Overnight Summary: The S&P 500 closed Thursday higher by 1.61% at 5543.22 from Wednesday higher by +0.38% at 5455.21. The overnight high was hit at 5,583 at 2:40 a.m. EDT and the low was hit at 5559.75 at 6:30 a.m. EDT. The overnight range is 24 points. The current price is 5563 at 6:55 a.m. EDT lower by -4.50 points.
Important Read of the Morning: Five Big Questions for the Fed at Jackson Hole by Bill Dudley the former head of the Federal Reserve Bank of New York. (Bloomberg)
Executive Summary: Amazingly since last Monday’s low the S&P 500 has been higher every day except last Wednesday. Now seven up days to one down day. Yesterday we noted, “Key will be moving above the 50-day moving average on the S&P 500”. Well the S&P 500 did that and then some. Clearly, this move is becoming impressive.
- Housing Starts and University of Michigan Consumer Sentiment that has an inflation component now will impact early action.
Earnings Out After The Close:
- Beats: AMCR +0.30, HRB +0.15, AMAT +0.09, GLOB +0.02, COHR +0.01
- 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:
- SNDA – Public Offering of Common Stock – 4,000,000 shares of its common stock
- GTES – Secondary offering of 20,000,000 ordinary shares
- SYRA: Form S-1.. Up to 3,787,878 Shares of Class A Common Stock
- POAI: Form S-3.. 1,983,302 Shares of Common Stock Issuable Upon Exercise of Warrants
- SYTA – Closing of approximately $4.0 Million Public Offering of Common Shares and Pre-Funded
Warrants
- Notes Priced:
- Direct Offering:
- Exchangeable Subordinate Voting Shares:
- Selling Shareholders of note:
- GTES Selling stockholders affiliated with Blackstone commence 20 mln share offering of ordinary shares
- Debt/Credit Filing and Notes:
- Mixed Shelf Offerings:
- FLEX: Form S-3ASR – Mixed Shelf
- HRB: Form S-3ASR – Mixed Shelf
- JTAI: Form S-3.. $50,000,000 Mixed Shelf
- SGMT: Form S-3.. $300,000,000 Mixed Shelf
- NCNA: Form F-3.. $150,000,000 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
- BTDR prices offering of 8.50% convertible senior notes due 2029
- 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: HRB +10.2%, PPL +8%, VCEL +4.6%, DESP +4.3%, GLOB +3.8%, ATR +2%
- Movers Down: SNDA -10.9%, AMAT -3.1%, RNW -3.0%, AMCR -2.9%.
News After The Close :
-
- Engaged Capital takes a 10% stake in Portillo’s (PTLO).
- CACI awarded $239 million task order to provide intelligence analysis and operations to U.S. Army Europe and Africa
- Autodesk (ADSK) down over 2% after using controversial sales practice despite pledging to stop
- NOC awarded $379 mln U.S. Air Force contract
- 10-Q Delays PLSE SSTI AIRJ EVEX
Buybacks or Repurchases: Buybacks should be slow as most companies are in a blackout period as earnings season kicks into gear.
- ANDE announces $100 million share repurchase program
Exchange/Listing/Company Reorg and Personnel News:
- NODK CEO Michael Alexander has stepped down, co starts search for new CEO
Dividends Announcements or News:
- Stocks Ex Div Today: NVO WMT SHEL AMGN RTX HON SBUX SHW MCO GSK MAR APO
- Stocks Ex Div Monday: CVX UPS SO EQNR SNA BG JEF WYNN ALSN
- MUSA increases quarterly cash dividend 2.3% to $0.45/share from $0.44/share
- WGO increases quarterly cash dividend 10% to $0.34/share from $0.31/share
What’s Happening This Morning: Futures S&P 500 -9 NASDAQ 100 -38 Dow Jones -37 Russell 2000 -0.57. Asia is higher while Europe is higher ex the FTSE this morning. VIX Futures are at 16.05 from 16.36 yesterday while Bonds are at 3.871% from 3.847% on the 10-Year. Crude Oil and Brent lower with Natural Gas lower. Gold is higher with Silver and Copper lower. The U.S. Dollar is lower versus the Euro, lower versus the Pound and lower against the Yen. Bitcoin is at $58,378 from $58,799 higher by 2.26% this morning.
