CAPIS Morning Note – 6/17/24: Shortened Trading Week Ahead, Lower Volume Likely

Overnight Summary: The S&P 500 closed Friday lower by -0.04% from Thursday higher by 0.23% at 5433.74. The overnight high was hit at 5,509.50 at 3:35 a.m. EDT and the low was hit at 5496.25 at 4:50 a.m. EDT. The overnight range is 13 points. The current price is 5431 at 8:25 a.m. EDT higher by…

Overnight Summary: The S&P 500 closed Friday lower by -0.04% from Thursday higher by 0.23% at 5433.74. The overnight high was hit at 5,509.50 at 3:35 a.m. EDT and the low was hit at 5496.25 at 4:50 a.m. EDT. The overnight range is 13 points. The current price is 5431 at 8:25 a.m. EDT higher by +3.15.

Executive Summary: It should be a quiet week as mid week, Wednesday, market are closed for Juneteenth.
  • New York Fed Empire Manufacturing for June is due out at 8:30 a.m. EDT and expected to improve to -13 from -15.60.
  • Social media stocks could get hit as the Surgeon General warned that social media could impact teenagers.
Earnings Out After The Close: 
  • Beats: None of note.
  • Flat:  None of note.
  • Misses: None of note.

Capital Raises:

  • IPOs For The Week:
  • New IPOs/SPACs launched/News:
  • IPOs Filed/Priced:.
  • Secondaries Filed or Priced:
    • IRON files for 4,944,000 shares of common stock at a price of $36.00/share.
    • AGRX Up to 7,785,144 shares of Common Stock Issuable Upon Exercise of 7,785,144 Warrants.
    • APVO form S-1.. up to 6,024,096 shares.
    • SEEL files  924,414 Shares.
    • VNRX files 73,263 Shares of Common Stock.
  • Notes Priced of note:
  • Direct Offering:
  • Exchangeable Subordinate Voting Shares:
  • Selling Shareholders of note:
    • COYA files for 603,136 share common stock offering by selling shareholder.
  • Debt/Credit Filing and Notes:
  • Mixed Shelf Offerings:
    • INVH: files a Mixed-Shelf Offering.
    • PMT: files a Mixed-Shelf Offering.
    • RRGB: files a $75 million Mixed-Shelf Offering.
    • CAPR: files a $150 million Mixed-Shelf Offering.
    • PROF: files a $150 million Mixed -Shelf Offering.
  • Rights Offering:
  • PIPE:
  • Convertible Offering & Notes Filed:
    • ITRI announces $500.0 million convertible senior notes
  • 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 In The Last Week:
    •  URGN (19.40 +46.82%), ACRS (1.17 +15.35%), MDGL (278.02 +13.78%), CRBP (50.2 +13.75%), SAGE (12.02 +13.61%), INSM (64 +12.58%) BOOM (14.50 +15.08%) FOSL (1.44 +17.62%) AVGO (1742.52 +23.88%), INSG (9.62 +22.39%), SWKS (104.74 +15.33%), QRVO (113.22 +13.8%), ALTR (96.76 +13.22%), ADBE (523.82 +12.55%) SUPV (7.18 +15.73%), KKR (109.52 +11.77%) TGS (19.01 +12.12%) CASY (372.13 +13.24%).
    • NVAX (14.81 -18.49%), INGN (7.32 -15.28%) EAF (1.09 -21.01%)  CHGG (2.73 -26.35%), SERV (2.07 -26.07%), BIG (2.09 -21.43%), PLCE (8.36 -17.6%), SIG (87.12 -17.6%) TWOU (6.3 -27.22%), EGHT (2.01 -22.88%), COMM (1.28 -21.3%), RNG (28.64 -16.48%), MEI (9.46 -16.43%), SPWR (2.79 -15.84%)  DM (3.85 -21.53%), ALTM (3.47 -16.18%).
  • AAP announces cyber attack; threat actor offered what it alleged to be company data for sale on June 4.
  • GD being awarded a $202.7 mln US Navy contract for DDG 51 Class Planning Yard.
  • Barron’s + on HCA TSM SSNLF TOL LEN DHI NVDA GOOGL META NFLX TXRH PGR AVGO

Stock Splits or News:

Buybacks or Repurchases:

  • GOLF to repurchase $62.5 mln of its stock in connection with its existing $1.0 bln repurchase plan. 
  • NFBK approves $10 mln share repurchase authorization.

Exchange/Listing/Company Reorg and Personnel News:

  • SHAK  announces that it has appointed Stephanie Sentell to the role of Chief Operations Officer, effective July 1, 2024. 

Dividends Announcements or News:

  • Stocks Ex Div Today:

What’s Happening This Morning: Futures S&P 500 +1, NASDAQ 100 +41, Dow Jones -29663, Russell 2000 -12. Asia is lower  while Europe is higher this morning ex the FTSE. VIX Futures are at 14.34 from 14.05 yesterday while Bonds at 4.248% from 4.20% Friday on the 10-Year. Crude Oil and Brent are higher while Natural Gas is lower. Gold, Silver and Copper are lower today. The U.S. Dollar is lower versus the Euro, higher versus the Pound and higher against the Yen. Bitcoin is at $65,795 from $67,143 lower by -1.09% this morning.

Sector Action – (1/3/6/12/YTD Updated Weekly with Monday release):  
  • Daily Positive Sectors: Communication Services and Technology of note.
  • Daily Negative Sectors: Industrials, Energy, Consumer Cyclicals and Materials of note.
  • One Month Winners: Technology, Healthcare, Communication Services, Consumer Defensive and Real Estate of note.
  • Three Month Winners: Communication Services, Utilities, Technology, Consumer Defensive and Healthcare 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 and Utilities  Industrials and Consumer Defensive of note.

Upcoming Earnings Of Note: (From Chartroom Software – sorted by market cap, highest to lowest with most visible names)

  • Monday After the Close: None of note.

  • Tuesday Before The Open:

Earnings of Note This Morning:

  • Beats: None of note.
  • Flat:   None of note.
  • Misses: None 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: COYA +3.9%, CG +1.7% of note.
  • Gap Down: INVH -3.1%, RRGB -2.1%, CAPR -1.9% of note.

Insider Action:   CODI and VFC 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 Monday morning. (CNBC)
  • What You Need To Know To Start Your Day. (Bloomberg)
  • Stocks Making The Biggest Moves in Pre-Market: BBY, TOL and ADSK (CNBC)
  • Market Wrap: European gains unravel under lingering France risk. (Bloomberg)
  • Bloomberg Lead Story: China Factory Drag Is Getting Worse, Factory Output Disappoints. (Bloomberg)
  • Russian President Putin to visit North Korea on Tuesday.
  • U.S. Surgeon General calls for warning labels on social media platforms for teenagers. (NYT)
  • Federal Reserve Minneapolis President Neel Kashkari says a rate cut in December is reasonable. (CBS News)
  • Walt Disney’s (DIS) “Inside Out 2” generated $155 mln at US box office, second best all-time for an animated movie.
  • Bloomberg: Big Take: Hedge Funds secret weapon to fight the SEC resides in Texas. (Podcast)
  • NY Times Daily: . (Podcast)
  • Marketplace: . (Podcast)
  • Wealthion: . (Podcast)
  • Taggart:  (Podcast)
Geopolitical:
  • President Biden’s Daily Schedule:
    • There is a Daily Briefing scheduled for 10:00 a.m. EDT today.
    • Press Briefing by Press Secretary Karin Jean-Pierre at 2:00 p.m. EDT.
    • President Biden meets with NATO Secretary General Jens Stoltenberg at 3:30 p.m. EDT.

Economic:  

  •   New York Fed Empire Manufacturing for June is due out at 8:30 a.m. EDT and expected to improve to -13 from -15.60.

Federal Reserve / Treasury Speakers:

  • Federal Reserve Philadelphia President Patrick Harker speaks.
  • Federal Reserve Governor Lisa Cooke speaks.

M&A Activity and News:

  • AAN to be acquired by IQVentures for $10.10 per share

Moving Averages On Major Indexes: 70% from 84% of the moving averages are positive.

Meeting & Conferences of Note:

  • Sellside Conferences:
  • Top Shareholder Meetings:
  • Fireside Chat: None of note.
  • Investor/Analyst Day/Calls:
  • Update: None of note.
  • R&D Day: None of note.
  • FDA Presentation:
  • Company Event:
  • Industry Meetings:

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: