CAPIS Morning Note – 8/7/24: Volatility continues. Good Luck Trading It!!

• Lots of earnings still. One obvious theme is that the consumer is struggling.
• 10-Year Note Auction at 1:00 p.m. EDT.

Earnings Out After The Close:

• IPOs For The Week: ACTU, YXT, ZENA, ZSPC
• New IPOs/SPACs launched/News:
• IPOs Filed/Priced:
• Secondaries Filed or Priced:
  • GOVX: Form S-1.. 2,170,000 Shares of Common Stock
  • IPA: Form F-3.. Up to 15,000,000 Common Shares
  • LGVN: Form S-1.. 2,565,392 Shares of Class A Common Stock
  • OPTT: Filed Form S-3.. 2,864,808 Shares of Common Stock
• Notes Priced:
• Direct Offering:
• Exchangeable Subordinate Voting Shares:
• Selling Shareholders of note:
• Debt/Credit Filing and Notes:
• Mixed Shelf Offerings:
  • ADCT files $300 mln mixed shelf securities offering
  • AUB files mixed shelf securities offering
  • RPTX files $350 mln mixed shelf securities offering
  • PNTG files mixed shelf securities offering
  • MYO $100 mln mixed shelf securities offering
  • RLAY files mixed shelf securities offering
  • CHMI files $300 mln mixed shelf securities offering
  • CRVS files $200 mln mixed shelf securities offering
  • CEVA files $150,000,000 Mixed Shelf
  • CJET files $200 million Mixed Shelf
• PIPE:
• Convertible Offering & Notes Filed:
  • ANIP - Announces Proposed 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 After The Close:

• Movers Up: LUMN +37.1%, SWIM +28%, INGN +22%, UPST +16.9%, FTNT +16.3%, VCYT +16.3%, AGIO +13.9, ALTM +13.2%, CRUS +10.1%, AZPN +9.6% , RVLV +9.6%, GO +8.7%, SWI +8.6%, CRVS, +8.3%, CART +8.2%, SMWB +8.1%, RPD +7.8%, RUN +7.1% , INSP +6.9% , EXEL +6.6% , VFC +6.6%, COOK +6.5%, OSUR +6.2%, AAOI +6%, HALO +5.9%, GCT +5.8%, AGL +5.6%, ANDE +4.8%, ARKO +4.8%, TMCI +4.5%, IFF +3.5%, AXON +3.4%, TEM +2.8%, WYNN +2.7%, ATGE +2.4%, WTI +2.4%, GMED +2.2%, DVN +2.1%, ZLAB +2.1%
• Movers Down: STEM -44% , EBS -35.5%, NVRO -19.7%, CYRX -16.8%, ABNB -16.1%, PRCH -15%, VECO -14.6%, TREX -13.7%, PGEN -13.3%, SMCI -12.8%, ACAD -12.6%, TRIP -12.1%, AMSC -11.4%, PGNY -10.6%, FLYW -10% , HDSN -9.6%, ABCL -7%, TOST -6.3%, ASH -6.2%, CPNG -6.2%, MBC -6.1%, EXPE -5.2%, RDDT -5.1%, IRBT -5%, TDW -5%, RIVN -4.9%, RDFN -4.7%, ESTA -4.3%, JACK -3.8%, DVA -3.6%, ENLC -3.2%, QLYS -3.1%, ALAB -2.7%, AMGN -2.2%

News After The Close :

• RKLB has partnered with Kongsberg Satellite Services
• SMCI announces a 10-1 stock split along with earnings
• CACI has been awarded a five-year technology task order valued at up to $416 mln to design, produce, and deliver complex, customized radio frequency systems for U.S. Army's signals intelligence (SIGINT) missions
• Airbnb (ABNB) lowers guidance as softness in longer lead times and some slowing in U.S. demand.
• SWI to replace SPWR in the S&P 600 as SPWR declared bankruptcy
• NVO is no longer on FDA list of drugs that have shortages, so production is up for Wegovy.

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

• INSP has authorized the repurchase of up to $150.0 mln of the company's outstanding shares of common stock.
• CYRX Announces $200 million repurchase program and the repurchase of $160 million of convertible Senior Notes

Exchange/Listing/Company Reorg and Personnel News:

• IRBT announced it has named Jeffrey Engel as President & Chief Operating Officer
• LOGI announced that Matteo Anversa will join as CFO, effective September 1.
• THRM announced that its Executive Vice President, Chief Financial Officer and Treasurer, Matteo Anversa, has resigned effective September 1, 2024 to join LOGI
• AI appointed former interim Chief Operating Officer as Senior Vice President, Operations, effective immediately

Dividends Announcements or News:

• Stocks Ex Div Today: F BRO FE EQT ARLP
• Stocks Ex Div Tomorrow: ING PAYX HESM MTG KBH AWI OLN
• NOG increases quarterly cash dividend 5% to $0.42/share from $0.40/share
• TXO decreases quarterly common distribution to $0.57/share from $0.58/share

What's Happening This Morning:Futures S&P 500 +66 NASDAQ 100 +275, Dow Jones +342 Russell 2000 +33.20. Asia and Europe are higher this morning.VIX Futures are at 21.92 from 27.80 yesterdaywhile Bonds are at 3.933% from 3.858% on the 10-Year. Crude Oil and Brent are higher with Natural Gas higher as well for a second day in a row. Gold is higher with Silver and Copper lower for a second day in a row. The U.S. Dollar is higher versus the Euro, lower versus the Pound and higher against the Yen. Bitcoin is at $57,144 from $55,142 higher by +0.75% this morning.

• Daily Positive Sectors: All of note led by Real Estate, Technology, Financials and Consumer Cyclical.
• Daily Negative Sectors: None of note.
• One Month Winners: Real Estate, Utilities, Healthcare and Consumer Defensive of note.
• Three Month Winners: Technology, Real Estate, Healthcare and Utilities of note.
• Six Month Winners: Utilities, Technology, Communication Services, Financials and Consumer Defensive of note.
• Twelve Month Winners: Technology, Communication Services, Financials, Industrials and Healthcare note.
• Year to Date Winners: Technology, Communication Services, Utilities, Financials, Industrials and Healthcare of note.

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

• Gap Up: of note.

• Gap Down: of note.

Insider Action: CHCT RCLsee 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: Mnuchin says time to kill the Treasury Bond he created. (Bloomberg)
• 5 Things You Need To Know To Start Your Day. (CNBC)
• What You Need To Know To Start Your Day. (Bloomberg)
• Markets Wrap: Stocks and U.S. Futures rally as BOJ calms traders. (Bloomberg)
• U.S. Mortgage Rates drop the most in two years, 6.55%. (Bloomberg)
• Disney (DIS) earnings show park weakness but streaming strength. (Bloomberg)
• Novo Nordisk (NVO) misses on earnings and lowers operating profit outlook. (CNBC)
• Bloomberg's The Big Take: Prospect Capital sees risky bets being paid by more debt. (Bloomberg)
• Marketplace: Can an algorithm break antitrust law? (Podcast)
• NYT: The Daily: Harris chooses Walz. (Podcast)
• Wealthion: Why U.S. economy is unstoppable, with Ed Yardeni. (Podcast)

M&A Activity and News:

• None of note.

Moving Averages On Major Indexes: Moves remains at 20% 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.

Upgrades: TRUE SU SPHR BNTX

Downgrades: NVRO (2)