CAPIS Morning Note – 9/11/24: Always Remember 9/11, Take Some Time Today to Reflect

• Beats:  PLAY +0.28, GME +0.13 of note.
• Flat: WOOF
• Misses:  None of note.

• IPOs For The Week: BCAX, CUPR, FLAI, KAPA, TDTH, YMAT, ZBIO,
  ZSPC 
• New IPOs/SPACs launched/News:
• IPOs Filed/Priced:
• Secondaries Filed or Priced:
  • VRDN commences public offering of $150 mln of shares of its common stock and Series B non-voting convertible preferred stock
  • XNCR announces proposed public offering of common stock 
  • ORN announces proposed public offering of common stock
  • RLAY prices offering of 28,571,429 shares of common stock at $7.00 per share
  • TERN prices offering of common stock and warrants 
  • GME: Form 424B5.. Up to 20,000,000 Shares Class A Common Stock
  • TOVX: Form S-1.. Up to 2,173,913 Shares of Common Stock
• Notes Priced:
  • HPE announces Pricing of Public Offering of Mandatory Convertible Preferred Stock
  • CAR: Pricing of $700 Million of Senior Notes
  • WYNN – Pricing of Private Offering of $800 Million Aggregate Principal Amount of Wynn Resorts
    Finance 6.250% Senior Notes due 2033
• Direct Offering:
• Exchangeable Subordinate Voting Shares:
• Selling Shareholders of note:
  • LMFA: FORM S-3 – Up to 1,736,370 Shares of Common Stock – Offered by the Selling
    Securityholder
• Debt/Credit Filing and Notes:
• Mixed Shelf 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: PLAY +11.8%, EPM +5.6%, RIG +4.6%, INNV +3.1%
• Movers Down:  ORN -11.3%, GME -7.5%, CTLP -3.6%, VRDN -2.7%, WOOF -2%  

News After The Close :

• • CLX announces completion of previously disclosed divestiture of its Better Health Vitamins, Minerals and Supplements business 
  • DELL notes in latest 10-Q that throughout FY25 (Jan) it will remain committed to cost management, including a continued reduction in its overall headcount
  • RIG announces $232 mln ultra-deepwater drillship contract
  • CNS reports preliminary assets under management of $88.1 billion as of August 31, 2024, an increase of $3.5 billion from assets under management of $84.6 billion at July 31, 2024
  • FITB  raises its Q3 guidance in its slides; updates other financial targets
  • GS up mildly after coming close to a deal to transfer General Motors (GM) credit card business to Barclays. (Reuters)
  • APA enters into agreement to sell non-core producing properties in the Permian Basin to an undisclosed buyer for $950 mln
  • LUV ticks modestly lower after mandating additional pilot training following safety lapses. (Bloomberg)
  • MSFT launches new plan for Xbox Game Pass – Game Pass Standard (xBox Wire)
  • ARAY achieves milestone with treatment of the first cancer patients in Japan using the Accuray Radixact System and VitalHold Solution
  • 10-Q or 10-K Delays –  CRMT 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.

Exchange/Listing/Company Reorg and Personnel News:

• TYRA names Doug Warner, M.D., as Chief Medical Officer
• NBHC promotes CFO Aldis Birkans to President, Tim Laney continuing to serve as the Company’s Chairman and CEO; effective September 10
• PZZA promoted Ravi Thanawala to CFO role, effective September 9
• NTRS announces several leadership changes, including Peter Cherecwich, President of Asset Servicing, becoming Chief Operating Officer
• UTI announces resignation of CFO Troy Anderson to accept a position at another public company; effective October 11
• IP elects Andy Silvernail as Chairman of the Board in addition to his role as CEO, effective October 1

Dividends Announcements or News:

• Stocks Ex Div Today: HPQ AEE NWS NWSA G FSK AVT SR INSW GOGL KSS WGO SFL DOLE GES
• Stocks Ex Div Tomorrow: TSM NXPI BR REG CIVI FFIN MDU BDC MCY AMBP NSSC
• O increases its monthly dividend by 0.2% to $0.2635/share
• FAF  increases quarterly cash dividend 2% to $0.54/share from $0.53/share

What’s Happening This Morning: Futures S&P 500 -10 NASDAQ 100 -39 Dow Jones-117 Russell 2000 -4.54. Asia is lower with Europe is higher this morning. VIX Futures are at 18.31 from 18.85 yesterday while Bonds are at 3.616% from 3.721% on the 10-Year. Crude Oil and Brent are higher with Natural Gas higher. Gold, Silver and Copper higher. The U.S. Dollar is lower versus the Euro, lower versus the Pound and lower against the Yen. Bitcoin is at $56,807 from $57,120 lower by -1.72% this morning.

• Daily Positive Sectors: Real Estate, Technology, Consumer Cyclicals and Utilities of note.
• Daily Negative Sectors: Energy and Financials of note.
• One Month Winners: Financials, Healthcare, Consumer Defensive, Real Estate, Consumer Cyclicals and Utilities of note.
• Three Month Winners: Real Estate, Utilities, Financials, Consumer Defensive, Healthcare of note.
• Six Month Winners: Utilities, Consumer Defensive, Real Estate, Financials and Communication Services of note.
• Twelve Month Winners: Technology, Communication Services, Financials, Utilities, Consumer Defensive 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)

• Gap Up: PLAY +11%, INNV +10.4%, RIG +4.6%, DRH +2.4%, PEGA +2%

• Gap Down: ORN -18.9%, RTO -18%, RLAY -14.9%, GME -9.2%, CTLP -6.9%, GB -4.1%, DBI -3.6%, MARA -3.5%, VRDN -3%, TYRA -3%, XNCR -2.1%

Insider Action: CHCT of note sees Insider buying with dumb short selling.  APO ONEW TTSH 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 Market Opens. (CNBC)
• Pre-Market Movers:  Check back later!! (CNBC)
• Bloomberg Lead Story: How Kamala Harris Baited Trump Into a Debate on Her Terms. (Bloomberg)
• Markets Wrap: Stock Futures fall, Bonds Rise in countdown to CPI. (Bloomberg)
• Presidential Debate Recap. (CNBC)
• Taylor Swift endorses Vice President Harris for president. (CNBC)
• Mortgage rates hit lowest level since 2023, 6.29% from 6.43%. (CNBC)
• DSW sales and profits plunge, another retailer warns! (MarketWatch)
• Big Take: Harris puts Trump on defensive. (Podcast)
• Wealthion: Fed rate cuts will trigger inflation and chaos. (Podcast)

M&A Activity and News:

Moving Averages On Major Indexes: Moves from 30%  to 36% 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.

Upgrades: WSM EVR 

Downgrades: