CAPIS Morning Note – 9/13/24: Stocks Look To Close Out Week Up For 5 Days in A Row on the S&P 500

• Beats:  RH +0.13 and ADBE +0.12 of note.
• Flat: 
• 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:
  • GEHC announces the launch of a secondary offering of 10 mln shares to pay down debt to MS.
  • GDEV: FORM F-3 – Up to 1,757,026 Ordinary Shares
  • INDP: FORM S-1 – 1,643,837 Shares of Common Stock
  • TNON – Pricing of $4.5 Million Public Offering Priced At-The-Market
• Notes Priced:
  • SCI senior notes offering priced.
• Direct Offering:
• Exchangeable Subordinate Voting Shares:
• Selling Shareholders of note:
  • GB files for 177,836,674 shares of common stock offering by selling shareholders; relates to warrants
  • BE files for 23,491,701 shares of common stock offering by selling shareholders
  • SMWB Launch of Secondary Offering by a Selling Shareholder – 525,000 ordinary shares
• Debt/Credit Filing and Notes:
• Mixed Shelf Offerings:
  • BE files mixed shelf securities offering;
• PIPE: SMX Announces $5.35 Million Private Placement
• 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: RH +18.5%, RLGT +6%,  ORCL +5.8%, W +4.3%, AUPH +3.2%, WSM +3.1%
• Movers Down: SMWB -11%, ADBE -9.1%, BE -3.8%, BLDP -2.7% 

News After The Close :

• • LHX receives a 5 year contract worth up to $587.4 mln to deliver custom tactical jamming pods.
  • BBWI announces it will hire 30,000 new seasonal associates at its stores in the U.S., Canada, and Puerto Rico and at its distribution centers
  • ORCL spiking by +7% following remarks at Financial Analyst Meeting, including raising its sales outlook for FY26 to at least $66.0 bln from $65.0 bln, (Bloomberg)
  • UAL says at Morgan Stanley Laguna Conference that “more tailwinds than headwinds to airline yields”.  Also, notes Boeing (BA) doing better on deliveries. Whoops they just went on strike, Guess that comment is out the door.
  • FE reaches a settlement agreement with the U.S. Securities and Exchange Commission to resolve its previously disclosed investigation, settlement requires a civil penalty of $100 million.
  • GFS  forecasts +8-12% long-term revenue growth
  • 10-Q or 10-K Delays – ALOT 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:

• MEI appoints Mark Schwabero as the new Chairman of the board as Walter Aspatore retires.
• BBW names David Henderson as Chief Revenue Officer, effective September 16.
• AUPH restructures its Board; CEO remains Director; appoints Kevin Tang, President of Tang Capital Management, to Board; accepts resignations of three directors.
• SANA CFO Nathan Hardy to resign, effective October 4
• BLDP Paul Dobson and Mark Biznek will be departing as CFO and COO, respectively; co names Kate Igbalode as CFO and Lee Sweetland as COO

Dividends Announcements or News:

• Stocks Ex Div Today: CCI DLR NDAQ VRSK XEL GRMN GPN FTV DVN TROW LDOS TXT AMH DPZ GLPI ARCC GFI SCI OVV ALB GPK CX FHN CMA WCC BPOP PB RRC ADT NOV WH IBP CADE BYD
• Stocks Ex Div Tomorrow: META UNH MRK PLD HCA ICE MO AIG ARES HES EXR AME IRM DTE EDR PKG EG FNF CRBG EMN OLED KBR HLNE DTM PARA MTH RRR NEU PECO UGI FG HOG RYN WU
• FITB  increases quarterly cash dividend 6% to $0.37 from $0.35 a share.
• KDP increases quarterly cash dividend 7% to $0.23 from $0.215 a share.
• EVI approves a special cash dividend of $0.31/share.

What’s Happening This Morning: Futures S&P 500 +11.50 NASDAQ 100 +15.75 Dow Jones +54Russell 2000 +22.37. Asia is lower ex Australia with Europe is higher this morning. VIX Futures are at 18.07 from 18.31yesterday while Bonds are at 3.659% from 3.616% on the 10-Year. Crude Oil and Brent are higher with Natural Gas higher fro second day in a row. Gold, Silver and Copper higher also for a second day in a row. The U.S. Dollar is lower versus the Euro, higher versus the Pound and lower against the Yen. Bitcoin is at $57,881 from $56,807  lower by -0.71% this morning.

• Daily Positive Sectors: Communication Services, Materials, Consumer Cyclicals, Industrials and Energy of note.
• Daily Negative Sectors: None 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: RH +20.3%, RLGT +6.7%, ORCL +6%, W +5.4%, AUPH +5%, WSM +3.8%, GB +2.9%, MEI +2.7%, BLDP +2.3%, SILK +2%

• Gap Down: SMWB -10.4%, ADBE -8.1%, VALN -4.2%, BA -4%

Insider Action: CODI APTV ACA of note see Insider buying with dumb short selling.  No names 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.

• What You Need To Know to Start Your Day. (Bloomberg)
• Pre-Market Movers:   (CNBC)
• Bloomberg Lead Story: China Levies Record Penalty on PricewaterhouseCoopers (PwC) Over Evergrande Fraud. (Bloomberg)
• Markets Wrap: Treasuries advance as traders mull the size of rate cut. (Bloomberg)
• BA workers vote to strike. (CNBC)
• Fed to pursue three rate cuts of a quarter point for the rest of 2024. (Bloomberg)

M&A Activity and News:

• .

Moving Averages On Major Indexes: Moves from 60%  to 80% 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: SBRA RHHBY MPW FRT 

Downgrades: RHHBY MRNA GRMN AZN