Executive Summary: How quickly the rally is thrown under the bus. Lots of media talking about the rally being over. Not so fast, as long as 4500 holds as support then things are okay.

• Consumer Confidence 10:00 a.m. EST
• 7-YR Note Auction, 52 Week Auction
• Fed Speak: Goolsbee (10:00 a.m. EST), Waller (10:05 a.m. EST), Bowman (10:45 a.m. EST), Barr (1:05 p.m. EST AND 3:30 p.m. EST),
• Short interest rose on both NYSE and NASDAQ.  More on this tomorrow which is surprising as the S&P  rose over  7% in the latest collection period.

• IPOs Priced or News:
  • Chinese fast-fashion retailer Shein confidentially files to go public in the U.S.; valued at $66 bln earlier this year. (WSJ)
• New SPACs launched/News:
  • Veea to become publicly traded company via proposed business combination with Plum Acquisition Corp. I (PLMI).
• Secondaries Priced:
  • SNES: Announces Pricing of $5.0 Million Public Offering.
  • THAR: Announces Pricing of $10 Million Public Offering at $1 per share.
• Notes Priced of note:
  • EXR: Announces Pricing of $600 Million of 5.900% Senior Notes due 2031.
• Common Stock filings/Notes:
  • AAOI: Completed its previously announced $70.0 million “at the market” common stock offering
  • HYZN: Form 8K.. entered into a Purchase and Sale Agreement.
  • PEV: Filed Form S-1.. Up to 32,291,667 Shares of Common Stock.
  • SVRE:
    • Announces Proposed Underwritten Public Offering. (Alexander Capital Bookmanager)
    • Announces Withdrawal of Proposed Public Offering.
• Direct Offering: None of note.
• Selling Shareholders of note:
  • SDA: Files for 17,513,608 shares of common stock by selling shareholders.
• Private Placement of Public Entity (PIPE): None of note.
• Mixed Shelf Offerings: None of note.
• Debt/Credit Filing and Notes: None of note.
• Tender Offer: None of note.
• 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 Movers: 
  • ESGL: +51% Multi-Year Contract Renewal with Singapore Refining Company Private Limited.
  • SNES: +44% (launches Evolve Soft Bait)
  • HSCS: +19% SC13G Filed by ICAHN SCHOOL OF MEDICINE AT MOUNT SINAI  9.9%.
  • CG: +6% To replace ICU Medical in S&P 400.
  • WPC: +4% joining S&P MidCap 400
  • TRMD: -4% Block Trade.
  • ZS: -7% Earnings.
• News Items After the Close:
  • Russian President Vladimir Putin gave his official approval to a significant increase in military spending that will see around 30% of fiscal expenditure directed towards the armed forces in 2024 as he signed draft budget plans into law on Monday. (Reuters)
  • A Record Number of US Travelers Fly After Thanksgiving. (Bloomberg)
  • Emerging-Market ETFs Exceed $10 Billion Of Inflows This Year. (Bloomberg)
  • Fed May Need Four Years To Recoup Income Loss, St. Louis Fed Study Says. (Reuters)
  • Morgan Stanley: “.. The average S&P 500 company spends its market cap in capex + R&D in about 50 years. $GM and $F spend their market cap in 1.9 and 2.6 years, respectively. This cannot continue, in our view.” [Jonas] (Carl Q Cnbc)
  • Australian Retail Sales Unexpectedly Fall As Rates Take Toll. (Bloomberg)
  • Elbit Systems (ESLT) awarded $500 million U.S. Navy contract.
  • Oshkosh (OSK) awarded $342 million U.S. Army contract to produce medium equipment trailers; will partner with Broshuis, B.V.
  • Frequency Electronics (FEIM) Announces Contract Award for Approximately $9 Million.

• Exchange/Listing/Company Reorg and Personnel News:
  • Index Changes:
    • Carlyle Group (CG) and WP Carey (WPC) to join S&P MidCap 400.
    • ICU Medical (ICUI), Worthington Industries (WOR), Clearway Energy (CWEN) to join S&P SmallCap 600.
  • CohBar, Inc. (CWBR) Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing (Form 8-K).
  • Learn CW Investment Corporation (LCW) Receives Noncompliance Notification from the New York Stock Exchange Due to Delayed Form 10-Q Filing.
  • Orthofix (OFIX) names Massimo Calafiore as President and CEO.
  • PARTS iD (ID) Receives Notice of Non-compliance from NYSE American.
  • PDS Biotechnology (PDSB) CFO Matthew Hill submitted his resignation.
  • Sempra Energy (SRE) CFO Trevor Mihalik appointed VP and Group President; Karen Sedgwick promoted to CFO position.
  • Southwest Airlines (LUV) Announces Executive Leadership Changes.
  • SunPower (SPWR) Receives Notification of Deficiency from Nasdaq Related to Delayed Filing of Quarterly Report on Form 10-Q.
• Buyback Announcements or News:
  • inTEST Corporation (INTT) Announces Stock Repurchase Plan of $10 million through November 17, 2024.
  • Seadrill (SDRL) Additional $250 Million Share Repurchase Authorization.
  • SSR Mining (SSRM) Enters into automatic share purchase plan under its previously announced NCIB to purchase up to 10.2 million shares of its common stock .
  • Tenable (TENB) Announces $100 million share repurchase program.
  • Troika Media Group Inc. (TRKA) Announces Receipt of Delinquency Notification Letter from Nasdaq.
• Stock Splits or News:
  • iBio (IBIO) Announces Reverse Stock Split.
  • LQR House (LQR) Announces Effective Date for 1-for-60 Reverse Stock Split as Part of Nasdaq Compliance Plan.
• 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: Real Estate of note.
• Daily Negative Sectors: Healthcare, Energy, Industrials, Communication Services, Financial of note.
• One Month Winners: Technology, Real Estate, Consumer Cyclical of note.
• Three Month Winners: Technology, Communication Services, and Financial of note.
• Six Month Winners: Consumer Cyclical, Technology, Communication Services 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.

U.S. stocks inched down Monday, interrupting their November rally.  The S&P 500 declined 0.2%. The Dow Jones Industrial Average pulled back about 57 points, or 0.2%. The Nasdaq Composite edged less than 0.1% lower.  All three major U.S. stock indexes are on track for the best monthly performances in more than a year after four consecutive weeks of gains. Monday’s market action follows the Thanksgiving holiday and a shortened Black Friday session.  Investors have pushed stocks higher in recent weeks, hoping that the Federal Reserve’s aggressive interest-rate increases have slowed the U.S. economy enough to cool inflation, but not enough to trigger a recession. Traders are betting the Fed is likely done raising rates and could cut rates by the first half of next year.  Monday’s subdued session isn’t a surprise after stocks’ furious climb, strategists say.   (WSJ – edited by QPI)

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

• Gap Up: PDD +16%, BITF +10%, SWTX +10%, SDRL +5%, CWEN +5%, CG +5% of note.
• Gap Down: SNES -39%, ARGX -10%, CLCO -10%, SLRN -8%, ZS -6%, ALDX -4% of note.

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

TLYS, MODG, XRAY, PRGO

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)
• 5 Things To Know Before The Stock Market opens Tuesday. (CNBC)
• Bloomberg Lead Story: Musk’s Cybertruck is Already a Production Nightmare for Telsa. (Bloomberg)
• Bloomberg Second Most Shared Story: Amazon eyes more office space in Miami, (Bloomberg)
• Stocks on retreat on signs the November rally is overdone: Market Wrap. (Bloomberg)
• President Biden: “Stop the price gouging (to corporations). (CNBC)
• PDD Holdings (PDD) crushes estimates as 15% higher. (MarketWatch)
• Bloomberg Odd Lots: Goldman’s Hatzius believes hard part is over.  (Podcast)
• NPR Marketplace: A flight powered by cooking oil takes to the skies. (Podcast)
• NY Times Daily:  Israel and Hamas’s fragile cease-fire. (Podcast)
• BBC Global News Daily Podcast: Israel and Hamas truce extended two days.  (Podcast)
• Wealthion: Viewing lumber as an economic indicator.  (Podcast)

Moving Average Update:

• Score goes down to 88% from 97%.

Geopolitical: 

M&A Activity and News: 

• First Busey Corp (BUSE) to acquire M&M Bank for an implied transaction value of approximately $41.6 million.
• Globant (GLOB) announced the acquisition of a majority stake in GUT, an independent creative agency
• Synchrony Financial (SYF) to sells its Pets Best Insurance Services unit.

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: