Overnight Summary: The S&P 500 closed Wednesday lower by -0.77% at 5199.50 from Tuesday higher by 1.04%. The overnight high was hit at 5,239.50 at 11:45 p.m. EDT and the low was hit at 5182 at 7:35 p.m. EDT. The overnight range is 57 points. The current price is 5329 at 6:55 a.m. EDT higher by +62.75 points.
Executive Summary: Futures have been volatile overnight again and are pointing lower but off the lows. Yesterday’s action was volatile and ended lower after a positive start. The Commitment of Traders sees more sellers than buyers for the time being.
- Lots of earnings still. One obvious theme is that the consumer is struggling.
- 4-Week Bill Auction at 11:30 a.m. EDT.
- 30-Year Note Auction at 1:00 p.m. EDT.
Earnings Out After The Close:
- Beats: BHF +1.19, JXN +0.96, ROOT +0.88, CACI +0.68, MCK +0.67, ICUI +0.56, MKSI +0.48, VSAT +0.47, CF +0.45, CW +0.38, EQIX +0.37, CDLX +0.37, SBGI +0.35, DBRG +0.34, SM +0.33, HUBS +0.30, OXY +0.25, PRI +0.24, MMS +0.22, JANX +0.20, SRPT +0.20, DUOL +0.19, BOOT +0.19, ODD +0.18, ASPN +0.16, APP +0.15, ZIP +0.15, NTR +0.15, ZG +0.14, MODG +0.14, KNTK +0.13, FLNC +0.13, WES +0.13, WTS +0.13, KW +0.12, UGI +0.12, CSGS +0.11, ECPG +0.10, BBDC +0.10, DLB +0.10, OPK +0.09, METC +0.09, TALO +0.09, SITM +0.08, RGLD +0.07, BMBL +0.07, CXW +0.07, CPA +0.06, AZEK +0.06, BROS +0.06, AGO +0.05, KTOS +0.05, WAY +0.05, AOSL +0.05, HOOD +0.05, KLIC +0.05, KVYO +0.05, AHH +0.04, CPAY +0.04, APPS +0.04, IONQ +0.04, HCAT +0.04, RAMP +0.04, ATO +0.03, HI +0.03, NVEE +0.03, WPM +0.03, CLNE +0.03, PACB +0.03, UPWK +0.03, CXT +0.02, DOX +0.02, ENS +0.02, GNK +0.02, MQ +0.02, ASTH +0.01, DGII +0.01, HMN +0.01, LESL +0.01, LZ +0.01, SBRA +0.01, STKL +0.01, VZIO +0.01, FSLY +0.01, FROG +0.01
- Flat: ACVA +0.00, ALLO +0.00, BYND +0.00, CDE +0.00, EQX +0.00, ET +0.00, HPP +0.00, JAMF +0.00, JOBY +0.00, KROS +0.00, MFC +0.00, MRVI +0.00, SONO +0.00
- Misses: FWRD (23.11), WBD (3.80), MODV (0.80), VTLE (0.34), SEDG (0.27), CHRD (0.26), MTW (0.24), NVST (0.16), ASLE (0.15), LNW (0.15), RYN (0.12), GH (0.10), STAA (0.09), ZD (0.08), MRO (0.06), MIRM (0.05), SILK (0.05), ESE (0.04), MNST (0.04), RVMD (0.04), PAAS (0.04), STR (0.03), CENT (0.02), KAR (0.02), RDNT (0.01), EGHT (0.01), BLNK (0.01), MGNI (0.01)
Capital Raises:
- IPOs For The Week: ACTU, YXT, ZENA, ZSPC
- New IPOs/SPACs launched/News:
- IPOs Filed/Priced:
- Secondaries Filed or Priced:
- CNP intends to sell $250 mln of shares of its common stock in an underwritten public offering.
- MRC files for 20,302,010 shares of common stock by selling shareholder
- AISP: Form S-1.. Up to 2,717,391 Shares of Common Stock
- PGEN: Pricing of $30.0 Million Public Offering of Common Stock.. 35,294,118 shares AT $0.85
- SMSI: Form S-1.. Shares of Common Stock
- Notes Priced:
- Direct Offering:
- Exchangeable Subordinate Voting Shares:
- Selling Shareholders of note:
- Debt/Credit Filing and Notes:
- Mixed Shelf Offerings:
- GBIO files $600 mln mixed shelf securities offering
- ENLC files mixed shelf securities offering
- SERA files $100 mln mixed shelf securities offering
- BFRG files $100,000,000 Mixed Shelf
- PIPE:
- Convertible Offering & Notes Filed:
- PWR: Pricing of Senior Notes Offering
- 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: HROW +34.4%, APPS +27%, CMPO +26.4%, KVYO +17.1%, FWRD +15.6%, FLNC +14.9%, ZG +12.6%, AMRX +12.3%, ASPN +12.1%, HCAT +11.3%, TALO +10.1%, BOOT +9.3%, GNSS +9.1%, WAY +8.9%, CW +8.2%, HUBS +7.1%, AOSL +7%, VSAT +6.9%, SBGI +6.8%, NL +6.6%, DUOL +6.3%, JXN +6.2%, AZEK +6.1%, CPRX +6%, BLBD +5.9%, STKL +5.5%, SM +5.2%, CXW +5.1%, AHH +4.9%, LESL +4.7%, LZ +4.7%, ODD +4.4%, METC +4.3%, JANX +4.3%, APP +4.2%, CLNE +4.1%, DBRG +4.1%, RAMP +3.9%, BBDC +3.4%, BLND +3.4% SPCE +3.2%, EQX +3.1%, IONQ +3.1%, KLIC +3.1%, CF +3%, ICUI +3%, MODG +2.9%, CXT +2.8%, SVCO +2.4%, HOOD +2.2%, WPM +2.1%, GNK +2%, WES +2%
- Movers Down: OM -38.2%, BMBL -29.2%, FROG -28%, BROS -21.8%, MTW -18.8%, BRCC -17.1%, FSLY -13.7%, AGO -13.5%, MGNI -13.2%, SONO -13.1%, PACB -11.8%, RYN -11.4%, MNST -11.2%, WBD -9.2%, SRPT -9%, UPWK -8.3%, MCK -7.4%, BLNK -7.1%, SEDG -6.7%, HPP -6.4%, UHAL -4.9%, KIND -4.4%, PAAS -4.2%, ASLE -3.8%, CORZ -3.8%, MIRM -3.6%, CPA -3.5%, MRVI -3.4%, KTOS -3.3%, VTLE -3.3%, MQ -3.2%, EGHT -2.7%, NVST -2.6%, BHF -2%, JAMF -2%,
News After The Close :
- PRGS announces conclusion of SEC investigation into MOVEi; The SEC has notified Progress that it does not intend to recommend an enforcement action against the company at this time.
- TRMB files to delay 10-Q; taking actions to remediate the material weaknesses.
- COST reports July adjusted comparable sales growth of +7.2%.
- V.F. Corp (VFC) CEO Bracken Darrell says turnaround is gaining traction. (Bloomberg)
Buybacks or Repurchases: Buybacks should be slow as most companies are in a blackout period as earnings season kicks into gear.
- HG announces that it has authorized the repurchase of the Company’s common shares in the aggregate amount of $150 mln
Exchange/Listing/Company Reorg and Personnel News:
- ECPG announces that Jonathan C. Clark, Executive Vice President and Chief Financial Officer, will retire at the end of March 2025
- ZG promotes longtime executive and COO Jeremy Wacksman to be the new CEO
Dividends Announcements or News:
- Stocks Ex Div Today: ING PAYX HESM MTG KBH AWI OLN
- Stocks Ex Div Tomorrow: V AZN WFC IBM UL SCHW BP ET AEP COR LNG SUN SON
- TRNO increases quarterly dividend 8.9% to $0.49/share from $0.45/share
- ENS increases quarterly cash dividend 7% to $0.24/share from $0.225/share
- JJSF increases quarterly cash dividend ~6% to $0.78/share from $0.735/share
- TFPM increases quarterly cash dividend 5% to $0.55/share from $0.525/share
What’s Happening This Morning: Futures S&P 500 +6 NASDAQ 100 +31 Dow Jones -38 Russell 2000 -3.51. Asia and Europe are lower this morning. VIX Futures are at 25.15 from 21.92 yesterday while Bonds are at 3.924% from 3.933% on the 10-Year. Crude Oil higher with Brent lower and Natural Gas lower as well. Gold, Silver and Copper higher. The U.S. Dollar is lower versus the Euro, higher versus the Pound and lower against the Yen. Bitcoin is at $57,455 from $57,144 higher by +4.67% this morning.
Sector Action – (1/3/6/12/YTD Updated Weekly with Monday release):
- Daily Positive Sectors: Energy, Utilities and Financials.
- Daily Negative Sectors: Consumer Cyclicals, Materials, Healthcare and Technology 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)
- Thursday After the Close:
- Friday Before The Open:
Earnings of Note This Morning:
- Beats: LNG +2.14, NRG +1.82, LLY +1.19, CEIX +1.02, CCOI +0.59, BN +0.58, PH +0.55, WD +0.46, COMM +0.42, ROIV +0.36, NVMI +0.29, IMCR +0.25, SEE +0.19, VITL +0.16, KELYA +0.15, CYBR +0.14, PRVA +0.14, XMTR +0.12, ATS +0.12, SN +0.11, VERV +0.09, PENN +0.09, UAA +0.09, FOUR +0.09, MUR +0.08, PZZA +0.08, DCBO +0.06, DDOG +0.06, HBI +0.06, YETI +0.06, COLD +0.05, SBH +0.05, LAMR +0.04, PBH +0.04, ARHS +0.04, NABL +0.04, AVDL +0.04, TGLS +0.03, HIMX +0.03, PRMW +0.02, HAE +0.01, LFST +0.01, VTRS +0.01
- Flat: DNUT +0.00, FA +0.00, FOLD +0.00, GDRX +0.00, GERN +0.00, GTN +0.00, QSR +0.00, USFD +0.00
- Misses: INSM (0.70), NVAX (0.68), MLM (0.60), HGV (0.32), NTLA (0.29), PLL (0.29), CGON (0.28), IRWD (0.16), NUVL (0.12), WRBY (0.11), TKO (0.11), NXST (0.11), CARS (0.07), PAR (0.05), PLUG (0.05), DCO (0.04), STER (0.04), CHH (0.02), RXRX (0.02), SPB (0.02), WMS (0.02), SRRK (0.01)
- Still to Report: AVT, EDR, ERJ, KOP, MDU, MFA, MPW, TNC, ULCC, XPEL
Company Earnings Guidance:
- Positive Guidance: of note.
- Negative or Mixed Guidance: of note.
Erlanger Research Advance/Decline Chart: A/D lines were weak on Wednesday BUT off recent lows.
Gap Ups & Down In Early Pre-Market (+4% or down more than -4%):
- Gap Up: HROW +38.7%, ASPN +22.4%, CMPO +19%, KVYO +18.3%, APPS +16.9%, VSAT +15.2%, FLNC +14%, ZG +13.6%, GNSS +11.3%, TALO +11.1%, LAMR +10.5%, FWRD +9.6%, BOOT +8.9%, HUBS +8.3%, YETI +8%, SVCO +7.8%, CPRX +7.8%, CW +7.8%, AZEK +7.5%, NL +6.9%, SBGI +6.8%, BLBD +6.3%, CXW +6%, IONQ +5.6%, METC +5.6%, CRH +5.6%, LESL +5.1%, HG +5%, MTUS +5%, MKSI +5%, AOSL +4.9%, AMRX +4.8%, JXN +4.8%, JOBY +4.7%, SM +4.4%, DUOL +4.1%, GNK +3.6%, WAY +3.6%, KLIC +3.5%, VTLE +3.4%, SPCE +3.4%, MRVI +3.1%, RAMP +3.1%, TK +3%, CF +3%, ICUI +3%, ABL +2.8%, BBDC +2.5%, STKL +2.5%, OPK +2.3%, DBRG +2.3%, OBDE +2.2%, TFPM +2.2%
- Gap Down: CDLX -51.3%, OM -46.5%, BMBL -40.1%, FROG -26.6%, FSLY -22.5%, MTW -21.2%, BROS -21%, PGEN -18.8%, SONO -16.5%, HPP -16.2%, MGNI -12.5%, SEDG -12.5%, WBD -12.3%, RYN -10.1%, BLNK -9.9%, BRCC -9.8%, SRPT -8.7%, MNST -8.3%, PACB -7.8%, ELAN -7.1%, MCK -7%, CLNE -7%, UPWK -6.8%, NVST -6.6%, AGO -5.6%, ROOT -5.6%, CORZ -5.4%, KAR -5%, ASLE -4.9%, KIND -4.4%, BHF -3.9%, MIRM -3.7%, EQX -3.5%, MQ -3.2%, GDRX -2.9%, GH -2.8%, EGHT -2.7%, UHAL -2.6%, CDE -2.5%, QSR -2.5%, CPA -2.4%, JAMF -2%,
Insider Action: TALO PBF CTOS CODI 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: JP Morgan says 75% of Global Carry Trade Is Resolved. (Bloomberg)
- 5 Things You Need To Know To Start Your Day. (CNBC)
- What You Need To Know To Start Your Day. (Bloomberg)
- Markets Wrap: U.S. Indexes waver with Jobless Claims Data due shortly. (Bloomberg)
- JP Morgan CEO Jamie Dimon sees a recession on the horizon. (CNBC)
- Berkshire Hathaway (BRKA) owns more in Treasury Bills than the Fed. (CNBC)
- Eli Lilly (LLY) earnings are “simply the best” as stock is higher. (Bloomberg)
- Bloomberg’s The Big Take: When Ozempic Takes Over Your Town. (Bloomberg)
- Marketplace: Placing Bets On The Election. (Podcast)
- NYT: The Daily: Challenges for the Harris Campaign as reported from a field office. (Podcast)
- Wealthion: Overcoming High Interest Rates if investing in Real Estate. (Podcast)
Economic:
- Weekly Natural Gas Production is due out at 10:30 a.m. EDT.
- Weekly Jobless Claims are due out at 10:30 a.m. EDT.
Geopolitical:
- President Biden receives the Daily Briefing today at 2:15 p.m. EDT.
- President Biden welcomes the Texas Rangers to the White House at 4:00 p.m. EDT.
- The President and First Lady head to Delaware and the beach at 5:00 p.m. EDT.
Federal Reserve Speakers
- Federal Reserve Richmond President Thomas Barkin speaks at 3:00 p.m. EDT.
M&A Activity and News:
- None of note.
Moving Averages On Major Indexes: Remains at 20% of the moving averages being positive.
Meeting & Conferences of Note:
-
- Sellside Conferences:
- JP Morgan Auto Conference
- o Raymond James Industrial & Energy Showcase
- Susquehanna’s 2024 Industrials Energy & Travel Conference
- Fireside Chat: None of note.
- Top Shareholder Meetings: ACI, AY, DXLG, OESX, PETS
- Investor/Analyst Day/Calls: ATH, CANF, KSCP
- 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
- APCO International’s Annual Conference & Expo
- International Association for the Study of Pain (IASP)
- FFANY Market Week
- NYSE Investor Access Day: Real Estate
- Society for Neuro-Oncology (SNO)
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.
