Overnight Summary: The SP 500 closed Thursday lower by -0.46% at 5057.75 from Wednesday higher by 0.02% at 5071.63. The overnight high was hit at 5,134.75 at 6:05 p.m. while the overnight low was hit at 5112.50 at 5:20 a.m. EDT. The range overnight is 22 points as of 7:00 a.m. EDT. Currently, the S&P 500 is higher by +36 points at 7:00 a.m. EDT.
- March PCE Core is also due out at 8:30 a.m. EDT and expected to stay at 0.3%.
- March Personal Income is due out at 8:30 a.m. EDT and expected to rise to 0.5% from 0.3%.
- Beats: SAM +1.07, CSL +0.90, WDC +0.46, GOOG +0.38, COLM +0,37, FICO +0.33, KLAC +0.29, SNAP +0.29, SKYW +0.28, TEAM +0.27, ROKU +0.26, SKX +0.23, RMD +0.20, EMN +0.18, MHK +0.18, GILD +0.17, AEM +0.16, TMUS +0.13, MSFT +0.12, SSNC +0.06, VRSN +0.06, AVB +0.05 of note.
- Flat: None of note.
- Misses: AJG -0.67, HIG -0.13, JNPR -0.12, PFG -0.08, BYD -0.07, COF -0.04, TDOC -0.03, EIG -0.03, NRDS -0.01, CUBE -0.01 of note.
Capital Raises:
- IPOs Priced or News:
- New SPACs launched/News:
- Secondaries Priced:
- VINC files offering of 6,000,0000 shares and warrants of common stocks at $0.75.
- Notes Priced of note:
- GXO prices $1.1 billion note offering.
- Common Stock filings/Notes:
- STRA filed 1,655,000 offering of common stock.
- YTEN files 6,382,280 shares of common stock issuable upon exercise of outstanding warrants.
- Direct Offering:
- Exchangeable Subordinate Voting Shares:
- Selling Shareholders of note:
- MTEM 11,010,513 shares of common stock offered by selling shareholders.
- Private Placement of Public Entity (PIPE):
- Mixed Shelf Offerings:
- Debt/Credit Filing and Notes:
- Tender Offer:
- Rights Offering:
- Convertible Offering & Notes Filed:
Capital Raise Summary From The TradeXchange, bringing traders and investors real time news and Squawk Box, and other sources.
News After The Close :
- After Hours Movers:
- SNAP +23.3%, GOOG +11.7%, SKX +11.4%, PINS +5.9%, MARA +5%, MSFT +4.8%, KLAC +2.1%
- BYD -8.6%, INTC -8%, ALSN -7.7%, DXCM -7.1%, TEAM -6.8%, RHI -5.1%, ROKU -3.3%
- News Items After the Close:
- Business First Bancshares (BFST) to buy Oakwood Bancshares for $21.57 a share.
- Google beat numbers and declared their first dividend alleviating fears its falling behind in AI. (CNBC)
- Microsoft also beat numbers enabling a strong aftermarket as Cloud AI demand is exceeding supply. (CNBC)
- Intel shares fall after another weak quarter. (CNBC)
- Exchange/Listing/Company Reorg and Personnel News:
- .
- Buyback Announcements or News:
- IR Board of Directors approves $1 billion increase of its share repurchase agreement.
- Stock Splits or News:
- Dividends Announcements or News:
- PFG raised dividend by $0.02 to $0.71 a share.
- GOOG declares fist dividend
What’s Happening This Morning: Futures value reflects the change with fair value.
Sector Action – (1/3/6/12/YTD Updated Weekly with Monday release):
- Daily Positive Sectors: Consumer Defensive, Utilities, Consumer Cyclical and Real Estate of note.
- Daily Negative Sectors: Industrials, Healthcare and Financials of note.
- One Month Winners: Energy and Utilities of note.
- Three Month Winners: Energy, Basic Materials, Industrials, and Financial of note.
- Six Month Winners: Financials, Industrials, Technology and Communication Services of note.
- Twelve Month Winners: Communication Services, Technology, Industrials, and Financial of note.
- Year to Date Winners: Communication Services, Energy, Financials, Industrials, and Technology of note.
(WSJ – Edited by QPI)
Upcoming Earnings Of Note:
- Friday After the Close: None of note
- Monday Before the Open:
Earnings of Note This Morning: (Greater Than $0.10 and Lower Than $-0.00)
- Beats: MOGA +0.49, HCA +0.30, AN +0,23, CRI +0.21, CNC +0.20, LYB +0.17, ALV +0.14, BALL +0.13, NWL +0.7, ROP +0.07, ABBV +0.05, CL +0.05, CVX +0.01 of note.
- Flat: of note.
- Misses: AON -0.23, XOM -0.13, SAIA -0.07, OIS -0.03 of note.
- Still to Report: None of note.
Company Earnings Guidance:
- Positive Guidance: MOGA CNC ABBV of note.
- Negative Guidance: SXT of note.
Erlanger Research Advance/Decline Chart:
Gap Ups & Down In Early Pre-Market (+2% or down more than -2%):
- Gap Up: SNAP +23.7%, ULH +12.6%, EXPO +11.7%, GOOG +11.6%, RMD +11.5%, SKX +11%, COLM +10.1%, APPF +10.1%, SAM +7.9%, FIX +7.9%, FTAI +5.8%, TEX +5.2%, INMB +5%, NWG +4.9%, PINS +4.4%, MSFT +4%, CUBE +3.9%, CSL +3.4%, MARA +3.3%, AB +3.1%, POR +3%, CNC +2.9%, SPSC +2.7%, WY +2.7%, DOC +2.5%, AEM +2.4%, SKYW +2.4%, STRA +2.3%, OLN +2.2%, JNPR +2.1%, BLTE +2% of note.
- Gap Down: BYD -14.1%, INTC -7.1%, DXCM -5.4%, TEAM -5.3%, TALO -4.9%, ACCD -4.5%, ROKU -4.5%, TDOC -4.4%, SJW -4.2%, RHI -3.7%, AZZ -3%, ALSN -2.9%, FICO -2.6%, GLPI -2% of note.
Insider Action: No stock sees Insider buying with dumb short selling. No stock 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.
- Morning Briefing For Bloomberg Subscribers, It’s Back!! (Bloomberg)
- 5 Things To Know Before The Market Opens On Friday. (CNBC)
- What You Need To Know to Start Your Day. (Bloomberg)
- Bloomberg Lead Story: Anglo Rejects BHP Takeover Bid As Significantly Undervalued. (Bloomberg)
- Chinese President Xi warns Secretary of State Blinken Against “Viscious Competition”. (Bloomberg)
- Swiss National Bank Chairman notes that Bitcoin is not without risks.
- U.S. and China to hold first set of talks on AI.
- Exxon and Chevron fall after disappointing first-quarter results. (Bloomberg)
- U.S. Futures gain powered by Alphabet and Microsoft: Markets Wrap. (Bloomberg)
- Bloomberg: Daybreak Podcast: Yen Drops as BOJ leaves rates unchanged. (Podcast)
- Bloomberg: The Big Take: Billionaire Stephen Ross believes in South Florida and is spending big to transform it. (Podcast)
- Marketplace: TikTok Ban, End of Noncompetes and Sony EV. (Podcast)
- NY Times Daily: Harvey Weinstein conviction thrown out. (Podcast)
- Wealthion: Economic meltdown could rival the Great Depression. (Podcast)
- Adam Taggart’s Thoughtful Money: Middle Class is getting destroyed, Michael Pinto. (Podcast)
Moving Average Update: Score improves to 50% from 54.28%.
Geopolitical:
- President’s Public Schedule:
- President Biden receives the Daily Briefing at 9:00 a.m. EDT.
- President Biden heads back to the White House from New York City at 12:00 p.m. EDT and arrives at the White House at 1:45 p.m. EDT.
Economic:
- March Personal Income is due out at 8:30 a.m. EDT and expected to rise to 0.5% from 0.3%
- March PCE Core is also due out at 8:30 a.m. EDT and expected to stay at 0.3%.
- April University of Michigan Consumer Sentiment (Final) is due out at 10:00 a.m. EDT and expected to stay at 77.90 from the initial update earlier this month.
- Weekly Baker Hughes Rig Count at 1:00 p.m. EDT.
Federal Reserve / Treasury Speakers:
- No Fed Speakers as in the Blackout Period due to next week’s FOMC meeting.
M&A Activity and News:
- Business First Bancshares (BFST) to buy Oakwood Bancshares for $21.57 a share.
Meeting & Conferences of Note:
- Sellside Conferences:
- None of note.
- Top Shareholder Meetings: ABT, AEM, ARCO, CIG, CNP, K, NWE, SID, VALE, ZION.
- Fireside Chat: None of note.
- Investor/Analyst Day/Calls: IBRX
- Update: None of note.
- R&D Day: None of note.
- Company Event:
- Industry Meetings:
- European Pulmonary Fibrosis Foundation Patient Summit
- Johnson Center Symposium
- Spinal Cord Injury Investor Symposium
- Women in Data Science Conference
Top Tier Sell-side 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.
Today’s Upgrades and Downgrades:
