Overnight Summary & Early Morning Trading: The S&P 500 closed Friday slightly lower at 6051.09 from Thursday lower by -0.54% at 6051.25. The overnight high was hit at 6140 at 5:30 a.m. EDT and the low was hit at 6122 at 6:00 p.m. EDT. The overnight range is 18 points. The current price is higher at 7:00 a.m by 0.20% up 12.25.
Article of Note: “Fed Faces An Important Choice After This Rate Cut” by Mohamed A. El-Erian. (Bloomberg)
Key Events of Note Today:
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- NY Fed Empire State Manufacturing is due out at 8:30 a.m. EDT along with S&P Global PMIs at 9:45 a.m. EDT.
Daily Chart Request: Want to see an Erlanger Chart? Simply email us at [email protected].
Steel Dynamics (STLD) lowered earnings guidance this morning. How does it rank in the work? Note that short sellers have missed this drop. Now the Short Intensity is at 6%. The technical rank is weak at 10% today as the stock is trading at $118.55 lower by $3,82 which is -3.12%. We have this ranked as a Type 4 Long Squeeze.
Notable Earnings Out After The Close
- Beats: None of note.
- Flat: None of note.
- Misses: None of note.
- IPOs For The Week: ALEH, FTRK, HIT, MIMI, MTRS, NTCL, PHH, YSXT
- New IPOs/SPACs launched/News: None of note.
- IPOs Filed/Priced: None of note.
- Secondaries Filed or Priced:
- Notes Priced: None of note.
- Direct Offering: None of note.
- Exchangeable Subordinate Voting Shares: None of note.
- Selling Shareholders of note:
- MESO files for 200,000 ADS offering by selling shareholder.
- NN for 114,449 share common stock offering by selling shareholders.
- RNAC files for 6,251,150 share common stock offering by selling shareholders.
- RNAC files for 11,392,350 share common stock offering by selling shareholders.
- TKO files for common stock offering by selling shareholders.
- Mixed Shelf Offerings:
- Taysha Gene Therapies (TSHA) files for $300 mln mixed securities shelf offering.
- Cartesian Therapeutics (RNAC) files for $400 mln mixed securities shelf offering.
- BMY mixed securities shelf offering.
- TKO files mixed securities shelf offering.
- PIPE: None of note.
- Convertible Offerings & Notes Filed:
Capital Raise Summary From The TradeXchange, bringing traders and investors real time news and Squawk Box, and other sources.
Biggest Movers Up & Down Last Week:
- Movers Up: QURE (15.48 +107.79%), PDCO (31.07 +35.56%), ANGO (9.01 +28.66%), NVCR (33.57 +20.06%), CDXS (5.59 +18.18%), TSE (5.58 +23.73%), SSRM (7.43 +17.01%), ALK (62.81 +15.59%), RH (444.79 +18.26%), GIII (35.95 +14.42%), HIMX (8.74 +30.64%), AVGO (226.18 +25.98%), CIEN (89.61 +21.79%), PUMP (9.2 +16.25%), CRK (16.87 +16.18%), UNFI (28.38 +17.89%) of note.
- Movers Down: ANAB (15.69 -36.78%), AGIO (39.14 -36.5%), OMER (7.60 -34.54%), BLUE (6.42 -29.48%), RIGL (18.9 -25.74%), ENTA (6.2 -22.5%), LOVE (26.63 -29.83%), PLAY (27.62 -25.06%), MDB (268.37 -21.85%) of note.
News After The Close:
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- 10-K Delays – none of note.
- CRVL approves a 3-for-1 forward stock split of its common stock.
- DFS reports monthly credit card charge-off and delinquency statistics. (SEC Filing)
- SMCI trades lower in after hours as it considers tapping Evercore to raise equity and debt. (Bloomberg)
- ARR releases presentation, which contains updates on financial position, business and operations.
- LKQ announces cybersecurity incident; detected unauthorized access to IT systems of a single business unit in Canada.
- Capri Holdings (CPRI) trades higher after hours on report that Capri is exploring putting Versace and Jimmy Choo up for sale. (WWD)
Buybacks
- Western Union (WU) announces a new $1 billion share repurchase program.
- West Pharmaceutical (WST) approved a share repurchase program authorizing the repurchase of up to 550,000 shares of common stock.
Exchange/Listing/Company Reorg and Personnel News:
- Skyline Champion (SKY) appoints Tim Larson as President and CEO, succeeding Mark Yost, effective immediately.
- Western Digital (WDC) terminates employment of EVP and General Manager, Flash Business.
- Flagstar Financial (FLG) names Lee Smith as CFO, effective December 27..
Dividends Announcements or News:
- Stocks Ex Div Today: AIG, DTE, EMN, EXR, HES, ICE, IRM, LDOS, MRK, META, PARA, PLD, REG, DIS, WRB
- Stocks Ex Div Monday:
- CUBE raises quarterly dividend by 2% to $0.52/share.
- CNP increases quarterly dividend to $0.22/sh from $0.21/sh.
What’s Happening This Morning: (as of 8:00 a.m. EDT) Futures S&P 500 +15, NASDAQ +91, Dow Jones +90 and Russell 2000 . Europe is lower with Asia is lower as well. Bonds are at 4.369% from 4.34% on the 10-Year. Crude Oil and Brent are lower with Natural Gas lower as well. Gold and Silver higher with Copper lower. The U.S. Dollar is higher versus the Euro, lower against the Pound and higher against the Yen. Bitcoin is at $103,513 from $100,407 higher by $315 up +0.29%.
- Daily Positive Sectors: Technology, Consumer Cyclical and Utilities were higher Friday.
- Daily Negative Sectors: Materials, Communication Services, Energy and Real Estate of note.
- One Month Winners: Consumer Cyclicals, Financials, Industrials, Energy and Utilities of note.
- Three Month Winners: Consumer Cyclicals, Financials, Communication Services, Industrials, Utilities, Consumer Defensive and Technology of note.
- Six Month Winners: Financials, Real Estate, Utilities, Consumer Cyclical and Technology of note.
- Twelve Month Winners: Financials, Technology, Industrials, Utilities and Communication Services note.
- Year to Date Winners: Technology, Financials, Utilities, Communication Services and Industrials of note.
Upcoming Earnings Of Note: (From Chartroom Software – sorted by market cap, highest to lowest with most visible names)
- Monday After the Close: CMP MITK of note.
- Tuesday Before The Open: None of note with no time set for CALM NEOG on Tuesday.
Notable Earnings of Note This Morning:
- Beats: None of note.
- Flat: None of note.
- Misses: None of note.
- Still to Report: none of note.
Company Earnings Guidance:
- Positive Guidance: None of note.
- Negative or Mixed Guidance: None of note.
Advance/Decline Daily Update: SPX A/D is mixed after last week’s action.
Gap Ups & Down In Early Pre-Market: (+2% or down more than -2%):
- Gap Up:
- Gap Down:
Insider Action: MMS sees Insider buying with dumb short selling. None of note 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: China Will Keep Trying To Spur Consumption Without Big Stimilus. (Bloomberg)
- Market Wrap: US Optimism builds ahead of Fed rate decision. (Bloomberg)
- Stocks Making The Biggest Moves Pre-Market: F HON MSTR. (CNBC)
- Bitcoin hit $106,000 this morning. (CNBC)
- Microstrategy (MSTR) to join the NASDAQ 100. (CNBC)
- Softbank to invest $100 billion in the U.S. around AI. CEO Masayoshi Son to meet with President Elect Trump today. (CNBC)
- Bloomberg: The Big Take – Germany is unraveling when Europe needs it the most. (Podcast)
Economic:
- December NY Fed Empire State Manufacturing are due out at 8:30 a.m. EDT and expected to drop to 10 from 31.20.
- Global US Manufacturing PMI and Services PMI is due out at 9:45 a.m. EDT and came in last month at 49.7 and 56.10 respectively.
Geopolitical: (Watch our Twitter feed, Bullet86, for any impromptu appearances)
- President Biden will receive the Daily Briefing at 10:00 a.m. EDT.
- President Biden is at the Department of Labor for an event honoring the nation’s labor history at 12:15 p.m. EDT.
- President Biden and the First Lady host a Hanukkah Holiday reception at 7:45 p.m. EDT.
M&A Activity and News: None of note.
Moving Averages On Major Equity Indexes: Moves back down to 57% from 63%.
Meeting & Conferences of Note:
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- Sellside Conferences:
- Sellside Conferences:
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- Fireside Chat: None of note.
- Top Analyst, Investor Meetings:
- Shareholder Meetings:
- Update: None of note.
- R&D Day: None of note.
- FDA Presentation:
- Company Event: None of note.
- Industry Meetings or Events:
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.
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- Upgrades: AEIS CON BMY USPH DNLI AME M LFST
- Downgrades: MDB EDIT RHI PBF MCHP IBP F CNX
