Overnight Summary: The S&P 500 closed Monday higher by 0.28% at 5360.79 from Friday lower by -011% at 5346.99 . The overnight high was hit at 5,373.50 at 4:05 p.m. EDT and the low was hit at 5355.50 at 6:00 a.m. EDT. The overnight range is 18 points. The current price is 5355.60 at 6:00 a.m. EDT down by -15.75.
- NFIB Small Business Index was out at 6:00 a.m. EDT.
- 10-Year Note Auction at 1:00 p.m. EDT.
- FOMC begins two day meeting.
- Beats: CVGW +0.14, ADSK +0.12 of note.
- Flat: None of note.
- Misses: YEXT -0.01 of note.
Capital Raises:
- IPOs For The Week: EHGO KAPA OSTX QMMM TEM TLX WOK
- New IPOs/SPACs launched/News:
- .
- IPOs Filed:
- Secondaries Files or Priced:
- PROK announces proposed $125 million public offering of class an ordinary shares and concurrent registered direct offering.
- CWAN announces launch of secondary offering of 12 mln Class A common stocks.
- ATAT commences 10,000,000 ADSs secondary offering.
- BNGO up to 12,500,000 shares of common stock.
- Common Stock filings/Notes:
- CTGO commences public stock offering; size not disclosed
- HOVR files S-1 stock offering.
- KPLT files S-1 stock offering.
- Notes Priced of note:
- PNM closes on Junior Subordinated Convertible Notes Offering.
- TTWO priced $600 million senior notes offering.
- Direct Offering:
- Exchangeable Subordinate Voting Shares:
- Selling Shareholders of note:
- GB files for 18,181,818 ordinary shares by selling shareholder.
- BROS commences public offering for 8,762,700 shares of common stock by selling shareholders.
- SHMD files for 36,010,890 ordinary shares by selling shareholders; relates to warrants.
- FWRD files for 14,015,018 shares of common stock by selling shareholders.
- CRK files for 12,500,000 shares of common stock by selling shareholders,
- Debt/Credit Filing and Notes:
- Mixed Shelf Offerings:
- EMN: files a mixed shelf offering
- AVTE: files a $350 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 :
- Biggest Gainers and Losers:
- CVGW +12.1%, DXC +4.1%, AVTE +2.9%
- CTGO -21.80%, YEXT -12.80%, PROX -10.3%, ARRY -4.3%, ATAT -3.7%,
- Oil prices are up 3% on hopes of higher summer demand. (Reuters)
- Eli Lilly’s (LLY) Alzheimer’s drug Donanemab wins support from FDA Panel. (MarketWatch)
- Hertz (HTZ) warrant holders demand a change of control payment. (Bloomberg)
- YEXT to acquire Hearsay Systems for $125 mln.
- T updates progress on multi-year growth strategy ahead of conference today.
- ADM division Animal Nutrition expands previously announced recalls. (release)
- CACI awarded $450 mln U.S. Air Force contract.
- Jim Cramer interviewed the on Mad Money. (CNBC).
Stock Splits or News:
Buybacks or Repurchases:
- GM approves a $6 billion buyback.
Exchange/Listing/Company Reorg and Personnel News:
- ARRY CFO Kurt Wood to step down at the end of Q2 and company begins a search for new CFO.
- GEHC announces leadership and segment changes; names new CEO of Imaging and a new CEO of Ultrasound and IGT.
- MSEX names Mohammed G. (Rally) Zerhouni as its new Senior Vice President, Chief Financial Officer and Treasurer effective June 24, 2024.
- SWI announces appointment of Lewis Black as its Executive Vice President, Chief Financial Officer, and Treasurer to be effective in August 2024
Dividends Announcements or News:
- Stocks Ex Div Today: ROST SR OEC PWOD
What’s Happening This Morning: Futures S&P 500 -15, NASDAQ 100 -53, Dow Jones -144, Russell 2000 -12. Asia is higher ex Australia while Europe is lower this morning. VIX Futures are at 13.30 from 13.35 yesterday. Gold, Silver and Copper are lower. WTI Crude Oil and Brent Crude Oil are lower while Natural Gas is higher. US 10-year Treasury sees its yield at 4.434% from 4.461% yesterday. The U.S. Dollar is higher versus the Euro, lower versus the Pound and higher against the Yen. Bitcoin is at $67,189 from $69,358 lower by -3.47% this morning.
- Daily Positive Sectors: Utilities, Energy, Consumer Cyclical and Technology of note.
- Daily Negative Sectors: Consumer Defensive and Financials of note.
- One Month Winners: Technology, Healthcare, Communication Services and Real Estate of note.
