CAPIS Morning Note – 8/1/24: Stocks Continue To Rally Into Jobs Friday

• June Construction Spending and July ISM Manufacturing Index as well as weekly Jobless Claims are due out today.

Earnings Out After The Close:

• IPOs For The Week: ACTU AZI BLMZ FLAI NIPG PMAX ORKT PGHL OS CON LINE
• New IPOs/SPACs launched/News:
• IPOs Filed/Priced:
• Secondaries Filed or Priced:
  • AUR has commenced an underwritten public offering of up to $350 million of its Class A common stock
  • UDR files for 3,639,510 shares of common stock
  • BNGO FORM S-3 - Up to 35,026,272 Shares of Common Stock Issuable Upon Exercise of Warrants.
  • EMKR Form S-3.. 1,810,528 Shares.
  • OCGN priced of $35 Million Public Offering of Common Stock - 30,434,783 shares @$1.15.
• Notes Priced:
• Direct Offering:
• Exchangeable Subordinate Voting Shares:
• Selling Shareholders of note:
• Debt/Credit Filing and Notes:
• Mixed Shelf Offerings:
• PIPE:
• Convertible Offering & Notes Filed:
  • SGH announces proposed private offering of $150 mln of convertible senior notes due 2030
• 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:CDNA +23.2%, MAX +19.5%, OLO +19.4%, RSI +16.9%, NOVA +14%, ZETA +13.8%, EOLS +12.7%, CHRW +11%, CVNA +10.1%, ENVX +10.1%, EXAS +9.5% , PPC +7.6%, META +7.1%, TMDX +7%, QDEL +6.9%, RELY +6.2%, FMC +5.5%, ALKT +5.4%, AGI +5.2%, EVTC +4.6%, TTEK +4.6%, GRBK +4%, CODI +3.8%, ETD +3.5% , AM +3.3%, SDGR +3.2%, MCW +2.8%, VAL +2.8%, EPR +2.7%, ALGT +2.6%, QTWO +2.6%, COMP +2.3%, KRC +2.2%, ACT +2.2%, APA +2.1%, KD +2% of note.
• Movers Down:ATEC -20.1%, UDMY -17.2%, TDOC -15.7%, ARM -13.4%, LAB -13.4% , CFLT -11.1%, TENB -10.7%, MDXG -10.5%, NRDS -10.3%, MYRG -7.5%, AUR -7.5% , CGNX -6.5%, ACLS -6.4%, SON -6.3%, SNBR -5.9%, CTVA -5.5% , WDC -4.8%, MGM -4.7%, CCRN -4.6%, VAC -4.2%, PTC -3.3%, PRDO -3.2%, CNMD -3.1%, FICO -3%, IR -2.9%, PGRE -2.8%, GKOS -2.6%, LRCX -2.6%, TS -2.6%, RGR -2.5%, SAGE -2.5%, SCI -2.5%, NGVT -2.1%, INVA -2.1% of note.

News After The Close :

• DRS awarded a contract by the U.S. Navy to provide critical electronic combat control and sonar systems equipment for installation across the fleet of submarines and allied fleets, worth up to $417 million.
• CACI has been awarded a five-year task order valued at up to $319 mln to provide intelligence systems expertise to the U.S. Army, Communications-Electronics Command, Software Engineering Center, Electronic Warfare and Sensors Directorate, Army Reprogramming Analysis Team-Program Office.
• RTX awarded $2.09 bln U.S. Army contract.
• BAESY awarded $274 mln U.S. Army contract modification.

Buybacks or Repurchases: Buybacks should be slow as most companies are in a blackout period as earnings season kicks into gear.

• RNR approves a renewal of its authorized share repurchase program, bringing the total current authorization up to $500.0 million

Exchange/Listing/Company Reorg and Personnel News:

• LABannounces that Jeffrey Black, Chief Financial Officer, will resign from the Company, effective August 31, 2024.
• ETSY announces retirement of CFO Rachel Glaser, she is expected to remain in her current role until a successor is appointed, and to remain with Etsy in an advisory capacity through June 30, 2025 to support continuity and a smooth transition.
• SSD announces retirement of CFO Brian Magstadt, effective Dec 31.
• SAM announces that it appointed Biz Stone and Joe Jordan to its Board of Directors, effective July 29, 2024.

Dividends Announcements or News:

• Stocks Ex Div Today: AON DHI O VLO OKE NRG WES CAG CASY ALLY AES PNW
• Stocks Ex Div Tomorrow: RELX NSC JBHT MAS LW LEVI HXL
• HWKN increases quarterly cash dividend 13% to $0.18/share from $0.16/share.
• STE increases quarterly dividend to $0.57/share from $0.52/share.
• KWR increases quarterly cash dividend 7% to $0.485/share from $0.455/share.

What's Happening This Morning:Futures S&P 500 +22, NASDAQ 100 +84, Dow Jones +5, Russell 2000 +1. Asia is higher ex Japan and Europe is lower this morning.VIX Futures are at 16 from 16.25 yesterdaywhile Bonds are at 4.061% from 4.133% on the 10-Year. Crude Oil and Brent are higher with Natural Gas higher as well for a second day. Gold and Silver are higher with Copper lower. The U.S. Dollar is higher versus the Euro, higher versus the Pound and higher against the Yen. Bitcoin is at $64,861 from $66,032 lower by -1.09% this morning.

• Daily Positive Sectors: Technology, Materials, Consumer Cyclical and Utilities of note.
• Daily Negative Sectors: Real Estate, Consumer Defensive and Healthcare of note.
• One Month Winners: Real Estate, Financials, Industrials and Utilities of note.
• Three Month Winners: Technology, Real Estate, Financials, Healthcare, Utilities and Communication Services of note.
• Six Month Winners: Utilities, Technology, Financials and Industrials of note.
• Twelve Month Winners: Technology, Communication Services, Financials, Industrials, Healthcare and Energy of note.
• Year to Date Winners: Technology, Communication Services, Financials, Industrials, Utilities and Healthcare, of note.

Upcoming Earnings Of Note: (From Chartroom Software - sorted by market cap, highest to lowest with most visible names)

• Gap Up: CDNA +23.6%, MAX +22.1%, NOVA +20.1%, OLO +18.4%, RSI +16.8%, CVNA +13.3%, EOLS +13%, EXAS +12.7%, CHRW +11.6%, TMDX +11.1%, AER +9.6%, APD +7.6%, GRBK +7.4%, RELY +6.8%, ACIW +6.4%, TTEK +6.1%, META +6.1%, COMP +5.9%, ZETA +5.6%, SNAP +4.7%, SNN +4.6%, ASTL +4.4%, HWKN +4.3%, PPC +4.3%, CODI +3.9%, ABEV +3.9%, ALGT +3.8%, ETD +3.7%, AGI +3.7%, ERII +3.6%, SNBR +3.4%, MCW +3.4%, AFL +3.4%, VLRS +3.3%, SDGR +3.3%, CAMT +3.3%, FMC +3.1%, QDEL +3.1%, LPG +3.1%, NVT +3%, VAL +3%, TNK +2.9%, CAKE +2.8%, REGN +2.8%, QTWO +2.7%, ALL +2.4%, CNQ +2.4%, NTGR +2.3%, TGB +2.3%, ACT +2.2%, LNC +2.1%, CWEN +2.1%, APA +2%, DINO +2% of note.

• Gap Down: ALXO -27.9%, ATEC -17.4%, UDMY -17%, TDOC -16.5%, LAB -13.8%, MBLY -12%, MDXG -10.9%, AUR -10.8%, NGVT -10.7%, TENB -10.5%, CFLT -10.1%, OCGN -9.6%, ARM -9.5%, ACLS -8.2%, PTVE -7.1%, WCC -6.9%, NRDS -6.6%, TM -6.6%, INVA -5.5%, SPNS -5.3%, SON -5%, CCRN -4.8%, TS -4.7%, GFL -4.6%, WDC -4.5%, BBSI -4%, HST -3.9%, CWH -3.6%, SGH -3.4%, CNMD -3.4%, MYRG -3.2%, MGM -3.2%, VALN -3%, FICO -2.9%, HES -2.7%, LI -2.7%, CGNX -2.7%, BALL -2.7%, GKOS -2.6%, LRCX -2.6%, RGR -2.6%, ALB -2.6%, ETSY -2.6%, ING -2.6%, ECVT -2.5%, SCI -2.4%, ALKT -2.3%, CTVA -2.2%, MT -2.1%, HLF -2% of note.

Insider Action: ALTG sees Insider buying with dumb short selling.No names see Insider buying withsmart 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: U.S. Reporter Freed by Russia in Prisoner Swap. (Bloomberg)
• 5 Things You Need To Know To Start Your Day. (CNBC)
• Stocks Making The Biggest Moves Pre-Market - (CNBC)
• Markets Wrap: U.S. Futures add to gains as Nvidia pushes indexes higher. (Bloomberg)
• Fed on course for September rate cut. (Bloomberg)
• Ackman's Pershing Square IPO collapses. (Bloomberg)
• Bloomberg's The Big Take: H1-B Visas reviewed. (Bloomberg)
• Bloomberg's Odd Lots: Veteran Chip Makers take on Nvidia. (Podcast)

M&A Activity and News:

• None of note.

Moving Averages On Major Indexes: Moves from 70% to 88% 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.

• Upgrade: UMC DDOG RDDT PEGA DAWN
• Downgrade: