CAPIS - Capital Institutional Services Inc.

10/28/2024 | Press release | Distributed by Public on 10/28/2024 06:41

CAPIS Morning Note – 10/28/24: Stocks Rebound As Oil Freefalls On Israel Not Destroying Iranian Oilfields

Overnight Summary: The S&P 500 closed Friday lower by -0.03% at 5808.12 from Thursday higher by 0.21% at 5809.86.  The overnight high was hit at 5884.50 at 6:00 a.m. EDT and the low was hit at 5839.75 at 4:35 p.m. EDT on Friday. The overnight range is 45 points. The current price is 5874.50 at 7:15 a.m. EDT higher by +28.50 points higher by +0.49%.

Executive Summary:  Stocks are higher as Israel did not attack Iran’s oil fields and the price of oil is lower by 6% this morning. Many think that this attack ends Israel’s attacks on Iran.

Article of Note:“Israel’s Opening Strike Against Iran” by The Editorial Board (WSJ)

Key Events of Note Today:

  • Treasury holds a 3 & 6 month auction at 11:30 a.m. EDT.
  • Federal Reserve Dallas Manufacturing Survey is due out at 10:30 a.m. EDT.

Earnings Out After The Close

  • Beats: None of note.
  • Flat: None of note.
  • Misses: None 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:
    • ACON: Form S-1.. Up to 20,000,000 Shares of Common Stock
    • BA Launch of Concurrent Offerings of Common Stock and Depositary Shares
    • ONVO: Form S-1 Common stock offering
    • XAIR: FORM S-3 – 81,697,422 Shares of Common Stock
  • Notes Priced:
  • Direct Offering:
  • Exchangeable Subordinate Voting Shares: None of note.
  • Selling Shareholders of note:
    • BVS files for 35,038,052 share common stock offering by selling shareholders
    • MVIS files for 42,692,019 share common stock offering by selling shareholders
  • Debt/Credit Filing and Notes:
  • Mixed Shelf Offerings:
    • BVS files for $200 mln mixed securities shelf offering
  • PIPE:
  • Convertible Offerings & Notes Filed:
    • WULF – Closing of $500 Million 2.75% Convertible Senior Notes Offering

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:  IRTC (76.11 +21.45%), CGC (5.39 +21.28%), LOMA (9.22 +14.53%), HRI (209.4 +21.72%), UPWK (12.44 +20.85%), GBX (60.98 +17.07%), JBT (113.88 +15.44%), MLI (81.98 +13.5%),  LRN (91.35 +41.58%), TSLA (267.46 +21.19%), DQ (25.39 +33.7%), CLS (69.15 +19.6%), JKS (23.6 +15.91%),  EDN (26.45 +15.2%) of note. 
  • Movers Down: ICLR (222.53 -25.26%), NTLA (16.03 -23.96%), CSTM (11.28 -24.83%), BOOM (10.32 -20.47%), CPRI (21.11 -49.73%), UXIN (4.31 -27.56%), GPC (114.05 -20.34%), MHK (131.05 -18.63%), UIS (5.59 -18.87%),  LOB (39.53 -19.88%), TBBK (46.86 -19.5%), NEP (21.06 -19.61%) of note.

News After The Close:

  • RTX being awarded a $900 mln Missile Defense Agency contract modification
  • Finland and Belgium’s credit rating was affirmed by the top credit agency at AA+/A-1+.
  • Israel attacked Iran on Friday night but the attack was limited to military targets. (Military Times)
  • Barron’s: + on HOOD MRCY MKSI IAC MODG RH F MPC GM WFC STT JBL AIG EXPE MGM ADM MO DD CMCSA. (Barron’s)

Buybacks or Repurchases: 

Exchange/Listing/Company Reorg and Personnel News:

Dividends Announcements or News:

  • Stocks Ex Div Today: BX ACI KNTK TXNM EVTC DMLP RMR SPFI VALU
  • Stocks Ex Div Tomorrow: ASML INFY AA LEVI PSEC RCBC
  • LDOS increases quarterly cash dividend to $0.40/share from $0.38/share

What’s Happening This Morning: Futures S&P 500 + NASDAQ + Dow Jones + Russell 2000 + (at 8:15 a.m. EDT). Asia is higher while Europe is lower ex France. VIX Futures are at 18.37 unchanged from Friday while Bonds are at 4.258% from 4.198% on the 10-Year. Crude Oil and Brent are lower with Natural Gas lower. Gold, Silver and Copper are lower for a second morning in a row. The U.S. Dollar is lower versus the Euro, lower versus the Pound and higher against the Yen. Bitcoin is at $68,554 from $67.925 higher by +890 at 1.32% this morning.

Sector Action – (1/3/6/12/YTD Updated Weekly with Monday release):  
  • Daily Positive Sectors: Communication Services, Technology, Consumer Cyclical and Energy of note.
  • Daily Negative Sectors: Utilities, Financials, Real Estate and Consumer Defensiveof 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)

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

Earnings of Note This Morning:

  • Beats: BOH+0.11, PRCT +0.09, ON +0.02, AKR +0.01, CRI +0.24, CL+0.02, WT +0.01 of note.
  • Flat: None of note.
  • Misses: HOPE-0.01of note.
  • Still to Report:

Company Earnings Guidance:

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

Advance/Decline Daily Update: The A/D Line weakened last week.

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

  • Gap Up: BCLI +20.4%, LENZ +12.8%, VERA +7.1%, ESLT +5.6%, HE +5.5%, NFE +2.3%
  • Gap Down: PHG -16%, TBNK -11.4%, TVGN -9.5%, BORR -6.8%, ADT -4.9%, LGO -2.9%

Insider Action: SNDA and FBK see 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.

  • 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: VW Eyes Closing Three Factories in Germany. (Bloomberg)
  • Markets Wrap: Stocks climb and oil sinks at the start of the pivotal week. (Bloomberg)
  • Japan’s ruling party had worst reversal in 15 years. (FT)
  • Boeing (BA) plans a $15 billion capital hike as soon as today. (Bloomberg)
  • Delta (DAL) sues Crowdstrike (CRWD) on summer outage. (CNBC)
  • Bloomberg: Big Take – How a Mumbai Drugmaker is Helping Putin Get Nvidia AI Chips. (Podcast)
  • Bloomberg: Odd Lots – Why Florida home insurance is a mess. (Podcast)
  • NYT Daily: The Trump’s Campaign’s Big Gamble. (Podcast)
  • Marketplace: AI Company cloning voice overs. (Podcast)
  • Wealthion: Market Recap: Gold to $9,000? (Podcast)

Economic:

  • Federal Reserve Dallas Manufacturing Survey is due out at 10:30 a.m. EDT.

Geopolitical:

  • Federal Reserve Speakers move into blackout period due to FOMC meeting next week.
  • President Biden receives the Daily Briefing at 8:30 a.m. EDT.
  • The president casts his vote in the General Election at 11:00 a.m. EDT in Delaware.
  • President Biden delivers remarks thanking the National Guard for their efforts in North Carolina and the aftermath of Hurricane Helene and Milton at 3:45 p.m. EDT.
  • Watch our Twitter feed, Bullet86, for any impromptu appearances.

M&A Activity and News:

Moving Averages On Major Equity Indexes: Moves from 50% positive to 57%.

Meeting & Conferences of Note:

    • Sellside Conferences:
      • Goldman Sachs Emerging Market Conference
    • Fireside Chat: None of note.
    • Top Shareholder Meetings: AQMS, JAGX, NDRA, PALI, PETZ, PHG, STXS, WALD
    • Top Analyst, Investor Meetings: ADTX, EW, GDTC, NTLA, NVS
    • Update: None of note.
    • R&D Day: None of note.
    • FDA Presentation:
    • Company Event: None of note.
    • Industry Meetings or Events:
      • Advanced Lithium Batteries for Automobile Applications Conference
      • Alzheimer’s Drug Discovery Foundation (ADDF) Summit
      • Excellence in Insurance Conference
      • FUTURE Conference
      • National Student Safety & Security Conference
      • Pain Therapeutics Summit
      • Partnership Opportunities in Drug Delivery Conference

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: FHI ALK 

Downgrades: