Overnight Summary & Early Morning Trading: The S&P 500 finished Friday lower by -1.71% at 6013.13. Thursday lower by -0.43% at 6117.52. The overnight high was hit at 6067.50 at 4:20 a.m. EDT and the low was hit at 6034 at 6:00 p.m. EDT. The overnight range is 33 points. The current price is higher at 7:10 a.m by 0.48% at 6058 up by +28.25 points.
Executive Summary: Last week we noted there could be a retest of 6100 and then 6000 on the S&P 500. That is what happened on Friday. Though we did not break 6000. So since December the S&P 500 has traded in a range of 6000 to 6100.
Articles of Note: “Germany Needs An Economic Miracle” by Chris Bryant, Bloomberg.
*Note that certain articles highlighted may require a subscription. We highlight noted sources like the WSJ or Bloomberg that have wide audiences.
Daily Chart: Rocket Lab (RKLB) is a new Type 4 Long Squeeze. It is at risk for more weakness as longs sell and there are few shorts to cover.
Key Events of Note Today:
- No key economic events of note today.
- The Dallas Fed Manufacturing Survey is due out at 10:30 a.m. EDT.
- 2-Year Note Auction at 1:00 p.m. EDT
Notable Earnings Out After The Close
- Beats: HEES +0.16 of note.
- Flat: None of note.
- Misses: HE -0.19 of note.
- IPOs For The Week: APUS, BMGL, EPSM, FATN, MCRP, RYET,
WGRX - New IPOs/SPACs launched/News:
- IPOs Filed/Priced: None of note.
- Secondaries Filed or Priced:
- RUM: Form S-3.. 103,333,333 Shares of Common Stock
- EPWK Full Exercise of Underwriters’ Over-Allotment Option
- Notes Priced:
- Direct Offering: None of note.
- Exchangeable Subordinate Voting Shares: None of note.
- Selling Shareholders of note:
- RUM files for 103,333,333 share common stock offering by selling shareholder.
- Mixed Shelf Offerings:
- CISS: Form F-3.. $100,000,000 Mixed Shelf
- IIPR: Form S-3ASR.. Mixed Shelf
- SMX: Form F-3.. $45,000,000 Mixed Shelf
- QSR: FORM S-3ASR – Mixed Shelf Offering
- CAN files mixed shelf securities offering
- IDA files mixed securities shelf offering
- PIPE:
- Convertible Offerings & Notes Filed:
Biggest Movers Up & Down Last Week:
- Movers Up: AMN (27.91 +19.17%), BHC (7.33 +18.99%), NVO (88.31 +13.41%), ENTA (8.09 +13.31%), NTLA (12.1 +13.08%), MD (15.75 +12.1%), MERC (7.7 +17.74%), SSRM (10.26 +12.25%), CSTM (10.48 +12.15%), FTAI (128.47 +13.1%), BABA (143.44 +15%), SABR (4.52 +27.18%), GDS (44.97 +14.88%), STM (27.6 +12.72%), LX (9.35 +14.02%), HLF (8.33 +48.13%) of note.
- Movers Down: NEO (10.92 -24.27%), TDOC (11.46 -20.06%), CE (52.47 -22.91%), HBM (7.07 -22.79%), JELD (6.02 -31.51%), GLDD (8.36 -23.97%), CVNA (224.31 -21.39%), SNBR (14.52 -21.09%), MTLS (5.91 -38.57%), GLOB (155.69 -30.64%), UIS (4.7 -30.13%), AKAM (77.57 -22.44%), EPAM (209.91 -21.12%), TRUP (33.1 -33.32%), DFIN (48.71 -26.03%), FRPT (101.96 -21.33%) of note.
News After The Close:
- President Donald Trump to sign memorandum directing the Committee on Foreign Investment to restrict Chinese investments. (Reuters)
- RTX awarded a $322.5 mln modification to US Army contract.
- 10K or Qs Delays – none of note.
Exchange/Listing/Company Reorg and Personnel News:
Buybacks:
Dividends Announcements or News:
- Stocks Ex Div Today: KLAC PSX EXC MCHP IP WMG SNA CNA PAG SWKS MUSA WYNN CHE MSKI AEIS RDN BCC BC OGN SEB HCC HNI NTB DAC DX GSL IRMD.
- Stocks Ex Div Tomorrow: WELL CO CDW ROL ATO VIV VOYA RHI TKR CE GFF PAX CNXN LOB MCS
- DD increases quarterly cash dividend 8% to $0.41/share from $0.38/share.
What’s Happening This Morning: (as of 8:15 a.m. EDT) Futures S&P 500 +32, NASDAQ +94, Dow Jones +283 and Russell 2000 +12.85 . Europe is higher ex the FTSE with Asia lower ex China. Bonds are at 4.45% from 4.48% yesterday on the 10-Year. Crude Oil and Brent Crude are lower with Natural Gas lower as well. Gold is higher with Silver and Copper lower. The U.S. Dollar is lower versus the Euro, lower against the Pound and higher against the Yen. Bitcoin is at $95,515 from $99,381 lower by $-160 by -0.16%.
- Daily Positive Sectors: Consumer Defensive of note.
- Daily Negative Sectors: All others led by Technology, Industrials and Materials of note.
- One Month Winners: Consumer Defensive, Healthcare and Real Estate 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)
- Monday After the Close:
- Tuesday Before The Open:
Notable Earnings of Note This Morning:
- Beats: WLK +0.33, OC +0.28 of note.
- Flat: of note.
- Misses: FDP -0.15, BCRX -0.08, DPZ -0.01 of note.
- Still to Report: None of note.
Company Earnings Guidance:
- Positive Guidance: BCRX of note.
- Negative or Mixed Guidance: UNIT of note.
Advance/Decline Daily Update: The A/D fell to major support making new lows and back to struggling.
Gap Ups & Down In Early Pre-Market: (+2% or down more than -2%):
- Gap Up: IOBT +17.3%, MTAL +6.9%, SMMT +6.4%, SSL +5.6%, KOS +5.3%, SOPH +4.2%, OC +3.3%, AB +3.2%, FFIE +2.5%, BCRX +2.5%, TLX +2.2% of note.
- Gap Down: DPZ -3.4%, AAPL -1.1% of note.
Insider Action: SLDB FLWS see Insider Buying with dumb short selling. BV TTSH sees 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: Apple to add 20,000 jobs. (Bloomberg)
- Market Wrap: US Futures point to a bounce after Friday’s slump. (Bloomberg)
- Stocks Making The Biggest Moves: DPZ RIVN BABA. (CNBC)
- 5 Things To Know Before the Market Opens. (CNBC)
- Bloomberg: Odd Lots- This is what it takes to make a great company. (Podcast)
Economic:
- Economic Releases. Monthly Releases of note this week include Consumer Confidence, New Home Sales, Q1 GDP, Durable Orders, Pending Home Sales, Personal Income, PCE Core and Chicago PMI.
Geopolitical: (Watch our Twitter feed, Bullet86, for any impromptu appearances)
- President Trump’s Daily Schedule.
- President Trump spends the day with the French President.
- President Trump and the French President participate in call with the G-7 at 8:00 a.m. EDT.
- President Trump and the French President greet each other at 12:15 p.m. EDT and then hold a bilateral meeting and meet for lunch.
- President Trump and the French President hold a press conference at 2:00 p.m. EDT.
- No Fed Speakers of note.
M&A Activity and News:
- .
Moving Average Table: Moves from 80% to 23%.
Meeting & Conferences of Note:
-
- Sellside Conferences:
- B. Riley Precision Oncology & Radiopharma Conference
- BMO Metals Mining & Critical Materials Conference
- J.P. Morgan Global High Yield & Leveraged Finance Conference
- JP Morgan Global Emerging Markets Conference
- Susquehanna Tech Conference
- Sellside Conferences:
-
- Shareholder Meetings: AGEN, ILMN, NAOV
- Top Analyst, Investor Meetings: CYBR, PLTR, TEVA
- Update: None of note.
- Fireside Chat
- R&D Day: None of note.
- FDA Presentation: NVS: PDUFA Date for Fabhalta
- Industry Meetings or Events:
- ACTRIMS Forum
- World Allergy Organization
- Bitcoin Investor Week
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: XPO WING TDG SEM SAIA RTX ODFL NKE JHG FRPT FND
- Downgrades: RIVN LCID
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