CAPIS Morning Note – 12/17/25: Stocks To Break Three Day Losing Streak?

Overnight Summary & Early Morning Trading: The S&P 500 finished Tuesday lower by -0.24% at 6800.26 from Monday lower by -0.16% at 6816.51. S&P 500 hit its 35th All-Time Closing High of 2025 on 12/11. Futures are higher this morning by +24 (+0.35%) at 6880 on the SP 500 around 6:05 a.m. EST. Year to […]

Overnight Summary & Early Morning Trading:

  • The S&P 500 finished Tuesday lower by -0.24% at 6800.26 from Monday lower by -0.16% at 6816.51.
  • S&P 500 hit its 35th All-Time Closing High of 2025 on 12/11.
  • Futures are higher this morning by +24 (+0.35%) at 6880 on the SP 500 around 6:05 a.m. EST.
  • Year to date the S&P 500 is up by 15.68% from 15.92% on Monday’s close.

Executive Summary:

  • Bond Market is higher today on price with the 10-Year Yield lower at 4.174% from 4.178%.
  • The S&P 500 sees support now at 6800 as it closed right on support. Can 6800 hold at support?
  • President Trump to speak to nation at 9:00 p.m. EST.
  • Does Amazon investment in OpenAI turn the skepitics on AI, Quantum and Power?

Key Events of Note Today:

  • Economic news of note is still delayed due to the government shutdown but we will be producing what is scheduled to be reported.
    • Weekly – MBA Mortgage Applications and Crude Oil Inventories
    • Monthly – Retail Sales and Business Inventories are due out this morning.
  • 20-Year Bond Auction at 1:00 p.m. EST.
  • 3 Fed Speakers of Note today.
  • President Trump schedule:
    • President Trump attends a Dignified Transfer Ceremony at Dover Air Force Base and then addresses the nation at 9:00 p.m. EST.

Notable Earnings Out After The Close:

  • Beats: None of note.
  • Misses: LEN -0.18 and WOR -0.05 of note.
  • Flat: None of note.

Capital Raises:

  • IPOs For The Week: CDNL JMG LMRI WLTH of note.
  • New IPOs/SPACs launched/News: None of note.
  • IPOs Filed/Priced: None of note.
  • Secondaries Filed or Priced: None of note.
  • Notes Filed Or Priced: None of note.
  • Convertibles Filed or Priced: None of note.
  • Direct Offering: None of note.
  • Exchangeable Subordinate Voting Shares: None of note.
  • Private Placements: None of note.
  • Selling Shareholders:
    • PUMP files for 16,600,000 share common stock offering by selling shareholders.
    • COHR files for 9,775,846 share common stock offering by selling shareholders.
  • Mixed Shelf Offerings:
    • HDSN files for $100 million mixed securities shelf offering.
    • PUMP mixed securities shelf offering.

News After The Close:

  • Warner Brothers Discovery (WBD) set to reject Paramount (PSKY) bid in favor of Netflix (NFLX) deal. (WSJ)
  • DBV Technologies (DBVT) announces positive topline results from Phase 3 VITESSE Trial of VIASKIN Peanut Patch in peanut allergic children aged 4-7 years.
  • Carrier Global (CARR) to sell its Riello business to Ariston Group for $430 million.
  • BA awarded a $930 million Navy contract.
  • EADSY awarded a $323 million modification to Army contract.
  • Frontier (ULCC) moving +5.2% higher after hours on report that Spirit Airlines is considering merger with ULCC amid restructuring.  
  • IMMR delay 10-Q.

Exchange/Listing/Company Reorg and Personnel News:

  • EPRT announces appointment of Robert W. Salisbury, CFA as Executive Vice President and CFO, effective January 1, 2026. 
  • KRMD appoints Eric Schiller as Chief Technology Officer, effective December 29, 2025.
  • MATV appoints Scott Minder as Chief Financial Officer, effective January 1, 2026.
  • SUI appoints Mark Patten as Chief Financial Officer, effective January 5.
  • HY CFO Scott Minder to resign, effective December 31 as he goes to MATV.

Buybacks:

  • FULT also announces new $150 million share repurchase program.
  • GRBK authorized a new $150 million share repurchase program.
  • NRDS authorizes $50 million increase to its share repurchase program.
  • REPX authorizes new $100 million share repurchase program.

Dividends Announcements or News:

  • Stocks Ex Div Today of note: ARES VICI ES TEF FNF CPT PR OLED MTH FG of note.
  • Stocks Ex Div Tomorrow day of note:  CRM HBAN SNV RNST ASO KLIC of note.
  • FULT increases quarterly dividend to $0.19/share from $0.18/share.

What’s Happening This Morning: (as of 7:45 a.m. EST)

  • Futures S&P 500 +25 NASDAQ 100 +111 Dow Jones +101  Russell 2000 +8.80  Europe is mixed and Asia is mixed. Bond yield is at 4.178% from 4.178% on the 10-Year. Crude Oil and Brent Crude are higher with Natural Gas higher. Gold, Silver and Copper are higher. The U.S. Dollar is higher versus the Euro, higher against the Pound and higher against the Yen. Bitcoin is at $87,029 from $87,139 yesterday morning lower by -0.69% which is at $-610

Sector Action:

  • Daily Positive Sectors: Technology, Consumer Cyclical and Communication Services were higher.
  • Daily Negative Sectors: All others were lower.
  • One Month Winners: Healthcare Services, Utilities, Technology, Industrials, Materials and Consumer Defensive of note.
  • Three-Month Winners: Communication Services, Technology, Materials, Utilities and Healthcare of note.
  • Six-Month Winners: Technology, Communication Services, Industrials and Consumer Cyclicals of note.
  • Twelve-Month Winners: Communication Services, Technology, Financials, Consumer Cyclical, and Industrials of note.
  • Year to Date Winners: Communication Services, Materials, Technology, Financials, Utilities and Industrials of note.

Bolded means the Sector is new to the period in which it falls.

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

  • Today After the Close: 

  • Tomorrow Before The Open: 

Notable Earnings of Note This Morning:

  • Beats: GIS +0.07 of note.
  • Misses: ABM -0.22 of note.
  • Flat: None of note.
  • Still to Report: JBL TTC WS of note.

Company Earnings Guidance:

  • Positive Guidance: This Morning – None of note.
  • Negative or Mixed Guidance: This Morning – None of note.

Advance/Decline Daily Update:

Gap Ups & Down In Early Pre-Market: (+2% or down more than -2%):

  • GapUp: DBVT +39.8%, HUT +24.5%, ULCC +8.9%, ZIM +3.9%, COHR +3.8%, ALVO +3.8%, PUMP +2.9%, FULT +2.9%, RKLB +2.5% of note.
  • GapDown: PLCE -32.5%, WOR -8.2%, LEN -4%, IPX -2.2% of note.

Options Activity: Calls and Puts Top Ten Names Sorted Volume. Highlighted names are new to the most active list. No new outliers of note.

Insider Action: None see Insider Buying with dumb short selling. None see Insider Buying with smart short sellers. Above $100,000 in purchases with high shorts but no history: None

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

  • Bloomberg Lead Story: Trump Orders Blockade of Sanctioned Oil Tankers in Venezuela. (Bloomberg)
  • WSJ Lead Story: White Collar Workers See Security Slip Away as AI Rises. (WSJ)
  • NY Times Business Section Lead Story: Senators Investigate The Role of AI and Data Centers in Rising Electricity Costs. (NYT)
  • Markets Wrap: U.S. Futures . (Bloomberg)
  • President Trump to interview Federal Reserve Governor Christopher Waller for the top job at the Fed.
  • U.S. is preparing new Russian sanctions if Russian President Putin rejects the peace deal.
  • Warner Brothers Discovery (WBD) tells Paramount we are partnering with Netflix, see ya.
  • Amazon (AMZN) in discussions to invest $10 billion in OpenAI.
  • President Trump is preparing an executive order that will limit stock buybacks, dividends, and executive compensation for military contractors. (PunchBowl)

Bolded on story link means behind a Pay Wall.

Economic & Geopolitical:

  • Federal Reserve Speakers of note today: 
    • Federal Reserve Governor Waller on CNBC at 8:15 a.m. EST.
    • Federal Reserve NY President Williams at 9:05 a.m. EST
    • Federal Reserve Atlanta President Bostic at 12:30 p.m. EST
  • President Trump’s schedule for today:
    • President Trump attends a Dignified Transfer Ceremony at Dover Air Force Base at 2:00 p.m. EST.
    • President Trump addresses the nation at 9:00 p.m. EST.
  • Economic Data Out – 
    • Weekly
      • MBA Mortgage Applications are out at 7:00 a.m. EST.
      • Crude Oil Inventories at 10:30 a.m. EST
    •  Monthly
      • Retail Sales for November are due out at 8:30 a.m. EST and expected to come in at 0.20% from 0.00%.
      • Business Inventories for October are due out at 10:00 a.m. EST and expected to come in at 0.10% from 0.20%.

M&A Activity & Daily Changes: None of note.

Moving Average Table:  

Meeting & Conferences of Note:

  • Sellside Conferences:
    • Goldman Sachs Third Annual “Year-Ahead” Catalyst
    • Raymond James Security Investor Conference
  • Top Analyst, Investor: PECO, UPXI
  • Shareholder Meetings: AZO, LPTH, THO 
  • Fireside Chat: None of note.
  • FDA Presentation: None of note.
  • R&D Day: None of note.
  • Meetings:
    • Webull CCS Investment Crypto Webinar

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: CHD PG of note.
  • Downgrades: AVTR BALY CLVT FTNT of note.