Overnight Summary & Early Morning Trading:
- The S&P 500 finished Tuesday higher by 0.72% at 5886.55. Monday higher by 3.26% at 5844.19. Futures are lower this morning by -8 (-0.14%) at 5896 around 6:15 a.m. EDT. The cash range is now 300 points on the S&P 500 cash for the year, 5800 to 6100. Year to date the S&P 500 is up 0.08% from -0.64% Monday’s close.
Executive Summary:
- The S&P 500 is now back in positive territory for the year while the NASDAQ 100 is in a new bull market as it is up more than 20% from it April low, now up 24.03% from that low. Pretty amazing.
Breaking News:
- Weekly MBA Mortgage Applications rose 1.1% from 11% last week.
Key Events of Note Today:
- Fed Speakers today.
- Trump’s Travels.
Notable Earnings Out After The Close:
- Beats: ECG +0.29, EXL +0.19, KLC +0.06, OKLO +0.04, KRMN +0.03, CAE +0.01 of note.
- Misses: WBTN (0.02), ALC (0.02) of note.
- Flat: INDI +0.00, RPAY +0.00 of note.
- IPOs For The Week: ANTA, EGG, ETOR, FMFC, LHAI, MSGY, OFAL
- New IPOs/SPACs launched/News: None of note.
- IPOs Filed/Priced:
- Chime files registration statement with the SEC for a proposed IPO; Company has applied to list common stock on Nasdaq Global Select Market under ticker symbol “CHYM”
- eToro (ETOR) priced at $54 a share will begin to trade today.
- Secondaries Filed or Priced:
- KVYO announces launch of proposed secondary offering of $372 million Series A Common stocks.
- TXO announces commencement of $175 million underwritten public offering.
- Notes Priced: None of note.
- Notes Files: None of note.
- Convertibles Filed:
- AKAM announces proposed offering of convertible senior notes of $1.35 billion.
- Direct Offering: None of note.
- Exchangeable Subordinate Voting Shares: None of note.
- Private Placements:
- UBER announces proposed private placement of $1.0 billion of exchangeable senior notes due 2028; exchangeable for Class A common stock of Aurora Innovation (AUR).
- Selling Shareholders of note:
- SGC files for 775,000 share common stock offering by selling shareholders.
- VSTM files for 3,429,287 share common stock offering by selling shareholders and up to 7,285,713 shares of common stock underlying pre-funded warrants.
- LOAR files supplemental prospectus related to 9 million share offering by selling stockholders.
- Mixed Shelf Offerings:
- SGC files for $120 million mixed securities shelf offering.
- EQR files mixed securities shelf offering.
- PARR files mixed securities shelf offering.
News After The Close:
- Robinhood (HOOD) reports select monthly operating data for April 2025; Funded Customers at end of April were 25.9 mln, up approximately 2.0 mln yr/yr.
- American Eagle (AEO) withdraws guidance for Fiscal year 2025.
- GRAIL (GRAL) lower on earnings results.
- China attacks U.S. trade deal with UK, (FT)
- 10K or Qs Filings/Delays – (Filed), NFE FIP FRST RILY (Delayed) of note.
Exchange/Listing/Company Reorg and Personnel News:
- BXC appoints Christopher Kelly as CFO, effective May 19.
- AVDL appoints Susan Rodriguez as COO.
- OKLO announces the appointment of Pat Schweiger as its Chief Technology Officer.
Buybacks: None of note.
Dividends Announcements or News:
- Stocks Ex Div Today: None of note.
- Stocks Ex Div Thursday of note: None of note.
Stocks Moving Up & Down After The Close:
- Gap Up: ECG +12.8%, ATXS +9%, ETON +7.9%, ABSI +7.1%, KLC +5.7%, EXEL +5.5%, of note.
- Gap Down: AEO -17%, GRAL -14.3%, TXO -10%, WALD -7.6%, WBTN -6.7%, NU -5.1%, KLC -3.2%, ALC -3%, OKLO -1.9% of note.
What’s Happening This Morning: (as of 6:45 a.m. EDT)
Futures S&P 500 +6.50, NASDAQ +53.50, Dow Jones +15, Russell 2000 -5.35. Europe is lower ex FTSE and Asia is higher ex Japan. Bonds are at 4.451% unchanged from yesterday on the 10-Year. Crude Oil and Brent Crude are lower with Natural Gas lower. Gold, Silver and Copper lower. The U.S. Dollar is lower versus the Euro, lower against the Pound and lower against the Yen. Bitcoin is at $103,879 higher from $103,610 yesterday’s reporting but lower by $-797 (-0.74%).
