CAPIS Morning Note – 3/31/25: Stocks Down Hard As Lots Of Trump Speak Over The Weekend As Tariff Policy Remains Unclear

• IPOs For The Week: CRWV, FATN, LGPS, OMSE
• New IPOs/SPACs launched/News:
• IPOs Filed/Priced:
• Secondaries Filed or Priced:
  • FRSX: FORM F-3 – Series A Warrants to Purchase Up to 6,111,111 American Depositary Shares Representing Ordinary Shares – Series B Warrants to Purchase Up to 2,989,130 American Depositary Shares Representing Ordinary Shares.
  • HOVR: Form S-3.. Primary Offering of Up to 15,275,375 Class A Ordinary Shares Upon the Exercise of Warrants 3,210,000 Common Warrants Secondary Offering of Up to 24,729,606 Class A Ordinary Shares Up to 565,375 Warrants 4,500 Series A Preferred Shares.
• Notes Priced:
• Direct Offering: None of note.
• Exchangeable Subordinate Voting Shares: None of note.
• Private Placements:
  • EZPW – Closing of Private Offering of $300,000,000 of Senior Notes Due 2032
• Selling Shareholders of note:
  • ANTE: Form F-3.. 15,555,600 Ordinary Shares, offered by the Selling Shareholders of AirNet Technology Inc.
• Mixed Shelf Offerings:
  • CGON: FORM S-3ASR – Mixed Shelf Offering
  • FBRX: FORM S-3 – $300,000,000 Mixed Shelf Offering
  • FLS: FORM S-3ASR – Mixed Shelf Offering
  • LGVN: Form S-3.. $70,000,000 Mixed Shelf
  • NKTR: Form S-3.. $300,000,000 Mixed Shelf
  • OPRX: FORM S-3 – $75,000,000 Mixed Shelf Offering
• Convertible Offerings:

News After The Close:

• Vertex Pharmaceuticals (VTX) announces Program Updates for Type 1 Diabetes Portfolio.
• OpenAI is finalizing a $40 bln funding round, but needs to restructure into a for-profit co. (WSJ)
• Blackstone (BX) ticking lower on report it’s considering a small minority investment in TikTok’s US operations.
• LMT awarded a $4.94 bln US Army contract for the Precision Strike Missiles Increment One.
• BA awarded a $101.6 mln modification to US Army contract for logistics support for Apache airframe components.
• NOC awarded a $175.6 mln US Air Force contract.
• Elon Musk says xAI has acquired X, which values it at $33 bln.
• Barron’s + on MSTR. 
• 10K or Qs Filings/Delays –  (Filed),  TLSI  (Delayed) of note.

Exchange/Listing/Company Reorg and Personnel News:

• Stocks Ex Div Today: NVO MUFG SYK DE MU MDLZ ITW USB TAK PCG WTW VTR AVB NUE MPWR EQR FITB VLTO ZBH ESS STLD ARE SUI WPC LINE CPT NLY BXP LECO BEN HST CIB DOX.
• Stocks Ex Div Tomorrow: APD O A CAH RJF STT EHC CUBE INGR  FRT NYT CHH PEGA SFBS TNET FULT ANDE WWW.

What’s Happening This Morning: (as of 8:25 a.m. EDT) Futures S&P 500 -70, NASDAQ -329, Dow Jones -327 , Russell 2000 – . Europe and Asia are lower. Bonds are at 4.19% from 4.328% yesterday on the 10-Year. Crude Oil and Brent Crude are higher with Natural Gas higher as well. Gold and Silver higher with Copper lower. The U.S. Dollar is higher versus the Euro, lower against the Pound and lower against the Yen. Bitcoin is at $82,035 from $84,967 lower by $-520 at -0.65%.

• Daily Positive Sectors: Utilities.
• Daily Negative Sectors: Communication Services, Consumer Cyclical, Technology, Industrials and Financials led the way lower.
• One Month Winners:  Energy and Utilities of note.
• Three Month Winners: Energy, Materials, Healthcare, Utilities and Financials of note.
• Six Month Winners: Financials, Energy, Consumer Defensive, Communication Services and Utilities of note.
• Twelve Month Winners: Utilities, Financials, Communication Services,  Consumer Defensive, Real Estate and Technology of note.
• Year to Date Winners: Energy, Materials, Healthcare, Utilities, Financials, 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)

• Monday After the Close: PVH PRGS TTGT
• Tuesday Before The Open: None of note

Notable Earnings of Note This Morning:

• Gap Up: MESO +13.8%, NCTY +6.7%, WPRT +4.9%, ONC +3.5%, IDYA +2.7%, CGON +2.1% of note.

• Gap Down: IIPR -6.2%, TEM -5.6%, IREN -4.6%, SGML -4.3%, BWLP -3.7%, AVA -3.4%, CSTL -3%, BA -2%, LPLA -2% of note.

Insider Action: No names see Insider Buying with dumb short selling.  No names 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: U.S. Businesses Put Spending Plans On Ice With Tariffs, Tax-Cut Delay. (Bloomberg)
• Market Wrap: Stocks Extend Losses With Deepening Tariff Fears. (Bloomberg)
• China will inject $69 bln into four largest banks. (Bloomberg)
• Car buyers are rushing to dealers to avoid tariffs. (Bloomberg)
• The Trump Administration is considering broader tariffs on April 2, including a 20% universal tariff on all imports from all countries. (WSJ)
• President Trump in interview says he is very angry with Russian President Putin and could impose secondary oil tariffs on Russia. He also said he will order bombing of Iran if they do not agree to nuclear deal. (Meet The Press NBC)
• President Trump says Tik Tok deal due by Saturday. (Reuters)
• The Senate is expected to vote on reconciliation bill resolution this week, which is the first step toward passing tax cuts, spending cuts, energy reform, and immigration reform. (Politico)
• Judge blocked Trump administration from dismantling the Consumer Financial Protection Bureau. (The Hill)
• Bloomberg The Big Take – Traders Fear Global FX Market May Be Less Liquid Than Feared. (Podcast)

Bolded Royal Blue means behind a Pay Wall.

M&A Activity and News:

Moving Average Table:  Moves from 20% to 0% today.

Meeting & Conferences of Note: (Not updated today, back tomorrow)

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.

• • • • Upgrades: SNA WING PNC GT CELH.
      • Downgrades: