CAPIS Morning Note – 11/23/22: Futures Inch Up As All Wait for 2 p.m. EST FOMC Minutes

Overnight Summary: The S&P 500 closed Tuesday at 4,003.58 (up 1.36% after being down -0.39% on Monday).  The overnight high of 4021.75 was hit at around 4 a.m. EST. The low was hit at 4006.00 at 10:00 p.m. EST, a range of ~16 points high to low.  At 7:14 a.m. EST, the S&P 500 (mini)…

Overnight Summary: The S&P 500 closed Tuesday at 4,003.58 (up 1.36% after being down -0.39% on Monday).  The overnight high of 4021.75 was hit at around 4 a.m. EST. The low was hit at 4006.00 at 10:00 p.m. EST, a range of ~16 points high to low.  At 7:14 a.m. EST, the S&P 500 (mini) was up +3.

Thanksgiving Week Slow Market and News Supplemental:

Own any of these stocks?  Double check your fundamentals on them or the reason you have them in your portfolio as Revelation Investment Research tags them as downside risk!

Earnings Out After The Close

  • Beats: JWN +0.05, HPQ +0.01.
  • Flat: ADSK.
  • Misses: VMW (0.13), GES (0.09).

Capital Raises:

  • IPOs Priced or News: None of note.
  • New SPACs launched/News: None of note.
  • Secondaries Priced: None of note.
  • Notes Priced of note: None of note.
  • Common Stock filings/Notes:
    • GRTS: Filed Form S-3.. 6,637,165 Shares of Common Stock 13,274,923 Shares of Common Stock Issuable upon Exercise of Pre- Funded Warrant.
    • GTHX: Closing of Offering of Common Stock.
    • INSG: Filed Form 424B3.. 1,536,265 Shares of Common Stock.
    • SYTA: Filed Form F-1.. Up to 17,400,000 Common Shares.
  • Pricing of Over-Allotment/Notes: None of note.
  • Direct Offering: None of note.
  • Selling Shareholders of note: None of note.
  • Private Placement of Public Entity (PIPE): None of note.
  • Mixed Shelf Offerings:
    • APYX: Filed Form S-3.. $100 Million Mixed Security Shelf.
    • FFNW: Filed Form S-3.. $75,000,000 Mixed Shelf.
  • Debt Filing/Notes:
    • GE: Closing of Offering of $8.25 Billion Senior Notes issued by GE HealthCare.
    • HUM: Completes Aggregate $1.25 Billion Debt Offering.
  • Tender Offer:
    • RAD: Announces early results of previously announced cash tender offer for 7.500% senior secured notes due 2025 and extension of early tender premium.
  • Convertible Offering & Notes Filed: None of note.

Capital Raise Summary From The TradeXchange, bringing traders and investors real time news and Squawk Box, and other sources.

News After The Close:

  • After Hours: 
    • Trading Up: MANU +7%.
    • Trading Down: ADSK -9%, JWN -8%, GES -6%.
  • News Since The Close:
    • Stocks making the biggest moves after hours: JWN, ADSK, HPQ, VMW (CNBC).
    • Goldman Sachs (GS) to Pay $4 Million to Settle Investigation Over ESG Funds. (WSJ)
    • FTX Says Substantial Amount of Crypto Assets Stolen or Missing. (WSJ)
    • HP laying off 4,000-6,000 employees globally over the next three years.
    • China Must Brace For ‘Big Blow’ After Lifting Of Zero-Covid Policy, Economist Warns. (SCMP)
  • Exchange/Listing/Company Reorg and Personnel News:
    • Aclaris Therapeutics (ACRS) announces several leadership changes, including the transition of its CEO to role of Chair of the Board.
    • Amedisys (AMED) Names Scott Ginn Acting Chief Operating Officer.
    • America First Multifamily Investors, L.P. (ATAX) Announces Approval to List on the New York Stock Exchange.
    • ASML Supervisory Board changes announced.
    • Aytu BioPharma (AYTU) Receives a 180-Day Extension by Nasdaq to Regain Compliance with Bid Price Rule.
    • Berry Global (BERY) announces appointment of three new directors and forms capital allocation committee.
    • Provident Bancorp, Inc. (PVBC) Receives Nasdaq Notice Regarding Late Form 10-q Filing.
    • Singularity Future Technology (SGLY) Announces Receipt of Nasdaq Notice of Additional Staff Determination.
  • Buyback Announcements or News:
    • Autodesk (ADSK) authorized additional $5 billion for share repurchases.
    • Azenta (AZTA) announces $500 million accelerated share repurchase program.
  • Stock Splits or News:
    • SPCB trading r/s price.
  • Dividends Announcements or News:
    • Employers Holdings (EIG) declares a special cash dividend of $1.25 per share.
    • HPQ: Announces Dividend Increase by 5%.

What’s Happening This MorningFutures value reflects the change with fair value.

S&P 500 +5, Dow Jones +21,  NASDAQ +27, and Russell 2000 -0.14. (as of 8:08 a.m. EST). Japan’s Nikkei was closed for the holiday but the rest of the asian markets were up slightly.  China has mass Covid testing going on.  Hang Seng was up +0.6%.  Europe is basically flat.  ECB VP noted they will keep the rate hikes going.  UK’s FTSE is up 0.4% and the DAX is down 0.2%.  VIX Futures are at 21.64 up 0.35 points or 1.64% . Gold flat and Silver up 1%. WTI Crude Oil down 2.35% and Natural Gas up almost 7%. $ is flat. US 10-year Treasury sees yields at 3.767%. Bitcoin is at $16,473.07, up almost 2%.

Sector Action(1/3/6/12/YTD Updated Weekly with Monday release):  

  • Daily Positive Sectors: All – Tops were Energy, Basic Materials, Technology, Communication Services, Consumer Cyclical, Financial of note.
  • Daily Negative Sectors: None of note.
  • One Month Winners:  Industrials, Basic Materials, Financial of note.
  • Three Month Winners:  Energy, Basic Materials, Financials of note.
  • Six Month Winners: Energy, Industrials, Consumer Defensive of note.
  • Twelve Month Winners: Energy, Utilities of note.
  • Year to Date Winners: Energy of note.

Stock indices finished today’s trading session in the green. The Dow Jones Industrial Average, the S&P 500, and the Nasdaq 100 gained 1.18%, 1.36%, and 1.48%, respectively.  The real estate sector was the session’s laggard, as it gained 0.47%. Conversely, the energy sector was the session’s leader, with a gain of 3.14%.  Furthermore, the U.S. 10-Year Treasury yield decreased to 3.76%, a decrease of more than seven basis points.  (MarketWatch)

 Click here for a video explanation of Erlanger Value Lines.

Upcoming Earnings Of Note: (sorted by market cap, highest to lowest with most visible names)

  • Wednesday After the Close: None of note.
  • Friday Before the Open: WEBR of note.

Earnings of Note This Morning:

  • Beats: KC +1.39, DE +0.33.
  • Flat: None of note.
  • Misses: None of note.
  • Still to Report: None of note.


  • Positive Guidance: None of note.
  • Negative Guidance: ADSK, GES, HPQ, KC of note.

Erlanger Research Advance/Decline Chart

Gap Ups and Down In Early Pre-Market:

  • Gap Up: GRTS +12%, MANU +11%.
  • Gap Down: JWN -9%, ADSK -8%, KC -5%, CS -4%, GES -4%.

Insider Action: CHRW, RYAN, ESI, SABR sees Insider buying with dumb short selling.  GOCO, COCO, AMH sees Insider buying with smart short sellers.

Rags & MagsRepeated stories from prior days never listed, i.e. “rehashed news”. Sorted by Global, U.S. and stock specific.

  • Stocks making the biggest moves premarket: DE, HPQ, JWN, MANU, ADSK, GES, CS, TSLA (CNBC)
  • 5 things to know before the stock market opens. (CNBC)
  • Five Things You Need to Know to Start Your Day. (Bloomberg)
  • Bloomberg Lead Story: Fed Minutes Set to Show Breadth of Support for Higher Peak Rate. (Bloomberg)
  • Bloomberg Most Read Story:  Violent Protests Erupt at Apple’s (AAPL) Main iPhone Plant in China. (Bloomberg)
  • Western Allies Aim to Agree on Russian Oil Price Cap Wednesday. (USO, XLE) (WSJ)
  • China widens COVID curbs, iPhone (AAPL) factory unrest adds to economy worries. (Reuters)
  • Big Shareholder Signals Opposition to News-Fox Combination. (NWSA, FOX) (WSJ)
  • New York Gov. Kathy Hochul Signs Bill Limiting Cryptocurrency Mining. (BTC, BITO, MSTR, COIN, HOOD, RIOT) (WSJ)

Moving Average Update:

  • Score jumps to 85% – Happy Thanksgiving!.


  • President’s Public Schedule:
    • On Wednesday, the President has no public events scheduled.


  • MBA Mortgage Applications 7:00 a.m. EST
    • Composite: +2.2%, Purchase: +2.8%, ReFi: +1.8%
  • October Durable Orders are due out at 8:30 a.m. EST and expected to rise to 0.6% from 0.4%.
  • Jobless Claims 8:30 a.m. EST
  • PMI Composite Flash 9:45 a.m. EST
  • October New Home Sales are due out at 10:00 a.m. EST and is expected to fall to 578,000 from 603,000.
  • November University of Michigan Consumer Sentiment is due out at 10:00 a.m. EST and expected to rise to 55 from 54.7.
  • EIA Petroleum Report 10:30 a.m. EST
  • EIA Natural Gas Report 12:00 p.m. EST
  • Baker Hughes Rig Count 1:00 p.m. EST
  • FOMC Minutes Meeting of November 1-2, 2022,  2:00 p.m. EST

Federal Reserve / Treasury Speakers:

  • FED Minutes, See Economics above.

M&A Activity:

  • Metals Acquisition Corp (MTAL) and Glencore agree to amend terms of the CSA Mine Acquisition.

Meeting & Conferences of Note:

  • Sellside Conferences:
    • Cormark Securities Diversified Conference
      • Previously posted and ongoing conferences:
        • None of note.
  • Company Meetings: None of note.
  • Fireside Chat: None of note.
  • Investor/Analyst Day/Calls: RCEL
  • Update: None of note.
  • R&D Day: None of note.
  • Company Event: None of note.
  • Industry Meetings:

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 it to make the reader aware of market moving recommendations. None of these recommendations should be interpreted as actual recommendations from CAPIS or its employees.

Today’s Upgrades and Downgrades:

Previous Day’s Upgrades and Downgrades: