CAPIS Morning Note – 8/9/24: Futures All Over The Place This Morning As We End A Volatile Week

• Next week again is all about CPI and PPI and where inflation is going. Also, retail sales are out.
• Key to next week will be to see if volatility can begin to lessen.

Earnings Out After The Close: 

• IPOs For The Week: ACTU, YXT, ZENA, ZSPC
• New IPOs/SPACs launched/News:
• IPOs Filed/Priced:
• Secondaries Filed or Priced:
  • ZVRA announces the commencement of a proposed underwritten public offering of its common stock 
  • PLMR announces proposed public offering of 1.2 mln common shares 
  • JBT Stock shareholders voted to approve the issuance of shares of JBT common stock in connection with JBT’s pending combination with Marel hf
  • APCX: Form S-1.. 3,029,440 Shares of Common
• Notes Priced:
  • JELD pricing of $350 Million Senior Notes Offering
  • POST pricing of Senior Notes Offering
• Direct Offering:
• Exchangeable Subordinate Voting Shares:
• Selling Shareholders of note:
  • ALKT files for common stock offering by selling shareholders
• Debt/Credit Filing and Notes:
• Mixed Shelf Offerings:
  • ALKT files mixed shelf securities offering; also
  • INDB files mixed shelf securities offering
  • PLMR files mixed shelf securities offering
  • INOD files $50 mln mixed shelf securities offering
  • EYPT files $400 mln mixed shelf securities offering
  • ORGO files $250 mln mixed shelf securities offering; also files for $50 mln stock offering by selling shareholders 
  • KODK files $500 mln mixed shelf securities offering
  • IBCP files mixed shelf securities offering
• PIPE:
• Convertible Offering & Notes Filed:
  • NMRK filed a 7.500% Senior Notes due 2029
  • WT private offering of $300 Million of Convertible Senior Notes
• 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: SG +23.6%, PBI +22.8%, INOD +22.1%,  DOCS +22.7%, ADMA +19.8%, IOVA +16.5%, TARS +16.3%, EVH +14.7%, RKLB +11.1%, RXT +10.9%, ONTO +10.3%, EXPE +9.9%, CARG +9.8%, GRND +8.5%, HNST +8%, DXC +7.6%,  BLZE +7.30%, AKAM +7%, HEAR +6.60%,  DIOD +6.5%, BLND +6.3%, RICK +6.2%, TTD +6.2%, ATSG +5.6%, ATSG +5.6%, TTWO +5.3%, PBPB +5.3%, BE +5.2%, PARA +5.2%, ASTS +5.2%, RVNC +5.1%, COLL +5%, FIGS +4.7%, PAY +4.3%, DOCN +4.1%, NWSA +4%, PRTA +3.7%, RCUS +3.6%, LIF +3.6%, SANA +3.4%, VRRM +3%, G +2.8%, NUS +2.7%, SOLV +2.3%
• Movers Down: MITK -26.9%, AVD -26.9%, PUBM -22.7%, FIVN -13.1%, ZVRA -12% , SCSC -11.7%, ARRY -11%, ELF -10.4%, EB -10.10%, WEST -7.1%, ACHR -7.1%,  AVPT -6.2%, NTRA -6.2%, LPRO -5.5%, PODD -4.9%, GRNT -4.4%, PLMR -4.4%, CPRI -4.2%, SOUN -4.2%, QNST -4.1%, XENE -4.1%, WBTN -4.1%, CPK -3.6%, SMR -3.6%, ALKT -3.6%, TRUP -2.8%, ALRM -2.4%, KODK -2.2%

News After The Close :

• • ARWR announces $500 million strategic financing facility with Sixth Street 
  • EXPE saw a more challenging macro environment and a softening in travel demand in July; adjusting expectations for the rest of the year as a result
  • RKLB has successfully hot fired its new rocket engine Archimedes for the first time, reaching a critical technical milestone toward first launch of the Company’s new medium-lift rocket, Neutron
  • MCFT entered into an asset exchange agreement under which it will transfer the rights to its Aviara brand of luxury dayboats and related assets to Cruisers Yachts, a subsidiary of MarineMax (HZO)
  • CE confirms hat the force majeure declared for acetic acid and vinyl acetate monomer sold in the Western Hemisphere has ended and the underlying supply chain conditions behind the declaration have stabilized
  • CNS reports preliminary assets under management of $84.6 bln as of July 31, 2024, an increase of $3.9 bln from assets under management of $80.7 bln at June 30, 2024 
  • Chicago Fed President Austan Goolsbee (not a voting FOMC member) says Fed will respond to economic data and not the stock market. (Reuters)
  • PARA reducing its US-based workforce by approximately 15%; these actions will take place in the coming weeks and will largely be completed by the end of the year.
  • Gap to change its ticker symbol to “GAP” from “GPS”, effective 8/22.
  • C ticks higher on a report it is nearing a deal to sell its trust business. (Barron’s)

Buybacks or Repurchases: Buybacks should be slow as most companies are in a blackout period as earnings season kicks into gear.

• SNA announces $500 mln share repurchase authorization

Exchange/Listing/Company Reorg and Personnel News:

• BLZE appoints Marc Suidan as CFO, effective August 16
• HEAR announces planned retirement of CFO John Hanson; co has retained Korn Ferry, an executive recruiting firm, to assist in the search for his successor
• EB announces the appointment of Lanny Baker, the company’s Chief Financial Officer, to the expanded role of Chief Operating and Financial Officer, effective immediately 
• U CFO Luis Visoso departing; appoints Mark Barrysmith, CAO, as interim CFO

Dividends Announcements or News:

• Stocks Ex Div Today: V AZN WFC IBM UL SCHW BP ET AEP COR LNG SUN SON
• Stocks Ex Div Monday: AAPL COP KKR CEG COF GWW EXC ROK PPG ROL CAN FIX X AA 
• CHRW increases quarterly cash dividend to $0.62/share from $0.61/share 

What’s Happening This Morning: Futures S&P 500 -9 NASDAQ 100 -57 Dow Jones -19 Russell 2000 +4.28 . Asia and Europe are higher this morning. VIX Futures are at 21.95 from 25.15 yesterday while Bonds are at 3.949% from 3.924% on the 10-Year. Crude Oil and Brent higher with Natural Gas higher as well. Gold, Silver and Copper higher for a second day in a row. The U.S. Dollar is higher versus the Euro, higher versus the Pound and lower against the Yen. Bitcoin is at $60,662 from $57,455 higher by +1.63% this morning.

• Daily Positive Sectors: All led by Technology, Healthcare and Consumer Cyclical of note.
• Daily Negative Sectors:  None 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)

• Gap Up: 

• Gap Down:

Insider Action: AMBC FPI see Insider buying with dumb short selling. MP 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: Fed Rejecting Call For A Jumbo Rate Cut. (Bloomberg)
• 5 Things You Need To Know To Start Your Day. (CNBC)
• What You Need To Know To Start Your Day. (Bloomberg)
• Morning Briefing for Bloomberg Subscribers (Bloomberg)
• Markets Wrap: Stocks make a comeback after a tumultuous week. (Bloomberg)
• Bloomberg’s The Big Take: Swing State Economies Shape Election. (Bloomberg)
• Marketplace:  Bytes Week In Review – AI bubble, Olympians mental health and ads. (Podcast)
• NYT: The Daily: Challenges for the Harris Campaign as reported from a field office. (Podcast)
• Wealthion: Market sell-off is a gift says Raoul Pal. (Podcast)

M&A Activity and News:

• None of note.

Moving Averages On Major Indexes:  Moves from 20% to 24% of the moving averages being positive.

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.