Overnight Summary: The S&P 500 closed Friday at 3992.93 (higher by 0.92%) from Thursday at 3956.37 (higher by 5.54%). The overnight high of 3996.50 was hit at 3:25 a.m. EDT. The low was hit at 3977 at 5:50 a.m. EDT, a range of 19 points high to low which is below the recent range of 45. At 7:20 a.m. EDT, the S&P 500 was lower by -15.50 points at 3984.75 which is -0.39%.
Earnings Out After The Close:
- Beats: None of note.
- Flat: None of note.
- Misses: None of note.
- IPOs Priced or News: None of note.
- New SPACs launched/News:
- TriSalus Life Sciences to Become Publicly Traded Through Merger With MedTech Acquisition Corporation (MTAC).
- Secondaries Priced: None of note.
- Notes Priced of note: None of note.
- Common Stock filings/Notes:
- ALIT: Announces Commencement of Secondary Offering.
- ESAB: Announces Launch of Secondary Offering of 6,003,431 Shares Currently Held by Enovis Corporation.
- Pricing of Over-Allotment/Notes: None of note.
- Direct Offering: None of note.
- Selling Shareholders of note:
- DINO: Entered into a Stock Purchase Agreement pursuant to which the Company agreed to repurchase from the Selling Stockholder 1,650,165 shares of the common stock.
- Private Placement of Public Entity (PIPE): None of note.
- Mixed Shelf Offerings: None of note.
- Debt Filing/Notes:
- TAC: Announces Public Offering of U.S. Senior Green Bonds and Releases Inaugural Green Bond Framework..
- Tender Offer: None of note.
- Convertible Offering & Notes Filed:
- ENV: To Offer $350 Million of Convertible Notes.
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:
- Weekly Wrap Up: Best and Worst performing large cap stocks:
- Trading Up: GLYC 78%, TGTX 59%, ADAP 56%, NEO 55%, NVTA 46%, GRPN 44%, TRUP 42%, TWOU 42%, MUX 41%, GDS 39%, FICO 39%, NINE 39%, TUP 38%, LPSN 36%, RNG 35%, RAMP 34%, TGI 34%, GFI 33%.
- Trading Down: RCM -43%, UIS -42%, GTLS -39%, PRTY -33%, BBD -26%, SQQQ -26%, AZUL -23%, EBS -21%, LITE -20%, CLAR -18%, EBR -18%, GOL -18%, ARLO -18%, ITUB -17%, QTNT -17%, SIBN -17%, AQN -16%, HQY -16%.
- News Items After the Close:
- NASDAQ 100 Climbs 9.4% In Best Two-Day Gain Since 2008.
- Disney (DIS) to announce layoffs, cost-cut measures. (MarketWatch)
- News Items Over the Weekend:
- Stocks That Defined the Week: COIN, META, DIS, TSLA, ADDYY, LYFT, AAPL. (WSJ)
- The Week in Business: Mass layoffs at META (NYT)
- Bankrupt Crypto Exchange FTX Probing Unauthorized Transactions. (WSJ)
- Federal Reserve Board of Governors Christopher Waller:
- ‘Benchmark’ target may be about 8 to 10% of GDP — will slow pace of QT when get closer to 10% of reserves — Do not want to crush balance sheet, cause financial problems — Fed can begin to consider moving at a slower pace — thinking about hiking by 50bps at next meeting — housing market in the US needs to slow down.
- On the October CPI report: “The market seemed to get waaaa-aaaay out in front…. I just cannot stress this is one data point.” “We’ve still got a ways to go.” (WSJ TIMIRAOS)
- Democrats Retain Control Of U.S. Senate With Nevada Win. (CNN, NBC)
- AMZN — Removed from BAC Global Research US 1 List.
- Positive View: + on BMBL, AAPL, AMZN, GOOG of note.
- Cautious View: ARVL, GOEV, FFIE, RIDE 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:
- CapStar Financial (CSTR) was unable to file its Quarterly Report on Form 10-Q for the quarter ended September 30, 2022.
- Cronos Group (CRON) names James Holm as CFO.
- Eve Holding (EVEX) files to delay its 10-Q.
- FaZe Clan (FAZE) disclosed Kai Henry voluntarily resigned from his role as the Chief Strategy Officer of FaZe Holdings.
- Inspirato (ISPO) files to delay its 10-Q.
- iQIYI (IQ) elected Mr. Junjie He as Chairman of the Board of Directors.
- KLR: Receives NYSE Non-Compliance Letter Regarding Common Stock Trading Price.
- Mary Beth Long, Former U.S. Assistant Secretary of Defense, Joins Red Cat Holdings (RCAT) Board of Directors.
- PBTS Announces Receipt of NASDAQ Notification Letter Regarding Minimum Bid Price Deficiency.
