CAPIS Morning Note – 8/20/24: Ninth Winning Day In A Row Ahead For S&P 500?

• A very quiet day is ahead except for two head speakers this afternoon.

Earnings Out After The Close: 

• IPOs For The Week: IBG, PMAX, SKK, TDTH, YXT
• New IPOs/SPACs launched/News:
• IPOs Filed/Priced:
• Secondaries Filed or Priced:
  • KYMR commences public offering of $200 mln of common stock
  • PBM: FORM F-1 – 50,575,028 Common Shares
• Notes Priced:
• Direct Offering:
• Exchangeable Subordinate Voting Shares:
• Selling Shareholders of note: 
  • CKPT files for 6,204,879 shares of common stock by selling shareholders; relates to warrants 
• Debt/Credit Filing and Notes:
• Mixed Shelf Offerings:
  • SVC files mixed shelf securities 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 After The Close:

• Movers Up:  FN +8%, FLXS +4.7%, PINC +3.7%, PANW +2.7%
• Movers Down: HSAI -5.3%, CKPT -4.7%, GPRO -2.3% 

News After The Close :

• • KKR acquires portfolio of six Class A industrial logistic properties for approximately $377 mln 
  • CAAP reports total passenger traffic decreased 4.2% yr/yr in July 2024; International traffic up 7.6% yr/yr
  • BA inching lower after U.S. FAA adopts airworthiness directive for 787 Dreamliners following March incident when plane went into mid-air dive. (Reuters)
  • FLR awarded $1.4 bln U.S. Navy contract modification
  • SAIC awarded $262 mln U.S. Air Force contract bridge modification
  • GPRO  approves restructuring plan; to reduce workforce by approximately
  • 10-Q Delays

Buybacks or Repurchases: Buybacks should be slow as most companies are in a blackout period as earnings season kicks into gear.

• MNST authorizes a new repurchase program for up to an additional $500 mln

Exchange/Listing/Company Reorg and Personnel News:

•  WNC announces leadership changes, including promotion of Patrick Keslin to Senior Vice President, Chief Financial Officer
• AHCO  COO Shaw Rietkerk to transition to a new position as CBO; will no longer serve as COO, effective at the end of September 

Dividends Announcements or News:

• Stocks Ex Div Today: PSX PRU CTSH WLK SWKS ECRG LSTR LPX
• Stocks Ex Div Monday: EQIX TGT MPC AFL ADM OWL MRO WBA HAS PRI MKTX

What’s Happening This Morning: Futures S&P 500 +5 NASDAQ 100 +19 Dow Jones -13 Russell 2000 +0.10. Asia is higher while Europe is lower ex France this morning. VIX Futures are at 15.85 from 16.05 yesterday while Bonds are at 3.871% from 3.869% on the 10-Year. Crude Oil and Brent higher with Natural Gas higher. Gold, Silver and Copper higher. The U.S. Dollar is higher versus the Euro, lower versus the Pound and lower against the Yen. Bitcoin is at $60,526 from $58,512 higher by +2.61% this morning.

• Daily Positive Sectors:  All higher led by Communication Services, Technology, Consumer Cyclical and Materials of note.
• Daily Negative Sectors:  None of note.
• One Month Winners: Real Estate, Utilities, Healthcare and Consumer Defensive of note.
• Three Month Winners: Technology, Real Estate, Healthcare, Consumer Defensive, Financials and Utilities of note.
• Six Month Winners: Utilities, Technology, 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)

• Gap Up: XPER +18.1%, FUBO +11.1%, BNR +8.4%, CVII +6.3%, AMD +2.9%, PL +2% 

• Gap Down: LQDA -32.7%, RILY -8.5%, EL -8.4%, SOND -4.6%

Insider Action: SNDA sees Insider buying with dumb short selling.  No names 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: Emotional Biden Touts Legacy At Convention. (Bloomberg)
• Pre-Market Movers LLY PARA HA  (CNBC)
• 5 Things to Know Before The Market Opens. (CNBC)
• Markets Wrap: Global stocks set for the longest win streak of 2024. (Bloomberg)
• EU plans a 9% on Tesla (TSLA) cars built in China. (Bloomberg)
• Edward Bronfman Jr. makes a bid for Paramount (PARA). (Bloomberg)
• Eli Lilly (LLY) weight loss drug cuts risk of Diabetes. (CNBC)
• Lowe’s (LOW) cut full year outlook and expects home sales to weaken. (CNBC)
• Morgan Stanley International Chairman missing after yacht hit by cyclone. (CNBC)
• The Big Take: Scams targeting seniors rise as Banks fail to intervene. (Podcast)

M&A Activity and News:

• None of note.

Moving Averages On Major Indexes:  Remain at 100% of the moving averages being 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.

Upgrades: BAK

Downgrades: CIB