Overnight Summary: The S&P 500 closed Wednesday lower by -0.60% at 5592.18 from Tuesday higher by 0.16% at 5625.80. The overnight high was hit at 5,629.75 at 6:05 a.m. EDT and the low was hit at 5561.25 at 6:45 p.m. EDT. The overnight range is 68 points. The current price is 5621.75 at 7:00 a.m. EDT higher by +11.50 points.
Executive Summary: Nvidia’s (NVDA) earnings are out and they beat, raised and announced a huge buyback yet it is lower by -3% this morning. We have a video out on Nvidia that looked at the company and Super Micro Computer. Worth the watch.
- 7-Year Note at 1:00 p.m. EDT.
- Several economic releases of note this morning including Weekly Jobless Claims.
Earnings Out After The Close:
- Beats: AFRM +0.34, CRM +0.21, NTAP +0.11, OKTA +0.11, VEEV +0.09, CRWD +0.07, NTNX +0.07, PSTG +0.07, COO +0.05, NVDA +0.03, VSCO +0.03 of note.
- Flat:
Misses: GEF -0.11, HPQ -0.03, GES -0.01 of note.
- IPOs For The Week: CUPR, GLXG, JBDI, PMAX, TDTH
- New IPOs/SPACs launched/News:
- IPOs Filed/Priced:
- Secondaries Filed or Priced:
- DAWN: FORM S-3ASR – 12,068,959 Shares of Common Stock
- SPRC: FORM F-1 – Up to 21,000,000 Ordinary Shares
- Notes Priced:
- Direct Offering:
- Exchangeable Subordinate Voting Shares:
- Selling Shareholders of note:
- GNLN: Form S-1.. 7,090,911 Shares of Common Stock Offered by the Selling Stockholders
- Debt/Credit Filing and Notes:
- Mixed Shelf Offerings: SYY, BCLI and CTNT filed mixed shelf securities offerings.
- 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: AFRM +15%, NTNX +14%, FIVE +7.4%, IREN +5%, VEEV +4.3%, VSCO +3%, CRM +2.8%, COO +2.3%, CRWD +2%
- Movers Down: BIG -27.3%, PSTG -14.3%, APLD -13.6%, OKTA -7.8%, NVDA -5.9%, SMCI -5.2%, RPTX -4.6%, HPQ -3.5%,DAWN -3.4%, NTAP -3%, DCTH -2.1%
News After Thsee Close :
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- DCTH study demonstrated that first-line liver-directed therapies, including Delcath’s CHEMOSAT® Hepatic Delivery System, significantly improve melanoma-specific survival (MSS) in patients with liver metastases from uveal melanoma.
- OpenAI, the creator and owner of ChatGPT backed by Microsoft, in negotiations to raise several billion dollars that would value the company at more than $100 billion. (WSJ)
- BIG down by over -20% after considering bankruptcy filing. (Bloomberg)
- BMRN to reduce global workforce by approximately 225 employees.
- LMT awarded $3.91 bln U.S. Navy contract. Also awarded $1.0 bln U.S. Navy contract modification, extending services to provide continued support for F-35 Joint. Strike Fighter laboratory facilities and F-35 developmental flight test activities.
- GOOGL releases new Gemini AI features.
- Federal Reserve Board modifies stress capital buffer requirement for Goldman Sachs (GS); adjusted to 6.2% from a preliminary 6.4%
- NOA awarded five-year contract by an existing client; total value of approximately $375 mln.
- 10-Q Delays None of note.
- NASDAQ Delisting Notice
Buybacks or Repurchases: Buybacks should be slow as most companies are in a blackout period as earnings season kicks into gear.
- NVDA announces $50 billion share repurchase program
- NOAH announces us$50 million share repurchase program
Exchange/Listing/Company Reorg and Personnel News:
- MEI appoints Laura Kowalchik as CFO, effective Oct 1
- BJRI CEO Gregory S. Levin stepping down; appoints C. Bradford Richmond as Interim CEO
- CMG accelerates the appointment of Adam Rymer to Chief Financial Officer, beginning October 1.
Dividends Announcements or News:
- Stocks Ex Div Today: HD XYL LH KNSL PIPR FBP CATY ZIM KLG FLNG SSTK GPRK DHIL
- Stocks Ex Div Tomorrow: TMUS NEE GS UNP CEO MCK CSX IBKR ALL D KHC DOW GLW DD EL EBAY DOV TSN WY CBOE BIP HUBB BAX IHG FDS AGR AU JNPR WMS TAP
What’s Happening This Morning: Futures S&P 500+16.75 NASDAQ 100 +66 Dow Jones +260 Russell 2000 +8.86. Asia is lower while Europe is higher this morning. VIX Futures are at 16.03 from 15.60 yesterday while Bonds are at 3.827% from 3.81% on the 10-Year. Crude Oil and Brent are higher with Natural Gas lower. Gold and Silver higher with Copper lower. The U.S. Dollar is higher versus the Euro, higher versus the Pound and higher against the Yen. Bitcoin is at $60,098 from $60,024higher by +1.43% this morning.
- Daily Positive Sectors: Financials of note.
- Daily Negative Sectors: Technology, Consumer Cyclical, Materials and Communication Services of note.
- One Month Winners: Real Estate, Utilities, Consumer Defensive, Technology and Healthcare of note.
- Three Month Winners: Technology, Real Estate, Healthcare, 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, Industrials, Utilities, 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: BURL +0.28, CTLT +0.20, CM +0.19, BBY +0.18, MCFT +0.18, AEO +0.01, CPB +0.01, SSYS +0.01 of note.
- Flat: OLLI
- Misses: GMS -0.21, TITN -0.12, BIRK -0.11, DG -0.09, MBUU -0.07, FLWS -0.07, PLAB -0.05, BFB -0.04 of note.
- Still to Report:
Company Earnings Guidance:
- Positive Guidance: None of note.
- Negative or Mixed Guidance: None of note.
Advance/Decline Weekly Update With Both Daily and Weekly Stats: Some deterioration for a fourth day and failed at the July high.
Gap Ups & Down In Early Pre-Market (+2% or down more than -2%):
- Gap Up: AFRM +22%, NTNX +16.3%, ENLC +13.2%, MESO +8%, IREN +7.8%, FIVE +7.1%, CRM +5.7%, VSCO +5.5%, VEEV +5.1%, BWB +5%, COO +4.7%, BMRN +2.8%, BALY +2.2%, NOAH +2%
- Gap Down: PSTG -13%, OKTA -12.2%, APLD -7.5%, GMS -6.7%, GEF -4.3%, TRIB -3.7%, SMCI -3.4%, DAWN -3.4%, NVDA -2.9%, HPQ -2.2%, CRWD -1.7%
Insider Action: PBF sees 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.
- 5 Things To Know Before The Stock Market Opens Today. (CNBC)
- What You Need To Know To Start Your Day. (Bloomberg)
- Bloomberg Lead Story: Nvidia CEO says new chip will have “lots and lots” of supply. (Bloomberg)
- Markets Wrap: Stocks rebound on Nvidia’s “pretty good” results. (Bloomberg)
- Democratic Nominee Kamala Harris to have first interview, but with VP Nominee Walz. (Bloomberg)
- Dollar General (DG) plunges as core customers hit by budgets. (Bloomberg)
- Bloomberg Odd Lots: Yen Carry Trade unwind. (Podcast)
- Bloomberg Big Take: The MPox Emergency was avoidable. (Podcast)
Economic:
- Q2 GDP (second estimate) is due out at 8:30 a.m. EDT and expected to be revised to 2.80%.
- July Pending Home Sales are due out at 10:00 a.m. EDT and are expected to come in at 1.2% from 4.8% last month
- Weekly Jobless Claims are due out at 8:30 a.m. EDT.
- Weekly Natural Gas Inventories are due out at 10:30 a.m. EDT.
Geopolitical:
- President Biden is on vacation in Delaware.
- President Biden receives the Daily Briefing at 12:30 a.m. EDT.
Federal Reserve Speakers
- Federal Reserve Atlanta President Raphael Bostic speaks at 3:30 p.m. EDT.
M&A Activity and News:
- None of note.
Moving Averages On Major Indexes: Moves from 97% to 67% of the moving averages being positive.
Meeting & Conferences of Note:
-
- Sellside Conferences:
- Deutsche Bank Technology Conference
- Evercore ISI Semiconductor IT Hardware & Networking Conference
- Fireside Chat Hosted by Goldman Sachs
- Jefferies Semiconductor IT Hardware & Communications Technology Conf
- Jefferies Healthcare Services Back to School Summit
- Fireside Chat: None of note.
- Top Shareholder Meetings: CASY, MIST, NKGN, RVSB
- Investor/Analyst Day/Calls: APLT, HCM, INCY, VRAR
- Sellside Conferences:
- Update: None of note.
- R&D Day: None of note.
- FDA Presentation:
- Company Event:
- Industry Meetings or Events:
- Flexible and Printed Electronics
- Semiconductor IT Hardware & Networking Conference
- VMware Explore
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:PG MESO NEM FIVE GOLD
Downgrades: OKTA KSS EQNR CIB
