Overnight Summary & Early Morning Trading:
- The S&P 500 finished Friday higher by +1.52% at 6466.91 from Thursday lower by -0.40% at 6370.7%.
- Futures are lower this morning by -15 (-0.23%) at 6468.25 on the S&P 500 around 7:45 a.m. EDT.
- Year to date the S&P 500 is up by 9.95% from 8.31% from Thursday’s close.
Executive Summary:
- Like last week, this week’s catalyst is a one trick pony. Nvidia (NVDA) earnings are due on Wednesday after the close and will drive the NASDAQ 100 and Tech indexes.
Key Events of Note Today:
- Economic news of note today is minimal, with only New Home Sales at 10:00 a.m. EDT.
- 3 & 6 Month T-Bill Auction at 11:30 a.m. EDT.
- Fed Speak of note today: Federal Reserve Dallas President Lorrie Logan and New York President John Williams speak today.
- President Trump signs Executive Orders in the morning and then meets with the President of South Korea for lunch.
Breaking News: None of note.
Notable Earnings Out After The Close:
- Beats: None of note.
- Misses: None of note.
- Flat: None of note.
Capital Raises:
- IPOs For The Week: CURX, ETS, PMI of note.
- New IPOs/SPACs launched/News: None of note.
- IPOs Filed/Priced: None of note.
- Secondaries Filed or Priced:
- BSLK: Form S-1.. Up to 913,979 shares of common stock
- INBS: Form S-3.. 4,147,616 Shares of Common Stock Issuable upon Exercise of Outstanding Warrants
- LGHL: Form F-3.. 76,016,240,339 Class A Ordinary Shares in the Form of 30,406,496 American Depositary Shares
- MNOV: FORM S-1 – 25,000,000 Shares of Common Stock
- NOTE: FORM S-3 – Up to 7,083,333 Shares of Class A Common Stock
- NXDT: FORM S-3 – 6,000,000 Common Shares
- VENU files for 1,724,138 share common stock offering
- Notes Priced: None of note.
- Notes Files: None of note.
- Convertibles Filed: None of note.
- Direct Offering: None of note.
- Exchangeable Subordinate Voting Shares: None of note.
- Private Placements: None of note.
- Selling Shareholders of note:
- LGHL files 30,406,496 ADS offering by selling shareholders.
- NXDT files for 6,000,000 common share offering by selling shareholders
- LZM files for 2.5 million share common stock offering by selling shareholder
- Mixed Shelf Offerings:
- ATLX: Form S-3.. $75,000,000 Mixed Shelf
- ONCY: Form F-3.. US$150,000,000 Mixed Shelf
- ACOG files for $250 million mixed securities shelf offering
- ETHZ files mixed securities shelf offering
News After The Close:
- Five9 (FIVN) reaffirms EPS and revenue guidance for Q3 and FY25 in Investor Presentation slides.
- Furniture stocks head lower on Truth Social post by President Trump announces major tariff investigation on furniture imports.
- Intel (INTC) announces agreement with Trump Administration for US govt to take a 9.9% stake.
- RTX awarded up to $2.88 billion modification to a previously awarded US Navy contract.
- BA awarded a $315.1 mln order under a previously awarded US Navy ordering agreement.
- Spirit Airlines (FLYY) exploring strategic alternatives.
- Vital Energy (VTLE) +10% after hours on report Crescent in advanced talks to acquire VTLE.
Buybacks of Note: None of note.
Exchange/Listing/Company Reorg and Personnel News:
- NRIM Huston to succeed Schierhorn as Chairman of the Board, effective as of December 31.
Dividends Announcements or News
- Stocks Ex Div Today of note: LYB MMM PBR PAYC TSCO of note.
- Stocks Ex Div Tuesday of note:
Stocks Moving Up & Down Last Week:
- Gap Up: ARRY (9.01 +18.18%), EOLS (7.76 +15.3%), RUN (16.23 +16.59%), NIO (6.36 +32.29%), GES (16.83 +27.46%), CPS (34.18 +20.06%), MB (5.97 +68.26%), INSG (11.07 +28.51%), SSYS (11.03 +17.29%), TSEM (54.65 +16.6%), MBI (7.66 +21.97%), AHL (33.8 +21.06%) of note.
- Gap Down: NVAX (7.87 -17.9%), OMI (5.03 -11.44%), BHC (7.5 -10.07%), CRSP (54.29 -9.11%), PBYI (5.23 -8.73%), JHX (20.65 -28.83%), IEP (8.46 -10.05%), SFL (8.27 -8.52%), CBRL (54.72 -12.01%), JACK (18.66 -8.84%), FN (294.78 -10.62%), CSIQ (11.22 -10.6%), RILY (5.58 -18.26%) of note.
What’s Happening This Morning: (as of 7:30 a.m. EDT)
- Futures S&P 500 -14.75, NASDAQ 100 -74 Dow Jones -79. Europe is lower ex the FTSE while Asia is higher. Bond yields are at 4.273% from 4.32% from Friday on the 10-Year. Crude Oil and Brent Crude are higher with Natural Gas lower. Gold and Silver are lower with Copper higher. The U.S. Dollar is higher versus the Euro, higher against the Pound and higher against the Yen. Bitcoin is at $110,966 from $112,560 which is lower by -2128 down -1.88%.
- Daily Positive Sectors: All ex Consumer Defensive were higher.
- Daily Negative Sectors: Consumer Defensive were lower.
- One Month Winners: Materials, Consumer Cyclicals, Technology, Financials, Communication Services and Utilities of note.
- Three-Month Winners: Technology, Industrials, Communication Services, Consumer Cyclicals and Utilities of note.
- Six-Month Winners: Financials, Utilities, Industrials, Materials and Communication Services of note.
- Twelve-Month Winners: Financials, Communication Services, Utilities, Technology, Consumer Cyclical, and Industrials of note.
- Year to Date Winners: Communication, Services Materials, Financials, Utilities, Industrials and Technology of note.
Bolded means the Sector is new to the period in which it falls.
Upcoming Earnings Of Note: (Erlanger Chartroom Software – sorted by market cap, highest to lowest with most visible names)
- Today After the Close:
- Tuesday Before The Open:
Notable Earnings of Note This Morning:
- Beats: None of note.
- Misses: None of note.
- Still to Report: None of note.
Company Earnings Guidance:
- Positive Guidance: None of note.
- Negative or Mixed Guidance: None of note.
Advance/Decline Daily Update: The A/D Line continues to weaken.
Gap Ups & Down In Early Pre-Market: (+2% or down more than -2%):
- GapUp: VTLE +14.4%, SSL +7.3%, LZM +4.7%, ETHZ +3.6%, LGHL +2.8%, ARGX +2.8%, ONC +2.3% of note.
- GapDown: RH -6.5%, W -5.2%, VENU -4.9%, WSM -3.4%, KDP -3.4%, HIVE -2.8%, LVWR -2.5% of note.
Options Activity: Calls and Puts Top Ten Names Sorted Volume. Highlighted names are new to the most active list.
Insider Action: None of note see Insider Buying with dumb short selling. None of note 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: Keurig Dr Pepper to buy JDE Peet’s for $18 billion revamp. (Bloomberg)
- Market Wrap: Stocks rally stutters as rate cut optimism fades. (Bloomberg)
- Barron’s + on PECO SPG WELL CSX.
- Apple (AAPL) will start a 3-year plan to revamp iPhone. (Bloomberg)
- Lots more on what just happened at Jackson Hole. (Bloomberg)
- Odd Lots: Tom Barkin on why policy is on hard mode now. (Reuters)
Bolded on story link means behind a Pay Wall.
Economic & Geopolitical:
- Federal Reserve Speakers are speaking today.
- Federal Reserve Dallas President Lorrie Logan speaks at 3:15 p.m. EDT.
- Federal Reserve New York President John Williams speaks at 7:15 p.m. EDT.
- President Trump’s Schedule for today includes:
- President Trump signs Executive Orders at 10:00 a.m. EDT.
- Then greets the President of South Korea at 12:00 p.m. EDT and then meets at 12:15 p.m. EDT which is followed by lunch at 12:45 p.m. EDT.
- Economic Releases:
- Today: July New Home Sales are out at 10:00 a.m. EDT and expected to rise to 630,000 from 627,000.
M&A Activity: None of note.
Moving Average Table:
Meeting & Conferences of Note:
- Sellside Conferences:
- Jefferies Semiconductor IT Hardware & Communications Technology Conf
- Stifel Tech Executive Summit
- Shareholder Meetings: BOC, SGBX
- Top Analyst, Investor Meetings: GEVO
- Fireside Chat: None of note.
- FDA Presentation: None of note.
- R&D Day: None of note.
- Meetings:
- Institute of Nuclear Materials Management Conference
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: DYN OKTA OLPX VG of note.
Downgrades: AEO of note.