- Daily Positive Sectors: Consumer Cyclical, Technology, Materials and Industrials of note.
- Daily Negative Sectors: Real Estate 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)
- Friday After the Close: None of note.
- Monday Before The Open: EL
Earnings of Note This Morning:
- Beats:
- Flat:
- Misses:
- Still to Report: MSGE FLO
Company Earnings Guidance:
- Positive Guidance: of note.
- Negative or Mixed Guidance: of note.
Erlanger Research Advance/Decline Chart: A/D lines were “el feugo” and now have moved above our 30-day moving average.
Gap Ups & Down In Early Pre-Market (+2% or down more than -2%):
- Gap Up: PL +14.3%, TPC +6.9%, ALVO +6.2%, HRB +6.1%, SGML +5.8%, PGRU +5.6%, GLOB +5.6%, PLSE +4.2%, COHR +3.1%, MDWD +3%, LQDA +2.7%, VCEL +2.5%, CACI +2.2%, INCY +2.1%, PTLO +2%
- Gap Down: SNDA -15.9%, AMCR -7.5%, EVEX -4.7%, AMAT -3.2%, RNW -2.9%
Insider Action: QTRX sees Insider buying with dumb short selling. LAW ALTI BSM APEI 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: Carry Trade That Blew Up Markets Is Attracting Hedge Funds Again. (Bloomberg)
- Pre-Market Movers HRB AMAT MCHP JD (CNBC)
- What You Need to Know To Start Your Day. (Bloomberg)
- 5 Things to Know Before The Market Opens. (CNBC)
- Markets Wrap: Stocks Poised To Close Out The Best Week of the Year. (Bloomberg)
- Harris Economic Plan includes tax cuts, housing incentives and price caps. (CNBC)
- TXN signs preliminary agreement to receive up to $1.6 bln in CHIPS and Science Act for funding for semiconductor manufacturing in Utah and Texas
- Barron’s has a cautious view on INTC. (Barron’s)
- Kroger (KR) to cut prices by $1 billion post merger with Albertson’s (ACI).
- The Big Take: What will it take to rebuild Gaza? (Podcast)
- Marketplace: Bytes Week in Review. (Podcast)
- NYT: The Daily: How indoor cooling transformed America. (Podcast)
- Wealthion: Crypto Meets Macro Mastery. (Podcast)
Economic:
- July Housing Starts are due out at 8:30 a.m. EDT and are expected to fall to 1,350,000 from 1,353,000.
- The week ends with the August University of Michigan Consumer Sentiment that is expected to rise to 66.7 from 66.40.
- Weekly Baker Hughes Rig Count is out at 1:00 p.m. EDT.
Geopolitical:
- President Biden receives the Daily Briefing today at 10:00 a.m. EDT.
- President Biden signs a proclamation to designate the Springfield 1908 Race Riot National Monument at 11:15 a.m. EDT.
- President Biden heads to Camp David for the weekend at 2:00 p.m. EDT.
Federal Reserve Speakers
- Federal Reserve Chicago President Austan Goolsbee will speak at 1:25 p.m. EDT.
M&A Activity and News:
- PropertyGuru (PGRU) to be acquired by EQT Private Capital Asia for $1.1 bln
Moving Averages On Major Indexes: Moves from 80% to 97% of the moving averages being positive.
Meeting & Conferences of Note:
-
- Sellside Conferences:
- UBS Genomics 2.0 and MedTech Innovations Summit
- Fireside Chat: None of note.
- Top Shareholder Meetings: ATER, EGHT, KSCP, VINO
- Investor/Analyst Day/Calls: NONE
- Sellside Conferences:
- Update: None of note.
- R&D Day: None of note.
- FDA Presentation:
- Company Event:
- Industry Meetings or Events:
- Cric Indy’s Community for Diversity Equity & and Inclusion
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: ORGN ILMN CSCO
Downgrades: SIMO LUMN
