CAPIS Morning Note – 6/18/24: Stocks Flat Into Retail Sales & Industrial Production

• Retail Sales and Industrial Production are due out this morning.
• 4-Wk Bond Auction at 11:30 a.m. EDT
• 20-Year Bond Auction at 1:00 p.m. EDT.

• IPOs For The Week:
• New IPOs/SPACs launched/News:
• IPOs Filed/Priced:.
• Secondaries Filed or Priced:
  • NEE  to sell $2.0 bln of equity units.
  • URGN commences public offering to issue and sell its ordinary shares and pre-funded warrants.
  • AVGR closing of up to $24 Million Public Offering..
• Notes Priced of note:
  • PAA: Pricing of Public Offering of $650 Million of Senior Notes
• Direct Offering:
• Exchangeable Subordinate Voting Shares:
• Selling Shareholders of note:
  • GAIA files for 2,108,334 shares of common stock by selling shareholders.
• Debt/Credit Filing and Notes:
• Mixed Shelf Offerings:
  • EPRT: files a Mixed-Shelf Offering.
  • KNW: file a Mixed -Shelf Offering.
• Rights Offering:
• PIPE:
• Convertible Offering & Notes Filed:
  • ITRI prices upsized $700 million 1.375% convertible senior notes offering.
  • AMCX prices offering of $125 mln of 4.25% convertible senior notes due 2029.
  • AIXI closing of $3,260,870 Senior Convertible Notes Offering
• 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 After The Close:
  • CHGG +23.1%, LZB +10.70%, PRCT +2.4%, CRMX +2.1%.
  • VRE -6.9%, NEE -3.9%, BWXT -2.5%, URGN -2.5%.
• ET submits premerger notification regarding previously announced acquisition of WTG Midstream Holdings; revises purchase price.
• VIAV approves restructuring and 6% workforce reduction plan.
• PAAS provides Mid-Year Exploration Update. (Release)
• FDA approves MRK’s  KEYTRUDA (pembrolizumab) plus carboplatin and paclitaxel as treatment for adult patients with primary advanced or recurrent Endometrial Carcinoma. (Release)
• FDA approves MRK’s CAPVAXIVE (Pneumococcal 21-valent Conjugate Vaccine) for prevention of invasive pneumococcal disease and pneumococcal pneumonia in adults. (Release)

Buybacks or Repurchases:

• LNG  approves an increase in its share repurchase authorization by an additional $4 billion through 2027..

Exchange/Listing/Company Reorg and Personnel News:

• KROS appoints CEO Jasbir S. Seehra, Ph.D. as Chair of the Board, effective July 1, 2024.
• HSII CFO Mark Harris to step down; co reaffirms Q2 revenue guidance.
• JELD  names Samantha Stoddard CFO, effective July 1.

Dividends Announcements or News:

• Stocks Ex Div Today: LRCX APH ECL HPE PHM CINF LUV TTC
• LNG plans to increase its quarterly dividend by approximately 15% to $2.00 per common share annualized, commencing with the third quarter. 

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.

• Daily Positive Sectors: Technology, Consumer Cyclical, Industrials, Consumer Defensive and Financials 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 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 of note.

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

• Gap Up: CHGG +19.5%, LZB +10.3%, RKLB +3.9%, AEIS +3.8%, ALIT +3.2%, SIGA +3.1%, PRCT +2.4% of note.
• Gap Down: NEE -6.3%, JELD -4.5%, DJT -4.3%, URGN -3.8%, LEN -3.5%, VRE -2.5%, PM -2% of note.

Insider Action:  OXY MCFT  sees Insider buying with dumb short selling. BOC 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.

• 5 Things To Now Before The Market Opens on Tuesday morning. (CNBC)
• What You Need To Know To Start Your Day. (Bloomberg)
• Market Wrap: U.S. stocks steady as European shares rebound. (Bloomberg)
• Bloomberg Lead Story: Goldman Sees U.S. Jobs At Inflexion Point, Sticks To Two Rate Cuts. (Bloomberg)
• Reserve Bank of Australia decided to leave the cash rate target unchanged at 4.35% and the interest rate paid on Exchange Settlement balances unchanged at 4.25% (Release)
• Rent increases in several cities could hurt Fed’s inflation fight. (WSJ)

M&A Activity and News:

Moving Averages On Major Indexes: 70% from 50% 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: