Overnight Summary & Early Morning Trading:
- The S&P 500 finished Wednesday higher by 0.38% at 6642.16 from Tuesday by -0.83% at 6617.32.
- S&P 500 hit its 34th All-Time Closing High of 2025 on 10/29.
- Futures are higher this morning by +72.75 (1.09%) at 6734.25 on the S&P 500 around 6:20 a.m. EST.
- Year to date the S&P 500 is up by 12.93% from 12.51% Tuesday’s close.
Executive Summary:
- Bond Market is lower today on price with the 10-Year Yield higher at 4.145% from 4.113%.
- The S&P 500 sees support now at 6600.
- Nvidia (NVDA) had strong earnings and revenues as well as guidance. Is confidence restored in AI?
Key Events of Note Today:
- Economic news of note today include Philadelphia Fed Index and Weekly Natural Gas Inventories but Jobless Claims, Existing Home Sales and Leading Indicators are still delayed due to the government shutdown.
- September Nonfarm Payrolls and the Unemployment Number are out at 8:30 a.m. EDT.
- President Trump receives his Intelligence Briefing and meets with Freed Israeli Hostages and their Families.
Notable Earnings Out After The Close:
- Beats: ZTO +0.61, HI +0.21, CPA +0.17, KLIC +0.06, NVDA +0.04, ODD +0.04, PANW +0.04, NJR +0.01 of note.
- Misses: JACK -0.15 and BV -0.05 of note.
- Flat: None of note.
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:
- ADXN: FORM F-3 – $150,000,000 Ordinary Shares.
- AII – Pricing of Secondary Offering of Common Stock.
- BREA: Form F-3ASR – 79,748,354 Class B Ordinary Shares.
- EOSE – Pricing of Registered Direct Offering of Common Stock.
- FBLG – Closing of $4 Million Registered Direct Offering Priced At-the-Market Under Nasdaq Rules.
- TOON: Form S-1.. 10,596,262 Shares of Common Stock.
- Notes Filed Or Priced:
- LINE – Pricing of €700 million of Senior Notes due 2031.
- PPL – pricing of $1 billion of 3.000% Exchangeable Senior Notes.
- Convertibles Filed or Priced:
- VZLA – Pricing of US$250 million convertible senior notes offering.
- Direct Offering: None of note.
- Exchangeable Subordinate Voting Shares: None of note.
- Private Placements: None of note.
- Selling Shareholders: None of note.
- Mixed Shelf Offerings:
- HUHU: FORM F-3 – $300,000,000 Mixed Shelf Offering.
- RDVT: Form S-3.. $150M Mixed Shelf.
News After The Close:
- Nvidia (NVDA) beat earnings estimates by $0.04 and beat on revenues, last, they raised guidance.
- Amgen (AMGN) announces that the FDA has granted full approval to IMDELLTRA (tarlatamab-dlle) for the treatment of adult patients with extensive stage small cell lung cancer.
- Supermicro (SMCI) expands its portfolio of performance and efficiency driven air-cooled ai solutions featuring AMD Instinct MI355X GPUs .
- Regeneron (REGN) announces that the FDA has approved EYLEA HD (aflibercept) Injection 8 mg (halted)
- Cadre Holdings (CDRE) is awarded $50 million contract with the Department of War.
- Commerce Dept approves sale of up to 70,000 advanced AI chips to two companies based in the UAE and Saudi Arabia. (WSJ)
- 10-Q Delays: None of note.
Exchange/Listing/Company Reorg and Personnel News: None of note.
Buybacks:
- PRI authorizes $475 million share repurchase program.
- FUSB has authorized the Company to repurchase an additional 1,000,000 shares under the repurchase program.
Dividends Announcements or News:
- Stocks Ex Div Today of note: None of note.
- Stocks Ex Div tomorrow of note: None of note.
- WSBC increases quarterly dividend to $0.38 per share from $0.37 per share.
- BFA increases quarterly cash dividend 2% to $0.2310 per share from $0.2265 per share.
- PHM increases quarterly dividend by 18% to $0.26 per share.
What’s Happening This Morning: (as of 7:35 a.m. EST)
- Futures S&P 500 +74 NASDAQ 100 +383 Dow Jones +225 Europe is higher and Asia is higher ex Shanghai. Bond yield is at 4.144% from 4.112% on the 10-Year. Crude Oil and Brent Crude are higher with Natural Gas higher. Gold and Silver are lower Copper with higher. The U.S. Dollar is higher versus the Euro, lower against the Pound and higher against the Yen. Bitcoin is at $91,833 from $91,499 higher by +2.96% which is $2621.
Sector Action:
- Daily Positive Sectors: Technology, Materials, Communication Services and Industrials were higher.
- Daily Negative Sectors: Energy, Real Estate, Utilities and Consumer Defensive were lower.
- 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: VIPS +0.075, NTES +0.02, SCVL +0.01, LOW +0.09, TGT +0.07, OCSL +0.01, WB +0.01 of note.
- Misses: ATKR -0.57, MMS -0.05, BRBR -0.03 of note.
- Flat: GLBE BLSH VIK of note.
- Still to Report: WSM TJX GFF of note.
Company Earnings Guidance:
- Positive Guidance: This Morning – None of note.
- Negative or Mixed Guidance: This Morning – MMS, ATKR of note.
Advance/Decline Daily Update:
Gap Ups & Down In Early Pre-Market: (+2% or down more than -2%):
- GapUp: PACS +39.9%, CRNC +28.8%, ALLT +16.3%, KLIC +13.5%, NUTX +9.7%, EOSE +7%, SMCI +6%, PMI +5.5%, NVDA +5.1%, AMD +4.5%, WRD +4.2%, REGN +3.9%, HUHU +3.4%, AVGO +3.2%, MRVL +3.1%, MMS +2.9%, ZTO +2.8%, AXTA +2.7%, MU +2.3%, VIPS +2.3%, VNET +2.2%, PRTA +2.1%, ULS +2%, XRX +2% of note.
- GapDown: SLMT -33.4%, ATKR -13.5%, VZLA -12.2%, BV -8%, PANW -3.7%, NTES -3.2%, NJR -2.4%, NUVL -2% of note.
Options Activity: Calls and Puts Top Ten Names Sorted Volume. Highlighted names are new to the most active list. No new outliers of note.
Insider Action: TBRG see Insider Buying with dumb short selling. TX see Insider Buying with smart short sellers. Above $100,000 in purchases with high shorts but no history: SVCO FOSL
Rags & Mags: Repeated stories from prior days never listed, i.e. “rehashed news”. Sorted by Global, U.S. and stock specific.
- Bloomberg Lead Story: Nvidia’s Upbeat Forecast Calms Fears of AI Bubble. (Bloomberg)
- Market Wrap: Global Stocks rally on Nvidia. (Bloomberg)
- Walmart (WMT) beat on earnings and revenues. (CNBC)
Bolded on story link means behind a Pay Wall.
Economic & Geopolitical:
- Federal Reserve Speakers of note today:
- Federal Reserve Cleveland President Beth Hammack speaks at 8:45 a.m. EST
- Federal Reserve Governor Lisa Cook speaks at 11:00 a.m. EST
- Federal Reserve Chicago President Austan Goolsbee speaks at 1:40 p.m. EST
- Federal Reserve Philadelphia President Anna Paulson speaks at 4:30 a.m. EST
- President Trump’s schedule for today:
- President Trump receives his Intelligence Briefing at 11:00 a.m. EDT.
- President Trump meets with Freed Israeli Hostages and their Families at 2:00 p.m. EDT.
- Economic Releases:
- November Philadelphia Fed Index is scheduled to be released at 8:30 a.m. EDT and is expected to rise to 2.0 from -12.80.
- October Existing Home Sales, Leading Indicators and Weekly Jobless Claims re scheduled but due to the government shutdown will not be reported.
- Weekly Crude Oil Inventories are due out at 10:30 a.m. EDT.
M&A Activity & Daily Changes: Abbott Labs (ABT) to buy Exact Sciences (EXAS) for $105 a share.
Moving Average Table: International markets are selling off as well.
Meeting & Conferences of Note:
- Sellside Conferences:
- Canaccord MedTech Diagnostics & Digital Health & Services Forum
- Jefferies Global Healthcare Conference
- Needham Tech Week
- RBC Capital Global TIMT Conference
- Southwest IDEAS Investor Conference
- Stephens Investment Conference
- Top Analyst, Investor: APEI ASGN BETA IPST MRNA PODD TEL
- Shareholder Meetings: EAT FSI WDC
- Fireside Chat: None of note.
- FDA Presentation: None of note.
- R&D Day: None of note.
- Meetings:
- Clear Street Disruptive Technology Conference
- Disruptive Technology Conference
- F1 Business Summit
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: FCNCA JKHY of note.
- Downgrades: AJG AON of note.
