Overnight Summary: The S&P 500 closed Thursday flat at 5591.96 from Wednesday lower by -0.60% at 5592.18. The overnight high was hit at 5,634.50 at 3:45 a.m. EDT and the low was hit at 5608.25 at 8:05 p.m. EDT. The overnight range is 68 points. The current price is 5630 at 7:00 a.m. EDT higher by +20 points.
Executive Summary: The head of United Capital on CNBC this morning, talked about pending CMBS crisis. Very important interview worth the watch.
- Busy morning of Economic Data including Personal Income and PCE Core.
- Enjoy the long weekend as markets closed on Monday and we will be back on Tuesday.
Earnings Out After The Close:
- Beats: LULU +0.22, DOMO +0.21, MDB +0.21, DELL +0.19, ADSK +0.15, ESTC +0.10, HCP +0.08 of note.
- Flat: MRVL
- Misses: ULTA -0.17 of note.
- IPOs For The Week: CUPR, GLXG, JBDI, PMAX, TDTH
- New IPOs/SPACs launched/News:
- IPOs Filed/Priced:
- Secondaries Filed or Priced:
- GMGI: FORM S-3 – 7,607,143 Shares Common Stock
- PMN: FORM S-3 – 56,514,784 Common Shares
- Notes Priced:
- Direct Offering:
- Exchangeable Subordinate Voting Shares:
- Selling Shareholders of note:
- MDWD files for 1,453,488 shares of common stock offering by selling shareholders
- Debt/Credit Filing and Notes:
- Mixed Shelf Offerings:
- MOFG files $150 mln mixed shelf securities offering
- SDOT: Form S-3.. $50,000,000 Mixed Shelf
- EVOK: FORM S-3 – $50 Million Mixed Shelf 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: LUNR +15.6%, MDB +12.7%, MRVL +8.8%, ADSK +5.6%, DOMO +4.4%, LULU +4%, DELL +2.8%
- Movers Down: NCNA -39%, ESTC -24%, ULTA -6.3%, AMRK -2%.
News After Thsee Close :
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- IPGP sells its Russian subsidiary, IRE-Polus for proceeds of $51 mln.
- NCNA announces update for Phase 2 randomized colorectal cancer study (halted).
- GRAL Results of GRAIL’s Galleri Multi-Cancer Early Detection Blood Test in Prostate Cancer Published in JCO Precision Oncology, negative for EXAS.
- RTX awarded $1.05 bln U.S. Air Force contract.
- Republican Nominee & Former President Trump said in an interview with NBC News he wants to make IVF treatments paid for by government or insurance.
- 10-Q Delays – None of note.
- NASDAQ Delisting Notice – None of note.
Buybacks or Repurchases: Buybacks should be slow as most companies are in a blackout period as earnings season kicks into gear.
- NXPI announces additional $2 billion authorization to its existing share repurchase program.
- PAGS authorized a share repurchase program – may repurchase up to US$ 200 million in outstanding Class A common shares
Exchange/Listing/Company Reorg and Personnel News:
- UUV announces leadership succession plan in which Preston D. Wigner, who currently serves as Senior Vice President, will become Chairman, President, and CEO, effective October 1, 2024.
- TSN announces that Curt Calaway has been named CFO, effective immediately.
- DOMO announced that David Jolley will step down as Domo’s Chief Financial Officer due to personal health challenges.
- TALO resident/CEO Tim Duncan has stepped down effective August 29, 2024; reaffirms third quarter 2024 production guidance,
Dividends Announcements or News:
- Stocks Ex Div Today: 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
- Stocks Ex Div Tuesday:
- LRCX increases quarterly cash dividend 15% to $2.30/share from $2.00/share
- CCBG increases quarterly cash dividend 9.5% to $0.23/share from $0.21/share
- BAP announces special cash dividend of $11.00 per share
What’s Happening This Morning: Futures S&P 500+26 NASDAQ 100 +153 Dow Jones +107 Russell 2000 +11.22. Asia and Europe are higher this morning. VIX Futures are at 15.65 from 16.03 yesterday while Bonds are at 3.856% from 3.827% on the 10-Year. Crude Oil and Brent are higher with Natural Gas lower for a second day in a row. Gold and Silver lower with Copper higher. The U.S. Dollar is lower versus the Euro, lower versus the Pound and higher against the Yen. Bitcoin is at $59,567 from $60,098 higher by +0.30% this morning.