- Daily Positive Sectors: Technology, Energy, Consumer Cyclical, Communication Services and Industrials of note.
- Daily Negative Sectors: Healthcare, Real Estate and Consumer Defensive of note.
- One Month Winners: Industrials, Financials, Technology, Materials and Utilities of note.
- Three Month Winners: Consumer Defensive and Utilities of note.
- Six Month Winners: Financials, Consumer Defensive, Communication Services and Utilities of note.
- Twelve Month Winners: Financials, Communication Services, Utilities, Technology, Consumer Defensive and Consumer Cyclical of note.
- Year to Date Winners: Utilities, Materials, Consumer Defensive and Financials 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)
- Wednesday After the Close:
- Thursday Before The Open:
Notable Earnings of Note This Morning:
- Flat: None of note
- Beats: SONY +7.38, RSKD +0.11, CLBT +0.05, DT +0.03, GLBE +0.02 of note.
- Misses: SFL -0.21, TSEM -0.03, SRRK -0.01 of note.
- Still to Report: KOP of note.
Company Earnings Guidance:
- Positive Guidance: None of note.
- Negative or Mixed Guidance: SONY of note.
Advance/Decline Daily Update: The A/D Line continues to move higher.
Gap Ups & Down In Early Pre-Market: (+2% or down more than -2%):
- Gap Up: ECG +14.8%, ABSI +9.8%, ATXS +7.4%, EXEL +6.7%, KRMN +5.1%, SONY +5.1%, DRUG +4.4%, SFL +4.4%, SGC +3.4%, LUXE +3.1%, OABI +2.9%, PSN +2.6%, GSK +2.3%, ETON +2.2%, ACDC +2.1%of note.
- Gap Down: AEO -13.8%, GRAL -13.7%, TXO -9.5%, KLC -7.8%, WALD -7.6%, OS -7.1%, ALC -5.6%, WBTN -4.1%, OKLO -2.7%, AKAM -2.2%, NU -2.1% of note.
Insider Action: BBSI ENR CNP ENR of note see Insider Buying with dumb short selling. None of note 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 Lead Story: Trump’s Middle East Visit Opens Floodgate to AI Deals Lead By Nvidia. (Bloomberg)
- Markets Wrap: Stocks churn as tally shows fatigue, Dollar drops. (Bloomberg).
- House GOP getting closer to deal on state and local tax deduction (SALT) in large reconciliation bill. (Politico)
- White House officials are pushing back on HHS Secretary RFK Jr’s pesticide concerns. (WSJ)
- Waymo (GOOGL) to recall majority of self-driving cars due to software issue. (Reuters)
Bolded on story link means behind a Pay Wall.
Economic & Geopolitical:
- Economic Releases:
- Weekly Crude Oil Inventories are due out at 10:30 a.m. EDT.
- Federal Reserve Speakers of note today.
- Federal Reserve Governor Christopher Waller spoke at 5:15 a.m. EDT.
- Federal Reserve Vice Chairman Phillip Jefferson to speak at 9:10 a.m. EDT.
- Federal Reserve San Francisco President Mary Daly to speak at 5:40 p.m. EDT.
- President Trump’s Daily Schedule.
- President Trump is in Saudi Arabia this morning and then heads to Qatar. We are not detailing his movements as there are too many.
M&A Activity and News: None of note.
Moving Average Table: Remains at 94% on Equity Indexes.
Meeting & Conferences of Note:
- Sellside Conferences:
- BAC Health Care Conference
- BAC Transportation, Airlines and Industrials Conference
- BMO Global Farm to Market Conference
- D. Boral Capital Global Conference
- JPM Technology Media and Communications Conference
- Moffett Media Internet & Communications Conference
- RBC Capital Markets Canadian Industrials Conference
- Wells Fargo Financial Services Conference
- Shareholder Meetings: AAP, AMD, CAR, HES, HOG, KSS, LLY, MRK, SONY, TSN
- Top Analyst, Investor Meetings: AVIR, CCCS, ENPH, HSCS, OC, PRO, UPST, WBD, WPRT
- Fireside Chat: None of note.
- R&D Day: None of note.
- FDA Presentation: None of note.
- Industry Meetings or Events: None of note.
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: CBEN CG CIM CRL ESTA PERI PVH REGN of note.
Downgrades: ED EXC LVRO SO W of note.
