Overnight Summary: The S&P 500 closed Thursday higher by 0.53% at 5948.71 from Wednesday basically unchanged at 5917.11. The overnight high was hit at 5977 at 10:15 p.m. EDT and the low was hit at 5940.75 at 5:10 a.m. EDT. The overnight range is 37 points. The current price is 5950.25 at 6:20 a.m. The S&P 500 is lower by -20.25 lower by -0.34%% this morning.
Executive Summary: Nvidia (NVDA) ended up yesterday by 0.53% which is good news for it and tech stocks. We would expect Nvidia to clear $150 sooner than later.
Articles That Matter: Trump Should Bring On a Great American Housing Boom. (Bloomberg Editorial Board)
Key Events of Note Today:
- University of Michigan Consumer Sentiment is out at 10:00 a.m. EDT.
- Weekly Baker Hughes Rig Count is due at 1:00 p.m. EDT.
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 second request is Gap Inc (GAP). The stock had weakened technically to a rank of 20%. However, Short Intensity has risen to 71% yet the Short Ratio is at 4.41. Last, Erlanger Volume Swing (EVS) has risen to 1.18. This morning the stock is up on earnings to $25.47. What to Do: We would buy here on weakness after the initial pop this morning. If long, then we would stay with the position. To Short or Not To Short: We do not short into the start of a Short Squeeze, stay away from being short.
Notable Earnings Out After The Close
- Beats: ESTC +0.21, INTU +0.14, GAP +0.14, NTAP +0.09, ROST +0.08 of note.
- Flat: CPRT of note.
- Misses: UGA -0.98 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:
- ABL announces proposed public offering of 12.5 mln common stocks.
- SLG announces proposed offering of common stock of $400 mln of shares of its common stock.
- BIVI: Form S-1.. Up to 7,711,613 Shares of Common Stock
- KSCP Pricing of $12.1 Million Public Offering.. 1,210,000 shares @$10
- VTAK: Form S-1.. 10,695,962 Shares of Common Stock
- Notes Priced:
- Direct Offering:
- Exchangeable Subordinate Voting Shares: None of note.
- Selling Shareholders of note:
- PGY files for 504,440 shares of Class A common stock offering by selling shareholders
- Mixed Shelf Offerings:
- WMG files mixed shelf securities offering.
- SLG files mixed shelf securities offering.
- FGBI files a$150,000,000 mixed shelf offering
- PIPE:
- Convertible Offerings & Notes Filed:
- MSTR completes $3,000,000,000 offering of 0% convertible senior notes due 2029
- BTDR announces proposed private placement of $360 million of convertible senior notes
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: ESTC +22.1%, REPL +21%, GAP +15.1%, MATW +11.1%, AESI +7.5%, ROST +7.3%, NTAP +5.7%, TPL +5.6%, ORN +4.2%, DDS +2.3% of note.
- Movers Down: LGTY -12.5%, BTDR -9.3%, INTU -5.4%, ABL -4.8% of note.
News After The Close:,
- Helen of Troy (HELE) announces agreement to acquire Olive & June for a total purchase price of $240 million, including a $15 million earnout.
- LPLA reports monthly activity for October 2024; Total advisory and brokerage assets at the end of October were $1.67 trillion, an increase of 5.1% compared to September.
- Apple (AAPL) overhauling Siri to catch up in AI; unveiling set for next year, to launch in 2026. (Bloomberg)
- MDU Resources (MDU) plans to make capital investments totaling $3.1 billion from 2025 through 2029, a 15% increase from 2024-2028.
- Orion Group (ORN) announces three contract awards valued at approximately $111 million.
- Boeing (BA) awarded $2.39 bln U.S. Air Force contract modification as well as a $1.68 bln U.S. Navy contract modification and awarded $600 mln U.S. Defense Logistics Agency contract modification.
- Leidos (LDOS) awarded $670 mln U.S. Army contract.
- Index Changes: Texas Pacific Land (TPL) goes into the S&P 500 replacing MRO. Mueller Industries (MLI) goes into the S&P 400 replacing TPL. Atlas Energy Solutions (AEIS) will replace MLI in the S&P 600 as of next Tuesday, November 26th.
- 10-K “Delays – None of note.
Buybacks or Repurchases:
- CBRE approves an expanded authorization for the repurchase of up to an additional $5 bln of shares.
Exchange/Listing/Company Reorg and Personnel News:
- MYE appoints Aaron M. Schapper as President and CEO, effective January 1, 2025.
- WULF promotes Sean Farrel to COO, effective immediately.
- OII promotes Benjamin Laura to COO, effective Jan 1.
- THRM announces that Jonathan Douyard will join the co as CFO and Treasurer, effective Jan 1.
Dividends Announcements or News:
- Stocks Ex Div Today: NEE MCO CRH NCG CMI TEL MCHP EFX VOD TRU RS VTRS H CW FBIN PRMB BBWI BMI PIPR AGO SMG USLM CCOI WD
- Stocks Ex Div Friday: TSCO CDW ATO TER PAYC PAC RHI MKSI RDN AEIS GLNG GFF PATK PHIN MRX CRI DAC IRS NVGS BLMN CBL
- NGVC increases quarterly cash dividend 20% to $0.12/share from $0.10/share.
- DDS announces special dividend of $25.00/share; payable January 6, 2025 to shareholders of record as of December 13, 2024.
- BFA increases quarterly cash dividend 4% to $0.2265/share from $0.2178/share.
- STEL increases quarterly cash dividend to $0.14/share from $0.13/share.
What’s Happening This Morning: Futures S&P 500 -1.21, NASDAQ -16, Dow Jones +40 and Russell 2000 +9.88. Europe is higher. Asia is higher as well. Bonds are at 4.39% from 4.40% for the 10-Year. VIX Futures are at 16.75 from 16.10. Crude Oil and Brent are lower with Natural Gas lower as well. Gold and Silver are higher with Copper lower for a fourth 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 $98,772 from $97,446 yesterday morning higher by +$524 with Futures up +0.53% this morning.
- Daily Positive Sectors: Utilities, Industrials, Consumer Defensive and Energy of note.
- Daily Negative Sectors: Communication Services 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)
- Friday After the Close: None of note.
- Monday Before The Open: BBWI DSX
Notable Earnings of Note This Morning:
- Beats: DE +0.68 of note.
- Misses: PDD -0.99 of note.
- Still to Report:
Company Earnings Guidance:
- Positive Guidance: ESTC, GAP of note.
- Negative or Mixed Guidance: INTU, NTAP, ROST of note.
Advance/Decline Daily Update: The A/D Line hit a wall last Tuesday and rolled over having broken its monthly moving average but has now moved back above its 30-day moving average.
Gap Ups & Down In Early Pre-Market (+2% or down more than -2%):
- Gap Up: ESTC +28%, GAP +15.1%, MATW +11.8%, REPL +11.5%, AESI +7.1%, ROST +7.1%, THRM +5.5%, MYE +5.2%, NTAP +5%, CPRT +4.7%, TPL +4.3%, STNE +3.6%, ORN +3.4%, EH +2.2%, PGY +2%
- Gap Down: GB -23.5%, LGTY -13.2%, STEL -12.1%, ABL -8%, INTU -5.3%, BTDR -4.8%, NGVC -4.8%, HCM -2.3%
Insider Action: No names see Insider buying with dumb short selling. BNTC, KNS, ONEW 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: Trumps Select Pam Bondi for Attorney General Replacing Matt Gaetz. (Bloomberg)
- 5 Things To Know Before The Market Opens. (CNBC)
- Stocks Making The Biggest Moves:. (CNBC)
- Market Wrap: US Stocks dip as traders turn elsewhere. (Bloomberg)
- U.S. probes JP Morgan (JPM) and its role with Iranian Oil Kingpin;s hedge fund. (Bloomberg)
- Trump might name Kevin Warsh to Treasury then later to Fed. (CNBC)
- FDA finds Asthma drugs impact the brain. (CNBC)
- Gap Inc. (GAP) shares pop on strong guidance for holiday sales. (CNBC)
Economic:
- The University of Michigan Consumer Sentiment is due out at 10:00 a.m. EDT and is expected to stay at 73.
- Weekly Baker Hughes Rig Count is due out at 1:00 p.m. EDT.
Geopolitical: Federal Reserve speakers today.
-
- Federal Reserve Governor Michelle Bowman speaks at 6:15 p.m. EDT.
- President Biden received the Daily Briefing at 10:00 p.m. EDT.
- President Biden and the First Lady host a dinner at 6:30 p.m. EDT on the South Lawn of The White House.
- 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 77% to 94%.
Meeting & Conferences of Note:
-
- Sellside Conferences:
- Seaport Chemical Cornucopia
- Stephens Investment Conference
- Wedbush Disruptive Finance Conference
- Sellside Conferences:
-
- Fireside Chat: None of note.
- Top Analyst, Investor Meetings: ENIA
- Shareholder Meetings: AVT, GOEV, RNAZ, XAIR
- Update: None of note.
- R&D Day: None of note.
- FDA Presentation:
- Company Event: None of note.
- Industry Meetings or Events:
- Microsoft Ignite
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: XPEV SAH PEB NKSH VKTX PMTS ONON NKE KD
Downgrades: GRAB CYH
