN: Form S-3.. Up to 1,292,348 Ordinary Shares by the Selling Securityholders.
- APLD files for 1,035,197 share common stock offering by selling shareholders.
- OBIO files for 8,027,890 share common stock offering by selling shareholders.
- Mixed Shelf Offerings:
- BMY: Form POSASR Filed Mixed Shelf.
- BTBT: Form S-3ASR Mixed Shelf.
- CVR: S-3ASR Mixed Shelf.
- D: Form S-3ASR Mixed Shelf.
- TMQ: S-3ASR Mixed Shelf.
- WLK: Form S-3ASR Mixed Shelf.
News After The Close:
- Pfizer (PFE) files lawsuit against Metsera and its directors and Novo Nordisk (NVO) for breach of merger agreement.
- Ebay’s (EBAY) CEO Jamie Iannone was interviewed on Fox Business’ The Claman Countdown and stated in response to a question about Q4 2025 “We gave [gross merchandise volume (“GMV”)] guidance of 4% – 6% for next year.” Mr. Iannone misspoke. He intended to say “for next quarter.”
- Ratings Agency affirmed Qatar AA/A-1+ rating and that the outlook is stable.
- 10-K Delays , 10-Q Delays: None of note.
Exchange/Listing/Company Reorg and Personnel News: None of note.
Buybacks: None of note.
Dividends Announcements or News:
- Stocks Ex Div Today of note: C AB BX AGG AON HYG KMI LAZ LQD NRG OHI OKE TLT GGAL of note.
- Stocks Ex Div Tuesday of note: None of note.
- LDOS increases quarterly cash dividend to $0.43 per share from $0.40 per share.
What’s Happening This Morning: (as of 7:15 a.m. EDT)
- Futures S&P 500 +23 NASDAQ 100 +162 Dow Jones +8. Europe is higher and Asia is higher. Bond yield is at 4.093% from 4.103% on the 10-Year. Crude Oil and Brent Crude are lower with Natural Gas higher. Gold and Silver are higher with Copper lower. The U.S. Dollar is higher versus the Euro, higher against the Pound and higher against the Yen. Bitcoin is at $107,960 from $109,488 lower by -1.92% which is $+2104.
- Daily Positive Sectors: Consumer Cyclical, Industrials, Energy and Healthcare were higher.
- Daily Negative Sectors: Utilities, Materials and Consumer Defensive were lower.
- One Month Winners: Healthcare Services, Utilities, Technology, Industrials, Materials and Consumer Defensive of note.
- Three-Month Winners: Communication Services, Technology, Materials, Utilities and Healthcare of note.
- Six-Month Winners: Technology, Communication Services, Industrials and Consumer Cyclicals of note.
- Twelve-Month Winners: Communication Services, Technology, Financials, Consumer Cyclical, and Industrials of note.
- Year to Date Winners: Communication Services, Materials, Technology, Financials, Utilities and Industrials of note.
Bolded means the Sector is new to the period in which it falls.
Upcoming Earnings Of Note: (Erlanger Chartroom Software – sorted by market cap, highest to lowest with most visible names)
- Today After the Close:
- Tuesday Before The Open:
Notable Earnings of Note This Morning:
- Beats: TGTX +2.21, FRPT +1.44, LQDA +0.35, AMG +0.21, CIFR +0.14, BRKR +0.12, FUBO +0.11, (>$0.10) of note.
- Misses: AXSM (0.08) of note.
- Flat: None of note.
- Still to Report: None of note.
Company Earnings Guidance:
- Positive Guidance: This Morning – SPGI, of note.
- Negative or Mixed Guidance: This morning – LIN, NWL of note.
Advance/Decline Daily Update:
Gap Ups & Down In Early Pre-Market: (+2% or down more than -2%):
- GapUp: CRBU +140.1%, KVUE +22.2%, IREN +21%, LQDA +10.3%, MD +7.2%, FRPT +6.9%, IDXX +5.6%, CIVI +5.2%, WULF +4.6%, SM +3.2%, CMPO +3.2%, BNTX +2.9%, IDCC +2.5%, HCM +2.2% of note.
- GapDown: ALVO -23.3%, KMB -17.8%, CAAS -3.7%, NAT -3.3%, HKD -3.1%, TMQ -2.7%, MSEX -2.7%, KOS -2.5%, of note.
Options Activity: Calls and Puts Top Ten Names Sorted Volume. Highlighted names are new to the most active list. No unusual new names.
Insider Action: No stock sees Insider Buying with dumb short selling. No stock sees Insider Buying with smart short sellers. Above $100,000 in purchases. Other Buys of note OPK BX.
Rags & Mags: Repeated stories from prior days never listed, i.e. “rehashed news”. Sorted by Global, U.S. and stock specific.
- Bloomberg Lead Story: Big Oil CEOs warn Trump Russia Oil Sanctions will hit Supplies. (Bloomberg)
- Bloomberg Market Wrap: Stocks extend rally as AI Bulls wait for Palantir. (Bloomberg)
- Microsoft signs $9.7 billion deal with Iren (IREN). (Bloomberg)
Bolded on story link means behind a Pay Wall.
Economic & Geopolitical:
- Federal Reserve Speakers of note today:
- Federal Reserve San Francisco President Mary Day speaks at 12:00 p.m. EDT.
- Federal Reserve Governor Lisa Cook speaks at 2:00 p.m. EDT.
- President Trump is at the White House and will participate in Tele-Rallies in Virginia and New Jersey at 7:00 p.m. and 7:30 p.m. EDT.
- Economic Releases:
- September Construction Spending is due out at 10:00 a.m. EDT, but with government shutdown may not be released.
- October ISM Manufacturing is due out at 10:00 a.m. EDT, but with government shutdown may not be released.
M&A Activity & Daily Changes: Kimberly Clark (KMB) to buy Kenvue (KVUE) for $48.7 billion.
Moving Average Table:
Meeting & Conferences of Note:
- Sellside Conferences:
- Gabelli Automotive Symposium
- Spartan Capital Investor Conference
- Top Analyst, Investor: PRQR
- Shareholder Meetings: None of note.
- Fireside Chat: None of note.
- FDA Presentation: None of note.
- R&D Day: None of note.
- Meetings:
- Automotive Symposium
- BIO-Europe Empower Summit
- International Cytokine and Interferons Society (Nov. 2-5)
- American Society of Hematology
- American Heart Association (Nov. 3-11)
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.
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- Upgrades: AON CSCO META MLTX NFLX RRR WLK of note.
- Downgrades: LAZR MMC of note.