Overnight Summary & Early Morning Trading: The S&P 500 finished Tuesday higher by 0.16% at 5776.65. Monday higher by 5767.57 by 1.76%. Futures are lower this morning by -6.75 (-0.12%) at 5819.75 around 6:45 a.m. EDT. The range is 400 points on the S&P 500 for the year, 5700 to 6100, but could move to 300 points. Thought for the week: Moving above 5700 on the cash is a big deal after recapturing 5700 Monday. Above 5800 by Friday?
Breaking News: MBA Mortgage Applications fell -2.0% after dropping -6.2% last week.
Key Events of Note Today:
- February Durable Orders out this morning along with weekly Crude Oil Inventories
- A 2-Year Note Auction is held at 1:00 p.m. EDT.
Notable Earnings Out After The Close
- Beats: GME +0.22, WOR +0.21 of note.
- Misses: None of note.
- IPOs For The Week: CRWV, FATN, LGPS, OMSE
- New IPOs/SPACs launched/News:
- IPOs Filed/Priced: None of note.
- Secondaries Filed or Priced:
- HUMA announces proposed public offering of common stock
- GWRS commences public offering of shares of its common stock
- Notes Priced:
- Direct Offering: None of note.
- Exchangeable Subordinate Voting Shares: None of note.
- Private Placements.
- Selling Shareholders of note:
- LODE files for 985,000 shares of common stock offering by selling shareholder.
- OTLY files for 2,757,430 ADS’s representing ordinary shares offering by selling shareholders
- Mixed Shelf Offerings:
Biggest Movers Up & Down Yesterday
- Movers Up: PAYS +6.8%, GME +5.5%, CMP +4%, AIRJ +3.9%, WOR +3.1%, EVAX +3.4%, GH +2.8%, of note.
- Movers Down: HUMA -19.7%, GWRS -5.4%, NOAH -3.1%, OTLY -2% of note.
News After The Close:
- Gamestop (GME) announces that its board has approved policy to add Bitcoin as a treasury reserve asset.
- Leonardo DRS (DRS) launches its high-performance Artificial Intelligence Processor computing system.
- U.S. judge sets June 23 trial date in DOJ criminal fraud case against Boeing (BA) regarding the 737 MAX. (Reuters)
- Elliott Investment Management files a lawsuit against Phillips 66 (PSX) and its Board of Directors; Complaint seeks an order requiring that four board seats be up for election at the Annual Meeting of Shareholders.
- Guardant Health Shield’s (GH) blood test for colorectal cancer screening now covered for VA community care beneficiaries
- Multiple companies to report at the American Association for Cancer Research (AACR) Annual Meeting 2025.
- Qualcomm (QCOM) inching higher as it takes legal fight with Arm (ARM) to global antitrust agencies.
- GD awarded $1.07 bln U.S. Navy contract modification.
- ACN awarded $337 mln U.S. Air Force contract.
- 10K or Qs Filings/Delays – (Filed), (Delayed) of note.
Exchange/Listing/Company Reorg and Personnel News:
- ADT names Fawad Ahmad as Chief Operating and Customer Officer; Omar Khan appointed Chief Business Officer
- DLO announces that Mark Ortiz will step down from his position as CFO due to an unforeseen health issue that requires attention; Jeffrey Brown appointed as interim CFO
Buybacks
Dividends Announcements or News:
- Stocks Ex Div Today: ERIC INVH CW TRNO MTN KFY PSEC GTY OLP
- Stocks Ex Div Tomorrow:
- IVR cuts its quarterly dividend by 15% to $0.34 per share.
What’s Happening This Morning: (as of 8:05 a.m. EDT) Futures S&P 500 -1, NASDAQ -14, Dow Jones +28, Russell 2000 +2.2. Europe is lower ex the FTSE with Asia higher ex China. Bonds are at 4.34% from 4.36% yesterday on the 10-Year. Crude Oil and Brent Crude are higher with Natural Gas higher. Gold, Silver and Copper higher. The U.S. Dollar is lower versus the Euro, higher against the Pound and higher against the Yen. Bitcoin is at $88,077 from $87,351 lower by $-45 at -0.05%.
- Daily Positive Sectors: Communication Services, Consumer Cyclical, Financial, Energy, Materials and Technology.
- Daily Negative Sectors: Utilities, Healthcare, Real Estate and Consumer Defensive led the way 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.\
Bolded means the Sector is new to the period in which it falls.
Upcoming Earnings Of Note: (From Chartroom Software – sorted by market cap, highest to lowest with most visible names)
- Wednesday After the Close:
- Thursday Before The Open:
Notable Earnings of Note This Morning:
- Flat: None of note
- Beats: CSIQ +0.59 of note.
- Misses: CNM -0.04, MKC -0.04 of note.
- Still to Report: CRMD of note.
Company Earnings Guidance:
- Positive Guidance: None of note.
- Negative or Mixed Guidance: CSIQ KBH of note.
Advance/Decline Daily Update: The A/D fell to major support making new lows.
Gap Ups & Down In Early Pre-Market: (+2% or down more than -2%):
- Gap Up: TTAM +15.8%, GME +13.1%, ORIC +8.9%, FHTX +8.1%, OLMA +4.8%, PAYS +4.8%, ERAS +3.4%, EVAX +2.9%, WOR +2.6%, of note.
- Gap Down: HUMA -23.1%, NOAH -3.5%, LAES -3.3%, VSTM -3.3%, AIRJ -2.9%, NRIX -2.6%, ZYME -2.3%, COGT -2.2%, OTLY -2% of note.
Insider Action: FLWS sees Insider Buying with dumb short selling. FG JELD 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.
- Bloomberg: Trump Weighs Imposing Copper Tariffs In Weeks. (Bloomberg)
- Market Wrap:.US Futures falter as Tariff talk saps mood. (Bloomberg)
- Stocks Making The Biggest Moves: GME CHWY DLTR WING. (CNBC)
- Trump says tariffs will be more lenient than reciprocal. (CNBC)
- Wall Street bonus pool hits $47.5 billion in 2024. (Bloomberg)
- 5 Things To Know Before The Market Opens. (CNBC)
- Bloomberg The Big Take – Trumps CEA Head talks tariffs. (Podcast)
Bolded Royal Blue means behind a Pay Wall.
Economic & Geopolitical:
- Economic Releases:
- February Durable Orders are due out at 8:30 a.m. EDT and expected to drop to -1.2% from 3.1%.
- Weekly Crude Oil lnventories due out at 10:30 a.m. EWDT
- President Trump’s Daily Schedule.
- Press Briefing at 1:00 p.m. EDT.
- President Trump participates in Women’s History month at 3:00 p.m. EDT.
- Federal Reserve Speakers of note.
- Federal Reserve Minneapolis Neel Kashari speaks at 10:00 a.m. EDT.
- Federal Reserve St. Louis President John Williams speaks at 1:10 p.m. EDT.
M&A Activity and News:
Moving Average Table: Remains at 71% today.
Meeting & Conferences of Note: (Not updated today, back tomorrow)
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- Sellside Conferences:
- BNP Paribas Exane European Healthcare Conference
- Cantor Private Capital Summit
- CIBC Retail and Consumer Conference
- JP Morgan Public Finance Transportation & Utility Investor Forum
- Leerink Partners Foundations of Discovery, Drugs & Dx
- Leerink Mountain Meeting
- New Street BCG Connectivity Conference
- UBS Global Energy & Utilities Conference
- Sellside Conferences:
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- Shareholder Meetings: CADE, ELAB, MKC, TRVI
- Top Analyst, Investor Meetings: AAPL, ATRC, CI, HFRO, KGEI, TBLA, INTT, TBLA
- Update: None of note.
- Fireside Chat
- R&D Day: None of note.
- FDA Presentation:
- Industry Meetings or Events:
- DC Blockchain Summit
- DNB Nordic-American Healthcare Conference
- iAccess Alpha Virtual Best Ideas Spring Conference
- Immuno-Oncology 360 Conference
- ISG Xperience Summit
- National Bank of Canada’s Financial Services 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: TTE SMMT PLTK PRM NGD
- Downgrades:
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