Executive Summary: There are really four weeks left in the trading year and it remains to be seen if the November rally can carry into December. Time will tell. Our monthly newsletter looks at potential tax selling into year-end as an issue we need to watch closely.

• The Israel-Hamas cease-fire could be extended. (Rags & Mags)
• Early holiday shopping did quite well. (News After The Close and Over The Weekend)
• China’s economic data came in weaker than expected hitting overnight futures. (Rags & Mags)

• IPOs Priced or News:
  • ELAB: Announces Closing of $6,000,000 Initial Public Offering.
• New SPACs launched/News: None of note.
• Secondaries Priced:
  • ARVN: Announces Oversubscribed $350 Million Private Placement. $350M private placement at $21.36 per share.
• Notes Priced of note: None of note.
• Common Stock filings/Notes:
  • GANX: Announces Closing of $10.1 Million Public Offering and Concurrent Private Placement of Common Stock and Warrants, Including Full Exercise of Over-Allotment Option.
  • LILM: Filed Form F-3.. Up to 5,000,000 Class A Shares.
• Direct Offering: None of note.
• Selling Shareholders of note: None of note.
• Private Placement of Public Entity (PIPE): None of note.
• Mixed Shelf Offerings:
  • IONS: Filed Form S-3ASR .. Mixed Shelf.
  • RVSN: Filed Form F-1 – Mixed Shelf.
• Debt/Credit Filing and Notes:
  • CTM: Announces Execution of Debt Term Sheet.
  • SUM: Announces Intention To Offer $800 Million Of Senior Notes.
• Tender Offer:
  • PERF: Announces Commencement of Self Tender Offer to Purchase up to 16,129,032 Class A Ordinary Shares for an Aggregate Purchase Price of up to $50,000,000.
• 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 and Over the Week:

• Weekly Wrap Up: Best and Worst performing large cap stocks:
  • Trading Up: SUPV 42%, IRBT 35%, TGS 31%, CEPU 30%, BMA 29%, HRTX 28%, BURL 27%, PAM 25%, GGAL 22%, TCMD 22%, TAL 19%, PBYI 15%, OR 15%, BLUE 14%, CDE 13%, LPG 12%.
  • Trading Down: CIG -22%, MOR -20%, AEO -16%, FGEN -14%, URBN -12%, CARA -12%, TPIC -11%, KSS -11%, GES -11%, EBIX -11%, TOUR -10%, HE -9%, LPSN -9%, SSL -9%, GGB -8%, HBI -8%.
• News Items After the Close:
  • BYND: On November 20, 2023, Henry Dieu notified Beyond Meat, Inc. (the “Company”) that he is stepping down as the Company’s Vice President, Corporate Controller and principal accounting officer.
  • Twitter now known as X may lose up to $75 million in revenue as more advertisers pull out. (NYT)
• News Items Over the Weekend:
  • Israel and Hamas Look to Extend Truce After More Hostages Are Freed. (Bloomberg)
  • American Borrowers Are Getting Closer to Maxing Out. (WSJ)
  • TSLA: The Cybertruck delivery event is scheduled for Nov. 30.
  • Black Friday Data:
    • E-commerce sales on Friday increased by 8.5% year-over-year as consumers shopped for deals online, while in-store sales increased by 1.1%, MasterCard Spendingpulse said.
    • U.S. shoppers spent $9.8B online during Black Friday this year, according to data from Adobe Analytics, which was in line with expectations of the data and insights arm of software company Adobe.
    • BigCommerce Merchants (BIGC) See 14% GMV Increase on Thanksgiving and 6% GMV Increase on Black Friday.
    • JCI – Shopper Traffic Spiked on Black Friday 2023, According to Data From Sensormatic Solutions.
    • They Did It Again! Shopify (SHOP) Merchants Break Black Friday Record with $4.1 Billion in Sales.
  • Since 2020, US groceries are up 25%, used cars climbed 35% and rents roughly 20%. In 2020, a survey showed a 4-person household spent an average of $238.32 in a week on food at home. A similar survey in 2023 showed that figure had jumped 32% to $315.22. (Bloomberg)
  • AMZN: The Biggest Delivery Business In The US Is No Longer UPS Or FedEx. (WSJ)
  • BMO: “.. we are once again enthusiastic about stock market potential heading into 2024. .. we continue to believe that US stocks are in a bull market that has now entered its second year. .. [2024] S&P 500 Price Target 5,100.” [Belski] (Cnbc Carl Q)
  •  Barron’s:
    • Positive View: PBR, TTE, XOM, FMX, IPGP, SLB, WPM, VNT, CNHI, ADBE, NOW, CRM, TSM, SNPS, CDNS, AMAT, ASML, AMD, MRVL, DAL, UAL, HLT, MAR of note.
    • Cautious View: None of note.
    • Mixed View: None of note.

• Erlanger Type 1 Short Squeezes and Type 4 Long Squeezes reporting earnings this week:

• Exchange/Listing/Company Reorg and Personnel News:
  • Argo Blockchain PLC (ARBK) Announces Appointment of CEO and PDMR Notification.
  • BARK: Announces Receipt of Notice of Non-Compliance with the NYSE Continued Listing Standards.
  • Celularity Inc. (CELU) Announces Receipt of Nasdaq Notice Regarding Late Form 10-Q Filing.
  • FREYR Battery (FREY) Announces New Organizational Structure and Leadership Changes.
  • Ideanomics (IDEX) Announces Receipt of Notice from Nasdaq Regarding Late Filing of Quarterly Report on Form 10-Q.
  • IM Cannabis (IMCC) Announces Receipt of Court Action.
  • Nutex Health (NUTX) Announces 180-day Extension To Regain Compliance With Nasdaq Minimum Bid Price Requirement.
  • Pagaya (PGY) Announces CFO Transition.
• Buyback Announcements or News: None of note.
• Stock Splits or News: None of note.
• Dividends Announcements or News: None of note.
• Insider Sales Of Note: None of note.

What’s Happening This Morning: Futures value reflects the change with fair value.

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

• Daily Positive Sectors: Healthcare, Energy, Industrials, Real Estate, Consumer Defensive, Financial of note.
• Daily Negative Sectors: Communication Services of note.
• One Month Winners: Technology, Real Estate, Consumer Cyclical, Consumer Defensive and Financials of note.
• Three Month Winners: Technology, Communication Services, and Financial of note.
• Six Month Winners: Consumer Cyclical, Technology, Communication Services Energy of note.
• Twelve Month Winners: Communication Services, Technology and Consumer Cyclical of note.
• Year to Date Winners:  Communication Services, Technology, Consumer Cyclical and Industrials of note.

Stocks solidified a fourth consecutive week of gains, after bouncing between small gains and losses Friday.  The S&P 500 rose 0.1%, while the tech-heavy Nasdaq Composite fell 0.1% on Friday. The blue-chip Dow Jones Industrial Average gained 0.3%, or 117 points. Friday’s trading session was shorter than usual due to the Thanksgiving holiday, with relatively light trading volume.  All three major indexes are on pace for their best monthly performance in more than a year.  The yield on the benchmark 10-year U.S. Treasury note edged higher as bond prices fell. It settled Friday at 4.483%, snapping a run of five consecutive daily declines.   (WSJ – edited by QPI)

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

• Gap Up: PERF +19%, THRX +13% of note.
• Gap Down: PGY -6%, MESO -5%, FL -4% of note.

Insider Action: RWAY sees Insider buying with dumb short selling.  No stock sees 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.

• Five Things You Need To Know Before You Start Your Day. (Bloomberg)
• Stocks Making The Biggest Moves: OKTA TEVA CCI MDLZ FL GEHC. (CNBC)
• Bloomberg Lead Story: Pressure Grows on Israel to Prolong Cease-Fire With Hamas. (Bloomberg)
• Bloomberg Second Most Shared Story: Sodium in batteries: Shift may herald another shakeup. (Bloomberg)
• Stocks edge lower on China data; Gold above $2,000: Market Wrap. (Bloomberg)
• President Biden to skip Climate Summit in Dubai later this week as will President Xi of China. (Bloomberg)
• Coinbase (COIN) CEO says crypto can turn the corner post Binance settlement. (CNBC)
• Hunger Games Prequel led the box office sales over the weekend. (CNBC)
• Bloomberg The Big Take:  The economy is up but the Middle Class is down. (Podcast)
• NPR Marketplace: Menopause technology may be having its moment. (Podcast)
• NY Times Daily:  George Santos’s last week in Congress. (Podcast)
• BBC Global News Daily Podcast:  More prisoner and hostage exchanges. (Podcast)
• Wealthion:  Are we in a commodities super cycle. (Podcast)

Moving Average Update:

• Score returns to 97%.

Geopolitical: 

M&A Activity and News: 

• Barclays PLC (BCS) in discussions to purchase mortgage book from Metro Bank. (SkyNews)
• KKR Acquires Potter Global Technologies.
• Theseus Pharmaceuticals (THRX) Confirms Receipt of Unsolicited Expression of Interest from Foresite Capital, LLC and OrbiMed Advisors LLC and Unsolicited Proposal from Concentra Biosciences LLC.

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.

Today’s Upgrades and Downgrades:

Previous Day’s Upgrades and Downgrades: