CAPIS Morning Note – 11/13/24: CPI Comes In At 0.2%, Stocks Bounce Back To Positive

• Beats: SU +0.67, SDRL +0.40, ICUI +0.34, NTRA +0.31, OXY +0.26, CART +0.20, MODG +0.19, CAE +0.10, ZI +0.06, CAVA +0.04, SWKS +0.03, RXT +0.03, CHGG +0.02, SOUN +0.01, FNA +0.01  of note.
• Flat: None of note.
• Misses: LNW -0.37, SPOT -0.24, MARA -0.08, CRNX -0.05, RKLB -0.01 of note.

• IPOs For The Week: AGH, JUNS, LHAI, MSW, NAMI, PRB, ZSPC
• New IPOs/SPACs launched/News:
• IPOs Filed/Priced:
• Secondaries Filed or Priced:
  • ETNB commences an underwritten public offering of $100 million of shares of its common stock 
  • VVX announces proposed secondary offering of 2.5 mln shares of common stock
  • GDYN files for common stock offering
  • OS files for 15,000,000 shares of Class A common stock
• Notes Priced:
  • MGY Pricing of Offering of $400 Million Senior Notes
  • XHR Upsizing and Pricing of Senior Notes Offering
• Direct Offering:
• Exchangeable Subordinate Voting Shares: None of note.
• Selling Shareholders of note:
  • EBS files for a 3,613,338 shares of common stock offering by selling shareholders
• Mixed Shelf Offerings:
  • EXP files mixed shelf securities offering
  • LTC files mixed shelf securities offering
  • MIST files a $250 million mixed shelf securities offering
  • SGMO files $500 mixed shelf securities offering
  • SHOP files mixed shelf securities offering
  • CLYM files a $250 million mixed shelf securities offering.

• PIPE: GRPN entered into privately-negotiated agreements with holders of 1.125% Convertible Senior Notes due 2026
• Convertible Offerings & Notes Filed:

Capital Raise Summary From The TradeXchange, bringing traders and investors real time news and Squawk Box, and other sources.

Biggest Movers Up & Down After The Close:

• Movers Up: DAVE +32.4%, PAY +26%, CAVA +16.2%, NTRA +14%, DNA +11.2%, HNST +10.6%, AMBC +10.4%, RPAY +7.5%, PRDO +7.4%,  ICUI +6.7%, SPOT +6.4%, MODG +6.1%, SDRL +6%, CAE +5.1%,  RXT +4.9%, FNA +3.5%, BHVN +3.3%, DHT +2.9%, PUBM +2.6% of note. 
• Movers Down:   SAVE -39.1%, SIBN -22.5%,  GRPN -20.7%, CHGG -14.4%, ZI -12.8%, RUM -12.2%, RKT -10.9%, SGMO -9%, GDYN -8.5%,   SOUN -7%, PGNY -6.9%, PLUS -6.3%, MARA -6%, CART -5.3%, IAS -5%, PRTA -5%, LNW -4.4%, SWKS -2.6%  of note.

News After The Close:

• Johnson & Johnson MedTech (JNJ) receives IDE approval for OTTAVA robotic surgical system  which is competition for ISRG.
• AllianceBernstein (AB) announces that preliminary assets under management decreased to $793 billion during October 2024 from $806 billion at the end of last month.
• Amazon (AMZN) Exec Chair/Founder Jeff Bezos sold another 5,992,724 shares worth approx. $1.25 bln pursuant to a Rule 10b5-1 trading plan.
• Rivian Automotive (RIVN) and Volkswagen Group (VWAGY) enter into an agreement to launch their Joint Venture with a total deal size of up to $5.8 billion, which is expected to start today.
• Rocket Lab USA (RKLB) signs a multi-launch agreement with a confidential commercial satellite constellation operator for its new medium-lift rocket Neutron 
• GD awarded a ceiling $5.57 bln U.S. Air Force contract
• Spirit Airlines (SAVE) moves towards bankruptcy after talks with Frontier Airlines (ULCC) broke down. (WSJ)
• 10-K Delays – ADM RGEN MOND LAZR 
• Barron’s: Is today’s CPI report a bump in the road? (Barron’s)

Buybacks or Repurchases: 

• GPI approves a new share repurchase authorization of $500 million

Exchange/Listing/Company Reorg and Personnel News:

