Overnight Summary & Early Morning Trading:
- The S&P 500 finished Thursday lower by -1.56% at 6538.76 from Wednesday higher by 0.38% at 6642.16.
- S&P 500 hit its 34th All-Time Closing High of 2025 on 10/29.
- Futures are higher this morning by +11.75 (+0.18%) at 6569.00 on the S&P 500 around 6:15 a.m. EST.
- Year to date the S&P 500 is up by 11.17% from 12.93% Wednesday’s close.
Executive Summary:
- Bond Market is lower today on price with the 10-Year Yield lower at 4.071% from 4.145%.
- The S&P 500 sees support now at 6500 from 6600.
- Nvidia (NVDA) had strong earnings and revenues as well as guidance. Is confidence restored in AI? The answer is no!!
- Lots of Fed Speak early on.
Key Events of Note Today:
- Economic news of note today is still delayed due to the government shutdown.
- University of Michigan Consumer Sentiment and the Baker Hughes Rig Count are out today.
- President Trump meets with Zohran Mamdani, Mayor-Elect, New York City.
- Federal Reserve Speakers – 5 Total. Williams (7:30am), Barr, Jefferson, Logan, Collins.
Key Chart: S&P 500 Retracement
Notable Earnings Out After The Close:
- Beats: UGI +0.32, INTU +0.25, POST +0.21, ESE +0.19, ROST +0.16, VEEV +0.09, ESTC +0.06, BULL +0.05, GAP +0.03, CPRT +0.02 of note.
- Misses: NFE-0.31 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:
- AIHS – Closes $2.8 Million Registered Direct Offering.
- AHR – Public Offering of Common Stock.
- IKT – Proposed Public Offering of Common Stock and Pre-Funded Warrants.
- PFGC: Form S-3ASR Common Stock Offering.
- PHIO: FORM S-3 – Up to 11,763,800 Shares of Common Stock.
- Notes Filed Or Priced:
- CIFR – Pricing of $333 Million of Additional Senior Secured Notes.
- MOH Closing of Offering of $850 Million of 6.500% Senior Notes Due 2031.
- SABR – Pricing of Senior Secured Notes Offering.
- Convertibles Filed or Priced: None of note.
- 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:
- HIVE: Form F-3ASR – Mixed Shelf.
News After The Close:
- GE HealthCare (GEHC) to acquire Intelerad for $2.3 bln
- Citigroup (C) realigns segments; Retail Banking and US Citigold to be integrated within Wealth; US Consumer Cards to become a standalone business led by Pam Habner; Mark Mason to transition out of CFO role in March 2026, names new CFO
- U.S. Banks scrap plans for a $20 billion support package for Argentina.
- VZ confirms workforce reduction, eliminating over 13,000 positions
- Boeing (BA) awarded a $877 million U.S. Special Operations Command contract
- 10-Q Delays: None of note.
Exchange/Listing/Company Reorg and Personnel News:
- ZVRA announces that CFO and Treasurer, R. LaDuane Clifton, will be stepping down from his position effective December 31, 2025
- CVS names David Joyner Chair of the board of directors, effective January 1, 2026
- UNTY announces promotion of George Boyan to President, effective January 1, 2026; Mr. Boyan currently serves as company’s Executive Vice President and CFO
Buybacks:
- DCTH authorizes new $25 million share repurchase program.
- CW increases share repurchase authorization to $550 million.
- ASGN Board of Directors has authorized a new $1 billion share buyback plan.
Dividends Announcements or News:
- Stocks Ex Div Today of note: CMI CRH DIA GSL HLT MCO NEE PRI RTX SMG TEL WJR ALSN AMGN BBAR BBWI CCOI EVRG SSSS WING of note.
- Stocks Ex Div tomorrow of note: None of note.
- NKE increases quarterly cash dividend 3% to $0.41/share from $0.40/share
- DDS announces special dividend of $30 per share
- STEL increases quarterly cash dividend to $0.15/share from $0.14/share
- NGVC raises quarterly dividend by 25% to $0.15/sh
What’s Happening This Morning: (as of 7:35 a.m. EST)
- Futures S&P 500 -20 NASDAQ 100 -155 Dow Jones +44 Europe is lower and Asia is lower. Bond yield is at 4.065% from 4.144% on the 10-Year. Crude Oil and Brent Crude are lower with Natural Gas higher. Gold, Silver and Copper are higher. The U.S. Dollar is higher versus the Euro, higher against the Pound and lower against the Yen. Bitcoin is at $82,214 from $91,833 lower by -4.93% which is at $-4299.
Sector Action:
- Daily Positive Sectors: Consumer Defensive was higher.
- Daily Negative Sectors: All others 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: None of note
- Monday Before The Open: None of note
Notable Earnings of Note This Morning:
- Beats: BJS +0.07, AZTA +0.02, BKE +0.01 of note.
- Misses: FRO –0.08 of note.
- Flat: None of note.
- Still to Report: MOG.A 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%, of note.
- GapDown: SLMT -33.4%, 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: None see Insider Buying with dumb short selling. None see Insider Buying with smart short sellers. Above $100,000 in purchases with high shorts but no history: None of note.
Rags & Mags: Repeated stories from prior days never listed, i.e. “rehashed news”. Sorted by Global, U.S. and stock specific.
- Bloomberg Lead Story: Bitcoin Heading For Worst Month Since Crypto Collapse of 2022. (Bloomberg)
- Market Wrap: Stocks drift in fragile trade as Bitcoin slumps. (Bloomberg)
- Trump administration presents a 28-point peace plan to Ukraine, which requires it to give up additional territory to Russia.
- President Trump agrees to attend the World Economic Forum in Davos next year after the organization assured him there will be no “woke” topics.
- Softbank sinks 10% on chip rout. (CNBC)
Bolded on story link means behind a Pay Wall.
Economic & Geopolitical:
- Federal Reserve Speakers of note today:
- Federal Reserve New York President John Williams speaks at 7:30 a.m. EST
- Federal Reserve Governor Michael Barr speaks at 8:30 a.m. EST
- Federal Reserve Vice Chairman Philip Jefferson speaks at 8:45 a.m. EST
- Federal Reserve Dallas President Lorrie Logan speaks at 9:00 a.m. EST
- Federal Reserve Boston President Susan Collins speaks at 11:55 a.m. EST
- President Trump’s schedule for today:
- President Trump meets with Zohran Mamdani, Mayor-Elect, New York City at 3:00 p.m. EST.
- Economic Releases:
- November University of Michigan Consumer Sentiment (Final) is expected to be released at 10:00 a.m. EST and remain at 50.30.
- Weekly Baker Hughes Rig Count is due out at 1:00 p.m. EST.
M&A Activity & Daily Changes:
Moving Average Table: International markets are selling off as well.
Meeting & Conferences of Note:
- Sellside Conferences:
- Needham Tech Week
- Top Analyst, Investor: AIRE
- Shareholder Meetings: AVT DWTX XLO
- Fireside Chat: None of note.
- FDA Presentation: None of note.
- R&D Day: None of note.
- Meetings: None of note.
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: CWK DOCS WYNN of note.
- Downgrades: PANW of note.