Overnight Summary: The S&P 500 closed Wednesday lower by -0.29% at 5307.01 from Tuesday higher by +0.25% at 5321.41. The overnight high was hit at 5,362.75 at 12:20 a.m. EDT and the low was hit at 5310.25 at 4:25 p.m. EDT. The current price is 5355 at 6:20 a.m. EDT.
Executive Summary: Livin’ La Vida Loca that is Nvida right now at this time in history. Nvidia blew away earnings estimates and raised guidance. That means the tech rally continues. Check back are 7:40 for Upgrades/Downgrades and more in Rags & Mags. We are still without power at home as 8,000 homes in Madison still have no power.
- 10-Year TIPS Auction at 1:00 p.m. EDT.
Earnings Out After The Close:
- Beats: NVDA+0.52, ELF +0.18, ENS +0.07, RAMP +0.06, ZUO +0.04 of note.
- Flat: None of note.
- Misses: VFC -0.34, SNOW -0.04, SNPS -0.03, of note.
- IPOs For The Week: BOW KDLY LRTX
- New SPACs launched/News:
- IPOs Filed:
- Secondaries Files or Priced:
- GFS filed Class A ordinary share offering worth $950 million.
- Common Stock filings/Notes:
- Notes Priced of note:
- ACT prices $750 million of senior notes.
- COTY prices 500 million British Pouds offering of senior notes.
- Direct Offering:
- Exchangeable Subordinate Voting Shares:
- Selling Shareholders of note:
- Debt/Credit Filing and Notes:
- announces proposed offering of $525 million convertible senior notes due 2029.
- Mixed Shelf Offerings:
- MRBK: 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:
- RAMP +15.60%, Zuo +8%, NVDA +7.5%, SMCI +4.5%, DD +4%, NWS +3.8%, SNOW +3.5% , TSM +2.9%
- VFC -11%, PLUS -6.40%, GFS -6%, BE -5.70%
- News Items After the Close:
- Goldman Sachs CEO David Solomon says no rate cuts this year. (I will take the other side of that bet). (Yahoo)
- VF Corp (VFC) misses as demand slows. (Reuters)
- Schwab (SCHW) to roll out alternative platform. (Bloomberg)
- Snowflake (SNOW) boosts forecast. (MarketWatch)
- NVDA crushes its earnings and revenue forecast. (Yahoo)
- Dupont (DD) to split into three companies.
- Exchange/Listing/Company Reorg and Personnel News:
- Stock Splits or News:
- NVDA approves a$100 million buyback.
- GFS to buyback $200 million from proceeds of the offering.
- 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 +36, S&P 500 +27.75, NASDAQ +159 and Russell +6.09. Asia is lower ex the Nikkei and Europe is higher this morning. VIX Futures are at 13.36 unchanged from a day ago. Gold, Silver and Copper are lower this morning for a second day in a row. WTI Crude Oil and Brent Crude Oil higher with Natural Gas lower. US 10-year Treasury sees its yield at 4.42% from 4.451% yesterday. The U.S. Dollar is lower versus the Euro, lower versus the Pound and higher against the Yen. Bitcoin is at $69,701 from $69,874 higher by 0.06% this morning.
Sector Action – (1/3/6/12/YTD Updated Weekly with Monday release):
- Daily Negative Sectors: Materials, Energy, Utilities, Consumer Cyclical and Real Estate of note.
- Daily Positive Sectors: Healthcare and Technology 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)
- Thursday After the Close:
Earnings of Note This Morning:
- Beats: TD +0.68, NTES +0.51, HLNE +0.37, BILI +0.19, BEKE +0.19, DAVA +0.14, TGI +.11, WB +0.05, SCVL +.04, BJ +0.02, MDT +0.01 of note.
- Flat: None of note.
- Misses: TITN -0.20, MNRO -.09 of note.
- Still to Report: None of note.
Company Earnings Guidance:
- Positive Guidance: NVDA of note.
- Negative Guidance: DAVA TGI TITNof note.
Erlanger Research Advance/Decline Chart:
Gap Ups & Down In Early Pre-Market (+4% or down more than -4%):
- Gap Up: RAMP +15.3%, BORR +8.9%, NVDA +6.7%, ZUO +6.5%, DD +5%, SMCI +4.7%, SNOW +4.1%, HIMS +3.6%, COR +3.1%, FLNG +3.1%, AMD +2.9%, ENS +2.9%, TSM +2.8%, AMAT +2.4%, GCT +2.4%, WB +2% of note.
- Gap Down: CYTK -15.3%, VFC -15%, NGG -9.5%, GFS -5.2%, BE -4.4%, IMMR -4.1%, NTES -3.9%, BEKE -3.7%, PLUS -2.8%, FHTX -2.6%, BILI -2.4% of note.
Insider Action: ARKR CABO see Insider buying with dumb short selling. BOC 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)
- What You Need To Know To Start Your Day. (Bloomberg)
- Stocks Making The Biggest Move: (CNBC)
- Bloomberg Lead Story: Nvidia Stock Surges As Sales Forecast Delivers on AI Hopes. (Bloomberg)
- JP Morgan CEO Jamie Dimon cannot rule out a “hard landing”. (CNBC)
- Pfizer (PFE) aims to cut cost by $1.5 billion between now and 2027. (CNBC)
Moving Average Update: Score at 83% from 94%.
Geopolitical:
- President’s Public Schedule:
- There is a Daily Briefing today at 8:30 a.m. EDT.
- President Biden will hold a bilateral meeting with the President of the Republic of Kenya at 11:00 a.m. EDT.
- The President then holds a press conference with the President of the Republic of Kenya at 12:30 p.m. EDT.
- The President then holds a State Dinner with the President of the Republic of Kenya starting at 6:30 p.m. EDT.
Economic:
- Weekly Jobless Claims are due out at 8:30 a.m. EDT.
- April New Home Sales are due out at 10:00 a.m. EDT and are expected to fall to 680,000 from 693,000.
- Weekly Natural Gas Inventories are due out at 10:30 p.m. EDT.
Federal Reserve / Treasury Speakers:
- Federal Reserve Atlanta President Raphael Bostic speaks at 3:00 a.m. EDT.
M&A Activity and News:
Meeting & Conferences of Note:
- Sellside Conferences:
- Goldman Sachs TechNet Conference Asia Pacific.
- Piper Sandler Lung Investor Conference
- Riley Institutional Investor Conference
- TD Cowen Sustainability Week
- UBS Obesity Week
- Wolfe Global Transportation & Industrials Conference
- Top Shareholder Meetings: ADM, AFCG, AGI, APA, APLE, AQMS, BYND, DD, DV, EBS, FE, GNW, IPHA, LICY,
LNC, MS, NEE, NOW, OGS, PIPR, RGLD, SEE, SCHW, SSRM, TEX, TIGO, TMO,
TRUE, VIA, VOYA
- Fireside Chat: None of note.
- Investor/Analyst Day/Calls: ARWR, DD, HFRO, INDI, NVX, NXL, RJF, SGMT, SUPN, TBPH
- Update: None of note.
- R&D Day: None of note.
- FDA Presentation: IRWD
- Company Event:
- Industry Meetings:
- ALS Drug Development Summit
- ASCO begins.
- Digestive Disease Week
- 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:
