Quote of the Day: “We now have inflation coming in from an exogenous source, but the underlying inflationary picture before that was basically 2½% inflation, 2% growth and 4% unemployment,” said Fed Chair Jerome Powell on Wednesday. The exogenous source is Tariffs.
Overnight Summary & Early Morning Trading: The S&P 500 finished Wednesday higher by 1.08% at 5675.29 effectively where we closed on Monday. Tuesday was lower by -1.07% at 5614.66. Futures are lower this morning by -27.75 (-0.43%) at 5705.25 around 7:15 a.m. EDT after being higher earlier in the session. The S&P 500 is back above 5600. The range is 500 points on the S&P 500 for the year, 5600 to 6100. Thought for the week: Moving above 5700 would be a big deal after recapturing 5600. We were only 25 points away from 5700 again after yesterday’s close.
Breaking: BOE holds rates. (Bloomberg)
Chart of the Day: How does Nvidia look after releases a ton of updates on partnerships yesterday? Chart is sideways but watch to see if it can clear $125.
Key Events of Note Today:
- Jobless Claims are out at 8:30 a.m. EDT.
- Philadelphia Fed Index out at 8:30 a.m. EDT, Existing Home Sales at 10:00 a.m. EDT and Leading Indicators at the same time.
- Natural Gas Inventories at 10:30 a.m. EDT.
- 10-Year TIPS Auction at 1:00 p.m. EDT.
Notable Earnings Out After The Close
- Beats: FIVE +0.10 of note.
- Misses: WS -0.13 of note.
- IPOs For The Week:
- New IPOs/SPACs launched/News:
- IPOs Filed/Priced: None of note.
- Secondaries Filed or Priced:
- AKBA announces proposed public offering of common stock.
- MCHP launches public offering of $1.35 bln of depositary shares
- Notes Priced:
- Direct Offering: None of note.
- Exchangeable Subordinate Voting Shares: None of note.
- Private Placements.
- Selling Shareholders of note:
- MDWD files for 1,266,141 shares of common stock offering by selling shareholder.
- LQDA files for 1,123,595 shares of common stock offering by selling shareholders.
- Mixed Shelf Offerings:
- MDWD files $125 mln mixed shelf securities offering.
- MCHP files mixed shelf securities offering.
- SKE files $525 mln mixed shelf securities offering.
- Convertible Offerings & Notes Filed:
Biggest Movers Up & Down Last Week: Well none posted as last week was too volatile for an update. If that does not mark the bottom, then I do not know what does.
- Movers Up: PRA +51.2%, FIVE +9.8%, FOUR +6.4% of note.
- Movers Down: AKBA -20.4, WS -5%, MCHP -3.3% of note.
News After The Close:
- The Doctors Company to acquire ProAssurance Corporation (PRA) for $25.00 per share in cash
- CoreWeave expecting to ask investors to pay $47-$55 per share when the AI startup begins its IPO road show this week. (Reuters)
- Raymond James (RJF) client assets under administration of $1.579 trillion versus $1.416 trillion last year.
- Edwards Life Science (EW) CMS received formal request to provide coverage for the EVOQUE tricuspid valve replacement system from EW.
- Nvidia (NVDA) mostly unchanged after its CEO Jensen Huang noted that the company has not been asked to acquire a stake in Intel (INTC). (Reuters)
- 10K or Qs Filings/Delays – (Filed), RILY FF RXT MVST FWRD (Delayed) of note.
Exchange/Listing/Company Reorg and Personnel News:
- NOV CFO Jose Bayardo promoted to COO; Rodney Reed, current President of Process Flow Technologies, promoted to CFO.
Buybacks:
Dividends Announcements or News:
- Stocks Ex Div Today: AVGO PM SRE VST VICI RKT NDSN UWMC SNV MAIN KLIC DOLE
- Stocks Ex Div Tomorrow:
- FE increases quarterly cash dividend to $0.445/share from $0.425/share.
What’s Happening This Morning: (as of 8:15 a.m. EDT) Futures S&P 500 -23, NASDAQ -107, Dow Jones -158, Russell 2000 -12.90. Europe is lower with Asia higher ex Japan. Bonds are at 4.203% from 4.295% yesterday on the 10-Year. Crude Oil and Brent Crude are higher with Natural Gas higher. Gold is lowerer with Silver but Copper is higher. The U.S. Dollar is higher versus the Euro, higher against the Pound and lower against the Yen. Bitcoin is at $85,254 from $83,798 lower by $-88 at -0.10%.
