Overnight Summary: Global markets are quiet this morning after the SP 500 rallied from overnight lows by 24 to be up by 3 points at 6:00 a.m. EST.
Earnings Out After The Close:
- Beats: None
- Flat: None
- Misses: TSE (0.27)
- IPOs Priced or News:
- USER UserTesting Announces Launch of Initial Public Offering
- BRZE Braze launches 8 million share IPO, pricing looks to be $55 to $60
- KLC KinderCare Learning launches 25.78 million IPO, pricing looks to be $18 to $21
- New SPACs launched:
- DSAC FiscalNote, A Leading AI-Driven Enterprise SaaS Company that Delivers Legal and Regulatory Data and Insights, Announces Plans to Become Publicly Traded on Nasdaq Via Merger with Duddell Street Acquisition Corp.
- Secondaries Priced: None of note
- Notes Priced of note:
- TELL: Pricing of Public Offering of Senior Notes
- Common Stock filings/Notes:
- CHK: Filed Form S-3.. 13,017,653 Shares of Common Stock Offered by the Selling Shareholders
- ESTE: Filed Form S-3.. 2,611,111 Shares of Class A Common Stock
- SEAT: Filed Form S-1.. 187,267,173 SHARES OF CLASS A COMMON STOCK
- TMBR: Closing of $15 Million Public Offering
- TRVI: Filed Form S-3.. 5,555,556 Shares of Common Stock
- VRRM: Filed Form S-3ASR.. Up to 19,999,967 Shares of Class A Common Stock Issuable Upon Exercise of Warrants
- SGRY: Filed Form S-3 ..5,000,000 Shares of Common Stock
- NETI: Filed Form S-3 ..200M Shares of Common Stock
- Pricing of Over-Allotment: None of note.
- Direct Offering: None of note
- Selling Shareholders of note: None of note
- Private Placement of Public Entity (PIPE): None of note.
- Mixed Shelf Offerings (Form S-3):
- EXP: Filed Form S-3ASR.. Mixed Shelf
- PRPH: Filed Form S-3 $300Million 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: CAR 72%, BBBY 60%, KPTI 51%, IRTC 48%, ENDP 47%, KNSA 42%, ANIP 36%, SGMO 35%, SHAK 33%, EVLO 32%, DNOW 32%, DDS 29%, GOOS 29%, ANET 29%, SYNA 27%, GT 26%, ARWR 25%, FN 25%
- Trading Down: DCPH -73%, CHGG -48%, TRHC -47%, EBS -37%, LAUR -32%, MRNA -32%, HOLI -27%, AAOI -23%, DVAX -23%, UPLD -21%, PBYI -19%, TUP -18%, RCII -18%, CPS -18%, BCRX -18%, TX -17%, TRQ -17%, CRL -16%, UIS -16%DCPH -73%, CHGG -48%, TRHC -47%, EBS -37%, LAUR -32%, MRNA -32%, HOLI -27%, AAOI -23%, DVAX -23%, UPLD -21%, PBYI -19%, TUP -18%, RCII -18%, CPS -18%, BCRX -18%, TX -17%, TRQ -17%, CRL -16%, UIS -16%
- News Items:
- Qiagen (QGEN) to pay $53 million Becton Dickinson (BDX) to settle lawsuit.
- Peleton (PTON) to freeze hires.
- Dave & Buster’s (PLAY) CFO Scott Bowman resigns to pursue job opportunities close to family.
- Lockheed Martin (LMT) wins $10.86 billion U.S. Airforce contract.
- Qatar sees its credit rating affirmed by top ratings agency.
- Berkshire’s (BRK.A) operating earnings pop 18% last quarter with Buffett’s cash pile at record $149 billion (CNBC)
- Positive View: VERV RGNX KRYS TNYA BLDE CRM SNOW OKTA LYFT UBER DOCN
- Negative View: None of note.
- Mixed View: AEO
- Dividend Announcements:
- Haverty (HVT) to pay special dividend of $2.00 on the common stock and $1.90 on the Class A stock.
- Silvercorp (SVM) Declares Semi-Annual Dividend of US$0.0125 Per Share
- Stock Split: None of note.
- Exchange/Listing News: None of note.
- Buyback Announcements:
- Haverty (HVT) to buyback $25 M common.
- Berkshire (BRK.A) also said it repurchased $7.6 billion of its own stock in the third quarter, reflecting its need to put some cash to work as stock prices regularly set new highs and purchases of whole companies appear too expensive.
What’s Happening This Morning: Futures value reflects the change with fair value.
S&P 500 +3 Dow Jones Industrial Average +75 NASDAQ -10 Russell 2000 +11. Asia and Europe mixed. VIX is at 18.03 from 17.20 from 17.05 in futures from yesterday. Gold, silver and copper higher. WTI Crude Oil and Brent Oil Futures higher. Natural Gas is higher. $ is lower vs Euro, lower vs Pound and higher vs Yen. US 10 year Treasury price is at $131.56 from $131.22 with yields at 1.481% from 1.525% yesterday morning. Bitcoin at $65,861 from$61,375 on Friday morning up 5.32% in early morning trading. As of 8:00 a.m. EST.
Friday’s Action – 11/05 Close:
- Daily Positive Sectors: Energy, Industrials, Utilities, Basic Materials, Communication Services, Real Estate, Consumer Defensive.
- Daily Negative Sectors: Healthcare.
- One Month Winners: Consumer Cyclical, Technology, Industrials of note.
- Three Month Winners: Energy, Consumer Cyclical, and Technology of note.
- Six Month Winners: Technology Communication Services, Consumer Cyclical of note.
- Twelve Month Winners: Energy, Financials and Technology of note.
- Year to Date Winners: Energy, Technology, and Communication Services of note.
Stocks were higher across the board, commodities too ex UNG. Updated 11/05 Close.
Upcoming Earnings Of Note: (sorted by market cap, highest to lowest with most visible names)
- Monday After the Close: RBLX, IFF, BEKE, TME, TREX, JKHY, FIVN, MRTX, ZNGA, SWAV, FRPT, PRI, KOD, NVTA, SQSP, BLDP, NEWR, SPCE, ENV, AMRS, LFST, NVRO, EDU, AEIS, DDD, ATCO, AEL, CBT, ACAD, DOOR, IPAR, GBDC, MWA, NHI, SANM, BAND, SDC, TWO, PRAA, IGMS, PRIM, CSII, TPIC, PRA, CXW, NEX, VUZI, MRC, WPRT, RMAX, ZIXI, NCMI of note.
- Tuesday Before the Open: BNTX, PLTR, SYY, DHI, J, CAH, WRK, MIDD, BHVN, STWD, IIVI, BEAM, NOVT, IGT, HGV, HAIN, VSAT, MNTV, ITCI, HAE, FSS, MSGE, VCEL, HUYA, ECVT, TGI, CEVA, EBIX, WKHS, WNC, ECOM, EPZM, TUFN of note.
Earnings of Note This Morning:
- Beats: WOW +6.13, HLIO +0.27, EDIT +0.24, VAC +0.19, IMOS +0.17, COTY +0.06, TSEM +0.04, BKI +0.03, VSAT +0.03, RDNT +0.03, TTD +0.03
- Flat: GTES +0.00, USFD +0.00
- Misses: EHTH (0.65), VTRS (0.62), RETA (0.08), THS (0.04)
- Still to Report: none
Erlanger Research Advance/Decline Chart: Updated through 11/05 close.
Gap Ups & Down In Early Pre-Market:
- Gap Up: AUTL +25%, COTY +9%, LQDA +5%, HVT +4%, RETA +4%, ETON +4%, MTL +4%, ASTR +3%
- Gap Down: CPLG -10%, TSLA -5%, TOST -5%
Insider Action: No stocks see Insider buying with dumb short selling and no stock has smart short sellers with insider buys. 11/04 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: TSLA, REGN, CAT. (CNBC)
- House passed the Infrastructure Bill that had already passed the Senate. President Biden to sign soon. (Politico)
- Fifth Circuit Court stops Biden Administration Covid-19 vaccine mandate for businesses with over 100 employees. (NPR)
- President Biden may release oil from the Strategic Petroleum Reserve to lower gasoline prices. (Bloomberg)
- China warns of “grave challenge” ahead related to Covid-19. (FT)
- International travelers who are vaccinated can enter the U.S. ( NYT)
- Utilities will drive higher natural gas prices. (WSJ)
- Covid-19 stats see hospitalizations drop under 40,000 in the U.S. but cases stuck around 90,000.
- Tesla (TSLA) CEO Elon Musk’s Twitter poll says he should sell 10% of his stock; he says he will abide by the results of this poll, stock lower by 5%. Has a $15 billion tax bill as well.
Moving Average Update:
- Score remains at 100%. Updated 11/05 close.
- President’s Public Schedule:
- The President and The First Lady depart Rehoboth Beach, Delaware en route the White House, 8:45 a.m. EST
- The President and The First Lady arrive at the White House, 9:40 a.m. EST
- The President and The Vice President receive the President’s Daily Brief, 10:15 a.m. EST
- Press Briefing by Principal Deputy Press Secretary Karine Jean-Pierre and Transportation Secretary Pete Buttigieg, 1:00 p.m. EST
- The President honors the Milwaukee Bucks for winning the 2021 NBA Championship, 2:50 p.m. EST
- Fed Speakers:
- Federal Reserve Vice Chair Richard Clarida 9:00 a.m. EST
- Federal Research Chair Jerome Powell 10:30 a.m. EST
- Federal Reserve New York President John Williams 10:55 a.m. EST
- Federal Reserve Philidelphia President Patrick Harker 12:00 p.m. EST
- Federal Reserve Chicago President Charles Evans 1:50 p.m. EST
- COTY: Coty Builds on Previous Transaction and Agrees to Sell Additional Partial Stake in Wella to KKR in Exchange for Approximately 56% of the Preferred Coty Shares Owned by KKR
- GOLF: Form 8K..On November 8, 2021, in connection with its existing $200.0 million share repurchase authorization, Acushnet Holdings Corp. (the “Company”) entered into an agreement with Magnus Holdings Co., Ltd. (“Magnus”) pursuant to which the Company will purchase up to an aggregate of $37.5 million of shares of its common stock from Magnus
- PHG Philips to acquire Cardiologs, terms undisclosed.
- CorePoint Lodging (CPLG) to be acquired through a joint venture between affiliates of Highgate and Cerberus Capital Management, L.P.; to receive $15.65 per share in cash
Meeting & Conferences of Note:
- Sellside Conferences: Citigroup Education Conference, Credit Suisse Healthcare Conference, JP Morgan Digital Twin Seminar, JP Morgan Global Consumer, Retail & Luxury Conference, JP Morgan Global Energy Conference, Wolfe Quantitative and Macro Investment Conference
- Company Meetings: NVIDIA GTC
- Investor/Analyst Day: AMD, GLTO, MCHP, STGW, WSC, ZGNX
- Update: None of note.
- R&D Day: None of note.
- Industry Meetings: Federal Reserve Board Diversity and Inclusion Conference, National Association for Business Economics Conference, Society for Neuroscience 2021
Upgrades & Downgrades: