Overnight Summary & Early Morning Trading:
- The S&P 500 finished Tuesday higher by 0.41% at 6465.94 from Monday lower by -0.43% at 6439.32.
- Futures are higher this morning by +2.75 (+0.04%) at 6485.75 on the S&P 500 around 6:35 a.m. EDT.
- Year to date the S&P 500 is up by 9.93% from 9.48% from Thursday’s close.
Executive Summary:
- Like last week, this week’s catalyst is a one-trick pony. Nvidia (NVDA) earnings are due after the close and will drive the NASDAQ 100 and Tech indexes on Thursday.
Key Events of Note Today:
- Economic news of note today is light with just weekly releases of Mortgage Applications and Crude Oil Inventories.
- 5-Year Note Auction at 1:00 p.m. EDT.
- Fed Speak of note today: Federal Reserve Richmond President Tom Barkin speaks today at 11:45 a.m. EDT.
- President Trump has lunch with the Vice President.
Breaking News: The latest short interest for the NYSE and the NASDAQ is out, and it is special. NASDAQ just hit a new all-time high of 16,930,006,190 shares up 17.01% for the year.
Notable Earnings Out After The Close:
- Beats: PVH +0.51, MDB +0.33, NCNO +0.08, OKTA +0.07, BOX +0.02 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:
- ENTO: FORM S-1 – 4,945,510 Shares of Common Stock.
- NAKA – $5 Billion At-The-Market Equity Offering Program.
- SLXN: FORM S-1 – 314,859 Ordinary Shares.
- THAR: Form S-3.. 2,463,601 Shares of Common Stock.
- 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:
- IMRX – Closing of $25 Million Private Placement.
- Selling Shareholders of note:
- KFS files for 1,419,001 share common stock offering by selling shareholders.
- VNOM: FORM S-3ASR – Up to 203,172,011 Shares Class A Common Stock.
- Mixed Shelf Offerings:
- KDLY: Form S-3ASR — Mixed Shelf.
- JWEL: FORM F-3 – $118,900,000 Mixed Shelf Offering.
- ZONE: Form S-3.. $1,000,000,000 Mixed Shelf.
- WFC files for $110 billion mixed securities shelf offering.
- NAKA files mixed securities shelf offering.
News After The Close:
- President Trump considering Stephen Miran and David Malpass as possible replacements for Lisa Cook on the Federal Reserve’s board of governors. (WSJ)
- MongoDB (MDB) up 30% on beats and raises.
- Elanco Animal Health (ELAN) will replace Sarepta Therapeutics (SRPT) in the S&P MidCap 400, and Sarepta Therapeutics will replace Brookline Bancorp (BRKL) in the S&P SmallCap 600, effective prior to the opening of trading on Tuesday, September 2.
Buybacks of Note: None of note.
Exchange/Listing/Company Reorg and Personnel News:
- INSP announces that its CFO, Rick Buchholz, will be stepping down from his current position with the Company, effective December 31.
Dividends Announcements or News
- Stocks Ex Div Today of note: H EA CCS CNK CRC SLF PSEC of note.
- Stocks Ex Div Tomorrow of note: None of note.
Stocks Moving Up & Down After The Close:
- Gap Up: MDB +27.6%, SATS +8.9%, BHR +8.8%, NCNO +8.1%, OKTA +6.6%, BOX +5.2%, PVH +4.8%, ELAN +3.6% of note.
- Gap Down: NVAX (7.87 -17.9%), of note.
What’s Happening This Morning: (as of 7:30 a.m. EDT)
- Futures S&P 500 +3, NASDAQ 100 +10.25, Dow Jones +26. Europe is higher ex Germany while Asia is is mixed with China related lower. Bond yields are at 4.273% from 4.296% from yesterday on the 10-Year. Crude Oil and Brent Crude are lower with Natural Gas lower as well. Gold, Silver and Copper are lower. The U.S. Dollar is higher versus the Euro, higher against the Pound and higher against the Yen. Bitcoin is at $111,233 from $110.207 which is higher by $213 up 0.20%.
- Daily Positive Sectors: Industrials, Financials, Materials and Healthcare were higher.
- Daily Negative Sectors: Consumer Defensive, Real Estate and Energy 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:
- Tomorrow Before The Open:
Notable Earnings of Note This Morning:
- Beats: RY +0.53, KSS +0.26, PLAB +0.13, DCI +0.01 of note.
- Misses: FL -0.34, SJM -0.03 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: MDB +30.4%, ELMD +13.2%, NCNO +11.5%, BHR +8.9%, ELAN +7.5%, PVH +6.6%, CBRL +6.5%, VWAV +6.3%, DCI +5.8%, SATS +5.5%, OKTA +5.1%, BOX +3.9%, FLY +3.8%, ATHM +3.5%, DDD +3.3%, FFAI +2.6%, ZH +2.6%, ULS +2.4% of note.
- GapDown: MNOV -3.7%, CNNE -3.5%, ONC -3% of note.
Options Activity: Calls and Puts Top Ten Names Sorted Volume. Highlighted names are new to the most active list.
Insider Action: COTY REZI of note see Insider Buying with dumb short selling. EBC of note 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: Russia says Putin- Trump meeting to take place within days. (Bloomberg)
- Market Wrap: Stocks gain on hopes that Russia Ukraine truce is rising. (Bloomberg)
- Trump tariffs take effect in fresh test for Global economy, India hit by 50% tariffs. (Bloomberg)
- Mortgage demand and interest rates remain stuck at lower levels. (CNBC)
- Canadian Goose (GOOS) has received bids to go private. (CNBC)
Bolded on story link means behind a Pay Wall.
Economic & Geopolitical:
- Federal Reserve Speakers are speaking today.
- Federal Reserve Richmond President Tom Barkin speaks at 11:45 a.m. EDT.
- President Trump’s Schedule for today includes:
- President Trump has lunch with Vice President Vance at 12:30 p.m. EDT.
- Economic Releases:
- MBA Mortgage Applications are out at 7:00 a.m. EDT.
- Weekly Crude Oil Inventories are out at 10:00 a.m. EDT.
M&A Activity: None of note.
Moving Average Table: Equities move from 93% to 97%. TLT levels are all broken.
Meeting & Conferences of Note:
- Sellside Conferences:
- DA Davidson Western Bank Summit
- Deutsche Bank Technology Conf
- Evercore ISI Semiconductor IT Hardware & Networking Conference
- Jefferies Semiconductor IT Hardware & Communications Technology Conf
- Shareholder Meetings: BOOT, PW, SNOA
- Top Analyst, Investor Meetings: JAZZ, OTLK, PGEN
- Fireside Chat: None of note.
- FDA Presentation:
- OTLK: PDUFA Decision forONS-5010 / LYTENAVA™
- PGEN: PDUFA Decision forPRGN-2012
- TLX: PDUFA Decision for TLX250-CDx
- R&D Day: None of note.
- Meetings:
- Ideas Conference
- Institute of Nuclear Materials Management Conference
- Supermicro Open Storage Summit
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: AS IONQ SBET VIR of note.
Downgrades: DNUT of note.