- Three Month Winners: All led by Communication Services, Utilities, Technology, Consumer Defensive and Energy of note.
- Six Month Winners: Communication Services, Technology, Industrials, Healthcare and Financials of note.
- Twelve Month Winners: Communication Services, Technology, Financials, Industrials, and Healthcare of note.
- Year to Date Winners: Communication Services, Technology, Financials, Healthcare, Industrials and Consumer Defensive of note.
Upcoming Earnings Of Note: (From Chartroom Software – sorted by market cap, highest to lowest with most visible names)
- Tuesday After the Close: CASY ORCL of note.
- Wednesday Before The Open: None of note.
Earnings of Note This Morning:
- Beats: None of note.
- Flat: None of note.
- Misses: ASO -0.13 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: SAGE +54.3%, QSG +19%, MOLN +10.5%, CVGW +9.5%, VRDN +8.3%, DOMO +4.1%, DXC +3%, AVTE +2.9%, SWI +2% of note.
- Gap Down: TH -27.9%, YEXT -17.5%, CTGO -17%, PROK -13.6%, CXW -5.3%, ATAT -4.6%, CWAN -3%, ARRY -2.3%of note.
Insider Action: No stocks see Insider buying with dumb short selling. No stocks 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 Now Before The Market Opens on Tuesday morning. (CNBC)
- What You Need To Know To Start Your Day. (Bloomberg)
- Stocks Making The Biggest Moves in Pre-Market: (CNBC)
- Market Wrap: Traders head for safety as anxiety grows in Europe. (Bloomberg)
- Bloomberg Lead Story: Fed’s Higher For Longer Hits Firms That Exepected Rate Cuts. (Bloomberg)
- Macron rules out resigning whatever the election result is in France. (Politico)
- CACI awarded a NASA contract worth $2 billion.
- Apple Intelligence may require an iPhone update to the Apple 15. (Reuters)
- CalSTRS is against Elon Musk pay package at Tesla (TSLA). (CNBC)
- U.N. Security Council approves a ceasefire in Gaza but Israel and Hamas reject. (NYT)
- UAW President under investigation for fraud by federal monitor. (CNBC)
- White House may nominate Christy Goldsmith to be next head of FDIC. (WSJ)
- . (Bloomberg)
Geopolitical:
- President Biden’s Daily Schedule:
- There is a Daily Briefing scheduled for 10:00 a.m. EDT today.
- President Biden and the Vice President have lunch.
- President Biden delivers remarks at Everytown’s Gun Sense University at 1:30 p.m. EDT.
- Press Briefing by Press Secretary Karin Jean Pierre.
Economic:
- May NFIB Small Business Optimism are due out at 6:00 a.m. EDT and came in last month at 89.70.
- The NYSE and NASDAQ release their latest short interest data on Tuesday after the close from a collection period of May 13th through May 28th during which the S&P 500 rose 1.62%.
- Weekly API Petroleum Report is due out at 4:30 p.m. EDT.
Federal Reserve / Treasury Speakers:
- Federal Reserve Speakers are in a blackout period through Wednesday’s FOMC announcement.
M&A Activity and News: YEXT to acquire Hearsay Systems for $125 mln.
Moving Averages On Major Indexes: 70% from 70% of the moving averages are positive.
Meeting & Conferences of Note:
- Sellside Conferences:
- BMO Software Conference
- Bank of America C-Suite TMT Conference
- Barclays Digital and Disruptive Technology Conf
- Benchmark Giga USA and World Lithium Congress
- Deutsche Bank Global Automotive Conference
- Evercore’s Energy & Transition Technologies Summit.
- Goldman Sachs Global Healthcare Conference
- Morgan Stanley U.S. Financials Payments & Commercial Real Estate Conference
- Oppenheimer Consumer Growth & E-Commerce Conference
- RBC Capital Markets Financial Technology Conf
- Scotiabank ESG Conference and Sustainability Summit
- Wells Fargo Industrials Conference
- Top Shareholder Meetings: AGEN, CZR, FCX, FIVE, HCI, IAC, IOVA, KALU, LULU, MFIN, NDAQ, NXDT, TGL,
TRIP, ULTA - Fireside Chat: None of note.
- Investor/Analyst Day/Calls: ALRS, ANVS, CCAP, INO, INSP, NEE, NTAP, OBIO, QRVO
- Update: None of note.
- R&D Day: None of note.
- FDA Presentation:
- Company Event:
- Industry Meetings:
- Apple WWD Conference
- Alzheimer’s Disease AD and Parkinson’s Disease (PD)
- Fulton Market Design Day
- PegaWorld iNspire
- SNMMI Meeting
- 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: AAPL STAA
Downgrades: CMCSA
