CAPIS Morning Note – 12/27/24: Futures Lower In U.S. But Positive Day In Europe and Asia. Two Days To Go In 2024 After Today.

Overnight Summary & Early Morning Trading: The S&P 500 closed Thursday lower by -0.04% at 6037.59 from Tuesday higher by 1.10% at 6040.04. The overnight high was hit at 6095.25 at 7:00 p.m. EDT and the low was hit at 6070.25 at 4:55 a.m. EDT. The overnight range is 25 points. The current price is […]

Overnight Summary & Early Morning Trading: The S&P 500 closed Thursday lower by -0.04% at 6037.59 from Tuesday higher by 1.10% at 6040.04. The overnight high was hit at 6095.25 at 7:00 p.m. EDT and the low was hit at 6070.25 at 4:55 a.m. EDT. The overnight range is 25 points. The current price is lower at 7:00 a.m down by -0.34% down -21 at 6074.25.

Executive Summary: Tuesday started the Santa Claus Rally that lasts from the Tuesday before Christmas through the first two trading days of January. The second day was weak but off the lows down -0.04% and today is like yesterday morning’s weakness. Not a great start to day three of the Santa Claus Rally.

Key Events of Note Today:

- Weekly Natural Gas and Crude Oil Inventories will be released today along with Baker Hughes Rig Count.

Daily Chart Request: Want to see an Erlanger Chart in The Morning Note? Simply send an email to us at [email protected] and we will more than likely show it.

Skywest (SKYW) is a now a Short Squeeze. The Tech Rank has improved to 80%. Short Intensity is 63% with the Erlanger Short Ratio at 4.03. Let the Squeeze begin.

Notable Earnings Out After The Close

Beats: None of note.
Flat: None of note.
Misses: None of note.

Capital Raises:

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:
- CTM proposes common stock offering.
- HEPA: Form S-1 Offering.
- HLP: FORM F-3 – Up to 60,000,000 Ordinary Shares
- NRSN: Form F-3.. 5,280,000 Ordinary Shares
Notes Priced:
Direct Offering: None of note.
Exchangeable Subordinate Voting Shares: None of note.
Selling Shareholders of note:
Mixed Shelf Offerings:
- LYT: Form S-3.. $75,000,000 Mixed Shelf
- INHD: Form S-3 $150,000,000 Mixed Shelf
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 After The Close:

Movers Up: GDYN +11.4% of note.
Movers Down: CLW -3% of note.

News After The Close:

- 10-K Delays – None of note.
- Martin Midstream (MMLP) announces termination of merger agreement with MRMC.
- Suzano (SUZ) says no formal or informal agreement has been reached to acquire Clearwater Paper (CLW).
- Index Changes:
  - Grid Dynamics (GDYN) will replace Revelyst (GEAR) in the S&P SmallCap 600 effective prior to the opening of trading on Thursday, January 2. GEAR is being bought and will cease to trade.

Buybacks

Exchange/Listing/Company Reorg and Personnel News:

FHB Vice Chairman and Chief Operating Officer Christopher Dods to resign, effective March 31, 2025

Dividends Announcements or News:

Stocks Ex Div Today: GE DHR MDT AMT CME PBR RCL RL ELS VIV SEIC FLS VMI XRAY PSEC CTS PMT HTLD CAL TRTX
Stocks Ex Div Tomorrow: MU ZBH MKC BEN CIB TIMB CIG NOG HASI INDB IVT CSR NHC JBGS SAFE SCS GSBC.

What’s Happening This Morning: (as of 8:00 a.m. EDT) Futures S&P 500 – , NASDAQ – , Dow Jones – and Russell 2000 – . Europe is higher with Asia higher as well. Bonds are at 4.611% from 4.629% on the 10-Year. Crude Oil and Brent are higher with Natural Gas higher as well. Gold, Silver and Copper were lower. The U.S. Dollar is lower versus the Euro, lower against the Pound and lower against the Yen. Bitcoin is at $96,800 from $95,736 higher by $1,310 up +1.37%.

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

Daily Positive Sectors: Financials, Healthcare and Industrials were higher yesterday.
Daily Negative Sectors: Utilities, Communication Services and Energy 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)

Friday After the Close: None of note.

Monday Before The Open: None of note.

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: The A/D fell to major support and is now in bounce mode.

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

Gap Up: GDYN +11.4%, CTM +5.1%, PFBC +2.7% of note.
Gap Down: CLW -7.6%, MMLP -1.7% of note.

Insider Action: None of note see 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: Trump Tariff Threats Are Setting Off A Global Supply Chain “Freakout”. (Bloomberg)
Market Wrap: US Futures Drop As Stocks Rise in Europe and Asia. (Bloomberg)
The South Korean Legislature impeach South Korean President Han Duck-soo. (WSJ)
Russian President Putin rejects calls for an immediate ceasefire, but says he is ready for talks with President-elect Trump on a long peace agreement. (Bloomberg)
NBA announces that “Christmas Day viewership increases 84% vs. last year, averaging 5.25 million viewers per game in the US”. Most games were on Walt Disney (DIS).
NFLX delivers the two most streamed NFL games in US history with an average audience of over 24 mln viewers each, highlighted by Beyonce’s epic halftime performance.
Treasury delays deadline for small businesses to file new forms to avoid filing for noncompliance. (CNBC)

Economic:

Weekly Crude Oil and Natural Gas Inventories are out this morning/afternoon at 1:oo p.m. EDT and 10:30 a.m. EDT respectively along with Baker Hughes Rig Count at 1:00 p.m. EDT.

Geopolitical: (Watch our Twitter feed, Bullet86, for any impromptu appearances)

President Biden and The First Lady are in St. Croix, U.S. Virgin Islands for a little R&R.
No Fed Speakers today.

M&A Activity and News: None of note.

Moving Averages On Major Equity Indexes: Remain at 73%.

Meeting & Conferences of Note:

- Sellside Conferences:
- Fireside Chat: None of note.

- Top Analyst, Investor Meetings: None of note.
- Shareholder Meetings: ATNF, DRCT, NCTY, STAF
- 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.

- - Upgrades: MMYT
  - Downgrades: