Overnight Summary: The S&P 500 closed Friday at 5222.68 higher by 0.16% from Thursday higher by 0.51% at 5214.08. The overnight high was hit at 5,253.25 at 2:40 a.m. while the overnight low was hit at 5239.75 at 6:10 p.m. EDT. The range overnight is 14 points as of 7:00 a.m. EDT. Currently, the S&P 500 is higher by +7.50 points at 7:00 a.m. EDT.
Executive Summary: All eyes are focused on PPI and then CPI data this week to see if inflation can slow more. If they can, then new highs will be in the cards.
- 3 month & 6 month Treasury Auction at 11:30 a.m. EDT.
Earnings Out After The Close:
- Beats: SAVA +0.03 of note.
- Flat: None of note.
- Misses: HE -0.16, WTI -0.02 None of note.
- IPOs For The Week: .
- New SPACs launched/News:
- Secondaries Priced:
- Common Stock filings/Notes:
- ABL files a common share offering, no details.
- Notes Priced of note:
- : Pricing of Public Offering of Notes.:
- Direct Offering:
- Exchangeable Subordinate Voting Shares:
- Selling Shareholders of note:
- LPTX files a 14,184,397 share common stock offering by selling shareholders.
- CRVO files a 5,064,570 share common stock offering by selling shareholders.
- Debt/Credit Filing and Notes:
- Mixed Shelf Offerings:
- AKRO: Filed a Mixed Shelf Offering.
- YELP: Filed a Mixed Shelf Offering.
- BOH: Filed a Mixed Shelf Offering.
- ATLC: Filed a $750 million Mixed Shelf Offering.
- CRH: Filed a Mixed Shelf Offering.
- Private Placement of Public Entity (PIPE):
- 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 :
- Winners & Losers of the Week:
- NVAX 79.3%, PRFT 52.8%, CDNA 51.3%, PLCE 38.3%, BLBD 36.4%, AGS 35.5%, INSG 35.3%, NDLS 31.0%, MYGN 30.4%, GLDD 29.6%, TRUP 29.3%, ELAN 25.5%, GMED 24.8%, FN 24.4%, AMBC 23.4%, SERV 23.0%
- MGNX -78.8%, CTMX -55.2%, STIM -34.9%, INSP -32.0%, BGS -30.2%, FWRD -29.8%, JELD -27.3%, SIGA -26.2%, MYE -25.2%, EPAM -23.7%, ODP -21.1%
- News Items After the Close:
- Stocks making the biggest moves after hours: (CNBC)
- Ford (F) cuts EV battery orders. (Bloomberg)
- Lockheed Martin (LMT) awarded a $332 modification to U.S. Army contract.
- Infinera (INFN) delays 10-Q as well at Compass Minerals (CMP), CBAK Energy (CBAT), .
- Exchange/Listing/Company Reorg and Personnel News:
- Buyback Announcements or News:
- BECN enters into an accelerated buyback agreement for $225 million.
- Stock Splits or News:
- CIM announce a reverse split of 1-3 on close of May 21, 2023,
- Dividends Announcements or News:
What’s Happening This Morning: Futures value reflects the change with fair value.
S&P 500 +10, Dow Jones +39, NASDAQ +52, Russell +10.62. (as of 8:15 a.m. EDT). Asia is lower ex Australia and Europe is lower this morning. VIX Futures are at 13.49 from 13.70. Gold and Silver are lower with Copper higher this morning. WTI Crude Oil and Brent Crude Oil are higher with Natural Gas higher as well. US 10-year Treasury sees its yield at 4.488% from 4.463% Friday. The U.S. Dollar is lower versus the Euro, lower versus the Pound and higher against the Yen. Bitcoin is at $62,645 from $62,900 higher by +2.11% this morning.
Sector Action – (1/3/6/12/YTD Updated Weekly with Monday release):
- Daily Positive Sectors: Consumer Defensive, Technology, Financial, Materials and Industrials of note.
- Daily Negative Sectors: Consumer Cyclical, Energy and Communication Services of note.
- One Month Winners: Consumer Defensive, Communication Services, and Utilities of note.
- Three Month Winners: All but Real Estate led by Energy, Materials and Communication Services of note.
- Six Month Winners: Communication Services, Technology, Industrials and Financials of note.
- Twelve Month Winners: Communication Services, Technology, Financials, Industrials, and Consumer Cyclicals of note.
- Year to Date Winners: Communication Services, Energy, Technology, Financials, Industrials, and Technology, Consumer Defensive of note.
Upcoming Earnings Of Note: (From Chartroom Software – sorted by market cap, highest to lowest with most visible names)
Earnings of Note This Morning:
- Beats: HUYA +0.18, TME +0.16, LEGN +0.03 of note.
- Flat: of note.
- Misses: FTRE -0.05 of note.
- Still to Report: PSFE of note.
Company Earnings Guidance:
- Positive Guidance: None of note.
- Negative Guidance: FTRE of note.
Erlanger Research Advance/Decline Chart:
Gap Ups & Down In Early Pre-Market (+4% or down more than -4%):
- Gap Up: ACIU +56.7%, GME +20.1%, FULC +15%, SAVA +8.5%, ZLAB +5.6%, TME +3.8% of note.
- Gap Down: SRG -25%, LPTX -7.9%, GSM -5.3%, CIM -4.8%, FTRE -3.8%, PR -3.4%, MKSI -3.4%, CMP -3%, AUB -2% of note.
Insider Action: No stock sees Insider buying with dumb short selling. No stocks 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.
- 5 Things To Know Before The Market Opens On Friday. (CNBC)
- Stocks Making the Biggest Moves: GME NVDA INTC KVUE (CNBC)
- Bloomberg Lead Story: Putin Turns To a Technocrat to Turn Up The War Machine. (Bloomberg)
- Stock futures head higher ahead of price data: Market Wrap. (CNBC)
- Bloomberg Big Take Podcast: Global chips battle intensifies. (Podcast)
Moving Average Update: Score at 97% from 100%.
Geopolitical:
- President’s Public Schedule:
- There is no Daily Briefing today.
- President Biden gets to the White House at 12:25 p.m. EDT after spending the weekend in Delaware.
- Press Briefing at 2:00 p.m. EDT with Press Secretary Karine Jean-Pierre.
- President Biden delivers comments at Asian American, Native Hawaiian and Pacific Islander Heritage Month at 5:00 p.m. EDT.
Economic:
- No releases of note today.
Federal Reserve / Treasury Speakers:
- Federal Reserve Vice Chairman Phillip Jefferson speaks at 9:00 a.m. EDT
- Federal Reserve Dallas President Lorretta Mester speaks at 9:00 a.m. EDT as well.
M&A Activity and News:
Meeting & Conferences of Note:
- Sellside Conferences:
- Top Shareholder Meetings: CE DKNG HE INSM MHO NI PXLW STEP TILE WISA
- Fireside Chat: None of note.
- Investor/Analyst Day/Calls: BLTE CYTK DBRG DVAX LUCD TNC
- Update: None of note.
- R&D Day: None of note.
- FDA Presentation:
- Company Event:
- Industry Meetings:
- American Society of Cell & Gene Therapy Meeting
- Bitcoin Asia
- D.A. Davidson Financial Institutions Conference
- Government Fleet Expo & Conference
- Jamaica Mining Conference
- Retina World Congress
- Sidoti Micro Cap Virtual Conference
- Spinal Cord Injury Investor Symposium
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:
