CAPIS Morning Note – 12/24/24: Stocks Up Modestly. Stock Market Closes At 1:00 p.m. EDT and Bonds At 2:00 p.m. EDT.

• 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:
  • CAN files for $270 mln American Depositary Shares representing Class A Ordinary Shares offering.
  • ABP files for 28,850,000 shares of common stock offering; also files for secondary offering of 31,785,312 shares of common stock; both relate to warrants.
  • INM: Form S-1.. 3,000,000 Common Shares.
  • NCL: Form S-1.. Up to 30,084,400 Shares of Common Stock.
  • RRGB: FORM S-3 – 1,600,909 Shares of Common Stock
  • SIDU: Form S-3.. 10,229,838 Shares of Class A Common Stock
  • STSS: Form S-3.. 37,013 Shares of Common Stock
• Notes Priced:
• Direct Offering: None of note.
• Exchangeable Subordinate Voting Shares: None of note.
• Selling Shareholders of note:
  • CDTX files for 7,041,309 shares of common stock offering by selling shareholders.
• Mixed Shelf Offerings:
  • PRAX files mixed shelf securities offering. 
  • BLBD  files mixed shelf securities offering.
  • QBTS files $125 mln mixed shelf securities offering.
  • GTBP: Form S-1.. Mixed Shelf.
  • WLDS: FORM F-1 – Mixed Shelf Offering
• PIPE:.
• 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: EVTL +10.9%, INSW +7.2%, RCEL +4.4%,  ALTM +2.9% of note. 
• Movers Down:   ABP -7.4%, LMNR -4.8%, QBTS -2.9% of note.

News After The Close:

• • 10-K Delays – of note.
  • Builders FirstSource (BLDR) enters into a definitive agreement to acquire Alpine Lumber Company; Acquisition expected to be accretive to adjusted EPS in 2025
  • Mosaic (MOS) announces October and November sales volumes and revenue.
  • The Federal Reserve seeks public comment on changes to improve transparency of bank stress tests. (Press Release) 
  • Index Changes
    • International Seaways (INSW) will replace Consolidated Communications (CNSL) in the S&P SmallCap 600 effective prior to the opening of trading on Monday, December 30.
  • LMT awarded $3.37 bln U.S. Navy contract modification and $336 mln U.S. Navy contract modification.
  • RTX awarded $976 mln U.S. Army contract modification.

Buybacks

Exchange/Listing/Company Reorg and Personnel News:

• ZEUS CFO Richard A. Manson and COO Andrew S. Greiff agreed to terminate their employment and management retention agreements, effective December 18.
• ARHS COO John Moran departed the company, effective December 17.

• Stocks Ex Div Today: EFIN GBLI POR
• Stocks Ex Div Tomorrow:
• MOS 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 +6.25 , NASDAQ +44, Dow Jones -16 and Russell 2000 +2.02. Europe is high ex Germany with Asia lower ex Australia. Bonds are at 4.607% from 4.55% on the 10-Year. Crude Oil and Brent are higher with Natural Gas higher. Gold higher with Silver lower and Copper higher. The U.S. Dollar is higher versus the Euro, lower against the Pound and lower against the Yen. Bitcoin is at $94,078 from $95,857 higher by $1,172 +1.26%.

• Daily Positive Sectors: Technology, Healthcare, Communication Services and Energy were higher yesterday.
• Daily Negative Sectors: Consumer Defensive and Industrials were lower.
• 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)

• Tuesday After the Close: None of note.

• Thursday Before The Open: None of note.

Notable Earnings of Note This Morning:

• Gap Up: POET +6.8%, INSW +6.6%, EVTL +5.7%, TLRY +4.9%, ALTM +4.4%, ARHS +4.3%, CAN +2.9%  of note.
• Gap Down: ABP -8.7%, AAL -5.2%, BRKR -4.8%, CDTX -3.8%, CBL -2.6% of note.

Insider Action: CCCS sees Insider buying with dumb short selling. LILA LOVE RNAC RMBL 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: Wall Street Sides With Fed and Sees Lower Rates in 2025. (Bloomberg)
• Market Wrap: US Futures Flag a Muted Open. (Bloomberg)
• 5 Things To Know Before The Market Opens. (CNBC)
• Stocks Making The Biggest Moves Pre-Market: . (CNBC)
• American Airlines (AAL) grounded all planes earlier this morning due to a technical issue but that has ended. (CNBC)
• FDA says the Zepbound shortage in Eli Lilly (LLY) drug is over for weightloss drugs. (CNBC)

M&A Activity and News: None of note.

Moving Averages On Major Equity Indexes: Moves to 56% from 27%.

Meeting & Conferences of Note:

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.

• • • Upgrades:  EAT
    • Downgrades: