Overnight Summary: The S&P 500 closed Friday higher by 1.56% at 4415.24 from Thursday lower by -0.81% at 4347.35. The overnight high was hit at 4429 at 6:05 p.m. EST while the low was hit at 4409 at 10:10 p.m. EST. The range overnight was 20 points as of 7:15 a.m. EST. The 10-day average of the overnight range is at 18.60 from 19.80 from a peak of 31.50 on 8/15. The average for May-October average was 22.06 from 20.96. Currently, the S&P 500 is lower by -7.00 points which is -0.17% at 7:15 a.m. EST.
Earnings Out After The Close:
- Beats: STNE +0.20 of note.
- Flat: None of note.
- Misses: None of note.
- IPOs Priced or News:
- New SPACs launched/News:
- Secondaries Priced:
- Notes Priced of note:
- Common Stock filings/Notes:
- Direct Offering: None of note.
- Selling Shareholders of note:
- Private Placement of Public Entity (PIPE): None of note.
- Mixed Shelf Offerings:
- Debt/Credit Filing and Notes: CHTR secures a $2.0 billion raise of Senior Secured Notes.
- Tender Offer: None of note.
- Convertible Offering & Notes Filed:
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:
- News Items After the Close:
- American Electric Power (AEP) reiterates FY23 earnings guidance, confirms FY24 earnings, reaffirms long term growth rate of 6-7%.
- Moody’s lowers U.S. rating from stable to negative but confirms Aaa rating.
- Nvidia (NVDA) moves higher on report they are working on new lineup of AI chips for China. (WSJ)
- News Items Over the Weekend:
- The Score: Stocks That Defined the Week. () (WSJ)
- Google (GOOGL) in talks to invest in Character.AI (Reuters)
- Inflation making Corporate America anxious as holiday approaches. (Bloomberg)
- Five Things to Watch This Week. (Bloomberg)
- “The Marvels” brings in $47 million but has a cost of $310 million, Walt Disney (DIS). (NYT)
- 81% of the S&P 500 has beat Q3 estimates ,with a 5 year average of 77% and a 10 year average of 74%. (Factset Data)
- U.S. Air Force targeted two more positions in Syria that were tied to Iran on Sunday.
- Barron’s:
- Positive View: AES NEE SEDG RUN C DRI MRCY of note.
- Cautious View: of note.
- Mixed View: None of note.
- Erlanger Type 1 Short Squeezes and Type 4 Long Squeezes reporting earnings this week:
- Exchange/Listing/Company Reorg and Personnel News:
- Bragg Gaming (BRAG) COO Laura Falzon to resign.
- Buyback Announcements or News:
- Stock Splits or News:
- Dividends Announcements or News:
- Havertys (HVT) authorizes a special dividend of $1.00 per share on common stock and $0.95 on Class A common stock.
- Insider Sales Of Note: None of note.
What’s Happening This Morning: Futures value reflects the change with fair value.
S&P 500 -8.24, Dow Jones -45, NASDAQ -34, and Russell 2000 -5.42. (as of 7:58 a.m. EST). Asia is lower ex Japan and Europe is higher this morning. VIX Futures are at 16.12 from 16.45 yesterday. Gold is higher with Silver lower and Copper higher this morning. WTI Crude Oil and Brent Crude Oil are higher with Natural Gas higher as well. US 10-year Treasury sees yields at 4.63% from 4.604% yesterday. The U.S. Dollar is higher versus the Euro, lower versus the Pound and higher against the Yen. Bitcoin is at $36,724 from $36,987 Friday, lower by -1.13% this morning.
Sector Action – (1/3/6/12/YTD Updated Weekly with Monday release):
- Daily Positive Sectors: All led by Technology, Communication Services, Consumer Cyclicals and Industrials.
- Daily Negative Sectors: None of note.
- One Month Winners: Consumer Defensive, Technology, Utilities and Financials of note.
- Three Month Winners: Technology and Communication Services of note.
- Six Month Winners: Technology, Communication Services, Consumer Cyclical, Energy of note.
- Twelve Month Winners: Technology, Communication Services, Consumer Cyclical and Industrials of note.
- Year to Date Winners: Technology, Communication Services, Consumer Cyclical and Industrials of note.
(WSJ – edited by QPI)
Upcoming Earnings Of Note: (From Chartroom Software – sorted by market cap, highest to lowest with most visible names)
Earnings of Note This Morning:
- Beats: TSEM +1.20, FTRE +0.08 and TSN +0.08 of note.
- Flat: HSIC of note.
- Misses: of note.
- Still to Report: GENI MNDY NABL ROIV SKIN of note.
Company Earnings Guidance:
- Positive Guidance: FTRE of note.
- Negative Guidance: HSIC TSN TSEM of note.
Erlanger Research Advance/Decline Chart:
Gap Ups & Down In Early Pre-Market:
- Gap Up: FREY +21.3%, STNE +4.8%, LXRX +4%, BA +3.5%, EP +3.3%, MIST +3.1%, HE +2.1%, IONS +2% of note.
- Gap Down: VERV -27.2%, CREV -11.8%, VALN -4.1%, HSIC -3.9%, JRVR -3.4%, HIVE -2.2%, MLYS -2% of note.
Insider Action: sees Insider buying with dumb short selling. 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.
- Five Things You Need To Know Before You Start Your Day. (Bloomberg)
- 5 Things To Know Before The Stock Market Opens. (CNBC)
- Bloomberg Lead Story: Everything that Biden and Xi Need From Their Summit on Wednesday. (Bloomberg)
- Former U.K. Prime Minister David Cameron made Foreign Minister in changes at top level of U.K. cabinet. (CNBC)
- Consumer spending fell in October according to a CNBC/NFR Retail Monitor tracking card transactions. (CNBC)
- Emirates announced a $52 billion order for Boeing. (CNBC)
- China considers ending freeze against 737 Max deal. (Bloomberg)
- Ford (F) production workers in Louisville vote against new contract. (CNBC)
- NPR Morning Report Marketplace: China’s livestream shopping industry slows down. (Podcast)
- NY Times The Daily: The doctors of Gaza. (Podcast)
- BBC Global News: WHO Chief notes that Gaza’s main hospital no longer working. (Podcast)
- Bloomberg: The Big Take: Elon Musk’s Neuralink wants to get inside your head. (Podcast) `
Moving Average Update:
- Score gaps up to 86% from 60%.
Geopolitical:
- President’s Public Schedule:
- Press Briefing at 2:00 p.m. EDT with National Security Advisor Jake Sullivan.
- President holds a bilateral meeting with President Joko Widodo of Indonesia at 4:00 p.m. EDT.
Economic:
- The latest Treasury Budget for October is out at 2:00 p.m. EDT and came in last month at $-171 billion.
- 3-month and 6-month Treasury Bill auction at 11:30 a.m. EDT.
Federal Reserve / Treasury Speakers:
- Federal Reserve Governor Lisa Cook speaks at 8:50 a.m. EDT.
M&A Activity and News:
Meeting & Conferences of Note:
- Sellside Conferences: None of note.
-
- Previously posted and ongoing conferences: None of note.
- Credit Suisse Healthcare Conference
- Gartner IT Symposium
- TD Cowen Human Capital Mgmt Summit
- Wolfe Research Healthcare Conference
- Cantor Fitzgerald GLP-1 Panel
- Top Shareholder Meetings:
- Fireside Chat: None of note.
- Investor/Analyst Day/Calls: BJRI GWRE MIST
- Update: None of note.
- R&D Day: None of note.
- Company Event: None of note.
- Industry Meetings:
-
- Previously posted and ongoing conferences: None of note.
- American Association for the Study of Liver Diseases
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 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.
Today’s Upgrades and Downgrades:
Previous Day’s Upgrades and Downgrades:
