CAPIS Morning Note – 10/17/24: Stocks Higher, ECB Raises For A Third Time & Bloomberg Weighs In On NASA

• Beats:  AA +0.32, DFS +0.21, SNV +0.15, STLD +0.08, CCI +0.05, CNS +0.03, FR +0.02, EFX +0.01, REXR +0.01, SLG +0.01 of note.
• Flat: None of note.
• Misses: LBRT -0.13, HOMB -0.03, CSX -0.03, PPG -0.02, KMI -0,02 of note.

• IPOs For The Week: ALEH, CUPR, DMAA, HUHU, LBGJ, LUD, NAMI, PTLE, SAG, SFHG, SNYR, SUNH, WYHG
• New IPOs/SPACs launched/News:
• IPOs Filed/Priced:
• Secondaries Filed or Priced:
  • CAPR announces proposed public offering of common stock
  • REAX files for $100 mln common shares offering by the company
  • BNZI: Form S-1.. Up to 877,372 Shares of Class A Common Stock
  • MDAI: Form S-3.. Up to $50,000,000 of Common Stock
  • OCX: Form S-3.. 3,461,138 Shares of Common Stock
  • VCNX: FORM S-3 – 1,601,238 Shares of Common Stock
• Notes Priced:
• Direct Offering:
• Exchangeable Subordinate Voting Shares: None of note.
• Selling Shareholders of note:
  • LCID announces public offering of 262,446,931 common stocks and corresponding investment by an affiliate of PIF
  • REAX also files 45,000,000 common shares offering by the selling shareholders
• Debt/Credit Filing and Notes: None of note.
• Mixed Shelf Offerings:
  • LCID files mixed shelf securities offering
  • CTO  files $500 mln mixed shelf securities offering
• PIPE:
• 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: GEVO +45.8%, CLMT +18.6%, AA +8.8%, SNV +3.1% and STLD +2.8% of note. 
• Movers Down:  LCID -11.6%, CMTL -11.1%  PAL -9.3%,CAPR -9.1%, CERS -5.6%, EFX -4.6%, CSX -4.3%, SLG -2.9%, KMI -2.6% , CNS -2.3% and HCSG -2.2% of note.

News After The Close:

•  New clinical evidence links Ceribell (CBLL) point-of-Care EEG to shorter hospital stays and better functional outcomes compared to conventional EEG.
• Glaukos (GKOS) announces positive topline outcomes in Phase 3 confirmatory trial for Epioxa, achieving primary efficacy endpoint and demonstrating favorable tolerability and safety.
• HCI Group (HCI) provides hurricane season update.
• GLDD awarded a $115 mln US Army contract for beach nourishment.
• CMTL to delay 10-K filing

Buybacks or Repurchases: 

• MTXauthorizes a new $200 million share repurchase program

Exchange/Listing/Company Reorg and Personnel News:

Dividends Announcements or News:

• Stocks Ex Div Today: EOG FUL GHC KWR MGRC CODI DCOM
• Stocks Ex Div Tomorrow: PG CL GEHC WSM RPM PNR OC RVTY NVT AYI WDFC AZZ PDCO BUSE OXM CBRL
• PAG increases quarterly cash dividend 11% to $1.19/share from $1.07/share
• PB increases quarterly cash dividend 3.57% to $0.58/share from $0.56/share
• MTX increases quarterly cash dividend 10% to $0.11/share from $0.10/share

What’s Happening This Morning: Futures S&P 500 +27 NASDAQ 100 +175 Dow Jones +48 Russell 2000 +5.12 (at 8:25 a.m. EDT). Asia is lower ex Australia while Europe is higher.VIX Futures are at 18.45 from 18.47 yesterdaywhile Bonds are at 4.036% from 4.012% on the 10-Year. Crude Oil and Brent are higher with Natural Gas higher as well. Gold higher with Silver and Copper lower. The U.S. Dollar is lower versus the Euro, lower versus the Pound and lower against the Yen. Bitcoin is at $67,053 from $67,937 lower by -779 at -1.15% this morning.

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

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

• Gap Up:GEVO +38.7%, CLMT +20.5%, TSM +8.1%, LXRX +6.8%, AA +4.9%, CBLL +4%, USAP +3.8%, SNV +3.4%, STLD +3.1%, RKLB +3%, HOOD +2.8%, MTX +2.7%, MTB +2.5%

• Gap Down: LCID -15.5%, ELV -13.5%, CAPR -12%, PAL -11%, IIIN -10.4%, CERS -8.9%, CMTL -8.8%, TFIN -6.1%, NOK -5.8%, CSX -5%, WNS -3.5%, REAX -3.3%, EFX -3.1%, CNS -2.3%, HCSG -2.2%

Insider Action: SNDA sees Insider buying with dumb short selling.  ZIVO TTSH 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.

• 5 Things To Know Before The Market Open on Thursday. (CNBC)
• Pre-Market Movers: Check back not out yet.  (CNBC)
• Bloomberg Lead Story: ECB Cuts Rates Says Disflationary Process Well On Track. (Bloomberg)
• Markets Wrap: Tech Rally Back on Track After TSMC Lifts Guidance. (Bloomberg)
• US Military bombs Houthi rebel’s payload with bunker buster bombs. (USA Today)
• Student Loan Forgiveness. (CNBC)
• Bloomberg: Big Take – Key moments from Trump interview on Bloomberg. (Podcast)
• Wealthion:  US Economy a balancing act. (Podcast)
• NY Times Daily: 19 Day To Go: Early Voting is on. (Podcast)

M&A Activity and News:

Moving Averages On Major Equity Indexes: Moves from 93% positive to 97%.

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: SEE OI ILMN HST AVY AMWD AMBP

Downgrades: SR SEDG FTNT