Overnight Summary & Early Morning Trading:
- The S&P 500 finished Tuesday higher by 2.06% at 5921.54 with Friday -0.67% at 5802.82.
- Futures are lower this morning by -7 (-0.11%) at 5928 around 6:15 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 by 0.68% from -1.34% on Thursday’s close.
Executive Summary:
- Markets are waiting for Nvidia’s (NVDA) results after the close to decide whether there is more upside action.
Breaking News:
- MBA Mortgage Applications fell by -1.2% week over week.
Key Events of Note Today:
- FOMC Minutes are due out at 2:00 p.m. EDT
- 5-Year Note Auction at 1:00 p.m. EDT.
- President Trump has a light schedule today.
Notable Earnings Out After The Close:
- Beats: HEI +0.09, OKTA +0.09, BOX +0.04, SMTC +0.01 of note.
- Misses: SQM -0.10 of note.
- Flat: None None of note.
- IPOs For The Week: FGO, HLEO, VNTG
- New IPOs/SPACs launched/News: None of note.
- IPOs Filed/Priced: None of note.
- Secondaries Filed or Priced:
- VIK files for common stock offering.
- CNP announces underwritten offering of $800 million shares of common stock.
- GDS files for ordinary share offering.
- GLXY files for 29 million share common stock offering, comprised of 24.15 million shares offered by the company.
- Notes Priced: None of note.
- Notes Files: None of note.
- Convertibles Filed:
- GDS announces proposed offering of $450 million convertible senior notes
- Direct Offering: None of note.
- Exchangeable Subordinate Voting Shares: None of note.
- Private Placements: None of note.
- Selling Shareholders of note:
- EXOD also files for 1.5 million share common stock offering by selling shareholders.
- VIK also files for common stock offering by selling shareholders.
- GLXY files 4.85 million shares by selling shareholders.
- Mixed Shelf Offerings:
- EXOD files for $1 billion mixed securities shelf offering
- ATOM files for $100 million mixed securities shelf offering.
News After The Close:
- Motorola Solutions (MSI) announces it has entered into a definitive agreement to acquire Silvus Technologies, Inc. for $4.4 billion in up-front consideration.
- Rocket Lab (RKLB) signs agreement to acquire Geost for $275 million; acquisition would create an entirely new category for Rocket Lab.
- OKTA guides lower for next quarter but keeps fiscal year the same.
- 10K or Qs Filings/Delays – (Filed), (Delayed) None of note.
Exchange/Listing/Company Reorg and Personnel News:
- GEVO announces appointment of Leke Agiri as CFO, effective May 21, 2025.
- EOLS announces resignation of CFO Sandra Beaver, effective June 13; co initiates a search to identify her successor and will provide updates as appropriate.
- MTN announced that Rob Katz, current Executive Chairperson and former Chief Executive Officer, has been appointed CEO of the Company. Katz succeeds Kirsten Lynch, who has stepped down as CEO and as a director of the Board. Lynch will remain in an advisory role to the Company for an interim period to facilitate a smooth transition.
- NVAX eliminates the position of COO and terminates John Trizzino, effective June 20.
Buybacks: None of note.
Dividends Announcements or News:
- Stocks Ex Div Today: SPGI EA TSCO EG ASR CCS of note.
- Stocks Ex Div Thursday of note: of note.
Stocks Moving Up & Down Yesterday:
- Gap Up: MTN +10.1%, BOX +9.5%, RKLB +3.6% of note.
- Gap Down: OKTA -11.7%, CODI -7.7% , EOLS -4.6%, GDS -4.3%, GLXY -3.9%, SMTC -2.4% and VIK -2.0% of note.
What’s Happening This Morning: (as of 7:35 a.m. EDT) Futures S&P 500 +3, NASDAQ +32, Dow Jones -16. Europe and Asia are lower. Bonds are at 4.47% unchanged on the 10-Year. Crude Oil and Brent Crude are higher with Natural Gas higher. Gold, Silver and Copper are higher. The U.S. Dollar is flat versus the Euro, higher against the Pound and lower against the Yen. Bitcoin is at $108,954 from $109,780 lower by $-934 (-0.86%).
- Daily Positive Sectors: All were higher, led by Technology, Consumer Cyclical and Communication Services of note.
- Daily Negative Sectors: None 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)
- Wednesday After the Close:
- Thursday Before The Open:
Notable Earnings of Note This Morning:
- Flat: None of note
- Beats: BMO +0.09, CMC +0.03, M +0.01 of note.
- Misses: CPRI -4.77, DKS -0.95, PLAB -0.08 of note.
- Still to Report: None of note.
Company Earnings Guidance:
- Positive Guidance: I of note.
- Negative or Mixed Guidance: CMCO of note.
Advance/Decline Daily Update: The A/D Line saw improvement on Tuesday.
Gap Ups & Down In Early Pre-Market: (+2% or down more than -2%):
- Gap Up: BROG +47.3%, BOX +12.6%, MTN +10.9%, JOBY +9.7%, TS +4.1%, RKLB +3%, EXOD +2.9%, REZI +2.8%, GH +2% of note.
- Gap Down: IFRX -49.1%, OKTA -13.1%, CODI -11.4%, GLXY -10.5%, NFGC -6.9%, GDS -6.4%, SOC -5.6%, SMTC -3.3%, CNP -2.5% of note.
Insider Action: None of note see Insider Buying with dumb short selling. None of note 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: Musk Disappointed That Trump Tax Bill Raises The Deficit. (Bloomberg)
- Markets Wrap: Stock Futures Inch Higher On Nvidia After The Close. (Bloomberg).
- SpaceX Starship destroyed on test flight. (Bloomberg)
- Dick’s (DKS) stands by guidance.
- Macy’s (M) cuts outlook on tariffs.
Bolded on story link means behind a Pay Wall.
Economic & Geopolitical:
- Economic Releases:
- MBA Mortgage Applications are due out at 7:00 a.m. EDT.
- President Trump’s Daily Schedule.
- President Trump signs Executive Orders at 2:00 p.m. EDT.
- Federal Reserve Speakers of note today.
- Federal Reserve Minneapolis President Neel Kashkari spoke at 4:00 a.m. EDT.
- Federal Reserve Richmond President Thomas Barkin speaks at 8:00 a.m. EDT.
M&A Activity and News: None of note.
Moving Average Table: Moves from 50% to 90% on Equity Indexes and Bonds saw some improvement.
Meeting & Conferences of Note:
- Sellside Conferences:
- Citi Napa Therapeutics Summit
- BAC Emerging Markets Conference
- BAC Power Utilities & Alternative Energy Conference
- Bernstein Strategic Decisions Conference
- Craig-Hallum’s Institutional Investor Conference
- Deutsche Bank Global Financial Services Conference
- Evercore ‘Nothing But Net’ Conference
- GS Leveraged Finance and Credit Conference
- Jefferies eVTOL / AAM Summit
- Jefferies Japan IT, Internet & Services Summit
- KeyBanc Industrials & Basic Materials Conference
- Piper Lung Day with ATS Takeaways
- Raymond James Silver Conference
- Stifel Ophthalmology Forum
- TD Cowen Technology, Media & Telecom Conference
- TD Cowen Oncology Innovation Summit
- Shareholder Meetings: CVX, DSX, GS, MAT, RCL, SOFI, XOM
- Top Analyst, Investor Meetings: AZN, BIVI, COHR, DMAC, FA, GRI, MRKR, PFGC, YMAB
- Fireside Chat: None of note.
- R&D Day: None of note.
- Meetings:
- American Society of Clinical Psychopharmacology (ASCP)
- Bitcoin (Las Vegas, NV)
- Sohn Montreal Conference
- FDA Presentation:
- ETON: PDUFA Results on ET400
- YMAB: Data Presentation on GD2-SADAIndustry
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: ST of note.
Downgrades: BAH PRTA of note.