- Daily Positive Sectors: Energy, Materials, Financials and Industrials of note.
- Daily Negative Sectors: Technology, Communication Services, Consumer Defensive and Real Estate 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)
- Friday After the Close: None of Note
- Tuesday Before The Open: MOMO
Earnings of Note This Morning:
- Beats: None of note.
- Flat:
- Misses: JKS -1.03, FRO -0.14 of note.
- Still to Report:
Company Earnings Guidance:
- Positive Guidance: MDB of note.
- Negative or Mixed Guidance: ULTA, DELL (Q3), EXPE of note.
Advance/Decline Weekly Update With Both Daily and Weekly Stats: Some improvement for the first time in five days.
Gap Ups & Down In Early Pre-Market (+2% or down more than -2%):
- Gap Up: EBS +20.2%, MDB +15.8%, MRVL +10.0%, DELL +6.7%, LESL +6.0%, DOMO +4.8%, ADSK +4.4%, IMMR +4.1%, LULU +4.0%, BABA +4.0%, INTC +3.1%, DDD +3.0%
- Gap Down: NCNA -52.3%, ESTC -28.6%, ALNY -12.2%, ULTA -8.4%, JKS -4.3%
Insider Action: IMMR MRCY 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.
- 5 Things To Know Before The Stock Market Opens Today. (CNBC)
- Bloomberg Lead Story: Harris Leading or Tied With Trump in All Seven Swing States. (Bloomberg)
- Markets Wrap: Stocks gain as inflation feeds rate cut wagers. (Bloomberg)
- Pre-Market Movers CRWD BABA INTC ULTA. (CNBC)
- Bank of Japan is certain to raise rates more, but when? (CNBC)
- Democratic Candidate & Current Vice President Kamala Harris explained how her positions on immigration and border security have evolved in CNN Interview last night. She will not seek to ban fracking as she wants to win Pennsylvania. (CNN)
- Bloomberg Big Take: Boeing and SpaceX in the Space Race. (Podcast)
- Marketplace: Bytes Week in Review. (Podcast)
- Wealthion: The End of Recessions? (Podcast)
Economic:
- July Personal Income are due out at 8:30 a.m. EDT and are expected to stay at 0.2%.
- July PCE Core is due out at 8:30 a.m. EDT as well and expected to fall to 0.1% from 0.2%.
- July University of Michigan Consumer Sentiment is due out at 10:00 a.m. EDT and is expected to stay at 67.80.
- Baker Hughes Weekly Rig Count at 1:00 p.m. EDT.
Geopolitical:
- President Biden is on vacation in Delaware as he did not head out to San Francisco for Labor Day Weekend.
- President Biden receives the Daily Briefing at 10:00 a.m. EDT.
Federal Reserve Speakers
- None of note today.
M&A Activity and News:
- None of note.
Moving Averages On Major Indexes: Moves from 67% to 70% of the moving averages being positive.
Meeting & Conferences of Note:
-
- Sellside Conferences:
- Fireside Chat: None of note.
- Top Shareholder Meetings: DDD, LASE, JKS, OPTT, TIGR
- Investor/Analyst Day/Calls: ALNY
- Update: None of note.
- R&D Day: None of note.
- FDA Presentation: ARWR: Data Presentation for Plozasiran
- Company Event:
- Industry Meetings or Events:
- European Society of Cardiology Congress
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: YPF VLVLY DTRUY CRWD CM ANF
Downgrades: SPH EE
