CAPIS - Capital Institutional Services Inc.

09/23/2024 | Press release | Distributed by Public on 09/23/2024 06:32

CAPIS Morning Note – 9/23/24:

Overnight Summary: The S&P 500 closed Friday lower by -0.19% at 5702.55 from Thursday higher by 1.70% at 5713.64. The overnight high was hit at 5781.75 at 11:15 p.m. EDT and the low was hit at 5745.25 at 3:15 a.m. EDT. The overnight range is 36 points. The current price is 5772.25 at 6:45 a.m. EDT higher by +10.25 points.

Most Important Article Of the Morning: Putin Is Hunting Exiles Who Left Due To The War. (NYT)

Executive Summary: Markets escaped options expiration without any damage. This is a pretty quiet week ahead though the U.N. General Assembly meets and it remains to be seen if any progress can be made on the Russian War.

  • 3 & 6-month Bill Auction at 11:30 a.m. EDT.

Earnings Out After The Close: 

  • Beats:  Noneof note.
  • Flat: 
  • Misses: None of note.
Capital Raises:
  • IPOs For The Week: BIOA, BKV, FBGL, GRDN, LGCY, NAMI, SAG, SUNH,
    WCT, ZENA, ZJK
  • New IPOs/SPACs launched/News:
  • IPOs Filed/Priced:
  • Secondaries Filed or Priced:
  • Notes Priced:
    • MTDR: Prices Offering of $750 Million of Senior Notes Due 2033
  • Direct Offering:
  • Exchangeable Subordinate Voting Shares:
  • Selling Shareholders of note:
    • SYRE files for 46,330,799 shares of common stock offering by selling shareholders
    • RNAC files for 6,501,150 shares of common stock offering by selling shareholders
  • Debt/Credit Filing and Notes:
  • Mixed Shelf Offerings:
    • ELDN files $250 mln mixed shelf securities offering
    • NLY files mixed shelf securities offering
    • CPSH: Form S-3.. $25,000,000 Mixed Shelf
    • PRFX: FORM F-3 – $50,000,000 Mixed Shelf Offering
    • TNXP: Form S-3.. $300,000,000 Mixed Shelf
  • PIPE:
  • Convertible Offering & 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 Last Week:

  • Movers Up:BHC (8.16 +29.11%), ASND (150.97 +26.63%), CMP (11.21 +19%), BOOM (12.98 +21.08%), IEP (12.81 +18.61%), CVNA (173.52 +22.28%), MOD (129.33 +16.44%), GDS (19.8 +22.83%), LSCC (53.4 +19.22%), COMM (6.21 +16.42%),  CNX (31.73 +16.04%), RES (6.71 +16%).
  • Movers Down:CRBP (20.01 -64.15%), BMRN (70.59 -16.86%), APLS (32.02 -14.9%), EBS (6.71 -14.74%), RVNC (5.83 -10.99%), FDX (255.57 -10.76%),  SERV (7.44 -14.18%).

News After The Close :

    • MDLZ to acquire Evirth, a cake and pastry maker in China
    • ZM reducing stock-based compensation for employees (Bloomberg)
    • BX to sell its Motel 6 and Studio 6 brands to OYO for $525 mln
    • Zoom Info (ZI) says Copilot helps sellers capture nearly 25% more pipeline
    • BA ticking higher after hours on report its Defense segment CEO exits (Bloomberg)
    • 10-Q or 10-K Delays – None of note.
    • NASDAQ Delisting Notice – None of note.

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

  • GPMT provides business update, increases buyback authorization by 3 mln shares

Exchange/Listing/Company Reorg and Personnel News:

    • SIGA Dr. Jay Varma has begun an indefinite leave of absence
    • DENN names Christopher D. Bode as its COO, effective September 30

Dividends Announcements or News:

  • Stocks Ex Div Today: ITUB ES WRB STX BAP NJR RWT DX
  • Stocks Ex Div Tomorrow: TTE E EQR STM POR ARCO
  • IDA increases quarterly cash dividend to $0.86/share from $0.83/share

What’s Happening This Morning: Futures S&P 500 +7  NASDAQ 100 +43 Dow Jones +15 Russell 2000 +22. Asia is higher ex Australia with Europe is lower ex Germany this morning.VIX Futures are at 17.67 from 17.64 Fridaywhile Bonds are at 3.76% from 3.736% on the 10-Year. Crude Oil is higher, Brent is lower with Natural Gas higher. Gold is higher with Silver and Copper lower . The U.S. Dollar is higher versus the Euro, higher versus the Pound and lower against the Yen. Bitcoin is at $63,449 from $63,505 higher by +0.75% this morning.

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

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

  • Monday After the Close: AIR
  • Tuesday Before The Open: AZO THO

Earnings of Note This Morning:

  • Beats: None of note.
  • Flat:
  • Misses:  Noneof note.
  • Still to Report:

Company Earnings Guidance:

  • Positive Guidance:None of note.
  • Negative or Mixed Guidance: Noneof note.

Advance/Decline Weekly Update With Both Daily and Weekly Stats:  Markets have improved nicely in the last week. The Daily A/D Line has made a new high while the S&P 500 just made a new high Thursday.

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

  • Gap Up: BHVN +18.3%, IDYA +5.7%, GPMT +4.2%, SATS +2.5%, UEC +2.5%, IREN +2.4%, SABA +2.3%
  • Gap Down: ELDN -5.3%, EP -2.8%, EBF -2.3%, XOMA -2%

Insider Action: CODI sees Insider buying with dumb short selling. TTSH sees 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.

  • 5 Things To Know Before The Market Opens Today. (CNBC)
  • Pre-Market Movers: INTC, PLTR and PINS (CNBC)
  • Bloomberg Lead Story: Apollo to Offer Multi-Billion Investment to Intel. (Bloomberg)
  • Markets Wrap: Euro retreats as weak data spurs bets on ECB rate cuts. (Bloomberg)
  • Qualcomm (QCOM) floats a friendly takeover of Intel (INTC). (Bloomberg)
  • Boeing (BA) Machinists on picket line as long as needed. (CNBC)
  • Bloomberg: The Big Take – London’s Ultra-Ruch Flee the Threat of Rising Taxes. (Podcast)
  • Bloomberg: Odd Lots: John Rogers of Ariel on winning with value investing. (Podcast)

Economic:

  • None of note.

Geopolitical:

  • President Biden receives the Daily Briefing at 10:00 a.m. EDT.
  • President Biden delivers remarks to Gotham F.C. team visit to the White House.
  • President Biden meets with President Sheikh Mohamed bin Zayed Al Nahyan of the U.A.E.
  • Later in the day President Biden heads to New York City to attend the U.N. General Assembly starting this week.

Federal Reserve Speakers:

  • Federal Reserve Atlanta President Raphael Bostic speaks at 8:00 a.m. EDT.
  • Federal Reserve Chicago President Austan Goolsbee speaks at 10:15 a.m. EDT.
  • Federal Reserve Minneapolis President Neel Kashkari speaks at 1:00 p.m. EDT.

M&A Activity and News:

Moving Averages On Major Indexes: Move from 90% to 100% of the moving averages being positive.

Meeting & Conferences of Note:

    • Sellside Conferences:
      • Citi’s European Healthcare Bus Tour
      • Deutsche Bank Leveraged Finance Conference
      • Lake Street Non-Deal Roadshow
      • RBC Pharmaceutical Development, Manufacturing and Bioprocessing Conf
    • Fireside Chat: None of note.
    • Top Shareholder Meetings: ACON, AGRI, CAAS, FDX, INSG, RFAI 
    • Investor/Analyst Day/Calls: BRZE, KOD
    • Update: None of note.
    • R&D Day: None of note.
    • FDA Presentation: HRTX: PDUFA Decision on ZYNRELEF
    • Company Event:
    • Industry Meetings or Events:
      • Climate Week NYC
      • European Conference on Optical Comm
      • International Conference on Ion Implantation Technology
      • International Society for Diseases of the Esophagus World Congress
      • International Ultrasonics Symposium
      • Verint Engage Customer Engagement Conf
      • World Medical Innovation Forum

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:  KDP CIEN BK

Downgrades: MCO