- Daily Positive Sectors: All sectors were higher. Third time in four days!!
- Daily Negative Sectors: None were lower.
- One Month Winners: Healthcare and Energy of note.
- Three Month Winners: Healthcare, Energy and Utilities of note.
- Six Month Winners: Utilities, Financials, Communication Services and Consumer Cyclicals of note.
- Twelve Month Winners: Utilities, Financials, Communication Services, Consumer Defensive and Technology of note.
- Year to Date Winners: Materials, Financials, Healthcare, Consumer Defensive, and Real Estate 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: CCL
Notable Earnings of Note This Morning:
- Flat: DRI of note
- Beats: TITN +2.60, PDD +0.78, SIG +0.37, GIS +0.16, ASO +0.13, FDS +0.11, GAMB +0.11, JBL +0.11, SCVL +0.11, CAL +0.07,DBI +0.05, ACN +-0.01 of note.
- Misses: ZK -3.16, BEKE -0.66, SRAD -0.04, CMC -0.03 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 making new lows, before a rebound the last three of four days.
Gap Ups & Down In Early Pre-Market: (+2% or down more than -2%):
- Gap Up: OPTN +59.8%, PRA +50.7%, FIVE +11.2%, EBS +4.3%, VEON +2.3% of note.
- Gap Down: AKBA -26.4%, YY -11.2%, SCVL -9.2%, MCHP -5.4%, EFXT -5.4%, HTHT -5.4%, PGEN -5%, LQDA -4.4%, TWFG -4.1%, LENZ -3.6%, PDD -3.5%, NOA -2.4%, ZK -2.2%, ITRI -2%, of note.
Insider Action: MAC FLWS OPRX sees Insider Buying with dumb short selling. GOGO 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.
- Market Wrap: U.S. Futures drop as Fed assurances wear off. (Bloomberg)
- Bloomberg: Treasuries Extend Gains As Market Bets On Lower Rates. (Bloomberg)
- Stocks Making The Biggest Moves: (CNBC)
- President Trump sent letter to Iran’s Supreme Leader Ali Khamenei saying there is a 2-month deadline for nuclear deal. (Axios)
- AMD Lisa Su goes after Nvidia. (CNBC)
- 5 Things To Know Before The Market Opens. (CNBC)
- Bloomberg The Big Take – The “China Shock” is destroying jobs around the world. (Podcast)
- Bloomberg Odd Lot – The Great Jones Act Debate. (Podcast)
Bolded Royal Blue means behind a Pay Wall.
Economic & Geopolitical:
- Weekly Jobless Claims are out at 8:30 a.m. EDT.
- Philadelphia Fed Index is due out at 8:30 a.m. EDT and expected to fall to 10 from 18.10.
- February Existing Home Sales are out at 10:00 a.m. EDT and are expected to fall to 3.95 million from 4.08 million.
- Last, February Leading Indicators are also out at the same time and are expected to improve to -0.2% from -0.3%
- Weekly Crude Oil Inventories are due out at 10:30 a.m. EDT.
- President Trump’s Daily Schedule.
- President Trump signs Executive Orders at 3:00 p.m. EDT and then participates in an Education Event at 4:00 p.m. EDT.
- Federal Reserve Speakers are ou blackout now.
M&A Activity and News:
- The Doctors Company to acquire ProAssurance Corporation (PRA) for $25.00 per share in cash.
Moving Average Table: Move from 23% to 23% today.
Meeting & Conferences of Note: (Not updated today, back tomorrow)
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- Sellside Conferences:
- Bank of America Global Industrials Conference
- Morgan Stanley European Financials Conference
- Oppenheimer Healthcare Conference
- RBC Ophthalmology Conference
- SidotiSmall Cap Conference
- TD Cowen Fiber-to-the-Home Symposium
- TD Cowen Life Sciences Winter Meeting & Ski Trip
- Sellside Conferences:
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- Shareholder Meetings: ANIX, DIS, DTIL, HBIO, KEYS, NB, PLBY, WGS
- Top Analyst, Investor Meetings: AJG, ALIT, HLX, MPWR, PLMR, SOLV
- Update: None of note.
- Fireside Chat
- R&D Day: None of note.
- FDA Presentation:
- Industry Meetings or Events:
- Adobe Summit
- Game Developers Conference
- LSI USA ’25 Conference
- NVIDIA GTC AI Conference
- NYSE Energy & Utilities Conference
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: QSAM GDS COTY VCYT
- Downgrades:
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