CAPIS Morning Note – 6/12/24: CPI Due Out Shortly

• CPI is due out at 8:30 a.m. EDT and is expected to fall to 0.1% from 0.3%.
• Weekly Mortgage Applications rose 15.6%!
• FOMC concludes a two day meeting.

• IPOs For The Week: EHGO KAPA OSTX QMMM TEM TLX WOK
• New IPOs/SPACs launched/News:
  • .
• IPOs Filed:
• Secondaries Filed or Priced:
  • .
• Common Stock filings/Notes:
  • BPTH files 5,565,612 Shares of Common Stock
  • ICCT files up to 10,000,000 Shares of Common Stock.
  • TNXP proposes secondary offering.
  • LRHC files up to 3,636,363 Units.
• Notes Priced of note:
  • .
• Direct Offering:
• Exchangeable Subordinate Voting Shares:
• Selling Shareholders of note:
  •  AJX files for 6,139,670 shares of common stock by selling shareholder; relates to warrants.
  •  TTWO files for 2,830,084 shares of common stock by selling shareholder.
• Debt/Credit Filing and Notes:
• Mixed Shelf Offerings:
  • NRIX: files 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 :

• Biggest Gainers and Losers:
  • ORCL +10.5%, BTOC +7.6%, CASY +6.4%, RTO +6.2%, MYPS +4.8%, RC +2.3%, ESI +2%.
  • MAMA -3.9%, NVGS -3.5%.
• Best Buy (BBY) to eliminate more jobs. (The Verge).
• Oracle (ORCL) and Google (GOOGL) form a multi-cloud partnership.
• Oracle (ORCL) selected by OpenAI to extend Microsoft Azure AI platform.
• Robinhoood (HOOD) reports May Operating Data.
• Alaska Air (ALK) enables direct flights to London via British Airways.
• Spirit Airlines (SAVE)  in SEC filing notes that negotiations with bondholders are progressing as expected and that it has delayed its Analyst Day.
• Gamestop (GME) completes secondary and raises $2.17 billion.
• Greif (GEF) is raising by a minimum 6.0 percent all tube and core and protective packaging products- effective with shipments on and after July 15th.
• Element Solutions (ESI) raises guidance and FY 2024 EPS above consensus.
• Tesla’s Elon Musk drops his lawsuit against OpenAI and MSFT. (Reuters)
•  Ryan Cohen (RC Ventures) discloses 8.6% passive stake in Gamestop (GME) as of June 10, down from 10.5% on May 22. Lock in some profits he did.
• Jim Cramer had no interviews on Mad Money during Tuesday’s show but focused on Eli Lilly (LLY). (CNBC).

Stock Splits or News:

Buybacks or Repurchases:

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Exchange/Listing/Company Reorg and Personnel News:

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Dividends Announcements or News:

•  Stocks Ex Div Today: PSA HPQ AEE TXRH CIVI FSK KSS GES MOV DSX WGO
• Casey General Stores (CASY) increased its dividend to $0.50 which is an increase of 16%.
• Target (TGT) raises quarterly dividend to $1.12 per share.

What’s Happening This Morning: Futures S&P 500 +6, NASDAQ 100 +28, Dow Jones +31, Russell 2000 +7. Asia is lower ex South Korea while Europe is higher this morning. VIX Futures are at 13.30 from 13.35  yesterday.  Gold, Silver and Copper are higher. WTI Crude Oil and Brent Crude Oil are higher while Natural Gas is lower. US 10-year Treasury sees its yield at 4.40% from 4.434%  yesterday. The U.S. Dollar is lower versus the Euro, lower versus the Pound and higher against the Yen. Bitcoin is at $67,862 from $67,189 higher by 0.76% this morning.

• Daily Positive Sectors: Technology and Communication Services of note.
• Daily Negative Sectors: Financials, Materials, Industrials and Utilities 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)

• Gap Up: RTO +12.6%, MREO +10.5%, ORCL +8.7%, SCLX +6%, CASY +5.8%, RARE +4.2%, BEN +3.3%, MAMO +3.1%, BTOC +2.7%, SUZ +2.2%, RBRK +2.1% of note.
• Gap Down: PAC -5%, GME -4.6%, MAMA -4.3%, NVGS -3.8%, AJX -2% 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 Wednesday morning. (CNBC)
• Stocks Making The Biggest Moves in Pre-Market:  (CNBC)
• Market Wrap: Stocks poised for gains ahead of inflation data and Fed. (Bloomberg)
• Bloomberg Lead Story: Fed Eyes key Inflation Metrics Hours Before Rate Decision. (Bloomberg)
• IEA in release says slowing demand growth and surging supply put global oil markets on track for major surplus this decade. (Press Release)
• Biden Administration to curb sales of chips to Russia. (Bloomberg)
• EU announces they are raising tariffs on Chinese EVs by 38%.
• FedEx (FDX) to reduce workforce in Europe by 1,700 to 2,000.
• Elon Musk to be investigated for his relationships with women at SpaceX. (WSJ)
• Bloomberg: Odd Lots: Musk dominates space like no one else. (Podcast)

Geopolitical: 

M&A Activity and News: .

Moving Averages On Major Indexes: 63% from 70% of the moving averages are positive.

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: HAE DAR

Downgrades: PARA BBVA ASO