Overnight Summary: The S&P 500 closed Thursday lower by -0.74% at 5267.84 from Wednesday lower by -0.29% at 5307.01. The overnight high was hit at 5,299.50 at 4:55 a.m. EDT and the low was hit at 5281.75 at 4:05 p.m. EDT. The overnight range is 18 points. The current price is 5296 at 6:00 a.m. EDT up by +10.75.
Executive Summary: Markets are closed on Monday. Can we bounce today after yesterday’s sell-off?
- One Fed speaker and a couple economic releases. A somewhat quiet day.
Earnings Out After The Close:
- Beats: DECK+1.94, INTU +0.50, LGF.A +0.16, WDAY +0.16, ROST +0.11 and STEP +0.05 of note.
- Flat: None of note.
- Misses: CVCP -0.48, DOMO -0.10 and AMWD -0.08 of note.
- IPOs For The Week: BOW KDLY LRTX
- New SPACs launched/News:
- IPOs Filed:
- Secondaries Files or Priced:
- filed Class A ordinary share offering worth $950 million.
- Common Stock filings/Notes:
- GNLX filed a proposed public offering of common stock and warrants.
- LILM filed a proposed public offering of common stock and warrants.
- Notes Priced of note:
- prices $750 million of senior notes.
- 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:
- VFC: Filed a Mixed Shelf Offering.
- UGI: Filed a 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:
- CADL +31%, MRUS +16%, DECK +8.2%, ROST +7.2%, VSTM -7%, IOVA +5.7%, GTHX +4%, STEP +3%
- GNLX -25%, DOMO -10.9%, WDAY -10.90%, HOWL -7.9%, AMWD -7.7%, INTU -7.4%, LILLM -4.7%,
- News Items After the Close:
- LPL Financial (LPLA) sees total assets drop by 1.9% to $11.
- NCAA opens pay for play from the college to the athlete.
- GVA awarded a $48 million contract by the Washington State Department of Transportation.
- SUZ looking at at cash and stock offer for IP. (Bloomberg)
- Releases from ASCO include COGT VSTM CADL HOOK IOVA REGN KYMR BCYC CMPX FGEN CRBP IMAB BCAB BPMC BMY AGEN SWTX MRUS HOWL CGEM GTHX
- RTX awarded $227 mln U.S. Navy contract
- Paramount Global (PARA) and Charter Communications (CHTR) announce multi-year deal for Paramount’s linear networks, CBS owned and operated stations and direct to consumer streaming services.
- Hanes Brand (HBI) in talks to sell Champion Brand to Authentic. (Axios)
- Stock Splits or News:
- STEL approves a $60 million buyback.
- to buyback $200 million from proceeds of the offering.
- Dividends Announcements or News:
- LYB ups quarterly dividend to $1.34 from $1.25.
- Exchange/Listing/Company Reorg and Personnel News:
- SiriusPoint (SPNT) announces Jim McKinney as Chief Financial Officer, effective June 3.
- Hecla Mining (HL) names Catherine J. Boggs, current Chair, as Interim CEO; succeeds Phillips S. Baker Jr., who is retiring (
What’s Happening This Morning: Futures value reflects the change with fair value. Futures on the Dow +64, S&P 500 +14, NASDAQ +45 and Russell +8.79. Asia is lower and Europe is lower as well this morning. VIX Futures are at 13.84 from 13.36 from a day ago. Gold, Silver and Copper are higher this morning. WTI Crude Oil and Brent Crude Oil lower with Natural Gas higher. US 10-year Treasury sees its yield at 4.471% from 4.42% yesterday. The U.S. Dollar is lower versus the Euro, lower versus the Pound and higher against the Yen. Bitcoin is at $67,328 from $69,701 higher by 0.03% this morning.
Sector Action – (1/3/6/12/YTD Updated Weekly with Monday release):
- Daily Positive Sectors: Technology of note.
- Daily Negative Sectors: Real Estate, Utilities, Financials and Consumer Cyclicals 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)
- Friday After the Close: None of note.
- Tuesday Before The Open: BMO BNS MOMO BZUN
Earnings of Note This Morning:
- Beats: BAH +0.10 of note.
- Flat: None of note.
- Misses: BKE -0.04 of note.
- Still to Report: None of note.
Company Earnings Guidance:
- Positive Guidance: None of note.
- Negative Guidance: None of note.
Erlanger Research Advance/Decline Chart:
Gap Ups & Down In Early Pre-Market (+4% or down more than -4%):
- Gap Up: VSTM +32.2%, CADL +24.8%, MRUS +18%, GTHX +8.8%, DECK +8.7%, ROST +7.2%, IOVA +7.1%, CHRS +7%, CRBP +5%, NWN +4.4%, BE +3.6%, EHAB +3.2%, STEP +3%, GH +2.8%, GIL +2.6% of note.
- Gap Down: GNLX -21.7%, WDAY -12.3%, DOMO -9.8%, AMWD -9.3%, HOWL -6.8%, INTU -6%, CVCO -5.5%, CGEM -3%, EXAS -3%, SUZ -2.1% of note.
Insider Action: see Insider buying with dumb short selling. 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)
- Bloomberg Lead Story: The Rise and Fall Of Segantti. (Bloomberg)
- Market Wrap: US Futures edge higher as tech traders wade back in. (Bloomberg)
- Novo Nordisk (NVO) Ozmpic slashes death from Kidney Disease. (Bloomberg). (CNBC)
Moving Average Update: Score at 66% from 83%.
Geopolitical:
- President’s Public Schedule:
- There is a Daily Briefing today at 10:00 a.m. EDT.
- President Biden heads to Delaware for the Memorial Day Weekend at noon.
Economic:
- April Durable Orders are due out at 8:30 a.m. EDT and is expected to fall to -0.80% from 2.6%.
- May University of Michigan Consumer Sentiment is due out at 10:00 a.m. EDT and is expected to rise to 67.60 from 67.40.
- The latest NYSE and NASDAQ Short Interest Data from April 26th to May 13th is due out after the close. The S&P 500 rose by 2.38%.
Federal Reserve / Treasury Speakers:
- Federal Reserve Governor Christopher Waller speaks at 9:35 a.m. EDT.
M&A Activity and News:
Meeting & Conferences of Note:
- Sellside Conferences:
- Top Shareholder Meetings: LUCD LYB VTEX XPER
- Fireside Chat: None of note.
- Investor/Analyst Day/Calls: ABEO
- Update: None of note.
- R&D Day: None of note.
- FDA Presentation:
- Company Event:
- Industry Meetings:
- ASCO begins.
- 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:
- Upgrades GGB MGNI MCHP NXPI SAIA XPO
- Downgrades CTAS
