CAPIS Morning Note – 5/28/24: Last Week Of May Trading

Overnight Summary: The S&P 500 closed Friday higher by 0.70% at 5304.72 from Thursday lower by -0.74% at 5267.84. The overnight high was hit at 5,339 at 4:50 a.m. EDT and the low was hit at 5323.25 at 8:15 p.m. EDT. The overnight range is 16 points. The current price is 5327.25 at 6:45 a.m. EDT…

Overnight SummaryThe S&P 500 closed Friday higher by 0.70% at 5304.72 from Thursday lower by -0.74% at 5267.84. The overnight high was hit at 5,339 at 4:50 a.m. EDT and the low was hit at 5323.25 at 8:15 p.m. EDT. The overnight range is 16 points. The current price is 5327.25 at 6:45 a.m. EDT up by +5.75.

Executive SummaryToday we get Kashkari pushing for no rates changes along with some economic data. Futures are mixed.
  • 2-Year Auction at 11:30 a.m. EDT along with a 3-month and 6-month Bill Auction
  • 5-Year Auction at 1:00 p.m. EDT
Earnings Out After The Close
  • Beats:   None of note.
  • Flat:   None of note.
  • Misses:  None of note.

Capital Raises:

  • 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:
    • filed a proposed public offering of common stock and warrants.
    •  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:
    • ELDN files for 21,100,000 shares of common stock by selling shareholders 
  • Debt/Credit Filing and Notes:
    • announces proposed offering of $525 million convertible senior notes due 2029.
  • Mixed Shelf Offerings:
    • PR: Filed a Mixed Shelf Offering.
    • ZURA: Filed a $150 Mixed Shelf Offering.
    • IMUX: Filed a $142 Mixed Shelf Offering.
    • CLRB: Filed a $300 Mixed Shelf Offering.
    • PCVX: 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 :

  • Week’s Biggest Gainers and Losers:
    • FSLR +38.79%,  BE 33.25%, MRNA +25.51%, CMCM +25.05%, AMRC +24.53%,  ARRY 24.95%, ELF +20.72%, DY +20.32%, TPIC 19.87%, NVAX 19.29%, CSIQ +15.89%, BOLD 15.82%, DECK +15.33%, RYAM 15.14%, NVDA +14.56%, CLS +13.81%, FLEX +13%, JKS +12.87%.  
    • SERV -21.34%, CYTK -18.86%, NVRO -17.59%, STIM -17.24%, NCG -16.87%, CGC -15.94%, TUP -15.69%, UVV -15.05%, SNBR -15.01%, EBS -14.68%, BL -14.67%, CHGG -14.61%, 
  • News Items After the Close & Weekend:
    • Gamestop (GME) sold $933.4 million of stock last week.
    • Vanda Pharma (VNDA) rejects takeover proposal from Future Pak.
    • Boeing (BA) awarded a $7.48 billion U.S. Air Force contract for Joint Direct Attack Munition.
    • Meta (META) and Elon Musk’s X are fighting to partner with chatbot group (Financial Times)
  • Stock Splits or News:
    •  approves a $60 million buyback.
    • buyback $200 million from proceeds of the offering.
  • Dividends Announcements or News:
    •  ups quarterly dividend to $1.34 from $1.25.
  • Exchange/Listing/Company Reorg and Personnel News:
    • CLBK COO E. Thomas Allen, Jr. to retire, effective January 31, 2025; no successor has yet to be appointed.
    • RXRX appoints Robert Heshberg as new Chair of the Board, effective at the end of this term.
    • GIL names Glenn Chamandy as CEO and Michael Kneeland as Chair of the Board of Directors.
    • AMPL says Christopher Harms is no longer serving as CFO, effective today; reaffirms Q2 and FY24 guidance.

What’s Happening This MorningFutures value reflects the change with fair value. Futures on the Dow -42, S&P 500 +5.50, NASDAQ +40.5 and Russell +8.63. Asia is lower and Europe is lower ex the DAX  this morning. VIX Futures are at 13.84 from 13.36 from a day agoGold, Silver and Copper are higher for a second trading day in a row. WTI Crude Oil and Brent Crude Oil higher with Natural Gas lower. US 10-year Treasury sees its yield at 4.465% from 4.471% on Friday. The U.S. Dollar is lower versus the Euro, lower versus the Pound and higher against the YenBitcoin is at $68,298 from $67,328 lower by  -1.86% this morning.

Sector Action(1/3/6/12/YTD Updated Weekly with Monday release):  
  • Daily Positive Sectors: Utilities, Technology, Communication Services and Materials of note.
  • Daily Negative Sectors:  Healthcare of note.
  • One Month Winners: Technology, Utilities, Real EstateConsumer Defensive, Communication Services, Healthcare and Materials Financials of note.
  • Three Month Winners: All led by Utilities, Technology, 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 Softwaresorted by market cap, highest to lowest with most visible names)

  • Tuesday After the Close:  APPS BOX CAVA HEI of note.
  • Wednesday Before The Open: AAP AEO ANF CHWY CMCO DKS RY of note.

Earnings of Note This Morning:

  • Beats: BNS +0.44 of note.
  • Flat: None of note.
  • Misses: MOMO -1.66, BZUN -0.18 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: INSM +125.1%, GME +24.9%, KUKE +16.7%, BZUN +5.2%, VERA +5%, TAC +3.5%, AQN +3.2%, ZURA +2.6%, INBX +2.5%, ARWR +2.4%, INTR +2.3%, AAPL +2.1%of note.
  • Gap Down: AY -7.6%, PCVX -4.8%, BZFD -2.9%, MOMO -2.9%, TKC -2% of note.

Insider Action:   see Insider buying with dumb short selling.   see Insider buying with smart short sellers.

Rags & MagsRepeated stories from prior days never listed, i.e. “rehashed news”. Sorted by Global, U.S. and stock specific.

  • What You Need To Know To Start Your Day. (Bloomberg)
  • Bloomberg Lead Story:  Wall Street Moves to T+1. (Bloomberg)
  • Stocks Making The Biggest Moves: GME NVDA VKTX ABNB. (CNBC)
  • Market Wrap: Stocks mixed with focus on inflation data. (Bloomberg)
  • T-Mobile (TMUS) to acquire most of U.S. Celluar for $4.4 billion. (CNBC)
  • Worst Memorial Day Movie Openings weekend in quite some time.

Moving Average Update: Score at 66% from 83%.


  • President’s Public Schedule:
    • There is a Daily Briefing today at 10:00 a.m. EDT.
    • Press Briefing by Press Secretary Karine Jean-Pierre at 1:30 p.m. EDT.


  • S&P Case-Schiller Home Price Index is due out at 9:00 a.m. EDT and came in last month at 7.3% with estimates of 7.0% for this month.
  • May Consumer Confidence is due out at 10:00 a.m. EDT and came in last month at 97 and is expected to drop to 96 this month.

Federal Reserve / Treasury Speakers:

  • Federal Reserve Minneapolis President Neel Kashkari speaks at 9:55 a.m. EDT.
  • Federal Reserve Governor Lisa Cook speaks at 1:05 p.m. EDT.

M&A Activity and News:

  • None of note.

Meeting & Conferences of Note:

  • Sellside Conferences:
    • Key Banc Industrials and Materials Conference
    • Stifel Tailoring Genese Genetic Medicine Forum
    • TD Cowen Oncology Innovation Summit
    • Wells Fargo West Coast MedTech Tour
  • Top Shareholder Meetings: AU BNOX BTAI CELH GIL MRK NBY TBLA
  • Fireside Chat: None of note.
  • Investor/Analyst Day/Calls: MRUS PROK
  • Update: None of note.
  • R&D Day: None of note.
  • FDA Presentation:
  • Company Event:
  • Industry Meetings:
    • ASCO begins.
    • Leerink Partners Healthcare Crossroads Conference
    • The Mining Investment Event
    • 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:

  • Downgrades AFCG