Overnight Summary- Global market are “jiggy” as China’s PBOC injected $17 billion into the system overnight despite that Germany Flash PMI fell to 56 from 60.8.
Breaking News – UBS CEO speaking at a Bank of America Financials Conference notes the margin calls related to Evergrande were “well executed”. Who got called is the big question?
Breaking News II – Evergrande unit has stopped paying suppliers and let workers go. (Bloomberg Radio)
Earnings Out After The Close
Beats: BB +0.01
Misses: KBH (0.03), SCS (0.02)
IPOs Priced or News: Sterling Check Corp (STER) prices IPO at $23 above $20 to $22 range. Sovos Brands (SOVO) prices IPO at $12 below $14 to $16 range. Brilliant Earth Group (BRLT) prices IPO at $12 below range of $14 to $16. Remitly Global (RELY) priced at $3 above range of $38 to $42. Argo Blockchain (ARBK) prices IPO at $15 below expected price of $18.50.
New SPACs launched: Fusion Acquisition Corp (FUSE) to merge with MoneyLion (ML) starting today.
Secondaries Priced: SAFE GRIN REXR H SYBX of note.
Notes Priced of note: None of note.
Common Stock filings: SYBX REXR of note.
Selling Shareholders of note: GRIN GENI CTOS of note.
Private Placement of Public Entity (PIPE): None of note.
Mixed Shelf Offerings: None of note.
Convertible Offering & Notes Filed: None of note.
Note Offerings Filed: None of note.
Capital Raise Summary From The TradeXchange, bringing traders and investors real time news and Squawk Box, and other sources.
News After The Close:
FireEye (FEYE) to change name to Mandiant (MNDT) as of 10/5.
Eargo (EAR) discloses criminal investigation by the Department of Justice, withdraws guidance.
Facebook (FB) CTO Mike Schroepfer to step down.
Yum China (YUMC) looks to expand to 20,000 stores and expand Lavazza cafes.
FDA gives full approval of Pfizer (PFE)/BioNTech(BNTX) booster for certain age groups.
After Hours: Higher: BB +7% and Lower: EAR -51% SYBX -9%.
Dividend Increases: ARD (special) ARTNA INGR
Buyback Announcements: WLTW DELL
Higher Guidance: (After the Close) FUL of note (This Morning) of note
Mixed Guidance:(After The Close) SCS of note (This Morning) ACN RAD of note
Lower Guidance:(After The Close) of note (This Morning) of note
What’s Happening This Morning: Futures value reflects the change with fair value.
S&P 500 +25 Dow Jones Industrial Average +215 NASDAQ +82 Russell 2000 +22. Fair values are mixed. Asia and Europe mixed. VIX is at 21.30 from 23 in futures from yesterday. Gold, silver and copper lower. WTI Crude Oil and Brent Oil Futures lower. Natural Gas is higher. $ is lower vs Euro, lower vs Pound and higher vs Yen. US 10 year Treasury price is at $132.86 from $133.14 with yields at 1.346% from 1.326% yesterday morning. Bitcoin at $44,017 from $42,136 yesterday morning, trading at $+575 or+1.33%.
Wednesday’s Action – 9/22 Close.
Positive Sectors Tuesday: Energy, Healthcare and Technology of note.
Negative Sectors Tuesday: Materials, Utilities and Communication Services of note.
One Month Winners: Technology, Communication Services, Real Estate and Energy of note.
Three Month Winners: Technology, Communication Services and Healthcare of note.
Six Month Winners: Technology, Communication Services and Real Estate of note.
Twelve Month Winners: Communication Services, Energy, Technology, Financials and Industrials of note.
Year to Date: Energy, Communication Services, Energy, Financials, Real Estate and Technology of note.
Stocks were higher, Bonds were higher, U.S. Dollar higher and Commodities mixed. Updated 9/23 Close.
Upcoming Earnings Of: (sorted by market cap, highest to lowest with most visible names)
Today After the Close: NKE, COST, TCOM, MTN, PRGS, AIR, CAMP of note.
Friday Before the Open: none of note.
Earnings of Note This Morning:
Beats: DRI +0.11, ACN +0.01, RAD +0.01
Still to Report: None
Erlanger Research Advance/Decline Chart –Updated through 9/22 close. A bounce of the August lows.
Gap Ups & Down In Early Pre-Market:
Gap up: AMHC +80.6%, TCI +10.6%, SLDB +8.7%, BB +7.9%, FUL +2.6%
Gap down: EAR -58.3%, SYBX -9.7%, SCS -4.6%, GENI -2.6%
Insider Action: Of note, UIHC sees Insider buying with no history of short selling and smart short sellers in ALPN. 9/22/21
Rags & Mags: Highlighted Stories may be clicked through to the original story. Repeated stories from prior days never listed, i.e. “rehashed news”.
Stocks making the biggest moves DRI BB CRM (CNBC)
5 Things to Know About Today’s Open. (Bloomberg)
Overnight Repo comes in at $1.28 trillion in yesterday’s late afternoon report.
Covid Stats: Cases 121,918 from 141,644 a week ago. Deaths 1,972 from 2,000 a week ago. Hospitalizations 82,870 from 90,593.
Evergrande has a $83.5 million payment due later today. Will it be paid?
China asked local governments to prepare for possible downfall of Evergrande. (WSJ)
California Governor Gavin Newsom signs bill that requires Amazon (AMZN) to disclose quotas for workers in warehouses. (WSJ)
President Biden caved to the AOC crowd and will nominate Saule Omarova as Comptroller of the Currency who said she wanted to “end banking as we know it”. Negative to crypto. (Bloomberg)
BP to restrict fuel delivery on a truck driver shortage. (Bloomberg Radio)
Robinhood Snaps looks at Airbnb (ABNB). A.K.A. Brands goes public yesterday.
Moving Average Update
Score at 23% from 16% unchanged. Updated 9/22 Close.
Bank of England latest rate decision, maintains rates at 0.1%.
Norway Central Bank raises rates overnight.
None of note for today.
Weekly Jobless Claims are out at 8:30 a.m. EDT.
August Leading Indicators are due out at 10:00 a.m. EDT and are expected remain weak at 0.6% from 0.9%.
Weekly Natural Gas Inventories are due out at 10:30 a.m. EDT.
Procore Technologies (PCOR) to buy Levelset for $500 million.
General Electric (GE) to buy BK Medical for $1.45 billion.
Meeting & Conferences of Note:
Sellside Conferences: Bank of America Real Estate Conference (9/20 -23) Oppenheimer Fall Healthcare Life Sciences & Med Tech Summit (9/20-23) Goldman Sachs Communicopia Conference (9/21-23) Bank of America Annual Financials CEO Conference (9/21-23) JP Morgan Emerging Market Credit Conference (9/21-23) SVB Leerink CybeRX Series (9/21-23) RBC Corporate, Energy and Power Infrastructure Conference (9/21-23) Bank of America Industrial Software & Automation Summit (9/21-23) Sidoti & Co Fall Small Cap Investor Conference (9/22-23) Wells Fargo Consumer Conference (9/22-23) D.A. Davidson Diversified Industrials And Services Conference (9/22-23) CIBC Eastern Institutional Investor Conference (9/22-23) Citi China New Mobility Conference (9/23-24) William Blair What’s Next For Industrials Conference (9/23-24) BMO Annual Canadian High Yield Conference (9/23-24) KeyBanc Leisure Day (9/23) Rosenblatt Global Exchange Leader Conference (9/23)
Company Meetings: CDAY CRM DELL CNP THG KLIC (Investor & Analyst Meetings) GTH PTCT (Conference Call) BTAI (R&D Day) GRTX (Corporate Event) YMAB (Webinar)
Conferences of Note:
Upgrades & Downgrades: Today recs see 6 notable upgrades and 2 downgrades.
Wednesday Recommendations of Note: