Overnight Summary & Early Morning Trading:
- The S&P 500 finished Friday lower by -0.32% at 6481.60 from Thursday higher by 0.83% at 6502.08.
- Futures are higher this morning by +13.75 (+0.21%) at 6503.75 on the S&P 500 around 6:00 a.m. EDT.
- Year to date the S&P 500 is up by 10.20% from 10.55% from Friday’s close.
Executive Summary:
- The Jobs Data was lower than expected but not negative. Stocks were lower on Friday but Bond prices rose as yields dropped. A 25 basis point cut looks like a no brainer on September 17th.
Key Events of Note Today:
- Economic news of note today include Consumer Credit. For the week, we get NFIB Small Business Optimism, CPI, PPI, Treasury Budget and University of Michigan Consumer Sentiment and their inflation data.
- Fed Speak of note today: is in blackout period up to next week’s meeting
- President Trump delivers remarks to the White House Religious Liberty Commission.
Notable Earnings Out After The Close:
- Beats: None of note.
- Misses: None of note.
- Flat: None of note.
Capital Raises:
- IPOs For The Week: CURX, ETS, PMI of note.
- New IPOs/SPACs launched/News: None of note.
- IPOs Filed/Priced: None of note.
- Secondaries Filed or Priced:
- SLDP files for share common stock offering.
- ARTL – Closing of $3.0 Million Public Offering
- CLNN: FORM S-3 – Up to 491,496 Shares of Common Stock
- DLO – Closing of Secondary Offering and Full Exercise of the Underwriters’ Option to Purchase Additional Sharess Files
- HSAI – Launches Global Offering
- INTC: Form 424B7 – 673,839,150 Shares of Common Stock Warrants to Purchase 240,516,150 Shares of Common Stock
- ONDS: Form S-3ASR .. 3,342,723 Shares of Common Stock underlying Warrants 335,000 Shares of Common Stock
- SLXN: FORM S-1 – Up to 832,177 Pre-funded Warrants to Purchase up to 832,177 Ordinary Shares
- Note: None of note.
- Notes Priced:
- Convertibles Filed: None of note.
- Direct Offering: None of note.
- Exchangeable Subordinate Voting Shares: None of note.
- Private Placements: None of note.
- Selling Shareholders of note:
- TONX files for 59,214,977 shares of common stock offering by selling shareholders.
- ONDS files for 3,342,723 shares of common stock offering by selling shareholders.
- Mixed Shelf Offerings:
- ADAM files for $500 mln mixed securities shelf offering.
- CYN: FORM S-3 – $300,000,000 Mixed Shelf Offering
- GNLN: Form S-3.. $200,000,000 Mixed Shelf
News After The Close:
- President Trump attended the U.S. Open Men’s Final on Sunday. ()
- S&P 500 Additions include AppLovin (AAP), Robinhood Markets (HOOD) and Emcor (EME) will replace MarketAccess (MTXS), CaesersEntertainment (CZR) and Enphase Energy (ENPH).
- S&P SmallCap 600 constituents MP Materials (MP) and Kratos Defense & Security (KTOS) will replace Emcor and Wendy’s (WEN) in the S&P MidCap 400, respectively. MarketAxess, Caesars Entertainment, Enphase Energy and Wendy’s (WEN) will replace ProPetro Holdings (PUMP), Xerox (XRX), MP Materials and Kratos Defense & Security in the S&P SmallCap 600, respectively.
- Nutanix (NTNX) and TransUnion (TRU) will replace Acadia Healthcare (ACHC) and ManpowerGroup (MAN) in the S&P MidCap 400, respectively. Acadia Healthcare and ManpowerGroup will replace TechTarget (TTGT) and Mesa Labs (MLAB) in the S&P SmallCap 600, respectively.
- Noble Corp (NE), Q2 Holdings (QTWO), Waystar (WAY) and Hecla Mining (HL) will replace Owens & Minor (OMI), B&G Food (BGS), Jack in the Box (JACK) and Simulations Plus (SLP) in the S&P SmallCap 600, respectively.
- S&P 100 Additions include Uber (UBER) replacing Charter Communications (CHTR).
- Anthropic to pay at least $1.5 bln to settle copyright infringement lawsuit. (NBC News)
- BA awarded a $344 mln modification to US Army contract.
- RTX awarded a $205 mln modification to previously awarded US Navy contract.
- LMT awarded a $132.6 mln modification to previously awarded US Navy contract.
- Attorneys general from Colorado and 19 other states ask court to consider rejecting DOJ settlement allowing Hewlett Packart (HPE) acquisition of Juniper Networks (JNPR), according to channelnewsasia.com
- Carl Icahn raises stake to 12.24% in Centuri Holdings (CTRI)
Exchange/Listing/Company Reorg and Personnel News:
- ATEN that Brian Becker will be stepping down as CFO and leaving the company at the end of September 2025; Brian Becker appointed next CFO effective September 24.
- MLKN names John Hoke as Board Chair; names CFO Jeff Stutz as COO; co begins search for a new CFO.
Buybacks:
- ACGL increases authorization for exisiting share repurchase program by $2 bln.
Dividends Announcements or News:
- Stocks Ex Div Today of note:BDX CNI FDX MOS GOOG GOOGL QFIN of note.
- Stocks Ex Div Tuesday of note: of note.
Stocks Moving Up & Down Last Week:
- Gap Up: CYTK (52.89 +49.69%), IONS (61.19 +43.51%), NKTR (39.89 +33.57%), ARWR (29.11 +32.14%), UTHR (398.42 +30.73%), PTCT (57.6 +16.76%), CYRX (10.35 +16.76%), MUX (13.59 +17.62%), REVG (62.77 +17.96%), AEO (18.82 +45.44%), M (17.28 +30.57%), SCVL (25.13 +20.24%), CLS (242.12 +24.32%), CIEN (116.55 +24.03%), GWRE (259.03 +19.36%), STI (6.06 +86.46%) of note.
- Gap Down: GH (60.16 -10.77%), ACB (4.89 -9.87%), BRKR (30.69 -9.68%), NX (18.30 -13.96%), TDG (1270.74 -9.16%), LULU (168.03 -16.9%), CBRL (52.62 -12.04%), SERV (9.93 -10.54%), GRPN (23.37 -10.48%), SNBR (9.52 -9.59%), SAIC (105.03 -10.77%) of note.
What’s Happening This Morning: (as of 7:30 a.m. EDT)
- Futures S&P 500 +17, NASDAQ 100 +97, Dow Jones +76. Europe is higher and Asia is higher ex Australia. Bond yields are at 4.089% from 4.159% Friday on the 10-Year. Crude Oil and Brent Crude are higher with Natural Gas higher. Gold, Silver and Copper are higher. The U.S. Dollar is lower versus the Euro, lower against the Pound and higher against the Yen. Bitcoin is at $112,001 from $112,343 which is higher by $851 by 0.77%.
Sector Action:
- Daily Positive Sectors: Materials, Real Estate, Healthcare, Communication Services and Technology were higher.
- Daily Negative Sectors: Energy, Financials and Industrials were lower.
- One Month Winners: Materials, Consumer Cyclicals, Technology, Financials, Communication Services and Utilities of note.
- Three-Month Winners: Technology, Industrials, Communication Services, Consumer Cyclicals and Utilities of note.
- Six-Month Winners: Financials, Utilities, Industrials, Materials and Communication Services of note.
- Twelve-Month Winners: Financials, Communication Services, Utilities, Technology, Consumer Cyclical, and Industrials of note.
- Year to Date Winners: Communication, Services Materials, Financials, Utilities, Industrials and Technology of note.
Bolded means the Sector is new to the period in which it falls.
Upcoming Earnings Of Note: (Erlanger Chartroom Software – sorted by market cap, highest to lowest with most visible names)
- Today After the Close: CASY AVO of note.
- Tuesday Before The Open: CNM MOMO KFY SAIL of note.
Notable Earnings of Note This Morning:
- Beats: None of note.
- Misses: NFE -1.42 of note.
- Still to Report: PL of note.
Company Earnings Guidance:
- Positive Guidance: None of note.
- Negative or Mixed Guidance: None of note.
Advance/Decline Daily Update: Moves back above the Moving Average (30 Exp).
Gap Ups & Down In Early Pre-Market: (+2% or down more than -2%):
- GapUp: RAPP +165.5%, SATS +35.5%, PLCE +12.5%, IDYA +10.8%, APP +7.7%, HOOD +7.6%, ALKS +6.9%, PLBY +6.9%, USAS +6.2%, HSAI +6%, DBVT +4.8%, HIVE +2.8%, NUVB +2.6%, EME +2.5%, NRGV +2.4% of note.
- Gap Down: SMMT -23.2%, NFE -15.1%, TONX -12% of note.
Options Activity: Calls and Puts Top Ten Names Sorted Volume. Highlighted names are new to the most active list.
Insider Action: SAFT LYFT COO of note see Insider Buying with dumb short selling. None 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.
- Bloomberg Lead Story: Stock’s Worst Month May Be Rescued By Fed. (Bloomberg)
- Market Wrap: Global Stocks rally as Traders get readay for a busy week. (Bloomberg)
- Treasury Secretary Bessent warns of massive refunds if Supreme Court voids tariffs. (CNBC)
- Odd Lots: AI and Silcon Valley’s Social Contract. (Bloomberg)
Bolded on story link means behind a Pay Wall.
Economic & Geopolitical:
- Federal Reserve Speakers of note today.
- Blackout period in effect
- President Trump has an active schedule
- President Trump delivers remarks to the White House Religious Liberty Commission at 10:10 a.m. EDT.
- Economic Releases:
- Consumer Credit for July out at 3:00 p.m. EDT.
M&A Activity: None of note.
Moving Average Table:
Meeting & Conferences of Note:
- Sellside Conferences:
- Barclays Global Financial Services Conf
- Goldman Sachs Communacopia + Technology Conference
- Morgan Stanley Global Healthcare Conf
- Wainwright Global Investment Conf
- Wolfe Research TMT Conference
- Shareholder Meetings: DECK, KSCP
- Top Analyst, Investor Meetings: ALKS BXP GEN IDYA KSS MAMA SMMT UPS
- Fireside Chat: None of note.
- FDA Presentation:
- LLY – Olomorasib +/- KEYTRUDA: Data Presentation – September 6–9, 2025
- TIL – AXN-2510/IMM2510 + chemo: Data Presentation – September 6–9, 2025
- KAPA – ENV105 + Osimertinib : Data Presentation – September 6–9, 2025
- R&D Day: None of note.
- Meetings:
- World Conference on Lung Cancer
- World Sleep 2025
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: AFYA GOOS STNG UCSB NKE of note.
Downgrades: LABM OCFT SAIC of note.