CAPIS Morning Note – 6/3/24: Fed Speakers In Blackout Period, Market Can Rally Without Fear Of Interruptions

• A couple economic releases (ISM Manufacturing and Construction Spending).
• 3 & 6 month Bill Auctions at 11:30 a.m. EDT.

• IPOs For The Week:
• New SPACs launched/News:
• IPOs Filed:
• Secondaries Files or Priced:
  •  filed a 30,000,000 common stock offering of CBRG shares.
  •  secondary offering of 6,000,000 shares. .
• Common Stock filings/Notes:
  •  files 45,776,213 shares of common stock.
  •  files 3,943,334 shares of common stock.
• Notes Priced of note:
• Direct Offering:
• Exchangeable Subordinate Voting Shares:
• Selling Shareholders of note:
  • APLD files for 20 million share of common stock offering by selling shareholders.
  •  files for 292,424 shares of common stock by selling shareholders.
• Debt/Credit Filing and Notes:
• Mixed Shelf Offerings:
  • JELD: files a mixed shelf offering
  • TIPT: files a $500 mixed shelf offering.
  • CCB: files a $200million 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 For The Week:
  •  INSM +151%, MDRX +29%, EBS +18%, AGIO +16%, FWRD +40%, GPS +37%, FL +24%, GME +22%, BURL +21%, RRGB +19%, DKS +19%, BBY +18%, CASA +65%, INSG +30%, COMM +29%, SAM +19%
  • NKTR -24%, GTHX -20%, MRN -14%, AAL -17%, KSS -15%, MDB -33%, NTNX -26%, CRM -15%. AAOI -15%, PAYC -15%, RILY -22%, STI -14%.. 

• News Items After the Close:
  • Autodesk (ADSK) raises guidance for Fiscal 2025 and adds Interim CFO.
  • META did not approve dual class structure or political advertising and election cycle enhanced actions. (SEC Filing)
  • France’s credit rating lowered to AA- from AA by credit agency on deteriorating budget outlook.
  • GE Aeropspace (GE) wins $439 million contract from the Defense Logistic Agency.
  • Live Nation (LYV) was hacked on May, 20th.
  • Jim Cramer interviewed  on Mad Money. (CNBC).
• Stock Splits or News:
• Exchange/Listing/Company Reorg and Personnel News:
  • CTO appoints Philip R. Mays as Senior Vice President, Chief Financial Officer and Treasurer, effective June 17, 2024; he will also serve as CFO of Alpine Income Trust (PINE)
  • SBUX board member Satya Nadella, CEO of Microsoft (MSFT) to resign, effective immediately.
  • ILMN appoints Everett Cunningham as Chief Commercial Officer effective June 10
• Dividends Announcements or News:
  •  Stocks Ex Div Today: MCD NKE LMT MCK O MLM HIG JNPR WEN

What’s Happening This Morning: Futures value reflects the change with fair value. Futures on the Dow -13, S&P 500 -2, NASDAQ -31 and Russell +20.27 at 8:00 a.m. EDT. Asia and Europe are higher this morning. VIX Futures are at 13.57 from 14.40 yesterday.  Gold, Silver and Copper higherer for the first day in the last three days. WTI Crude Oil and Brent Crude Oil lower while Natural Gas is higher. US 10-year Treasury sees its yield at 4.475% from 4.556%  yesterday. The U.S. Dollar is higher versus the Euro, higher versus the Pound and lower against the Yen. Bitcoin is at $69,153 from $68,271 higher by +2.21% this morning.

• Daily Positive Sectors: Energy, Real Estate, Utilities and Consumer Defensive of note.
• Daily Negative Sectors: Technology of note.
• One Month Winners: Energy, Technology, Utilities, Communication Services, Healthcare and Materials of note.
• Three Month Winners: All led by Utilities, Technology, Energy,  Materials, Financials and Communication Services of note.
• Six Month Winners: Communication Services, Technology, Industrials and Financials of note.
• Twelve Month Winners: Communication Services, Technology, Financials,  Industrials, and Consumer Cyclicals of note.
• Year to Date Winners:  Communication Services, Energy, Utilities, Technology, Financials, 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: MOLN +21.9%, LQDA +9%, ADSK +8.1%, NTLA +6.1%, CLDX +5.3%, ALXO +5%, LI +4.9%, INAB +4.2%, NIO +3.4%, HCM +2.7%, SEER +2.7%, ZK +2.7%, AFMD +2.5%, PSTL +2.5% of note.
• Gap Down: CRBU -13.5%, CRBP -12.3%, GSK -9.1%, SAM -8.5%, APLD -2.4%, NUVB -2.3%, CGEM -2.3%  of note.

Insider Action:   PENN sees Insider buying with dumb short selling.    STEP 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.

• What You Need To Know To Start Your Day. (Bloomberg)
• 5 Things To Now Before The Market Opens on Monday. (CNBC)
• Bloomberg Lead Story: Claudia Sheinbaum becomes Mexico’s first female president. (Bloomberg)
• Market Wrap: Asian stocks eye early gains as rate cut bets firm. (Bloomberg)
• Gamestop (GME) up more than 80% after account linked to “Roaring Kitty” posted a screenshot of $116 million position. (WSJ)
• AMD announces new chips to compete with Nvidia. (CNBC)
• Nvidia (NVDA) announces new product updates.

Moving Average Update: Score at 63% from 46% from Friday.

Geopolitical: 

M&A Activity and News:

• None of note.

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 NGG BBY of note.
• Downgrades  XPRO MOMO CRZBY CAVA of note.