CAPIS Morning Note – 2/13/25: PPI Due Out Shortly, Will It Rise As Well?

• IPOs For The Week: BTAI, GSAT, KORU, NEXN, NIVF, RIME, SCCO,
  TCBP 
• New IPOs/SPACs launched/News:
• IPOs Filed/Priced: None of note. 
• Secondaries Filed or Priced:
  • AEP files prospectus supplement related to the offer and sale from time to time of shares of $1.7 bln in common stock.
• Notes Priced:
• Direct Offering: None of note.
• Exchangeable Subordinate Voting Shares: None of note.
• Selling Shareholders of note:
  • RNR files for 1,322,541 shares of common stock offering by selling shareholder.
• Mixed Shelf Offerings:
  • RXRX  files mixed shelf securities offering.
  • CNA files mixed shelf securities offering. 
  • STAG files mixed shelf securities offering.
  • AM files mixed shelf securities offering.
• PIPE:
• Convertible Offerings & Notes Filed:

Biggest Movers Up & Down Yesterday:

• Movers Up: CSCO +6.8%, APP +27.7%, BROS +24.2%, HOOD +16%, MGM +10.8%,  RBBN +8.3%, ASND +7.6%, QTWO +7.4%, PLMR +5.7%, SCI +5.3%, GTY +4.4%, HUBS +4.3%, AUR +4.2%, CTRE +4.1%, UPWK +3.3%, ALB +3%, CW +3%, PAYC +2.5% of note. 
• Movers Down: ASPN -35%, TTD -27.3%, FSLY -20.7%, RDDT -16.2%,   GXO -10.2%, CRBG -8.5%, RPD -6.2%, CRSR -5.7%,MKSI -5.6%, PEGA -5.1%, ROL -5%, KGC -4.8%, TXG -4.8%, ATRC -4.5%, CXT -4.1%  of note.

News After The Close:

• Alliance Bernstein (AB) announces that preliminary assets under management increased to $809 billion during January 2025 from $792 billion at the end of December. 
• President Trump says he will sign reciprocal tariffs order “today or tomorrow” .
• US intelligence believes Israel is considering significant strikes on Iranian nuclear sites. (WSJ)
• CE cuts its quarterly dividend to $0.03 from $0.70; annual yield of 0.2% (in-line with previous planned reduction).
• Transocean (RIG) provides quarterly fleet status report.
• The Trade Desk (TTD) fallsby -26% on Q4 results; drags down companies with online ad exposure. 
• 10K or Qs Delays – none of note.

Exchange/Listing/Company Reorg and Personnel News:

• ACIC appointed B. Bradford Martz as Chief Executive Officer and President of ACIC.
• EQT appoints Thomas F. Karam, an existing director of the Company, to serve in the role of independent Board Chair.

Buybacks:

• RCL announces $1 billion share repurchase program.
• CNO announces $500 million increase to securities repurchase authorization,
• HUBB approves a new share repurchase authorization of up to $500 mln, set to expire in February 2028.
•  TTD approves an additional $564 mln under its share repurchase program; brings total up to $1.0 bln. 

• Stocks Ex Div Today: XOM  TGT PCAR URI KVUE TTEK LEVI BOKF OMF HOMB AROC NXST ST SASR WT WINA WLFC
• Stocks Ex Div Tomorrow: LLY CVX SHEL SIEGY AMGN SCHW KKR SBUX COP DUK CTAS MMM EMR EQNR TFC COR KR MSCI OTIS WEC HSY SW CHD CMS TER GEN BAH JEF CF DOC TECH SJM AIT WAL IVZ AGCO OSK MSA REYN SIGI FCFS MGY IBOC KGS MMS SBRA ALE.
• CSX increases quarterly dividend to $0.13/share from $0.12/share.
• EQIX increases quarterly cash dividend 10% to $4.69/share from $4.26/share.
• RCL increases quarterly cash dividend 36% to $0.75/share from $0.55/share.
• GPI increases quarterly cash dividend 6% to $0.50/share from $0.47/share.
• RHI increases quarterly cash dividend to $0.59/share from $0.53/share.  
• AVA increases quarterly cash dividend to $0.49/share from $0.475/share.
• CE cuts its quarterly dividend to $0.03 from $0.70; annual yield of 0.2% (in-line with previous planned reduction).

What’s Happening This Morning: (as of 8:15 a.m. EDT) Futures S&P 500 -4, NASDAQ +12, Dow Jones+2 and Russell 2000 +9.20. Europe is mixed with Asia mixed as well. Bonds are at 4.603% from 4.541% yesterday on the 10-Year. Crude Oil and Brent Crude are lower with Natural Gas higher. Gold higher, Silver lower and Copper higher. The U.S. Dollar is lower versus the Euro, lower against the Pound and lower against the Yen. Bitcoin is at $95,864 from $96,141 lower by $1335 by -1.37%.  Additional Comments:

• Daily Positive Sectors: Consumer Defensive and Communication Services were higher.
• Daily Negative Sectors: Energy, Industrials, Real Estate and Financials of note.
• One Month Winners: All except for Technology of note.
• Three Month Winners: Communication Services, Consumer Cyclical, Financials and Technology of note.
• Six Month Winners: Consumer Cyclical, Financials, Communication Services, Technology, Utilities and Industrials of note.
• Twelve Month Winners: Technology, Communication Services, Financials, Consumer Cyclical and Utilities note.
• Year to Date Winners:   Communication Services, Materials, Financials, Healthcare and Utiltities of note.

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

• Thursday After the Close: 

• Friday Before The Open:

Notable Earnings of Note This Morning:

• Gap Up: APP +29.5%, BROS +24.4%, HOOD +12.7%, MGM +10.5%, HIMX +8.2%, HUBS +6.9%, AUR +6.5%, CSCO +6.4%, CW +6.2%, EEFT +5.9%, SUZ +5.6%, RBBN +5.5%, TROX +5.2%, MTW +5.1%, ASND +4.6%, SONY +4%, IDYA +3.8%, YETI +3.7%, WD +3.6%, QTWO +3.3%, GTY +3.2%, PAYC +3.1%, ALB +3.1%, CTRE +3.1%, SBGI +3%, GEL +3%, ASX +2.9%, RCL +2.3%, ATEN +2.2%, UPWK +2%, SCI +2% of note.
• Gap Down: ASPN -33.9%, TTD -28.3%, FSLY -21.7%, ATAI -14.5%, ATAI -14.5%, RDDT -13.6%, TXG -12.5%, WST -10.7%, GXO -8.8%, AEIS -8.7%, BTI -8.3%, DE -7.3%, UL -6.6%, MKSI -6.5%, GLPG -6.1%, BCS -6%, FAF -5.9%, AVNT -5.1%, CAL -5%, SLF -5%, CRSR -4.2%, KGC -4%, PEGA -3.9%, RXRX -3.6%, MGNI -3.5%, EPRT -3.3%, PPC -3.1%, CGNX -3.1%, STNG -2.9%, IREN -2.9%, SMCI -2.8%, ROKU -2.7%, RPD -2.7%, WCN -2.4%, NWPX -2.1%, CXT -2%,of note.

Insider Action: None see Insider Buying with dumb short selling. None 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 Vows Reciprocal Tariffs Today. (Bloomberg)
• Market Wrap: US Stock futures gains lose on Euro and Tariffs. (Bloomberg)
• Stocks Making The Biggest Moves: HOOD DE CSCO. (CNBC)
• Chevron (CVX) to cut up to 20% of its workforce.

M&A Activity and News:

• .

Moving Average Table:  Drops to 63% from 67%.

Meeting & Conferences of Note:

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: VPG VIST KO GILD CSCO CAST
    • Downgrades: KHC