CAPIS - Capital Institutional Services Inc.

10/29/2024 | Press release | Distributed by Public on 10/29/2024 06:45

CAPIS Morning Note – 10/29/24: NASDAQ Up, Other Indexes Down. Lots of Earnings. Google After The Close. Eli Lilly Tomorrow Morning.

Overnight Summary: The S&P 500 closed Monday higher by +0.27% at 5823.52 from Friday lower by -0.03% at 5808.12.  The overnight high was hit at 5869.50 at 4:50 a.m. EDT and the low was hit at 5850.25 at 11:55 p.m. EDT on Friday. The overnight range is 20 points. The current price is 5857.25 at 7:25 a.m. EDT lower by -4.25 points lower by -0.07%.

Executive Summary: Earnings are coming at us faster than water out of a fire hydrant this week.

Article of Note: 

Key Events of Note Today:

  • Treasury holds a 2-year auction at 11:30 a.m. EDT.
  • Treasury Holds a 7-year auction at 1:00 p.m. EDT.
  • Economic releases of note today include Case-Schiller Home Price Index, Consumer Confidence, JOLTS and weekly Crude Oil Data.

Earnings Out After The Close

  • Beats: FFIV +0.22, VFC +0.22, CDNS +0.20, WM +0.07, CR +0.06, AGYS +0.04, BRO +0.03, F +0.03, SBAC +0.01 of note.
  • Flat: None of note.
  • Misses: PCH -0.50, CVI -0.40, UFPI -0.25, AESI -0.25, NARI -0.19, TMDX -0.17, RMBS -0.07, FLS -0.05, LEG -0.01. BOOT -0.01, AMKR -0.01 of note.
Capital Raises:
  • IPOs For The Week: ADUR, CASK, CUPR, FBGL, GELS, JUNS, LUD
  • New IPOs/SPACs launched/News:
  • IPOs Filed/Priced:
  • Secondaries Filed or Priced:
    • NEE announces that it intends to sell $1.5 billion of equity units
    • PRCT announces proposed offering of $175 mln of common stock
    • EYPT announces proposed public offering of $100 mln of common stock
    • COSM: Form S-1.. 9,748,252 Shares of Common Stock
    • DBGI: Pricing of $3 Million Public Offering of Common Stock and/or Pre-Funded Warrants
    • FLYX: FORM S-1 – 5,102,000 Shares of Class A Common Stock underlying the
      Series B Convertible Preferred Stock
    • SMSI: FORM S-1 – 8,492,095 Shares of Common Stock
    • VERA – Proposed Public Offering of Class A Common Stock $300.0 million of shares
  • Notes Priced:
  • Direct Offering:
  • Exchangeable Subordinate Voting Shares: None of note.
  • Selling Shareholders of note:
    • Keurig Dr Pepper (KDP) owned by JAB Holding Company will sell an aggregate of 60,000,000 shares of KDP common stock through a proposed registered public offering
  • Debt/Credit Filing and Notes:
  • Mixed Shelf Offerings:
    • VERA files mixed shelf securities offering
  • PIPE: CRIS – Curis Announces $12.1 Million Registered Direct and Concurrent Private Placement
  • Convertible Offerings & 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: VFC 21%, FFIV +11%, NARI +10.4%, CDP +7.3%, CDNS +6.3%, TREX +6%, CR +5.9%, CWH +5.5%, AGYS +5.4%, UCTT +3.3%, EHC +3.1%, BRX +2.8%,  SKY +2.4%, WELL +2.2%, KRC +2.1%, LTC +2.1%, WM +2% of note. 
  • Movers Down: TMDX -24.9%, CVI -24.1%, SBAC -12.9%, AMKR -12.1%, BOOT-8.6%,  LEU -7%, FLS -6.5%, F -5.1%, LEG -5%, TRNS -4.6%, CCCS -4.3%, PCH -2.5%, RMBS -2.3% of note.

News After The Close:

  • CVR Energy (CVI) suspends dividend.
  • Sikorsky a unit of Lockheed Martin (LMT) awarded $1.24 bln U.S. Army contract modification
  • Barron’s: How Big Tech Stocks Have Performed Since The Last Earnings Season. (Barron’s)

Buybacks or Repurchases: 

Exchange/Listing/Company Reorg and Personnel News:

  • ACI elected Jim Donald as the Chairman of the Board.
  • ROST names James Conroy as the next CEO effective February 2,2025. Conroy had been the CEO of Boot Barn (BOOT).
  • WES names Oscar Brown as CEO; reaffirms FY24 guidance

Dividends Announcements or News:

  • Stocks Ex Div Today: ASML INFY AA LEVI PSEC RCBC
  • Stocks Ex Div Tomorrow: CFG ENTG CE CALM MCBS
  • HESM increases quarterly cash distribution to $0.6846/share from $0.6677/share.

What’s Happening This Morning: Futures S&P 500 -2 NASDAQ +17 Dow Jones -98 Russell 2000 +5 (at 8:2Tech5 a.m. EDT). Asia is higher while Europe is higher. VIX Futures are at 18.22 from 18.37 yesterday while Bonds are at 4.304% from 4.258% on the 10-Year. Crude Oil and Brent are higher with Natural Gas lower. Gold, Silver and Copper are higher for the first time in three days. The U.S. Dollar is higher versus the Euro, lower versus the Pound and higher against the Yen. Bitcoin is at $71,408 from $68,554 higher by +1774 at +2.55% this morning.

Sector Action – (1/3/6/12/YTD Updated Weekly with Monday release):  
  • Daily Positive Sectors: Financials, Materials, Communication Services, Utilities and Industrials of note.
  • Daily Negative Sectors: Energy and Technologyof note.
  • One Month Winners: Utilities, Technology, Materials, Financials and Industrials of note.
  • Three Month Winners: Utilities, Real Estate, Financials, Materials, Industrials and Consumer Defensive of note.
  • Six Month Winners: Technology, Utilities,  Real Estate, Financials and Consumer Cyclical  of note.
  • Twelve Month Winners: Technology, Financials, Utilities, Communication Services and Industrials note.
  • Year to Date Winners:  Technology, Utilities, Financials, Industrials and Communication Services of note.

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

  • Tuesday After the Close: 
  • Wednesday Before The Open:

Earnings of Note This Morning:

  • Beats: LDOS+0.92, ECL +0.75, THC +0.58, PSX +0.39, ZBRA +0.26, SWK+0.17, PYPL +0.13, JBLU +0.05, MCD +0.02, SOFI +0.01 of note.
  • Flat: None of note.
  • Misses: EXP-0.36, XRX -0.26, DHI -0.25, JBI -0.10, AMT -0.06, SYY -0.04, ULCC -0.03of note.
  • Still to Report:

Company Earnings Guidance:

  • Positive Guidance:NARI REG AGYS WELL KRC LDOS SSTK ZBRA CVLT GLW SOFI of note.
  • Negative or Mixed Guidance: VFC AMKR FLS DHI JBI ATI AMT GPK JBLU CROX  of note.

Advance/Decline Daily Update: The A/D Line has moved above recent lows.

Gap Ups & Down In Early Pre-Market (+2% or down more than -2%):

  • Gap Up:VFC +22.1%, LAC +11.8%, FFIV +11.1%, CWH +9.8%, VEEA +8.2%, NARI +7.9%, CDNS +6.8%, UCTT +5.6%, CR +5.6%, AGYS +5.4%, HSBC +4.8%, NWE +4.6%, KRC +4.5%, EHC +4.2%, LDOS +3.7%, TREX +3.2%, DFH +3%, PSO +2.2%, SBAC +2.1%, LTC +2.1%, BRX +2.1%, SAFE +2%
  • Gap Down: TMDX -26%, CVI -25.3%, HLIT -16.1%, AMKR -10.8%, VERA -6%, F -5.9%, EYPT -5.6%, TRNS -5.3%, BOOT -4.9%, PRCT -4.4%, NEE -4.1%, RMBS -4%, FLS -3.9%, KDP -3.8%, NVS -3.5%, CCCS -3%, QUAD -2.7%, LEG -2.5%, PCH -2.5%, UFPI -2.4%, BP -2.3%, 

Insider Action:  AESI sees 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.

  • Pre-Market Movers: Check back as not out yet. (CNBC)
  • 5 Things To Know Before The Market Opens. (CNBC)
  • Latest CNN Headlines. (CNN)
  • Bloomberg Lead Story: Harris Prepares Closing Pitch Focused on January 6th. (Bloomberg)
  • Markets Wrap: US Stocks pause with focus on earnings and the election. (Bloomberg)
  • McDonalds (MCD) misses on international sales but beat in the U.S. (Bloomberg)
  • Pfizer (PFE) tops estimates as Covid products help sales. (CNBC)
  • Bloomberg: Big Take – Why Wall Street is betting on a Trump win. (Podcast)
  • NYT Daily: An Immigration System most Americans never wanted. (Podcast)
  • Wealthion: Bearish Oil forecast. (Podcast)

Economic:

  • August Case-Schiller Home Price Index is due out at 9:00 a.m. EDT and is expected to fall to 5.10% from 5.90%. 
  • October Consumer Confidence is due out at 10:00 a.m. EDT and is expected to rise to 99 from 98.70. JOLTS is also out at the same time.
  • Weekly Petroleum Institute Crude Oil Inventories are due out at 4:30 p.m. EDT.

Geopolitical:

  • Federal Reserve Speakers move into a blackout period due to FOMC meeting next week.
  • President Biden receives the Daily Briefing at 10:00 a.m. EDT.
  • President Biden then speaks in Baltimore at 2:00 p.m. EDT on rebuilding our infrastructure.
  • Watch our Twitter feed, Bullet86, for any impromptu appearances.

M&A Activity and News:

Moving Averages On Major Equity Indexes: Moves from 57% positive to 80%.

Meeting & Conferences of Note:

    • Sellside Conferences:
    • Fireside Chat: None of note.
    • Top Shareholder Meetings: BIOR, CCEL, JAGX, KMT, PALI, PHG, STXS, SYNA, UFI 
    • Top Analyst, Investor Meetings: AFYA, CANF, COYA, GDTC, NARI
    • Update: None of note.
    • R&D Day: None of note.
    • FDA Presentation:
    • Company Event: None of note.
    • Industry Meetings or Events:
      • Clinical Trials on Alzheimer’s Disease (CTAD) Conference
      • FUTURE Conference
      • LD Micro Investor Conference
      • National Student Safety & Security Conference
      • Targeted Protein Degradation & Induced Proximity Summit
      • Transcatheter Cardiovascular Therapeutics (TCT) Annual Scientific Symposium

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: FSLR KOF 

Downgrades:TTD CE