- ScottsMiracle-Gro (SMG) Names Matthew Garth as CFO.
- Uxin (UXIN) Regains Compliance with Nasdaq Minimum Bid Price Requirement.
- Buyback Announcements or News:
- Daseke (DSKE) Announces Repurchase of Founder’s Stock.
- HireRight (HRT) Board of Directors Authorizes $100 Million Share Repurchase Program.
- Hilton (HLT) boosts buyback program by $2.5 billion. (MarketWatch)
- Stantec (STN) announces renewal of Normal Course Issuer Bid and Automatic Share Purchase Plan.
- Stock Splits or News: None of note.
- Dividends Announcements or News:
- ManpowerGroup (MAN) Declares $1.36 Dividend.
- Mizuho Financial (MFG) annual dividends per share for the fiscal year.
- PFSWeb (PFSW) updates the ex-dividend date for its previously announced special dividend of $4.50 per share to December 16.
- Clear Secure (YOU) Announces $0.25 Special Cash Dividend.
What’s Happening This Morning: Futures value reflects the change with fair value.
S&P 500 -9, Dow Jones -39, NASDAQ -50 and Russell 2000 -6 . (as of 8:09 a.m. EDT). Europe higher and Asia lower ex Hong Kong. VIX Futures are at 25.60 from 25.81 Friday morning and the VIX closed at 24 from 23.53 Friday. Gold, Silver and Copper lower. WTI Crude Oil and Brent Oil Futures are lower with Natural Gas higher. $ is higher vs Euro, higher vs Pound and Higher vs Yen. US 10-year Treasury sees yields at 3.897% from 3.81% yesterday. Bitcoin is at $16,691.37 from $17,239 Friday morning and is higher by 1.20% this morning.
Sector Action – (1/3/6/12/YTD Updated Weekly with Monday release):
- Daily Positive Sectors: Consumer Cyclical, Energy, Basic Materials, Communication Services, technology of note.
- Daily Negative Sectors: Utilities, Healthcare of note.
- One Month Winners:
Energy, Industrials, Consumer Defensive, Basic Materials, Financial of note.
- Three Month Winners: Energy, Basic Materials of note.
- Six Month Winners: Energy, Industrials, Financial of note.
- Twelve Month Winners: Energy, Utilities of note.
- Year to Date Winners: Energy of note.
The benchmark S&P 500 added 36.56 points, or 0.9%, to 3992.93 Friday, a day after softer inflation data sent the benchmark index to its biggest one-day rise since April 2020. The Dow Jones Industrial Average added 32.49 points, or 0.1%, to 33747.86. The tech-heavy Nasdaq Composite added 209.18 points, or 1.9%, to 11323.33, capping its biggest two-day gain since November 2008. (WSJ)
Click here for a video explanation of Erlanger Value Lines.
Upcoming Earnings Of Note: (sorted by market cap, highest to lowest with most visible names)
- Monday After the Close: SJR, DLO, VVV, ARWR, SHLS, AZTA, JJSF, GBDC, CMP, ENTA, HLLY of note.
- Tuesday Before the Open: WMT, HD, BEKE, ARMK, TME, BERY, DAVA, DNUT, WKME, HUYA of note.
Earnings of Note This Morning:
- Beats: MNDY +0.59, YOU +0.05, TSEM +0.01, MASS +0.01, .
- Flat: None of note.
- Misses: XRAY (0.17), TSN (0.09), OTLY (0.07), TWKS (0.03), ACM (0.01).
- Still to Report: None of note.
- Positive Guidance: YOU, TSN, MNDY of note.
- Negative Guidance: XRAY, TWKS, MASS, OTLY of note.
Erlanger Research Advance/Decline Chart:
Gap Ups & Down In Early Pre-Market:
- Gap Up: SI +16%, HCM +14%.
- Gap Down: XRAY -9%, HOOD -4%.
Insider Action: No stock sees Insider buying with dumb short selling. No stock 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.
- Stocks Making The Biggest Moves: HAS OTLY AMD AMZN TEVA LLY BIIB TSN SPCE (CNBC)
- 5 Things To Know Before The Market Opens Friday. (CNBC)
- Five Things You Need to Know to Start Your Day. (Bloomberg)
- Bloomberg Lead Story: Biden Meets Xi at G-20 As Asian Allies Look To Cool Temperature. (Bloomberg)
- Bloomberg Most Read Story: China Plans Property Rescue in Latest Surprise Shift. (Bloomberg)
- G-20 Kicks Off Tuesday. (CNBC)
- Russian Foreign Minister Lavrov taken to hospital in Bali ahead of G-20. (CNBC)
- FTX removes withdrawals and trading after a $477 million hack. Cold wallet now in place. (CNBC)
- Sam Bankman-Fried quietly used client funds without raising alarms. (CNBC)
- Toyota (TM) to Unveil New Prius. (Bloomberg)
- Black Panther: Wakanda Forever scores $180 million opening, highest November opening ever $DIS. (CNBC)
Moving Average Update:
- President’s Public Schedule:
- The President holds a bilateral meeting with President Xi Jinping of the People’s Republic of China (5:30 PM Local), 4:30 a.m. EST
- The President delivers remarks and takes questions (9:30 PM Local), 8:30 a.m. EST
Federal Reserve / Treasury Speakers:
- Federal Research Board of Governors Lael Brainard 11:30 a.m. EST
- Federal Reserve New York President John Williams 6:30 p.m. EST.
- BioNTech (BNTX) acquires GMP Manufacturing Site in Singapore.
- Bruker (BRKR) Announces Agreement to Acquire Neurescence Inc., Bolstering Neuroscience Research Portfolio.
- Indivior To Acquire Opiant Pharmaceuticals (OPNT).
- Powerbridge Technologies (PBTS) Announces the Strategic Acquisition of DTI Group to Expand its Operations in Trade Digitalization.
- United Rentals (URI) to Acquire Ahern Rentals for $2 Billion.
Meeting & Conferences of Note:
- Sellside Conferences:
- Barclays Gene Editing & Gene Therapy Summit 2022 (11/14/22-11/15/22)
- Citi Fintech Conference 2022 (11/14/22-11/15/22)
- DA Davidson Mid-Atlantic Bank Summit
- Deutsche Bank Industrials Conference 2022 (11/14/22-11/15/22)
- Guggenheim Healthcare Talks Idea Forum 4th Annual Neuro/Immunology Day 2022 (11/14/22-11/15/22)
- H.C. Wainwright 3rd Annual Precision Oncology Virtual Conference 2022
- JP Morgan Global Luxury & Brands Conference 2022 (11/14/22-11/15/22)
- JP Morgan Equity Opportunities Forum 2022 (11/14/22-11/15/22)
- New Street Research NSR & Boston Consulting Group BCG Annual 5G Conference (11/14/22-11/16/22)
- RBC Capital Markets Senior Precious Metals Conference 2022
- Previously posted and ongoing conferences:
- Daiwa Investment Conference 2022 (11/07/22-11/15/22)
- Company Meetings: None of note.
- Fireside Chat: None of note.
- Investor/Analyst Day/Calls: BLX, BRFH, KRC, LUCD, OLK, ONCY, PRPO, RSLS, RXMD, TCRX
- Update: None of note.
- R&D Day:
- Company Event:
- Siemens (SMMNY) Healthineers Shape 23.
- Industry Meetings:
- Financial Brand Forum 2022 (11/14/22-11/16/22)
- Precious Metals Summit Europe 2022 (11/14/22-11/15/22)
- Bitwise Financial Forum 2022
- World Economic Forum (WEF) Annual Meeting on Cybersecurity 2022 (11/14/22-11/16/22)
- World Orphan Drug Congress Europe 2023 (11/14/22-11/17/22)
- Phocuswright Conference 2022 (11/14/22-11/17/22)
- Previously posted and ongoing conferences:
- Society for Neuroscience (SfN) Annual Meeting 2022 (11/12/22-11/16/22)
- HLTH 2022 (11/13/22-11/16/22) (WBA, HCA, WMT, CNC, MRNA, DAL, DVA, GOOG, GOOGL, BIIB, TAK, PTON, VOYA, MS, MSFT, CRM, BMY, HUM, RHHBY, ROG.CH, BA, AMZN, DIS, ZM, TWLO, ELV, TALK, MERC, SYF, KVSA, OSH, ABBV, CMPS, CVS, GSK, MDT, HRB, TEVA, AZN, KMX, TOI, ATAI, IBEX, EVR)
- World Climate Summit 2022 (11/13/22-11/14/22)
- Society of Environmental Toxicology and Chemistry (SETAC) North America 43rd Annual Meeting 2022 (11/13/22-11/17/22)
- EEI 57th Annual Electric Company Financial Conference 2022 (11/13/22-11/15/22) (MC, GS, MFG, EIX, AQN, ALE, AEE, AEP, AWK, AGR, BKH, CNP, CMS, ED, D, DTE, DUK, ETR, WTRG, EVRG, ES, EXC, HE, IDA, NEE, NI, NWE, OGE, PNW, POR, PPL, SRE, SO, XEL, AY, PEG)
- American College of Rheumatology (ACR) Convergence 2022 (11/10/22-11/14/22)
- American College of Allergy, Asthma & Immunology (ACAAI) Annual Scientific Meeting 2022 (11/10/22-11/14/22)
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 it 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: