Overnight Summary: The S&P 500 closed Monday lower by -3.00% at 5186.33 from Friday lower by -1.84% at 5346.56. The overnight high was hit at 5,305.50 at 9:15 p.m. EDT and the low was hit at 5226.75 at 4:15 p.m. EDT. The overnight range is 79 points. The current price is 5258 at 6:50 a.m. EDT higher by +40.50 points. Markets are very oversold. The chart below shows a 6 Day RSI and under 30 is oversold. SPY closed at 20.10.
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- 3-Year Note Auction at 1:00 p.m. EDT.
Earnings Out After The Close:
- Beats: SDRL +2.90, PRAA +0.46, OTTR +0.38, ENTA +0.36, CBT +0.20, PRIM +0.18, UIS +0.17, TDC +0.16, PLMR +0.16, BCC +0.16, SKWD +0.15, ADUS +0.14, EVER +0.14, KMPR +0.14, VNOM +0.13, OKE +0.12, EHC +0.10, BRBR +0.10, MWA +0.10, ETNB +0.08, YUMC +0.08, BWXT +0.08, JELD +0.07, IIPR +0.06, RXST +0.06, SUM +0.05, VMEO +0.05, AHR +0.05, WMB +0.05, CSWC +0.04, ACM +0.04, HLIO +0.03, MTRN +0.03, VNO +0.03, HIMS +0.02, PLYA +0.02, FANG +0.02, CSX +0.01, O +0.01, PLTR +0.01, CHGG +0.01 of note.
- Flat: DH +0.00, HUN +0.00, GBDC +0.00, BMRN +0.00 of note.
- Misses: CAR (2.08), SPR (1.81), TBI (0.30), XNCR (0.25), AMRC (0.16), AESI (0.16), ADTN (0.15), HPK (0.14), AAN (0.12), JRVR (0.09), KWR (0.08), ZI (0.07), CRSP (0.06), SPG (0.05), FNF (0.05), WTRG (0.04), VSTO (0.03), RCKT (0.02), LCID (0.02), NVTS (0.01), OGS (0.01), NSA (0.01), JJSF (0.01)
of note.
Capital Raises:
- IPOs For The Week: ACTU, YXT, ZENA, ZSPC
- New IPOs/SPACs launched/News:
- IPOs Filed/Priced:
- Secondaries Filed or Priced:
- NUVB also files for 2,893,731 shares of common stock issuable upon exercise of warrants
- Notes Priced:
- Direct Offering:
- Exchangeable Subordinate Voting Shares:
- Selling Shareholders of note:
- NUVB files for 115,660,186 shares of common stock by selling shareholders.
- RZLT files for 4,500,000 shares of common stock by selling shareholders.
- Debt/Credit Filing and Notes:
- Mixed Shelf Offerings:
- WEC files mixed shelf securities offering
- SFBS files mixed shelf securities offering
- HII files mixed shelf securities offering
- ESS files mixed shelf securities offering
- CRSP files mixed securities 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: LUMN +47.5%, RXST +17.7%, EVER +15.8%, JELD +15.7%, CSTL +14.4%, PLTR +13.5%, BRBR +9.9%, ENTA +9.6%, ARCT +8.8%, SKWD +8.5%, GSM +7.7%, VTS +7.5%, LCID+7.3%,BWXT +7%, MWA +6.7%, CBT +6.2%, ACM +5.7%, PLMR +5.7%, PRAA +5.6%, NVTS +5.5%, PRIM +5.1%, STRL +4.5%, IIPR +4.2%, VMEO +4.2%, UTI +4.2%, CSX +4.1%, SUM +4%, BMRN +3.7% , DH +3.7%, NSA +3.7%, RCKT +3.5%, NCMI +2.8%, HPK +2.2%
- Movers Down: CHGG -18.2%, ZI -12% (also CFO to step down), TBI -11.6%, MED -8.9%, AMRC -7%, RZLT -4.3%, TDC -4.1%, CAR -3.4%
News After The Close :
- TXG announces its involvement in TenK10K, a large-scale, multi-year study led by the Garvan Institute of Medical Research.
- BMRN announces updated strategy for ROCTAVIAN to focus on U.S., Germany and Italy.
- LCID announces Saudi public investment fund commitment of $1.5 billion.
- LUMN secures $5 billion in new business driven by major demand for connectivity fueled by AI.
- ICE and MKTX announce plans to connect their respective liquidity networks to bring greater efficiency and access to deeper liquidity in fixed income markets to the institutional and wealth management spaces.
- CBOE reports trading volume for July 2024. (Press Release)
- NDAQ report July 2024 trading volume. (Press Release)
- GD awarded $1.32 bln U.S. Navy contract modification.
- GOOGL plans to appeal DOJ decision on search. (Press Release)
Buybacks or Repurchases: Buybacks should be slow as most companies are in a blackout period as earnings season kicks into gear.
- None of note.
Exchange/Listing/Company Reorg and Personnel News:
- INSG announces that the board of directors extended the appointment of Philip Brace as Executive Chairman for two additional 6-month terms, effective immediately.
- ZI appoints Graham O’Brien as the interim CFO, beginning September 6; Cameron Hyzer will transition to serve in an advisory capacity until October 7, 2024 to facilitate a seamless transition. Also, announces the appointment of Domenic Maida and Owen Wurzbacher to its Board of Directors, effective August 6, 2024
- HRB names Tiffany Mason as next CFO, effective September 1.
- PCT approved the appointment of Daniel Coombs as non-executive chairman of the board effective August 5, 2024.
Dividends Announcements or News:
- Stocks Ex Div Today: MET BKR LVS EQH NEP
- Stocks Ex Div Tomorrow: F BRO FE EQT ARLP
- VNOM increases quarterly dividend to $30/sh from $0.27/sh
What’s Happening This Morning: Futures S&P 500 +46 NASDAQ 100 +181, Dow Jones +254 Russell 2000 +11.64. Asia is higher while Europe are lower ex Germany this morning. VIX Futures are at 27.80 from 32.05 yesterday while Bonds are at 3.858% from 3.714% on the 10-Year. Crude Oil and Brent are higher with Natural Gas higher as well. Gold is higher with Silver and Copper lower. The U.S. Dollar is higher versus the Euro, higher versus the Pound and higher against the Yen. Bitcoin is at $55,142 from $51,485 higher by +3.78% this morning.
- Daily Positive Sectors: None of note.
- Daily Negative Sectors: All of note.
- One Month Winners: Real Estate, Utilities, Healthcare and Consumer Defensive of note.
- Three Month Winners: Technology, Real Estate, Healthcare and Utilities of note.
- Six Month Winners: Utilities, Technology, Communication Services, Financials and Consumer Defensive of note.
- Twelve Month Winners: Technology, Communication Services, Financials, Industrials and Healthcare note.
- Year to Date Winners: Technology, Communication Services, Utilities, Financials, Industrials and Healthcare of note.
Upcoming Earnings Of Note: (From Chartroom Software – sorted by market cap, highest to lowest with most visible names)
- Tuesday After the Close:
- Wednesday Before The Open:
Earnings of Note This Morning:
- Beats: HRMY +1.05, MPC +1.03, H +0.56, BLDR +0.48, TDG +0.46, CAT +0.43, DK +0.41, WLK +0.41, INGR +0.37, HLNE +0.37, BCYC +0.34, OC +0.29, TAP +0.24, LCII +0.24, NPO +0.23, EPC +0.21, MPLX +0.17, SSTK +0.16, UBER +0.16, RYTM +0.16, DUK +0.16, ML +0.15, FIS +0.13, KNF +0.13, JLL +0.13, ENR +0.10, FUBO +0.10, GFS +0.09, TGTX +0.09, FOXA +0.08, YOU +0.08, BSY +0.08, ANIP +0.07, ZTS +0.07, RBA +0.07, CELH +0.05, PLNT +0.05, TRMB +0.04, NOVT +0.04, AVNT +0.04, OGN +0.04, MKTX +0.04, KVUE +0.04, BOW +0.03, MD +0.03, FWRG +0.02, CLVT +0.02, ATI +0.02, BAX +0.02, YUM +0.02, BEAM +0.02, ARMK +0.01, BRKR +0.01, HSIC +0.01, SGRY +0.01, BR +0.01 of note.
- Flat: NMRA +0.00, OLPX +0.00, GXO +0.00, NVT +0.00, J +0.00of note.
- Misses: DXX (0.44), ADNT (0.30), BLD (0.29), ATKR (0.19), GPRE (0.19), IDYA (0.14), VMC (0.12), GOLF (0.09), VYX (0.07), BLMN (0.07), AHCO (0.06), ALIT (0.06), GENI (0.06), VVX (0.04), NJR (0.04), CEG (0.03), STWD (0.03), STVN (0.01), TPX (0.01) of note.
- Still to Report: EXPD, ICHR, KLG, PTLO, SRE, SWX, TPG of note.
Company Earnings Guidance:
- Positive Guidance: of note.
- Negative or Mixed Guidance: of note.
Erlanger Research Advance/Decline Chart: A/D lines were weak on Monday and are now negative on a cumulative basis.
Gap Ups & Down In Early Pre-Market (+4% or down more than -4%):
- Gap Up: LUMN +42.5%, RXST +23.5%, EVER +15.2%, CSTL +14.4%, DAVE +13.4%, VYX +12%, LCID +11.3%, ARCT +11.1%, NEOV +10%, CELH +10%, PACB +8.7%, CSLR +8.3%, YUMC +8.1%, CBT +8.1%, PLTR +8.1%, SKWD +7.9%, YOU +6.8%, BRBR +6.7%, PRAA +5.6%, MWA +5.2%, VLRS +5%, CRBG +5%, FANG +5%, SUM +5%, OTTR +5%, SEMR +4.6%, HUN +4.5%, KMPR +4.4%, STRL +4.4%, PLMR +4.4%, UTI +4.3%, BMRN +4.2%, ACM +4.2%, PRIM +4.1%, JELD +3.8%, ABVX +3.6%, EDU +3.5%, RCKT +3.5%, BWXT +3.2%, VMEO +3.1%, OPRT +2.5%, HIMS +2.5%, EPC +2.3%, CRSP +2.2%, XNCR +2.2%, LUV +2% of note.
- Gap Down: CHGG -18.4%, ZI -15.3%, ATKR -12.4%, TBI -11.5%, MED -8.8%, TDC -8%, ADTN -7.5%, HLIO -6%, RZLT -3.9%, HPK -3.7%, UIS -2.7%, UMC -2.7%, LGIH -2.2%, GSK -2% of note.
Insider Action: MBIN TEX ALTG TALO CROX see 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: Hezbollah and Israeli Forces Exchange Fire as Tensions Rise. (Bloomberg)
- 5 Things You Need To Know To Start Your Day. (CNBC)
- Morning Briefing For Bloomberg Subscribers. (Bloomberg)
- Markets Wrap: Stocks see choppy trading as nerves still run high. (Bloomberg)
- Federal Reserve San Francisco President Mary Daly sees interest rate cuts coming as the economy weakens. (CNBC)
- Caterpillar (CAT) says earnings in 2024 will be higher than expected. (Bloomberg)
- Uber posts earnings beat. (Bloomberg)
- InterContinental Hotels (ICH) CEO says hotel traffic defies economic fears. (Bloomberg)
- Bloomberg’s The Big Take: Traders fear the great unwind. (Bloomberg)
- Marketplace: Digital underclass still in need. (Podcast)
- NYT: The Daily: What just happened on Wall Street. (Podcast)
- Wealthion: Navigating volatility. (Podcast)
Economic:
- June Trade Balance is due out at 8:30 a.m. EDT and came in last month at $75.1 billion.
- Weekly API Crude Oil is due out at 4:30 p.m. EDT.
Geopolitical:
- President Biden receives the Daily Briefing today at 2:15 p.m. EDT.
- Press Briefing at 1:30 p.m. EDT with Press Secretary Karine Jean-Pierre.
Federal Reserve Speakers
- None scheduled for today.
M&A Activity and News:
- None of note.
Moving Averages On Major Indexes: Moves from 27% to 20% of the moving averages being positive.
Meeting & Conferences of Note:
-
- Sellside Conferences:
- BTIG Biotechnology Conference
- KeyBanc Capital Markets Technology Leadership Forum
- Oppenheimer’s Biotech in the Berkshires
- UBS Financial Services Conference
- JP Morgan Auto Conference
- Susquehanna’s 2024 Industrials Energy & Travel Conference
- Bank of America SMID Cap Conference
- UBS Financial Services Conference
- Fireside Chat: None of note.
- Top Shareholder Meetings: APVO, CYD, OLK, SAI, URGN, UVV, WVE of note.
- Investor/Analyst Day/Calls: CAT, PGR, RA of note.
- Sellside Conferences:
- Update: None of note.
- R&D Day: None of note.
- FDA Presentation:
- Company Event:
- Industry Meetings or Events: Note that Former President Trump will speak on Saturday at the Bitcoin Conference throwing his support behind Bitcoin.
- 2024 Olympics
- American Nuclear Society (ANS) Utility Working Conference
- International Association for the Study of Pain (IASP)
- FFANY Market Week
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.
