Overnight Summary: The S&P 500 closed Monday higher by 0.08% at 5463.54 from Friday higher by 1.11% at 5459.10. The overnight high was hit at 5,515.75 at 3:40 a.m. EDT and the low was hit at 5479.50 at 10:35 p.m. EDT. The overnight range is 36 points. The current price is 5514.25 at 7:00 a.m. EDT higher by +11.25 points.
- Consumer Confidence is due out at 10:00 a.m. EDT.
- Watch to see how JOLTS comes in.
- Microsoft reports after the close.
Earnings Out After The Close:
- Beats: PLOW +0.45, FFIV +0.39, CNO +0.34, CVI +0.30, SFM +0.16, WWD +0.11, FLS +0.10, BYON +0.7, CR +0.06, SAFE +0.05, AMKR +0.04, HLIT +0.04, HOLX +0.04, WELL +0.04, NEO +0.03, CHK +0.02, KFRC +0.02, SBAC +0.02, CWK +0.01, ESI +0.01, EQR +0.01 of note.
- Flat: None of note.
- Misses: PCH -0.72, RMBS -0.11, SYM -0.08, SANM -0.03, TLRY-0.02, LSCC -0.01 of note.
- Yet to Report:
Capital Raises:
- IPOs For The Week: ACTU AZI BLMZ FLAI NIPG PMAX ORKT PGHL OS CON LINE
- New IPOs/SPACs launched/News:
- IPOs Filed/Priced:
- Secondaries Filed or Priced:
- GTY announces common stock offering of 3.5 mln shares of common stock.
- RNST announces pricing of $200 million offering of common stock at a price of $32.00/share.
- ASNS FORM S-1 – 2,069,317 Shares of Common Stock.
- AVXL files $150 mln common stock offering.
- VRXP Form S-1.. Offering.
- Notes Priced:
- Direct Offering:
- Exchangeable Subordinate Voting Shares:
- Selling Shareholders of note:
- Debt/Credit Filing and Notes:
- Mixed Shelf Offerings:
- EKSO FORM S-1 – Mixed Shelf Offering
- QXO FORM S-3ASR – Mixed Shelf 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.
Biggest Movers Up & Down Last Week:
- Movers Up: FFIV +14%, SFM +14%, HLIT +10.8%, TLRY +9.8%, VRNS +9.1%, BYON +8.3%, CORT +5.3%, VSTM +4.7%, PH +2.2%.
- Movers Down: SYM -17.3%, CLDX -13.8%, LSCC -11.5%, RMBS -9.6%, WWD -8.8%, HOLX -8.3%, AMKR -7.4%, SANM -6.9%, TERN -4.3%, SBAC -3.9%, SAFE -2.6%, CWK -2%
News After The Close :
- SD announces entry into definitive agreement to acquire assets in the Western Anadarko basin for $144 mln and entry into joint development agreement.
- LDOS awarded an $823 million task order from the Defense Information Systems Agency to provide operations and sustainment for the Defense Enclave Services Department of Defense Network (DoDNet) program.
- CACI awarded a five-year $414 million task order to provide global operational support for unmanned systems to the U.S. Army.
- FEIM to delay 10-K filing.
Buybacks or Repurchases: Buybacks should be slow as most companies are in a blackout period as earnings season kicks into gear.
- None of note.
Exchange/Listing/Company Reorg and Personnel News:
- TERN announces that CFO Mark Vignola will leave in a planned transition following the appointment of a new CFO.
Dividends Announcements or News:
- Stocks Ex Div Today: DAL CE RDY
- Stocks Ex Div Tomorrow: TXN MS EPD KMI TRGP WST PAGP LNT NI PAA AOS NNN ADC SLG
- HESM increases quarterly cash distribution to $0.667 per Class A share from $0.6516 per Class A share
What’s Happening This Morning: Futures S&P 500 +12, NASDAQ 100 +64, Dow Jones +5, Russell 2000 +8.17. Asia is lower ex Japan and Europe is higher ex the FTSE this morning. VIX Futures are at 15.85 from 15.93 yesterday while Bonds are at 4.175% from 4.152% unchanged on the 10-Year. Crude Oil and Brent are lower with Natural Gas lower as well for a third trading day. Gold and Silver higher with Copper lower. The U.S. Dollar is lower versus the Euro, higher versus the Pound and higher against the Yen. Bitcoin is at $66,495 from $69,469 higher by +1.90% this morning.
- Daily Positive Sectors: Consumer Cyclical, Communication Services, Real Estate and Utilities of note.
- Daily Negative Sectors: Energy, Technology, Industrials and Financials of note.
- One Month Winners: Real Estate, Financials, Industrials and Utilities of note.
- Three Month Winners: Technology, Real Estate, Financials, Healthcare, Utilities and Communication Services of note.
- Six Month Winners: Utilities, Technology, Financials and Industrials of note.
- Twelve Month Winners: Technology, Communication Services, Financials, Industrials, Healthcare and Energy of note.
- Year to Date Winners: Technology, Communication Services, Financials, Industrials, Utilities and Healthcare, of note.
Upcoming Earnings Of Note: (From Chartroom Software – sorted by market cap, highest to lowest with most visible names)
- Tuesday After the Close:
- Wednesday Before The Open:
Earnings of Note This Morning:
- Beats: ARVN +0.59, SPGI +0.40, ZBRA +0.38, PSX +0.33, SWK +0.25, AMT +0.23, PYPL +0.20, JBLU +0.18, PFE +0.14, MRK +0.12, BP +0.10, ITW +0.07, PG +0.03, ECL +0.01 of note.
- Flat: None of note.
- Misses: INCY -2.71, WSO -0.21, ADM -0.19, HEES -0.12, TRS -0.10, IGT -0.03, EPD -0.02 of note.
- Still to Report: None of note.
Company Earnings Guidance:
- Positive Guidance: AMT, CECO, CVLT, AWI and HWM of note.
- Negative Guidance: JBLU, CTS and AGCO of note.
Erlanger Research Advance/Decline Chart: A/D lines were mixed on Monday.
Gap Ups & Down In Early Pre-Market (+4% or down more than -4%):
- Gap Up: of note.
- Gap Down: of note.
Insider Action: No names see Insider buying with dumb short selling. KALU 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.
- Bloomberg Lead Story: Harris Team Expands Push Into Swing States With Trump. (Bloomberg)
- 5 Things You Need To Know To Start Your Day. (CNBC)
- Stocks Making The Biggest Moves Pre-Market – CRWD MRK PYPL JBLU (CNBC)
- Markets Wrap: Stocks advance ahead of Microsoft and FOMC tomorrow. (Bloomberg)
- Warren Buffet cuts stake in Bank of America (BAC). (Bloomberg)
- Procter & Gamble (PG) beats on earnings but misses on sales. (CNBC)
- Pfizer (PFE) beats estimates, cuts costs and raises guidance. (CNBC)
- Bloomberg’s The Big Take: Why Trump is embracing Crypto. (Bloomberg)
Economic:
- Monthly Case-Shiller Housing Price Index is due out at 9:00 a.m. EDT.
- July Consumer Confidence is due out at 10:00 a.m. EDT and expected to drop to 99.80 from 100.40.
- Monthly JOLTS is due out at 10:00 a.m. EDT.
- Weekly API Crude Oil Data is due out at 4:30 p.m. EDT.
Geopolitical:
- The President receives the Daily Briefing today at 4:45 p.m. EDT.
- President Biden participates in a cal with the President of Brazil Luiz Inacio Lula da Silva at 2:30 p.m. EDT.
- There is a Press Briefing at 1:30 p.m. EDT with Press Secretary Karine Jean-Pierre.
Federal Reserve Speakers
- Federal Reserve speakers are now in blackout mode until Wednesday after the FOMC Announcement.
M&A Activity and News:
- None of note.
Moving Averages On Major Indexes: Moves from 67% to 70% of the moving averages being positive.
Meeting & Conferences of Note:
-
- Sellside Conferences:
- KBW Community Bank Investor Conference
- Fireside Chat: None of note.
- Top Shareholder Meetings: ASNS, AVDL, CING, DXC, LIN, VSTO of note.
- Investor/Analyst Day/Calls: IGR of note.
- Sellside Conferences:
- Update: None of note.
- R&D Day: None of note.
- FDA Presentation:
- Company Event:
- Industry Meetings or Events: Note that Former President Trump will speak on Saturday at the Bitcoin Conference throwing his support behind Bitcoin.
- Alzheimer’s Association International Conference
- ASCEND 2024
- Psychedelic Medicine Israel Conference
- 2024 Olympics
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.
- Upgrade: MMM LPLA AFRM
- Downgrade: HR ULCC NVAX IART
