CAPIS Morning Note – 11/18/24: President Biden at G-20, Trump Continues Cabinet Picks

Overnight Summary: The S&P 500 closed Friday lower by -1.32% at 5870.62 from Thursday lower by -0.60% at 5949.17. Friday was the first day in November where the S&P 500 lost more than -1%. The overnight high was hit at 5915.50 at 1:50 a.m. EDT and the low was hit at 5891.75 at 6:00 p.m. […]

Overnight Summary: The S&P 500 closed Friday lower by -1.32% at 5870.62 from Thursday lower by -0.60% at 5949.17. Friday was the first day in November where the S&P 500 lost more than -1%. The overnight high was hit at 5915.50 at 1:50 a.m. EDT and the low was hit at 5891.75 at 6:00 p.m. EDT. The overnight range is 24 points. The current price is 5896 at 6:55 a.m. The S&P 500 is flat this morning.

Executive Summary: A quiet weekend news wise and not much on the table today.

Key Events of Note Today:

3 & 6 Month Bill Auction at 11:30 a.m. EDT.

Notable Earnings Out After The Close

Beats: None of note.
Flat: None of note.
Misses: None of note.

Capital Raises:

IPOs For The Week: AGH, JUNS, LHAI, MSW, NAMI, PRB, ZSPC
New IPOs/SPACs launched/News:
IPOs Filed/Priced:
Secondaries Filed or Priced:
Notes Priced:
Direct Offering:
Exchangeable Subordinate Voting Shares: None of note.
Selling Shareholders of note:
- ILLR files for 34,741,701 shares of common stock offering by selling shareholder
- ATEC files for 1,133,160 shares of common stock offering by selling shareholder
- NPWR files for 2,806,243 share common stock offering by selling shareholder
- TRIB files for 650,000 ADSs offering by selling shareholder
- CCCC files for 4,874,550 share common stock offering by selling shareholder

Mixed Shelf Offerings:
- NPWR files for $750 mln mixed securities shelf offering
- GIS files mixed securities shelf offering
- CTGO files for $200 mln mixed securities shelf offering

PIPE:
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 Last Week:

Movers Up: OMER (6.75 +53.06%), ARRY (6.93 +14.65%), CMP (14.86 +13.96%), OEC (17.71 +12.99%), BE (21.02 +59.61%), HTZ (4.04 +28.1%), CAE (21.71 +15.05%), DESP (17.26 +15.07%), SHOP (108.19 +24.18%), SSYS (9.3 +21.25%), MBI (6.04 +34.52%), TGS (27.25 +17.61%), PRMW (28.49 +17.68%), TPB (60.8 +17.62%), NUS (7.55 +15.19%) of note.

Movers Down: EBS (7.84 -33.39%), HALO (45.7 -25.06%), SGRY (23.1 -23.9%), IOVA (8.15 -23.05%), INO (4.27 -23.01%), GRPN (8.16 -25.55%), SNBR (12.26 -22.99%), INSG (11.86 -34.84%), MPWR (569.77 -25.16%), of note.

News After The Close:,

Walt Disney (DIS) is rumored that they have pulled Star Wars from 2026 release.
Shift4Payments (FOUR) to replace R1 TCM (RCM) in the S&P 400.
10-K Delays – TVGN PACS
Barron’s: + AR CTRA GLD USO and +/- on SPY. (Barron’s)

Buybacks or Repurchases:

BG authorizes the repurchase of an additional $500 mln of outstanding shares.
PATK increases share repurchase authorization program to $200 million

Exchange/Listing/Company Reorg and Personnel News:

- FRT COO Jeffrey S. Berkes to leave the company, effective December 31; COO position will not be backfilled.
- MSGE CFO Michael Grau to step down.

Dividends Announcements or News:

Stocks Ex Div Today: CVX AMGN UPS SO APO KLAC PSX LHX ACGL HSY ROK UI GEN CG JEF
Stocks Ex Div Tuesday: EQNR E PRU CTSH TS STE WMG FTI BWXT LSTR TKR OGS STR OMAB PRG NRP DLX
PATK increases quarterly cash dividend to $0.60/share from $0.55/share.

What’s Happening This Morning: Futures S&P 500 -1 NASDAQ +40 Dow Jones -74 Bonds are at 4.77% from 4.437% on the 10-Year. Crude Oil and Brent are higher with Natural Gas higher. Gold, Silver and Copper higher. The U.S. Dollar is lower versus the Euro, lower versus the Pound and higher against the Yen. Bitcoin is at $89,844 from $89,774 Friday morning higher by +$98 by +0.11% this morning.

Sector Action – (1/3/6/12/YTD Updated Weekly with Monday release): Daily Positive Sectorss: Utilities, Financials and Real Estate of note.

Daily Negative Sectors: Technology, Healthcare, Communication Services and Consumer Cyclical 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)

Monday After the Close: TCOM ACM BRBR of note.

Tuesday Before The Open:

Notable Earnings of Note This Morning:

Beats: BRC +0.02, of note.
Misses: of note.
Still to Report:

Company Earnings Guidance:

Positive Guidance: None of note.
Negative or Mixed Guidance: None of note.

Advance/Decline Daily Update: The A/D Line hit a wall Tuesday and rolled over and broke is monthly moving average yesterday.

Gap Ups & Down In Early Pre-Market (+2% or down more than -2%):

Gap Up: SIGA +15.2%, SMCI +13%, NTLA +11%, ADVM +9.3%, LWAY +7.8%, TSLA +7.4%, TUYA +6.2%, FOUR +5.9%, TH +4.7%, CAAS +3.9%, SAVE +3.7%, SNDX +3.6%, HY +3.2%, CVS +2.5%, PACS +2.2%,

Gap Down: RMBL -8.9%, NPWR -5%,

Insider Action: None of note see Insider buying with dumb short selling. None of note 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.

Stocks making the biggest move in pre-market Check back for today’s listing. (CNBC)
Bloomberg Lead Story: Trump Treasury Pick In Flux. (Bloomberg)
Markets Wrap: Tesla lifts US futures. (Bloomberg)
Spirit (SAVE) files for bankruptcy. (Bloomberg)
The Big Take: Wall Street’s massive AI bet. (Podcast)

Economic:

NAHB Housing Market Index for October is released at 10:00 a.m. EDT and is expected to remain at 43.

Geopolitical:

Several Federal Reserve speakers today.
- Federal Reserve Chicago President Austan Goolsbee speaks at 10:00 a.m. EDT

President Biden received the Daily Briefing at 6:00 a.m. EDT from Rio de Janeiro, Brazil.
President Biden is in Brazil for the G-20 Summit.

Watch our Twitter feed, Bullet86, for an impromptu appearances.

M&A Activity and News:

Moving Averages On Major Equity Indexes: Move from 80% to 77%.

Meeting & Conferences of Note:

- Sellside Conferences:
  - Jefferies Industrial Conference
  - J.P. Morgan Global TMT Conference
  - Needham Growth Conference
  - Raymond James Small Cap Summit
  - Stifel Healthcare Conference
  - Seaport Digital Media & Advertising Conference

- Fireside Chat: None of note.
- Top Analyst, Investor Meetings: ADAP, CRTO, CYBN, ERII, FTNT, HHH, PEV, PFG, RII, VRT
- Shareholder Meetings: IADI ONDS
- Update: None of note.
- R&D Day: None of note.
- FDA Presentation:
- Company Event: None of note.
- Industry Meetings or Events:
  - AASLD Conference
  - American Heart Association Scientific
  - College of Rheumatology Convergence
  - REITworld: Investor Conference

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: MRNA MPWR HPE HOOD AUTL APD

Downgrades: RDFN