Overnight Summary: The S&P 500 closed Tuesday higher by +0.25% at 5321.41 from Monday higher by +0.09% at 5308.13. The overnight high was hit at 5,349.25 at 10:10 p.m. while the overnight low was hit at 5334.50 at 6:40 a.m. EDT. The range overnight is 15 points as of 7:00 a.m. EDT. Currently, the S&P 500 is lower by -9.50 points at 8:10 a.m. EDT.
- FOMC Notes out at 2:00 p.m. EDT.
- Beats: URBN +0.16, MOD +0.01 of note.
- Flat: None of note.
- Misses: TOL -0.76, VSAT -0.71, XP -0.16, SKY -0.06 of note.
Capital Raises:
- IPOs For The Week:
- New SPACs launched/News:
- IPOs Filed:
- Secondaries Files or Priced:
- NIO filed Class A ordinary share offering.
- DYN prices 10.5 million shares at $31 per share.
- Common Stock filings/Notes:
- Notes Priced of note:
- ALLE prices $400 million of senior notes.
- VRSK price offering of senior notes.
- Direct Offering:
- Exchangeable Subordinate Voting Shares:
- Selling Shareholders of note:
- LFST files to sell 20 million shares of a common stock offering by selling shareholders.
- Debt/Credit Filing and Notes:
- HAE announces proposed offering of $525 million convertible senior notes due 2029.
- Mixed Shelf Offerings:
- INVO: Filed a $100 million Mixed Shelf Offering.
- PCSA: Filed a $50 million Mixed Shelf Offering.
- Rights Offering:
- PIPE:
- 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 :
- Changes After The Close:
- UNFI +5.2%,
- VSAT -12.60%, LFST -10.70%, IAG -8.10%, MOD -8.0%, CAE -6.30%, SKY -4.2%, XP -3.5%
- News Items After the Close:
- Exchange/Listing/Company Reorg and Personnel News:
- WSFS appoints David Burg as CFO; promotes Arthur J. Bacci to COO
- LULU Chief Production Officer has resigned to pursue other opportunities.
- Stock Splits or News:
- approves a 2:1 split.
- Buyback Announcements or News:
- announced a $20 million repurchase agreement.
- Dividends Announcements or News:.
- MTB ups quarterly dividend to $1.35 from $1.30.
What’s Happening This Morning: Futures value reflects the change with fair value. Futures on the Dow -99, S&P 500 -10, NASDAQ -5 and Russell -7.36. Asia and Europe are lower this morning. VIX Futures are at 13.36 from 13.57. Gold, Silver and Copper are lower this morning. WTI Crude Oil and Brent Crude Oil lower with Natural Gas lower as well. US 10-year Treasury sees its yield at 4.451% from 4.426% yesterday. The U.S. Dollar is higher versus the Euro, lower versus the Pound and higher against the Yen. Bitcoin is at $69,874 from $71,227 higher by 0.62% this morning.
- Daily Positive Sectors: Utilities, Consumer Defensive, Financials and Healthcare of note.
- Daily Negative Sectors: Materials, Energy and Industrials of note.
- One Month Winners: Utilities, Real Estate, Technology, Consumer Defensive and Financials of note.
- Three Month Winners: All led by Utilities, Energy, Materials, Financials 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, Utilities, Technology, Financials, Industrials and Consumer Defensive of note.
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:
Earnings of Note This Morning:
- Beats: PDD+10.23, KC +0.93, DY +0.61, VIPS +0.53, ADI +0.14, BRC +0.06, TJX +.05, WKME +0.05, WOOF +.04 of note.
- Flat: None of note.
- Misses: PLAB -0.09, GDS -.04, LPG -.04, TGT -.03 of note.
- Still to Report: None of note.
Company Earnings Guidance:
- Positive Guidance: ADI BRC of note.
- Negative Guidance: VIPS of note.
Erlanger Research Advance/Decline Chart:
Gap Ups & Down In Early Pre-Market (+4% or down more than -4%):
- Gap Up: of note.
- Gap Down: of note.
Insider Action: sees 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.
- 5 Things to Know Before The Stock Market Open Today. (CNBC)
- Stocks Making The Biggest Move: TGT LULU SHOP (CNBC)
- Bloomberg Lead Story: Half of Swing State Voters Expect Violence Around Election. (Bloomberg)
- Stocks lower into Nvidia after the close: Markets Wrap. (Bloomberg)
- Target (TGT) sees consumers buying few goods. (CNBC)
Moving Average Update: Score at 94% from 97%.
Geopolitical:
- President’s Public Schedule:
- There is a Daily Briefing today at 10:00 a.m. EDT.
- There is a Press Briefing at 1:00 p.m. EDT.
- President Biden meet with the President of the Republic of Kenya at 4:00 p.m. EDT.
- The President then heads to Boston for a campaign reception at 7:30 p.m. EDT and arrives back at the White House at 10:05 p.m. EDT.
Economic:
- April Existing Home Sales are due out at 10:00 a.m. EDT and is expected to rise to 4.20 million from 4.19 million.
- Weekly Crude Oil Inventories are due out at 10:30 p.m. EDT.
- The latest FOMC Minutes are due out at 2:00 p.m. EDT.
Federal Reserve / Treasury Speakers:
- Federal Reserve Chicago President Austan Goolsbee speaks at 9:30 a.m. EDT.
M&A Activity and News:
- None of note.
Meeting & Conferences of Note:
- Sellside Conferences:
- Benchmark Healthcare House Call Virtual Conference
- Goldman Sachs TechNet Conference Asia Pacific.
- JP Morgan TMT Conference
- KBW Real Estate and Technology Conference
- Raymond James Silver Conference
- William Blair Radiopharma Conference
- Wolfe Global Transportation & Industrials Conference
- Top Shareholder Meetings: AAP, ALGN, AMZN, ATSG, CAR, CCI, FCAP, HTZ, INN, KSPI, LWLG, MCD, OKE,
PRQR, RIGL, ROST, STM, TARO, TDS, TMQ, UAL, WB, XEL, XRX - Fireside Chat: None of note.
- Investor/Analyst Day/Calls: IONM, MGRM, MSA, PRO, SCHW, SRRK, SYY
- Update: None of note.
- R&D Day: None of note.
- FDA Presentation: IRWD
- Company Event:
- Industry Meetings:
- American Thoracic Society International
- Digestive Disease
- Gartner CFO & Finance Executive Conference
- IMPACT 24: The Identity Security Conference
- SME Current Trends in Mining Finance Conference
- A.G.P. Healkthcare 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:
