CAPIS Morning Note – 7/18/24: Stocks Bouncing Back Modestly, Taiwan Semi Beats and ECB Leaves Rates Unchanged

• Earnings are picking up speed.

• IPOs For The Week:
• New IPOs/SPACs launched/News:
• IPOs Filed/Priced:
• Secondaries Filed or Priced:
  • AWH: Form S-3 .. 2,497,054 Shares of Common Stock
  • ET: Form S-3 .. 50,827,536 Common Units
  • SILO: Form S-1 Filed - Up to 1,043,739 Shares of Upon Exercise of Certain Common Stock Purchase
    Warrants
  • VEV VMC - Closing of the US$2.5 Million Registered Direct Offering
• Notes Priced:
• Direct Offering:
• Exchangeable Subordinate Voting Shares:
• Selling Shareholders of note:
  • GAME: Form S-1 Filed 37,305,950 Shares of Common Stock by Selling Stockholders
  • STBX: Form F-3.. 81,500,000 Class A Ordinary Shares Offered by Selling Shareholders
  • ET for 50,827,536 common units by selling unitholders
• Debt/Credit Filing and Notes:
• Mixed Shelf Offerings:
  • ISPR: $120,000,000 Mixed Shelf
  • MYND: Form F-3.. $50,000,000 Mixed Shelf
• PIPE:
• Convertible Offering & Notes Filed:
  • FET $60 Million Senior Secured Notes Redemption
• 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:CHUY +47.50%, FR +5%, DFS +4.7%, EFX +3%, SLG +1.8%
• Movers Down: LESL -17.6%, BYND -16.2%, WTFC -5%, KMI -2.8%, EFX -1.6%, UAL -1.3%

News After The Close :

• LESL guides JunQ EPS and revs below consensus; co lowers FY24 EPS and revenue guidance. This comes after POOL lowered guidance as several weeks ago.
• Darden (DRI) to buy Chuy's Holding (CHUY) for $37.50 a share in an all cash transaction.
• BYND lower after hours on report that co engages bondholders for restructuring talks according to CNBC, citing WSJ. (WSJ)
• Hyatt Hotels (H) close to a deal to buy Standard International. (Bloomberg)

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

• None of note.

Exchange/Listing/Company Reorg and Personnel News:

• WOOF appoints Joel D. Anderson to serve as Chief Executive Officer, effective July 29
• VLGEA announces the passing of Chairman William P. Sumas; appoints CEO Robert Sumas as interim Chairman

Dividends Announcements or News:

• Stocks Ex Div Today: GHC ARMK
• Stocks Ex Div Tomorrow: PG CL GEHC WSM PNR SM WDFC PDCO CMRE CBRL
• JBSS declares $1.25/share special dividend and a regular annual dividend of $0.85/share
• UNP announces a 3% increase in quarterly cash dividend to $1.34/share
• CBU increases quarterly cash dividend 2.2% to $0.46/share from $0.45/share
• RF increases quarterly cash dividend to $0.25/share from $0.24/share

What's Happening This Morning:Futures S&P 500 +5, NASDAQ 100 +64, Dow Jones -71, Russell 2000 -0.37. Asia is lower and Europe is higher this morning.VIX Futures are at 14.65 from 14.55 yesterdaywhile Bonds at 4.184% from 4.18% on the 10-Year. Crude Oil and Brent are lower with Natural Gas higher. Gold and Silver are higher with Copper lower. The U.S. Dollar is higher versus the Euro, higher versus the Pound and higher against the Yen. Bitcoin is at $64,653 from $64,719 lower by -0.02% this morning.

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

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

• Gap Up: CHUY +46.9%, RARE +4.4%, OPK +4.2%, SLG +3.1%, DCO +2.4%, STLD +2.3%, FR +2% of note.

• Gap Down: LESL -22.5%, BYND -12.7%, DPZ -9.2%, NOK -5.1%, ALK -2.5%, KMI -2.4%, SWIM -2.3%, GEHC -2.2%, OZK -2.2%, VALN -2% of note.

Insider Action: Non stocks see Insider buying with dumb short selling.No stocks 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.

• 5 Things To Know Before The Stock Market Opens Today. (CNBC)
• What You Need To Know To Start Your Day. (Bloomberg)
• Stocks making the biggest moves pre-market: DPZ UAL GPS DFS (CNBC)
• Bloomberg Lead Story: Biden Faces Intensified Calls to Step Aside Now That Has Covid. (Bloomberg)
• Markets Wrap: US Chip stocks set to bounce on TSM beat. (Bloomberg)
• ECB left rates unchanged.
• Barron's - Positive on Utility stocks AES and AEE. (Barron's)
• Vice Presidential Nominee JD Vance speech reviewed. (CNBC)
• President Biden is down and out with Covid.
• Bloomberg: The Big Take: Connor Teskey to take over Brookfield. (Podcast)

M&A Activity and News:

• Darden (DRI) to buy Chuy's Holding (CHUY) for $37.50 a share in an all cash transaction.

Moving Averages On Major Indexes: Moves from 97% to 77% 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.