Overnight Summary: The S&P 500 closed Wednesday higher by +0.38% at 5455.21 from Tuesday higher by 1.68% at 5434.43. The overnight high was hit at 5,492 at 11:35 p.m. EDT and the low was hit at 5472.50 at 7:45 p.m. EDT. The overnight range is 20 points. The current price is 5480.50 at 6:40 a.m. EDT higher by +3.50 points.
Executive Summary: Amazingly since last Monday’s low the S&P 500 has been higher every day except last Wednesday. Six up days to one down day. Key will be moving above the 50-day moving average on the S&P 500 (see chart below).
- Retail sales are this morning along with Industrial Production and NY Fed Empire Manufacturing.
- 3-Year TIPS Auction at 11:00 a.m. EDT.
Earnings Out After The Close:
- Beats: DLO +0.06, LITE +0.04, CSCO +0.02, PYCR +0.02
- Flat:
- Misses:
Capital Raises:
- IPOs For The Week: IBG, PMAX, SKK, TDTH, YXT
- New IPOs/SPACs launched/News:
- IPOs Filed/Priced:
- Secondaries Filed or Priced:
- NHI files supplement to March 15, 2023 prospectus of 2.0 mln shares of common stock offering
- Notes Priced:
- Direct Offering:
- Exchangeable Subordinate Voting Shares:
- Selling Shareholders of note:
- Debt/Credit Filing and Notes:
- Mixed Shelf Offerings:
- FCNCA files mixed shelf securities offering
- AEON: Form S-3.. $200,000,000 Mixed Shelf
- DRRX: Form S-3.. $250,000,000 Mixed Shelf
- OWLT: Form S-3.. $100,000,000 Mixed Shelf
- PIPE:
- Convertible Offering & Notes Filed:
- MARA completes $300 million offering of 2.125% convertible senior notes due 2031, purchases $249 million of bitcoin
- Capital Raise Summary From The TradeXchange, bringing traders and investors real time news and Squawk Box, and other sources.
Biggest Movers Up & Down After The Close:
- Movers Up: LITE +18.2%, ARDT +9.1%, PYCR +6.5%, NVGS +6.4%, CSCO +5.6%
- Movers Down: TITN -21.9%, SPIR -18.3%, CWCO -5.9%, ARQT -4.5%, NHI -4%, PGEN -3.6%, NIHL -2.9%, CELC -2% , ASTS -2%
News After The Close :
-
- Federal Reserve Chicago President Austan Goolsbee becoming more concerned about labor market than inflation. (Bloomberg)
- BA awarded $248 mln U.S. Navy contract
- 10-Q Delays MLP IMMR LCW SPIR ASPI ELDN
- New 13-F positions of note:
- ULTA +14.5% (Berkshire Hathaway (Warren Buffett) discloses new position)
- HEI.A +3.3% (Berkshire Hathaway (Warren Buffett) discloses new position)
- SIRI +5.8% (Berkshire Hathaway (Warren Buffett) discloses increased position)
- NKE +4.2% (New position from Pershing Square (Bill Ackman)
Buybacks or Repurchases: Buybacks should be slow as most companies are in a blackout period as earnings season kicks into gear.
- RAMP increases share repurchase authorization by $200 mln to $1.3 bln and extended expiration by two years to December 31, 2026
- FIHL approves new share repurchase program of up to $200 mln
Exchange/Listing/Company Reorg and Personnel News:
- OMC names BBDO Worldwide CEO Andrew Robertson to become Chairman; Nancy Reyes will succeed him as CEO of BBDO Worldwide
- RCI names Edward Rogers as Executive Chair, effective immediately
Dividends Announcements or News:
- Stocks Ex Div Today: MSFT LLY XOM TJX KLAC KR FANG VMC IP CF
- Stocks Ex Div Tomorrow: NVO WMT SHEL AMGN RTX HON SBUX SHW MCO GSK MAR APO
What’s Happening This Morning: Futures S&P 500 +12.75 NASDAQ 100 +60.75 Dow Jones +120 Russell 2000 -3.02. Asia is higher while Europe is higher this morning as well. VIX Futures are at 16.36 from 17.52 yesterday while Bonds are at 3.847% from 3.831% on the 10-Year. Crude Oil and Brent higher with Natural Gas higher. Gold, Silver and Copper higher for a second day in a row. The U.S. Dollar is higher versus the Euro, lower versus the Pound and flat against the Yen. Bitcoin is at $58,799 from $60,980 lower by -0.23% this morning.
- Daily Positive Sectors: Financials, Energy, Technology and Consumer Defensive of note.
- Daily Negative Sectors: Communication Services, Materials and Consumer Cyclicals of note.
- One Month Winners: Real Estate, Utilities, Healthcare and Consumer Defensive of note.
- Three Month Winners: Technology, Real Estate, Healthcare, Consumer Defensive and Utilities of note.
- Six Month Winners: Utilities, Communication Services, Financials, Real Estate and Consumer Defensive of note.