Dividends Announcements or News:

• Stocks Ex Div Today: EQIX WELL PCAR URI KVUE WAB ED ETR WST CMS AER POOL HOMB SEM MSM ST PBF HTGC CAKE
• Stocks Ex Div Tomorrow:  XOM TJX COF FANG URI IR WEC TPG LPLA SBAC EXE CTRA FTAI FIX PR CCK LXQ VNOM ZION IVZ CGNX KBH

What’s Happening This Morning: Futures S&P 500 +14 NASDAQ +40 Dow Jones +80 Russell 2000 +4.75 (at 8:20 a.m. EDT). Asia is lower and Europe is lower. VIX Futures are at 15.95 from 15.85 yesterday while Bonds are at 4.42% from 4.365% on the 10-Year. Crude Oil and Brent are higher with Natural Gas lower. Gold and Silver higher with Copper lower. The U.S. Dollar is lower versus the Euro, higher versus the Pound and higher against the Yen. Bitcoin is at $87,847 from $86,349 lower by -95 by -0.22% this morning.

• Daily Positive Sectors: Communication Services and Technology of note.
• Daily Negative Sectors: Materials, Utilities, Real Estate and Healthcare of note.
• One Month Winners: Communication Services, Financials, Consumer Cyclicals, Industrials and Technology and of note.
• Three Month Winners: Consumer Cyclicals, Technology, Financials, Industrials and Communication Services of note.
• Six Month Winners: Technology, Utilities,  Real Estate, Financials,  and Consumer Cyclical of note.
• Twelve Month Winners: Technology, Financials, Utilities, Communication Services and Industrials note.
• Year to Date Winners:  Technology, Communication Services, Financials and Utilities of note.

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

• Gap  Up: DAVE +48.1%, RKLB +30.2%, PAY +24%, HNRG +16.7%, HNST +16.7%, NTRA +14.7%, DSP +14.6%, CAVA +14.5%, MLR +13.3%, RIVN +12.1%, FNA +12%, DNA +12%, MRVI +11.2%, AMBC +7.7%, SPOT +7.5%, RPAY +7.5%, MESO +7.4%, CAE +7.4%, FIHL +6.7%, HUT +6.2%, NPCE +4.9%, SDRL +4.8%, PRDO +4.6%, ICUI +4.5%, IMUX +4.3%, PUBM +3.3%, IONQ +3.2%, SSYS +3.1%, DHT +3%, AMGN +2.8%, LAZR +2.7%, RXT +2.4%, SU +2.2%

• GapDown: SAVE -64.6%, GRPN -20.5%, SIBN -17.5%, CHGG -15.8%, ZI -14.7%, RKT -13.7%, PGNY -13%, SGMO -11.1%, OABI -11.1%, CART -9.1%, RUM -8.6%, IAS -7.6%, GDYN -7.2%, MARA -7.2%, SWKS -6.4%, LIF -6.4%, PLUS -6.3%, SOUN -6%, VVX -5.5%, DOX -5.1%, SMCI -4.6%, OS -4.4%, DOLE -3.9%, LNW -3.7%, PRTA -3.5%, AB -2.6%, ETNB -2.2%

Insider Action: No names see Insider buying with dumb short selling. HPK HASI see 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.

• Pre-Market Movers: yet to post, check back.  (CNBC)
• 5 Things To Know Before The Market Opens. (CNBC)
• Bloomberg Lead Story: Trump Picks Musk and Ramaswamy for Government Efficiency Effort. (Bloomberg)
• Markets Wrap: US Futures slip in front of CPI. (Bloomberg)
• Weekly Mortgage Applications rose 0.5%.
• Elon becomes the First Friend. (Bloomberg)
• Klarna readies US IPO after a plunge. (Bloomberg)
• Amgen (AMGN) falls over weight loss drug’s bone density data. (CNBC)
• The Big Take: Elon Musk has a new project to run: Trump’s Government. (Podcast)
• Wealthion: The Fed is wrong as economic and market risks loom. (Podcast)

M&A Activity and News:

Moving Averages On Major Equity Indexes: Move from 100% to 90%. Other asset classes continue to struggle.

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.

Upgrades: ONON MMM EQR BASFY

Downgrades: SBUX ITW IP ESAB CAT