Overnight Summary & Early Morning Trading:
- The S&P 500 finished Thursday higher by 0.11% at 6857.12 from Wednesday higher by 0.30% at 6849.72.
- S&P 500 hit its 34th All-Time Closing High of 2025 on 10/29.
- Futures are higher this morning by +11.50 (+0.17%) at 6878.50 on the S&P 500 around 6:15 a.m. EST.
- Year to date the S&P 500 is up by 16.59% from 16.46% on Friday’s close.
Executive Summary:
- Bond Market is higher today on price with the 10-Year Yield lower at 4.112% from 4.081%.
- The S&P 500 sees support now at 6800 from 6700. 6900 by the close of the week? Theme for the week.
- Can Bitcoin find a bottom this week or does it have to wait until the FOMC is out next week? So far up +1.86% for the week after a heinous Monday, -5.92%.
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.
- Monthly – Personal Income, Factory Orders and University of Michigan Consumer Sentiment are due out.
- Weekly –Baker Hughes Rig Count due out.
- President Trump schedule:
- President Trump has an Intelligence Briefing, attends FIFA World Cup Drawing, signs Executive Orders
- President Trump and the First Lady attend a concert.
- Federal Reserve Speakers – In Blackout Period until December 10th.
Notable Earnings Out After The Close:
- Beats: ULTA +0.53, ZUMZ +0.28, RBRK +0.29, AGX +0.13, DOCU +0.09, TTAN +0.09, DOMO +0.06, COO +0.04, HPE +0.04, IOT +0.03, S +0.02, SWBI +0.02 of note.
- Misses: None of note.
- Flat: SFIX of note.
Capital Raises:
- IPOs For The Week: None of note.
- New IPOs/SPACs launched/News: None of note.
- IPOs Filed/Priced: None of note.
- Secondaries Filed or Priced:
- BLNK: Form S-1.. Up to 14,814,814 Shares of Common Stock.
- CAPR – Proposed Public Offering of Common Stock.
- IMTX – $125 Million Underwritten Offering.
- SMSI: Form S-1.. 2,236,136 Shares of Common Stock and Up to 6,873,350 Shares of Common Stock Issuable Upon Exercise of Warrants.
- SOFI – Pricing of Public Offering of Common Stock.
- SYM – Pricing of Primary and Secondary Offering of Class A Common Stock.
- TARA – Pricing of $75 Million Public Offering.
- WALD: FORM F-3 – Up to 9,819,000 Class A Ordinary Shares.
- Notes Filed Or Priced: None of note.
- Convertibles Filed or Priced:
- FSLY – Prices Upsized $160.0 Million Convertible Senior Notes Offering.
- Direct Offering: None of note.
- Exchangeable Subordinate Voting Shares: None of note.
- Private Placements:
- VRAX – Closing of $5 Million Private Placement.
- Selling Shareholders: None of note.
- Mixed Shelf Offerings:
- RDGT: Form F-3.. $200,000,000 Mixed Shelf.
- RDNT: Form S-3ASR Mixed Shelf.
- SKYT: FORM S-3ASR – Mixed Shelf Offering.
News After The Close:
- Salesforce (CRM) announces that AstraZeneca (AZN) has selected Agentforce Life Sciences for Customer Engagement to help transform its customer engagement globally
- ULTA beats by $0.53, beats on revs; comp sales +6.3%; raises FY26 EPS and revenue guidance above consensus
Exchange/Listing/Company Reorg and Personnel News:
- BCC announces retirement of COO Jeff Strom, effective March 3, 2026.
- PTC appoints Jennifer DiRico as CFO ,effective Jan 1, 2026.
- AAPL announces that Jennifer Newstead will become company’s general counsel on March 1, 2026, following a transition of duties from Kate Adams, who has served as general counsel since 2017.
- S announces CFO transition; appoints Barry Padgett as interim CFO.
Buybacks:
- UNM authorizes $1 billion share repurchase program.
Dividends Announcements or News:
- Stocks Ex Div Today of note: BAC PEP BLK BKNG UNP TT WM ELV GM AJG D AME NTRS TPR GPC KIM TAP ONB BPOP CHDN KNX SEE of note.
- Stocks Ex Div Monday of note: UNH ADI BDX RCI FAF RAL MAIN K0F KTB SEI NIC of note.
- OC increases quarterly cash dividend 15% to $0.79 per share from $0.69 per share.
- UTZ increases annual dividend to $0.252/share from $0.244 per share.
What’s Happening This Morning: (as of 7:35 a.m. EST)
- Futures S&P 500 +13 NASDAQ 100 +86 Dow Jones +45 Russell 2000 -2.50 Europe is higher and Asia is higher ex Japan. Bond yield is at 4.112% from 4.081% on the 10-Year. Crude Oil and Brent Crude are lower with Natural Gas higher. Gold, Silver and Copper are higher. The U.S. Dollar is lower versus the Euro, lower against the Pound and higher against the Yen. Bitcoin is at $91,361 from $92,991 on Thursday lower by -1.01% which is at $-924.
Sector Action:
- Daily Positive Sectors: Industrials, Communication Services, Energy and Financials were higher.
- Daily Negative Sectors: Consumer Defensive, Healthcare and Consumer Cyclicals 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: None of note
- Monday Before The Open: None of note
Notable Earnings of Note This Morning:
- Beats: SAIC +0.50, of note.
- Misses: BETA -9.41 of note.
- Flat: None of note.
- Still to Report: None 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: TIGR +8.4% of note.
- GapDown: CURV -13.7% 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: TH RPD FOSL 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: Warner Bros Begins Exclusive Talks With Netflix. (Bloomberg)
- Market Wrap: S&P 500 Futures push higher with record in sight. (Bloomberg)
- Netflix says its struck a deal to buy Warner Bros Discovery. (CNBC)
- Southwest (LUV) cuts earnings on government shutdown. (CNBC)
Bolded on story link means behind a Pay Wall.
Economic & Geopolitical:
- Federal Reserve Speakers of note today:
- In Blackout Period until December 10th.
- President Trump’s schedule for today:
- President Trump receives his Intelligence Briefing at 10:00 a.m. EST.
- President Trump attends the FIFA World Cup Drawing at 11:40 a.m. EST.
- President Trump signs Executive Orders at 3:00 p.m. EST.
- President Trump and The First Lady attend a Concert by Andrea Bocelli at 8:00 p.m. EST
- Economic Data Out
-
- September Personal Income is due out at 8:30 a.m. EST.
- October Factory Order is due out at 10:00 a.m. EST and there was no data for September.
- December University of Michigan Consumer Sentiment is due out at 10:00 a.m. EST and is expected to rise to 52 from 51.
- Weekly Baker Hughes Rig Count is out at 1:00 p.m. EST
M&A Activity & Daily Changes: None of note.
Moving Average Table:
Meeting & Conferences of Note:
- Sellside Conferences:
- BAC Defense Technology Forum
- Evercore Empowering Innovation: Software
- Jefferies Renewables & Clean Energy
- Wolfe Consumer Small Group Conference
- Top Analyst, Investor: AGIO AXGN BMY CADL FULC SLG
- Shareholder Meetings: CODX MSFT NOW ONCO PAVM
- Fireside Chat: None of note.
- FDA Presentation: None of note.
- R&D Day: None of note.
- Meetings:
- AWS re:Invent
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: ALB HUM STLA of note.
- Downgrades: KOS RHI of note.