Overnight Summary & Early Morning Trading: The S&P 500 finished Wednesday lower by -1.12% at 5712. Tuesday higher by 0.16% at 5776.65. Futures are lower this morning by -4.25 (-0.07%) at 5753.75 around 7:05 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?
Key Events of Note Today:
- Q4 GDP and Pending Home Sales out this morning along with weekly Natural Gas Inventories and Jobless Claims.
- A 4-Week Bill Auction at 11:30 a.m. EDT.
- A 7-Year Note Auction is held at 1:00 p.m. EDT.
Notable Earnings Out After The Close
- Beats: CNXC +0.21, SCS +0.06, FUL +0.04, MLKN +0.01 of note.
- Misses: JEF -0.37, VRNT -0.28, WOOF -0.05 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:
- FWRD files for 14,015,018 shares of common stock offering.
- Notes Priced:
- Direct Offering: None of note.
- Exchangeable Subordinate Voting Shares: None of note.
- Private Placements.
- Selling Shareholders of note:
- TECX files for 3,689,465 shares of common stock offering by selling shareholders
- Mixed Shelf Offerings:
- CAC files mixed shelf securities offering
- ZNTL files $250 mln mixed shelf securities offering
- Convertible Offerings:
- GME announces proposed private offering of $1.3 billion of convertible senior notes
Biggest Movers Up & Down Yesterday
- Movers Up: WOOF +10.7%, CNXC +10.5%, SCS +10.3%, IMNM +7.2%, FUL +6.7%, ZNTL +5.7%, CADL +2.5%, COHR +2.1% of note.
- Movers Down: VRNT -10.7%, TECX -10.5%, GME -6.7%, DDD -6.4%, JEF -4.7%, GM -4.1%, MLKN -2.5% of note.
News After The Close:
- FirstEnergy (FE) to reduce its workforce by less than 3%.
- President Trump handed down tariffs on any automobiles entering the U.S, by 25%.
- Index Changes:
- CAVA to replace ALTR in the S&P 400 next Monday.
- ANGI to replace ODP in the S&P 600 next Wednesday.
- 10K or Qs Filings/Delays – (Filed), (Delayed) of note.
Exchange/Listing/Company Reorg and Personnel News:
- CRSP announces that its COO Julianne Bruno, will be stepping down from the Company to pursue external opportunities, effective as of April 11
- PAA President, Harry Pefanis will retire, effective June 1, 2025; Willie Chiang, Chairman of the Board and CEO, will assume role of President
Buybacks
Dividends Announcements or News:
- Stocks Ex Div Today: DHR MDT BTI HMC KDP HUM PUK DKS RL ELS SNN FLS COLD VMI IRT XRAY NOG DRH REVG ICFI NHC CTS CSR
- Stocks Ex Div Tomorrow:
- BKU increases quarterly cash dividend 7% to $0.31/share from $0.29/share.
What’s Happening This Morning: (as of 8:25 a.m. EDT) Futures S&P 500 -6, NASDAQ -48, Dow Jones +37, Russell 2000 +1.3. Europe is lower with Asia lower ex China. Bonds are at 4.39% from 4.34% yesterday on the 10-Year. Crude Oil and Brent Crude are lower with Natural Gas lower. Gold and Silver higher with Copper lower. The U.S. Dollar is lower versus the Euro, lower against the Pound and higher against the Yen. Bitcoin is at $86,913 from $88,077 lower by $-45 at -0.05%.
- Daily Positive Sectors: Consumer Defensive, Energy, Real Estate and Utilities.
- Daily Negative Sectors: Technology, Communication Services, Consumer Cyclical, Healthcare and Industrials 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)
- Thursday After the Close: AIR AGX BRZE LULU OXM
- Friday Before The Open: None of note
Notable Earnings of Note This Morning:
- Flat: None of note
- Beats: WGO +0.06 of note.
- Misses: SNX -0.11 of note.
- Still to Report: None 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 continues to struggle.
Gap Ups & Down In Early Pre-Market: (+2% or down more than -2%):
- Gap Up: SLNO +34.8%, SCS +17%, WOOF +9.8%, CNXC +8.9%, AGRO +8%, FUL +7.8%, IMNM +7.2%, CLNE +4.5%, ANGI +4.4%, CADL +4.1%, FWRD +4.1%, CAVA +2.7%, GLSI +2.4%, CMCL +2.4%, BKU +2.3%, EWTX +2.3%, KGC +2.1% of note.
- Gap Down: VRNT -9.6%, NIO -7.6%, DDD -7.4%, GME -7.1%, ALVO -6.9%, GM -6.3%, JEF -5.2%, F -2.5%, TAC -2.5%, ODP -2%, TM -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.
- Bloomberg: Trump’s Auto Tariffs, Threats on Allies Intensify Trade War. (Bloomberg)
- Market Wrap: Stocks fall as automakers reel from Trump tariffs. (Bloomberg)
- Stocks Making The Biggest Moves: GM, NVDA, GME. (CNBC)
- Barron’s is + on META GOOGL GOOG PINS CHWY. (Barron’s)
- Barron’s is +/- on MRNA.
- CoreWeave IPO up tomorrow. Launching an IPO parade? (CNBC)
- President Trump might give China a reduction in tariffs to complete TikTok deal. (Bloomberg)
- H3C in China warning of Nvidia (NVDA) chip shortage. (Reuters)
- 5 Things To Know Before The Market Opens. (CNBC)
- Bloomberg The Big Take – Bankers were dreaming of M&A riches under Trump. It hasn’t worked out yet. (Podcast)
Bolded Royal Blue means behind a Pay Wall.
Economic & Geopolitical:
- Economic Releases:
- Weekly Jobless Claims are due out at 8:30 a.m. EDT.
- Q4 GDP (Final revision) is due out at 8:30 a.m. EDT and is expected to remain at 2.30%.
- February Pending Home Sales are out at 10:00 a.m. EDT and are expected to rise to 2.90% from -4.60%.
- Weekly Natural Gas lnventories due out at 10:30 a.m. EDT.
- The Kansas City Federal Reserve Manufacturing Index is out at 11:00 a.m. EDT.
- President Trump’s Daily Schedule.
- President Trump receives the Intelligence Briefing at 11:00 a.m. EDT.
- President Trump signs Executive Orders at 2:00 p.m. EDT.
- President Trump participates in the White House Iftar Dinner at 8:00 p.m. EDT.
- Federal Reserve Speakers of note.
- Federal Reserve Richmond Governor Tom Barkin speaks at 4:30 p.m. EDT.
M&A Activity and News:
Moving Average Table: Moves from 71% to 40% today. Other Asset classes are struggling as well.
Meeting & Conferences of Note: (Not updated today, back tomorrow)
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- Sellside Conferences:
- Bernstein Energy Transition Conference
- Cantor Private Capital Summit
- Craig-Hallum NewSpace Conference
- New Street BCG Connectivity Conference
- Wolfe AI in Finance Conference
- Sellside Conferences:
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- Shareholder Meetings: CIEN, GPUS, HOV, JEF, NVO, RNXT
- Top Analyst, Investor Meetings: ALVO, BROS
- Update: None of note.
- Fireside Chat
- R&D Day: None of note.
- FDA Presentation:
- Industry Meetings or Events:
- Asia Sustainable Plastics Summit
- DNB Nordic-American Healthcare Conference
- EV Charging Summit & Expo
- InfraAI Global Summit
- Wainwright Autoimmune & Inflammatory Disease Virtual Conf
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: TRYAAY PARR ING CHKP
- Downgrades: TRUE UBS IMO BMWYY BASFY
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