Overnight Summary & Early Morning Trading:
- The S&P 500 finished Wednesday higher by 0.06% at 6850.92 from Tuesday higher by 0.21% at 6846.61.
- S&P 500 hit its 34th All-Time Closing High of 2025 last Tuesday.
- Futures are lower this morning by -2.50 (-0.03%) at 6873.50 on the S&P 500 around 6:10 a.m. EST.
- Year to date the S&P 500 is up by 16.47% from 16.41% yesterday’s close.
Executive Summary:
- Bond Market is unchanged today with the 10-Year Yield down at 4.09%.
- The Government Shutdown is over!
Key Events of Note Today:
- Economic news of note today – Weekly Crude Oil Inventories of note. Duu but not being reported include CPI and Initial Jobless Claims.
- Federal Reserve Speakers – 2 of note.
- President Trump receives the Intelligence Briefing and then late signs an Executive Order.
Notable Earnings Out After The Close:
- Beats: FLUT+1.03, IBTA +0.56, ARX +0.16, WBTN +0.15, MFC +0.12, FLY +0.08, DGII +0.05, TTEK +0.05, CSCO +0.02, KLC +0.01
- Misses: HTFL -0.03, PAAS -0.01, CLBT -0.01
- Flat: DLO
Capital Raises:
- IPOs For The Week: None of note.
- New IPOs/SPACs launched/News: None of note.
- IPOs Filed/Priced: None of note.
- Secondaries Filed or Priced:
- ANNX – Pricing of $75 Million Public Offering of Common Stock and Pre-Funded Warrants.
- CTRI – Launch of Public Offering of Common Stock.
- DXST – Closing of US$8 Million Registered Offering of Class A Ordinary Shares and Warrants.
- INGM: Form S-3.. Up to 25,500,000 Shares of Common Stock.
- LGO: Form F-3.. Up to 15,260,671 Common Shares Issuableupon Exercise of Warrants.
- ROL – Closing of Secondary Public Offering of Common Stock.
- Notes Filed Or Priced: None of note.
- Convertibles Filed or Priced:
- IONS – Prices Convertible Notes Offering to Refinance 2026 Convertible Notes.
- Direct Offering: None of note.
- Exchangeable Subordinate Voting Shares: None of note.
- Private Placements:
- BTDR – Proposed Private Placement of US$400.0 Million of Convertible Senior Notes.
- Selling Shareholders:
- CTEV – Pricing of Offering of Class A Common Stock by Selling Stockholders.
- Mixed Shelf Offerings:
- NKTR: Form S-3ASR Mixed Shelf.
- ROLR: Form S-3.. $150,000,000 Mixed Shelf.
- SAVA: Form S-3.. $200,000,000 Mixed Shelf.
- SCWO: Form S-3.. $100,000,000 Mixed Shelf.
- TURB: Form F-3.. $100,000,000 Mixed Shelf.
News After The Close:
- Cisco (CSCO) beats on revenues and earnings, raises for Q2.
- Flutter (FLUT) beats but guides lower.
- V.F. Corp (VFC) completes sale of Dickies to Bluestar Alliance.
- Sealed Air (SEE) sharply higher after hours on report buyout firm Clayton Dubilier & Rice is in talks to take co private.
- 10-Q Delays: LOB NFE ALTS HSDT LFMD RILY of note.
Exchange/Listing/Company Reorg and Personnel News:
- KRRO announces workforce reduction and resignation of Chief Medical Officer Dr. Kemi Olugemo.
Buybacks:
- ENVA authorizes new share repurchase program totaling $400 million.
Dividends Announcements or News:
- Stocks Ex Div Today of note: TJX DHI ETR RMD FIX MT IR LPLA AWK EXE SFD CGNX KBH BTU JOE CGAU MTRN STBA of note.
- Stocks Ex Div Tomorrow of note: None of note.
What’s Happening This Morning: (as of 7:35 a.m. EST)
- Futures S&P 500 -11 NASDAQ 100 -48 Dow Jones -52 Europe is mixed and Asia is higher ex Australia. Bond yield is at 4.09% on the 10-Year, unchanged. Crude Oil and Brent Crude are higher with Natural Gas lower. Gold, Silver and Copper are higher. The U.S. Dollar is lower versus the Euro, lower against the Pound and lower against the Yen. Bitcoin is at $103,159 from $105,061 higher by 1.50% which is $1524.
Sector Action:
- Daily Positive Sectors: Materials, Healthcare, Financials, Utilities and Industrials were higher.
- Daily Negative Sectors: Communication Services, Energy and Consumer Cyclicals.
- 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:
- Friday Before The Open:
Notable Earnings of Note This Morning:
- Beats: SPB+1.71, JD +0.98, CSIQ +0.46, BILI +0.28, GAMB +0.07, HZO +0.07, SBH +0.07, DIS +0.06, NESR +0.01, NICE +0.01, SPNS +0.01.
- Misses: EPC -0.13, NIQ -0.03, PSFE -0.02
- Flat: None of note.
- Still to Report: SSYS
Company Earnings Guidance:
- Positive Guidance: This Morning – NIQ of note.
- Negative or Mixed Guidance: This Morning – CSIQ GAMB HZO PSFE EPC of note.
Advance/Decline Daily Update:
Gap Ups & Down In Early Pre-Market: (+2% or down more than -2%):
- GapUp: MRSN +205.7%, FLY +25.9%, SEE +20.5%, KRMD +18.5%, CLBT +17.4%, CURI +14.9%, CSIQ +12.1%, NICE +7%, AENT +6.9%, CSCO +6.7%, TATT +6%, NOA +5.6%, ARX +5.2%, DGII +4.5%, KEP +4.5%, SBET +3.5%, ATEX +2.6%, BWAY +2.3%, RILY +2.1% of note.
- GapDown: KRRO -78.6%, ARDT -29.5%, WBTN -25.7%, ARMP -19.3%, IBTA -17.5%, KLC -16.8%, BTDR -15.6%, ABSI -12.1%, CCRN -11.1%, DLO -11%, NFE -9.5%, ALVO -8.4%, CTEV -8.3%, KDK -8.1%, EPC -7.5%, EGAN -7.4%, HTFL -5.8%, ANNX -4.9%, ASND -4.8%, NGNE -3.5%, DAWN -3.4%, IONS -2.8%, UAMY -2.2%, NKTR -2% 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: None see Insider Buying with dumb short selling. None see Insider Buying with smart short sellers. Above $100,000 in purchases: None.
Rags & Mags: Repeated stories from prior days never listed, i.e. “rehashed news”. Sorted by Global, U.S. and stock specific.
- Bloomberg Lead Story: Record US Shutdown Ends, Trump Signs Spending Bill. (Bloomberg)
- Market Wrap: Stocks waver as US reopens to clouded rate outlook. (Bloomberg)
- UK government is preparing for a major tax increase.
- China orders Amazon (AMZN) and other online retailers to give them sales data.
- Pfizer (PFE) aiming to sell stake in BioNTech (BNTX).
- Starbucks workers to strike in 40 cities on “Red Cup Day”. (Bloomberg)
Bolded on story link means behind a Pay Wall.
Economic & Geopolitical:
- Federal Reserve Speakers of note today:
- Federal Reserve Atlanta President Raphael Bostic at 12:15 p.m. EST
- Federal Reserve Cleveland President Beth Hammack at 12:20 p.m. EST
- President Trump schedule for today:
- Receives the Intelligence Briefing at 11:00 a.m. EST.
- Signs and Executive Order with the First Lady at 2:00 p.m. EST.
- Economic Releases:
- Weekly Crude Oil Inventories are due out at 10:30 a.m. EST.
- Due out but not being reported today are CPI and Jobless Claims.
M&A Activity & Daily Changes: None of note.
Moving Average Table:
Meeting & Conferences of Note:
- Sellside Conferences:
- Baird Global Industrial Conference
- Bank of America Energy Conference
- Cantor Crypto & AI/Energy Infrastructure Conference
- DB Gaming, Lodging, Leisure & Restaurant One on One Conference
- Jefferies Future of Work Summit
- JP Morgan US Opportunities Forum
- Keefe Fintech Payments Conference
- Stifel Healthcare Conference
- TD Cowen Immunology & Inflammation Summit
- Top Analyst, Investor: ALDX AVIR BLCO PLNT SPGI SYK TENX
- Shareholder Meetings: BR COHR EL PPSI TPR
- Fireside Chat: None of note.
- FDA Presentation: None of note.
- R&D Day: None of note.
- Meetings:
- AASLD Liver Meeting
- CNBC’s Delivering Alpha Conference
- UN Climate Change Conference
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: AZO, EDIT, FLY, TT of note.
- Downgrades: DLTR, FAST of note.