Overnight Summary & Early Morning Trading:
- The S&P 500 finished Wednesday higher by 0.10% at 5892.58. Tuesday higher by 0.72% at 5886.55. Futures are lower this morning by -26 (-0.44%) at 5883 around 7:17 a.m. EDT. The cash range is now 200 points on the S&P 500 cash for the year, 5900 to 6100. Year to date the S&P 500 is up 0.19% from 0.08% on Tuesday’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 its April low, now up 24.03% from that low. Pretty amazing run.
Breaking News: None of note.
Key Events of Note Today:
- Fed Chairman Powell speaks at 8:40 a.m. EDT.
- Several Economic Releases of note out, including PPI.
- Trump’s Travels continue as moves onto the U.A.E.
Notable Earnings Out After The Close:
- Beats: NXT +0.3, LAZR +0.21, STE +0.14, JACK +0.09, DXC +0.06, CSCO +0.04, DLO +0.03, IBTA +0.01 of note.
- Misses: CRWV (1.37), NFE (0.48), BOOT (0.02) of note.
- Flat: CSWC+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: None of note.
- Secondaries Filed or Priced:
- CWT: Form S-3ASR – Common Stock
- FLGC: Form S-3.. 3,860,003 Common Shares
- Notes Priced:
- ADC – Pricing of $400 Million of 5.600% Senior Unsecured Notes Due 2035
- NPO Prices Offering of $450 Million 6.125% Senior Notes Due 2033
- Notes Files: None of note.
- Convertibles Filed:
- AORT agrees to exchange $95 Million in Principal Amount of its 4.250% Convertible Notes Due 2025 for Common Stock
- Direct Offering: None of note.
- Exchangeable Subordinate Voting Shares: None of note.
- Private Placements: None of note.
- Selling Shareholders of note: None of note.
- Mixed Shelf Offerings:
- CTNM: FORM S-3 – $300,000,000 Mixed Shelf Offering
- PNBK files for $250 million mixed securities shelf offering
News After The Close:
- Spire Global (SPIR) has a 10-year contract has a ceiling of $237 million and is part of the Department of Defense’s broader Space Test Program.
- 13Fs from Hedge Funds begin to filter in.
- Booz Allen Hamilton (BAH) awarded a $209.9 mln US Air Force task order for Nimbus.
- Rumors hit at 5:15 p.m. EDT that Dick’s was going to buy Foot Locker and that has proved correct this morning.
- 10K or Qs Filings/Delays – (Filed), (Delayed) of note.
Exchange/Listing/Company Reorg and Personnel News:
- AVNT appoints President and CEO Ashish Khandpur to serve in the additional role of as Chairman, effective May 14.
- CSCO announces that Scott Herren has decided to retire as Executive Vice President and CFO effective July 26, 2025; Appoints Mark Patterson, Executive Vice President and Chief Strategy Officer, to succeed.
- LAZR appoints Paul Ricci as CEO, on or about May 21.
Buybacks:
- BOOT announces $200 million share repurchase program.
- PLXS approved $100 million new share repurchase program
Dividends Announcements or News:
- Stocks Ex Div Today: CF HP KR ARR BTU CNP ENB ETD EXE JBL LKQ OLN PBF TJX WAL WAL XOM CGNX CTAS CTRA DINO FANG MSFT PNNT VNOM ZION of note.
- Stocks Ex Div Friday of note: of note.
- IRT increases quarterly dividend to $0.17 from $0.16.
Stocks Moving Up & Down After The Close:
- Gap Up: FL +62.6%, BOOT +16.6%, TOI +15.2%, DLO +14.9%, IBTA +11.3%, STE +3.5%, NXT +2.7%, CSCO +2.1% of note.
- Gap Down: NFE -30.9%, DXC -13.4%, RCAT -10.4%, CRWV -6.5%, JACK -4.6% of note.
What’s Happening This Morning: (as of 6:45 a.m. EDT)
Futures S&P 500 +, NASDAQ +, Dow Jones +, Russell 2000 +. Europe is lower ex FTSE and Asia is higher ex Japan. Bonds are at 4,51% from 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 $101,711 from $103,879 lower by $-1748 (-1.70%).
- Daily Positive Sectors: Communication Services, Technology, Consumer Cyclical, Financials and Consumer Defensive of note.
- Daily Negative Sectors: Healthcare, Materials, Real Estate and Utilities 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)
- Thursday After the Close:
- Friday Before The Open:
Notable Earnings of Note This Morning:
- Flat: None of note
- Beats: NTES +3.60, DE +1.08, GAMB+0.22, BEKE +0.21, CSIQ +0.09, MRX +0.08, NICE +0.03, WMT +0.03, BIRK +0.01 of note.
- Misses: ZK -8.20, BABA -0.04, WMS -0.03 of note.
- Still to Report: None of note.
Company Earnings Guidance:
- Positive Guidance: CSCO of note.
- Negative or Mixed Guidance: WMS of note.
Advance/Decline Daily Update: The A/D Line pulled back a bit yesterday but still strong.
Gap Ups & Down In Early Pre-Market: (+2% or down more than -2%):
- Gap Up: FL +81.8%, BOOT +18.1%, DLO +17.7%, TOI +8%, VEON +6.2%, MESO +5.8%, NTES +4.8%, PRG +4.3%, CSCO +3.9%, IBTA +3.9%, NGG +3.4%, CSIQ +3%, AMBC +2.9%, DE +2.9%, NXT +2.5%, SPIR +2.3%, BZAI +2.2%, STE +2% of note.
- Gap Down: NFE -34.5%, DXC -15.4%, RCAT -13.7%, BHVN -12.4%, HTLD -10.9%, LAZR -9.2%, DKS -8.9%, GPRK -8.7%, JACK -6.4%, BABA -5.1%, AURA -4.9%, CRWV -4.3%, HAFN -3.5%, RUM -3.4%, RKLB -3.4%, HIVE -3.1%, VZLA -2.2%, PNBK -2% of note.
Insider Action: None of note see Insider Buying with dumb short selling. PRG 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 Lead Story: Trump Asks Apple Not To Produce iPhones in India. (Bloomberg)
- Markets Wrap: Stocks drop as risk appetite fades. (Bloomberg).
- President Trump says India offered to remove all tariffs on goods from U.S.
- Top Iranian official Ali Shamkhani says Iran is prepared to sign nuclear deal with President Trump in exchange for removal of all sanctions.
- Russian President Vladimir Putin will not attend Ukraine peace talks today in Syria. So neither will Trump or Zelensky.
- Barron’s is + on NFLX.
- Walmart (WMT) beats and notes could increase prices due to tariffs later this month.
Bolded on story link means behind a Pay Wall.
Economic & Geopolitical:
- Economic Releases:
- Weekly Natural Gas Inventories are due out at 10:30 a.m. EDT.
- Weekly Jobless Claims are due out at 8:30 a.m. EDT.
- April Retail Sales are due out at 8:30 a.m. EDT and are expected to fall to 0.20% from 1.40%.
- April PPI is also due out then and expected to rise ot 0.3% from -0.4%.
- April Industrial Production is due out at 9:15 a.m. EDT and is expected to rise to 0.3% from -0.3%.
- Federal Reserve Speakers of note today.
- Federal Reserve Chairman Powell to speak at 8:40 a.m. EDT.
- Federal Reserve Governor Barr to speak at 2:05 p.m. EDT.
- President Trump’s Daily Schedule.
- President Trump moves from Qatar to the U.A.E.
M&A Activity and News: Dick’s Sporting Goods (DKS) to buy Foot Locker (FL) for $24 a share and closed at $12.87 yesterday.
Moving Average Table: Moves from 94% to 90% on Equity Indexes.
Meeting & Conferences of Note:
- Sellside Conferences:
- BAC Health Care Conference
- Deutsche Bank’s Depositary Receipts Conference
- JPM Technology Media and Communications Conference
- Moffett Media Internet & Communications Conference
- Shareholder Meetings: CVS, KMI, LVS, MO, T
- Top Analyst, Investor Meetings: CUE, ITT, LUXE, PAVM, PRPO, RCKT
- Fireside Chat: None of note.
- R&D Day: None of note.
- FDA Presentation: PCRX: Data Presentation for PCRX-201
- Industry Meetings or Events:
- American Society of Gene & Cell Therapy
- Cytokine-Based Drug Development Summit
- ESMO Breast Cancer Annual Congress
- SID Display Week
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: CMTX CSR PBR of note.
Downgrades: SHLS DKS of note.
