Overnight Summary & Early Morning Trading: The S&P 500 finished Thursday lower by -0.33% at 5693.11 from Wednesday lower by -1.12% at 5712. Futures are lower this morning by -2.50 (-0.04%) at 5737 around 6:45 a.m. EDT. The range is 500 points on the S&P 500 for the year, 5600 to 6100 a drop of 100 points. Thought for the week: Moving above 5700 on the cash is a big deal after recapturing 5700 Monday. No 5800 by today, in fact the S&P 500 cash broke back under 5700 yesterday.
Key Events of Note Today:
- February Personal Income, February PCE Core and University of Michigan Consumer Sentiment are due out this morning.
- Weekly Baker Hughes Rig Count is also due out.
Chart of Interest: Applied Materials got an upgrade this morning to Buy with a price target of $195. We like this name as shorts are setting this up for a Short Squeeze.
Notable Earnings Out After The Close
- Beats: AGX +1.07, LULU +0.29, OXM +0.10, BRZE +0.07, AIR +0.03 of note.
- Misses: None of note.
- IPOs For The Week: CRWV, FATN, LGPS, OMSE
- New IPOs/SPACs launched/News:
- IPOs Filed/Priced:
- CoreWeave was priced at $40, low end of the range.
- Secondaries Filed or Priced:
- ECX commences public offering of 25.0 mln shares of Class A common shares
- Notes Priced:]
- GME announces pricing of $1.3 aggregate principal amount of 0.00% Convertible Senior Notes due 2030
- Direct Offering: None of note.
- Exchangeable Subordinate Voting Shares: None of note.
- Private Placements.
- Selling Shareholders of note:
- SBLK iles for 6,403,268 common shares offering by selling shareholders
- Mixed Shelf Offerings:
- ALLT files $200 mln mixed shelf securities offering.
- KYTX files $250 mln mixed shelf securities offering.
- SBLK files mixed shelf securities offering.
- RMR files $500 mln mixed shelf securities offering.
- Convertible Offerings:
Biggest Movers Up & Down Yesterday
- Movers Up: CVAC +12.5%, AGX +11.2%, BRZE +9.5%, HROW +7.6%, KYTX +5.7%, RKLB +4.2%, TMC +4.1%, CRNX +3.3%, SPG +2.5%, ALLT +2.3% of note.
- Movers Down: LULU -10.5%, OXM -9.7% of note.
News After The Close:
- Lululemon Athletica (LULU) beat on estimates but guides lower and talks down the consumer.
- Dutch Bros (BROS) sees Q1 growth of +4.6% through March 24.
- Rocket Lab USA (RKLB) and Stoke Space Technologies awarded $5.6 bln U.S. Air Force contract
- 10K or Qs Filings/Delays – (Filed), KOPN (Delayed) of note.
Exchange/Listing/Company Reorg and Personnel News:
- EPRT promotes Max Jenkins to COO
Buybacks
- CVEO authorizes new share repurchase program in which company may repurchase up to 10% of its total common shares outstanding over next twelve months
Dividends Announcements or News:
- Stocks Ex Div Today: DHR MDT BTI KDP HUM PUK DKS RL ELS SNN FLS COLD VMI IRT XRAY NOG DRH REVG ICFI NHC CTS CSR.
- Stocks Ex Div Tomorrow:
What’s Happening This Morning: (as of 8:25 a.m. EDT) Futures S&P 500 -6, NASDAQ -48, Dow Jones -31 , Russell 2000 – . Europe is lower ex FTSE with Asia lower ex Australia. Bonds are at 4.328% from 4.39% 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 higher versus the Euro, higher against the Pound and lower against the Yen. Bitcoin is at $84,967 from $86,913 lower by $-2298 at -2.63%.
- Daily Positive Sectors: Consumer Defensive, Healthcare, Materials and Consumer Cyclical.
- Daily Negative Sectors: Technology, Communication Services, Energy, Industrials and Real Estate 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)
- Friday After the Close: None of note.
- Monday Before The Open: LOAR
Notable Earnings of Note This Morning:
- Flat: None of note
- Beats: None of note.
- Misses: None of note.
- Still to Report: None of note.
Company Earnings Guidance:
- Positive Guidance: None of note.
- Negative or Mixed Guidance: LULU OXM BRZE 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: GLP ADVM see Insider Buying with dumb short selling. SAIC 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.
- Bloomberg: Traders From New York to Hong Kong primed for Tariff Day, next Tuesday. (Bloomberg)
- Stocks Making The Biggest Moves: (CNBC)
- CoreWeave IPO price at low end $40. (CNBC)
- 5 Things To Know Before The Market Opens. (CNBC)
- Bloomberg The Big Take – The dark side of Tulum’s real estate boom. (Podcast)
Bolded Royal Blue means behind a Pay Wall.
Economic & Geopolitical:
- Economic Releases:
- February Personal Income is due out at 8:30 a.m. EDT and expected to fall to 0.4% from 0.9%.
- February PCE Core is also due out at the same time and is expected to remain at 0.3%.
- Last, the University of Michigan Consumer Sentiment is due out at 10:00 a.m. EDT and is expected to stay at 57.90.
- Weekly Baker Hughes Rig Count is due out at 1:00 p.m. EDT.
- President Trump’s Daily Schedule.
- President Trump participates in the swearing in ceremony for the U.S. Attorney for New Jersey at 1:00 p.m. EDT.
- President Trump heads to Mar-a-Lago at 2:00 p.m. EDT.
- Federal Reserve Speakers of note.
- Federal Reserve Governor Michael Barr speaks at 12:15 p.m. EDT.
- Federal Reserve Richmond President Thomas Barkin speaks at 3:30 p.m. EDT.
- Federal Reserve Atlanta President Raphael Bostic speaks at 3:45 p.m. EDT.
M&A Activity and News:
Moving Average Table: Moves from 40% to 20% today.
Meeting & Conferences of Note: (Not updated today, back tomorrow)
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- Sellside Conferences:
- Jefferies Cleantech and Utility Equipment Conference
- Sellside Conferences:
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- Shareholder Meetings: EC, KSPI, OCEA, STSS
- Top Analyst, Investor Meetings: NVDA
- Update: None of note.
- Fireside Chat
- R&D Day: None of note.
- FDA Presentation:
- Industry Meetings or Events:
- Asia Sustainable Plastics Summit
- CAGLA NeauxCancer Conference
- eMerge Americas Conference
- European Lung Cancer Conference
- Global Pet Expo
- Case-to-Closure (C2C) User Summit
- MedInvest Biotech and Pharma Investor Conference
- Society of Surgical Oncology
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: SKT RACE CPT BEAM AMAT AGX
- Downgrades: VOYA
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