- Twelve Month Winners: Technology, Communication Services, Financials, Utilities, Industrials and Healthcare note.
- Year to Date Winners: Technology, Communication Services, Utilities, Financials, Consumer Defensive and Healthcare of note.
Upcoming Earnings Of Note: (From Chartroom Software – sorted by market cap, highest to lowest with most visible names)
- Thursday After the Close:
- Friday Before The Open:
Earnings of Note This Morning:
- Beats: JD +3.12, BABA +1.44, DE +0.61 AIT +0.14, NICE +0.06, CLBT +0.06, TPR +0.04, SPTN +0.03, WMT+0.02
- Flat:
- Misses: DDS -1.38
- Still to Report:
Company Earnings Guidance:
- Positive Guidance: of note.
- Negative or Mixed Guidance: of note.
Erlanger Research Advance/Decline Chart: A/D lines were mixed on Wednesday and still below our 30-day moving average.
Gap Ups & Down In Early Pre-Market (+2% or down more than -2%):
- Gap Up: LITE +16.4%, ULTA +14.9%, SIRI +13.4%, NICE +6.5%, ARDT +6.3%, CSCO +6%, PYCR +5.5%, NKE +4.2%, DE +3.9%, RAMP +3.6%, ASTS +3.6%, BRFS +3.5%, HEI.A +3.4%, RDW +3%, NVGS +3%, HOOD +2.5%, JD +2.5%, CIEN +2.2%, HPE +2.1%, WRBY +2%
- Gap Down: TITN -28.3%, SPIR -18.6%, PGEN -7.1%, EXTR -5.7%, ASPI -4.7%, CWCO -4.1%, NHI -4%, KALV -3.9%, ALVO -3.2%, ARQT -2.5%, BABA -2.5%, RNA -2%, CELC -2%
Insider Action: WRBY RXO see Insider buying with dumb short selling. EYE APEI PEB 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.
- Bloomberg Lead Story: Walmart Lifts Full year Outlook. (Bloomberg)
- Pre-Market Movers ULTA WMT CSCO (CNBC)
- 5 Things to Know Before The Market Opens. (CNBC)
- Markets Wrap: US Futures rise before economic data as Walmart jumps. (Bloomberg)
- Starbucks (SBUX) pays new CEO Brian Niccol $113 million. (Bloomberg)
- President Biden releases list of 10 drug prices in Medicare talks. (CNBC)
- Vice President Harris to propose ban on “price gouging” for groceries and food on Friday. (CNBC)
- The Big Take: The Post-Pandemic Travel Boom is over. (Podcast)
- Marketplace: Senate advances bipartisan effort to prevent deep fakes. (Podcast)
- NYT: The Daily: California’s crackdown on homeless encampments. (Podcast)
- Wealthion: Election 2024 Trump trades and Harris hedges. (Podcast)
Economic:
- July Retail Sales is due out at 8:30 a.m. EDT and came in last month at 0% but is expected to rise to 0.3%.
- At the same time, August NY Fed Empire Manufacturing is released and last month came in at -6.6.
- Then at 9:15 a.m. EDT July Industrial Production is due out and expected to drop to 0.1% from 0.6%
- Weekly Jobless Claims are due out at 8:30 a.m. EDT and moved markets last week.
- Weekly Natural Gas Data is due out at 10:30 a.m. EDT.
Geopolitical:
- President Biden receives the Daily Briefing today at 10:00 a.m. EDT.
- President Biden and the Vice President head to Prince George’s County to speak on lowering costs for Americans at 1:30 p.m. EDT.
Federal Reserve Speakers
- Federal Reserve St, Louis President Alberto Musalem will speak at 9:10 a.m. EDT.
- Federal Reserve Philadelphia President Patrick Harker will speak at 1:10 p.m. EDT.
M&A Activity and News:
- None of note.
Moving Averages On Major Indexes: Moves from 70% to 80% of the moving averages being positive.
Meeting & Conferences of Note:
-
- Sellside Conferences:
- Canaccord 44th Annual Growth Conference
- H.C. Wainwright Ophthalmology Conference
- Needham FinTech & Digital Transformation
- Seaport Financials and FinTech Conference
- Sidoti Microcap Conference
- Stifel Biotech Summer Summit
- TD Cowen Hot Wheels Bus Tour
- UBS Genomics 2.0 and MedTech Innovations Summit
- Fireside Chat: None of note.
- Top Shareholder Meetings: APTO, MOD, PSTV, PET, UHAL, XCUR
- Investor/Analyst Day/Calls: ASND, BRFH, IDXX, SCHW, VRCA
- Sellside Conferences:
- Update: None of note.
- R&D Day: None of note.
- FDA Presentation:
- Company Event:
- Industry Meetings or Events:
- World Congress of Endourology and UroTechnology (WCET 2024) Meeting
- Blockchain Futurist Conference
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.
Upgrades: TIGO PNC PGR NCMI IRS HOOD HIVE BROS
Downgrades: MTB CRK CNX
