CAPIS Morning Note – 9/30/21: Stocks Higher But Volatile
Overnight Summary- Markets are mostly higher with mixed economic news out of China and Germany but stronger GDP data out of the United Kingdom. Earnings Out After The Close Beats: none Flat: none Misses: MLHR (0.01) Capital Raises: IPOs Priced or News: Olaplex (OLPX) price IPO at $21 a share above $14 to $16 range. Allvue…
Overnight Summary- Markets are mostly higher with mixed economic news out of China and Germany but stronger GDP data out of the United Kingdom.
Earnings Out After The Close
Misses: MLHR (0.01)
IPOs Priced or News: Olaplex (OLPX) price IPO at $21 a share above $14 to $16 range. Allvue Systems (ALVU) postpones IPO.
New SPACs launched: Jaws Spitfire Acquisition Corporation (SPFR) closes merger with Velo3D to trade as VLD today. Galileo Acquisition Corp (GLEO) completes merger with Shapeways and will trade as SHPW starting today. Union Acquisition Corp II (LATN) to merge with Procaps Groups to trade as PROC starting today.
Secondaries Priced: None of note.
Notes Priced of note: SOFI AMT LXU RE of note.
Common Stock filings: KAVL LILM of note.
Pricing of Over-Allotment:
Selling Shareholders of note: None of note.
Private Placement of Public Entity (PIPE): None of note.
Mixed Shelf Offerings: SRGA of note.
Convertible Offering & Notes Filed: None of note.
Note Offerings Filed: VIAV 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:
Ford (F) renews $15.5 billion in revolving corporate credit lines.
Mankind (MNKD) enters sale-leaseback that generates proceeds of $102.25 million.
Vintage Wine Estates (VWE) delays 10-K.
Regeneron Pharma (REGN) publishes positive Phase III trial results for REGEN-COV to treat Covid-19.
Johnson & Johnson (JNJ) gets FDA approval for GMP5 is suitable for use and meets EUA standard.
AstraZeneca (AZN) seen as 74% efficacy for Covid-19 symptomatic disease.
Virgin Galactic (SPCE) gets clearance from FAA to fly again after inquiry.
Index Changes: OptimizeRX (OPRX) to jooin S&P SmallCap 600 on 10/4.
General Electric (GE) wins $480 million Navy contract.
Raytheon Technologies (RTX) wins $360 million Navy contract.
After Hours- Higher: ORN +17% OPRX +11% SPCE +10% GLDD +5% ARCB +4% Lower: LNDC -15%
Dividend Announcements: Increases: SBUX EGBN OGE FTS
Buyback Announcements: ASND CHDN
Higher Guidance: (After the Close) of note (This Morning) SCHN of note
Mixed Guidance:(After The Close) of note (This Morning) ANGO of note
Lower Guidance:(After The Close) of note (This Morning) BBBY of note
What’s Happening This Morning: Futures value reflects the change with fair value.
S&P 500 +15 Dow Jones Industrial Average +124 NASDAQ +64 Russell 2000 +14. Fair values are mixed. Asia and Europe mixed. VIX is at 22.26 from 21.42 in futures from yesterday. Gold and silver higher with copper lower. WTI Crude Oil and Brent Oil Futures lower. Natural Gas is higher. $ is higher vs Euro, lower vs Pound and higher vs Yen. US 10 year Treasury price is at $131.58 from $131.70 with yields at 1.532% from 1.515% yesterday morning. Bitcoin at $43,209 from $42,084 yesterday morning, trading at $1940 or 4.71%.
Wednesday’s Action – 9/28 Close.
Positive Sectors Wednesday: Utilities, Consumer Defensive and Materials of note.
Negative Sectors Wednesday: Communication Services, Energy and Materials 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 mixed, Bonds were higher, U.S. Dollar higher and Commodities lower. Updated 9/29 Close.
Upcoming Earnings Of: (sorted by market cap, highest to lowest with most visible names)
Today After the Close: JEF of note.
Friday Before the Open: none of note.
Earnings of Note This Morning:
Beats: MKC + 0.08, ANGO +0.03
Misses: BBBY (1.24), KMX (0.17)
Still to Report: PAYX
Erlanger Research Advance/Decline Chart –Updated through 9/29 close. Heading back to the August lows?
Gap Ups & Down In Early Pre-Market:
Gap up: PRGO +13.1%, ORN +12.7%, OPRX +10.8%, SPCE +9.3%, GLDD +4.6%
Gap down: LNDC -13.1%
Insider Action: Of note, LPTX UIC SAFE see Insider buying with dumb short selling and smart short sellers in FEIM SXT. 9/28
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 KMX MKC FUBO MRK (CNBC)
5 Things to Know Before Market Opens. (CNBC)
Overnight Repo comes in at $1.297 trillion in Monday’s late afternoon report.
Covid Stats: Cases 106,794 from 121,918a week ago. Deaths 1,850 from 1,972 a week ago. Hospitalizations 74,923 from 82,870.
Evergrande will miss second payment. (Reuters)
Senate reaches a deal to avoid government shutdown while House go along? (CNBC)
Bloomberg sees the House going along with the above deal. (Bloomberg)
House passes debt ceiling suspension that is Dead On Arrival (DOA) in the Senate. (CNBC)
House to vote on $1 trillion Bipartisan Infrastructure Bill that is also DOA due to Progressive Democrats. (Politico)
Lordstown (RIDE) to sell its Ohio plant to Foxconn (FXCNY). (Bloomberg)
Moving Average Update
Score at 23% from 70% unchanged. Updated 9/29 Close.
The President and The Vice President receive the President’s Daily Brief, 10:00 a.m. EST
Press Briefing by Press Secretary Jen Psaki, 1:00 p.m. EST
Federal Reserve Chairman Powell and Treasury Secretary to testify before the House at 10:00 a.m. EDT.
Federal Reserve New York President John Williams speaks at 10:00 a.m. EDT.
Federal Reserve Atlanta President Raphael Bostic speaks at 11:00 a.m. EDT.
Federal Reserve Philadelphia President Patrick Harker speaks at 11:30 a.m. EDT.
Federal Reserve Chicago President Charles Evans speaks at 12:30 p.m. EDT.
Federal Reserve St. Louis President James Bullard speaks at 1:05 p.m. EDT.
Q2 GDP (final estimate) is due out at 8:30 a.m. EDT and is expected to remain at 6.6%.
Weekly Jobless Claims are due out at 8:30 a.m. EDT. Rose to 362,000.
September Chicago PMI is due out at 9:45 a.m. EDT and is expected to fall to 65 from 66.80.
Weekly Natural Gas Inventories are due out at 10:30 a.m. EDT.
ArcBest (ARCB) to buy MoLo Solutions for $235 MoLo Solutions for $235 million in cash.
Merck (MRK) to buy Acceleron Pharma (XLRN) for $180 a share.
Meeting & Conferences of Note:
Sellside Conferences: Cantor Fitzgerald Global Healthcare Conference (9/27-30) Wolfe Research Utilities, Midstream & Clean Energy Conference (9/28-30) Piper Sandler Heartland Summit (9/29-30) Morgan Stanley Fixed Income Real Estate Conference (9/30) Bank of America Digital Energy Conference (9/30)
Company Meetings: GWRE INTU XYL SPNE NTTYY NVS (Investor/Analyst Day) LABO (Fireside Chat) WMT (Corporate Event) FPI GOGO (Conference Call)
Conferences of Note: Emerging Growth Conference (9/29) Benzinga Healthcare Small Cap Conference (9/29-30)
Upgrades & Downgrades: Today recs see 10 notable upgrades and 1 downgrade.
Wednesday Recommendations of Note: