Overnight Summary & Early Morning Trading: The S&P 500 closed Friday lower by -1.11% at 5970.84. Thursday lower by -0.04% at 6037.59. The overnight high was hit at 6036.25 at 6:00 p.m. EDT and the low was hit at 6003.50 at 2:30 a.m. EDT. The overnight range is 34 points. The current price is lower at 7:55 a.m down by -0.90% down -54 at 5972.75.
Executive Summary: Tuesday started the Santa Claus Rally that lasts from the Tuesday before Christmas through the first two trading days of January. Not a great start to day four of the Santa Claus Rally as we are lower by -0.05% after Friday and now you can tact on another -0.90%.
Key Events of Note Today:
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- Chicago PMI and Pending Home Sales will be released this morning at 9:45 a.m. EDT and 10:00 a.m. EDT.
- 3 & 6 Month Bill Auctions at 11:30 a.m. EDT.
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.
O’Reilly Automotive (ORLY) is a now a Long Squeeze. The Tech Rank has fallen to 30%. Short Intensity is 29% with the Erlanger Short Ratio at 2.22. Be careful if you are in this name.
Notable Earnings Out After The Close
- Beats: None of note.
- Flat: None of note.
- Misses: None of note.
- IPOs For The Week: CRE, DGX, FTRK, PHH, SKBL
- New IPOs/SPACs launched/News: None of note.
- IPOs Filed/Priced: None of note. Secondaries Filed or Priced:
- CSLR: Form S-3.. Up to 12,416,071 Shares of Common Stock
- CVM: Pricing of $5 Million Public Offering
- Notes Priced:
- FSK Completes Public Offering of $100 million 6.125% Unsecured Notes Due 2030
- Direct Offering: None of note.
- Exchangeable Subordinate Voting Shares: None of note.
- Selling Shareholders of note:
- TC files for 761,719 ADS offering by selling shareholder
- Mixed Shelf Offerings:
- UAMY files for $100 mln mixed securities shelf offering
- UP files for $400 mln mixed securities shelf offering
- PIPE: PBM Closing of $2.0 Million Private Placement
- 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: MESO (17.55 +19.96%), OMER (11.6 +12.46%), DESP (19.35 +32.05%), PLYA (12.29 +27.89%), HMC (28.73 +20.26%), GRPN (12.04 +15.77%), SERV (16.35 +11.88%), TM (199.19 +11.8%), GDS (22.27 +12.45%) of note.
- Movers Down: ANAB (13.16 -9.55%), QUAD (7.02 -8.24%), EYE (10.59 -8.51%), SKY (88.26 -8.1%), SNBR (15.1 -7.48%), NAVI (13.06 -8.42%), of note.
News After The Close:
- Former President Jimmy Carter the 37th President of the United States passed away over the weekend. He was 100 years old. (BBC)
- A State Funeral for Carter will be held on January 9th so markets will be closed next Thursday.
- A South Korean airplane crashed over the weekend killing 179. The plane was a Boeing (BA) plane. (NBC News)
- Treasury Secretary Yellen notes that “extraordinary measures” will be used as soon as January 14th. (NYT)
Exchange/Listing/Company Reorg and Personnel News:
Dividends Announcements or News:
- Stocks Ex Div Today: MU ZBH MKC BEN CIB TIMB CIG NOG HASI INDB IVT CSR NHC JBGS SAFE SCS GSBC.
- Stocks Ex Div Tomorrow:
What’s Happening This Morning: (as of 8:00 a.m. EDT) Futures S&P 500 -60 , NASDAQ -227, Dow Jones -362 and Russell 2000 -14.69. Europe is lower ex Frnace with Asia lower across the board. Bonds are at 4.585% from 4.611% on the 10-Year. Crude Oil and Brent are higher with Natural Gas higher as well. Natural Gas is up 16.17% today!! Gold and Silver are higher with Copper lower. The U.S. Dollar is lower versus the Euro, lower against the Pound and lower against the Yen. Bitcoin is at $93,701 from $96,800 higher by $182 up +0.17%.
- Daily Positive Sectors: None of note were higher yesterday.
- Daily Negative Sectors: Consumer Cyclical, Technology, Real Estate and Communication Services 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)
- Monday After the Close: None of note.
- Tuesday 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, bounced and is now falling again.
Gap Ups & Down In Early Pre-Market: (+2% or down more than -2%):
- Gap Up: SOL +4.5%, IDYA +3.6%, TC +3%, EQT +2.6%, AR +2.6% of note.
- Gap Down: WKEY -7.7%, UAMY -4.7%, STGW -2.9% 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: Jimmy Carter Has Died. (Bloomberg)
- Market Wrap: US Futures slip as Tech Rally wavers into year end. (Bloomberg)
- 5 Things To Know Before Market Opens. (CNBC)
- Stocks Making The Biggest Moves BA MSTR PLTR. (CNBC)
- $1 Trillion poured into ETFs this year. (WSJ)
- Putin apologizes for shooting down Azerbaijan Airlines after deadly crash. (Bloomberg)
- Trump supports H-1B visa program. (CNBC)
Economic:
- Chicago PMI for December is due out at 9:45 a.m. EDT and is expected to rise to 42.7 from 40.20. November Pending Home Sales are due out at 10:00 a.m. EDT and expected to fall to 0.9% from 2.0%.
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: Moves on Equities from 73% to 30%. Nice improvement in Energy. Others look ugly.
Meeting & Conferences of Note:
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- Sellside Conferences:
- Fireside Chat: None of note.
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- Top Analyst, Investor Meetings: BCLI, WISA
- Shareholder Meetings: MMLP, PANL, TCBP, VVPR
- Update: None of note.
- R&D Day: None of note.
- FDA Presentation:
- NBIX: PDUFA Date for Crinecerfont
- 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: CTXR
- Downgrades: JWN
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