Overnight Summary: The S&P 500 closed Wednesday basically unchanged at 5917.11 from Tuesday higher by 0.40% at 5916.98. The overnight high was hit at 5943.75 at 4:05 p.m. EDT and the low was hit at 5905.25 at 4:25 a.m. EDT. The overnight range is 38 points. The current price is 5940.50 at 6:00 a.m. The S&P 500 is higher by +2.75 up 0.05% this morning.
Executive Summary: Nvidia (NVDA) beat estimates but not enough to take it above $150. Watch to see how it trades today to get a gauge of how Tech stocks will trade on this news.
Key Events of Note Today:
- 10-Year TIPS Auction at 11:30 a.m. EDT.
- Multiple Economic Releases of note this morning.
Daily Chart Request: A new section of the morning note as of today. Want to see an Erlanger Chart? Simply email us at [email protected].
The first request is Summit Therapeutics. The stock has weakened technically to a rank of 30%. Short Intensity has dropped as well to 18% yet the Short Ratio is still elevated at 5.39. Last, Erlanger Volume Swing (EVS) has fallen to -3.58. What to Do: We would sell here. Would not establish a new position. To Short: the Short Ratio needs to drop under 4.
Notable Earnings Out After The Close
- Beats: PANW +0.08, JACK +0.07, NVDA +0.06, SNOW +0.05 of note.
- Flat: SYM of note.
- Misses: CPA -0.08, MMS -0.02 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:
- BLZE launches follow-on public offering of $30.0 mln of shares of common stock.
- Notes Priced:
- Direct Offering:
- Exchangeable Subordinate Voting Shares: None of note.
- Selling Shareholders of note:
- PCT files for 15,039,729 shares of common stock offering by selling shareholders
- COYA files for 1,379,314 shares of common stock offering by selling shareholders
- Mixed Shelf Offerings:
- 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 After The Close:
- Movers Up: SNOW +18.8%, DFH +10.5%, GTN +5.1%, MATW +3.2% of note.
- Movers Down: CAAP -7.7%, MMS -6.8%, CPA -6.8%, PANW -5.4%, JACK -5%, NVDA -1.4% of note.
News After The Close:,
- Taiwan planning to invest $3.0 bln on AI data centers over the next three years.
- Myriad Genetics (MYGN) announces updates to its agreement with Illumina (ILMN), to expand worldwide access and better position Myriad’s GIS as a potential companion diagnostic across multiple potential tumor types.
- Dream Finders Homes (DFH) will replace Haynes International (HAYN) in the S&P SmallCap 600 effective prior to the opening of trading on Monday, November 25.
- 10-K “Delays – None of note.
Buybacks or Repurchases:
Exchange/Listing/Company Reorg and Personnel News:
-
- ACAD involuntarily terminates COO Brendan Teehan from his position, effective immediately
Dividends Announcements or News:
- Stocks Ex Div Today: MSFT AMAT MAR DFS ADM CNP SNA AMCR EVRG WWD PRI TPX DINO GGB LFUS
- Stocks Ex Div Friday: NEE MCO CRH NCG CMI TEL MCHP EFX VOD TRU RS VTRS H CW FBIN PRMB BBWI BMI PIPR AGO SMG USLM CCOI WD
- A increases its quarterly dividend by 5% to $0.248/share.
- WSBC increases quarterly cash dividend 2.8% to $0.37/share from $0.36/share.
- BCML increases quarterly cash dividend 50% to $0.15/share from $0.10/share.
- MATW increases its quarterly dividend by 4.2% to $0.25/share.
- ESOA announces the initiation of a quarterly dividend of $0.03/share payable on January 2, 2025 to shareholders of record at the close of business on December 13.
What’s Happening This Morning: Futures S&P 500 +13 NASDAQ +17 Dow Jones +152 Russell 2000 +16.07. Europe is higher ex France. Asia is lower. Bonds are at 4.40% from 4.422% fon the 10-Year. VIX Futures are at 16.75 from 16.10. Crude Oil and Brent are higher with Natural Gas higher as well for a second day. Gold and Silver are higher with Copper lower for a third day in a row. The U.S. Dollar is higher versus the Euro, higher versus the Pound and lower against the Yen. Bitcoin is at $97,446 from $93,344 yesterday morning higher by +$3082 with Futures up +3.27% this morning.
- Daily Positive Sectors: Healthcare, Energy and Materials of note.
- Daily Negative Sectors: Consumer Cyclicals, Real Estate and Financials 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)
- Thursday After the Close:
- Friday Before The Open: BKE
Notable Earnings of Note This Morning:
- Beats: DE +0.68, BJ +0.25, BEKE +0.12, SCVL +0.04 of note.
- Misses: PDD -0.99, BIDU -0.86, WMG -0.20, ATKR -0.04, VSTS -0.02, ROAD -0.01 of note.
- Still to Report:
Company Earnings Guidance:
- Positive Guidance: WIX of note.
- Negative or Mixed Guidance: TJX NIO TGT of note.
Advance/Decline Daily Update: The A/D Line hit a wall last Tuesday and rolled over having broken its monthly moving average.
Gap Ups & Down In Early Pre-Market (+2% or down more than -2%):
- Gap Up: VEEA +36.2%, SNOW +21.6%, NABL +8.3%, DFH +8.1%, BCML +6.8%, UTI +5.2%, BITF +5.1%, AAOI +3.8%, VEON +3.4%, KLC +3.1%, MATW +3%, GTN +2.9%, BLD +2.8%, NKLA +2.6%, ZYME +2.5%, JAZZ +2.4%, DE +2.1%
- Gap Down: PYXS -38.2%, QSI -18.7%, KURA -12%, BLZE -8.3%, ATKR -8.1%, BEKE -7.5%, CAAP -7.2%, JACK -6.1%, PANW -4.7%, PCH -4.4%, MMS -4.4%, CPA -3.2%, ZLAB -2.7%, NVDA -2.4%, MYGN -2.3%, BWLP -2.3%, BIDU -2.2%
Insider Action: TBLA ENPH TTSH 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.
- Lead Story on Bloomberg: Ukraine said that Russia used an ICBM on it. (Bloomberg)
- 5 Things To Know Before The Market Opens. (CNBC)
- Stocks Making The Biggest Moves: NVDA SNOW BJ. (CNBC)
- Market Wrap: US Futures higher as Bitcoin hits $98,000. (Bloomberg)
- Bloomberg Odd Lots: How China joined wester capitalism. (Podcast)
- Adani charged with bribery in U.S. (Bloomberg)
Economic:
- Weekly Jobless Claims are due out at 8:30 a.m. EDT.
- November Philadelphia Fed Index is due out at 8:30 a.m. EDT and is expected to fall to 7 from 10.30.
- October Existing Home Sales are due out at 10:00 a.m. EDT and are expected to rise to 3.90 million from 3.84 million.
- October Leading Indicators is due out at 10:00 a.m. EDT and is expected to improve but remain negative at -0.3% from -0.5%.
- Weekly Natural Gas Data is due out at 10:30 a.m. EDT.
Geopolitical: Federal Reserve speakers today.
-
- Federal Reserve Governor Beth Hammack speaks at 8:45 a.m. EDT and 12:30 p.m. EDT.
- Federal Reserve Chicago President Austan Goolsbee speaks at 12:25 p.m. EDT.
- Federal Reserve Governor Michael Barr speaks at 4:40 p.m. EDT.
- President Biden received the Daily Briefing at 2:15 p.m. EDT.
- There is a Press Briefing at 1:30 p.m. EDT with Press Secretary Karine Jean-Pierre.
- President Biden signs the Congenital Heart Futures Reauthorization Act of 2024 at 12:00 p.m. EDT.
- President Biden welcomes the Boston Celtics to The Whoite House at 4:30 p.m. EDT to celebrate their NBA Championship.
- Watch our Twitter feed, Bullet86, for an impromptu appearances.
M&A Activity and News:
- None of note.
Moving Averages On Major Equity Indexes: Moves from 63% to 77%.
Meeting & Conferences of Note:
-
- Sellside Conferences:
- Baird Defense & Government Conference
- Barclays Automotive and Mobility Conference
- Canaccord MedTech Diagnostics Forum
- Jefferies London Healthcare Conference
- Jefferies New Nuclear Conference
- Macquarie International Conference
- Needham Growth Conference
- Raymond James Insurance Conference
- Stephens Investment Conference
- Wolfe Energy Conference
- Sellside Conferences:
-
- Fireside Chat: None of note.
- Top Analyst, Investor Meetings: GEHC, KD, LFCR, NLY, NMIH, PCOR, PG, PYCR, RVTY
- Shareholder Meetings: ARAY, CBRL, MTAL, NAT, TLRY
- Update: None of note.
- R&D Day: None of note.
- FDA Presentation: AZN: PDUFA Date for Andexxa
- Company Event: None of note.
- Industry Meetings or Events:
- New Orleans Investment Conference
- REITworld: Investor Conference
- Southwest IDEAS Investor Conference
- Swiss Mining Institute
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 PEB PANW DTM
Downgrades: TD SHOP
